Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 145

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 7
Chunk 145
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 of an investment in a joint venture.

Operating earnings for our Financial Services segment were $574.2 million in the year ended November 30, 2024, compared to operating earnings of $507.1 million in the year ended November 30, 2023.The increase in operating earnings was primarily due to higher lock volume because of an increase in capture rate and deliveries. There was also an increase in profitability from our title business due to higher volume and productivity as a result of continued implementation of technology initiatives.

Operating earnings for the Multifamily segment were $43.0 million in the year ended November 30, 2024, compared to operating loss of $50.6 million in the year ended November 30, 2023. The increase in operating earnings was due to a $179.0 million one-time net gain from the sale of assets in our LMV Fund I, partially offset by a one-time $90.0 million write-down of 

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noncore assets as we focus on monetizing these assets. Operating loss for the Lennar Other segment was $46.9 million in the year ended November 30, 2024, compared to an operating loss of $211.2 million in the year ended November 30, 2023. The Lennar Other operating loss for the year ended November 30, 2024 was primarily related to operating losses from certain strategic investments, which were partially offset by $25.2 million of mark-to-market gains on our publicly traded technology investments and a $46.5 million one-time gain on the sale of a technology investment. Lennar Other operating loss for the year ended November 30, 2023 was primarily due to negative mark-to-market adjustments of $50.2 million on our publicly traded technology investments and a $65.0 million write-off of one of our non-public technology investments.

For the years ended November 30, 2024 and 2023, we had a tax provision of $1.2 billion in each period, which resulted in an overall effective income tax rate of 23.6% and 24.0%, respectively. Our overall effective income tax rate was slightly lower than last year, primarily due to additional tax credits recognized during 2024.

Homebuilding Segments 

At November 30, 2024, our Homebuilding operating segments and Homebuilding Other consisted of homebuilding divisions located in:

East: Alabama, Florida, New Jersey and Pennsylvania

Central: Georgia, Illinois, Indiana