Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 12

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 1
Chunk 12
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883 105,756 13,291,556 (1)Receivables, net for Financial Services are primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2025 and November 30, 2024, respectively.

10

Lennar Corporation and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(2)Investments in unconsolidated entities as of May 31, 2025 include the carrying value of 20% of the total outstanding shares of Millrose common stock, which was $1.2 billion.(3)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.(4)Investments in equity securities include investments of $133.5 million and $143.0 million without readily available fair values as of May 31, 2025 and November 30, 2024, respectively.(5)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheet.Financial information relating to the Company’s segments was as follows:Three Months EndedSix Months EndedMay 31,May 31,(In thousands)2025202420252024Revenues:Homebuilding$7,843,862 8,381,059 15,127,732 15,312,050 Financial Services 298,098 281,723 575,175 531,443 Multifamily230,305 99,500 293,501 229,177 Lennar Other5,237 3,310 12,639 5,852 $8,377,502 8,765,592 16,009,047 16,078,522 Earnings (loss) before income taxes:Homebuilding$728,234 1,340,155 1,537,507 2,368,951 Financial Services157,280 147,012 300,763 278,308 Multifamily(14,754)(20,474)(14,777)(36,113)Lennar Other(52,895)(28,964)(142,178)(68,512)Corporate and Unallocated (1)(175,984)(176,672)(341,196)(350,791)$641,881 1,261,