Company: LEN
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118869
Chunk: 16

Company: LENNAR CORP /NEW/
Filing Date: 2025-05-13
Form: 424B5
Chunk 16
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 the Notes, but rather reflect only the view of each rating agency at the time the
rating is issued. The ratings are based on current information furnished to the rating agencies by us and information obtained by the rating agencies from other sources. An explanation of the significance of such ratings may be obtained from such
rating agency. There can be no assurance that such credit ratings will remain in effect for any given period of time or that such ratings will not be lowered, suspended or withdrawn entirely by the rating agencies, if, in each rating agency’s
judgment, circumstances so warrant. Actual or anticipated changes or downgrades in our credit ratings, including any announcement that our ratings are under further review for a downgrade, could affect the market value and liquidity of the Notes and
increase our corporate borrowing costs.

The Notes are limited by restrictive covenants.

The indenture contains a covenant limiting the ability of the Company and our subsidiaries to incur liens on their assets to secure
indebtedness or engage in sale and leaseback transactions. These limitations are subject to a number of important exceptions. The indenture governing the Notes does not contain any financial or operating covenants or restrictions on the payment of
dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries. The indenture contains no covenants or other provisions

S-9

to afford protection to holders of the Notes in the event of a fundamental change or other corporate transaction involving us except to the extent described under “Description of
Notes—Change of Control Offer.” For these reasons, you should not consider the covenants in the indenture to be significant protections in evaluating whether to invest in the Notes.

We may be unable to repay the Notes when due and we may not be able to raise the funds necessary to finance the Change of Control Offers required by the indentures governing our Existing Notes, which would violate the terms of the Existing Notes.

At final maturity of the Notes or in
the event of acceleration of the Notes following an event of default, the entire outstanding principal amount of the Notes will become due and payable. It is possible that we will not have sufficient funds at maturity, upon acceleration or at the
time of the Change of Control Triggering Event or other fundamental change to make the required repurchase of Notes and other indebtedness.

Upon a Change of Control Triggering Event, we will be required to make an offer to repurchase all the outstanding Notes at a price in cash
equal to