Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 195

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 2
Chunk 195
---
 and equipment. This was partially offset by distributions of capital from unconsolidated entities of $237 million, which primarily included (1) $53 million from Homebuilding unconsolidated entities, (2) $18 million from our Lennar Other unconsolidated entities, and (3) $166 million from Multifamily entities.

Financing Cash Flow Activities

During the nine months ended August 31, 2025 and 2024, cash used in financing activities totaled $1.9 billion and $3.5 billion, respectively. During the nine months ended August 31, 2025, cash used in financing activities was primarily due to (1) $1.8 billion of repurchases of our common stock, which included $1.7 billion of repurchases under our repurchase program and $66 million of repurchases related to our equity compensation plan; (2) $394 million of dividend payments; (3) $479 million of net payments from liabilities related to consolidated inventory not owned due to activity with land banks; (4) $416 million net cash in connection with the Millrose spin-off; (5) redemption of $500 million aggregate principal amount of our 4.75% senior notes due May 2025; and (6) $67 million of net repayments under our Financial Services' warehouse facilities. The cash used in financing activities was partially offset by the receipt of proceeds of the sale of $700 million aggregate principal amount of our 5.20% senior notes due 2030 and $1.1 billion of net borrowings under our unsecured revolving Credit Facility.

During the nine months ended August 31, 2024, cash used in financing activities was primarily due to (1) $1.7 billion of repurchases of our common stock, which included $1.6 billion of repurchases under our repurchase program and $86 million of repurchases related to our equity compensation plan; (2) $414 million of dividend payments; (3) $618 million of net repayments under our Financial Services' warehouse facilities; (4) redemption of $454 million aggregate principal amount of our 4.50% senior notes due April 2024; (5) $100 million of partial repurchase of our 4.75% senior notes due 2027; and (6) $125 million of net payments from liabilities related to consolidated inventory not owned due to activity with land banks.

Debt to total capital ratios are financial