Company: LEN
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118869
Chunk: 5

Company: LENNAR CORP /NEW/
Filing Date: 2025-05-13
Form: 424B5
Chunk 5
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 major employment centers.

Finally, we invest in technology-powered solutions to enhance the customer experience, make homeownership accessible to a broader and more
diverse array of the American population, and build healthier and more sustainable communities.

For additional information, see our
Annual Report on Form 10-K for the fiscal year ended November 30, 2024, and our Quarterly Report on Form 10-Q for the fiscal quarter ended February 28, 2025.

We are a Delaware corporation founded in 1954. Our principal offices are at 5505 Waterford District Drive, Miami, Florida 33126. Our
telephone number at these offices is (305) 559-4000. Our website address is www.lennar.com. The information on our website is not part of this prospectus supplement or the accompanying prospectus.

S-1

Recent Developments

Millrose Spin-Off

On February 7, 2025, we completed the taxable spin-off of Millrose Properties, Inc.
(“Millrose”) through a distribution of approximately 80% of Millrose’s stock to our stockholders. Lennar will temporarily retain, but will not vote, the remaining 20% of the total outstanding shares of Millrose common stock, which we
expect to dispose of through a subsequent spin-off, split-off, public offering, private sale or any combination of these potential transactions later in the year. In
connection with the spin-off, Lennar contributed to Millrose, subject to repurchase options, approximately $5.6 billion in land assets, representing approximately 87,000 homesites, and cash of
$1.0 billion, which included $584.0 million of cash deposits related to option contracts. The Millrose spin-off transaction accelerates Lennar’s longstanding strategy of becoming a pure-play,
asset-light, new home manufacturing company.

Acquisition of Rausch Coleman Homes

On February 10, 2025, we acquired Rausch Colman Homes (“Rausch”), a residential homebuilder based in Fayetteville, Arkansas.
Lennar acquired Rausch’s homebuilding operations while Millrose acquired Rausch’s land assets and Lennar has options on the land. With this acquisition, Lennar expanded its footprint into new markets, while adding to its existing footprint
in certain other markets. Lennar acquired $312.2 million of assets, primarily consisting of homes under construction, finished homesites, cash and other assets,