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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 29, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _______ To _______
Commission File Number: 1-11749
Lennar Corporation
(Exact name of registrant as specified in its charter)
Delaware95-4337490
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
5505 Waterford District Drive, Miami, Florida 33126
(Address of principal executive offices) (Zip Code)
(305559-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $.10
LENNew York Stock Exchange
Class B Common Stock, par value $.10
LEN.BNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
Large accelerated filerRAccelerated filer¨Emerging growth company¨
Non-accelerated filer¨Smaller reporting company¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Common stock outstanding as of February 29, 2024:
Class A 245,036,430
Class B 33,307,143



LENNAR CORPORATION
FORM 10-Q
For the period ended February 29, 2024
Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 2.
Item 3 - 4.
Item 5.
Item 6.




Part I. Financial Information
Item 1. Financial Statements

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
February 29,November 30,
2024 (1)2023 (1)
ASSETS
Homebuilding:
Cash and cash equivalents$4,950,128 6,273,724 
Restricted cash12,635 13,481 
Receivables, net897,371 887,992 
Inventories:
Finished homes and construction in progress11,092,036 10,455,666 
Land and land under development4,734,113 4,904,541 
Inventory owned15,826,149 15,360,207 
Consolidated inventory not owned3,547,921 2,992,528 
Inventory owned and consolidated inventory not owned19,374,070 18,352,735 
Deposits and pre-acquisition costs on real estate2,408,877 2,002,154 
Investments in unconsolidated entities1,206,564 1,143,909 
Goodwill3,442,359 3,442,359 
Other assets1,473,563 1,512,038 
33,765,567 33,628,392 
Financial Services3,056,442 3,566,546 
Multifamily1,379,279 1,381,513 
Lennar Other749,911 657,852 
Total assets38,951,199 39,234,303 
(1)Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of February 29, 2024, total assets include $2.7 billion related to consolidated VIEs of which $40.8 million is included in Homebuilding cash and cash equivalents, $2.0 million in Homebuilding receivables, net, $9.8 million in Homebuilding finished homes and construction in progress, $633.4 million in Homebuilding land and land under development, $67.1 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.9 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $26.7 million in Homebuilding other assets and $33.1 million in Multifamily assets.
As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.
See accompanying notes to condensed consolidated financial statements.
3

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Continued)
(In thousands, except share amounts)
(Unaudited)
February 29,November 30,
2024 (2)2023 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable$1,565,464 1,631,401 
Liabilities related to consolidated inventory not owned3,043,888 2,540,894 
Senior notes and other debts payable, net2,830,332 2,816,482 
Other liabilities2,689,263 2,739,217 
10,128,947 9,727,994 
Financial Services1,721,333 2,447,039 
Multifamily249,625 278,177 
Lennar Other73,364 79,127 
Total liabilities12,173,269 12,532,337 
Stockholders’ equity:
Preferred stock  
Class A common stock of $0.10 par value; Authorized: February 29, 2024 and November 30, 2023 - 400,000,000 shares; Issued: February 29, 2024 - 259,834,181 shares and November 30, 2023 - 258,475,012 shares
25,983 25,848 
Class B common stock of $0.10 par value; Authorized: February 29, 2024 and November 30, 2023 - 90,000,000 shares; Issued: February 29, 2024 - 36,601,215 shares and November 30, 2023 - 36,601,215 shares
3,660 3,660 
Additional paid-in capital5,651,836 5,570,009 
Retained earnings22,949,315 22,369,368 
Treasury stock, at cost; February 29, 2024 - 14,797,751 shares of Class A common stock and 3,294,072 shares of Class B common stock; November 30, 2023 - 11,207,889 shares of Class A common stock and 2,920,200 shares of Class B common stock
(1,988,200)(1,393,100)
Accumulated other comprehensive income5,241 4,879 
Total stockholders’ equity26,647,835 26,580,664 
Noncontrolling interests130,095 121,302 
Total equity26,777,930 26,701,966 
Total liabilities and equity$38,951,199 39,234,303 
(2)As of February 29, 2024, total liabilities include $1.8 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $17.7 million is included in Homebuilding accounts payable, $1.7 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, $88.5 million in Homebuilding other liabilities, and $0.9 million in Multifamily liabilities.
As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities, and $4.1 million in Multifamily liabilities.
See accompanying notes to condensed consolidated financial statements.
4

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended
February 29, 2024February 28, 2023
Revenues:
Homebuilding$6,930,991 6,156,305 
Financial Services249,720 182,981 
Multifamily129,677 143,523 
Lennar Other2,542 7,620 
Total revenues7,312,930 6,490,429 
Costs and expenses:
Homebuilding5,977,536 5,274,714 
Financial Services118,424 104,244 
Multifamily132,667 148,956 
Lennar Other9,088 6,476 
Corporate general and administrative157,321 126,106 
Charitable foundation contribution16,798 13,659 
Total costs and expenses6,411,834 5,674,155 
Equity in losses from unconsolidated entities(30,545)(31,187)
Other income (expense), net and other gains (losses)65,372 23,320 
Lennar Other unrealized losses from technology investments(5,137)(23,954)
Earnings before income taxes930,786 784,453 
Provision for income taxes(210,865)(185,145)
Net earnings (including net earnings attributable to noncontrolling interests)719,921 599,308 
Less: Net earnings attributable to noncontrolling interests587 2,774 
Net earnings attributable to Lennar$719,334 596,534 
Other comprehensive income, net of tax:
Net unrealized gain on securities available-for-sale$362 851 
Total other comprehensive income, net of tax$362 851 
Total comprehensive income attributable to Lennar$719,696 597,385 
Total comprehensive income attributable to noncontrolling interests$587 2,774 
Basic earnings per share$2.57 2.06 
Diluted earnings per share$2.57 2.06 
    




See accompanying notes to condensed consolidated financial statements.
5

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
February 29, 2024February 28, 2023
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)$719,921 599,308 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization27,139 20,305 
Amortization of discount/premium and accretion on debt, net39 (838)
Equity in loss from unconsolidated entities30,545 31,187 
Distributions of earnings from unconsolidated entities8,422 4,623 
Share-based compensation expense87,680 86,558 
Deferred income tax (benefit) expense11,979 (81,940)
Loans held-for-sale unrealized loss46,052 31,462 
Lennar Other unrealized losses from technology investments and other (gains) losses2,555 21,372 
Gain on sale of other assets(2,671) 
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets6,609 25,846 
Changes in assets and liabilities:
Decrease in receivables379,102 602,757 
Increase in inventories, excluding valuation adjustments(285,023)(156,229)
Increase in deposits and pre-acquisition costs on real estate(410,936)(21,476)
Decrease (increase) in other assets19,061 (5,557)
Decrease in loans held-for-sale53,797 511,807 
Decrease in accounts payable and other liabilities(326,404)(690,980)
Net cash provided by operating activities367,867 978,205 
Cash flows from investing activities:
Net additions of operating properties and equipment(72,925)(5,423)
Proceeds from the sale of other assets5,094  
Investments in and contributions to unconsolidated entities(117,593)(57,281)
Distributions of capital from unconsolidated entities35,330 23,993 
Decrease in Financial Services loans held-for-investment2,749 418 
Purchases of investment securities(2,063) 
Proceeds from maturities/sales of investment securities1,493 1,938 
Net cash used in investing activities$(147,915)(36,355)





See accompanying notes to condensed consolidated financial statements.
6

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Continued)
(In thousands)
(Unaudited)

Three Months Ended
February 29, 2024February 28, 2023
Cash flows from financing activities:
Net repayments under warehouse facilities$(599,514)(963,455)
Principal payments on notes payable and other borrowings(3,750)(26,621)
Proceeds from other borrowings6,230  
Proceeds from liabilities related to consolidated inventory not owned67,650 70,369 
Payments related to liabilities related to consolidated inventory not owned(252,446)(177,891)
Payments related to other liabilities, net(16,922)(1,257)
Receipts related to noncontrolling interests5,796 2,497 
Payments related to noncontrolling interests(1,979)(21,256)
Common stock:
Repurchases(595,100)(257,958)
Dividends(139,387)(107,891)
Net cash used in financing activities(1,529,422)(1,483,463)
Net decrease in cash and cash equivalents and restricted cash(1,309,470)(541,613)
Cash and cash equivalents and restricted cash at beginning of period6,570,938 4,815,770 
Cash and cash equivalents and restricted cash at end of period$5,261,468 4,274,157 
Summary of cash and cash equivalents and restricted cash:
Homebuilding$4,950,128 4,057,956 
Financial Services233,846 163,000 
Multifamily27,091 15,075 
Lennar Other2,700 6,825 
Homebuilding restricted cash12,635 22,504 
Financial Services restricted cash35,068 8,797 
$5,261,468 4,274,157 
Supplemental disclosures of non-cash investing and financing activities:
Homebuilding and Multifamily:
Purchases of inventories, land under development and other assets financed by sellers$23,081 13,500 

See accompanying notes to condensed consolidated financial statements.
7


Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
(1)Basis of Presentation
Basis of Consolidation
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2023. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2023. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
Seasonality
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 29, 2024 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents
Homebuilding cash and cash equivalents as of February 29, 2024 and November 30, 2023 included $512.0 million and $594.8 million, respectively, of cash held in escrow for approximately two days.
Share-based Payments
During the three months ended February 29, 2024 and February 28, 2023, the Company granted employees 1.2 million and 1.6 million of nonvested shares, respectively.
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09 (“ASU 2023-09”) Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating ASU 2023-09 and does not expect it to have a material effect on the Company’s condensed consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company is currently reviewing the impact that the adoption of ASU 2023-07 may have on its condensed consolidated financial statements and disclosures.
Reclassifications
Certain amounts in the Company's condensed consolidated statement of operations of prior year have been reclassified to conform to the fiscal 2024 presentation. These reclassifications had no impact on the Company's total assets, total equity, revenues or net earnings in its condensed consolidated financial statements.
8

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
(2) Operating and Reporting Segments
The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. The Company's chief operating decision makers manage and assess the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting, and determined that the following are its operating and reportable segments:
Homebuilding segments: (1) East (2) Central (3) Texas (4) West
(5) Financial Services
(6) Multifamily
(7) Lennar Other
The assets and liabilities related to the Company’s segments were as follows:
(In thousands)February 29, 2024
Assets:HomebuildingFinancial
Services
MultifamilyLennar
Other
Total
Cash and cash equivalents$4,950,128 233,846 27,091 2,700 5,213,765 
Restricted cash12,635 35,068   47,703 
Receivables, net (1)897,371 304,716 82,605  1,284,692 
Inventory owned and consolidated inventory not owned19,374,070  568,689  19,942,759 
Loans held-for-sale (2) 1,986,715   1,986,715 
Investments in equity securities (3)   294,246 294,246 
Investments available-for-sale (4)   38,315 38,315 
Loans held-for-investment, net 56,845   56,845 
Investments held-to-maturity 139,706   139,706 
Deposits and pre-acquisition costs on real estate2,408,877  31,785  2,440,662 
Investments in unconsolidated entities1,206,564  586,438 289,691 2,082,693 
Goodwill3,442,359 189,699   3,632,058 
Other assets1,473,563 109,847 82,671 124,959 1,791,040 
Total assets$33,765,567 3,056,442 1,379,279 749,911 38,951,199 
Liabilities:
Notes and other debts payable, net$2,830,332 1,564,290   4,394,622 
Accounts payable, liabilities related to consolidated inventory not owned and other liabilities7,298,615 157,043 249,625 73,364 7,778,647 
Total liabilities$10,128,947 1,721,333 249,625 73,364 12,173,269 
9

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
(In thousands)November 30, 2023
Assets:HomebuildingFinancial
Services
MultifamilyLennar
Other
Total
Cash and cash equivalents$6,273,724 159,491 39,334 1,948 6,474,497 
Restricted cash13,481 82,960   96,441 
Receivables, net (1)887,992 716,071 92,142  1,696,205 
Inventory owned and consolidated inventory not owned18,352,735  544,935  18,897,670 
Loans held-for-sale (2) 2,086,809   2,086,809 
Investments in equity securities (3)   297,243 297,243 
Investments available-for-sale (4)   37,953 37,953 
Loans held-for-investment, net 55,463   55,463 
Investments held-to-maturity 140,676   140,676 
Deposits and pre-acquisition costs on real estate2,002,154  32,063  2,034,217 
Investments in unconsolidated entities1,143,909  599,852 276,244 2,020,005 
Goodwill3,442,359 189,699   3,632,058 
Other assets1,512,038 135,377 73,187 44,464 1,765,066 
Total assets$33,628,392 3,566,546 1,381,513 657,852 39,234,303 
Liabilities:
Notes and other debts payable, net$2,816,482 2,163,805 3,741  4,984,028 
Accounts payable, liabilities related to consolidated inventory not owned and other liabilities6,911,512 283,234 274,436 79,127 7,548,309 
Total liabilities$9,727,994 2,447,039 278,177 79,127 12,532,337 
(1)Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of February 29, 2024 and November 30, 2023, respectively.
(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.
(3)Investments in equity securities include investments of $123.1 million and $121.0 million without readily available fair values as of February 29, 2024 and November 30, 2023, respectively.
(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.
Financial information relating to the Company’s segments was as follows:
Three Months Ended
(In thousands)February 29, 2024February 28, 2023
Revenues:
Homebuilding$6,930,991 6,156,305 
Financial Services 249,720 182,981 
Multifamily129,677 143,523 
Lennar Other2,542 7,620 
$7,312,930 6,490,429 
Earnings (loss) before income taxes:
Homebuilding$1,028,796 906,839 
Financial Services131,296 78,737 
Multifamily(15,639)(21,601)
Lennar Other(39,548)(39,757)
Corporate and Unallocated (1)(174,119)(139,765)
$930,786 784,453 
(1)Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions.
10

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Homebuilding Segments
Information about homebuilding activities in states which are not economically similar to other states in the same geographic areas is grouped under “Homebuilding Other,” which is not considered a reportable segment.
Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the Homebuilding segments consist of revenues generated from the sales of homes and land, other revenues from management fees and forfeited deposits, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment. Homebuilding Other also includes management of a fund that acquires single-family homes and holds them as rental properties.
The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in:
East: Alabama, Florida, New Jersey and Pennsylvania
Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee, and Virginia
Texas: Texas
West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington
Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC (“FivePoint”)
The assets related to the Company’s homebuilding segments were as follows:
February 29, 2024November 30, 2023
(In thousands)
East$6,827,717 6,563,568 
Central4,737,106 4,511,496 
Texas3,632,938 3,337,280 
West 11,933,146 11,298,812 
Other1,544,543 1,511,541 
Corporate and Unallocated 5,090,117 6,405,695 
Total Homebuilding$33,765,567 33,628,392 
Financial information relating to the Company’s homebuilding segments was as follows:
Three Months Ended
(In thousands)February 29, 2024February 28, 2023
Revenues
East$1,922,797 1,697,843 
Central1,396,455 1,226,141 
Texas1,071,786 1,022,052 
West 2,530,061 2,205,061 
Other9,892 5,208 
$6,930,991 6,156,305 
Operating earnings (loss)
East$376,881 398,432 
Central161,616 156,286 
Texas168,513 125,319 
West308,787 230,500 
Other12,999 (3,698)
$1,028,796 906,839 
11

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Financial Services
Operations of the Financial Services segment include mortgage financing, title and closing services primarily for buyers of the Company’s homes. They also include originating and selling into securitizations commercial mortgage loans through its LMF Commercial business. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and sales of property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations.
At February 29, 2024, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:
Maximum Aggregate Commitment
(In thousands)Committed AmountUncommitted AmountTotal
Residential facilities maturing:
March 2024 (1)$500,000  500,000 
April 2024250,000 250,000 500,000 
May 2024600,000 — 600,000 
June 2024100,000 100,000 200,000 
September 2024100,000 100,000 200,000 
Total residential facilities$1,550,000 450,000 2,000,000 
LMF commercial facilities maturing:
December 2024200,000 — 200,000 
January 2025100,000 — 100,000 
Total LMF commercial facilities$300,000 — 300,000 
Total$2,300,000 
(1)Subsequent to February 29, 2024, the maturity date was extended to June 2024.
The Financial Services segment uses residential mortgage loan warehouse facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial facilities finance LMF Commercial loan originations and securitization activities and were secured by up to 80% interests in the originated commercial loans financed.
Borrowings and collateral under the facilities were as follows:
(In thousands)February 29, 2024November 30, 2023
Borrowings under the residential facilities$1,344,468 2,020,187 
Collateral under the residential facilities
1,395,837 2,097,020 
Borrowings under the LMF Commercial facilities
89,555 12,525 
If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities.
Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Purchasers sometimes try to defray losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans, as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the residential mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. The provision for loan losses was immaterial for both the three months ended
12

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
February 29, 2024 and February 28, 2023. Loan origination liabilities were $17.7 million and $17.6 million as of February 29, 2024 and November 30, 2023, respectively, and included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets.
LMF Commercial - loans held-for-sale
LMF Commercial originated commercial loans as follows:
Three Months Ended
(Dollars in thousands)February 29, 2024February 28, 2023
Originations (1)$140,825 79,480 
Sold26,950 77,200 
Securitizations21
(1)During both the three months ended February 29, 2024 and February 28, 2023, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Investments held-to-maturity
At February 29, 2024 and November 30, 2023, the Financial Services segment held commercial mortgage-backed securities (“CMBS”). These securities are classified as held-to-maturity based on the segment's intent and ability to hold the securities until maturity and changes in estimated cash flows are reviewed periodically to determine if an other-than-temporary impairment has occurred. Based on the segment’s assessment, no impairment charges were recorded during the three months ended February 29, 2024 and February 28, 2023. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment.
Details related to Financial Services' CMBS were as follows:
(Dollars in thousands)February 29, 2024November 30, 2023
Carrying value$139,706 140,676 
Outstanding debt, net of debt issuance costs130,267 131,093 
Incurred interest rate3.4%3.4%
February 29, 2024
Discount rates at purchase6%84%
Coupon rates2.0%5.3%
Distribution datesOctober 2027December 2028
Stated maturity datesOctober 2050December 2051
Multifamily
The Company is actively involved, primarily through unconsolidated funds and joint ventures, in the development, construction and property management of multifamily rental properties. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets.
The Multifamily Segment (i) manages, and owns interests in, funds that are engaged in the development of multifamily residential communities with the intention of holding the newly constructed and occupied properties as income and fee generating assets, and (ii) manages, and owns interests in, joint ventures that are engaged in the development of multifamily residential communities, in most instances with the intention of selling them when they are built and substantially occupied. The multifamily business is a vertically integrated platform with capabilities spanning development, construction, property management, asset management, and capital markets. Revenues are generated from the sales of land, from construction activities, and management and promote fees generated from joint ventures and other gains (which includes sales of buildings), less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Operations of the Multifamily Segment also include equity in earnings (loss) from unconsolidated entities.
Lennar Other
Lennar Other primarily includes strategic investments in technology companies, primarily managed by the Company's LENX subsidiary, and fund interests the Company retained when it sold the Rialto Capital Management (“Rialto”) asset and investment management platform. Operations of the Lennar Other segment include operating earnings (loss) consisting of revenues generated primarily from the Company's share of carried interests in the Rialto fund investments, along with equity in earnings (loss) from the Rialto fund investments and technology investments, realized and unrealized gains (losses) from investments in equity securities and other income (expense), net from the remaining assets related to the Company's former Rialto segment.
13

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
The Company has investments in Blend Labs, Inc. (“Blend Labs”), Hippo Holdings, Inc. (“Hippo”), Opendoor Technologies, Inc. (“Opendoor”), SmartRent, Inc. (“SmartRent”), Sonder Holdings, Inc. (“Sonder”) and Sunnova Energy International, Inc. (“Sunnova”), which are held at market and will therefore change depending on the value of the Company's shareholdings in those entities on the last day of each quarter. All the investments are accounted for as investments in equity securities which are held at fair value and the changes in fair values are recognized through earnings. The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on the Company's technology investments:
Three Months Ended
(In thousands)February 29, 2024February 28, 2023
Blend Labs (BLND)$2,936 586 
Hippo (HIPO)16,449 6,632 
Opendoor (OPEN)1,315 (7,691)
SmartRent (SMRT)(1,963)1,305 
Sonder (SOND)51 (320)
Sunnova (NOVA)(23,925)(24,466)
Lennar Other unrealized losses from technology investments$(5,137)(23,954)
Doma Holdings, Inc. (“Doma”), which went public during the year ended November 30, 2021, is an investment that was accounted for under the equity method due to the Company's significant ownership interest of 25% of Doma which allowed the Company to exercise significant influence. As of February 29, 2024, the Company’s carrying value in Doma was zero as a result of allocated losses from Doma.
(3)Investments in Unconsolidated Entities
Homebuilding Unconsolidated Entities
The investments in the Company's Homebuilding unconsolidated entities were as follows:
(In thousands)February 29, 2024November 30, 2023
Investments in unconsolidated entities (1) (2)$1,206,564 1,143,909 
Underlying equity in unconsolidated entities' net assets (1)1,473,819 1,436,239 
(1)The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in FivePoint.
(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of February 29, 2024 and November 30, 2023, the carrying amount of the Company's investment was $444.5 million and $422.2 million, respectively.
As of February 29, 2024 and November 30, 2023, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $279.6 million and $316.5 million, respectively.
The Company has an immaterial amount of recourse exposure to debt of the Homebuilding unconsolidated entities in which it has investments. While the Company sometimes guarantees debt of unconsolidated entities, in most instances the Company’s partners have also guaranteed that debt and are required to contribute their shares of any payments. In most instances, the amount of guaranteed debt of an unconsolidated entity is less than the value of the collateral securing it.
As of both February 29, 2024 and November 30, 2023, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were not material. The Company believes that as of February 29, 2024, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 7 of the Notes to Condensed Consolidated Financial Statements). The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2023.
In 2021, the Company formed the Upward America Venture LP (“Upward America”), and is managing and participating in Upward America. Upward America is an investment fund that acquires new single-family homes in high growth markets across the United States and rents them to the people who will live in them. Upward America has raised equity commitments totaling $1.6 billion. The commitments are primarily from institutional investors, including $125 million committed by Lennar. As of February 29, 2024 and November 30, 2023, the carrying amount of the Company's investment in Upward America was $11.2 million and $14.8 million, respectively.
14

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Multifamily Unconsolidated Entities
The unconsolidated joint ventures in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the bank loans to Multifamily unconsolidated joint ventures, the Company (or entities related to them) have been required to give guarantees of completion and cost over-runs to the lenders and partners. The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2023. As of both February 29, 2024 and November 30, 2023, the fair value of the completion guarantees was immaterial. As of February 29, 2024 and November 30, 2023, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.1 billion and $1.4 billion, respectively.
In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function. Each Multifamily real estate investment trust, JV and fund has unilateral decision making rights related to development and other sales activity through its executive committee or asset management committee. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. In some situations, the Multifamily segment sells land to various joint ventures and funds. The details of the activity were as follows:
Three Months Ended
(In thousands)February 29, 2024February 28, 2023
General contractor services, net of deferrals$101,635 125,402 
General contractor costs95,688 120,733 
Management fee income, net of deferrals16,042 18,121 
The Multifamily segment includes managing and investing in Multifamily Venture Fund I (“LMV I”), Multifamily Venture Fund II LP (“LMV II”) and Canada Pension Plan Investments Fund (the “CPPIB Fund”), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. The Multifamily segment completed the initial closing of the CPPIB Fund. The Multifamily segment expects the CPPIB Fund to have almost $1.0 billion in equity and Lennar's ownership percentage in the CPPIB Fund is 4%. As of February 29, 2024, the Company had a $23.1 million investment in the CPPIB Fund. Additional dollars will be committed as opportunities are identified by the CPPIB Fund.
Details of LMV I and LMV II as of and during the three months ended February 29, 2024 are included below:
February 29, 2024
(In thousands)LMV ILMV II
Lennar's carrying value of investments$185,262 261,305 
Equity commitments2,204,016 1,257,700 
Equity commitments called2,154,328 1,218,619 
Lennar's equity commitments504,016 381,000 
Lennar's equity commitments called500,381 368,170 
Lennar's remaining commitments (1)3,635 12,830 
Distributions to Lennar during the three months ended February 29, 2024 208 
(1)While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls.
Other Unconsolidated Entities
Lennar Other's unconsolidated entities include fund investments the Company retained when it sold the Rialto assets and investment management platform in 2018, as well as strategic investments in technology companies and investment funds. The Company's investment in the Rialto funds totaled $142.2 million and $148.7 million as of February 29, 2024 and November 30, 2023, respectively. In addition, the Company is entitled to a portion of the carried interest distributions by those funds. The Company also had strategic technology investments in unconsolidated entities and investment funds with a carrying value of $147.5 million and $127.5 million, as of February 29, 2024 and November 30, 2023, respectively.
15

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
(4)Stockholders' Equity
The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three months ended February 29, 2024 and February 28, 2023:
Three Months Ended February 29, 2024
(In thousands)Total
Equity
Class A
Common Stock
Class B
Common Stock
Additional
Paid - in Capital
Treasury
Stock
Accumulated Other Comprehensive IncomeRetained
Earnings
Noncontrolling
Interests
Balance at November 30, 2023$26,701,966 25,848 3,660 5,570,009 (1,393,100)4,879 22,369,368 121,302 
Net earnings (including net earnings attributable to noncontrolling interests)719,921 — — — — — 719,334 587 
Employee stock and directors plans
(83,473)135 — (65)(83,543)— — — 
Purchases of treasury stock(511,557)— — — (511,557)— — — 
Amortization of restricted stock
87,680 — — 87,680 — — — — 
Cash dividends(139,387)— — — — — (139,387)— 
Receipts related to noncontrolling interests
5,796 — — — — — — 5,796 
Payments related to noncontrolling interests
(1,979)— — — — — — (1,979)
Non-cash purchase or activity of noncontrolling interests, net(1,399)— — (5,788)— — — 4,389 
Total other comprehensive income, net of tax362 — — — — 362 — — 
Balance at February 29, 2024$26,777,930 25,983 3,660 5,651,836 (1,988,200)5,241 22,949,315 130,095 
Three Months Ended February 28, 2023
(In thousands)Total
Equity
Class A
Common Stock
Class B
Common Stock
Additional
Paid - in Capital
Treasury
Stock
Accumulated Other Comprehensive IncomeRetained
Earnings
Noncontrolling
Interests
Balance at November 30, 2022$24,240,367 25,608 3,660 5,417,796 (210,389)2,408 18,861,417 139,867 
Net earnings (including net earnings attributable to noncontrolling interests)599,308 — — — — — 596,534 2,774 
Employee stock and directors plans
(66,990)226 — (189)(67,027)— — — 
Purchases of treasury stock(190,931)— — — (190,931)— — — 
Amortization of restricted stock
86,558 — — 86,558 — — — — 
Cash dividends(107,891)— — — — — (107,891)— 
Receipts related to noncontrolling interests
2,497 — — — — — — 2,497 
Payments related to noncontrolling interests
(21,256)— — — — — — (21,256)
Non-cash purchase or activity of noncontrolling interests, net12,774 — — (376)— — — 13,150 
Total other comprehensive income, net of tax851 — — — — 851 — — 
Balance at February 28, 2023$24,555,287 25,834 3,660 5,503,789 (468,347)3,259 19,350,060 137,032 
On February 7, 2024, the Company paid a quarterly cash dividend of $0.50 per share for both of its Class A and Class B common stock to holders of record at the close of business on January 24, 2024, as declared by its Board of Directors on January 9, 2024. The Company approved and paid cash dividends of $0.375 per share for each of the four quarters of 2023 on both its Class A and Class B common stock.
16

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
In March 2022, the Company's Board of Directors approved an authorization for the Company to repurchase up to the lesser of $2 billion in value, or 30 million in shares, of its outstanding Class A or Class B common stock. The repurchase authorization has no expiration date. The authorization was in addition to what was remaining of the October 2021 stock repurchase program. In January 2024, the Company's Board of Directors authorized an increase to its stock repurchase program to enable it to repurchase up to an additional $5 billion in value of its outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. The repurchase authorization has no expiration date. The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:
Three Months Ended
February 29, 2024February 28, 2023
(Dollars in thousands, except price per share)Class AClass BClass AClass B
Shares repurchased3,026,128 373,872 1,446,205 553,795 
Total purchase price$454,788 $51,637 $143,068 $46,105 
Average price per share$150.29 $138.11 $98.93 $83.25 
(5)Income Taxes
The provision for income taxes and effective tax rate were as follows:
Three Months Ended
(Dollars in thousands)February 29, 2024February 28, 2023
Provision for income taxes$210,865 185,145 
Effective tax rate (1)22.7%23.7%
(1)In the three months ended February 29, 2024, the Company's overall effective income tax rate was lower than in the three months ended February 28, 2023, primarily due to excess tax benefits from share-based compensation. For both the three months ended February 29, 2024 and February 28, 2023, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by energy efficient home and solar tax credits.
(6)Earnings Per Share
Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.
All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) is considered participating securities.
Basic and diluted earnings per share were calculated as follows:
Three Months Ended
(In thousands, except per share amounts)February 29, 2024February 28, 2023
Numerator:
Net earnings attributable to Lennar$719,334 596,534 
Less: distributed earnings allocated to nonvested shares1,023 724 
Less: undistributed earnings allocated to nonvested shares5,877 5,895 
Numerator for basic earnings per share712,434 589,915 
Less: net amount attributable to Rialto's Carried Interest Incentive Plan (1) 1,038 
Numerator for diluted earnings per share$712,434 588,877 
Denominator:
Denominator for basic earnings per share - weighted average common shares outstanding276,946 286,074 
Denominator for diluted earnings per share - weighted average common shares outstanding276,946 286,074 
Basic earnings per share$2.57 2.06 
Diluted earnings per share$2.57 2.06 
(1)The amount presented relate to Rialto's Carried Interest Incentive Plan and represents the difference between the advanced tax distributions received from the Rialto funds included in the Lennar Other segment and the amount Lennar is assumed to own.
17

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
For both the three months ended February 29, 2024 and February 28, 2023, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.
(7)Homebuilding Senior Notes and Other Debts Payable
(Dollars in thousands)February 29, 2024November 30, 2023
4.50% senior notes due 2024
$453,792 453,682 
4.75% senior notes due 2025
499,447 499,336 
5.25% senior notes due 2026
402,737 403,040 
5.00% senior notes due 2027
351,261 351,357 
4.75% senior notes due 2027
797,513 797,347 
Mortgage notes on land and other debt325,582 311,720 
$2,830,332 2,816,482 
The carrying amounts of the senior notes in the table above are net of debt issuance costs of $3.8 million and $4.2 million as of February 29, 2024 and November 30, 2023, respectively.
The maximum available borrowings on the Company's unsecured revolving credit facility (the “Credit Facility”) were as follows:
(In thousands)February 29, 2024
Commitments - maturing in April 2024$350,000 
Commitments - maturing in May 20272,225,000 
Total commitments$2,575,000 
Accordion feature425,000 
Total maximum borrowings capacity$3,000,000 
The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The Credit Facility also provides that up to $500 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2023. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions.
The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2023. The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands)February 29, 2024November 30, 2023
Performance letters of credit$1,526,220 1,404,541 
Financial letters of credit476,545 417,976 
Surety bonds4,596,432 4,508,428 
Anticipated future costs primarily for site improvements related to performance surety bonds2,588,531 2,499,680 
All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily homebuilding subsidiaries. The guarantees are full and unconditional. The terms of guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2023.
18

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
(8)Financial Instruments and Fair Value Disclosures
The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at February 29, 2024 and November 30, 2023, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
February 29, 2024November 30, 2023
(In thousands)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
ASSETS
Financial Services:
Loans held-for-investment, netLevel 3$56,845 56,845 55,463 55,463 
Investments held-to-maturityLevel 3139,706 140,886 140,676 139,396 
LIABILITIES
Homebuilding senior notes and other debts payable, netLevel 2$2,830,332 2,808,473 2,816,482 2,785,712 
Financial Services notes and other debts payable, netLevel 21,564,290 1,564,710 2,163,805 2,164,441 
Multifamily notes payable, netLevel 2  3,741 3,741 
The following methods and assumptions are used by the Company in estimating fair values:
Financial Services - The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. For notes and other debts payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the majority of the borrowings.
Homebuilding - For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates.
Multifamily - For notes payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the borrowings.
Fair Value Measurements:
GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows:
Level 1: Fair value determined based on quoted prices in active markets for identical assets.
Level 2: Fair value determined using significant other observable inputs.
Level 3: Fair value determined using significant unobservable inputs.
The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
Fair Value HierarchyFair Value at
(In thousands)February 29, 2024November 30, 2023
Financial Services Assets:
Residential loans held-for-saleLevel 2$1,861,318 2,073,350 
LMF Commercial loans held-for-saleLevel 3125,397 13,459 
Mortgage servicing rightsLevel 33,475 3,440 
Forward optionsLevel 14,319 5,937 
Lennar Other Assets:
Investments in equity securitiesLevel 1$171,137 176,198 
Investments available-for-saleLevel 338,315 37,953 
19

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Residential and LMF Commercial loans held-for-sale in the table above include:
February 29, 2024November 30, 2023
(In thousands)Aggregate Principal BalanceChange in Fair ValueAggregate Principal BalanceChange in Fair Value
Residential loans held-for-sale$1,917,795 (56,477)2,083,776 (10,426)
LMF Commercial loans held-for-sale
127,525 (2,128)13,650 (191)
Financial Services residential loans held-for-sale - Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. The Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these are included in Financial Services’ loans held-for-sale as of February 29, 2024 and November 30, 2023. Fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics.
LMF Commercial loans held-for-sale - The fair value of commercial loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. The details and methods of the calculation are unchanged from the fair value disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2023. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust.
Mortgage servicing rights - Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:
As of February 29, 2024As of November 30, 2023
Unobservable inputs
Mortgage prepayment rate8%8%
Discount rate13%13%
Delinquency rate 9%9%
Forward options - Fair value of forward options is based on independent quoted market prices for similar financial instruments. The fair value of these are included in Financial Services' other assets and the Company recognizes the changes in the fair value of the premium paid as Financial Services' Revenue.
Lennar Other investments in equity securities - The fair value of investments in equity securities was calculated based on independent quoted market prices. The Company’s investments in equity securities were recorded at fair value with all changes in fair value recorded to Lennar Other unrealized gains (losses) from technology investments on the Company’s condensed consolidated statements of operations and comprehensive income.
Lennar Other investments available-for-sale - The fair value of investments available-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads.
20

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:
Three Months Ended
(In thousands)February 29, 2024February 28, 2023
Changes in fair value included in Financial Services revenues:
Loans held-for-sale$(46,052)(31,462)
Mortgage loan commitments(