Operating and Reporting Segments

6 Months Ended

May 31, 2026

Segment Reporting [Abstract]

Operating and Reporting Segments

Operating and Reporting Segments

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. The Company defines the Chief Operating Decision Maker ("CODM") function as the Executive Chairman, Chief Executive Officer and President. The CODM manages and assesses the Company's Homebuilding performance at a regional level. The CODM evaluates the Homebuilding segment performance using each segment’s revenues generated from sales of homes and earnings (loss) before income taxes. These operating results are reviewed against the annual business plan and quarterly forecast updates, as applicable, and used by the CODM when making the Company’s decisions about the allocation of operating and capital resources to each Homebuilding segment. The CODM’s evaluation of the Financial Services, Multifamily and Lennar Other segments is based on the revenues and earnings (loss) before income taxes.

Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented. The following are the Company’s operating and reportable segments:

Homebuilding segments: (1) East (2) Central (3) South Central (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)	At May 31, 2026
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	1,816,248	242,588	10,657	22,202	2,091,695
Restricted cash	29,204		52,879	—	—	82,083
Receivables, net (1)	978,796		462,311	32,697	—	1,473,804
Inventory owned and consolidated inventory not owned	12,383,718		—	200,544	—	12,584,262
Deposits and pre-acquisition costs on real estate	7,061,935		—	4,395	—	7,066,330
Investments in unconsolidated entities	1,478,719		679	491,325	364,484	2,335,207
Loans held-for-sale (2)	—		1,939,919	—	—	1,939,919
Investments in equity securities (3)	—		—	—	202,758	202,758
Investments available-for-sale (4)	—		—	—	38,725	38,725
Investments held-to-maturity	—		129,320	—	—	129,320
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,785,201		106,114	61,738	172,241	2,125,294
Total assets	$	28,976,180	3,123,509	801,356	800,410	33,701,455
Liabilities:
Senior notes and other debts payable, net	$	4,047,487	1,963,746	—	—	6,011,233
Liabilities related to consolidated inventory not owned	1,312,689		—	—	—	1,312,689
Accounts payable and other liabilities	4,255,524		187,924	76,768	91,591	4,611,807
Total liabilities	$	9,615,700	2,151,670	76,768	91,591	11,935,729

(In thousands)	At November 30, 2025
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	3,441,324	258,873	34,172	21,936	3,756,305
Restricted cash	25,930		48,499	—	—	74,429
Receivables, net (1)	1,002,629		429,560	38,673	—	1,470,862
Inventory owned and consolidated inventory not owned	11,617,633		—	223,622	—	11,841,255
Deposits and pre-acquisition costs on real estate	6,383,633		—	15,096	—	6,398,729
Investments in unconsolidated entities	1,545,370		2,528	506,573	367,965	2,422,436
Loans held-for-sale (2) (5)	—		2,212,624	—	—	2,212,624
Investments in equity securities (3)	—		—	—	346,820	346,820
Investments available-for-sale (4)	—		—	—	39,060	39,060
Investments held-to-maturity	—		132,868	—	—	132,868
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,794,378		102,762	84,000	121,851	2,102,991
Total assets	$	29,253,256	3,377,413	902,136	897,632	34,430,437
Liabilities:
Senior notes and other debts payable, net	$	4,084,686	1,790,309	—	—	5,874,995
Liabilities related to consolidated inventory not owned	1,476,376		—	—	—	1,476,376
Accounts payable and other liabilities	4,504,360		220,289	113,361	100,447	4,938,457
Total liabilities	$	10,065,422	2,010,598	113,361	100,447	12,289,828

(1)Financial Services, receivables, net, are primarily related to loans sold to investors for which the Company had not yet been paid as of both May 31, 2026 and November 30, 2025.

(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value, of which $13.8 million and $15.5 million of residential loans are carried at lower of cost or fair value as of May 31, 2026 and November 30, 2025, respectively.

(3)Investments in equity securities include investments of $113.2 million and $114.4 million without readily available fair values as of May 31, 2026 and November 30, 2025, 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) in the condensed consolidated balance sheets.

(5)During the year ended November 30, 2025, the Financial Services segment transferred its loans held-for-investment of $61.0 million (fair value of $50.3 million) to held-for-sale, based on the Company’s intent to sell the loans in the near future.

Homebuilding Segments

Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under “Homebuilding Other,” which is not considered a reportable segment.

East: Florida, New Jersey and Pennsylvania

Central: Alabama, Georgia, Illinois, Indiana, Maryland/Virginia, Minnesota, North Carolina, South Carolina and Tennessee

South Central: Arkansas, Kansas, Oklahoma and 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:

(In thousands)	At May 31, 2026		At November 30, 2025
East	$	5,738,233	5,413,918
Central	4,926,333		4,565,781
South Central	4,523,414		4,195,858
West	9,847,315		9,519,804
Other	1,793,234		1,692,453
Corporate and Unallocated	2,147,651		3,865,442
Total Homebuilding	$	28,976,180	29,253,256

Financial information relating to the Company’s segments was as follows:

	Three Months Ended May 31, 2026
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	1,709,254	1,662,594	1,463,140	2,758,154	1,897	7,595,039	—	—	—	7,595,039
Sales of land	1,517		—	2,877	8,007	—	12,401	—	—	—	12,401
Other revenues	3,705		1,076	560	1,160	2,373	8,874	236,939	63,564	23,055	332,432
Total revenues	1,714,476		1,663,670	1,466,577	2,767,321	4,270	7,616,314	236,939	63,564	23,055	7,939,872
Costs and expenses:
Costs of homes sold	1,382,260		1,407,144	1,210,579	2,409,274	3,362	6,412,619	—	—	—	6,412,619
Costs of land sold	5,695		2,130	3,850	9,869	—	21,544	—	—	—	21,544
Other costs and expenses	—		—	—	—	—	—	135,836	72,788	43,726	252,350
Selling, general and administrative expenses	169,055		178,482	135,089	210,422	5,347	698,395	—	—	—	698,395
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	136,149
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	20,519
Total costs and expenses	1,557,010		1,587,756	1,349,518	2,629,565	8,709	7,132,558	135,836	72,788	43,726	7,541,576
Equity in earnings (losses) from unconsolidated entities	4,978		(18)	(10)	676	(2,956)	2,670	—	27,233	4,184	34,087
Other income (expense), net and other gains (losses), net	1,942		2,276	(2,712)	1,603	(164)	2,945	—	316	795	4,056
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(23,252)	(23,252)
Earnings (loss) before income taxes	$	164,386	78,172	114,337	140,035	(7,559)	489,371	101,103	18,325	(38,944)	413,187

	Three Months Ended May 31, 2025
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	1,715,407	1,743,304	1,505,750	2,818,980	4,834	7,788,275	—	—	—	7,788,275
Sales of land	14,384		—	16,589	12,222	—	43,195	—	—	—	43,195
Other revenues	3,714		1,963	1,058	2,095	3,562	12,392	298,098	230,305	5,237	546,032
Total revenues	1,733,505		1,745,267	1,523,397	2,833,297	8,396	7,843,862	298,098	230,305	5,237	8,377,502
Costs and expenses:
Costs of homes sold	1,390,760		1,417,197	1,241,884	2,346,962	5,729	6,402,532	—	—	—	6,402,532
Costs of land sold	14,237		1,143	18,004	22,789	—	56,173	—	—	—	56,173
Other costs and expenses	—		—	—	—	—	—	140,818	254,677	30,025	425,520
Selling, general and administrative expenses	167,318		165,828	125,911	217,155	12,635	688,847	—	—	—	688,847
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	155,853
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	20,131
Total costs and expenses	1,572,315		1,584,168	1,385,799	2,586,906	18,364	7,147,552	140,818	254,677	30,025	7,749,056
Equity in earnings (losses) from unconsolidated entities	8,295		(1)	(6)	1,038	8,390	17,716	—	(5,269)	(331)	12,116
Other income (expense), net and other gains (losses), net	7,161		1,099	(903)	(2,005)	8,856	14,208	—	14,887	1,664	30,759
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(29,440)	(29,440)
Earnings (loss) before income taxes	$	176,646	162,197	136,689	245,424	7,278	728,234	157,280	(14,754)	(52,895)	641,881

	Six Months Ended May 31, 2026
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	3,221,332	3,007,627	2,623,320	5,009,901	5,781	13,867,961	—	—	—	13,867,961
Sales of land	9,591		873	6,900	10,195	—	27,559	—	—	—	27,559
Other revenues	8,574		2,229	1,220	2,362	4,972	19,357	452,494	146,063	45,914	663,828
Total revenues	3,239,497		3,010,729	2,631,440	5,022,458	10,753	13,914,877	452,494	146,063	45,914	14,559,348
Costs and expenses:
Costs of homes sold	2,621,112		2,559,859	2,166,947	4,376,796	9,519	11,734,233	—	—	—	11,734,233
Costs of land sold	20,997		5,866	10,218	15,774	—	52,855	—	—	—	52,855
Other costs and expenses	—		—	—	—	—	—	260,078	163,216	87,410	510,704
Selling, general and administrative expenses	331,829		326,687	242,723	401,592	13,059	1,315,890	—	—	—	1,315,890
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	293,787
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	37,382
Total costs and expenses	2,973,938		2,892,412	2,419,888	4,794,162	22,578	13,102,978	260,078	163,216	87,410	13,944,851
Equity in earnings (losses) from unconsolidated entities	15,661		41	(25)	1,588	23,586	40,851	—	52,714	3,790	97,355
Other income (expense), net and other gains (losses), net	(1,879)		4,159	(4,381)	(429)	12,179	9,649	—	623	1,930	12,202
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(8,414)	(8,414)
Earnings (loss) before income taxes	$	279,341	122,517	207,146	229,455	23,940	862,399	192,416	36,184	(44,190)	715,640

	Six Months Ended May 31, 2025
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	3,370,667	3,273,496	2,666,273	5,707,665	10,720	15,028,821	—	—	—	15,028,821
Sales of land	37,506		1,600	22,193	17,222	—	78,521	—	—	—	78,521
Other revenues	6,449		2,817	1,759	3,343	6,022	20,390	575,175	293,501	12,639	901,705
Total revenues	3,414,622		3,277,913	2,690,225	5,728,230	16,742	15,127,732	575,175	293,501	12,639	16,009,047
Costs and expenses:
Costs of homes sold	2,693,780		2,662,807	2,188,413	4,733,641	12,035	12,290,676	—	—	—	12,290,676
Costs of land sold	37,748		4,183	20,944	29,375	—	92,250	—	—	—	92,250
Other costs and expenses	—		—	—	—	—	—	274,412	328,053	53,589	656,054
Selling, general and administrative expenses	329,504		318,152	220,733	419,536	16,661	1,304,586	—	—	—	1,304,586
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	303,231
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	37,965
Total costs and expenses	3,061,032		2,985,142	2,430,090	5,182,552	28,696	13,687,512	274,412	328,053	53,589	14,684,762
Equity in earnings (losses) from unconsolidated entities	14,933		(4)	(8)	1,010	36,789	52,720	—	(4,542)	(2,827)	45,351
Other income (expense), net and other gains (losses), net	32,477		3,150	(1,355)	(2,483)	12,778	44,567	—	24,317	(6,458)	62,426
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(91,943)	(91,943)
Earnings (loss) before income taxes	$	401,000	295,917	258,772	544,205	37,613	1,537,507	300,763	(14,777)	(142,178)	1,340,119

(1)Primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable contributions to the Lennar Foundation. These corporate expenses cannot be attributed to any specific segment, thus they are presented within the Total column in the table above.

(2)The Other segment includes operating results from the Company's Urban divisions, which are not considered reportable segments.

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 May 31, 2026, 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 Amount		Uncommitted Amount	Total
Residential facilities maturing:
July 2026	$	350,000	350,000	700,000
September 2026	200,000		200,000	400,000
November 2026	100,000		100,000	200,000
December 2026	—		375,000	375,000
March 2027	200,000		300,000	500,000
May 2027	30,000		270,000	300,000
Total residential facilities	$	880,000	1,595,000	2,475,000
LMF commercial facilities maturing:
January 2027	100,000		—	100,000
December 2027	200,000		—	200,000
Total LMF commercial facilities	$	300,000	—	300,000
Total				$	2,775,000

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)	At May 31, 2026		At November 30, 2025
Borrowings under residential facilities	$	1,791,758	1,653,484
Collateral under residential facilities	2,058,429		1,718,338
Borrowings under LMF Commercial facilities	52,240		13,719

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 loans the Financial Services segment originates are sold within a short period on 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 any losses incurred by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements and seeking to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors, which are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. These accruals are 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 it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage market and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving purchase claims exceed the Company’s expectations, additional recourse expense may be incurred. The provision for loan losses was immaterial for both the three and six months ended May 31, 2026 and 2025. Loan origination liabilities were $17.3 million and $17.4 million as of May 31, 2026 and November 30, 2025, 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			Six Months Ended
	May 31,			May 31,
(Dollars in thousands)	2026		2025	2026	2025
Originations (1)	$	73,300	180,875	156,350	308,840
Sold	76,250		190,936	109,575	285,823
Securitizations	2		2	3	6

(1)During both the three and six months ended May 31, 2026 and 2025, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.

Investments held-to-maturity

At May 31, 2026 and November 30, 2025, 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 or six months ended May 31, 2026 and 2025. 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)	At May 31, 2026		At November 30, 2025
Carrying value	$	129,320	132,868
Outstanding debt, net of debt issuance costs	119,748		123,106
Incurred interest rate	3.4%		3.4%

	At May 31, 2026
	Range
Discount rates at purchase	6%	—	84%
Coupon rates	2.0%	—	5.3%
Distribution dates	October 2027	—	December 2028
Stated maturity dates	October 2050	—	December 2051

Multifamily

The Company is actively involved, primarily through unconsolidated funds and joint ventures, in the development and construction 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) 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) 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, asset management, and capital markets. Revenues are generated from the sales of land, from construction activities, and from management and promote fees generated from funds and joint ventures 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 (losses) from unconsolidated entities and other gains (losses), which include proceeds of sales of investments.

Lennar Other

Lennar Other includes strategic investments in various types of technology and other 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 (losses) 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.

The Company has investments in publicly traded technology companies, which are held at market and the carrying value of which 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 and other assets which are held at fair value and the changes in fair values are recognized through earnings.

During the three months ended May 31, 2026 and 2025, the Company recorded mark-to-market losses of $23.3 million and $29.4 million, respectively, on its publicly traded technology investments, which were included in Lennar Other gains (losses) in the Company's condensed consolidated statements of operations and comprehensive income (loss). During the six months ended May 31, 2026 and 2025, the Company recorded mark-to-market losses of $8.4 million and $91.9 million, respectively, on its publicly traded technology investments, which were included in Lennar Other gains (losses) in the Company's condensed consolidated statements of operations and comprehensive income (loss).