Operating and Reporting Segments

Each reportable segment follows the accounting policies described in Note 1 - "Summary of Significant Accounting Policies" to the consolidated financial statements. 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 and Chief Executive Officer. During fiscal year 2025, the CODM also included a Co-Chief Executive Officer and President, who retired in December 2025. 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 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


(In thousands)	At November 30, 2024
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	4,662,643	175,382	30,948	40,691	4,909,664
Restricted cash	11,799		68,747	—	—	80,546
Receivables, net (1)	1,053,211		545,752	53,595	—	1,652,558
Inventory owned and consolidated inventory not owned	19,719,551		—	592,879	—	20,312,430
Deposits and pre-acquisition costs on real estate	3,625,372		—	32,643	—	3,658,015
Investments in unconsolidated entities	1,344,836		—	503,303	379,435	2,227,574
Loans held-for-sale	—		2,250,718	—	—	2,250,718
Investments in equity securities (3)	—		—	—	347,810	347,810
Investments available-for-sale (4)	—		—	—	40,578	40,578
Loans held-for-investment, net (5)	—		60,969	—	—	60,969
Investments held-to-maturity	—		135,646	—	—	135,646


Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,734,698		89,637	93,450	86,430	2,004,215
Total assets	$	35,594,469	3,516,550	1,306,818	894,944	41,312,781
Liabilities:
Senior notes and other debts payable, net	$	2,258,283	1,930,956	—	—	4,189,239
Liabilities related to consolidated inventory not owned	3,563,934		—	—	—	3,563,934
Accounts payable and other liabilities	5,040,992		209,752	181,883	105,756	5,538,383
Total liabilities	$	10,863,209	2,140,708	181,883	105,756	13,291,556

(1)Financial Services receivables, net was primarily related to loans sold to investors for which the Company had not yet been paid as of November 30, 2025 and 2024, respectively.

(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value, of which $15.5 million of residential loans are carried at lower of cost or fair value.

(3)Investments in equity securities include investments of $114.4 million and $143.0 million without readily available fair values as of November 30, 2025 and 2024, 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 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.

The Company renamed its Texas reportable Homebuilding segment to South Central as a result of the Rausch acquisition (see Note 2 of the Notes to Consolidated Financial Statements) in order to streamline and synergize geographic homebuilding operations, assess performance, and allocate resources across the Company’s geographic Homebuilding segments.

The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately, have homebuilding divisions located in:

East: Florida, New Jersey and Pennsylvania

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

and Virginia

South Central: Arkansas, Kansas, Missouri, 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:


	At November 30,
(In thousands)	2025		2024

East	$	5,284,111	6,967,571
Central	4,695,588		5,567,451
South Central	4,195,858		4,238,587
West	9,519,804		12,148,434
Other	1,692,453		1,729,407
Corporate and Unallocated	3,865,442		4,943,019
Total Homebuilding	$	29,253,256	35,594,469

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


	For the Year ended November 30, 2025
(In thousands)	East		Central	South Central	West	Other (3)	Total Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	6,896,901	7,747,913	5,579,035	11,857,853	15,543	32,097,245	—	—	—	32,097,245
Sales of land	60,468		2,935	22,540	44,289	—	130,232	—	—	—	130,232
Other revenues	12,840		5,289	2,854	6,938	11,282	39,203	1,198,197	680,627	41,430	1,959,457
Total revenues	6,970,209		7,756,137	5,604,429	11,909,080	26,825	32,266,680	1,198,197	680,627	41,430	34,186,934
Cost and expenses:
Costs of home sold	5,532,524		6,375,231	4,611,244	9,884,102	20,504	26,423,605	—	—	—	26,423,605
Costs of land sold	63,777		14,982	31,901	72,020	—	182,680	—	—	—	182,680
Ancillary costs and expenses	—		—	—	—	—	—	585,731	750,011	179,445	1,515,187


Selling, general and administrative	651,404		703,944	461,890	830,999	30,100	2,678,337	—	—	—	2,678,337
Corporate general and administrative (1)	—		—	—	—	—	—	—	—	—	636,718
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	82,583
Total costs and expenses	6,247,705		7,094,157	5,105,035	10,787,121	50,604	29,284,622	585,731	750,011	179,445	31,519,110
Equity in earnings (losses) from unconsolidated entities	33,974		176	(17)	2,004	47,515	83,652	—	(18,755)	13,328	78,225
Other income (expense), net and other gains (losses) (2)	(52,647)		5,899	(6,263)	(7,706)	10,259	(50,458)	—	12,684	(24,578)	(62,352)
Lennar Other gains from technology investments and other assets	—		—	—	—	—	—	—	—	130,166	130,166




Earnings (loss) before income taxes	$	703,831	668,055	493,114	1,116,257	33,995	3,015,252	612,466	(75,455)	(19,099)	2,813,863


	For the Year ended November 30, 2024
(In thousands)	East		Central	South Central	West	Other (3)	Total Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	8,199,004	7,855,610	4,763,622	12,938,103	21,810	33,778,149	—	—	—	33,778,149
Sales of land	44,334		16,110	21,148	11,792	—	93,384	—	—	—	93,384
Other revenues	11,264		3,636	2,355	5,958	11,680	34,893	1,109,263	411,537	14,226	1,569,919
Total revenues	8,254,602		7,875,356	4,787,125	12,955,853	33,490	33,906,426	1,109,263	411,537	14,226	35,441,452
Cost and expenses:
Costs of home sold	6,031,893		6,173,707	3,661,591	10,358,651	29,511	26,255,353	—	—	—	26,255,353
Costs of land sold	33,510		13,098	10,522	16,672	—	73,802	—	—	—	73,802
Ancillary costs and expenses	—		—	—	—	—	—	532,079	521,455	79,495	1,133,029


Selling, general and administrative	690,161		638,447	370,936	762,403	18,362	2,480,309	—	—	—	2,480,309
Corporate general and administrative (1)	—		—	—	—	—	—	—	—	—	648,986
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	80,210
Total costs and expenses	6,755,564		6,825,252	4,043,049	11,137,726	47,873	28,809,464	532,079	521,455	79,495	30,671,689
Equity in earnings (losses) from unconsolidated entities	31,039		1,727	(17)	5,362	28,337	66,448	—	150,753	(53,102)	164,099
Other income (expense), net and other gains (losses), net (2)	69,843		31,007	9,663	34,381	33,948	178,842	—	1,800	45,224	225,866
Lennar Other gains from technology investments	—		—	—	—	—	—	—	—	25,180	25,180




Earnings (loss) before income taxes	$	1,599,920	1,082,838	753,722	1,857,870	47,902	5,342,252	577,184	42,635	(47,967)	5,184,908


	For the Year ended November 30, 2023
(In thousands)	East		Central	South Central	West	Other (3)	Total Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	8,446,498	7,244,338	4,692,821	12,052,131	23,341	32,459,129	—	—	—	32,459,129
Sales of land	48,020		34,949	7,641	19,353	—	109,963	—	—	—	109,963
Other revenues	29,695		25,214	6,823	14,688	15,475	91,895	976,859	573,485	22,035	1,664,274
Total revenues	8,524,213		7,304,501	4,707,285	12,086,172	38,816	32,660,987	976,859	573,485	22,035	34,233,366
Cost and expenses:
Costs of home sold	5,896,145		5,651,209	3,593,675	9,722,912	36,529	24,900,470	—	—	—	24,900,470
Costs of land sold	37,249		18,084	7,167	29,642	—	92,142	—	—	—	92,142
Ancillary costs and expenses	—		—	—	—	—	—	467,398	573,658	27,681	1,068,737


Selling, general and administrative	657,220		565,831	328,330	658,265	21,387	2,231,033	—	—	—	2,231,033
Corporate general and administrative (1)	—		—	—	—	—	—	—	—	—	501,338
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	73,087
Total costs and expenses	6,590,614		6,235,124	3,929,172	10,410,819	57,916	27,223,645	467,398	573,658	27,681	28,866,807
Equity in earnings (losses) from unconsolidated entities	20,165		795	(4)	1,453	(26,295)	(3,886)	—	(52,073)	(88,651)	(144,610)
Other income (expense), net and other gains (losses), net (2)	45,383		27,561	10,518	36,160	(25,371)	94,251	—	1,595	(65,329)	30,517
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(50,162)	(50,162)




Earnings (loss) before income taxes	$	1,999,147	1,097,733	788,627	1,712,966	(70,766)	5,527,707	509,461	(50,651)	(209,788)	5,202,304

(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 foundation 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)Homebuilding other income (expense), net and other gains (losses), net included a one-time loss of $156.1 million on the Millrose Exchange Offer for the year ended November 30, 2025. Other income (expense), net and other gains (losses), net for Lennar Other included a $46.5 million one-time gain on the sale of a technology investment for the year ended November 30, 2024. Other income

(expense), net and other gains (losses), net for Lennar Other included $65.0 million write-off of one of the Company's non-public technology investments for the year ended November 30, 2023.

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

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


	For the Year Ended November 30, 2025
(In thousands)	East		Central	South Central	West	Other	Total
Interest expense	$	35,411	34,557	21,729	72,248	10,873	174,818
Depreciation and amortization	27,676		30,593	11,338	57,211	14,209	141,027
Net additions to operating properties and equipment	297		2,854	1,742	9,883	69,252	84,028

	For the Year Ended November 30, 2024
(In thousands)	East		Central	South Central	West	Other	Total
Interest expense	$	38,992	29,978	13,967	84,609	12,446	179,992
Depreciation and amortization	30,823		29,036	10,623	58,368	346	129,196
Net additions to operating properties and equipment	688		3,659	2,049	3,798	54,202	64,396

	For the Year Ended November 30, 2023
(In thousands)	East		Central	South Central	West	Other	Total
Interest expense	$	54,099	47,673	29,754	115,600	10,467	257,593
Depreciation and amortization	32,773		27,593	10,227	62,374	286	133,253
Net additions to operating properties and equipment	569		1,599	679	1,176	45,754	49,777

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. The Financial Services segment sells substantially all of the loans it originates within a short period of time in the secondary mortgage market, the majority of which are sold 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. 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 November 30, 2025, 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:
March 2026	$	250,000	250,000	500,000
May 2026	250,000		450,000	700,000
July 2026	100,000		100,000	200,000
September 2026	500,000		500,000	1,000,000
November 2026	100,000		400,000	500,000
December 2026	—		375,000	375,000
Total residential facilities	$	1,200,000	2,075,000	3,275,000
LMF commercial facilities maturing:

December 2025 (1)	200,000		—	200,000
January 2026	100,000		—	100,000
Total LMF commercial facilities	$	300,000	—	300,000
Total				$	3,575,000

(1)Subsequent to November 30, 2025, the maturity date was extended to December 2027.

The Financial Services segment uses the 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:


	At November 30,
(In thousands)	2025		2024
Borrowings under residential facilities	$	1,653,484	1,776,045
Collateral under residential facilities	1,718,338		1,837,833
Borrowings under LMF Commercial facilities	13,719		28,747

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 and seeking to have 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. 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 market and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving repurchase claims exceed the Company’s expectations, additional recourse expense may be incurred. The provision for loan losses was immaterial for both the years ended November 30, 2025 and 2024. Loan origination liabilities were $17.4 million and $16.7 million, as of November 30, 2025 and 2024, respectively, and included in Financial Services’ liabilities in the Company's consolidated balance sheets.

LMF Commercial - loans held-for-sale

LMF Commercial originated commercial loans as follows:


	For the Years Ended November 30,
(Dollars in thousands)	2025		2024
Originations (1)	$	707,262	568,520


Sold	$	730,564	522,647
Securitizations	12		13

(1)During both years ended November 30, 2025 and 2024, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.

Investments held-to-maturity

At November 30, 2025 and 2024, 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 years ended November 30, 2025 and 2024. 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:


	At November 30,
(Dollars in thousands)	2025			2024
Carrying value	$	132,868		135,646
Outstanding debt, net of debt issuance costs	$	123,106		126,164
Incurred interest rate	3.4		%	3.4	%


	At November 30, 2025
	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) 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, 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 income (expense), net and other gains (losses), net, which includes 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 several 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 which are held at fair value and the changes in fair values are recognized through earnings.

During the year ended November 30, 2025, the Company recorded mark-to-market gains of $130.2 million on its publicly traded technology companies and other assets, which were included in Lennar Other gains (losses) in the Company's consolidated statements of operations and comprehensive income (loss). During the year ended November 30, 2024, there was a $46.5 million one-time realized gain on the sale of a technology investment that was included in other income (expense), net and other gains (losses) on the Company's consolidated statements of operations and comprehensive income. During the year ended November 30, 2023, the Company wrote off $65.0 million relating to one of the Company's non-public technology cost method investments which was recorded in Other income (expense), net and other gains (losses), net in the Company’s consolidated statements of operations and comprehensive income (loss).

Historical Timeline

Fiscal Year	Filed
2025	Jan 28, 2026	Showing above
2024	Jan 23, 2025

2023	Jan 26, 2024

2022	Jan 26, 2023

2021	Jan 28, 2022

2020	Jan 22, 2021

2019	Jan 27, 2020

2018	Jan 28, 2019

2017	Jan 25, 2018

2016	Jan 20, 2017

2015	Jan 22, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

LENNAR CORP /NEW/ Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures