10-Q 1 len-20240531.htm 10-Q len-20240531
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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 May 31, 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 May 31, 2024:
Class A 241,703,433
Class B 32,900,618



LENNAR CORPORATION
FORM 10-Q
For the period ended May 31, 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)
May 31,November 30,
2024 (1)2023 (1)
ASSETS
Homebuilding:
Cash and cash equivalents$3,597,493 6,273,724 
Restricted cash11,572 13,481 
Receivables, net898,301 887,992 
Inventories:
Finished homes and construction in progress11,729,673 10,455,666 
Land and land under development4,418,285 4,904,541 
Inventory owned16,147,958 15,360,207 
Consolidated inventory not owned3,753,542 2,992,528 
Inventory owned and consolidated inventory not owned19,901,500 18,352,735 
Deposits and pre-acquisition costs on real estate2,754,819 2,002,154 
Investments in unconsolidated entities1,263,905 1,143,909 
Goodwill3,442,359 3,442,359 
Other assets1,540,507 1,512,038 
33,410,456 33,628,392 
Financial Services3,043,941 3,566,546 
Multifamily1,377,243 1,381,513 
Lennar Other836,030 657,852 
Total assets38,667,670 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 May 31, 2024, total assets include $3.0 billion related to consolidated VIEs of which $73.0 million is included in Homebuilding cash and cash equivalents, $5.9 million in Homebuilding receivables, net, $6.2 million in Homebuilding finished homes and construction in progress, $601.1 million in Homebuilding land and land under development, $75.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $2.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $22.5 million in Homebuilding other assets and $33.6 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)
May 31,November 30,
2024 (2)2023 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable$1,727,358 1,631,401 
Liabilities related to consolidated inventory not owned3,227,478 2,540,894 
Senior notes and other debt payable, net2,241,507 2,816,482 
Other liabilities2,513,173 2,739,217 
9,709,516 9,727,994 
Financial Services1,583,363 2,447,039 
Multifamily246,776 278,177 
Lennar Other112,262 79,127 
Total liabilities11,651,917 12,532,337 
Commitments and contingent liabilities (See Note 10)
Stockholders’ equity:
Preferred stock  
Class A common stock of $0.10 par value; Authorized: May 31, 2024 and November 30, 2023 - 400,000,000 shares; Issued: May 31, 2024 - 259,957,819 shares and November 30, 2023 - 258,475,012 shares
25,996 25,848 
Class B common stock of $0.10 par value; Authorized: May 31, 2024 and November 30, 2023 - 90,000,000 shares; Issued: May 31, 2024 - 36,601,215 shares and November 30, 2023 - 36,601,215 shares
3,660 3,660 
Additional paid-in capital5,674,733 5,570,009 
Retained earnings23,764,695 22,369,368 
Treasury stock, at cost; May 31, 2024 - 18,254,386 shares of Class A common stock and 3,700,597 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
(2,597,806)(1,393,100)
Accumulated other comprehensive income6,596 4,879 
Total stockholders’ equity26,877,874 26,580,664 
Noncontrolling interests137,879 121,302 
Total equity27,015,753 26,701,966 
Total liabilities and equity$38,667,670 39,234,303 
(2)As of May 31, 2024, total liabilities include $2.1 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $56.1 million is included in Homebuilding accounts payable, $2.0 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $46.7 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 EndedSix Months Ended
May 31,May 31,
2024202320242023
Revenues:
Homebuilding$8,381,059 7,670,017 15,312,050 13,826,322 
Financial Services281,723 222,979 531,443 405,960 
Multifamily99,500 151,744 229,177 295,267 
Lennar Other3,310 411 5,852 8,031 
Total revenues8,765,592 8,045,151 16,078,522 14,535,580 
Costs and expenses:
Homebuilding7,106,455 6,438,957 13,083,991 11,713,671 
Financial Services134,711 110,380 253,135 214,624 
Multifamily102,205 154,354 234,872 303,310 
Lennar Other26,841 6,795 35,929 13,271 
Corporate general and administrative156,982 124,752 314,303 250,858 
Charitable foundation contribution19,690 17,074 36,488 30,733 
Total costs and expenses7,546,884 6,852,312 13,958,718 12,526,467 
Equity in losses from unconsolidated entities(4,309)(49,755)(34,854)(80,942)
Other income (expense), net and other gains (losses)68,172 (9,960)133,544 13,360 
Lennar Other unrealized gains (losses) from technology investments(21,514)25,497 (26,651)1,543 
Earnings before income taxes1,261,057 1,158,621 2,191,843 1,943,074 
Provision for income taxes(300,471)(280,879)(511,336)(466,024)
Net earnings (including net earnings attributable to noncontrolling interests)960,586 877,742 1,680,507 1,477,050 
Less: Net earnings attributable to noncontrolling interests6,275 6,048 6,862 8,822 
Net earnings attributable to Lennar$954,311 871,694 1,673,645 1,468,228 
Other comprehensive income, net of tax:
Net unrealized gains on securities available-for-sale$1,355 573 1,717 1,424 
Total other comprehensive income, net of tax$1,355 573 1,717 1,424 
Total comprehensive income attributable to Lennar$955,666 872,267 1,675,362 1,469,652 
Total comprehensive income attributable to noncontrolling interests$6,275 6,048 6,862 8,822 
Basic and diluted earnings per share$3.45 3.01 6.01 5.07 
    




See accompanying notes to condensed consolidated financial statements.
5

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
May 31,
20242023
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)$1,680,507 1,477,050 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization55,746 44,039 
Amortization of discount/premium and accretion on debt, net336 (1,691)
Equity in loss from unconsolidated entities34,854 80,942 
Distributions of earnings from unconsolidated entities20,894 16,657 
Share-based compensation expense122,186 126,731 
Deferred income tax expense (benefit)36,848 (131,520)
Gains on redemption/repurchases of senior notes(825)(724)
Loans held-for-sale unrealized losses28,865 23,563 
Lennar Other unrealized (gains) losses from technology investments and other (gains) losses6,515 1,000 
Gains on sale of other assets(13,585)(3,726)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets26,526 85,117 
Changes in assets and liabilities:
Decrease in receivables30,956 435,880 
(Increase) decrease in inventories, excluding valuation adjustments(631,180)89,098 
Increase in deposits and pre-acquisition costs on real estate(755,232)(78,357)
Decrease (increase) in other assets11,393 (111,955)
Decrease in loans held-for-sale335,788 577,891 
Decrease in accounts payable and other liabilities(380,966)(991,319)
Net cash provided by operating activities609,626 1,638,676 
Cash flows from investing activities:
Net additions of operating properties and equipment(111,733)(31,268)
Proceeds from the sale of other assets18,709 7,762 
Investments in and contributions to unconsolidated entities(247,785)(108,306)
Distributions of capital from unconsolidated entities61,807 46,499 
Decrease in Financial Services loans held-for-investment2,960 8,882 
Purchases of investment securities(2,063)(7,000)
Proceeds from maturities/sales of investment securities3,321 2,859 
Net cash used in investing activities$(274,784)(80,572)





See accompanying notes to condensed consolidated financial statements.
6

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

Six Months Ended
May 31,
20242023
Cash flows from financing activities:
Net repayments under warehouse facilities$(753,703)(978,053)
Redemption/repurchases of senior notes(553,865)(157,764)
Principal payments on notes payable and other borrowings(40,672)(34,515)
Proceeds from liabilities related to consolidated inventory not owned105,635 186,889 
Proceeds from other borrowings6,231  
Payments related to liabilities related to consolidated inventory not owned(250,232)(372,687)
Payments related to other liabilities, net(2,842)(2,621)
Receipts related to noncontrolling interests14,722 4,918 
Payments related to noncontrolling interests(26,646)(20,623)
Common stock:
Repurchases(1,204,706)(465,297)
Dividends(278,318)(218,277)
Net cash used in financing activities(2,984,396)(2,058,030)
Net decrease in cash and cash equivalents and restricted cash(2,649,554)(499,926)
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$3,921,384 4,315,844 
Summary of cash and cash equivalents and restricted cash:
Homebuilding$3,597,493 4,004,679 
Financial Services245,784 259,738 
Multifamily11,555 18,539 
Lennar Other17,184 4,775 
Homebuilding restricted cash11,572 19,000 
Financial Services restricted cash37,796 9,113 
$3,921,384 4,315,844 
Supplemental disclosures of non-cash investing and financing activities:
Homebuilding:
Purchases of inventories and other assets financed by sellers$9,245  

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, as amended ("Form 10-K"). 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 and six months ended May 31, 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 May 31, 2024 and November 30, 2023 included $482.0 million and $594.8 million, respectively, of cash held in escrow for approximately two days.
Share-based Payments
During both the three months ended May 31, 2024 and 2023, the Company granted employees an immaterial number of nonvested shares. During the six months ended May 31, 2024 and 2023, the Company granted employees 1.3 million and 2.0 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 its 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 prior year segment information in the condensed consolidated financial statements have been reclassified to conform with the 2024 presentation. This reclassification was for operational purposes and between segments and had no impact on the Company's total assets, total equity, revenue or net income in the 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)May 31, 2024
Assets:HomebuildingFinancial
Services
MultifamilyLennar
Other
Total
Cash and cash equivalents$3,597,493 245,784 11,555 17,184 3,872,016 
Restricted cash11,572 37,796   49,368 
Receivables, net (1)898,301 567,748 86,293  1,552,342 
Inventory owned and consolidated inventory not owned19,901,500  608,214  20,509,714 
Deposits and pre-acquisition costs on real estate2,754,819  29,802  2,784,621 
Investments in unconsolidated entities1,263,905  561,892 350,574 2,176,371 
Loans held-for-sale (2) 1,721,911   1,721,911 
Investments in equity securities (3)   297,948 297,948 
Investments available-for-sale (4)   39,669 39,669 
Loans held-for-investment, net 54,355   54,355 
Investments held-to-maturity 138,425   138,425 
Goodwill3,442,359 189,699   3,632,058 
Other assets1,540,507 88,223 79,487 130,655 1,838,872 
Total assets$33,410,456 3,043,941 1,377,243 836,030 38,667,670 
Liabilities:
Notes and other debt payable, net$2,241,507 1,410,102   3,651,609 
Accounts payable, liabilities related to consolidated inventory not owned and other liabilities7,468,009 173,261 246,776 112,262 8,000,308 
Total liabilities$9,709,516 1,583,363 246,776 112,262 11,651,917 
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 
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 
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 
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 debt 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 May 31, 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 $145.0 million and $121.0 million without readily available fair values as of May 31, 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 EndedSix Months Ended
May 31,May 31,
(In thousands)2024202320242023
Revenues:
Homebuilding$8,381,059 7,670,017 15,312,050 13,826,322 
Financial Services 281,723 222,979 531,443 405,960 
Multifamily99,500 151,744 229,177 295,267 
Lennar Other3,310 411 5,852 8,031 
$8,765,592 8,045,151 16,078,522 14,535,580 
Earnings (loss) before income taxes:
Homebuilding$1,340,155 1,214,409 2,368,951 2,121,248 
Financial Services147,012 112,599 278,308 191,336 
Multifamily(20,474)(8,162)(36,113)(29,763)
Lennar Other(28,964)(18,399)(68,512)(58,156)
Corporate and Unallocated (1)(176,672)(141,826)(350,791)(281,591)
$1,261,057 1,158,621 2,191,843 1,943,074 
(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:
May 31,November 30,
20242023
(In thousands)
East$6,934,559 6,563,568 
Central5,205,747 4,511,496 
Texas3,842,898 3,337,280 
West 11,970,399 11,298,812 
Other1,543,449 1,511,541 
Corporate and Unallocated 3,913,404 6,405,695 
Total Homebuilding$33,410,456 33,628,392 
Financial information relating to the Company’s homebuilding segments was as follows:
Three Months EndedSix Months Ended
May 31,May 31,
(In thousands)2024202320242023
Revenues
East$2,202,245 2,119,297 4,125,041 3,817,140 
Central1,707,444 1,616,392 3,103,899 2,842,533 
Texas1,196,425 1,141,612 2,268,211 2,163,664 
West 3,265,467 2,781,097 5,795,529 4,986,158 
Other9,478 11,619 19,370 16,827 
$8,381,059 7,670,017 15,312,050 13,826,322 
Operating earnings (loss)
East$425,650 473,467 802,531 871,899 
Central237,870 247,550 399,486 403,836 
Texas184,644 183,061 353,157 308,380 
West478,937 355,472 787,724 585,972 
Other13,054 (45,141)26,053 (48,839)
$1,340,155 1,214,409 2,368,951 2,121,248 
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 May 31, 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:
June 2024 (1)$500,000  500,000 
June 2024 (2)100,000 100,000 200,000 
July 2024505,000 — 505,000 
September 2024100,000 100,000 200,000 
April 2025250,000 250,000 500,000 
Total residential facilities$1,455,000 450,000 1,905,000 
LMF commercial facilities maturing:
December 2024200,000 — 200,000 
January 2025100,000 — 100,000 
Total LMF commercial facilities$300,000 — 300,000 
Total$2,205,000 
(1)Subsequent to May 31, 2024, the maturity date was extended to July 2024.
(2)Subsequent to May 31, 2024, the maximum aggregate committed and uncommitted commitment was reduced to $75 million each until maturity in August 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)May 31, 2024November 30, 2023
Borrowings under the residential facilities$1,233,015 2,020,187 
Collateral under the residential facilities
1,280,929 2,097,020 
Borrowings under the LMF Commercial facilities
48,057 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
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Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
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 and six months ended May 31, 2024 and 2023. Loan origination liabilities were $18.3 million and $17.6 million as of May 31, 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 EndedSix Months Ended
May 31,May 31,
(Dollars in thousands)2024202320242023
Originations (1)$71,510 84,590 212,335 164,070 
Sold129,335 88,102 156,285 165,302 
Securitizations325 3 
(1)During both the three and six months ended May 31, 2024 and 2023, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Investments held-to-maturity
At May 31, 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 or six months ended May 31, 2024 and 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)May 31, 2024November 30, 2023
Carrying value$138,425 140,676 
Outstanding debt, net of debt issuance costs129,029 131,093 
Incurred interest rate3.4%3.4%
May 31, 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 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 other gains (which includes sales of buildings and investments).
13

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
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.
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 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. The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on the Company's technology investments:
Three Months EndedSix Months Ended
May 31,May 31,
(In thousands)2024202320242023
Blend Labs (BLND)$715 (1,332)3,651 (746)
Hippo (HIPO)10,737 (4,399)27,186 2,233 
Opendoor (OPEN)(16,907)22,512 (15,592)14,821 
SmartRent (SMRT)(4,609)8,621 (6,572)9,926 
Sonder (SOND)(40)(138)11 (458)
Sunnova (NOVA)(11,410)233 (35,335)(24,233)
Lennar Other unrealized gains (losses) from technology investments$(21,514)25,497 (26,651)1,543 
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 May 31, 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)May 31, 2024November 30, 2023
Investments in unconsolidated entities (1) (2)$1,263,905 1,143,909 
Underlying equity in unconsolidated entities' net assets (1)1,573,738 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 May 31, 2024 and November 30, 2023, the carrying amount of the Company's investment was $448.1 million and $422.2 million, respectively.
As of May 31, 2024 and November 30, 2023, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $279.3 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 May 31, 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 May 31, 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
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Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
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 is expected to raise equity commitments totaling $1.0 billion. The commitments are primarily from institutional investors, including $78 million committed by Lennar. As of May 31, 2024 and November 30, 2023, the carrying amount of the Company's investment in Upward America was $16.4 million and $14.8 million, respectively.
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 the 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 May 31, 2024 and November 30, 2023, the fair value of the completion guarantees was immaterial. As of May 31, 2024 and November 30, 2023, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $834.2 million 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 EndedSix Months Ended
(In thousands)May 31, 2024May 31, 2023May 31, 2024May 31, 2023
General contractor services, net of deferrals$84,434 128,371 186,070 253,773 
General contractor costs79,995 122,064 175,684 242,797 
Management fee income, net of deferrals13,669 17,494 29,710 35,615 
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 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 May 31, 2024, the Company had a $24.6 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 six months ended May 31, 2024 are included below:
May 31, 2024
(In thousands)LMV ILMV II
Lennar's carrying value of investments$162,904 255,908 
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 six months ended May 31, 20247,245 208 
(1)While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls.
Currently, the LMV I partners have decided to liquidate and sell substantially all of the individual project rental operations of LMV I in the second half of fiscal 2024. Some of those assets were sold in June 2024. As of May 31, 2024, the Company's net investment in LMV I was $162.9 million.
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
15

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Company's investment in the Rialto funds totaled $146.9 million and $148.7 million as of May 31, 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 $203.7 million and $127.5 million, as of May 31, 2024 and November 30, 2023, respectively. In addition, during both the three and six months ended May 31, 2024, there was a $46.5 million one-time realized gain in Lennar Other on the sale of a technology investment that was included in other income (expense), net and other gains (losses) on the Company’s condensed consolidated statements of operations and comprehensive income .
(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 and six months ended May 31, 2024 and 2023:
Three Months Ended May 31, 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 February 29, 2024$26,777,930 25,983 3,660 5,651,836 (1,988,200)5,241 22,949,315 130,095 
Net earnings (including net earnings attributable to noncontrolling interests)960,586 — — — — — 954,311 6,275 
Employee stock and directors plans
(1,046)13 — 1,277 (2,336)— — — 
Purchases of treasury stock(607,270)— — — (607,270)— — — 
Amortization of restricted stock
34,506 — — 34,506 — — — — 
Cash dividends(138,931)— — — — — (138,931)— 
Receipts related to noncontrolling interests
8,926 — — — — — — 8,926 
Payments related to noncontrolling interests
(24,667)— — — — — — (24,667)
Non-cash purchase or activity of noncontrolling interests, net4,364 — — (12,886)— — — 17,250 
Total other comprehensive income, net of tax1,355 — — — — 1,355 — — 
Balance at May 31, 2024$27,015,753 25,996 3,660 5,674,733 (2,597,806)6,596 23,764,695 137,879 
Three Months Ended May 31, 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 February 28, 2023$24,555,287 25,834 3,660 5,503,789 (468,347)3,259 19,350,060 137,032 
Net earnings (including net earnings attributable to noncontrolling interests)877,742 — — — — — 871,694 6,048 
Employee stock and directors plans
4,229 9 — 1,631 2,589 — — — 
Purchases of treasury stock(209,928)— — — (209,928)— — — 
Amortization of restricted stock
40,173 — — 40,173 — — — — 
Cash dividends(110,386)— — — — — (110,386)— 
Receipts related to noncontrolling interests
2,421 — — — — — — 2,421 
Non-cash purchase or activity of noncontrolling interests, net1,008 — — 535 — — — 473 
Total other comprehensive income, net of tax573 — — — — 573 — — 
Balance at May 31, 2023$25,161,119 25,843 3,660 5,546,128 (675,686)3,832 20,111,368 145,974 

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Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Six Months Ended May 31, 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