Lennar Corp /New/ (NYSE: LEN-B)

Lennar Corporation is one of the largest homebuilders in the United States by deliveries, revenues and net earnings, and also operates as an originator of residential and commercial mortgage loans, a provider of title insurance and closing services, a developer of multifamily rental properties, and a sponsor and manager of funds and joint ventures focused on multifamily and single family rental assets, while holding strategic investments in technology companies that serve the homebuilding and financial services sectors. The company traces its origins to a Miami based homebuilding operation started in 1954 and has grown through organic expansion and acquisitions such as Pacific Greystone Corporation, U. S. Home Corporation, WCI Communities, Inc. and CalAtlantic Group, Inc., which broadened its geographic footprint and product offerings.

Lennar Corporation generates the majority of its revenue from homebuilding, which delivered approximately $32 billion in sales in fiscal 2025, representing about 94% of consolidated revenues, and from the sale of 82,583 new homes at an average price of $391,000 excluding unconsolidated entities. The Financial Services segment earns fees from originating roughly 55,900 residential mortgage loans totaling $20.0 billion, providing title and closing services for about 86,300 real estate transactions, and originating commercial mortgage loans through LMF Commercial; most residential loans are sold in the secondary market on a servicing released, non recourse basis. The Multifamily segment produces revenue from rental income, property management fees and promoted interests in its funds and joint ventures that own 128 multifamily communities with roughly 39,300 rental units across 20 states. Lennar Other contributes income from gains, dividends and carried interest distributions on its strategic technology investments valued at $581.8 million, its approximate 40% indirect interest in FivePoint Holdings, LLC, retained limited partner interests in Rialto funds totaling $133.0 million, and the Upward America single family rental venture which held 4,697 homes for a total purchase price of $1.2 billion as of November 30 2025.

The company operates through the following segments: Homebuilding, Financial Services, Multifamily and Lennar Other.

• Homebuilding: This segment encompasses the construction and sale of single family attached and detached homes, the acquisition and development of residential land, and related homebuilding investments such as interests in FivePoint Holdings, LLC; it is organized into geographic divisions covering the East (Florida, New Jersey, and Pennsylvania), Central (Alabama, Georgia, Illinois, 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), and Other (primarily California urban divisions and homebuilding related investments).

• Financial Services: This segment originates conforming, FHA insured and VA guaranteed residential mortgage loans through Lennar Mortgage, LLC, provides title insurance and closing services in 37 states, and originates commercial real estate loans secured by income producing properties via its LMF Commercial subsidiary; in fiscal 2025 it originated approximately 55,900 residential mortgage loans totaling $20.0 billion, handled about 86,300 title and closing transactions, and maintained warehouse facilities with a maximum borrowing capacity of $3.3 billion to fund its mortgage activities.

• Multifamily: This segment develops multifamily communities, manages and owns interests in long duration funds and joint ventures that retain properties as rental income generating assets, and as of November 30 2025 had interests in 21 active joint ventures and four funds that together have developed 128 multifamily communities with approximately 39,300 rental units across 20 states, offering a mix of studio, one, two, and three bedroom units near major employment centers.

• Lennar Other: This segment holds strategic technology investments with a book value of $581.8 million, maintains an approximate 40% indirect interest in FivePoint Holdings, LLC, retains limited partner interests in Rialto funds totaling $133.0 million, and includes the Upward America single family rental venture which had purchased 4,697 homes for $1.2 billion and disposed of 275 homes for $82.0 million as of November 30 2025.

Lennar Corporation holds a leading position in the U. S. residential homebuilding industry, ranking among the top three builders by volume and revenue alongside D. R. Horton, PulteGroup and NVR, and competes with numerous national, regional and local homebuilders as well as the resale and rental housing markets; its competitive advantages derive from the Everything’s Included® program that bundles premium features as standard, the Next Gen® and Core Plan product lines that provide flexible, value engineered designs, digital marketing and dynamic pricing tools that improve conversion rates, a land light strategy that controls about 98% of homesites through options or joint ventures reducing capital intensity, strong financial flexibility enabling operating revenues and unsecured borrowing to finance land purchases, and technology focused initiatives that enhance efficiency, reduce customer acquisition costs and support innovation in homebuilding and financial services.

The company serves a diverse customer base that includes first time, move up, active adult and luxury homebuyers purchasing single family homes, multifamily renters occupying its developed apartment communities, residential mortgage borrowers obtaining financing through Lennar Mortgage, title and closing services clients in 37 states, commercial mortgage borrowers served by LMF Commercial, and institutional investors who partner in its multifamily funds, joint ventures and the Upward America single family rental platform.