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# Lennar Corporation (LEN) - Recent Events ## Filings that contain financial statements Lennar furnishes its quarterly earnings release as Exhibit 99.1 to a Form 8-K (Item 2.02). Each release carries condensed financial statements in thousands (summary statement of operations with segment detail, condensed consolidated balance sheet, and homebuilding debt-to-capital data), plus delivery, order and backlog tables. None of the releases includes a cash flow statement. - Form 8-K filed September 16, 2026, accession 0001628280-26-062287: third quarter ended August 31, 2026 (three and nine months), with the balance sheet at August 31, 2026 against November 30, 2025. - Form 8-K filed June 11, 2026, accession 0001628280-26-042551: second quarter ended May 31, 2026. - Form 8-K filed March 12, 2026, accession 0001628280-26-017308: first quarter ended February 28, 2026. - Form 8-K filed December 16, 2025, accession 0001628280-25-057408: fourth quarter and fiscal year ended November 30, 2025. - Form 8-K filed September 19, 2025, accession 0000920760-25-000003: third quarter ended August 31, 2025 (the prior-year comparison period). ## Earnings and guidance **September 16, 2026 - third quarter 2026 results (accession 0001628280-26-062287).** Net earnings attributable to Lennar were $284 million, or $1.19 per diluted share, against $591 million, or $2.29, a year earlier. Excluding $53 million of mark-to-market losses on technology investments and $39 million, net, of one-time items in Financial Services (mainly a litigation accrual reversal from a court judgment), earnings were $294 million, or $1.23 per share. Total revenues were $8.0 billion (prior year $8.8 billion). Deliveries fell 3% to 20,840 homes, new orders fell 9% to 20,879 homes, and backlog was 16,857 homes worth $6.3 billion. Average sales price was $372,000 (prior year $383,000), with about 12.0% in incentives. Gross margin on home sales was 15.8% (prior year 17.5%); SG&A was 9.2% of home sales revenue (prior year 8.2%). Homebuilding operating earnings were $502 million. Management said the environment "has deteriorated since our last earnings call", citing a 30-year mortgage rate of about 6.8% at quarter end. **Guidance cut.** Full-year 2026 delivery target lowered to approximately 80,000 to 81,000 homes, from 82,000 to 83,000 homes given in the prior quarter's release (the December 2025 release had indicated approximately 85,000). Fourth quarter 2026 guidance: new orders 19,500 to 20,500; deliveries 22,000 to 23,000; average sales price $370,000 to $380,000; gross margin 15.5% to 16.0%; SG&A 8.7% to 9.0% of home sales; Financial Services operating earnings $90 million to $95 million. Against the guidance given in June, third quarter deliveries landed inside the 20,500 to 21,500 range, while new orders (guided at 21,000 to 22,000), average sales price (guided at $375,000 to $380,000) and SG&A (guided at 8.8% to 9.0%) came in worse, and gross margin was just under the guided "approximately 16%". **June 11, 2026 - second quarter 2026 results (accession 0001628280-26-042551).** Net earnings were $305 million, or $1.24 per diluted share ($1.31 excluding mark-to-market losses on technology investments). Deliveries rose 2% to 20,519 homes, new orders fell 4% to 21,749, gross margin on home sales was 15.6%, and total revenues were $7.9 billion. The company lowered its full-year 2026 delivery target to approximately 82,000 to 83,000 homes and guided the third quarter to 20,500 to 21,500 deliveries at about a 16% gross margin. **March 12, 2026 - first quarter 2026 results (accession 0001628280-26-017308).** Net earnings were $229 million, or $0.93 per diluted share ($0.88 excluding mark-to-market gains on technology investments). Deliveries fell 5% to 16,863 homes, new orders rose 1% to 18,515, and gross margin on home sales was 15.2%. Second quarter guidance was 20,000 to 21,000 deliveries at a 15.5% to 16.0% gross margin. **December 16, 2025 - fourth quarter and fiscal 2025 results (accession 0001628280-25-057408).** Fourth quarter net earnings were $490 million, or $1.93 per diluted share ($2.03 excluding $123 million of mark-to-market gains and a $156 million one-time loss on the Millrose exchange offer). Fiscal 2025 net earnings were $2.1 billion, or $7.98 per diluted share, on 82,583 deliveries and $34.2 billion of revenues. Management gave limited guidance: first quarter 2026 deliveries of 17,000 to 18,000 homes and approximately 85,000 homes for the full year. ## Capital actions and financing - **Share repurchases.** The company repurchased 3 million shares for $256 million in the third quarter of 2026 (average price $85.49), 5 million shares for $447 million in the second quarter (average $89.35) and 2 million shares for $237 million in the first quarter (accessions 0001628280-26-062287, 0001628280-26-042551, 0001628280-26-017308). - **Senior notes redeemed.** Lennar redeemed all $400 million of its 5.25% senior notes due June 2026. The June 11, 2026 release reported the redemption as having occurred after May 31, 2026; the September 16, 2026 release lists it among third quarter highlights (accessions 0001628280-26-042551, 0001628280-26-062287). - **Revolver and leverage.** At August 31, 2026, $650 million was outstanding under the $3.1 billion revolving credit facility (none at May 31, 2026 or February 28, 2026). Homebuilding cash was $1.2 billion and homebuilding debt to total capital was 16.6%, against 15.8% at May 31, 2026 (accession 0001628280-26-062287). The release also shows homebuilding cash of $1,150 million against $3,441 million at November 30, 2025. - **Dividend.** The quarterly Form 10-Q for the period ended August 31, 2026 (accession 0001628280-26-064557) states that on September 23, 2026 the board declared a quarterly cash dividend of $0.50 per share on Class A and Class B common stock, payable October 22, 2026 to holders of record on October 7, 2026. This declaration is reported in that 10-Q, not in a separate Form 8-K. - **Delayed draw term loan and notes (earlier).** On May 14, 2025 Lennar entered into a delayed draw term loan credit agreement with maximum principal of $1.61 billion (accordion of up to an additional $500 million), and on May 19, 2025 settled a $700 million offering of 5.200% senior notes due 2030 (accession 0001628280-25-026533). The December 2025 release reports $1.7 billion outstanding under the term loan facility. ## M&A and portfolio actions (all completed) - **Millrose Properties spin-off - closed.** On February 7, 2025 Lennar completed the spin-off of Millrose Properties, Inc. (NYSE: MRP), distributing approximately 80% of its shares to Lennar stockholders (one Millrose share for every two Lennar shares) and retaining approximately 20% (accession 0001193125-25-022309). - **Millrose exchange offer - closed.** In November 2025 Lennar completed an exchange offer in which it accepted 8,049,594 shares of its Class A common stock in exchange for 33,298,754 Millrose Class A shares (the retained 20%). The non-cash exchange cut investments in unconsolidated entities and stockholders' equity by $1.1 billion and produced a one-time loss of $156 million (accession 0001628280-25-057408). - **Rausch Coleman Homes - closed.** The December 2025 release states Lennar completed its acquisition of Rausch Coleman Homes' homebuilding operations on February 10, 2025 (accession 0001628280-25-057408). - **Quarterra Group sale - closed.** In December 2025 Lennar sold a majority interest in Quarterra Group, Inc., a subsidiary of its Multifamily segment, to TPG Real Estate and retained a minority (noncontrolling) interest. TPG made a $1.0 billion strategic commitment to the platform. No price is disclosed, and the company states the sale did not have a material impact on its consolidated financial statements. No 8-K covers it; it is reported in the 10-K (accession 0001628280-26-003870, Item 1, Multifamily Operations) and the 10-Q (accession 0001628280-26-064557, MD&A, Multifamily). - No acquisition, and no pending (signed but not closed) deal, is disclosed for fiscal 2026 beyond the Quarterra sale. ## Management and governance - **June 5, 2026 (Form 8-K filed June 8, 2026, accession 0001628280-26-041334).** Jim Parker, formerly Area President of the East region, was appointed Chief Operating Officer, with his annual cash incentive target set at $5,750,000. David Grove, formerly Area President of the West region, was named Executive Vice President, Homebuilding. Both report to Stuart Miller. - **November 12, 2025 (Form 8-K filed November 14, 2025, accession 0001628280-25-052423).** Co-Chief Executive Officer and President Jonathan Jaffe notified the board of his retirement and resignation as a director, effective December 31, 2025. Stuart Miller continues as Executive Chairman and Chief Executive Officer, and the company does not intend to replace Mr. Jaffe's position. - **August 4, 2025 (accession 0001628280-25-037455).** Chief Operating Officer Fred Rothman and General Counsel Mark Sustana announced their retirements effective September 2, 2025. Katherine Lee Martin, previously General Counsel of Hertz, became Chief Legal Officer and Corporate Secretary. Mr. Sustana entered a two-year consulting agreement. - **Annual meeting (accession 0001628280-26-024894).** The 2026 annual meeting of stockholders was held on April 8, 2026; the filing reports the vote results. ## Other filings - **June 12, 2026 (accession 0001193125-26-268580).** Lennar furnished its June 2026 investor presentation, which presents the company as a completed "asset-light" transformation with about 98% of homesites controlled rather than owned. It contains no new financial results. ## Not reflected in SEC filings reviewed No pending (signed but not closed) acquisition or merger agreement, impairment announcement or change to the dividend rate appears in the 8-Ks reviewed for the period.