Lennar
33 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Suppliers
Partners and platforms
Millrose Properties, Inc.
depends on · $5.6 billion in land assetsnamed as a riskWe rely on Millrose to satisfy its performance and payment obligations under these agreements for a substantial portion of our homesite acquisition and development.Risk factors (Item 1A)
Land banks
depends on · 98% of our total homesitesnamed as a riskAt November 30, 2025, 98% of our total homesites were controlled through options with land banks, land sellers and joint ventures compared to 82% at November 30, 2024.Business (Item 1)
Secondary mortgage market
earns from · $20.0 billionnamed as a riskSubstantially all of the residential mortgage loans we originate are sold within a short period in the secondary mortgage market on a servicing-released, non-recourse basis.Risk factors (Item 1A)
Upward America Venture
earns from · $1.0 billionAs of November 30, 2025, institutional investors and Lennar had committed $1.0 billion to Upward America, part of which was used to reduce an initial commitment Lennar had made from $225 million to $78.1 million.Business (Item 1)
Fannie Mae
earns fromnamed as a riskIf Fannie Mae, Freddie Mac and Ginnie Mae were to curtail their secondary market mortgage loan purchases, it is not clear how the liquidity they provide would be replaced.Risk factors (Item 1A)
Also named by ABR, AGNC, BAC, CBRE, DX, FICO, FSUN, JLL and 7 more
Freddie Mac
earns fromnamed as a riskIf Fannie Mae, Freddie Mac and Ginnie Mae were to curtail their secondary market mortgage loan purchases, it is not clear how the liquidity they provide would be replaced.Risk factors (Item 1A)
Also named by ABR, AGNC, BAC, CBRE, DX, FICO, FSUN, NLY and 5 more
Ginnie Mae
earns fromnamed as a riskIf Fannie Mae, Freddie Mac and Ginnie Mae were to curtail their secondary market mortgage loan purchases, it is not clear how the liquidity they provide would be replaced.Risk factors (Item 1A)
Invitation Homes
depends onIn addition, Lennar engaged Invitation Homes to provide certain asset management services for the Upward America Venture.Business (Item 1)
Other companies
Revolving credit facility
depends on · $3.1 billionnamed as a riskAt November 30, 2025, we had a $3.1 billion revolving credit facility with a group of banks (the "Credit Facility"), which had an accordion feature that could increase it to $3.5 billion.Risk factors (Item 1A)
Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, HEI and 22 more
Surety bonds
depends on · $5.6 billionnamed as a riskAt November 30, 2025, we had outstanding surety bonds of $5.6 billion including performance surety bonds related to site improvements at various projects (including certain projects of our joint ventures) and financial surety bonds.Risk factors (Item 1A)
Five Point Holdings, LLC
$585.2 millionnamed as a riskAs of November 30, 2025, the carrying amount of our investment in FivePoint was $585.2 million.Business (Item 1)
Rialto Capital Management
$133.0 millionnamed as a riskWe also retained limited partner investments in several Rialto funds and investment vehicles that totaled $133.0 million as of November 30, 2025.Business (Item 1)
Warehouse facilities
depends on · $3.0 billionnamed as a riskDuring fiscal 2026, we will have to replace or renew a total of $3.0 billion of warehouse lines used by Financial Services, including LMF Commercial, as they mature.Risk factors (Item 1A)
Strategic technology investments (LENX)
$581.8 millionnamed as a riskAt November 30, 2025, the book value of our investment in strategic technology investments was $581.8 million and is included in our Lennar Other segment.Business (Item 1)
TPG Real Estate
$1.0 billion strategic commitmentIn December 2025, we sold a majority interest in Quarterra Group, Inc ("Quarterra"), a subsidiary of our Multifamily segment, to TPG Real Estate (“TPG”), thus retaining a minority interest.Business (Item 1)
Rausch Coleman Homes
In February 2025, we acquired Rausch Coleman Homes ("Rausch"), a residential homebuilder, expanding our homebuilding operations into several new markets in Arkansas (Bentonville/Fayetteville, Little Rock and Jonesboro), Oklahoma (Tulsa and Stillwater), Alabama (Birmingham and Tuscaloosa), and Kansas/Missouri (Kansas City), while adding to our existing footprint in Texas (Houston and San Antonio), Oklahoma (Oklahoma City), Alabama (Huntsville) and Florida (Gulf Coast).Business (Item 1)
Places
California
operates innamed as a riskThe housing markets in areas affected by California’s recent wildfires have been adversely affected by increased insurance costs and difficulties in obtaining homeowners’ insurance, which was exacerbated by the January 2025 wildfires in Los Angeles.Risk factors (Item 1A)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Western United States
operates innamed as a riskThis is a particular concern in the western United States, where some of the most extensive and stringent environmental laws and residential building construction standards in the country have been enacted, and where we have substantial homebuilding and multifamily operations.Risk factors (Item 1A)
Hazards
Hurricanes
operates innamed as a riskMany of our homebuilding operations are conducted in areas that are subject to natural disasters, including hurricanes, earthquakes, droughts, floods, wildfires and severe weather.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Wildfires
operates innamed as a riskFor example, the incidence of large wildfires in California has substantially increased in recent years and the risk of future wildfires is expected to increase.Risk factors (Item 1A)
Also named by AAON, AMRC, AZO, BRK/B, CCI, CDNS, CINF, CNP and 17 more
Shipping routes
depends onnamed as a riskIn addition, the closure of or limitation on the use of significant shipping routes as a result of these and related conflicts may result in interruptions to the supply of certain key raw materials that are used in products which we incorporate in the homes we build, increasing their cost.Risk factors (Item 1A)
Commodities and inputs
Lumber
exposed to its pricenamed as a riskDuring the past several years, the U.S. government has imposed new, or increased existing, tariffs on an array of imported materials and products that are used in the homes we build, including lumber, steel, aluminum, solar panels and washing machines, which increases the costs of those items.Risk factors (Item 1A)
Also named by BLDR, DHI, GHC, HD, HHH, KIM, LOW, MGRC and 11 more
Mortgage interest rates
exposed to its pricenamed as a riskHousing has been considerably impacted by the more than doubling of mortgage interest rates in 2022 and 2023, and small decreases in 2025.Risk factors (Item 1A)
Also named by PRI
Homeowners' insurance
exposed to its pricenamed as a riskAdditionally, natural disasters and severe weather conditions may increase the cost of homeowner's insurance or create difficulties in obtaining homeowners’ insurance at all, which could reduce the number of potential buyers who can afford, or are willing, to purchase homes we build in affected areas.Risk factors (Item 1A)
Construction defect liability insurance
exposed to its pricenamed as a riskAlso, the coverage offered and the availability of general liability insurance for construction defects is currently limited and policies that can be obtained often include exclusions based upon past losses those insurers suffered as a result of use of defective materials in homes we and many other homebuilders built.Risk factors (Item 1A)
Regulators
Laws and programs
FHA/VA mortgage programs
subject tonamed as a riskIn order to make it possible for some of our homebuyers to obtain FHA-insured or VA-guaranteed mortgages, we must construct the homes they buy in compliance with regulations promulgated by those agencies.Business (Item 1)
U.S. tariffs on imported building materials
exposed to its pricenamed as a riskDuring the past several years, the U.S. government has imposed new, or increased existing, tariffs on an array of imported materials and products that are used in the homes we build, including lumber, steel, aluminum, solar panels and washing machines, which increases the costs of those items.Risk factors (Item 1A)
Mortgage interest deduction
subject tonamed as a riskIf federal or state tax laws are changed to eliminate or reduce any of these income tax benefits or if personal income or property tax rates were to increase, the after-tax cost of homeownership could measurably increase and diminish consumer interest in buying a home, with a resulting adverse effect on our revenues.Risk factors (Item 1A)
Immigration enforcement
subject tonamed as a riskThe most important factors that could cause actual results to differ materially from those anticipated by our forward-looking statements include, but are not limited to: slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased or continued high interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials and labor; changes in trade policy affecting our business, including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties that may impact the cost of raw materials and other goods related to our homebuilding business; changes in U.S. and foreign governmental laws, regulations and policies, including retaliatory policies against the United States, that may impact our business and operations; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings on the willingness of the funds to invest in new projects; reductions in the market value of the Company's investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land-light strategy; problems exercising options to purchase homesites; a decline in the value of the land and home inventories we maintain and resulting possible future write downs of the carrying value of our real estate assets; the forfeiture of deposits related to land purchase options we decide not to exercise; the potential negative impact to our business of public health issues; labor shortages and/or a decrease in the number of potential homebuyers due to increased enforcement of restrictions on immigration; possible unfavorable outcomes in legal proceedings; changes in general economic and financial conditions that reduce demand for our products and services, lower our profit margins or reduce our access to credit; our inability to acquire land at anticipated prices; the possibility that we will incur nonrecurring costs that affect earnings in one or more reporting periods; the possibility that the benefit from our increasing use of technology will not justify its cost; increased competition for home sales from other sellers of new and resale homes; becoming unable to pay down debt; government actions or other factors that might force us to terminate our program of repurchasing our stock; the failure of the participants in various joint ventures to honor their commitments; difficulty obtaining land-use entitlements or construction financing; harm to our business from information technology failures and data security breaches; new laws or regulatory changes that adversely affect the profitability of our businesses (including changes in tax laws or liabilities); our inability to refinance our debt on terms that are as favorable as our current arrangements; and changes in accounting conventions that adversely affect our reported earnings.Business (Item 1)