LENNAR CORP

Lennar Corporation (NYSE: LEN) is one of the largest homebuilders in the United States, operating through multiple business segments that generate approximately $32 billion in annual revenues. The company's website is www.lennar.com. Founded as a local Miami homebuilder in 1954 and taken public in 1971, Lennar has grown into a diversified real estate and financial services enterprise through organic expansion and strategic acquisitions, including the transformative 2018 acquisition of CalAtlantic Group.

The homebuilding segment represents approximately 94% of consolidated revenues and operates across four geographic regions: East, Central, South Central, and West, with additional operations through urban divisions and investments including a significant stake in FivePoint Holdings. As of November 2025, Lennar actively built and marketed homes in 1,708 communities and delivered 82,583 homes during fiscal 2025, with an average sales price of $391,000. The company employs approximately 12,532 individuals, with 10,182 involved in homebuilding operations.

Lennar's competitive positioning rests on several durable advantages including its Everything's Included marketing program that standardizes luxury features across homes, innovative product lines such as Next Gen homes designed for multigenerational living, national purchasing leverage that reduces construction costs, and a transition to a land-light operating model. In February 2025, the company spun off Millrose Properties to accelerate its shift toward becoming an asset-light, new home manufacturing company, with 98% of homesites controlled through options rather than ownership as of November 2025.

Beyond homebuilding, Lennar operates Financial Services, which originated approximately 55,900 residential mortgage loans totaling $20 billion in fiscal 2025 and provides title insurance and closing services across 37 states. The Multifamily segment develops and manages rental communities, having capitalized 128 properties with approximately 39,300 units across 20 states. The company also manages Upward America, a single-family rental fund with 4,697 homes across 19 metropolitan areas, and maintains strategic technology investments valued at $581.8 million designed to enhance homebuilding operations and customer experience.