LENNAR CORP /NEW/ (LEN)

Lennar Corporation is the second-largest U.S. homebuilder by deliveries, revenues and net earnings, founded in Miami in 1954 and publicly traded since 1971. Its core Homebuilding segment—organized into East, Central, West and Other regions—generated approximately $32 billion, or 95% of consolidated revenue, in fiscal 2022, delivering 66,399 new homes at an average sales price of $480,000 across first-time, move-up, active adult and luxury buyer segments under the Lennar brand. The company has grown through acquisitions including U.S. Home Corporation (2000), WCI Communities (2017) and CalAtlantic Group (2018), and pursues a "land light" strategy, controlling 63% of homesites through options and joint ventures rather than direct ownership, while emphasizing cost-efficient, even-flow construction and its Everything's Included® marketing approach that bundles premium features as standard.

Beyond homebuilding, Lennar's Financial Services segment originates residential mortgages (primarily for its own homebuyers through Lennar Mortgage), provides title insurance and closing services in 40 states, and originates commercial mortgage loans through LMF Commercial. The Multifamily segment develops and manages rental apartment communities through funds and joint ventures, having built 116 communities with about 34,900 units since 2011, and is slated for spin-off, along with the company's single-family rental business (Upward America Venture), into a new subsidiary, Quarterra Group, pending market conditions. Lennar also holds a roughly 40% stake in publicly traded FivePoint Holdings, retained limited partner and carried interests from its divested Rialto asset management business, and maintains strategic technology investments—including stakes in Blend, Doma, Hippo, Opendoor, Sonder, SmartRent and Sunnova—aimed at improving homebuilding and financial services efficiency.

The company operates in a highly competitive industry, competing on price, location, product innovation, financing access, and operational scale against national, regional and local builders, mortgage lenders, and title service providers.