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Lennar LEN Homebuilding — Investments in Unconsolidated VIEs

Other segment segments

Lennar Financial Services
$130M—
Lennar Other
$103.23M—

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GRBKConsolidated inventory related to VIE
$157.62M-8.3%
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TNLNon-recourse vacation ownership debt (VIE)
$2.12B0.0%
Starwood Property Trust logo
STWDInvesting and Servicing Segment — VIE assets
$3B—
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HCIConsolidated Variable Interest Entities — Liabilities
$106.45M+61.2%
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STWDInvesting and Servicing Segment — VIE liabilities
$635.93M—
Starwood Property Trust logo
STWDCommercial and Residential Lending Segment — VIE liabilities
$11.99B+6.8%

Other financials

Income statement

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Revenue$7.9B-5.2%
Net income$304.8M-36.2%
EPS (diluted)$2.57+24.8%

Balance sheet

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Cash & equivalents$2.2B+47.0%
Total debt$233.8M-12.2%
Total equity$21.6B-4.2%
Total assets$33.7B-2.0%

Cash flow

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Operating cash flow-$284.4M+74.0%
CapEx$18.9M+23.9%
Free cash flow-$303.2M+72.7%

Valuation

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Market cap$21.8B-26.6%
Enterprise value$19.86B-31.2%
P/E13.5×+3.4×
P/S0.7×-0.2×

Profitability

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Net margin5.4%-5.0pp
FCF margin-0.3%-4.7pp

Returns & leverage

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Return on equity8%-7.1pp
Debt / equity0×0.0×

Where this comes from

Reported directly by Lennar in its filing.

Tagged under the XBRL concept us-gaap:AssetsNet.

The official record: Lennar’s 10-Q, filed June 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Lennar's homebuilding — investments in unconsolidated vies?
Lennar (LEN) reported homebuilding — investments in unconsolidated vies of $689.54M in Q1 2026.
How has Lennar's homebuilding — investments in unconsolidated vies changed year-over-year?
Lennar's homebuilding — investments in unconsolidated vies decreased by 66.5% year-over-year, from $2.06B to $689.54M.
What is the long-term trend for Lennar's homebuilding — investments in unconsolidated vies?
Over 3 years (2022 to 2025), Lennar's homebuilding — investments in unconsolidated vies has grown at a 64.7% compound annual growth rate (CAGR), from $1.54B to $6.9B.
What does homebuilding — investments in unconsolidated vies mean?
This metric tracks the company's financial interest in Variable Interest Entities (VIEs) that are not consolidated into the main financial statements. These entities are often used for joint ventures or specific land development projects to share risk. It highlights the company's use of off-balance-sheet structures to manage capital and risk.