Lennar increases revolving credit line to $3.8B

Class A revolving commitments now run to November 2031, while Lennar's term-loan accordion has $360 million available.

Rhea-AI Filing Summary

Lennar Corporation amended its unsecured revolving credit facility, increasing lenders’ aggregate commitments to $3.795 billion. Class A commitments of $3.545 billion now mature in November 2031, versus November 2029 previously. Including a $750 million accordion feature subject to additional commitments, aggregate potential borrowing capacity increased from $3.500 billion to $4.545 billion. The facility also includes $225 million of Class B commitments maturing in May 2027 and $25 million of new Class C commitments maturing in November 2029.

Lennar amended its delayed draw term loan facility, adding $40 million and increasing aggregate outstanding delayed draw term loans from $1.71 billion to $1.75 billion, while reducing available accordion capacity from $400 million to $360 million. The loans mature in May 2028, with a one-time company option to extend to May 2029 subject to conditions. Both agreements removed the 0.10% SOFR credit spread adjustment. Wholly owned subsidiaries guarantee obligations under both facilities; proceeds may be used for working capital and general corporate purposes, including acquisitions.

Filing Explained

If Lennar meets the rating conditions, SOFR-based revolver loans can receive a 0.10% margin reduction and a 0.025% fee reduction; term-loan margins can fall 0.10%.

The filing also specifies that revolving amounts may be borrowed, repaid and redrawn, while term-loan amounts cannot be redrawn once borrowed, even if repaid.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Aggregate revolving credit commitments: $3.795 billion Class A lender commitments: $3.545 billion Aggregate potential revolving borrowing capacity: $4.545 billion +5 more

8 metrics

Aggregate revolving credit commitments $3.795 billion Under the amended revolving credit facility

Class A lender commitments $3.545 billion Maturity extended to November 2031

Aggregate potential revolving borrowing capacity $4.545 billion After the amendment

Class B commitments $225 million Maturing in May 2027

Class C commitments $25 million New commitment maturing in November 2029

Additional delayed draw term loan $40 million Added through the term-loan amendment

Aggregate outstanding delayed draw term loans $1.75 billion After increasing from $1.71 billion

Available term-loan accordion capacity $360 million After decreasing from $400 million

Key Terms

accordion feature, delayed draw term loan, credit spread adjustment, applicable margin, +1 more

5 terms

accordion feature financial

"a $750 million accordion feature"

An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.

delayed draw term loan financial

"delayed draw term loan facility"

A delayed draw term loan is a financing agreement that lets a borrower take one or more lump-sum loans from a lender at agreed future dates within a set time window instead of receiving all funds up front. It matters to investors because it changes when and how much debt a company will carry, affecting cash flexibility, interest costs and risk exposure—think of it like an approved credit line you only tap when you need cash for a project.

credit spread adjustment financial

"the 0.10% SOFR credit spread adjustment"

A credit spread adjustment is a change made to the expected return or price of a debt instrument to reflect the market’s view of the borrower’s risk of default. Think of it as adding or subtracting a safety margin to the interest rate you demand for lending to someone: wider adjustments mean greater perceived risk and lower bond prices, while narrower adjustments mean lower perceived risk and higher prices. For investors this directly affects yield, portfolio valuation and comparisons between borrowers.

applicable margin financial

"0.10% applicable margin reduction"

Applicable margin is the extra percentage added to a base interest rate to calculate the actual interest a borrower pays on a floating-rate loan or credit line. Investors care because it directly affects a company’s borrowing cost—higher margins raise interest expense and reduce profit and cash flow, while lower margins make financing cheaper; think of it as a variable surcharge on a sale price that reflects the lender’s view of risk.

SOFR financial

"loans accruing interest by reference to SOFR"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What borrowing-rate reductions can LEN receive under the amended facilities?

If certain rating conditions with respect to Lennar are satisfied, SOFR-based Class A revolving loans may receive a 0.10% applicable margin reduction and a 0.025% commitment-fee reduction. SOFR-based term loans may receive a 0.10% applicable margin reduction.

Can Lennar redraw repaid amounts under its revolving and term loan facilities?

The revolving credit facility consists of revolving loans that may be borrowed, repaid and redrawn. The delayed draw term facility consists of term loans that cannot be redrawn once borrowed, even if repaid.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/29/2026 - 04:16 PM EDT Accepted by SEC EDGAR 10/29/2026 - 04:15 PM EDT Learn about SEC filing dates

LENNAR CORP /NEW/ false 0000920760 0000920760 2026-10-26 2026-10-26 0000920760 us-gaap:CommonStockMember 2026-10-26 2026-10-26 0000920760 us-gaap:CommonClassBMember 2026-10-26 2026-10-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

October 26, 2026

Date of Report (Date of earliest event reported)

LENNAR CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		1-11749		95-4337490
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

5505 Waterford District Drive, Miami, Florida 33126

(Address of principal executive offices) (Zip Code)

(305) 559-4000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock, par value $.10		LEN		New York Stock Exchange
Class B Common Stock, par value $.10		LEN.B		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

Revolving Credit Facility

On October 26, 2026, Lennar Corporation (the “Company”) amended and restated its ninth amended and restated credit agreement, dated as of November 25, 2024, governing the Company’s unsecured revolving credit facility (the “Revolving Credit Facility”) by entering into a tenth amended and restated credit agreement (the “Revolving Credit Agreement”) to, among other things, increase the lenders’ aggregate commitments to $3.795 billion, extend the maturity of the Class A lenders’ commitments, totaling $3.545 billion, from November 2029 to November 2031 and remove the 0.10% credit spread adjustment previously applicable to loans accruing interest by reference to the Secured Overnight Financing Rate (“SOFR”). The Revolving Credit Facility also includes Class B commitments of $225 million maturing in May 2027 and a new Class C commitment of $25 million maturing in November 2029. The Revolving Credit Facility also introduced the ability for the Class A loans accruing interest by reference to SOFR to have a 0.10% applicable margin reduction, and a 0.025% commitment fee reduction, if certain rating conditions with respect to the Company are satisfied. The Revolving Credit Facility has a $750 million accordion feature, subject to additional commitments. As a result, aggregate potential borrowing capacity under the Revolving Credit Facility increased from $3.500 billion to $4.545 billion.

The Revolving Credit Agreement is among the Company, as borrower, JPMorgan Chase Bank, N.A., BofA Securities, Inc. and Mizuho Bank, Ltd., as joint bookrunners, the several lenders from time to time parties thereto and JPMorgan Chase Bank, N.A., as issuing lender and administrative agent. The Revolving Credit Facility consists of revolving loans under which amounts may be borrowed, repaid and redrawn. The proceeds available under the Revolving Credit Facility may be used for working capital and general corporate purposes, including acquisitions.

In connection with the Revolving Credit Agreement, certain of the Company’s wholly owned subsidiaries, which are primarily homebuilding subsidiaries, entered into a tenth amended and restated guarantee agreement (the “Revolving Credit Guarantee Agreement”), dated as of October 26, 2026, pursuant to which those subsidiaries guarantee the Company’s obligations under the Revolving Credit Agreement.

The foregoing descriptions of the Revolving Credit Agreement and the Revolving Credit Guarantee Agreement do not purport to be complete and are qualified in their entirety by reference to the full terms of those agreements, copies of which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and incorporated by reference herein.

Term Loan Facility

On October 26, 2026, the Company amended and restated the delayed draw term loan credit agreement, dated as of May 14, 2025, governing its unsecured delayed draw term loan credit facility (the “Term Loan Facility”) by entering into an amended and restated delayed draw term loan credit agreement (the “Term Loan Credit Agreement”), pursuant to which the lenders extended to the Company a $40 million additional delayed draw term loan from the Term Loan Facility’s accordion feature, thus increasing the aggregate outstanding amount of delayed draw term loans under the Term Loan Facility from $1.71 billion to $1.75 billion and reducing the available amount to be drawn under the accordion feature from $400 million to $360 million. The term loans mature in May 2028, subject to a one-time option of the Company to extend the maturity to May 2029, subject to certain conditions. The Term Loan Credit Agreement also removed the 0.10% credit spread adjustment previously applicable to loans accruing interest by reference to SOFR and introduced the ability for the loans accruing interest by reference to SOFR to have a 0.10% applicable margin reduction if certain rating conditions with respect to the Company are satisfied.

The Term Loan Credit Agreement is among the Company, as borrower, Truist Securities, Inc., JPMorgan Chase Bank, N.A., Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, BofA Securities, Inc., Goldman Sachs Bank USA and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, the several lenders from time to time parties thereto and JPMorgan Chase Bank, N.A., as administrative agent. The Term Loan Facility consists of term loans. Once borrowed, amounts cannot be redrawn even if repaid. The proceeds available under the Term Loan Facility may be used for working capital and general corporate purposes, including acquisitions.

2

In connection with the Term Loan Credit Agreement, certain of the Company’s wholly owned subsidiaries, which are primarily homebuilding subsidiaries, entered into an amended and restated guarantee agreement (the “Term Loan Guarantee Agreement”), dated as of October 26, 2026, pursuant to which those subsidiaries guarantee the Company’s obligations under the Term Loan Credit Agreement.

The foregoing descriptions of the Term Loan Credit Agreement and the Term Loan Guarantee Agreement do not purport to be complete and are qualified in their entirety by reference to the full terms of those agreements, copies of which are filed as Exhibits 10.3 and 10.4, respectively, to this Current Report on Form 8-K and incorporated by reference herein.

The Company and certain of its affiliates from time to time enter into commercial financial arrangements with almost all the lenders under the Revolving Credit Facility and the Term Loan Facility and/or their respective affiliates, and affiliates of certain of the lenders provide financial, advisory, investment banking and other services to the Company and its affiliates. In addition, affiliates of certain of the lenders serve from time to time as underwriters of the Company’s issuances of senior notes.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed as part of this Current Report on Form 8-K.

Exhibit No.		Description of Document
10.1*		Tenth Amended and Restated Credit Agreement, dated as of October 26, 2026, among Lennar Corporation, as borrower, JPMorgan Chase Bank, N.A., as issuing lender and administrative agent, the several lenders from time to time parties thereto, and the other parties and agents thereto.
10.2*		Tenth Amended and Restated Guarantee Agreement, dated as of October 26, 2026, among certain of Lennar Corporation’s subsidiaries in favor of the guaranteed parties referred to therein.
10.3*		Amended and Restated Delayed Draw Term Loan Credit Agreement, dated as of October 26, 2026, among Lennar Corporation, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, the several lenders from time to time parties thereto, and the other parties and agents thereto.
10.4*		Amended and Restated Guarantee Agreement, dated as of October 26, 2026, among certain of Lennar Corporation’s subsidiaries in favor of the guaranteed parties referred to therein.
104		Cover Page Interactive Data File — the cover page XBRL tags are embedded within the Inline XBRL document.

* Certain schedules and attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish a copy of such schedules and attachments to the Securities and Exchange Commission upon its request.

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 29, 2026				Lennar Corporation
				By:		/s/ Diane Bessette
				Name:		Diane Bessette
				Title:		Vice President and Chief Financial Officer

4

Filing Exhibits & Attachments

8 documents

Agreements & Contracts

• EX-10.1 EX-10.1 599.7 KB
• EX-10.2 EX-10.2 47.6 KB
• EX-10.3 EX-10.3 508.9 KB
• EX-10.4 EX-10.4 49.0 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 4.1 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 12.9 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 21.3 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 13.8 KB