Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 167

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 8
Chunk 167
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,462 30,788 120,250 South Central107,395 16,645 124,040 West77,239 21,152 98,391 Other4,828 1,891 6,719 Total homesites369,326 86,648 455,974 1.1 % of total homesites81%19%

(1)Based on trailing twelve months of homes delivered.

Details on option contracts, transactions with land banks and Millrose and related consolidated inventory not owned and exposure are included in Note 10 of the Notes to Condensed Consolidated Financial Statements.

47

Contractual Obligations and Commercial Commitments

Our contractual obligations and commercial commitments have not changed materially from those reported in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Form 10-K, except for a decrease of $1.0 billion in land purchase contract obligations and an increase of $1.3 billion in Homebuilding senior notes and other debts payable, net.

(3) Recently Adopted Accounting Pronouncements

See Note 1 of the Notes to Condensed Consolidated Financial Statements included under Item 1 of this Quarterly Report on Form 10-Q for a discussion of recently adopted accounting pronouncements.

(4) Critical Accounting Policies

There have been no significant changes to our critical accounting policies during the nine months ended August 31, 2025 as compared to those we disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2024 Form 10-K. 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risks related to fluctuations in interest rates on our investments, debt obligations and loans held-for-sale. We utilize forward commitments and option contracts to mitigate the risks associated with our mortgage loan portfolio. Since November 30, 2024, there have been no material changes in market risk exposures associated with interest rate risk.

In May 2025, we issued $700 million in aggregate principal amount of 5.20% senior notes due 2030.

In May 2025, we paid off $500 million aggregate principal amount of our 4.75% senior notes due May 2025.

As of August 31, 2025, we had $1.1 billion of outstanding borrowings under our Credit Facility.

As of August 31, 2025, our borrowings under Financial Services' warehouse repurchase facilities totaled $1