Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 121

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 8
Chunk 121
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 reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment:Three Months Ended May 31,20252024(In thousands)Mortgage servicing rightsLMF Commercial loans held-for-saleMortgage servicing rightsLMF Commercial loans held-for-saleBeginning balance$3,297 82,794 3,475 125,397 Purchases/loan originations251 180,875 171 71,510 Sales/loan originations sold, including those not settled— (190,936)— (129,335)Disposals/settlements(56)— (44)— Changes in fair value (1)(25)(466)50 (857)Interest and principal paydowns— (64)— — Ending balance$3,467 72,203 3,652 66,715 Six Months Ended May 31,20252024(In thousands)Mortgage servicing rightsLMF Commercial loans held-for-saleMortgage servicing rightsLMF Commercial loans held-for-saleBeginning balance$3,463 50,316 3,440 13,459 Purchases/loan originations277 308,840 232 212,335 Sales/loan originations sold, including those not settled— (285,823)— (156,285)Disposals/settlements(153)— (70)— Changes in fair value (1)(120)(747)50 (2,985)Interest and principal paydowns— (383)— 191 Ending balance$3,467 72,203 3,652 66,715 (1)Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below:Three Months Ended May 31,20252024(In thousands)Fair ValueHierarchyCarrying ValueFair ValueTotal Losses, Net (1)Carrying ValueFair ValueTotal Losses, Net (1)Homebuilding - non-financial assets:Finished homes and construction in progress (2)Level 3$