Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 67

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 1
Chunk 67
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August 31,August 31,(Dollars in thousands)2025202420252024Dollar value of mortgages originated$5,172,000 5,139,000 14,492,000 14,249,000 Number of mortgages originated14,600 14,300 40,500 39,400 Mortgage capture rate of Lennar homebuyers84%84%85%84%Number of title and closing service transactions22,700 21,900 62,000 59,900 

At August 31, 2025 and November 30, 2024, the carrying value of Financial Services' commercial mortgage-backed securities was $133.6 million and $135.6 million, respectively. Details of these securities and related debt are disclosed in Note 3 of the Notes to Condensed Consolidated Financial Statements.

Multifamily Segment

We have been actively involved, primarily through unconsolidated funds and joint ventures, in the development and construction of multifamily rental properties. Our Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets.

The following table provides information related to our investment in the Multifamily segment:

Balance SheetsAt(In thousands)August 31, 2025November 30, 2024Multifamily investments in unconsolidated entities$519,510 503,303 Lennar's net investment in Multifamily878,511 1,116,295 

During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell all of its 38 rental operation projects of LMV I as the fund has come to the end of its contractual life. During the year ended November 30, 2024, 33 LMV I rental operation projects were sold to various third-party buyers. During the nine months ended August 31, 2025, two additional LMV I rental operation projects were sold to third-party buyers.

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Lennar Other Segment

Our Lennar Other segment includes fund investments we retained subsequent to our sale of the Rialto investment and asset management platform, as well as strategic investments in technology companies that are looking to improve the homebuilding and financial services industries to better serve homebuyers and homeowners and increase efficiencies. At August 31, 2025 and November 30, 2024, we had $844.6 million