Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 61

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 8
Chunk 61
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 (1)LMF Commercial includes $9.5 million of loans that was converted to loans held-for-sale during the year ended November 30, 2024.(2)Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.

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Table of ContentsLENNAR CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

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:Years Ended November 30,202420232022(In thousands)FairValueHierarchyCarrying ValueFair ValueTotalLosses, Net (1)Carrying ValueFair ValueTotal Losses, Net (1)Carrying ValueFair ValueTotal Losses, Net (1)Non-financial assetsHomebuilding:Finished homes and construction in progress (2)Level 3$516,081 467,946 (48,135)458,569 396,795 (61,774)347,300 295,663 (51,637)Land and land under development (2)Level 3— — — 52,147 49,539 (2,608)135,844 126,135 (9,709)Deposits and pre-acquisition costs on real estate (3)Level 35,120 — (5,120)19,914 — (19,914)47,893 — (47,893)Investments in unconsolidated entities (4)Level 3— — — 78,834 37,792 (41,042)1,454 — (1,454)Non-financial assetsMultifamily:Land and land under development (5)Level 3$139,980 49,970 (90,010)— — — — — — Investments in unconsolidated entities (6)Level 324,753 — (24,753)— — — — — — (1)Represents losses due to valuation adjustments and deposit and pre-acquisition write