Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 101

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 8
Chunk 101
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 also include originating and selling into securitizations commercial mortgage loans through its LMF Commercial business. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and sales of property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations.

12

Lennar Corporation and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

At May 31, 2025, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:Maximum Aggregate Commitment(In thousands)Committed AmountUncommitted AmountTotalResidential facilities maturing:June 2025 (1)$560,000 — 560,000 August 2025325,000 325,000 650,000 October 202550,000 100,000 150,000 May 2026250,000 250,000 500,000 December 2026375,000 — 375,000 Total residential facilities$1,560,000 675,000 2,235,000 LMF commercial facilities maturing:December 2025200,000 — 200,000 January 2026100,000 — 100,000 Total LMF commercial facilities$300,000 — 300,000 Total$2,535,000 (1)Subsequent to May 31, 2025, the maturity date was extended to September 2025.The Financial Services segment uses residential mortgage loan warehouse facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial facilities finance LMF Commercial loan originations and securitization activities and were secured by up to 80% interests in the originated commercial loans financed.Borrowings and collateral under the facilities were as follows:(In thousands)May 31, 2025November 30, 2024Borrowings under residential facilities$1,211,428 1,776,045 Collateral under residential facilities1,261,797 1,837,833 Borrowings under