Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 120

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 8
Chunk 120
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. The Company’s investments in equity securities were recorded at fair value with all 

22

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

changes in fair value recorded to Lennar Other unrealized gains (losses) from technology investments on the Company’s condensed consolidated statements of operations and comprehensive income (loss).Lennar Other investments available-for-sale - The fair value of investments available-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads.The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:Three Months EndedSix Months EndedMay 31,May 31,(In thousands)2025202420252024Changes in fair value included in Financial Services revenues:Loans held-for-sale$(32,753)17,187 (2,350)(28,865)Mortgage loan commitments(22,583)(1,447)10,921 (32,102)Forward contracts76,955 (27,375)28,492 72,917 Forward options(931)(710)203 (1,054)Interest rate swaps3,458 (1,598)162 (44)Changes in fair value included in Lennar Other realized and unrealized losses from technology investments:Investments in equity securities$(29,440)(21,514)(91,943)(26,651)Changes in fair value included in other comprehensive income (loss), net of tax:Lennar Other investments available-for-sale$(1,332)1,355 (1,510)1,717 Interest on Financial Services loans held-for-sale and LMF Commercial loans held-for-sale measured at fair value is calculated based on the interest rate of the loans and recorded as revenues in the Financial Services’ statement of operations.

23

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

The following table sets forth the