Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 36

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 1
Chunk 36
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 50,316 3,440 13,459 Purchases/loan originations322 486,677 406 449,000 Sales/loan originations sold, including those not settled— (458,466)— (301,610)Disposals/settlements(257)— (193)(9,500)Changes in fair value (1)(238)(264)(287)(673)Interest and principal paydowns— (476)— 191 Ending balance$3,290 77,787 3,366 150,867 (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:

24

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

Three Months Ended August 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$479,233 430,986 (48,247)120,811 111,776 (9,035)Deposits and pre-acquisition costs on real estate (3)Level 38,919 — (8,919)206 — (206)Financial Services - financial assets:Loans held-for-sale (4)Level 3$61,001 50,284 (10,717)— — — Multifamily - non-financial assets:Investments in unconsolidated entities (5)Level 3$— — — 139,980 49,970 (90,010)Nine Months Ended August 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)