Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 31

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 1
Chunk 31
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 institutions.The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2024 Form 10-K. The Company's outstanding letters of credit and surety bonds are disclosed below:(In thousands)At August 31, 2025At November 30, 2024Performance letters of credit$1,889,234 1,668,061 Financial letters of credit874,904 745,578 Surety bonds5,495,538 5,140,432 Anticipated future costs primarily for site improvements related to performance surety bonds3,075,021 2,766,088 

All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily homebuilding subsidiaries. The guarantees are full and unconditional. Other than as set forth in the Supplemental Financial Information, the terms of guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2024 Form 10-K. 

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

(9)Financial Instruments and Fair Value Disclosures

The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at August 31, 2025 and November 30, 2024, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.At August 31, 2025At November 30, 2024(In thousands)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair ValueASSETSFinancial Services:Loans held-for-investment, net (1)Level 3$— — 60,969 61,044 Loans held-for-sale (1)Level 350,284 50,284 — — Investments held-to-maturityLevel 3133,558 133,413 135,646 138,160 LIABILITIESHome