Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 101

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 8
Chunk 101
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,305 25,840 46,358 $759,785 1,477,918 2,297,292 3,846,869 Financial ServicesOperations of the Financial Services segment include mortgage financing, title and closing services primarily for buyers of the Company’s homes. They 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 August 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:September 2025 (1)$1,000,000 — 1,000,000 October 2025100,000 100,000 200,000 March 2026250,000 250,000 500,000 May 2026250,000 450,000 700,000 July 2026100,000 100,000 200,000 December 2026— 375,000 375,000 Total residential facilities$1,700,000 1,275,000 2,975,000 LMF commercial facilities maturing:December 2025200,000 — 200,000 January 2026100,000 — 100,000 Total LMF commercial facilities$300,000 — 300,000 Total$3,275,000 (1)Subsequent to August 31, 2025, the maturity date was extended to September 2026.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