Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 162

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 7
Chunk 162
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5100,000 — 100,000 Total LMF commercial facilities$300,000 — 300,000 Total$3,425,000 

(1)Subsequent to November 30, 2024, the maturity date was extended to December 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 us 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.

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Borrowings and collateral under the facilities were as follows:

At November 30,(In thousands)20242023Borrowings under the residential facilities$1,776,045 2,020,187Collateral under the residential facilities1,837,833 2,097,020Borrowings under the LMF Commercial facilities28,747 12,525

If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities.

Changes in Capital Structure

In January 2024, our Board authorized an increase to our stock repurchase program to enable us to repurchase up to an additional $5.0 billion in value of our outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. The repurchase authorization has no expiration date. This authorization was in addition to what was remaining of our March 2022 stock repurchase program. At November 30, 2024, we have a remaining authorization to repurchase $3.4 billion in value of our Class A or B common stock. Repurchases are authorized to be made in open-market or private transactions. The repurchase authorization has no expiration date.

The following table provides information about our repurchases of Class A and Class B common stock: 

Years Ended November 30,20242023(Dollars in thousands, except price per share)Class AClass BClass AClass BShares repurchased11,942,725 1,612,501 7,499