Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 35

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 1
Chunk 35
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 Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:Three Months EndedNine Months EndedAugust 31,August 31,(In thousands)2025202420252024Changes in fair value included in Financial Services revenues:Loans held-for-sale$23,361 30,482 21,011 1,617 Mortgage loan commitments34,590 22,400 45,511 (9,702)Forward contracts(36,411)(30,043)(7,919)42,874 Forward options68 2,687 271 1,633 Interest rate swaps(6,652)(1,621)(6,490)(1,665)Changes in fair value included in Lennar Other realized and unrealized gains from technology investments:Investments in equity securities$99,223 39,123 7,280 12,472 Changes in fair value included in other comprehensive income (loss), net of tax:Lennar Other investments available-for-sale$— 444 (1,510)2,161 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.The following table sets forth the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment:Three Months Ended August 31,20252024(In thousands)Mortgage servicing rightsLMF Commercial loans held-for-saleMortgage servicing rightsLMF Commercial loans held-for-saleBeginning balance$3,467 72,203 3,652 66,715 Purchases/loan originations45 177,837 174 236,665 Sales/loan originations sold, including those not settled— (172,643)— (145,325)Disposals/settlements(104)— (122)(9,500)Changes in fair value (1)(118)483 (338)2,312 Interest and principal paydowns— (93)— — Ending balance$3,290 77,787 3,366 150,867 Nine Months Ended August 31,20252024(In thousands)Mortgage servicing rightsLMF Commercial loans held-for-saleMortgage servicing rightsLMF Commercial loans held-for-saleBeginning balance$3,463