Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 85

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 8
Chunk 85
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,280,135 12,148,434 Other2,938,045 1,729,407 Corporate and Unallocated 2,422,669 4,943,019 Total Homebuilding$29,885,928 35,594,469 Financial information relating to the Company’s Homebuilding segments was as follows:Three Months Ended(In thousands)February 28, 2025February 29, 2024RevenuesEast$1,653,755 1,877,938 Central1,560,008 1,441,314 South Central1,166,828 1,071,786 West 2,894,933 2,530,061 Other8,346 9,892 $7,283,870 6,930,991 Operating earningsEast$222,622 376,909 Central135,452 161,623 South Central122,083 168,583 West298,781 308,787 Other30,335 12,894 $809,273 1,028,796 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 February 28, 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:April 2025$250,000 250,000 500,000 June 2025560,000 — 560,000 August 2025325,000 325,000 650,000 October 202550,000 100,000 150,000 December 2026375,000 — 375,000 Total residential facilities$1,