Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 123

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 8
Chunk 123
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 — Multifamily - non-financial assets:Investments in unconsolidated entities (5)Level 3$— — — 139,980 49,970 (90,010)Nine Months Ended August 31,20252024(In thousands)Fair ValueHierarchyCarrying ValueFair ValueTotal Losses, Net (1)Carrying ValueFair ValueTotal Losses, Net (1)Homebuilding - non-financial assets:Finished homes and construction in progress (2)Level 3$1,221,892 1,103,619 (118,273)313,120 280,761 (32,359)Land and land under development (2)Level 3191 134 (57)— — — Deposits and pre-acquisition costs on real estate (3)Level 317,847 — (17,847)3,408 — (3,408)Financial Services - financial assets:Loans held-for-sale (4)Level 3$61,001 50,284 (10,717)— — — Multifamily - non-financial assets:Investments in unconsolidated entities (5)Level 3$10,716 — (10,716)139,980 49,970 (90,010)(1)Represents losses due to valuation adjustments and deposit and pre-acquisition write-offs recorded during the respective periods.(2)Valuation adjustments for finished homes and construction in progress, and land and land under development were included in Homebuilding costs and expenses in the Company's condensed consolidated financial statements.(3)Forfeited deposits and write-off of pre-acquisition costs on real estate were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss).(4)Changes in fair value below amortized cost basis are recognized through a valuation allowance, with the adjustment included in Financial Services earnings in the Company's condensed consolidated financial statements.(5)Valuation adjustments related to investments in unconsolidated entities were primarily included in Multifamily other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income (loss).Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. The Company disclosed its accounting policy related