Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 30

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 1
Chunk 30
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 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 EndedFebruary 28, 2025February 29, 2024(In thousands)Mortgage servicing rightsLMF Commercial loans held-for-saleMortgage servicing rightsLMF Commercial loans held-for-saleBeginning balance$3,463 50,316 3,440 13,459 Purchases/loan originations26 127,965 61 140,825 Sales/loan originations sold, including those not settled— (94,887)— (26,950)Disposals/settlements(97)— (26)— Changes in fair value (1)(95)(281)— (2,128)Interest and principal paydowns— (319)— 191 Ending balance$3,297 82,794 3,475 125,397 (1)Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.

21

Lennar Corporation and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below:Three Months EndedFebruary 28, 2025February 29, 2024(In thousands)Fair ValueHierarchyCarrying ValueFair ValueTotal Losses, Net (1)Carrying ValueFair ValueTotal Losses, Net (1)Non-financial assets - Homebuilding:Finished homes and construction in progress (2)Level 3$259,540 239,197 (20,343)71,756 68,017 (3,739)Land and land under development (2)Level 3190 134 (56)2,870 — (2,870)Deposits and pre-acquisition costs on real estate (3)Level 3268 — (268)— — — Non-financial assets - Multifamily:Investments in unconsolidated entities (4)Level 3$7,