Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 38

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 8
Chunk 38
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991,950 2,062,654 Central1,083,734 1,104,930 1,066,833 Texas753,722 788,627 929,237 West1,857,870 1,712,966 2,773,597 Other47,902 (70,766)(55,004)$5,342,252 5,527,707 6,777,317 Interest expense:East$40,041 55,216 70,809 Central28,929 46,556 62,083 Texas13,967 29,754 29,442 West84,609 115,600 140,017 Other12,446 10,467 10,380 $179,992 257,593 312,731 Depreciation and amortization:East$32,098 33,279 23,084 Central27,761 27,087 17,023 Texas10,623 10,227 9,354 West58,368 62,374 54,055 Other346 286 774 $129,196 133,253 104,290 Net addition to operating properties and equipment:East$734 637 2,065 Central3,613 1,531 949 Texas2,049 679 136 West3,798 1,176 1,414 Other54,202 45,754 6,537 $64,396 49,777 11,101 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. The Financial Services segment sells substantially all of the loans it originates within a short period of time in the secondary mortgage market, the majority of which are sold on a servicing-released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry standard representations and warranties in the loan sale agreements. 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 home