Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 83

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 3
Chunk 83
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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risks related to fluctuations in interest rates on our investments, debt obligations, loans held-for-sale and loans held-for-investment. We utilize forward commitments and option contracts to mitigate the risks associated with our mortgage loan portfolio. Since November 30, 2024, there have been no material changes in market risk exposures associated with interest rate risk.

In May 2025, we issued $700 million in aggregate principal amount of 5.20% senior notes due 2030.

In May 2025, we paid off $500 million aggregate principal amount of our 4.75% senior notes due May 2025.

As of May 31, 2025, we had $400.0 million of outstanding borrowings under our Credit Facility.

As of May 31, 2025, our borrowings under Financial Services' warehouse repurchase facilities totaled $1.2 billion under residential facilities and $80.4 million under LMF Commercial facilities.

Information Regarding Interest Rate Sensitivity

Principal (Notional) Amount by

Expected Maturity and Average Interest Rate

May 31, 2025

Six Months Ending November 30,Years Ending November 30,Fair Value at May 31,(Dollars in millions)202520262027202820292030ThereafterTotal2025LIABILITIES:Homebuilding:Senior Notes andother debt payable:Fixed rate$32.3 464.6 1,164.7 10.1 11.5 702.7 12.1 2,398.0 2,410.0 Average interest rate2.9 %5.2 %4.9 %3.0 %7.5 %5.2 %6.6 %5.0 %— Variable rate$400.0 — — — — — — 400.0 400.0 Average interest rate2.8 %— — — — — — 2.8 %— Financial Services:Notes and otherdebt payable:Fixed rate $— — — — — — 124.3 124.3 124.8 Average interest rate— — — — — — 3.4 %3.4 %— Variable rate$1,219