Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 69

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 3
Chunk 69
---
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.

As of February 28, 2025, we had no outstanding borrowings under our Credit Facility.

As of February 28, 2025, our borrowings under Financial Services' warehouse repurchase facilities totaled $1.2 billion under residential facilities and $37.5 million under LMF Commercial facilities.

Information Regarding Interest Rate Sensitivity

Principal (Notional) Amount by

Expected Maturity and Average Interest Rate

February 28, 2025

Nine Months Ending November 30,Years Ending November 30,Fair Value at February 28,(Dollars in millions)202520262027202820292030ThereafterTotal2025LIABILITIES:Homebuilding:Senior Notes andother debt payable:Fixed rate$514.2 602.1 1,057.7 10.1 11.5 2.9 12.1 2,210.6 2,215.5 Average interest rate4.6 %4.3 %4.8 %3.0 %7.5 %5.6 %6.6 %4.7 %— Financial Services:Notes and otherdebt payable:Fixed rate $— — — — — — 124.7 124.7 125.2 Average interest rate— — — — — — 3.4 %3.4 %— Variable rate$1,269.1 3.4 — — — — — 1,272.5 1,272.5 Average interest rate5.9 %6.4 %— — — — — 5.9 %— 

For additional information regarding our market risk refer to Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for the fiscal year ended November 30, 2024.