{"url_path":"/sec/len/10-q/2026/item-3","section_key":"item-3","section_title":"Item 3 Quantitative and Qualitative Disclosures About Market Risk","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-29","source_url":"https://www.sec.gov/Archives/edgar/data/920760/0001628280-26-046019-index.html","accession_number":"0001628280-26-046019","cik":"0000920760","ticker":"LEN","issuer_name":"LENNAR CORP /NEW/","edgar_url":"https://www.sec.gov/Archives/edgar/data/920760/0001628280-26-046019-index.html","primary_entity_key":"0000920760","primary_entity_name":"LENNAR CORP /NEW/"},"word_count":264,"has_tables":true,"body_markdown":"Item 3. Quantitative and Qualitative Disclosures About Market Risk\n\nWe are exposed to market risks related to fluctuations in interest rates on our investments, debt obligations and loans held-for-sale. We utilize forward commitments, option contracts and interest rate swaps to mitigate the risks associated with our mortgage loan portfolio. Since November 30, 2025, there have been no material changes in market risk exposures associated with interest rate risk.\n\nAs of May 31, 2026, we had no outstanding borrowings under our Credit Facility.\n\nAs of May 31, 2026, our borrowings under Financial Services' warehouse repurchase facilities totaled $1.8 billion under residential facilities and $52.2 million under LMF Commercial facilities.\n\nInformation Regarding Interest Rate Sensitivity\n\nPrincipal (Notional) Amount by\n\nExpected Maturity and Average Interest Rate\n\nMay 31, 2026\n\nSix Months Ending November 30,Years Ending November 30,Fair Value at May 31,\n\n(Dollars in millions)202620272028202920302031ThereafterTotal2026\n\nLIABILITIES:\n\nHomebuilding:\n\nSenior Notes and\n\nother debts payable:\n\nFixed rate$454.6 1,158.5 12.8 11.5 701.7 9.6 — 2,348.7 2,362.2 \n\nAverage interest rate5.2 %4.8 %3.9 %7.5 %5.2 %6.6 %— 5.0 %— \n\nVariable rate$— — 1,710.0 — — — — 1,710.0 1,710.0 \n\nAverage interest rate— — 4.7 %— — — — 4.7 %— \n\nFinancial Services:\n\nNotes and other\ndebts payable:\n\nFixed rate $— — — — — — 119.7 119.7 120.2 \n\nAverage interest rate— — — — — — 3.4 %3.4 %— \n\nVariable rate$1,844.0 — — — — — — 1,844.0 1,844.0 \n\nAverage interest rate5.0 %— — — — — — 5.0 %— \n\nFor additional information regarding our market risk refer to Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our 2025 Form 10-K."}