3 unchanged sentences
For fixed rate debt, such as our senior notes, changes in interest rates generally affect the fair value of the debt instrument, but not our earnings or cash flows.
−Removed: For variable rate debt such as our unsecured revolving credit facility and Financial Services’ and RMF ’s warehouse repurchase facilities, changes in interest rates generally do not affect the fair value of the outstanding borrowings on the debt facilities, but do affect our earnings and cash flows.
+Added: For variable rate debt such as our unsecured revolving credit facility and Financial Services’ and LMF Commercial’s warehouse repurchase facilities, changes in interest rates generally do not affect the fair value of the outstanding borrowings on the debt facilities, but do affect our earnings and cash flows.
In our Financial Services operations, we utilize mortgage backed securities forward commitments, option contracts and investor commitments to protect the value of rate-locked commitments and loans held-for-sale from fluctuations in mortgage-related interest rates.
−Removed: To mitigate interest risk associated with RMF 's loans held-for-sale, we use derivative financial instruments to hedge our exposure to risk from the time a borrower locks a loan until the time the loan is securitized.
+Added: To mitigate interest risk associated with LMF Commercial's loans held-for-sale, we use derivative financial instruments to hedge our exposure to risk from the time a borrower locks a loan until the time the loan is securitized.
We hedge our interest rate exposure through entering into interest rate swap futures.
9 unchanged sentences
November 30, 2020
−Removed: Years Ending November 30,
−Removed: Fair Value at
−Removed: (Dollars in millions)
−Removed: Lennar Other:
−Removed: Investments held-to-maturity:
−Removed: Average interest rate
+Added: Years Ending November 30, Fair Value at
+Added: (Dollars in millions) 2021 2022 2023 2024 2025 Thereafter Total 2020
Financial Services:
Loans held-for-investment, net and investments held-to-maturity:
+Added: Fixed rate $ 1.5 1.6 1.6 1.7 1.8 48.0 56.2 54.1
Average interest rate 4.3 % 4.3 % 4.3 % 4.3 % 4.3 % 4.2 % 4.2 % —
3 unchanged sentences
Senior notes and other debts payable:
+Added: Fixed rate $ 139.2 1,805.8 58.9 1,518.7 583.8 1,672.8 5,779.2 6,422.1
Average interest rate 3.7 % 4.9 % 4.5 % 5.0 % 4.8 % 5.0 % 4.9 % —
3 unchanged sentences
Notes and other debts payable:
+Added: Fixed rate $ — — — — — 153.5 153.5 154.4
Average interest rate — — — — — 3.4 % 3.4 % —
1 unchanged sentence
Average interest rate 2.7 % — — — — — 2.7 % —
−Removed: Note payable:
−Removed: Average interest rate
Lennar Other:
Notes and other debts payable:
−Removed: Average interest rate
−Removed: Variable rate
+Added: Fixed rate $ 1.9 — — — — — 1.9 1.9
Average interest rate 3.0 % — — — — — 3.0 % —
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.