LENNAR CORP /NEW/ 10-Q

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. As of February 28, 2021, we had no outstanding borrowings under our Credit Facility. As of February 28, 2021, our borrowings under Financial Services' warehouse repurchase facilities totaled $631.8 million under residential facilities and $178.6 million under LMF Commercial facilities. 34 Information Regarding Interest Rate Sensitivity Principal (Notional) Amount by Expected Maturity and Average Interest Rate February 28, 2021 Nine Months Ending November 30, Years Ending November 30, Fair Value at February 28, (Dollars in millions) 2021 2022 2023 2024 2025 2026 Thereafter Total 2021 LIABILITIES: Homebuilding: Senior Notes and other debts payable: Fixed rate $ 92.7 1,815.9 96.5 1,518.7 589.0 400.1 1,293.6 5,806.5 6,377.2 Average interest rate 2.6 % 4.8 % 4.2 % 5.0 % 4.8 % 5.3 % 4.7 % 4.8 % — Variable rate $ 149.3 — — — — — — 149.3 152.8 Average interest rate 5.2 % — — — — — — 5.2 % — Financial Services: Notes and other debts payable: Fixed rate $ — — — — — — 152.7 152.7 153.5 Average interest rate — — — — — — 3.4 % 3.4 % — Variable rate $ 810.4 — — — — — — 810.4 810.4 Average interest rate 2.4 % — — — — — — 2.4 % — Lennar Other: Notes and other debts payable: Fixed rate $ 1.9 — — — — — — 1.9 1.9 Average interest rate 3.0 % — — — — — — 3.0 % — 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 year ended November 30, 2020.