3 unchanged sentences
Since November 30, 2024, there have been no material changes in market risk exposures associated with interest rate risk.
−Removed: As of February 28, 2025, we had no outstanding borrowings under our Credit Facility.
−Removed: 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.
+Added: In May 2025, we issued $700 million in aggregate principal amount of 5.20% senior notes due 2030.
+Added: In May 2025, we paid off $500 million aggregate principal amount of our 4.75% senior notes due May 2025.
+Added: As of May 31, 2025, we had $400.0 million of outstanding borrowings under our Credit Facility.
+Added: 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
1 unchanged sentence
Expected Maturity and Average Interest Rate
−Removed: February 28, 2025
−Removed: Nine Months Ending November 30, Years Ending November 30, Fair Value at February 28,
+Added: Six Months Ending November 30, Years Ending November 30, Fair Value at May 31,
(Dollars in millions) 2025 2026 2027 2028 2029 2030 Thereafter Total 2025
4 unchanged sentences
Average interest rate 2.9 % 5.2 % 4.9 % 3.0 % 7.5 % 5.2 % 6.6 % 5.0 % —
+Added: Variable rate $ 400.0 — — — — — — 400.0 400.0
+Added: Average interest rate 2.8 % — — — — — — 2.8 % —
Financial Services:
5 unchanged sentences
For additional information regarding our market risk refer to Item 7A.
−Removed: Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for the fiscal year ended November 30, 2024.
+Added: Quantitative and Qualitative Disclosures About Market Risk in our 2024 Form 10-K.
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.