Quantitative and Qualitative Disclosures About Market Risk
−Removed: 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.
+Added: We 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 and option contracts to mitigate the risks associated with our mortgage loan portfolio.
2 unchanged sentences
In May 2025, we paid off $500 million aggregate principal amount of our 4.75% senior notes due May 2025.
−Removed: As of May 31, 2025, we had $400.0 million of outstanding borrowings under our Credit Facility.
−Removed: 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.
+Added: As of August 31, 2025, we had $1.1 billion of outstanding borrowings under our Credit Facility.
+Added: As of August 31, 2025, our borrowings under Financial Services' warehouse repurchase facilities totaled $1.7 billion under residential facilities and $57.3 million under LMF Commercial facilities.
Information Regarding Interest Rate Sensitivity
1 unchanged sentence
Expected Maturity and Average Interest Rate
−Removed: Six Months Ending November 30, Years Ending November 30, Fair Value at May 31,
+Added: August 31, 2025
+Added: Three Months Ending November 30, Years Ending November 30, Fair Value at August 31,
(Dollars in millions) 2025 2026 2027 2028 2029 2030 Thereafter Total 2025
15 unchanged sentences
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.