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 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.
+Added: For variable rate debt such as our unsecured revolving credit facility, delayed draw term loan 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.
4 unchanged sentences
The table below provides information at November 30, 2025 about our significant instruments that are sensitive to changes in interest rates.
−Removed: For loans held-for-investment, net and investments held-to-maturity, senior notes and other debts payable and notes and other debts payable, the table presents principal cash flows and related weighted average effective interest rates by expected maturity dates and estimated fair values at November 30, 2024.
+Added: For investments held-to-maturity, senior notes and other debts payable and notes and other debts payable, the table presents principal cash flows and related weighted average effective interest rates by expected maturity dates and estimated fair values at November 30, 2025.
Weighted average variable interest rates are based on the variable interest rates at November 30, 2025.
4 unchanged sentences
November 30, 2025
−Removed: Years Ending November 30, Fair Value at
+Added: For the Years Ending November 30, Fair Value at
(Dollars in millions) 2026 2027 2028 2029 2030 Thereafter Total 2025
3 unchanged sentences
Average interest rate — — — — — 3.6 % 3.6 % —
−Removed: Loans held-for-investment, net:
−Removed: Fixed rate $ 8.3 1.3 1.4 1.4 1.5 44.7 58.6 58.7
−Removed: Average interest rate 7.0 % 4.1 % 4.1 % 4.1 % 4.1 % 4.1 % 4.5 % —
−Removed: Variable rate $ — — — 0.1 0.1 2.1 2.3 2.3
−Removed: Average interest rate — — — 4.8 % 4.8 % 4.8 % 4.8 % —
Homebuilding:
2 unchanged sentences
Average interest rate 5.1 % 4.9 % 3.0 % 7.5 % 5.2 % 6.6 % 5.0 % —
+Added: Variable rate $ — — 1,710.0 — — — 1,710.0 1,710.0
+Added: Average interest rate — — 5.2 % — — — 5.2 % —
Financial Services:
5 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.