1 unchanged sentence
We are exposed to market risks related to fluctuations in interest rates on our investments, debt obligations and loans held-for-sale.
−Removed: We utilize forward commitments and option contracts to mitigate the risks associated with our mortgage loan portfolio.
+Added: We utilize forward commitments, option contracts and interest rate swaps to mitigate the risks associated with our mortgage loan portfolio.
Since November 30, 2025, there have been no material changes in market risk exposures associated with interest rate risk.
−Removed: As of February 28, 2026, we had no outstanding borrowings under our Credit Facility.
−Removed: As of February 28, 2026, our borrowings under Financial Services' warehouse repurchase facilities totaled $1.0 billion under residential facilities and $61.0 million under LMF Commercial facilities.
+Added: As of May 31, 2026, we had no outstanding borrowings under our Credit Facility.
+Added: As of May 31, 2026, our borrowings under Financial Services' warehouse repurchase facilities totaled $1.8 billion under residential facilities and $52.2 million under LMF Commercial facilities.
Information Regarding Interest Rate Sensitivity
1 unchanged sentence
Expected Maturity and Average Interest Rate
−Removed: February 28, 2026
−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) 2026 2027 2028 2029 2030 2031 Thereafter Total 2026
16 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.