Homebuilding — Non-recourse debt with completion guarantees
Lennar Homebuilding — Non-recourse debt with completion guarantees decreased by 36.7% to $324.00M in Q4 2025 compared to the prior quarter. Year-over-year, this metric declined by 23.2%, from $421.80M to $324.00M. Over 3 years (FY 2022 to FY 2025), Homebuilding — Non-recourse debt with completion guarantees shows an upward trend with a 27.3% CAGR. This is a positive signal — lower values indicate better performance for this metric.
Analysis
How to read this metric
Higher levels indicate increased reliance on project-specific financing and potential completion risk, while lower levels suggest a more conservative capital structure.
Detailed definition
This refers to debt obligations where the lender's recourse is limited to specific project assets, but the company provi...
Peer comparison
Standard risk disclosure for homebuilders involved in large-scale land development or multi-family projects.
len_segment_homebuilding_non_recourse_debt_with_completion_guaranteesHistorical Data
| Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $241.00M | $205.00M | $184.10M | $183.60M | $333.60M | $340.20M | $312.80M | $334.80M | $316.50M | $279.60M | $279.30M | $292.30M | $287.00M | $421.80M | $435.00M | $499.80M | $511.90M | $324.00M |
| QoQ Change | — | -14.9% | -10.2% | -0.3% | +81.7% | +2.0% | -8.1% | +7.0% | -5.5% | -11.7% | -0.1% | +4.7% | -1.8% | +47.0% | +3.1% | +14.9% | +2.4% | -36.7% |
| YoY Change | — | — | — | — | +38.4% | +66.0% | +69.9% | +82.4% | -5.1% | -17.8% | -10.7% | -12.7% | -9.3% | +50.9% | +55.7% | +71.0% | +78.4% | -23.2% |
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Frequently Asked Questions
- What is Lennar's homebuilding — non-recourse debt with completion guarantees?
- Lennar (LEN) reported homebuilding — non-recourse debt with completion guarantees of $324.00M in Q4 2025.
- How has Lennar's homebuilding — non-recourse debt with completion guarantees changed year-over-year?
- Lennar's homebuilding — non-recourse debt with completion guarantees decreased by 23.2% year-over-year, from $421.80M to $324.00M.
- What is the long-term trend for Lennar's homebuilding — non-recourse debt with completion guarantees?
- Over 3 years (2022 to 2025), Lennar's homebuilding — non-recourse debt with completion guarantees has grown at a 27.3% compound annual growth rate (CAGR), from $906.30M to $1.87B.
- What does homebuilding — non-recourse debt with completion guarantees mean?
- Debt tied to specific projects where the company guarantees completion but limits repayment liability.