Multifamily — Non-recourse debt with completion guarantees
Lennar Multifamily — Non-recourse debt with completion guarantees decreased by 8.8% to $727.60M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 9.3%, from $665.90M to $727.60M. Over 4 years (FY 2021 to FY 2025), Multifamily — Non-recourse debt with completion guarantees shows relatively stable performance with a -1.4% CAGR. This is a positive signal — lower values indicate better performance for this metric.
Analysis
How to read this metric
High levels indicate significant development activity but also represent potential financial risk if projects face construction delays or cost overruns.
Detailed definition
Represents debt obligations for multifamily projects where the lender's recourse is limited to the project assets, but t...
Peer comparison
Common in real estate development and construction firms utilizing project-level financing.
len_segment_multifamily_non_recourse_debt_with_completion_guaranteesHistorical Data
| Q1 '21 | Q2 '21 | 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 | $748.40M | $866.90M | $855.20M | $985.10M | $1.00B | $1.10B | $1.00B | $1.20B | $1.30B | $1.40B | $1.40B | $1.10B | $834.20M | $904.20M | $907.80M | $665.90M | $733.20M | $757.50M | $798.10M | $727.60M |
| QoQ Change | — | +15.8% | -1.3% | +15.2% | +1.5% | +10.0% | -9.1% | +20.0% | +8.3% | +7.7% | +0.0% | -21.4% | -24.2% | +8.4% | +0.4% | -26.6% | +10.1% | +3.3% | +5.4% | -8.8% |
| YoY Change | — | — | — | — | +33.6% | +26.9% | +16.9% | +21.8% | +30.0% | +27.3% | +40.0% | -8.3% | -35.8% | -35.4% | -35.2% | -39.5% | -12.1% | -16.2% | -12.1% | +9.3% |
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Frequently Asked Questions
- What is Lennar's multifamily — non-recourse debt with completion guarantees?
- Lennar (LEN) reported multifamily — non-recourse debt with completion guarantees of $727.60M in Q4 2025.
- How has Lennar's multifamily — non-recourse debt with completion guarantees changed year-over-year?
- Lennar's multifamily — non-recourse debt with completion guarantees increased by 9.3% year-over-year, from $665.90M to $727.60M.
- What is the long-term trend for Lennar's multifamily — non-recourse debt with completion guarantees?
- Over 4 years (2021 to 2025), Lennar's multifamily — non-recourse debt with completion guarantees has grown at a -1.4% compound annual growth rate (CAGR), from $3.13B to $2.95B.
- What does multifamily — non-recourse debt with completion guarantees mean?
- Debt for projects where the company guarantees completion but is not liable for the debt itself.