(1)The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity and deferring equity in earnings on land sales to the Company.

(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of November 30, 2021 and 2020, the carrying amount of the Company's investment was $381.6 million and $392.1 million, respectively.

The Company’s partners generally are unrelated homebuilders, land owners/developers and financial or other strategic partners. The unconsolidated entities follow accounting principles that are in all material respects the same as those used by the Company. The Company shares in the profits and losses of these unconsolidated entities generally in accordance with its ownership interests. In many instances, the Company is appointed as the day-to-day manager under the direction of a management committee that has shared powers among the partners of the unconsolidated entities and the Company receives management fees and/or reimbursement of expenses for performing this function. The Company and/or its partners sometimes obtain options or enter into other arrangements under which the Company can purchase portions of the land held by the unconsolidated entities. Option prices are generally negotiated prices that approximate fair value when the Company receives the options. The details of the activity was as follows:

(1)The Company does not include in its Homebuilding equity in loss from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings resulting from land sales to its homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer.

The total debt of the Homebuilding unconsolidated entities in which the Company has investments was $1.2 billion and $1.1 billion as of November 30, 2021 and 2020, respectively, of which the Company's maximum recourse exposure was $5.3 million and $4.9 million as of November 30, 2021 and 2020, respectively. In most instances in which the Company has guaranteed debt of an unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. In a completion guarantee, the Company and its venture partners have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. As of November 30, 2021 and 2020, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $241.0 million and $183.3 million, respectively.

If the Company is required to make a payment under any guarantee, the payment would generally constitute a capital contribution or loan to the Homebuilding unconsolidated entity and increase the Company's investment in the unconsolidated entity and its share of any funds the entity distributes.

As of both November 30, 2021 and 2020, the fair values of the repayment, maintenance guarantees and completion guarantees were not material. The Company believes that as of November 30, 2021, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral should be sufficient to repay at least a significant portion of the obligation or the Company and its

In the first quarter of 2021, the Company formed the Upward America Venture (“Upward America”), and is managing and participating in Upward America. Upward America is an investment fund that acquires new single-family homes in high growth markets across the United States and rents them to the people who will live in them. Upward America has raised equity commitments totaling $1.25 billion primarily from institutional investors, including $125 million committed by Lennar. During the year ended November 30, 2021, Lennar delivered 1,457 homes to Upward America. Subsequent to November 30, 2021, the equity commitments were increased to $1.6 billion.

The unconsolidated entities in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the loans to Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both November 30, 2021 and 2020, the fair value of the completion guarantees was immaterial. As of November 30, 2021 and 2020, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $855.2 million and $722.9 million, respectively.

In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. The details of the activity was as follows:

The Multifamily segment includes Multifamily Venture Fund I (the "LMV I") and Multifamily Venture Fund II LP (the "LMV II"), which are long-term multifamily development investment vehicles involved in the development, construction and ownership of class-A multifamily rental properties. Details of each as of and during the year ended November 30, 2021 are included below:


	November 30, 2021
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	254,732	320,565
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,149,357		1,201,475
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	499,031		362,913
Lennar's remaining commitments	4,985		18,087
Distributions to Lennar during the year ended November 30, 2021	67,197		9,672


(In thousands)	November 30, 2021
Assets:	Homebuilding		Multifamily	Lennar Other	Total
Cash and cash equivalents	$	460,901	25,972	430,807	917,680
Loans receivable	—		—	65,971	65,971
Real estate owned	—		—	279,200	279,200
Investment securities	—		—	2,461,788	2,461,788
Investments in partnerships	—		—	346,042	346,042
Inventories	4,666,454		—	—	4,666,454
Operating properties and equipment	44,802		6,406,500	—	6,451,302
Other assets	1,044,771		111,750	219,680	1,376,201
	$	6,216,928	6,544,222	3,803,488	16,564,638
Liabilities and equity:
Accounts payable and other liabilities	$	904,078	240,928	179,879	1,324,885

Debt (1)	1,216,721		3,407,362	399,632	5,023,715
Equity	4,096,129		2,895,932	3,223,977	10,216,038
	$	6,216,928	6,544,222	3,803,488	16,564,638
Investments in unconsolidated entities	$	972,084	654,029	346,270	1,972,383


(In thousands)	November 30, 2020
Assets:	Homebuilding		Multifamily	Lennar Other	Total
Cash and cash equivalents	$	546,013	94,801	284,517	814,222
Loans receivable	—		—	95,281	95,281
Real estate owned	—		—	295,391	295,391
Investment securities	—		—	2,169,480	2,093,766
Investments in partnerships	—		—	260,721	260,721
Inventories	4,527,371		—	—	4,527,371
Operating properties and equipment	148,020		5,392,681	23,968	5,564,669
Other assets	862,875		115,968	1,263,881	2,077,942
	$	6,084,279	5,603,450	4,393,239	15,729,363
Liabilities and equity:
Accounts payable and other liabilities	$	866,812	219,522	190,384	1,117,447

Debt (1)	1,085,639		2,519,567	292,313	3,897,519
Equity	4,131,828		2,864,361	3,910,542	10,714,397
	$	6,084,279	5,603,450	4,393,239	15,729,363
Investments in unconsolidated entities	$	953,177	724,647	387,097	2,064,921

(1)Debt noted above is net of debt issuance costs. As of November 30, 2021 and 2020 this includes $11.9 million and $11.8 million, respectively, for Homebuilding, $23.4 million and $31.1 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other.


(In thousands)
Statement of Operations Years Ended:	Revenues		Cost and expenses	Other income (expense), net (1)	Net earnings (loss) of unconsolidated entities	Equity in earnings (loss) from unconsolidated entities
November 30, 2021	$	1,383,266	1,448,775	187,625	122,116	48,993
November 30, 2020	1,362,686		1,221,873	(244,680)	(103,867)	(13,939)
November 30, 2019	782,712		774,550	347,018	355,180	13,393