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Investments in Unconsolidated Entities (Tables) | 6 Months Ended
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May 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Entities | The investments in the Company's Homebuilding unconsolidated entities were as follows:
(In thousands) |  | May 31, 2022 |  | November 30, 2021
Investments in unconsolidated entities (1) (2) |  | $ | 1,083,813 |  |  | 972,084 |
Underlying equity in unconsolidated entities' net assets (1) |  | 1,424,322 |  |  | 1,301,719 |
(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 May 31, 2022 and November 30, 2021, the carrying amount of the Company's investment was $389.8 million and $381.6 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:
| Three Months Ended |  | Six Months Ended
| May 31, |  | May 31,
(In thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
General contractor services, net of deferrals | $ | 125,606 |  |  | 148,891 |  |  | 242,869 |  |  | 264,290 |
General contractor costs | 118,802 |  |  | 142,783 |  |  | 232,035 |  |  | 253,236 |
Management fee income | 16,327 |  |  | 14,188 |  |  | 29,454 |  |  | 29,059 |
The Multifamily segment includes Multifamily Venture Fund I ("LMV I"), Multifamily Venture Fund II LP ("LMV II") and Canada Pension Plan Investments Fund (the "Fund"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. During the first quarter of 2022, the Multifamily segment completed the initial closing of the Fund. The Multifamily segment expects the Fund to have almost $1 billion in equity and Lennar's ownership percentage in the Fund is expected to be 4%. During the three months ended May 31, 2022, the Company received a return of capital of $11.4 million from the Fund. This resulted in the negative investment balance of $0.6 million as of May 31, 2022. Details of LMV I and LMV II as of and during the six months ended May 31, 2022 are included below:
| May 31, 2022
(In thousands) | LMV I |  | LMV II
Lennar's carrying value of investments | $ | 230,599 |  |  | 308,540 |
Equity commitments | 2,204,016 |  |  | 1,257,700 |
Equity commitments called | 2,151,149 |  |  | 1,206,115 |
Lennar's equity commitments | 504,016 |  |  | 381,000 |
Lennar's equity commitments called | 499,630 |  |  | 364,348 |
Lennar's remaining commitments | 4,386 |  |  | 16,652 |
Distributions to Lennar during the six months ended May 31, 2022 | 18,934 |  |  | 6,279 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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