Investments in Unconsolidated Entities (Tables)

9 Months Ended

Aug. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

The investments in the Company's Homebuilding unconsolidated entities were as follows:



(In thousands)	August 31, 2022		November 30, 2021
Investments in unconsolidated entities (1) (2)	$	1,174,498	972,084
Underlying equity in unconsolidated entities' net assets (1)	1,527,359		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.

(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of August 31, 2022 and November 30, 2021, the carrying amount of the Company's investment was $386.3 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 were as follows:


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
(In thousands)	2022		2021	2022	2021

General contractor services, net of deferrals	$	123,550	138,038	366,419	402,328
General contractor costs	118,738		137,860	350,773	391,096
Management fee income	17,514		13,822	46,968	42,881

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%. The Company currently has a $6.3 million investment in the Fund. Additional dollars will be committed as opportunities are identified by the Fund

Details of LMV I and LMV II as of and during the nine months ended August 31, 2022 are included below:


	August 31, 2022
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	217,163	299,111
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,151,474		1,207,610
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	499,724		364,801
Lennar's remaining commitments	4,292		16,199
Distributions to Lennar during the nine months ended August 31, 2022	25,576		12,555