Investments in Unconsolidated Entities (Tables)

6 Months Ended

May 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

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



(In thousands)	May 31, 2023		November 30, 2022
Investments in unconsolidated entities (1) (2)	$	1,137,189	1,173,164
Underlying equity in unconsolidated entities' net assets (1)	1,501,303		1,504,315

(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 May 31, 2023 and November 30, 2022, the carrying amount of the Company's investment was $391.4 million and $382.9 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. Each Multifamily real estate investment trust has unilateral decision making rights related to development activities through its board of directors. 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			Six Months Ended
	May 31,			May 31,
(In thousands)	2023		2022	2023	2022

General contractor services, net of deferrals	$	128,371	125,606	253,773	242,869
General contractor costs	122,064		118,802	242,797	232,035
Land sales to joint ventures	—		16,207	—	147,760
Management fee income, net of deferrals	17,494		16,327	35,615	29,454

Details of LMV I and LMV II as of and during the six months ended May 31, 2023 are included below:


	May 31, 2023
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	204,631	282,347
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,154,328		1,218,619
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	500,381		368,170
Lennar's remaining commitments (1)	3,635		12,830
Distributions to Lennar during the six months ended May 31, 2023	—		—

(1)While there are remaining commitments with LMV I, there are no plans for additional capital calls.