Investments in Unconsolidated Entities (Tables)

3 Months Ended

Feb. 29, 2024

Equity Method Investments and Joint Ventures [Abstract]

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



(In thousands)	February 29, 2024		November 30, 2023
Investments in unconsolidated entities (1) (2)	$	1,206,564	1,143,909
Underlying equity in unconsolidated entities' net assets (1)	1,473,819		1,436,239

(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 FivePoint.

(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of February 29, 2024 and November 30, 2023, the carrying amount of the Company's investment was $444.5 million and $422.2 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, JV and fund has unilateral decision making rights related to development and other sales activity through its executive committee or asset management committee. 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. In some situations, the Multifamily segment sells land to various joint ventures and funds. The details of the activity were as follows:


	Three Months Ended

(In thousands)	February 29, 2024		February 28, 2023

General contractor services, net of deferrals	$	101,635	125,402
General contractor costs	95,688		120,733

Management fee income, net of deferrals	16,042		18,121

Details of LMV I and LMV II as of and during the three months ended February 29, 2024 are included below:


	February 29, 2024
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	185,262	261,305
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 three months ended February 29, 2024	—		208

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