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Investments in Unconsolidated Entities (Tables) | 6 Months Ended
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May 31, 2024
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, 2024 |  | November 30, 2023
Investments in unconsolidated entities (1) (2) |  | $ | 1,263,905 |  |  | 1,143,909 |
Underlying equity in unconsolidated entities' net assets (1) |  | 1,573,738 |  |  | 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 May 31, 2024 and November 30, 2023, the carrying amount of the Company's investment was $448.1 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 |  | Six Months Ended
(In thousands) | May 31, 2024 |  | May 31, 2023 |  | May 31, 2024 |  | May 31, 2023
General contractor services, net of deferrals | $ | 84,434 |  |  | 128,371 |  |  | 186,070 |  |  | 253,773 |
General contractor costs | 79,995 |  |  | 122,064 |  |  | 175,684 |  |  | 242,797 |
Management fee income, net of deferrals | 13,669 |  |  | 17,494 |  |  | 29,710 |  |  | 35,615 |
Details of LMV I and LMV II as of and during the six months ended May 31, 2024 are included below:
| May 31, 2024
(In thousands) | LMV I |  | LMV II
Lennar's carrying value of investments | $ | 162,904 |  |  | 255,908 |
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, 2024 | 7,245 |  |  | 208 |
(1)While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
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