Investments in Unconsolidated Entities (Tables)

9 Months Ended

Aug. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

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



(In thousands)	August 31, 2024		November 30, 2023
Investments in unconsolidated entities (1) (2)	$	1,309,622	1,143,909
Underlying equity in unconsolidated entities' net assets (1)	1,604,403		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 August 31, 2024 and November 30, 2023, the carrying amount of the Company's investment was $466.1 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			Nine Months Ended

(In thousands)	August 31, 2024		August 31, 2023	August 31, 2024	August 31, 2023

General contractor services, net of deferrals	$	67,190	120,510	253,260	374,283
General contractor costs	63,774		114,371	239,458	357,168

Management fee income, net of deferrals	10,917		16,884	40,627	52,499

Details of LMV I and LMV II as of and during the nine months ended August 31, 2024 are included below:


	August 31, 2024
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	160,339	239,166
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	147,305		11,206

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