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Investments in Unconsolidated Entities (Tables) | 6 Months Ended
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May 31, 2025
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) |  | At May 31, 2025 |  | At November 30, 2024
Investments in unconsolidated entities (1) (2) |  | $ | 2,699,981 |  |  | 1,344,836 |
Underlying equity in unconsolidated entities' net assets (1) (2) |  | 2,952,717 |  |  | 1,636,307 |
(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, 2025 and November 30, 2024, the carrying amount of the Company's investment was $554.9 million and $470.8 million, respectively. Additionally, included is the carrying value of approximately 20% of the total outstanding shares of Millrose common stock, which was $1.2 billion as of May 31, 2025. The Company has determined that Millrose is a VIE, but it is not the primary beneficiary. The Company uses the equity method of accounting for its 20% investment in Millrose. The Company expects to dispose of the remaining 20% in a subsequent spin-off, split-off, public offering, private sale or any combination of these potential transactions later in the year. 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 May 31, |  | Six Months Ended May 31,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
General contractor services, net of deferrals | $ | 28,264 |  |  | 84,434 |  |  | 58,714 |  |  | 186,070 |
General contractor costs | 27,586 |  |  | 79,995 |  |  | 55,900 |  |  | 175,684 |
Land sales to joint ventures | 145,118 |  |  | — |  |  | 162,447 |  |  | 12,000 |
Management fee income, net of deferrals | 6,436 |  |  | 13,669 |  |  | 13,377 |  |  | 29,710 |
Details of LMV I and LMV II are included below:
| May 31, 2025
(In thousands) | LMV I |  | LMV II
Lennar's carrying value of investments | $ | 107,616 |  |  | 218,239 |
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, 2025 | 19,690 |  |  | 770 |
(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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