At November 30, 2015 and 2014, the Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows:



November 30, 2015
(In thousands)	Investments in Unconsolidated VIEs		Lennar’s Maximum Exposure to Loss
Lennar Homebuilding (1)	$	102,706	111,215
Rialto (2)	25,625		25,625
Lennar Multifamily (3)	177,359		586,842
	$	305,690	723,682



November 30, 2014
(In thousands)	Investments in Unconsolidated VIEs		Lennar’s Maximum Exposure to Loss
Lennar Homebuilding (1)	$	124,311	194,321
Rialto (2)	17,290		17,290
Lennar Multifamily (3)	41,600		65,810
	$	183,201	277,421

(1)

At November 30, 2015 and 2014, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $8.3 million and $70.0 million, respectively, remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. During the year ended November 30, 2015, the remaining commitment was reduced by $61.7 million as the unconsolidated entity obtained financing. In addition, during the year ended November 30, 2015, the Company bought out the partner of one of its unconsolidated entities for approximately $10 million of which $7 million was paid in cash and the remainder was financed with a short-term note. As a result, the Company's $70 million investment in the unconsolidated entity was reclassified primarily to inventory. These transactions reduced Lennar's maximum recourse exposure.


(2)	At both November 30, 2015 and 2014, the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated entities. At November 30, 2015 and 2014, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $25.6 million and $17.3 million, respectively, related to Rialto’s investments held-to-maturity.

(3)

As of November 30, 2015, the remaining equity commitment of $378.3 million to fund the Venture for future expenditures related to the construction and development of the projects is included in Lennar's maximum exposure to loss. In addition, at November 30, 2015 and 2014, the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $30.0 million and $23.4 million, respectively, of letters of credit outstanding for certain of the unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements.