Investments in Unconsolidated Entities (Tables)

3 Months Ended

Feb. 28, 2022

Equity Method Investments and Joint Ventures [Abstract]

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



(In thousands)	February 28, 2022		November 30, 2021
Investments in unconsolidated entities (1) (2)	$	1,066,256	972,084
Underlying equity in unconsolidated entities' net assets (1)	1,405,719		1,301,719

(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 the FivePoint entity and deferring equity in earnings on land sales to the Company.

(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of February 28, 2022 and November 30, 2021, the carrying amount of the Company's investment was $376.6 million and $381.6 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. 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. The details of the activity was as follows:


	Three Months Ended
	February 28,
(In thousands)	2022		2021

General contractor services, net of deferrals	$	117,263	115,399
General contractor costs	113,233		110,453
Management fee income	13,127		14,871

The Multifamily segment includes Multifamily Venture Fund I ("LMV I") and Multifamily Venture Fund II LP ("LMV II"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. Details of each as of and during the three months ended February 28, 2022 are included below:


	February 28, 2022
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	244,454	316,728
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,150,135		1,204,235
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	499,216		363,749
Lennar's remaining commitments	4,800		17,251
Distributions to Lennar during the three months ended February 28, 2022	8,732		3,735