Investments in Unconsolidated Entities (Tables)

3 Months Ended

Feb. 28, 2023

Equity Method Investments and Joint Ventures [Abstract]

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



(In thousands)	February 28, 2023		November 30, 2022
Investments in unconsolidated entities (1) (2)	$	1,178,802	1,173,164
Underlying equity in unconsolidated entities' net assets (1)	1,524,006		1,504,315

(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.

(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of February 28, 2023 and November 30, 2022, the carrying amount of the Company's investment was $395.3 million and $382.9 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 were as follows:


	Three Months Ended
	February 28,
(In thousands)	2023		2022

General contractor services, net of deferrals	$	125,402	117,263
General contractor costs	120,733		113,233
Land sales to joint ventures	—		131,553
Management fee income, net of deferrals	18,121		13,127

The Multifamily segment includes Multifamily Venture Fund I ("LMV I"), Multifamily Venture Fund II LP ("LMV II") and Canada Pension Plan Investments Fund (the "Fund"), which are long-term multifamily development investment vehicles

involved in the development, construction and property management of class-A multifamily assets. The Multifamily segment completed the initial closing of the Fund. The Multifamily segment expects the Fund to have almost $1 billion in equity and Lennar's ownership percentage in the Fund is 4%. The Company currently has a $20.3 million investment in the Fund. Additional dollars will be committed as opportunities are identified by the Fund

Details of LMV I and LMV II as of and during the three months ended February 28, 2023 are included below:


	February 28, 2023
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	211,275	290,766
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,154,328		1,141,649
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	500,381		366,804
Lennar's remaining commitments (1)	3,635		14,196
Distributions to Lennar during the three months ended February 28, 2023	—		—

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