(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of November 30, 2023 and 2022, the carrying amount of the Company's investment was $422.2 million and $382.9 million, respectively.

The Company’s partners generally are unrelated homebuilders, land owners/developers and financial or other strategic partners. The unconsolidated entities follow accounting principles that are in all material respects the same as those used by the Company. The Company shares in the profits and losses of these unconsolidated entities generally in accordance with its ownership interests. In many instances, the Company is appointed as the day-to-day manager under the direction of a management committee that has shared powers among the partners of the unconsolidated entities and the Company receives management fees and/or reimbursement of expenses for performing this function. The Company and/or its partners sometimes obtain options or enter into other arrangements under which the Company can purchase portions of the land held by the unconsolidated entities. Option prices are generally negotiated prices that approximate fair value when the Company receives the options. The details of the activity was as follows:

(1)The Company does not include in its Homebuilding equity in loss from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings resulting from land sales to its homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer.

The total debt of the Homebuilding unconsolidated entities in which the Company has investments was $1.4 billion as of both November 30, 2023 and 2022, of which the Company's maximum recourse exposure was $42.1 million and $9.1 million as of November 30, 2023 and 2022, respectively. In most instances in which the Company has guaranteed debt of an unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. The maintenance

guarantees only apply if the value of the collateral (generally land and improvements) is less than a specified percentage of the loan balance. The Company would be required to make a payment under a maintenance guarantee to bring the value of the collateral above the specified percentage of the loan balance. In a completion guarantee, the Company and its venture partners have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. As of November 30, 2023 and 2022, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $316.5 million and $333.6 million, respectively.

If the Company is required to make a payment under any guarantee, the payment would generally constitute a capital contribution or loan to the Homebuilding unconsolidated entity and increase the Company's investment in the unconsolidated entity and its share of any funds the entity distributes.

As of both November 30, 2023 and 2022, the fair values of the repayment guarantees, maintenance guarantees and completion guarantees were not material. The Company believes that as of November 30, 2023, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 4 of the Notes to Consolidated Financial Statements).

Upward America is an investment fund that acquires new single-family homes in high growth markets across the United States and rents them to the people who will live in them. Upward America has raised equity commitments totaling $1.6 billion. The commitments are primarily from institutional investors, including $125 million committed by Lennar. During the year ended November 30, 2023, Lennar delivered 558 homes to Upward America. As of November 30, 2023 and 2022, the carrying amount of the Company's investment in Upward America was $14.8 million and $37.7 million, respectively.

The unconsolidated joint ventures in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the bank loans to Multifamily unconsolidated joint ventures, the Company (or entities related to them) have been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both November 30, 2023 and 2022, the fair value of the completion guarantees was immaterial. As of November 30, 2023 and 2022, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.4 billion and $1.0 billion, 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 has unilateral decision making rights related to development activities through its board of directors. 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:


	Years Ended November 30,
(In thousands)	2023		2022	2021
General contractor services, net of deferrals	$	494,630	498,142	549,400
General contractor costs	471,676		478,620	533,398
Land sales to joint ventures	—		237,477	15,105
Management fee income, net of deferrals	67,901		63,823	56,573

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 $1.0 billion in equity and Lennar's ownership percentage in the Fund is 4%. As of November 30, 2023, the Company has a $21.9 million investment in the Fund. Additional dollars will be committed as opportunities are identified by the Fund.



(In thousands)	LMV I		LMV II
Lennar's carrying value of investment	$	193,829	267,874
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 year ended November 30, 2023	—		—

Lennar Other's unconsolidated entities includes fund investments the Company retained when it sold the Rialto assets and investment management platform in 2018, as well as strategic investments in technology companies and investment funds. The Company's investment in the Rialto funds and investment vehicles totaled $148.7 million and $185.1 million as of November 30, 2023 and November 30, 2022, respectively. In addition, the Company is entitled to a portion of the carried interest distributions by those funds. The Company also had strategic technology investments in unconsolidated entities and investment funds of $127.5 million and $131.5 million, as of November 30, 2023 and November 30, 2022, respectively.

Summarized condensed financial information on a combined 100% basis related to the Company's unconsolidated entities that are accounted for under the equity method, of which the Company's investments in unconsolidated entities were $2.0 billion and $2.1 billion as of November 30, 2023 and 2022, respectively. Financial information relating to the Company’s unconsolidated entities was as follows:


(In thousands)	November 30, 2023
Assets:	Homebuilding		Multifamily	Lennar Other	Total
Cash and cash equivalents	$	460,851	67,755	121,110	649,716
Loans receivable	—		—	27,102	27,102
Real estate owned	—		—	102,398	102,398
Investment securities	—		—	2,267,270	2,267,270
Investments in partnerships	—		—	108,532	108,532
Inventories	5,267,619		—	—	5,267,619
Operating properties and equipment	33,151		7,528,024	—	7,561,175
Other assets	1,223,438		861,321	169,858	2,254,617
	$	6,985,059	8,457,100	2,796,270	18,238,429
Liabilities and equity:
Accounts payable and other liabilities	$	782,802	253,531	146,593	1,182,926

Debt (1)	1,412,958		4,890,267	332,124	6,635,349
Equity	4,789,299		3,313,302	2,317,553	10,420,154
	$	6,985,059	8,457,100	2,796,270	18,238,429


(In thousands)	November 30, 2022
Assets:	Homebuilding		Multifamily	Lennar Other	Total
Cash and cash equivalents	$	366,276	53,121	413,698	833,095
Loans receivable	—		—	25,045	25,045
Real estate owned	—		—	213,103	213,103
Investment securities	—		—	2,543,715	2,543,715
Investments in partnerships	—		—	165,599	165,599
Inventories	5,391,285		1,000	—	5,392,285
Operating properties and equipment	56,687		7,090,294	—	7,146,981
Other assets	1,378,156		523,152	223,821	2,125,129
	$	7,192,404	7,667,567	3,584,981	18,444,952
Liabilities and equity:
Accounts payable and other liabilities	$	994,603	245,266	170,649	1,410,518

Debt (1)	1,383,302		4,318,774	333,317	6,035,393
Equity	4,814,499		3,103,527	3,081,015	10,999,041
	$	7,192,404	7,667,567	3,584,981	18,444,952

(1)Debt noted above is net of debt issuance costs. As of November 30, 2023 and 2022, this includes $13.0 million and $18.4 million, respectively, for Homebuilding, $19.5 million and $26.4 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other.


(In thousands)
Statement of Operations Years Ended:	Revenues		Cost and expenses	Other income (expense), net (1)	Net earnings (loss) of unconsolidated entities	Equity in earnings (loss) from unconsolidated entities
November 30, 2023	$	1,857,757	2,160,564	(563,222)	(866,029)	(144,610)
November 30, 2022	1,747,336		1,695,272	197,056	249,120	(36,302)
November 30, 2021	1,383,266		1,448,775	187,625	122,116	48,993