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 earnings (losses) from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings (losses) resulting from land sales to the Company's 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 $1.3 billion and $1.4 billion as of November 30, 2024 and 2023, respectively, of which the Company's maximum recourse exposure was $44.2 million and $42.1 million as of November 30, 2024 and 2023, 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, 2024 and 2023, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $287.0 million and $316.5 million, respectively.

The Company has an immaterial amount of recourse exposure to debt of the Homebuilding unconsolidated entities in which it has investments. While the Company sometimes guarantees debt of unconsolidated entities, in most instances the Company's partners have also guaranteed that debt and are required to contribute their shares of any payments. In most instances, the amount of guaranteed debt of an unconsolidated entity is less than value of the collateral securing it.

As of both November 30, 2024 and 2023, the fair values of the repayment guarantees, maintenance guarantees and completion guarantees were not material. The Company believes that as of November 30, 2024, 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).

The Upward America Ventures LP ("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 could raise equity commitments totaling $1.0 billion. The commitments are primarily from institutional investors, including $78 million committed by Lennar. As of November 30, 2024 and 2023, the carrying amount of the Company's investment in Upward America was $20.8 million and $14.8 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 the Multifamily unconsolidated joint ventures, the Company (or entities related to them) has 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, 2024 and 2023, the fair value of the completion guarantees was immaterial. As of November 30, 2024 and 2023, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $907.8 million and $1.4 billion, respectively. The decrease in the non-recourse debt with completion guarantees was due to completion of projects and sale of rental operation projects in Multifamily Venture Fund I.

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:

The Multifamily segment includes managing and investing in Multifamily Venture Fund I ("LMV I"), Multifamily Venture Fund II LP ("LMV II") and Canada Pension Plan Investments Fund (the "CPPIB 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 closing of the CPPIB Fund. The Multifamily segment expects the CPPIB Fund to have almost $1.0 billion in equity and Lennar's ownership percentage in the CPPIB Fund is 4%. As of November 30, 2024, the Company has a $26.5 million investment in the CPPIB Fund. Additional dollars will be committed as opportunities are identified by the CPPIB Fund.



(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	126,784	228,496
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	199,519		12,820

As of November 30, 2023, there were 38 rental operation projects in LMV I. During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell 38 rental operation projects of LMV I as the fund has come to the end of its contractual life. During the year ended November 30, 2024, 33 LMV I rental operation projects were sold to various third-party buyers. The Company recognized a net gain of $211.5 million on the sale of these rental operations projects which was recorded as equity in earnings (losses) in the condensed consolidated statement of operations. As a result, the Company received net cash distributions of $199.5 million.

Lennar Other's unconsolidated entities include 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 totaled $140.1 million and $148.7 million as of November 30, 2024 and November 30, 2023, 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 with a carrying value of $239.3 million and $127.5 million, as of November 30, 2024 and November 30, 2023, respectively. During the year ended November 30, 2024, there was a $46.5 million one-time realized gain in Lennar Other on the sale of a technology investment that was included in other income (expense), net and other gains (losses) on the Company's consolidated statements of operations and comprehensive income (loss).

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 $2.2 billion and $2.0 billion as of November 30, 2024 and 2023, respectively. Financial information relating to the Company’s unconsolidated entities was as follows:


Balance Sheets
(In thousands)	At November 30, 2024
Assets:	Homebuilding		Multifamily	Lennar Other	Total
Cash and cash equivalents	$	410,948	323,389	95,735	830,072
Loans receivable	—		—	11,884	11,884
Real estate owned	—		—	50,621	50,621
Investment securities	—		—	2,102,204	2,102,204
Investments in partnerships	—		—	94,183	94,183
Inventories	5,501,970		—	—	5,501,970
Operating properties and equipment	37,516		4,988,704	—	5,026,220
Other assets	1,282,274		821,201	102,879	2,206,354
	$	7,232,708	6,133,294	2,457,506	15,823,508
Liabilities and equity:
Accounts payable and other liabilities	$	979,910	140,000	114,244	1,234,154

Debt (1)	1,318,759		2,905,913	295,825	4,520,497
Equity	4,934,039		3,087,381	2,047,437	10,068,857
	$	7,232,708	6,133,294	2,457,506	15,823,508


(In thousands)	At 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



Statements of Operations (In thousands) Years Ended:	Revenues		Costs and expenses	Other income (expense), net (1)	Net earnings (losses) of unconsolidated entities	Equity in earnings (losses) from unconsolidated entities
November 30, 2024	$	1,719,012	1,841,128	608,145	486,029	164,099
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)