Investments in Unconsolidated Entities (Tables)

6 Months Ended

May 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

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

(In thousands)	At May 31, 2026		At November 30, 2025
Investments in unconsolidated entities (1) (2)	$	1,478,719	1,545,370
Underlying equity in unconsolidated entities' net assets (1) (2)	1,768,675		1,790,697

(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 FivePoint.

(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of May 31, 2026 and November 30, 2025, the carrying amount of the Company's investment was $602.8 million and $585.2 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. 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:

	Three Months Ended May 31,			Six Months Ended May 31,
(In thousands)	2026		2025	2026	2025
General contractor services, net of deferrals	$	40,896	28,264	94,139	58,714
General contractor costs	41,191		27,586	93,071	55,900
Land sales to joint ventures	20,185		145,118	46,585	162,447
Management fee income, net of deferrals	2,468		6,436	5,311	13,377

Details of LMV I and LMV II are included below:

	At May 31, 2026
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	69,706	184,619
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,154,328		1,229,585
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	500,381		371,492
Lennar's remaining commitments (1)	3,635		9,508
Distributions to Lennar during the six months ended May 31, 2026	37,083		57,537

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