Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 34

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 1
Chunk 34
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IEsLennar’s MaximumExposure to LossHomebuilding (1)$2,045,818 2,116,469 802,901 876,035 Multifamily (2)117,083 117,993 136,158 140,120 Financial Services (3)134,369 134,369 135,646 135,646 Lennar Other (4)118,775 118,775 119,258 119,258 $2,416,045 2,487,606 1,193,963 1,271,059 (1)As of February 28, 2025 and November 30, 2024, the Company's maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except with regard to the Company's remaining commitment to fund capital in Upward America of $20.2 million and $20.4 million, respectively. In addition, as of both February 28, 2025 and November 30, 2024, there was recourse debt of VIEs of $44.2 million. As of February 28, 2025, the increase in Homebuilding’s investment in VIEs was primarily due to the Company’s temporary 20% investment in the total outstanding shares of Millrose common stock, which was $1.2 billion. (2)As of February 28, 2025 and November 30, 2024, the Company's maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs.(3)As of both February 28, 2025 and November 30, 2024, the Company's maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and related to the Financial Services' CMBS investments held-to-maturity investments.(4)As of both February 28, 2025 and November 30, 2024, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs. The Company and its JV partners generally fund JVs as needed and in accordance with business plans to allow the entities to finance their activities. Because such JVs are expected to make future capital calls