Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 22

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 1
Chunk 22
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2025, the Multifamily segment completed the closing of the Institutional JV. The Multifamily segment expects the Institutional JV to acquire certain portfolio assets and invest additional capital to support pipeline opportunities. The Company's ownership percentage in the Institutional JV is 10%. As of May 31, 2025, the Company has a $38.2 million investment in the Institutional JV. Additional dollars will be committed as opportunities are identified by the CPPIB Fund and the Institutional JV.Details of LMV I and LMV II are included below: May 31, 2025(In thousands)LMV ILMV IILennar's carrying value of investments$107,616 218,239 Equity commitments2,204,016 1,257,700 Equity commitments called2,154,328 1,218,619 Lennar's equity commitments504,016 381,000 Lennar's equity commitments called500,381 368,170 Lennar's remaining commitments (1)3,635 12,830 Distributions to Lennar during the six months ended May 31, 202519,690 770 (1)While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls. During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell all of its 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. During the six months ended May 31, 2025, two additional LMV I rental operation projects were sold to third-party buyers.

16

Lennar Corporation and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Lennar Other Unconsolidated EntitiesLennar 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 $132.9 million and $140.1 million as of May 31, 2025 and November 30, 2024, respectively. In addition, the Company is entitled to a portion of the carried interest distributions by those funds