Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 40

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 1
Chunk 40
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 lenders. Other than debt guarantee agreements with VIE’s lenders, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts, but that would require forfeiture of deposits and pre-acquisition costs.

26

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

Unconsolidated VIEsThe Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows:At August 31, 2025At November 30, 2024(In thousands)Investments inUnconsolidated VIEsLennar’s MaximumExposure to LossInvestments inUnconsolidated VIEsLennar’s MaximumExposure to LossHomebuilding (1)$1,971,692 2,006,742 802,901 876,035 Multifamily (2)161,005 162,070 136,158 140,120 Financial Services (3)136,215 136,215 135,646 135,646 Lennar Other (4)110,728 110,728 119,258 119,258 $2,379,640 2,415,755 1,193,963 1,271,059 (1)As of August 31, 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. In addition, as of August 31, 2025 and November 30, 2024, there was recourse debt of VIEs of $31.4 million and $44.2 million, respectively. As of August 31, 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 both August 31, 2025 and November 30, 2024, the Company's maximum exposure to loss of Multifamily's investments in unconsolidated