Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 39

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 1
Chunk 39
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 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.Unconsolidated VIEsThe Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows:At May 31, 2025At November 30, 2024(In thousands)Investments inUnconsolidated VIEsLennar’s MaximumExposure to LossInvestments inUnconsolidated VIEsLennar’s MaximumExposure to LossHomebuilding (1)$2,059,107 2,123,473 802,901 876,035 Multifamily (2)156,428 157,137 136,158 140,120 Financial Services (3)137,086 137,086 135,646 135,646 Lennar Other (4)112,974 112,974 119,258 119,258 $2,465,595 2,530,670 1,193,963 1,271,059 (1)As of May 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, 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 May 31, 2025 and November 30, 2024, there was recourse debt of VIEs of $33.9 million and $44.2 million, respectively. As of May 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 May 31, 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