Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 47

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 8
Chunk 47
---
 CPPIB Fund to have almost $1.0 billion in equity and Lennar's ownership percentage in the CPPIB Fund is 4%. As of November 30, 2024, the Company has a $26.5 million investment in the CPPIB Fund. Additional dollars will be committed as opportunities are identified by the CPPIB Fund. Details of LMV I and LMV II as of and during the year ended November 30, 2024 are included below: (In thousands)LMV ILMV IILennar's carrying value of investments$126,784 228,496 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 Lennar199,519 12,820 (1)While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls. As of November 30, 2023, there were 38 rental operation projects in LMV I. During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell 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. The Company recognized a net gain of $211.5 million on the sale of these rental operations projects which was recorded as equity in earnings (losses) in the condensed consolidated statement of operations. As a result, the Company received net cash distributions of $199.5 million.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 $140.1 million and $148.7 million as of November 30, 2024 and November 30, 2023, respectively. In addition, the Company is entitled to a portion of the carried interest distributions by those funds. The Company also had