Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 63

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 8
Chunk 63
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 an obligation to make capital contributions to a VIE, other than as a result of capital calls in accordance with business plans, unless the Company and/or the other partner(s) have entered into debt guarantees with the VIE’s 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.

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Table of ContentsLENNAR CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Unconsolidated VIEsThe Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows:At November 30,20242023(In thousands)Investments in Unconsolidated VIEsLennar’s Maximum Exposure to LossInvestments inUnconsolidatedVIEsLennar’s Maximum Exposure to LossHomebuilding (1)$802,901 876,035 659,224 787,226 Multifamily (2)136,158 140,120 384,718 402,735 Financial Services (3)135,646 135,646 140,676 140,676 Lennar Other (4)119,258 119,258 56,009 56,009 $1,193,963 1,271,059 1,240,627 1,386,646 (1)As of November 30, 2024 and 2023, 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 $20.4 million and $69.8 million, respectively. In addition, as of November 30, 2024 and 2023, there was recourse debt of VIEs of $44.2 million and $42.1 million, respectively.(2)As of November 30, 2024 and 2023, the Company's maximum exposure to loss of Multifamily's investments in uncons