Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 108

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 8
Chunk 108
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 10,917 18,503 40,627 The Multifamily segment includes managing and investing in Multifamily Venture Fund I LP (“LMV I”), Multifamily Venture Fund II LP (“LMV II”), Canada Pension Plan Investments Fund (the “CPPIB Fund”) and a new joint venture with an institutional investor (the “Institutional JV”), which are long-term multifamily development investment vehicles involved in the development and construction of class-A multifamily assets. The Multifamily segment expects the CPPIB Fund to have almost $1.0 billion in equity and Lennar's ownership percentage in the CPPIB Fund is 4%. As of August 31, 2025, the Company has a $28.0 million investment in the CPPIB Fund. During the nine months ended August 31, 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 August 31, 2025, the Company holds a $41.9 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: August 31, 2025(In thousands)LMV ILMV IILennar's carrying value of investments$107,907 215,927 Equity commitments2,204,016 1,257,700 Equity commitments called2,154,328 1,229,585 Lennar's equity commitments504,016 381,000 Lennar's equity commitments called500,381 371,492 Lennar's remaining commitments (1)3,635 9,508 Distributions to Lennar during the nine months ended August 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 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.