Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 22

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 1
Chunk 22
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PIB 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. During the nine months ended August 31, 2025, two additional LMV I rental operation projects were sold to third-party buyers.

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

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