Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 165

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 8
Chunk 165
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 JV, which are long-term multifamily development investment vehicles involved in the development and construction of class-A multifamily assets. Details of each fund as of and during the six months ended May 31, 2025 are included in Note 4 of the Notes to Condensed Consolidated Financial Statements.

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The following table summarizes the principal maturities of our Multifamily unconsolidated entities debt as per current debt arrangements as of May 31, 2025. It does not represent estimates of future cash payments that will be made to reduce debt balances.

Principal Maturities of Unconsolidated JVs by Period(In thousands)Total JV Debt202520262027ThereafterOtherDebt without recourse to Lennar$2,449,245 221,597 1,134,528 777,565 315,555 — Debt issuance costs(21,190)— — — — (21,190)Total$2,428,055 221,597 1,134,528 777,565 315,555 (21,190)

Lennar Other: Investments in Unconsolidated Entities

As part of the sale of the Rialto investment and asset management platform, we retained the right to receive a portion of payments with regard to carried interests if certain funds meet specified performance thresholds. We periodically receive advance distributions related to the carried interests in order to cover income tax obligations resulting from allocations of taxable income to the carried interests. These distributions are not subject to clawbacks but reduce future carried interest payments to which we become entitled from the applicable funds and are recorded as equity in earnings (losses) in the condensed consolidated statement of operations. Our investment in the Rialto funds totaled $132.9 million and $140.1 million as of May 31, 2025 and November 30, 2024, respectively. 

As of May 31, 2025 and November 30, 2024, we had strategic technology investments in unconsolidated entities of $235.1 million and $239.3 million, respectively, accounted for under the equity method of accounting. Our strategic technology investments through our LENX business help to enhance the homebuying and homeownership experience, and are an important part of our focus on using technology to reduce costs. Details regarding these investments are included in Note 4 of the Notes to Condensed Consolidated Financial Statements.

Option Contracts

We often obtain access to land through option