Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 17

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 1
Chunk 17
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Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

The Company has/had investments in Blend Labs, Inc. (“Blend Labs”), Hippo Holdings, Inc. (“Hippo”), Opendoor Technologies, Inc. (“Opendoor”), SmartRent, Inc. (“SmartRent”), Sonder Holdings, Inc. (“Sonder”) and Sunnova Energy International, Inc. (“Sunnova”), which are held at market and the carrying value of which will therefore change depending on the value of the Company's shareholdings in those entities on the last day of each quarter. All the investments are accounted for as investments in equity securities which are held at fair value and the changes in fair values are recognized through earnings. The following is a detail of Lennar Other realized and unrealized losses from sales of shares and mark-to-market adjustments on the Company's technology investments:Three Months Ended(In thousands)February 28, 2025February 29, 2024Blend Labs (BLND)$(3,737)2,936 Hippo (HIPO)(12,890)16,449 Opendoor (OPEN)(18,786)1,315 SmartRent (SMRT)(4,483)(1,963)Sonder (SOND)(19)51 Sunnova (NOVA)(22,588)(23,925)Lennar Other realized and unrealized losses from technology investments (1)$(62,503)(5,137)(1)During the three months ended February 28, 2025, the Company realized a loss of $28.4 million on the sale of its shares in Blend Labs, SmartRent, Sonder and Sunnova and, as of February 28, 2025, has a small remaining interest in Sunnova.

(4)Investments in Unconsolidated Entities

Homebuilding Unconsolidated EntitiesThe investments in the Company's Homebuilding unconsolidated entities were as follows:(In thousands)February 28, 2025November 30, 2024Investments in unconsolidated entities (1) (2)$2,645,734 1,344,836 Underlying equity in unconsolidated entities' net assets (1) (2)2,911,139 1,636,307 (1)The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for