Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 54

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 1
Chunk 54
---
 Rialto investment and asset management platform, as well as strategic investments in technology companies that are looking to improve the homebuilding and financial services industries to better serve homebuyers and homeowners and increase efficiencies. At February 28, 2025 and November 30, 2024, we had $824.2 million and $894.9 million, respectively, of assets in our Lennar Other segment, which included investments in unconsolidated entities of $375.4 million and $379.4 million, respectively. The investments in equity securities of 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”) are carried at market and will therefore change depending on the market value of our shareholdings in those entities on the last day of each quarter. All of 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. Details of these investments are included within Note 3 of the Notes to Condensed Consolidated Financial Statements. The following is a detail of Lennar Other realized and unrealized gains (losses) from sales of shares and mark-to-market adjustments on our publicly traded 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, we realized a loss of $28.4 million on the sale of our shares in Blend Labs, SmartRent, Sonder and Sunnova and, as of February 28, 2025, have a small remaining interest in Sunnova.

(2) Financial Condition and Capital Resources

At February 28, 2025, we had cash and cash equivalents and restricted cash