Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 126

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 8
Chunk 126
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 non-recourse liabilities are disclosed in the footnote to the condensed consolidated balance sheets.A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes or other debt payable. The assets held by a VIE are usually collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with VIE’s lenders. Other than debt guarantee agreements with VIE’s lenders, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts, but that would require forfeiture of deposits and pre-acquisition costs.

26

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

Unconsolidated VIEsThe Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows:At August 31, 2025At November 30, 2024(In thousands)Investments inUnconsolidated VIEsLennar’s MaximumExposure to LossInvestments inUnconsolidated VIEsLennar’s MaximumExposure to LossHomebuilding (1)$1,971,692 2,006,742 802,901 876,035 Multifamily (2)161,005 162,070 136,158 140,120 Financial Services (3)136,215 136,215 135,646 135,646 Lennar Other (4)110,728 110,728 119,258 119,258 $2,379,640 2,415,755 1,193,963 1,271,059 (1)As of August 31, 2025 and November 30, 2024, the Company's maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs. In addition, as of August 31, 2025 and November 30, 2024, there was recourse debt of VIEs