Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 154

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 7
Chunk 154
---
ifamily segment also had a pipeline of potential future projects, which were under contract or had letters of intent, totaling approximately $6.5 billion in anticipated development costs across a number of states that will be developed primarily by unconsolidated entities.

34

Lennar Other Segment

Our Lennar Other segment includes fund investments we retained subsequent to our sale of the 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. As of November 30, 2024 and 2023, our balance sheet had $894.9 million and $657.9 million, respectively, of assets in the Lennar Other segment, which included investments in unconsolidated entities of $379.4 million and $276.2 million, respectively. We have 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 fair value of our 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 unrealized gains (losses) from mark-to-market adjustments on our technology investments: 

Years Ended November 30,(In thousands)20242023Blend Labs (BLND)$9,474 (130)Hippo (HIPO)73,243 (19,210)Opendoor (OPEN)(12,587)21,762 SmartRent (SMRT)(11,609)5,914 Sonder (SOND)15 (700)Sunnova (NOVA)(33,356)(57,798)Lennar Other unrealized gains (losses) from technology investments$25,180 (50,162)

At November 30, 2024 and 2023, Lennar Other owned CMBS with carrying values of $40.6 million and $38.0 million, respectively. These securities were purchased at discount rates ranging from 33% to 55