Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 154

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 8
Chunk 154
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, two additional LMV I rental operation projects were sold to third-party buyers.

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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. At August 31, 2025 and November 30, 2024, we had $844.6 million and $894.9 million, respectively, of assets in our Lennar Other segment, which included investments in unconsolidated entities of $372.3 million and $379.4 million, respectively. We have/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 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 from sales of shares and mark-to-market adjustments on our publicly traded technology investments:

Three Months EndedNine Months EndedAugust 31,August 31,(In thousands)2025202420252024Blend Labs (BLND)$— 2,270 (3,737)5,921 Hippo (HIPO)27,754 6,609 (598)33,795 Opendoor (OPEN)71,345 (564)39,638 (16,156)SmartRent (SMRT)— (5,634)(4,483)(12,206)Sonder (SOND)— 71 (19)82 Sunnova (NOVA)124 36,371 (23,521)1,036 Lennar Other realized and unrealized gains from technology investments (1)$99,223 39,123 7,280 12,472