Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 193

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 2
Chunk 193
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 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 losses from sales of shares and mark-to-market adjustments on our publicly traded technology investments:

Three Months EndedSix Months EndedMay 31,May 31,(In thousands)2025202420252024Blend Labs (BLND)$— 715 (3,737)3,651 Hippo (HIPO)(15,462)10,737 (28,352)27,186 Opendoor (OPEN)(12,921)(16,907)(31,707)(15,592)SmartRent (SMRT)— (4,609)(4,483)(6,572)Sonder (SOND)— (40)(19)11 Sunnova (NOVA)(1,057)(11,410)(23,645)(35,335)Lennar Other realized and unrealized losses from technology investments (1)$(29,440)(21,514)(91,943)(26,651)

(1)During the six months ended May 31, 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 May 31, 2025, have a small remaining interest in Sunnova.

(2) Financial Condition and Capital Resources

At May 31, 2025, we had cash and cash equivalents and restricted cash related to our homebuilding, financial services, multifamily and other operations of $1.5 billion, compared to $5.0 billion at November 30, 2024 and $3.9 billion at May 31, 2024.

We finance all of our activities, including homebuilding, financial services, multifamily, other and general operating needs, primarily with cash generated from our operations, debt issuances and cash borrowed under our warehouse lines of credit and our unsecured revolving credit facility (the “Credit Facility”). At May 31, 2025, we had $1.2 billion of homebuilding cash and cash equivalents and ended the second quarter with a total liquidity of