Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 19

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 1
Chunk 19
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36,371 (23,521)1,036 Lennar Other realized and unrealized gains from technology investments (1)$99,223 39,123 7,280 12,472 

(1)During the nine months ended August 31, 2025, the Company generated $44.7 million of cash and realized a loss of $25.9 million on the sale of its shares in Blend Labs, Hippo, SmartRent, Sonder and Sunnova.

(4)Investments in Unconsolidated Entities

Homebuilding Unconsolidated EntitiesThe investments in the Company's Homebuilding unconsolidated entities were as follows:(In thousands)At August 31, 2025At November 30, 2024Investments in unconsolidated entities (1) (2)$2,648,329 1,344,836 Underlying equity in unconsolidated entities' net assets (1) (2)2,895,562 1,636,307 (1)The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in FivePoint. (2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of August 31, 2025 and November 30, 2024, the carrying amount of the Company's investment was $559.3 million and $470.8 million, respectively. Additionally, included is the carrying value of approximately 20% of the total outstanding shares of Millrose common stock, which was $1.2 billion as of August 31, 2025. The Company has determined that Millrose is a VIE, but the Company is not the primary beneficiary. The Company uses the equity method of accounting for its 20% investment in Millrose. The Company expects to dispose of the remaining 20% through a split-off, a stock sale or another transaction.As of August 31, 2025 and November 30, 2024, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $499.8 million and $287.0 million, respectively.The Company has an immaterial amount of recourse exposure to debt of the Homebuilding unconsolidated entities in which it has investments. While the Company sometimes guarantees debt of unconsolidated entities