Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 68

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 1
Chunk 68
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 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 

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

(2) Financial Condition and Capital Resources

At August 31, 2025, we had cash and cash equivalents and restricted cash related to our homebuilding, financial services, multifamily and other operations of $1.8 billion, compared