Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 156

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 2
Chunk 156
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 segment, which included investments in unconsolidated entities of $375.4 million and $379.4 million, respectively. The investments in equity securities of 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”) are carried at market and will therefore change depending on the market 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 (losses) from sales of shares and mark-to-market adjustments on our publicly traded technology investments:

Three Months Ended(In thousands)February 28, 2025February 29, 2024Blend Labs (BLND)$(3,737)2,936 Hippo (HIPO)(12,890)16,449 Opendoor (OPEN)(18,786)1,315 SmartRent (SMRT)(4,483)(1,963)Sonder (SOND)(19)51 Sunnova (NOVA)(22,588)(23,925)Lennar Other realized and unrealized losses from technology investments (1)$(62,503)(5,137)

(1)During the three months ended February 28, 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 February 28, 2025, have a small remaining interest in Sunnova.

(2) Financial Condition and Capital Resources

At February 28, 2025, we had cash and cash equivalents and restricted cash related to our homebuilding, financial services, multifamily and other operations of $2.6 billion, compared to $5.0 billion at November 30, 2024 and $5.3 billion at February 29, 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 issu