Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 164

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 8
Chunk 164
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 not represent estimates of future cash payments that will be made to reduce debt balances. Many JV loans have extension options in the loan agreements that would allow the loans to be extended into future years.Principal Maturities of Unconsolidated JVs by Period(In thousands)Total JV Debt202520262027ThereafterOtherBank debt without recourse to Lennar$1,393,293 224,027 156,833 420,179 592,254 — Land seller and other debt without recourse to Lennar(1,242)— — — (1,242)— Maximum recourse debt exposure to Lennar33,913 — 12,003 — 21,910 — Debt issuance costs(6,159)— — — — (6,159)Total$1,419,805 224,027 168,836 420,179 612,922 (6,159)

We own an approximately 40% interest in FivePoint Holdings, LLC., a NYSE listed company, and companies it manages, which own three large multi-use properties in California.

We temporarily hold an approximately 20% investment in the total outstanding shares of Millrose common stock, which we expect to dispose of through a subsequent spin-off, split-off, public offering, private sale or any combination of these potential transactions later in the year.

Multifamily: Investments in Unconsolidated Entities

At May 31, 2025, Multifamily had equity investments in 25 active unconsolidated entities that are engaged in multifamily residential developments (of which 17 had non-recourse debt and 8 had no debt) compared to 23 active unconsolidated entities at November 30, 2024. We invest in unconsolidated entities that acquire and develop land to construct multifamily rental properties. Through these entities, we are focusing on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. Initially, we participated in building multifamily developments and selling them soon after they were completed. Participants in these joint ventures have been financial partners. Joint ventures with financial partners have allowed us to combine our development and construction expertise with access to our partners’ capital. Each joint venture is governed by an operating agreement that provides significant substantive participating voting rights on major decisions to our partners.

The Multifamily segment includes LMV I, LMV II, the CPPIB Fund and the Institutional