Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 105

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 8
Chunk 105
---
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, the Company realized a loss of $28.4 million on the sale of its shares in Blend Labs, SmartRent, Sonder and Sunnova and, as of May 31, 2025, has a small remaining interest in Sunnova.

(4)Investments in Unconsolidated Entities

Homebuilding Unconsolidated EntitiesThe investments in the Company's Homebuilding unconsolidated entities were as follows:(In thousands)At May 31, 2025At November 30, 2024Investments in unconsolidated entities (1) (2)$2,699,981 1,344,836 Underlying equity in unconsolidated entities' net assets (1) (2)2,952,717 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 May 31, 2025 and November 30, 2024, the carrying amount of the Company's investment was $554.9 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 May 31, 2025. The Company has determined that Millrose is a VIE, but it 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% in a subsequent spin-off, split-off, public offering, private sale or any combination of these potential transactions later in the year.As of May 31, 2025 and November 30, 2024, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $435.0 million and $287.0 million,