

(In thousands)	At May 31, 2025		At November 30, 2024
Investments 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.

In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function. Each Multifamily real estate investment trust, JV and fund has unilateral decision-making rights related to development and other sales activity through its executive committee or asset management committee. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. In some situations, the Multifamily segment sells land to various joint ventures and funds. The details of the activity were as follows:


	Three Months Ended May 31,			Six Months Ended May 31,

(In thousands)	2025		2024	2025	2024

General contractor services, net of deferrals	$	28,264	84,434	58,714	186,070
General contractor costs	27,586		79,995	55,900	175,684
Land sales to joint ventures	145,118		—	162,447	12,000
Management fee income, net of deferrals	6,436		13,669	13,377	29,710


	May 31, 2025
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	107,616	218,239
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,154,328		1,218,619
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	500,381		368,170
Lennar's remaining commitments (1)	3,635		12,830
Distributions to Lennar during the six months ended May 31, 2025	19,690		770