

(In thousands)	At February 28, 2026		At November 30, 2025
Investments in unconsolidated entities (1) (2)	$	1,479,812	1,545,370
Underlying equity in unconsolidated entities' net assets (1) (2)	1,777,533		1,790,697

(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 February 28, 2026 and November 30, 2025, the carrying amount of the Company's investment was $605.6 million and $585.2 million, respectively.

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 February 28,

(In thousands)	2026		2025

General contractor services, net of deferrals	$	53,243	30,450
General contractor costs	51,880		28,314
Land sales to joint ventures	—		17,330
Management fee income, net of deferrals	2,843		6,941


	At February 28, 2026
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	71,667	194,320
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,154,328		1,229,585
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	500,381		371,492
Lennar's remaining commitments (1)	3,635		9,508
Distributions to Lennar during the three months ended February 28, 2026	37,083		24,425