v3.26.3
Investments in Unconsolidated Entities (Tables)
 9 Months Ended
Aug. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Entities
The investments in the Company's Homebuilding unconsolidated entities were as follows:
(In thousands)At August 31, 2026At November 30, 2025
Investments in unconsolidated entities (1) (2)$1,470,473 1,545,370 
Underlying equity in unconsolidated entities' net assets (1) (2)1,755,272 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 August 31, 2026 and November 30, 2025, the carrying amount of the Company's investment was $617.3 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 August 31,Nine Months Ended August 31,
(In thousands)2026202520262025
General contractor services, net of deferrals$36,112 42,150 130,251 100,864 
General contractor costs34,060 41,766 127,131 97,665 
Land sales to joint ventures— — 46,585 162,447 
Management fee income, net of deferrals2,312 5,126 7,622 18,503 
Details of LMV I and LMV II are included below:
At August 31, 2026
(In thousands)LMV ILMV II
Lennar's carrying value of investments$68,672 184,365 
Equity commitments2,204,016 1,257,700 
Equity commitments called2,154,328 1,229,585 
Lennar's equity commitments504,016 381,000 
Lennar's equity commitments called500,381 371,492 
Lennar's remaining commitments (1)3,635 9,508 
Distributions to Lennar during the nine months ended August 31, 202638,075 57,537 
(1)While there are remaining commitments, there are no plans for additional capital calls.