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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _______ To _______
Commission File Number: 1-11749
Lennar Corporation
(Exact name of registrant as specified in its charter)
Delaware95-4337490
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
700 Northwest 107th Avenue, Miami, Florida 33172
(Address of principal executive offices) (Zip Code)
(305559-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $.10
LENNew York Stock Exchange
Class B Common Stock, par value $.10
LEN.BNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerRAccelerated filer¨Emerging growth company
Non-accelerated filer¨Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Common stock outstanding as of February 28, 2021:
Class A 275,760,461
Class B 37,621,152



LENNAR CORPORATION
FORM 10-Q
For the period ended February 28, 2021
Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 2.
Item 3 - 5.
Item 6.




Part I. Financial Information
Item 1. Financial Statements

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)
February 28,November 30,
2021 (1)2020 (1)
ASSETS
Homebuilding:
Cash and cash equivalents$2,421,411 2,703,986 
Restricted cash17,878 15,211 
Receivables, net300,134 298,671 
Inventories:
Finished homes and construction in progress9,320,283 8,593,399 
Land and land under development7,564,900 7,495,262 
Consolidated inventory not owned807,759 836,567 
Total inventories17,692,942 16,925,228 
Investments in unconsolidated entities1,077,353953,177 
Goodwill3,442,3593,442,359 
Other assets1,162,564 1,190,793 
26,114,641 25,529,425 
Financial Services2,217,5512,708,118 
Multifamily1,183,7201,175,908 
Lennar Other1,036,068 521,726 
Total assets$30,551,980 29,935,177 
(1)Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of February 28, 2021, total assets include $1.0 billion related to consolidated VIEs of which $39.8 million is included in Homebuilding cash and cash equivalents, $14.2 million in Homebuilding finished homes and construction in progress, $516.9 million in Homebuilding land and land under development, $288.6 million in Homebuilding consolidated inventory not owned, $1.7 million in Homebuilding investments in unconsolidated entities, $145.8 million in Homebuilding other assets and $17.8 million in Multifamily assets.
As of November 30, 2020, total assets include $1.1 billion related to consolidated VIEs of which $32.1 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $14.2 million in Homebuilding finished homes and construction in progress, $486.8 million in Homebuilding land and land under development, $426.3 million in Homebuilding consolidated inventory not owned, $1.6 million in Homebuilding investments in unconsolidated entities, $120.6 million in Homebuilding other assets and $39.9 million in Multifamily assets.
See accompanying notes to condensed consolidated financial statements.
3

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Continued)
(In thousands, except share amounts)
(unaudited)
February 28,November 30,
2021 (2)2020 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable$1,037,266 1,037,338 
Liabilities related to consolidated inventory not owned671,235 706,691 
Senior notes and other debts payable, net5,976,168 5,955,758 
Other liabilities2,459,332 2,225,864 
10,144,001 9,925,651 
Financial Services1,113,083 1,644,248 
Multifamily235,651 252,911 
Lennar Other41,794 12,966 
Total liabilities11,534,529 11,835,776 
Stockholders’ equity:
Preferred stock  
Class A common stock of $0.10 par value; Authorized: February 28, 2021 and November 30, 2020 - 400,000,000 shares; Issued: February 28, 2021 - 300,471,893 shares and November 30, 2020 - 298,942,836 shares
30,047 29,894 
Class B common stock of $0.10 par value; Authorized: February 28, 2021 and November 30, 2020 - 90,000,000 shares; Issued: February 28, 2021 - 39,443,168 shares and November 30, 2020 - 39,443,168 shares
3,944 3,944 
Additional paid-in capital8,724,192 8,676,056 
Retained earnings11,488,520 10,564,994 
Treasury stock, at cost; February 28, 2021 - 24,711,432 shares of Class A common stock and 1,822,016 shares of Class B common stock; November 30, 2020 - 23,864,589 shares of Class A common stock and 1,822,016 shares of Class B common stock
(1,348,710)(1,279,227)
Accumulated other comprehensive loss(1,747)(805)
Total stockholders’ equity18,896,246 17,994,856 
Noncontrolling interests121,205 104,545 
Total equity19,017,451 18,099,401 
Total liabilities and equity$30,551,980 29,935,177 
(2)Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of February 28, 2021, total liabilities include $417.3 million related to consolidated VIEs as to which there was no recourse against the Company, of which $33.4 million is included in Homebuilding accounts payable, $227.2 million in Homebuilding liabilities related to consolidated inventory not owned, $146.6 million in Homebuilding senior notes and other debts payable, $9.9 million in Homebuilding other liabilities and $0.2 million in Multifamily liabilities.
As of November 30, 2020, total liabilities include $528.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $28.4 million is included in Homebuilding accounts payable, $351.4 million in Homebuilding liabilities related to consolidated inventory not owned, $129.1 million in Homebuilding senior notes and other debt payable, $9.9 million in Homebuilding other liabilities and $9.8 million in Multifamily liabilities.
See accompanying notes to condensed consolidated financial statements.
4

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Dollars in thousands, except per share amounts)
(unaudited)

Three Months Ended
February 28,February 29,
20212020
Revenues:
Homebuilding$4,943,056 4,172,116 
Financial Services244,069 198,661 
Multifamily131,443 132,617 
Lennar Other6,900 1,943 
Total revenues5,325,468 4,505,337 
Costs and expenses:
Homebuilding4,118,286 3,697,806 
Financial Services97,862 151,344 
Multifamily131,049 137,348 
Lennar Other4,252 2,574 
Corporate general and administrative110,531 82,634 
Charitable foundation contribution12,314 4,213 
Total costs and expenses4,474,294 4,075,919 
Homebuilding equity in loss from unconsolidated entities(4,565)(4,546)
Homebuilding other income (expense), net12,975 (9,366)
Multifamily equity in earnings (loss) from unconsolidated entities and other gain(1,268)6,516 
Lennar Other unrealized gain469,745  
Lennar Other equity in earnings (loss) from unconsolidated entities and other income (expense), net(1,047)1,530 
Earnings before income taxes1,327,014 423,552 
Provision for income taxes(310,105)(32,329)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
1,016,909 391,223 
Less: Net earnings (loss) attributable to noncontrolling interests15,540 (7,229)
Net earnings attributable to Lennar$1,001,369 398,452 
Other comprehensive loss, net of tax:
Net unrealized loss on securities available-for-sale$(942)(46)
Total other comprehensive loss, net of tax$(942)(46)
Total comprehensive income attributable to Lennar$1,000,427 398,406 
Total comprehensive income (loss) attributable to noncontrolling interests$15,540 (7,229)
Basic earnings per share$3.20 1.27 
Diluted earnings per share$3.20 1.27 




See accompanying notes to condensed consolidated financial statements.
5

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
Three Months Ended
February 28,February 29,
20212020
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)$1,016,909 391,223 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization22,325 20,414 
Amortization of discount/premium and accretion on debt, net(2,361)(6,943)
Equity in loss from unconsolidated entities7,897 2,572 
Distributions of earnings from unconsolidated entities4,234 36,922 
Share-based compensation expense48,818 31,855 
Deferred income tax expense114,917 57,006 
Lennar Other unrealized gain(469,745) 
Loans held-for-sale unrealized loss35,021 7,493 
Gain on sale of other assets, operating properties and equipment and real estate owned(1,167)(2,910)
Gain on sale of interest in unconsolidated entity and other Multifamily gain(19,184)(4,661)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs
635 24,515 
Changes in assets and liabilities:
Decrease in receivables45,649 245,694 
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs(862,120)(777,012)
Increase in other assets(100,486)(121,506)
Decrease in loans held-for-sale360,582 466,750 
Increase in accounts payable and other liabilities183,584 11,564 
Net cash provided by operating activities385,508 382,976 
Cash flows from investing activities:
Net additions of operating properties and equipment(9,245)(17,909)
Proceeds from the sale of operating properties and equipment, other assets32,002 13,067 
Investments in and contributions to unconsolidated entities(224,112)(78,607)
Distributions of capital from unconsolidated entities83,241 86,324 
Proceeds from sale of commercial mortgage-backed securities bonds11,307 3,248 
Decrease in Financial Services loans held-for-investment, net3,777 2,733 
Purchases of investment securities (8,107)
Proceeds from maturities/sales of investment securities8,994 10,753 
Other receipts, net684 1,677 
Net cash (used in) provided by investing activities$(93,352)13,179 





See accompanying notes to condensed consolidated financial statements.
6

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (continued)
(In thousands)
(unaudited)

Three Months Ended
February 28,February 29,
20212020
Cash flows from financing activities:
Net borrowings under revolving line of credit$ 300,000 
Net repayments under warehouse facilities(500,849)(755,602)
Principal payments on notes payable and other borrowings(55,350)(93,250)
Proceeds from liabilities related to consolidated inventory not owned67,432  
Proceeds from other borrowings8,903 27,577 
Payments related to other liabilities (5,480)
Receipts related to noncontrolling interests8,896 88,913 
Payments related to noncontrolling interests(11,397)(16,734)
Common stock:
Repurchases(69,480)(295,988)
Dividends(77,843)(39,240)
Net cash used in financing activities$(629,688)(789,804)
Net decrease in cash and cash equivalents and restricted cash(337,532)(393,649)
Cash and cash equivalents and restricted cash at beginning of period2,932,730 1,468,691 
Cash and cash equivalents and restricted cash at end of period$2,595,198 1,075,042 
Summary of cash and cash equivalents and restricted cash:
Homebuilding$2,421,411 784,950 
Financial Services117,856 246,712 
Multifamily25,644 15,790 
Lennar Other3,888 5,030 
Homebuilding restricted cash17,878 8,666 
Financial Services restricted cash8,521 13,894 
$2,595,198 1,075,042 
Supplemental disclosures of non-cash investing and financing activities:
Homebuilding and Multifamily:
Purchases of inventories and other assets financed by sellers$68,978 75,365 
Non-cash contributions to unconsolidated entities 13,859 

See accompanying notes to condensed consolidated financial statements.
7


Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
(1)Basis of Presentation
Basis of Consolidation
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2020. The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Form 10-K for the year ended November 30, 2020. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 28, 2021 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents
Homebuilding cash and cash equivalents as of February 28, 2021 and November 30, 2020 included $752.5 million and $314.3 million, respectively, of cash held in escrow for approximately three days.
Share-based Payments
During the three months ended February 28, 2021 and February 29, 2020, the Company granted employees 1.4 million and 0.9 million nonvested shares, respectively.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 requires immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which generally results in earlier recognition of allowances for credit losses on loans and other financial instruments. ASU 2016-13 was effective for the Company's fiscal year beginning December 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company's condensed consolidated financial statements.
In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Accounting for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 was effective for the Company’s fiscal year beginning December 1, 2020. The impact of the adoption of ASU 2017-04 did not have a material impact on the Company's consolidated financial statements.
New Accounting Pronouncements
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 will be effective for the Company’s fiscal year beginning December 1, 2022. The Company is currently evaluating the impact the adoption of ASU 2019-12 will have on the Company's condensed consolidated financial statements.
Reclassifications
Certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2021 presentation. The Company reclassed the balance of its investment in Doma, formerly States Title, to which the Company sold the majority of the Financial Services segment's retail title agency business and title insurance underwriter in the first
8

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)

quarter of 2019, from the Financial Services segment to the Lennar Other segment in the Condensed Consolidated Balance Sheets for all periods presented. This was reclassed to be included in our strategic technology investments as the entity has announced that it will merge with a publicly traded special purpose acquisition company. In addition, the Company reflected its contributions to its charitable foundation in a new line on its Condensed Consolidated Statements of Operations for all periods presented. This was previously reflected in the Corporate general and administrative line. These reclassifications had no impact on the Company's total assets, total equity, revenues or net earnings in its condensed consolidated financial statements.
(2)Operating and Reporting Segments
The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. The Company's chief operating decision makers manage and assess the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting, and determined that the following are its operating and reportable segments:
Homebuilding segments: (1) East (2) Central (3) Texas (4) West
(5) Financial Services
(6) Multifamily
(7) Lennar Other
The assets and liabilities related to the Company’s segments were as follows:
(In thousands)February 28, 2021
Assets:HomebuildingFinancial
Services
MultifamilyLennar
Other
Total
Cash and cash equivalents$2,421,411 117,856 25,644 3,888 2,568,799 
Restricted cash17,878 8,521   26,399 
Receivables, net (1)300,134 495,484 96,842  892,460 
Inventories17,692,942  289,531  17,982,473 
Loans held-for-sale (2) 1,094,600   1,094,600 
Investments in equity securities (3)   666,956 666,956 
Investments available-for-sale (4)   41,247 41,247 
Loans held-for-investment, net 69,973   69,973 
Investments held-to-maturity 163,290   163,290 
Investments in unconsolidated entities1,077,353  704,964 315,617 2,097,934 
Goodwill3,442,359 189,699   3,632,058 
Other assets1,162,564 78,128 66,739 8,360 1,315,791 
$26,114,641 2,217,551 1,183,720 1,036,068 30,551,980 
Liabilities:
Notes and other debts payable, net$5,976,168 963,070  1,906 6,941,144 
Other liabilities4,167,833 150,013 235,651 39,888 4,593,385 
$10,144,001 1,113,083 235,651 41,794 11,534,529 
9

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)

(In thousands)November 30, 2020
Assets:HomebuildingFinancial
Services
MultifamilyLennar
Other
Total
Cash and cash equivalents$2,703,986 116,171 38,963 3,918 2,863,038 
Restricted cash15,211 54,481   69,692 
Receivables, net (1)298,671 552,779 86,629  938,079 
Inventories16,925,228  249,920  17,175,148 
Loans held-for-sale (2) 1,490,105   1,490,105 
Investments in equity securities (3)   68,771 68,771 
Investments available-for-sale (4)   53,497 53,497 
Loans held-for-investment, net 72,626   72,626 
Investments held-to-maturity 164,230   164,230 
Investments in unconsolidated entities953,177  724,647 387,097 2,064,921 
Goodwill3,442,359 189,699   3,632,058 
Other assets1,190,793 68,027 75,749 8,443 1,343,012 
$25,529,425 2,708,118 1,175,908 521,726 29,935,177 
Liabilities:
Notes and other debts payable, net$5,955,758 1,463,919  1,906 7,421,583 
Other liabilities3,969,893 180,329 252,911 11,060 4,414,193 
$9,925,651 1,644,248 252,911 12,966 11,835,776 
(1)Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2021 and November 30, 2020, respectively.
(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.
(3)Investments in equity securities include investments of $85.1 million and $61.6 million without readily available fair values as of February 28, 2021 and November 30, 2020, respectively.
(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.
Financial information relating to the Company’s segments was as follows:
Three Months Ended February 28, 2021
(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporate and
unallocated
Total
Revenues$4,943,056 244,069 131,443 6,900  5,325,468 
Operating earnings (loss)833,180 146,207 (874)471,346  1,449,859 
Corporate general and administrative expenses    110,531 110,531 
Charitable foundation contribution    12,314 12,314 
Earnings (loss) before income taxes833,180 146,207 (874)471,346 (122,845)1,327,014 
Three Months Ended February 29, 2020
Revenues$4,172,116 198,661 132,617 1,943  4,505,337 
Operating earnings460,398 47,317 1,785 899  510,399 
Corporate general and administrative expenses    82,634 82,634 
Charitable foundation contribution    4,213 4,213 
Earnings before income taxes460,398 47,317 1,785 899 (86,847)423,552 
Homebuilding Segments
Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment.
Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the Homebuilding segments consist of revenues generated from the sales of homes and land, other revenues from management fees and forfeited deposits, equity in earnings (loss) from unconsolidated entities and other income
10

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)

(expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment.
The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in:
East: Florida, New Jersey, Pennsylvania and South Carolina
Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina and Virginia
Texas: Texas
West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington
Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC ("FivePoint")
The assets related to the Company’s homebuilding segments were as follows:
(In thousands)EastCentralTexasWestOtherCorporate and UnallocatedTotal Homebuilding
February 28, 2021$5,540,055 3,561,065 2,353,652 11,101,983 1,314,990 2,242,896 26,114,641 
November 30, 20205,308,114 3,438,600 2,150,916 10,504,374 1,301,618 2,825,803 25,529,425 
Financial information relating to the Company’s homebuilding segments was as follows:
Three Months Ended February 28, 2021
(In thousands)EastCentralTexasWestOtherTotal Homebuilding
Revenues
$1,355,942 928,442 644,078 2,009,579 5,015 4,943,056 
Operating earnings (loss)
262,083 132,023 129,643 321,706 (12,275)833,180 
Three Months Ended February 29, 2020
Revenues
$1,152,332 789,510 473,228 1,748,769 8,277 4,172,116 
Operating earnings (loss)
148,754 55,723 53,073 224,907 (22,059)460,398 
Financial Services
Operations of the Financial Services segment include primarily mortgage financing, title and closing services primarily for buyers of the Company’s homes. It also includes originating and selling into securitizations commercial mortgage loans through its LMF Commercial business. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations.
At February 28, 2021, the Financial Services warehouse facilities were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:
(In thousands)Maximum Aggregate Commitment
Residential facilities maturing:
March 2021(1)$100,000 
June 2021600,000 
July 2021200,000 
December 2021500,000 
Total - Residential facilities
$1,400,000 
LMF Commercial facilities maturing
November 2021$100,000 
December 2021(2)611,438 
Total - LMF Commercial facilities
$711,438 
Total
$2,111,438 
(1)Subsequent to February 28, 2021, the maturity due date was extended to May 2021.
(2)Includes $11.4 million warehouse repurchase facility used by LMF Commercial to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans held-for-investment, net.
The Financial Services segment uses the residential facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be
11

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)

renewed or replaced with other facilities when they mature. The LMF Commercial facilities finance LMF Commercial loan originations and securitization activities and were secured by up to an 80% interest in the originated commercial loans financed.
Borrowings and collateral under the facilities and their prior year predecessors were as follows:
(In thousands)February 28, 2021November 30, 2020
Borrowings under the residential facilities$631,784 1,185,797 
Collateral under the residential facilities
653,698 1,231,619 
Borrowings under the LMF Commercial facilities
178,627 124,617 
If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities.
Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Purchasers sometimes try to defray losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the residential mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. Loan origination liabilities are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows:
Three Months Ended
(In thousands)February 28, 2021February 29, 2020
Loan origination liabilities, beginning of period$7,569 9,364 
Provision for losses966 776 
Payments/settlements(102)(144)
Loan origination liabilities, end of period$8,433 9,996 
LMF Commercial - loans held-for-sale
LMF Commercial originated commercial loans as follows:
Three Months Ended
(Dollars in thousands)February 28, 2021February 29, 2020
Originations (1)$219,500 412,250 
Sold282,965 314,439 
Securitizations22
(1)During both the three months ended February 28, 2021 and February 29, 2020 all the commercial loans originated were recorded as loans held-for-sale.
Investments held-to-maturity
At February 28, 2021 and November 30, 2020, the Financial Services' held commercial mortgage-backed securities ("CMBS"). These securities are classified as held-to-maturity based on its intent and ability to hold the securities until maturity and changes in estimated cash flows are reviewed periodically to determine if an other-than-temporary impairment has occurred. Based on the segment’s assessment, no impairment charges were recorded during either the three months ended February 28, 2021 or February 29, 2020. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment.
Details related to Financial Services' CMBS were as follows:
(Dollars in thousands)February 28, 2021November 30, 2020
Carrying value$163,290 164,230 
Outstanding debt, net of debt issuance costs152,659 153,505 
Incurred interest rate3.4 %3.4 %
12

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)

February 28, 2021
Discount rates at purchase6%84%
Coupon rates2.0%5.3%
Distribution datesOctober 2027December 2028
Stated maturity datesOctober 2050December 2051
Multifamily
The Company is actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets.
Operations of the Multifamily segment include revenues generated from the sales of land, revenue from construction activities, and management and promote fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities and other gains (which includes sales of buildings), less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses.
Lennar Other
Lennar Other primarily includes strategic investments in technology companies, primarily managed by the Company's LENX subsidiary, and fund interests the Company retained when it sold the Rialto asset and investment management platform. Operations of the Lennar Other segment include operating earnings (loss) consisting of revenues generated primarily from the Company's share of carried interests in the Rialto fund investments retained after the sale of Rialto's asset and investment management platform, along with equity in earnings (loss) from the Rialto fund investments and strategic technology investments, gains (losses) from investments in equity securities and other income (expense), net from the remaining assets related to the Company's former Rialto segment.
During the three months ended February 28, 2021, the Company recognized a gain of $469.7 million related to a strategic investment, Opendoor, which began trading on the Nasdaq stock market in December 2020. The gain relates to the mark to market of the Company's share holdings in the public entity net of carried interest. The gain was recognized due to the investment now being accounted for as an investment in equity securities which is held at fair value and the change in fair value is recognized through earnings. In addition to Opendoor, two other of the Company's strategic technology investments, Hippo Home Insurance and Doma, formerly States Title, have announced agreements to merge with publicly traded special purpose acquisition companies.
During the three months ended February 28, 2021, the Company entered into a definitive agreement with Sunnova Energy International Inc. ("Sunnova") under which Sunnova will acquire the Company's residential solar platform, Sunstreet. Under the agreement, the Company would receive up to 7.22 million shares of Sunnova common stock, with 3.33 million shares in initial consideration payable at closing. The remaining shares would be payable upon achievement of two earnouts. The Company expects to record a significant gain upon the closing of the sale, which is anticipated to be in the second quarter of 2021.
(3)Investments in Unconsolidated Entities
Homebuilding Unconsolidated Entities
The investments in Company's Homebuilding unconsolidated entities were as follows:
(In thousands)February 28, 2021November 30, 2020
Investments in unconsolidated entities (1) (2)$1,077,353 953,177 
Underlying equity in unconsolidated entities' net assets (1)1,395,393 1,269,701 
(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 the FivePoint entity and deferring equity in earnings on land sales to the Company.
(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of February 28, 2021 and November 30, 2020, the carrying amount of the Company's investment was $390.3 million and $392.1 million, respectively.
The Company has an immaterial amount of recourse exposure to debt of the Homebuilding unconsolidated entities in which it has investments. While the Company sometimes guarantees debt of unconsolidated entities, in most instances the Company’s partners have also guaranteed that debt and are required to contribute their shares of any payments. In most instances the amount of guaranteed debt of an unconsolidated entity is less than the value of the collateral securing it.
During the three months ended February 28, 2021, the Company formed the Upward America Venture ("the Venture"). The Venture will acquire single family homes for rent in high growth markets across the United States. Subsequent to
13

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)

February 28, 2021, the Venture raised equity to get to a total commitment of $1.25 billion led by institutional investors. Including leverage, the Venture will be positioned to acquire over $4.0 billion of new single family homes and townhomes from Lennar and potentially other homebuilders.
Multifamily Unconsolidated Entities
The unconsolidated entities in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the bank loans to Multifamily unconsolidated entities, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both February 28, 2021 and November 30, 2020, the fair value of the completion guarantees was immaterial. As of February 28, 2021 and November 30, 2020, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $660.0 million and $722.9 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. 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. The details of the activity was as follows:
Three Months Ended
(In thousands)February 28, 2021February 29, 2020
General contractor services, net of deferrals$115,399 93,894 
General contractor costs110,453 90,181 
Management fee income14,871 13,823 
The Multifamily segment includes Multifamily Venture Fund I ("LMV I") and Multifamily Venture Fund II LP ("LMV II"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. Details of each as of and during the three months ended February 28, 2021 are included below:
February 28, 2021
(In thousands)LMV ILMV II
Lennar's carrying value of investments$321,262 318,578 
Equity commitments2,204,016 1,257,700 
Equity commitments called2,140,646 1,105,170 
Lennar's equity commitments504,016 381,000 
Lennar's equity commitments called496,804 333,706 
Lennar's remaining commitments 7,212 47,294 
Distributions to Lennar during the three months ended February 28, 2021
4,393  
Lennar Other Unconsolidated Entities
Lennar Other's unconsolidated entities includes fund investments the Company retained when it sold the Rialto assets and investment management platform, as well as strategic investments in technology companies, primarily managed by the Company's LENX subsidiary. These strategic investments include the Company's investment in Doma, formerly known as States Title, which was reclassified from the Financial Services segment.
14

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)

(4)Stockholders' Equity
The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three months ended February 28, 2021 and February 29, 2020:
Three Months Ended February 28, 2021
(In thousands)Total
Equity
Class A
Common Stock
Class B
Common Stock
Additional
Paid - in Capital
Treasury
Stock
Accumulated Other Comprehensive LossRetained
Earnings
Noncontrolling
Interests
Balance at November 30, 2020$18,099,401 29,894 3,944 8,676,056 (1,279,227)(805)10,564,994 104,545 
Net earnings (including net earnings attributable to noncontrolling interests)
1,016,909 — — — — — 1,001,369 15,540 
Employee stock and directors plans
(26,279)153 — (59)(26,373)— — — 
Purchases of treasury stock
(43,110)— — —