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Lennar LEN Multifamily — Investments in Unconsolidated VIEs

Other segment segments

Lennar Financial Services
$130M—
Lennar Other
$103.23M—

Similar metrics at other companies

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STWDInvesting and Servicing Segment — VIE assets
$3B—
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GRBKConsolidated inventory related to VIE
$157.62M-8.3%
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FRPHMultifamily — Consolidated joint ventures
2—
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STWDVariable interest entity (“VIE”) assets, at fair value
$32.4B-13.5%
Fidelity National Financial logo
FNFTitle — Investments in unconsolidated affiliates (2026 and 2025 includes $270 and $262 related to investments held by consolidated variable interest entities ("VIEs") and 2026 and 2025 include certain investments at fair value of $260 and $270, respectively)
$286M+63.4%
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TNLNon-recourse vacation ownership debt (VIE)
$2.12B0.0%

Other financials

Income statement

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Revenue$7.9B-5.2%
Net income$304.8M-36.2%
EPS (diluted)$2.57+24.8%

Balance sheet

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Cash & equivalents$2.2B+47.0%
Total debt$233.8M-12.2%
Total equity$21.6B-4.2%
Total assets$33.7B-2.0%

Cash flow

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Operating cash flow-$284.4M+74.0%
CapEx$18.9M+23.9%
Free cash flow-$303.2M+72.7%

Valuation

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Market cap$21.8B-26.6%
Enterprise value$19.86B-31.2%
P/E13.5×+3.4×
P/S0.7×-0.2×

Profitability

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Net margin5.4%-5.0pp
FCF margin-0.3%-4.7pp

Returns & leverage

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Return on equity8%-7.1pp
Debt / equity0×0.0×

Where this comes from

Reported directly by Lennar in its filing.

Tagged under the XBRL concept us-gaap:AssetsNet.

The official record: Lennar’s 10-Q, filed June 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Lennar's multifamily — investments in unconsolidated vies?
Lennar (LEN) reported multifamily — investments in unconsolidated vies of $208.58M in Q1 2026.
How has Lennar's multifamily — investments in unconsolidated vies changed year-over-year?
Lennar's multifamily — investments in unconsolidated vies increased by 33.3% year-over-year, from $156.43M to $208.58M.
What is the long-term trend for Lennar's multifamily — investments in unconsolidated vies?
Over 3 years (2022 to 2025), Lennar's multifamily — investments in unconsolidated vies has grown at a -36.2% compound annual growth rate (CAGR), from $2.32B to $602.39M.
What does multifamily — investments in unconsolidated vies mean?
The company's financial stake in Variable Interest Entities (VIEs) where it does not have a controlling interest but maintains significant influence or exposure. This highlights the company's reliance on joint ventures for multifamily development.