---

(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, or any of its subsidiaries, has any obligations.

---

(2)

As of August 31, 2015, total liabilities include $82.9 million related to consolidated VIEs as to which there was no recourse against the Company, of which $5.3 million is included in Lennar Homebuilding accounts payable, $44.4 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $15.8 million in Lennar Homebuilding other liabilities, $13.3 million in Rialto liabilities and $4.0 million in Lennar Multifamily liabilities.

---

---

---

---

(1)	Basis of Presentation

---

(2)	Operating and Reporting Segments

---

---

(1)	Total revenues were net of sales incentives of $130.6 million ($20,700 per home delivered) and $353.1 million ($21,300 per home delivered) for the three and nine months ended August 31, 2015, respectively, compared to $111.0 million ($20,400 per home delivered) and $288.4 million ($20,600 per home delivered) for the three and nine months ended August 31, 2014, respectively.

(2)	For the three and nine months ended August 31, 2015, operating earnings included $21.5 million and $64.5 million, respectively, of equity in earnings related to transactions by Heritage Fields El Toro, one of the Company's unconsolidated entities ("El Toro"). For the nine months ended August 31, 2015, operating earnings also included a $6.5 million gain on the sale of an operating property.

(3)	Lennar Homebuilding Investments in Unconsolidated Entities

(1)	For the nine months ended August 31, 2015, net earnings of unconsolidated entities included the sale of approximately 300 homesites to Lennar by El Toro for $139.6 million, that resulted in $49.3 million of gross profit of which the Company's portion was deferred.

(2)

For the three months ended August 31, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $21.5 million of equity in earnings from El Toro due to a gain on debt extinguishment and the sale of homesites to a third party. For the nine months ended August 31, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $64.5 million of equity in earnings from El Toro due to the sale of approximately 700 homesites and a commercial property to third parties and a gain on debt extinguishment. For the nine months ended August 31, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity.

---

(1)	The decrease in non-recourse debt with completion guarantees was primarily related to a debt paydown by El Toro as a result of land sales and debt extinguishment.

---

(4)	Stockholders' Equity

---

---

(5)	Income Taxes

(1)	For both the three and nine months ended August 31, 2015, the effective tax rate included a tax benefit for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense and interest accrued on uncertain tax positions.

---

(6)	Earnings Per Share

(1)

During the three months ended August 31, 2015, Rialto adopted a Carried Interest Incentive Plan (“Plan”) which provides participants in the Plan specified percentages of distributions made to a Rialto subsidiary from funds or other investment vehicles managed by the Rialto subsidiary. Some Rialto employees may receive up to 40% of the distributions received by the Rialto subsidiary. The amounts presented above represent the difference between the advanced tax distributions received by Rialto's subsidiary and the amount Lennar, as the parent company, is assumed to own.

---

(7)	Lennar Financial Services Segment

(1)	Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2015 and November 30, 2014, respectively.

(2)	Loans held-for-sale related to unsold loans carried at fair value.

(3)

Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss). As of August 31, 2015, investments available-for-sale were in a cumulative unrealized loss, net of tax, of $0.2 million. During the three and nine months ended August 31, 2015, the Company recorded other comprehensive losses, net of tax, of $0.4 million and $0.3 million, respectively.

(4)	As of August 31, 2015 and November 30, 2014, other assets included mortgage loan commitments carried at fair value of $18.5 million and $12.7 million, respectively, and mortgage servicing rights carried at fair value of $16.4 million and $17.4 million, respectively.

(5)	Other liabilities included $66.5 million and $69.3 million as of August 31, 2015 and November 30, 2014, respectively, of certain of the Company’s self-insurance reserves related to general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $3.3 million and $7.6 million as of August 31, 2015 and November 30, 2014, respectively.

(1)	Maximum aggregate commitment includes a $100 million accordion feature that is available 10 days prior to the end of each fiscal quarter through 20 days after each fiscal quarter end.

(2)	In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment will be decreased to $400 million in the first quarter of fiscal 2016.

---

(1)	Provision for losses included adjustments to pre-existing provisions for losses from changes in estimates for the three and nine months ended August 31, 2015.

(8)	Rialto Segment

(1)	Restricted cash primarily consists of cash held in escrow by the Company's loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties.

(2)	Receivables, net primarily relate to loans sold but not settled as of November 30, 2014.

(3)	Loans held-for-sale relate to unsold loans originated by RMF carried at fair value.

(4)	Other assets included credit default swaps carried at fair value of $10.0 million and $1.7 million as of August 31, 2015 and November 30, 2014, respectively, and interest rate swaps and swap futures carried at fair value of $0.3 million as of August 31, 2015.

(5)

Notes and other debts payable included $351.6 million and $351.9 million related to the 7.00% Senior Notes due 2018 (“7.00% Senior Notes”) as of August 31, 2015 and November 30, 2014, respectively, $321.5 million and $141.3 million related to the RMF warehouse repurchase financing agreements as of August 31, 2015 and November 30, 2014, respectively, and $31.4 million and $58.0 million related to the notes issued through a structured note offering as of August 31, 2015 and November 30, 2014, respectively.

(6)	Other liabilities included interest rate swaps and swap futures carried at fair value of $5.7 million and $1.4 million as of August 31, 2015 and November 30, 2014, respectively, and credit default swaps carried at fair value of $2.7 million and $0.8 million as of August 31, 2015 and November 30, 2014, respectively.

---

(1)	Costs and expenses included loan impairments of $4.5 million and $7.3 million for the three and nine months ended August 31, 2015, respectively, and $4.2 million and $44.7 million for the three and nine months ended August 31, 2014, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests).

(2)	Operating earnings for the three and nine months ended August 31, 2015 included net loss attributable to noncontrolling interests of $2.0 million and $4.5 million, respectively. Operating earnings for the three and nine months ended August 31, 2014 included net loss attributable to noncontrolling interests of $4.5 million and $20.7 million, respectively.

---

(1)	As of August 31, 2015 accrual loans included loans originated of which $11.2 million relates to a convertible land loan that matures in July 2016 and $18.4 million relates to floating rate commercial property loans that mature between September 2015 and July 2018.

---

---

(1)	During the three and nine months ended August 31, 2015 and 2014, the Rialto segment transferred certain properties from REO held-and-used, net to REO held-for-sale as a result of changes in the disposition strategy of the real estate assets.

---

(1)	The facility is expected to be renewed when it matures.

(2)	In August 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this new facility will be held as accrual loans within loans receivable, net.

---

(1)	Other income, net, included realized and unrealized gains (losses) on investments.

---

(9)	Lennar Multifamily Segment

---

(1)

For both the three and nine months ended August 31, 2015, Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $5.7 million share of a gain as a result of the sale of an operating property by one of its unconsolidated entities. For both the three and nine months ended August 31, 2014, Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $14.7 million share of gains as a result of the sale of two operating properties by its unconsolidated entities. The Company's share of profit and cash distributions from the sales of operating properties could be higher compared to the Company's ownership interest in unconsolidated entities if certain specified internal rate of return milestones are achieved.

(10)	Lennar Homebuilding Cash and Cash Equivalents

---

(11)	Lennar Homebuilding Senior Notes and Other Debts Payable

---

---

(12)	Product Warranty

(1)	The adjustments to pre-existing warranties from changes in estimates during both the three and nine months ended August 31, 2015 and 2014 primarily related to specific claims related to certain of our homebuilding communities and other adjustments.

(13)	Share-Based Payments

---

(14)	Financial Instruments and Fair Value Disclosures

---

(1)	The aggregate fair value of Lennar Financial Services loans held-for-sale of $798.1 million at August 31, 2015 exceeds their aggregate principal balance of $766.0 million by $32.1 million. The aggregate fair value of loans held-for-sale of $738.4 million at November 30, 2014 exceeds their aggregate principal balance of $706.0 million by $32.4 million.

(2)	The aggregate fair value of Rialto loans held-for-sale of $510.1 million at August 31, 2015 exceeds their aggregate principal balance of $509.6 million by $0.6 million. The aggregate fair value of loans held-for-sale of $113.6 million at November 30, 2014 exceeds their aggregate principal balance of $111.8 million by $1.8 million.

---

---

(1)	For the nine months ended August 31, 2014, the Lennar Financial Services mortgage and servicing rights included the $5.9 million acquisition of a portfolio of mortgage servicing rights. Lennar Homebuilding investments available-for-sale represent investments in community development district bonds that mature at various dates between 2015 and 2039.

(2)	The Lennar Homebuilding investments available-for-sale that were settled related to investments in community development district bonds, which were in default upon purchase and reissued by the municipalities prior to being settled with third parties.

(3)

Changes in fair value for Rialto loans held-for-sale and Lennar Financial Services mortgage servicing rights are included in Rialto's and Lennar Financial Services' revenues, respectively. The changes in fair value in Lennar Homebuilding investments available-for-sale were not included in other comprehensive income (loss) because the changes in fair value were deferred as a result of the Company's continuing involvement in the underlying real estate collateral.

---

(1)	Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended August 31, 2015 and 2014.

(2)	Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three months ended August 31, 2015.

(3)

REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 2015 and 2014.

(4)

REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the three months ended August 31, 2015 and 2014.

---

(1)	Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the nine months ended August 31, 2015 and 2014.

(2)	Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the nine months ended August 31, 2015 and 2014.

(3)

REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 2015 and 2014.

(4)

REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains (losses) upon acquisition of REO held-and-used, net and impairments were included in Rialto other income (expense), net, in the Company’s condensed consolidated statement of operations for the nine months ended August 31, 2015 and 2014.

---

(15)	Variable Interest Entities

---

(1)

At August 31, 2015 and November 30, 2014, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $26.7 million and $70.0 million, respectively, remaining commitment to fund an unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing. During the three months ended August 31, 2015, the Company bought out the partner of one of its unconsolidated entities for approximately $10 million of which $7 million was paid in cash and the remainder was financed with a short-term note. As a result, the Company's $70.1 million investment in the unconsolidated entity was reclassified primarily to inventory, which reduced Lennar's maximum recourse exposure.

(2)

At both August 31, 2015 and November 30, 2014, the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. At August 31, 2015 and November 30, 2014, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $18.3 million and $17.3 million, respectively, related to Rialto’s investments held-to-maturity.

(3)

As of August 31, 2015, the remaining equity commitment of $425.7 million to fund the Venture for further expenses related to the construction and development of the projects is included in Lennar's maximum exposure to loss. In addition, at August 31, 2015 and November 30, 2014, the maximum exposure to loss of Lennar Multifamily's investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to $23.0 million and $23.4 million, respectively, of letters of credit outstanding for certain of the unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements.

---

(16)	Commitments and Contingent Liabilities

---

(17)	New Accounting Pronouncements

---

(18)	Supplemental Financial Information

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

(1)	Sales of land for both the three and nine months ended August 31, 2014 included $2.0 million in write-offs of option deposits and pre-acquisition costs.

(2)	Lennar Homebuilding equity in earnings from unconsolidated entities for the three and nine months ended August 31, 2015, included $21.5 million and $64.5 million, respectively, of equity in earnings from El Toro due to the sale of homesites and a commercial property

---

(3)	Other income, net for the nine months ended August 31, 2015, included a $6.5 million gain on the sale of an operating property.

(4)	Other expense, net for the nine months ended August 31, 2015 primarily related to a loss on a strategic sale of an operating property from one of our consolidated joint ventures, partially offset by noncontrolling interests. Other income (expense), net for both the three and nine months ended August 31, 2014 included $1.0 million of valuation adjustments to other assets.

(5)	Sales of homes included a $5.5 million insurance recovery for the nine months ended August 31, 2014.

---

(1)	Sales incentives relate to home deliveries during the period, excluding deliveries by unconsolidated entities.

---

(2)	New orders represent the number of new sales contracts executed with homebuyers, net of cancellations, during the three and nine months ended August 31, 2015 and 2014.

(3)	The decrease in new orders was primarily due to less demand driven by volatility in the energy sector during the three and nine months ended August 31, 2015.

---

---

---

---

(1)	Costs and expenses included loan impairments of $4.5 million and $7.3 million for the three and nine months ended August 31, 2015, respectively, and $4.2 million and $44.7 million for the three and nine months ended August 31, 2014, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests).

(2)	Operating earnings for the three and nine months ended August 31, 2015 included net loss attributable to noncontrolling interests of $2.0 million and $4.5 million, respectively. Operating earnings for the three and nine months ended August 31, 2014 included net loss attributable to noncontrolling interests of $4.5 million and $20.7 million, respectively.

---

•	Rialto Real Estate Fund, LP (“Fund I”) that was formed in 2010 to invest in distressed real estate assets and other related investments to which investors have committed and contributed a total of $700 million of equity;

•	Rialto Real Estate Fund II, LP (“Fund II”) that was formed in 2012 to invest in distressed real estate assets and other related investments to which investors have committed $1.3 billion; and

•	Rialto Mezzanine Partners Fund, LP (“Mezzanine Fund”) that was formed in 2013 to which investors have committed $300 million in capital to invest in performing mezzanine commercial loans that have expected durations of one to two years and are secured by equity interests in the borrowing entity owning the real estate assets.

---

---

---

(1)

Net Lennar Homebuilding debt to total capital is a non-GAAP financial measure defined as net Lennar Homebuilding debt (Lennar Homebuilding debt less Lennar Homebuilding cash and cash equivalents) divided by total capital (net Lennar Homebuilding debt plus stockholders' equity). We believe the ratio of net Lennar Homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in our Lennar Homebuilding operations. However, because net Lennar Homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement our GAAP results.

---

---

(1)	The minimum consolidated tangible net worth and the consolidated tangible net worth as calculated per the Credit Agreement were as follows:

(a)	Intangible assets represent the Lennar Financial Services segment's title operations goodwill and title plant assets.

(b)

Consolidated equity of mortgage banking subsidiaries represents the equity of the Lennar Financial Services segment's mortgage banking operations. The consolidated equity of Rialto, as calculated per the Credit Agreement, represents Rialto's total assets minus Rialto's total liabilities as disclosed in Note 8 of the notes to our condensed consolidated financial statements as of August 31, 2015. Consolidated equity of other designated subsidiaries represents the equity of certain subsidiaries included within the Lennar Financial Services segment's title operations that are prohibited from being guarantors under the Credit Agreement. The consolidated equity of Lennar Commercial subsidiaries represents the equity of certain subsidiaries within Lennar Homebuilding that engage in activities related to commercial properties. The consolidated equity of Lennar Multifamily represents Lennar Multifamily’s total assets minus Lennar Multifamily’s total liabilities disclosed in Note 9 of the notes to our condensed consolidated financial statements as of August 31, 2015. The consolidated equity of Sunstreet subsidiaries represents the equity of certain subsidiaries within Lennar Homebuilding that engage in activities related to solar power systems. The consolidated equity of mortgage banking, Rialto, Lennar Commercial, Lennar Multifamily, Sunstreet subsidiaries and other designated subsidiaries are included in equity in our condensed consolidated balance sheet as of August 31, 2015.

---

(2)	The leverage ratio as calculated per the Agreement was as follows:

(a)	Debt of our Lennar Homebuilding consolidated joint ventures is included in Lennar Homebuilding senior notes and other debts payable in our condensed consolidated balance sheet as of August 31, 2015.

(b)	As of August 31, 2015, our financial letters of credit outstanding include $185.6 million as disclosed in Note 11 of the notes to our condensed consolidated financial statements and $0.1 million of financial letters of credit related to the Lennar Financial Services segment's title operations.

(c)

Lennar's recourse exposure related to the Lennar Homebuilding unconsolidated and consolidated entities, net includes $22.4 million of net recourse exposure related to Lennar Homebuilding unconsolidated entities and $10.9 million of recourse exposure related to Lennar Homebuilding consolidated entities, which is included in Lennar Homebuilding senior notes and other debts payable in our condensed consolidated balance sheet as of August 31, 2015.

(d)

As of August 31, 2015, unrestricted cash and cash equivalents include $594.3 million of Lennar Homebuilding cash and cash equivalents, excluding cash and cash equivalents from Lennar Commercial and Sunstreet subsidiaries within Lennar Homebuilding, and $27.8 million of Lennar Financial Services cash and cash equivalents, excluding cash and cash equivalents from mortgage banking subsidiaries and other designated subsidiaries within the Lennar Financial Services segment.

(e)	Leverage ratio consists of the numerator as calculated per the Credit Agreement divided by the denominator as calculated per the Credit Agreement (consolidated indebtedness as calculated per the Credit Agreement, plus consolidated tangible net worth as calculated per the Credit Agreement).

(3)	Liquidity as calculated per the Credit Agreement was as follows:

(a)

Unrestricted cash and cash and cash equivalents at August 31, 2015 for the liquidity test calculation includes $594.3 million of Lennar Homebuilding cash and cash equivalents, excluding cash and cash equivalents from Lennar Commercial and Sunstreet subsidiaries within Lennar Homebuilding, plus $27.8 million of Lennar Financial Services cash and cash equivalents, excluding cash and cash equivalents from mortgage banking subsidiaries and other designated subsidiaries within the Lennar Financial Services segment, minus $14.5 million of cash and cash equivalents of Lennar Homebuilding consolidated joint ventures.

(b)

Consolidated interest incurred as calculated per the Credit Agreement for the twelve months ended August 31, 2015 includes Lennar Homebuilding interest incurred of $284.3 million, plus Lennar Financial Services interest incurred excluding interest incurred from mortgage banking subsidiaries and other designated subsidiaries within the Lennar Financial Services operations, minus (1) interest incurred related to our partner's share of Lennar Homebuilding consolidated joint ventures included within Lennar Homebuilding interest incurred, (2) Lennar Homebuilding interest income included within Lennar Homebuilding other income (expense), net, and (3) Lennar Financial Services interest income, excluding interest income from mortgage banking subsidiaries and other designated subsidiaries within the Lennar Financial Services operations.

(c)

We are only required to maintain either (1) liquidity in an amount equal to or greater than 1.00x consolidated interest incurred for the last twelve months then ended or (2) an interest coverage ratio of equal to or greater than 1.50:1.00 for the last twelve months then ended. Although we are in compliance with our debt covenants for both calculations, we have only disclosed the detailed calculation of our liquidity test.

---

(1)	Maximum aggregate commitment includes a $100 million accordion feature that is available 10 days prior to the end of each fiscal quarter through 20 days after each fiscal quarter end.

(2)	In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment will be decreased to $400 million for the first quarter of fiscal 2016.

(1)	The facility is expected to be renewed when it matures.

(2)	In August 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this new facility will be held as accrual loans within loans receivable, net.

---

(1)	For the nine months ended August 31, 2015, net earnings of unconsolidated entities included the sale of approximately 300 homesites to us by El Toro, for $139.6 million, resulting in $49.3 million of gross profit of which our portion was deferred.

(2)

For the three months ended August 31, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $21.5 million of equity in earnings from El Toro due to a gain on debt extinguishment and the sale of homesites to a third party. For the nine months ended August 31, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities included $64.5 million of equity in earnings from El Toro due to the sale of approximately 700 homesites and a commercial property to third parties and a gain on debt extinguishment. For the nine months ended August 31, 2014, Lennar Homebuilding equity in earnings from unconsolidated entities included $4.7 million of equity in earnings primarily as a result of third-party land sales by one unconsolidated entity.

(3)	Our share of profit and cash distributions from the sales of land could be higher compared to our ownership interest in unconsolidated entities if certain specified internal rate of return or cash flow milestones are achieved.

---

---

(1)	The decrease in non-recourse debt with completion guarantees was primarily related to a debt paydown by El Toro as a result of land sales and debt extinguishment.

---

(1)	Represents land seller debt and other debt.

(1)	All of the joint ventures presented in the table above operate in our Homebuilding West segment except for Krome Groves Land Trust, which operates in our Homebuilding Southeast Florida segment and Willow Springs Properties, which operates in our Homebuilding Central segment.

---

(1)

If Fund I had ceased operations and liquidated all its investments for their estimated fair values on August 31, 2015, we would have received $112.0 million with regard to our carried interest, which is net of $44.2 million already received as advanced distributions since inception of Fund I. Fund I did not cease operations and liquidate its investments on August 31, 2015, and the ultimate sum we will receive with regard to our carried interest in Fund I may be substantially higher or lower than $156.2 million, including the $44.2 million already received.

---

(1)	Other income, net, included realized and unrealized gains (losses) on investments.

---

(1)	For both the three and nine months ended August 31, 2015, Lennar Multifamily equity in earnings from unconsolidated entities included the segment's $5.7 million share of a gain as a result of the sale of an operating property by one of Lennar Multifamily's unconsolidated

---

(2)	Our share of profit and cash distributions from the sales of operating properties could be higher compared to our ownership interest in unconsolidated entities if certain specified internal rate of return milestones are achieved.

---

(1)	Some of the senior notes and other debts payable are convertible senior notes, which have been included in this table based on maturity dates, but they are putable to, or callable by, us at earlier dates than the maturity dates disclosed in this table.

(2)	Amount includes notes payable and other debts payable of $351.6 million related to Rialto's 7.00% Senior Notes, $60.6 million related to Rialto's 5-year senior unsecured note, $321.5 million related to the RMF warehouse repurchase financing agreements and $31.4 million related to Rialto's Structured Notes with an estimated final payment date of December 15, 2015.

(3)	Interest commitments on variable interest-bearing debt are determined based on the interest rate as of August 31, 2015.

(4)

Amount includes $425.7 million remaining equity commitment to fund the Venture for further expenses related to the construction and development of the projects, $26.7 million of remaining commitments to fund a Lennar Homebuilding unconsolidated entity for further expenses up until the unconsolidated entity obtains permanent financing, $11.9 million of commitments to fund Rialto's Fund II, $2.8 million of commitments to fund Rialto's Mezzanine Fund and $7.5 million of commitments to fund loans to RMF.

(5)	Total contractual obligations excludes our gross unrecognized tax benefits and accrued interest and penalties totaling $40.1 million as of August 31, 2015, because we are unable to make reasonable estimates as to the period of cash settlement with the respective taxing authorities.

---

---

---

---

(1)	Represents shares of Class A common stock withheld by us to cover withholding taxes due, at the election of certain holders of nonvested shares, with market value approximating the amount of withholding taxes due.

(2)	In June 2001, our Board of Directors authorized a stock repurchase program under which we were authorized to purchase up to 20 million shares of our outstanding Class A common stock or Class B common stock. This repurchase authorization has no expiration date.

---

---