Lennar Corporation (LEN)’s 4th Quarter 2014 Financial Results Conference Call Transcript

Stuart Miller, Chief Executive Officer

I think the risk retention really speak directly to our core confidence, it kind of usher things directly into the arena that we have historically operated in and operated best. So the answer is yes we think its benefit Realtor.

Jade Remanie, KBW

Thanks. Secondly regarding the cash flow you expect to get back from Realtor how you see redeploying that capitol, will it be redeployed into Realtor and in other businesses?

Stuart Miller, Chief Executive Officer

Look Realtor has really taken on a mature position within the company, Realtor is the ultimate asset light model today, we have been investing primary capital deals in any significant way through Realtor. We have invested and will continue to invest in the funds that we create and participate as a limited partner in those funds, even though we act as the general partner as well. But those private capital funds are the primary source of investment of Realtor and really mark the future for the company. So the Realtor strategy has more in the direction that we want it to over the past years and Realtor’s position to carry forward with very limited means for capital, so we expect that capitol to be return to the parent company and we will be part of the cash flow that we talked about earlier

Jade Remanie, KBW

Thanks for taking my questions.

Stuart Miller, Chief Executive Officer

So thank you everyone for joining us, we look forward to moving forward and reporting on our progress thorough 2015. Thank you.