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Operating and Reporting Segments (Tables)
 9 Months Ended
Aug. 31, 2024
Segment Reporting [Abstract]  
Disclosure Of Financial Information Relating To Company's Operations
The assets and liabilities related to the Company’s segments were as follows:
(In thousands)August 31, 2024
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$4,037,405 156,840 24,755 33,662 4,252,662 
Restricted cash12,600 45,882 — — 58,482 
Receivables, net (1)995,417 546,868 65,136 — 1,607,421 
Inventory owned and consolidated inventory not owned20,088,539 — 551,970 — 20,640,509 
Deposits and pre-acquisition costs on real estate2,980,035 — 32,946 — 3,012,981 
Investments in unconsolidated entities1,309,622 — 544,635 351,174 2,205,431 
Loans held-for-sale (2)— 1,841,211 — — 1,841,211 
Investments in equity securities (3)— — — 339,527 339,527 
Investments available-for-sale (4)— — — 40,090 40,090 
Loans held-for-investment, net— 63,995 — — 63,995 
Investments held-to-maturity— 138,045 — — 138,045 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,616,314 111,333 91,113 89,810 1,908,570 
Total assets$34,482,291 3,093,873 1,310,555 854,263 39,740,982 
Liabilities:
Notes and other debt payable, net$2,263,256 1,545,416 — — 3,808,672 
Accounts payable, liabilities related to consolidated inventory not owned and other liabilities7,859,330 214,405 195,327 105,540 8,374,602 
Total liabilities$10,122,586 1,759,821 195,327 105,540 12,183,274 
(In thousands)November 30, 2023
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$6,273,724 159,491 39,334 1,948 6,474,497 
Restricted cash13,481 82,960 — — 96,441 
Receivables, net (1)887,992 716,071 92,142 — 1,696,205 
Inventory owned and consolidated inventory not owned18,352,735 — 544,935 — 18,897,670 
Deposits and pre-acquisition costs on real estate2,002,154 — 32,063 — 2,034,217 
Investments in unconsolidated entities1,143,909 — 599,852 276,244 2,020,005 
Loans held-for-sale (2)— 2,086,809 — — 2,086,809 
Investments in equity securities (3)— — — 297,243 297,243 
Investments available-for-sale (4)— — — 37,953 37,953 
Loans held-for-investment, net— 55,463 — — 55,463 
Investments held-to-maturity— 140,676 — — 140,676 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,512,038 135,377 73,187 44,464 1,765,066 
Total assets$33,628,392 3,566,546 1,381,513 657,852 39,234,303 
Liabilities:
Notes and other debt payable, net$2,816,482 2,163,805 3,741 — 4,984,028 
Accounts payable, liabilities related to consolidated inventory not owned and other liabilities6,911,512 283,234 274,436 79,127 7,548,309 
Total liabilities$9,727,994 2,447,039 278,177 79,127 12,532,337 
(1)Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2024 and November 30, 2023, 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 $147.5 million and $121.0 million without readily available fair values as of August 31, 2024 and November 30, 2023, 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 EndedNine Months Ended
August 31,August 31,
(In thousands)2024202320242023
Revenues:
Homebuilding$9,045,692 8,318,615 24,357,742 22,144,937 
Financial Services 273,270 266,206 804,713 672,166 
Multifamily93,443 137,394 322,620 432,661 
Lennar Other3,637 7,388 9,489 15,419 
$9,416,042 8,729,603 25,494,564 23,265,183 
Earnings (loss) before income taxes:
Homebuilding$1,477,918 1,493,820 3,846,869 3,615,068 
Financial Services144,400 148,995 422,708 340,331 
Multifamily78,908 (8,733)42,795 (38,496)
Lennar Other20,095 (26,218)(48,417)(84,374)
Corporate and Unallocated (1)(186,188)(132,703)(536,979)(414,294)
$1,535,133 1,475,161 3,726,976 3,418,235 
(1)Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions.
The assets related to the Company’s homebuilding segments were as follows:
August 31,November 30,
20242023
(In thousands)
East$7,235,644 6,563,568 
Central5,393,664 4,511,496 
Texas4,052,427 3,337,280 
West 12,046,350 11,298,812 
Other1,573,735 1,511,541 
Corporate and Unallocated 4,180,471 6,405,695 
Total Homebuilding$34,482,291 33,628,392 
Financial information relating to the Company’s homebuilding segments was as follows:
Three Months EndedNine Months Ended
August 31,August 31,
(In thousands)2024202320242023
Revenues
East$2,138,235 2,195,413 6,263,276 6,012,553 
Central2,142,857 1,818,744 5,246,756 4,661,277 
Texas1,286,625 1,176,875 3,554,836 3,340,539 
West 3,471,591 3,117,265 9,267,120 8,103,423 
Other6,384 10,318 25,754 27,145 
$9,045,692 8,318,615 24,357,742 22,144,937 
Operating earnings (loss)
East$402,182 514,309 1,204,713 1,386,208 
Central343,216 300,942 742,702 704,778 
Texas197,767 219,881 550,924 528,261 
West514,448 479,968 1,302,172 1,065,940 
Other20,305 (21,280)46,358 (70,119)
$1,477,918 1,493,820 3,846,869 3,615,068 
Schedule of Line of Credit Facilities
At August 31, 2024, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:
Maximum Aggregate Commitment
(In thousands)Committed AmountUncommitted AmountTotal
Residential facilities maturing:
September 2024 (1)$100,000 100,000 200,000 
April 2025250,000 250,000 500,000 
June 20251,400,000 — 1,400,000 
August 202575,000 75,000 150,000 
August 2025250,000 250,000 500,000 
Total residential facilities$2,075,000 675,000 2,750,000 
LMF commercial facilities maturing:
December 2024200,000 — 200,000 
January 2025100,000 — 100,000 
Total LMF commercial facilities$300,000 — 300,000 
Total$3,050,000 
(1)Subsequent to August 31, 2024, the maturity date was extended to October 2024.
Borrowings and collateral under the facilities were as follows:
(In thousands)August 31, 2024November 30, 2023
Borrowings under the residential facilities$1,332,897 2,020,187 
Collateral under the residential facilities
1,374,251 2,097,020 
Borrowings under the LMF Commercial facilities
83,884 12,525 
The maximum available borrowings on the Company's unsecured revolving credit facility (the “Credit Facility”) were as follows:
(In thousands)August 31, 2024
Commitments - maturing in May 2027$2,225,000 
Accordion feature425,000 
Total maximum borrowings capacity$2,650,000 
The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands)August 31, 2024November 30, 2023
Performance letters of credit$1,606,070 1,404,541 
Financial letters of credit566,598 417,976 
Surety bonds4,989,709 4,508,428 
Anticipated future costs primarily for site improvements related to performance surety bonds2,782,727 2,499,680 
Schedule of Loans Held for Sale
LMF Commercial originated commercial loans as follows:
Three Months EndedNine Months Ended
August 31,August 31,
(Dollars in thousands)2024202320242023
Originations (1)$236,665 161,308 449,000 325,378 
Sold145,325 100,562 301,610 265,864 
Securitizations439 6 
(1)During both the three and nine months ended August 31, 2024 and 2023, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Schedule of Commercial Mortgage-Backed Securities
Details related to Financial Services' CMBS were as follows:
(Dollars in thousands)August 31, 2024November 30, 2023
Carrying value$138,045 140,676 
Outstanding debt, net of debt issuance costs128,635 131,093 
Incurred interest rate3.4%3.4%
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities
August 31, 2024
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 2050—December 2051
The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:
As of August 31, 2024As of November 30, 2023
Unobservable inputs:
Mortgage prepayment rate9%8%
Discount rate13%13%
Delinquency rate 11%9%
The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:
Nine Months Ended August 31,
20242023
Unobservable inputsRangeRange
Average selling price (1)$178,000—282,000371,000—850,000
Absorption rate per quarter (homes)10—153—26
Discount rate20%20%
(1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the nine months ended August 31, 2024 and 2023.
Unrealized Gain (Loss) on Investments The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on the Company's technology investments:
Three Months EndedNine Months Ended
August 31,August 31,
(In thousands)2024202320242023
Blend Labs (BLND)$2,270 386 5,921 (360)
Hippo (HIPO)6,609 (17,166)33,795 (14,933)
Opendoor (OPEN)(564)23,638 (16,156)38,459 
SmartRent (SMRT)(5,634)(1,707)(12,206)8,219 
Sonder (SOND)71 (91)82 (549)
Sunnova (NOVA)36,371 (20,773)1,036 (45,006)
Lennar Other unrealized gains (losses) from technology investments$39,123 (15,713)12,472 (14,170)