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Lennar Homebuilding Investments In Unconsolidated Entities (Tables) | 12 Months Ended
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Nov. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Unconsolidated Entities | The investments in the Company's Homebuilding unconsolidated entities were as follows:
|  | At November 30,
(In thousands) |  | 2024 |  | 2023
Investments in unconsolidated entities (1) (2) |  | $ | 1,344,836 |  |  | 1,143,909 |
Underlying equity in unconsolidated entities' net assets (1) |  | 1,636,307 |  |  | 1,436,239 |
(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 FivePoint. (2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of November 30, 2024 and 2023, the carrying amount of the Company's investment was $470.8 million and $422.2 million, respectively. The details of the activity was as follows:
| Years Ended November 30,
(In thousands) | 2024 |  | 2023 |  | 2022
Land sales revenues (1) | $ | 192,237 |  |  | 222,200 |  |  | 94,513 |
Management fees and reimbursement of expenses, net of deferrals | 12,969 |  |  | 16,306 |  |  | 20,792 |
(1)The Company does not include in its Homebuilding equity in earnings (losses) from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings (losses) resulting from land sales to the Company's homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer. The details of the activity were as follows:
|  | Years Ended November 30,
(In thousands) |  | 2024 |  | 2023 |  | 2022
General contractor services, net of deferrals |  | $ | 302,712 |  |  | 494,630 |  |  | 498,142 |
General contractor costs |  | 286,991 |  |  | 471,676 |  |  | 478,620 |
Land sales to joint ventures |  | 36,237 |  |  | — |  |  | 237,477 |
Management fee income, net of deferrals |  | 49,419 |  |  | 67,901 |  |  | 63,823 |
Details of LMV I and LMV II as of and during the year ended November 30, 2024 are included below:
(In thousands) | LMV I |  | LMV II
Lennar's carrying value of investments | $ | 126,784 |  |  | 228,496 |
Equity commitments | 2,204,016 |  |  | 1,257,700 |
Equity commitments called | 2,154,328 |  |  | 1,218,619 |
Lennar's equity commitments | 504,016 |  |  | 381,000 |
Lennar's equity commitments called | 500,381 |  |  | 368,170 |
Lennar's remaining commitments (1) | 3,635 |  |  | 12,830 |
Distributions to Lennar | 199,519 |  |  | 12,820 |
(1)While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls. Summarized condensed financial information on a combined 100% basis related to the Company's unconsolidated entities that are accounted for under the equity method, of which the Company's investments in unconsolidated entities were $2.2 billion and $2.0 billion as of November 30, 2024 and 2023, respectively. Financial information relating to the Company’s unconsolidated entities was as follows:
Balance Sheets |  |  |  |  |  |  |  |  |
(In thousands) | At November 30, 2024
Assets: | Homebuilding |  |  |  | Multifamily |  | Lennar Other |  | Total
Cash and cash equivalents | $ | 410,948 |  |  |  |  | 323,389 |  |  | 95,735 |  |  | 830,072 |
Loans receivable | — |  |  |  |  | — |  |  | 11,884 |  |  | 11,884 |
Real estate owned | — |  |  |  |  | — |  |  | 50,621 |  |  | 50,621 |
Investment securities | — |  |  |  |  | — |  |  | 2,102,204 |  |  | 2,102,204 |
Investments in partnerships | — |  |  |  |  | — |  |  | 94,183 |  |  | 94,183 |
Inventories | 5,501,970 |  |  |  |  | — |  |  | — |  |  | 5,501,970 |
Operating properties and equipment | 37,516 |  |  |  |  | 4,988,704 |  |  | — |  |  | 5,026,220 |
Other assets | 1,282,274 |  |  |  |  | 821,201 |  |  | 102,879 |  |  | 2,206,354 |
| $ | 7,232,708 |  |  |  |  | 6,133,294 |  |  | 2,457,506 |  |  | 15,823,508 |
Liabilities and equity: |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities | $ | 979,910 |  |  |  |  | 140,000 |  |  | 114,244 |  |  | 1,234,154 |
Debt (1) | 1,318,759 |  |  |  |  | 2,905,913 |  |  | 295,825 |  |  | 4,520,497 |
Equity | 4,934,039 |  |  |  |  | 3,087,381 |  |  | 2,047,437 |  |  | 10,068,857 |
| $ | 7,232,708 |  |  |  |  | 6,133,294 |  |  | 2,457,506 |  |  | 15,823,508 |
(In thousands) | At November 30, 2023
Assets: | Homebuilding |  |  |  | Multifamily |  | Lennar Other |  | Total
Cash and cash equivalents | $ | 460,851 |  |  |  |  | 67,755 |  |  | 121,110 |  |  | 649,716 |
Loans receivable | — |  |  |  |  | — |  |  | 27,102 |  |  | 27,102 |
Real estate owned | — |  |  |  |  | — |  |  | 102,398 |  |  | 102,398 |
Investment securities | — |  |  |  |  | — |  |  | 2,267,270 |  |  | 2,267,270 |
Investments in partnerships | — |  |  |  |  | — |  |  | 108,532 |  |  | 108,532 |
Inventories | 5,267,619 |  |  |  |  | — |  |  | — |  |  | 5,267,619 |
Operating properties and equipment | 33,151 |  |  |  |  | 7,528,024 |  |  | — |  |  | 7,561,175 |
Other assets | 1,223,438 |  |  |  |  | 861,321 |  |  | 169,858 |  |  | 2,254,617 |
| $ | 6,985,059 |  |  |  |  | 8,457,100 |  |  | 2,796,270 |  |  | 18,238,429 |
Liabilities and equity: |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities | $ | 782,802 |  |  |  |  | 253,531 |  |  | 146,593 |  |  | 1,182,926 |
Debt (1) | 1,412,958 |  |  |  |  | 4,890,267 |  |  | 332,124 |  |  | 6,635,349 |
Equity | 4,789,299 |  |  |  |  | 3,313,302 |  |  | 2,317,553 |  |  | 10,420,154 |
| $ | 6,985,059 |  |  |  |  | 8,457,100 |  |  | 2,796,270 |  |  | 18,238,429 |
(1)Debt noted above is net of debt issuance costs. As of November 30, 2024 and 2023, this includes $3.2 million and $13.0 million, respectively, for Homebuilding, $16.1 million and $19.5 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other.
Statements of Operations (In thousands) Years Ended: | Revenues |  | Costs and expenses |  | Other income (expense), net (1) |  | Net earnings (losses) of unconsolidated entities |  | Equity in earnings (losses) from unconsolidated entities
November 30, 2024 | $ | 1,719,012 |  |  | 1,841,128 |  |  | 608,145 |  |  | 486,029 |  |  | 164,099 |
November 30, 2023 | 1,857,757 |  |  | 2,160,564 |  |  | (563,222) |  |  | (866,029) |  |  | (144,610) |
November 30, 2022 | 1,747,336 |  |  | 1,695,272 |  |  | 197,056 |  |  | 249,120 |  |  | (36,302) |
(1)Other income (expense), net included realized and unrealized gains (losses) on investments.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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