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Operating And Reporting Segments (Tables)
 12 Months Ended
Nov. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The assets and liabilities related to the Company’s segments were as follows:
(In thousands)At November 30, 2024
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$4,662,643 175,382 30,948 40,691 4,909,664 
Restricted cash11,799 68,747 — — 80,546 
Receivables, net (1)1,053,211 545,752 53,595 — 1,652,558 
Inventory owned and consolidated inventory not owned 19,719,551 — 592,879 — 20,312,430 
Deposits and pre-acquisition costs on real estate3,625,372 — 32,643 — 3,658,015 
Investments in unconsolidated entities1,344,836 — 503,303 379,435 2,227,574 
Loans held-for-sale (2)— 2,250,718 — — 2,250,718 
Investments in equity securities (3)— — — 347,810 347,810 
Investments available-for-sale (4)— — — 40,578 40,578 
Loans held-for-investment, net— 60,969 — — 60,969 
Investments held-to-maturity— 135,646 — — 135,646 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,734,698 89,637 93,450 86,430 2,004,215 
Total assets$35,594,469 3,516,550 1,306,818 894,944 41,312,781 
Liabilities:
Notes and other debts payable, net$2,258,283 1,930,956 — — 4,189,239 
Liabilities related to consolidated inventory not owned3,563,934 — — — 3,563,934 
Accounts payable and other liabilities 5,040,992 209,752 181,883 105,756 5,538,383 
 Total liabilities
$10,863,209 2,140,708 181,883 105,756 13,291,556 
(In thousands)At 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 debts payable, net$2,816,482 2,163,805 3,741 — 4,984,028 
Liabilities related to consolidated inventory not owned2,540,894 — — — 2,540,894 
Accounts payable and other liabilities4,370,618 283,234 274,436 79,127 5,007,415 
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 November 30, 2024 and 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 $143.0 million and $121.0 million without readily available fair values as of November 30, 2024 and 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 consolidated balance sheet.
Financial information relating to the Company’s segments was as follows:
Years Ended November 30,
(In thousands)202420232022
Revenues:
Homebuilding$33,906,426 32,660,987 31,951,335 
Financial Services 1,109,263 976,859 809,680 
Multifamily (1)411,537 573,485 865,603 
Lennar Other14,226 22,035 44,392 
$35,441,452 34,233,366 33,671,010 
Earnings (loss) before income taxes:
Homebuilding$5,342,252 5,527,707 6,777,317 
Financial Services (2)577,184 509,461 383,302 
Multifamily42,635 (50,651)69,493 
Lennar Other (3)(47,967)(209,788)(734,649)
Corporate and Unallocated (4)(729,196)(574,425)(480,897)
$5,184,908 5,202,304 6,014,566 
(1)Revenues for Multifamily for the year ended November 30, 2022 included $237.5 million of land sales to unconsolidated entities.
(2)Financial Services operating earnings for the year ended November 30, 2022, included a $35.5 million one-time charge due to an increase in a litigation accrual related to a court judgement.
(3)Operating loss for Lennar Other for the year ended November 30, 2024 included $25.2 million of mark-to-market unrealized gains on the Company's publicly traded technology investments and a $46.5 million one-time gain on the sale of a technology investment. Operating loss for Lennar Other for the year ended November 30, 2023 included $50.2 million of mark-to-market unrealized losses on the
Company's publicly traded technology investments and a $65.0 million write-off of one of the Company's non-public technology investments. Operating loss for Lennar Other for the year ended November 30, 2022 included $655.1 million of mark-to-market unrealized losses on the Company's publicly traded technology investments.
(4)Corporate and unallocated expenses primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable foundation contributions to the Lennar Foundation.
The assets related to the Company's Homebuilding segments were as follows:
At November 30,
(In thousands)20242023
East$7,168,086 6,563,568 
Central5,366,936 4,511,496 
Texas4,238,587 3,337,280 
West 12,148,434 11,298,812 
Other1,729,407 1,511,541 
Corporate and Unallocated 4,943,019 6,405,695 
Total Homebuilding$35,594,469 33,628,392 
Financial information relating to the Company’s homebuilding segments was as follows:
Years Ended November 30,
(In thousands)202420232022
Revenues:
East$8,492,955 8,727,154 8,389,182 
Central7,637,003 7,101,560 6,722,854 
Texas4,787,125 4,707,285 4,227,771 
West 12,955,853 12,086,172 12,571,386 
Other33,490 38,816 40,142 
$33,906,426 32,660,987 31,951,335 
Operating earnings (loss):
East$1,599,024 1,991,950 2,062,654 
Central1,083,734 1,104,930 1,066,833 
Texas753,722 788,627 929,237 
West1,857,870 1,712,966 2,773,597 
Other47,902 (70,766)(55,004)
$5,342,252 5,527,707 6,777,317 
Interest expense:
East$40,041 55,216 70,809 
Central28,929 46,556 62,083 
Texas13,967 29,754 29,442 
West84,609 115,600 140,017 
Other12,446 10,467 10,380 
$179,992 257,593 312,731 
Depreciation and amortization:
East$32,098 33,279 23,084 
Central27,761 27,087 17,023 
Texas10,623 10,227 9,354 
West58,368 62,374 54,055 
Other346 286 774 
$129,196 133,253 104,290 
Net addition to operating properties and equipment:
East$734 637 2,065 
Central3,613 1,531 949 
Texas2,049 679 136 
West3,798 1,176 1,414 
Other54,202 45,754 6,537 
$64,396 49,777 11,101 
Schedule of Line of Credit Facilities
At November 30, 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:
April 2025$250,000 250,000 500,000 
June 20251,400,000 — 1,400,000 
August 2025325,000 325,000 650,000 
October 2025100,000 100,000 200,000 
December 2026375,000 — 375,000 
Total residential facilities$2,450,000 675,000 3,125,000 
LMF commercial facilities maturing:
December 2024 (1)200,000 — 200,000 
January 2025100,000 — 100,000 
Total LMF commercial facilities$300,000 — 300,000 
Total$3,425,000 
(1)Subsequent to November 30, 2024, the maturity date was extended to December 2025.
Borrowings and collateral under the facilities were as follows:
At November 30,
(In thousands)20242023
Borrowings under residential facilities$1,776,045 2,020,187
Collateral under residential facilities1,837,833 2,097,020
Borrowings under LMF Commercial facilities28,747 12,525
The maximum available borrowings on the Credit Facility were as follows:
(In thousands)At November 30, 2024
Commitments - maturing in May 2027$225,000 
Commitments - maturing in November 20292,650,000 
Total commitments$2,875,000 
Accordion feature625,000 
Total maximum borrowings capacity$3,500,000 
The Company's outstanding letters of credit and surety bonds are below:
At November 30,
(In thousands)20242023
Performance letters of credit$1,668,061 1,404,541 
Financial letters of credit745,578 417,976 
Surety bonds5,140,432 4,508,428 
Anticipated future costs primarily for site improvements related to performance surety bonds2,766,088 2,499,680 
Schedule Of Lennar Homebuilding Receivables Balances as of November 30, 2024 and 2023 are noted below:
At November 30,
(In thousands)20242023
Accounts receivable$901,290 640,292 
Mortgages and notes receivable154,320 250,074 
1,055,610 890,366 
Allowance for credit losses(2,399)(2,374)
Receivables, net$1,053,211 887,992 
LMF Commercial originated commercial loans as follows:
Years Ended November 30,
(Dollars in thousands)20242023
Originations (1)$568,520 466,043 
Sold$522,647 430,707 
Securitizations13 10 
(1)During both years ended November 30, 2024 and 2023, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Debt Securities, Held-to-maturity
Details related to Financial Services' CMBS were as follows:
At November 30,
(Dollars in thousands)20242023
Carrying value$135,646140,676
Outstanding debt, net of debt issuance costs$126,164131,093
Incurred interest rate3.4 %3.4 %
Schedule of Significant Unobservable Inputs Used to Determine Fair Value of Communities
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:
Years Ended November 30,
20242023
Unobservable inputsRangeRange
Average selling price (1)$178,000—$702,000 $179,000 —$850,000 
Absorption rate per quarter (homes)6—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 the years ended November 30, 2024 and 2023.
At November 30, 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:
November 30, 2024
Unobservable inputs
Mortgage prepayment rate8%
Discount rate13%
Delinquency rate12%
Unrealized Gain (Loss) on Investments
Years Ended November 30,
(In thousands)20242023
Blend Labs (BLND) $9,474 (130)
Hippo (HIPO) 73,243 (19,210)
Opendoor (OPEN) (12,587)21,762 
SmartRent (SMRT) (11,609)5,914 
Sonder (SOND) 15 (700)
Sunnova (NOVA) (33,356)(57,798)
Lennar Other unrealized gains (losses) from technology investments$25,180 (50,162)