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v3.25.1

Investments in Unconsolidated Entities (Narrative) (Details) $ in Thousands | 3 Months Ended |
--- | --- | ---
Feb. 28, 2025 USD ($) project | Nov. 30, 2024 USD ($) project
Upward America Venture |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |
Total equity commitments |  | $ 1,000,000 |
Upward America Venture |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |
Total equity commitments |  | 78,100 |
Lennar's carrying value of investments |  | 16,700 | $ 20,800
Homebuilding |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |
Non-recourse debt with completion guarantees |  | 421,800 | 287,000
Lennar's carrying value of investments | [1] | 2,645,734 | 1,344,836
Multifamily |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |
Non-recourse debt with completion guarantees |  | 665,900 | $ 907,800
Multifamily | Lennar Multifamily Fund |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |
Total equity commitments |  | $ 1,000,000 |
Fund ownership percentage |  | 4.00% |
Lennar's carrying value of investments |  | $ 27,400 |
Multifamily | LMV I |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |
Total equity commitments |  | 2,204,016 |
Lennar's carrying value of investments |  | $ 114,067 |
Number of Projects | project |  |  | 38
Number Of Projects Sold | project |  | 2 |
Lennar Other | Rialto Funds and Investment Vehicles |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |
Lennar's carrying value of investments |  | $ 136,600 | $ 140,100
Lennar Other | Strategic Technology Investments |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |
Lennar's carrying value of investments |  | $ 238,800 | $ 239,300
[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, nor any of its subsidiaries, has any obligations. As of February 28, 2025, total assets include $3.0 billion related to consolidated VIEs of which $72.3 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $5.6 million in Homebuilding finished homes and construction in progress, $342.4 million in Homebuilding land and land under development, $2.5 billion in Homebuilding consolidated inventory not owned, $67.7 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $11.7 million in Homebuilding other assets and $35.5 million in Multifamily assets. As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets.

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