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Homebuilding Senior Notes and Other Debts Payable (Tables) | 6 Months Ended
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May 31, 2025
Debt Disclosure [Abstract] |
Schedule of Senior Notes and Other Debts Payable |
(Dollars in thousands) | At May 31, 2025 |  | At November 30, 2024
Unsecured revolving credit facility | $ | 400,000 |  |  | — |
5.25% senior notes due 2026 | 401,216 |  |  | 401,824 |
5.00% senior notes due 2027 | 350,782 |  |  | 350,974 |
4.75% senior notes due 2027 | 698,555 |  |  | 698,266 |
5.20% senior notes due 2030 | 693,540 |  |  | — |
4.75% senior notes due 2025 | — |  |  | 499,779 |
Mortgage notes on land and other debt | 247,894 |  |  | 307,440 |
| $ | 2,791,987 |  |  | 2,258,283 |
Schedule of Letter of Credit Facilities | At May 31, 2025, 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 Amount |  | Uncommitted Amount |  | Total
Residential facilities maturing: |  |  |  |  |
June 2025 (1) | $ | 560,000 |  |  | — |  |  | 560,000 |
August 2025 | 325,000 |  |  | 325,000 |  |  | 650,000 |
October 2025 | 50,000 |  |  | 100,000 |  |  | 150,000 |
May 2026 | 250,000 |  |  | 250,000 |  |  | 500,000 |
December 2026 | 375,000 |  |  | — |  |  | 375,000 |
Total residential facilities | $ | 1,560,000 |  |  | 675,000 |  |  | 2,235,000 |
LMF commercial facilities maturing: |  |  |  |  |
December 2025 | 200,000 |  |  | — |  |  | 200,000 |
January 2026 | 100,000 |  |  | — |  |  | 100,000 |
Total LMF commercial facilities | $ | 300,000 |  |  | — |  |  | 300,000 |
Total |  |  |  |  | $ | 2,535,000 |
(1)Subsequent to May 31, 2025, the maturity date was extended to September 2025. Borrowings and collateral under the facilities were as follows:
(In thousands) | May 31, 2025 |  | November 30, 2024
Borrowings under residential facilities | $ | 1,211,428 |  |  | 1,776,045 |
Collateral under residential facilities | 1,261,797 |  |  | 1,837,833 |
Borrowings under LMF Commercial facilities | 80,368 |  |  | 28,747 |
The maximum available borrowings on the Credit Facility were as follows:
(In thousands) |  | At May 31, 2025
Commitments - maturing in May 2027 |  | $ | 225,000 |
Commitments - maturing in November 2029 |  | 2,800,000 |
Total commitments |  | $ | 3,025,000 |
Accordion feature |  | 475,000 |
Total maximum borrowings capacity |  | $ | 3,500,000 |
The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands) |  | At May 31, 2025 |  | At November 30, 2024
Performance letters of credit |  | $ | 1,843,332 |  |  | 1,668,061 |
Financial letters of credit |  | 909,960 |  |  | 745,578 |
Surety bonds |  | 5,453,277 |  |  | 5,140,432 |
Anticipated future costs primarily for site improvements related to performance surety bonds |  | 3,025,462 |  |  | 2,766,088 |

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