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Financial Instruments and Fair Value Disclosures (Tables) | 9 Months Ended
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Aug. 31, 2025
Fair Value Disclosures [Abstract] |
Carrying Amounts And Estimated Fair Value Of Financial Instruments | The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at August 31, 2025 and November 30, 2024, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
|  |  | At August 31, 2025 |  | At November 30, 2024 |  |  |  |  |  |  |
(In thousands) | Fair Value Hierarchy |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held-for-investment, net (1) | Level 3 |  | $ | — |  |  | — |  |  | 60,969 |  |  | 61,044 |  |  |  |  |  |  |  |
Loans held-for-sale (1) | Level 3 |  | 50,284 |  |  | 50,284 |  |  | — |  |  | — |  |  |  |  |  |  |  |
Investments held-to-maturity | Level 3 |  | 133,558 |  |  | 133,413 |  |  | 135,646 |  |  | 138,160 |  |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding senior notes and other debt payable, net | Level 2 |  | $ | 3,523,766 |  |  | 3,562,272 |  |  | 2,258,283 |  |  | 2,264,375 |  |  |  |  |  |  |  |
Financial Services notes and other debt payable, net | Level 2 |  | 1,863,845 |  |  | 1,864,336 |  |  | 1,930,956 |  |  | 1,931,515 |  |  |  |  |  |  |  |
(1)As of August 31, 2025, loans held-for-investment of $61.0 million (fair value of $50.3 million) were transferred to loans held-for-sale, based on the Company’s intent to sell the loans in the near future.
Fair Value Measured On Recurring Basis | The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
| Fair Value Hierarchy |  | Fair Value at
(In thousands) |  | August 31, 2025 |  | November 30, 2024
Financial Services Assets: |  |  |  |  |
Residential loans held-for-sale | Level 2 |  | $ | 1,953,557 |  |  | 2,200,402 |
LMF Commercial loans held-for-sale | Level 3 |  | 77,787 |  |  | 50,316 |
Mortgage servicing rights | Level 3 |  | 3,290 |  |  | 3,463 |
Forward options | Level 1 |  | 1,776 |  |  | 1,458 |
Lennar Other Assets: |  |  |  |  |
Investments in equity securities | Level 1 |  | $ | 167,325 |  |  | 204,777 |
Investments available-for-sale | Level 3 |  | 39,069 |  |  | 40,578 |
Residential and LMF Commercial loans held-for-sale in the table above include:
| At August 31, 2025 |  | At November 30, 2024
(In thousands) | Aggregate Principal Balance |  |  |  | Change in Fair Value |  | Aggregate Principal Balance |  |  |  | Change in Fair Value
Residential loans held-for-sale | $ | 1,995,453 |  |  |  |  | (41,896) |  |  | 2,263,310 |  |  |  |  | (62,907) |
LMF Commercial loans held-for-sale | 78,050 |  |  |  |  | (263) |  |  | 50,020 |  |  |  |  | 296 |
Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities |
| August 31, 2025
| Range
Discount rates at purchase | 6% | — | 84%
Coupon rates | 2.0% | — | 5.3%
Distribution dates | October 2027 | — | December 2028
Stated maturity dates | October 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:
| August 31, 2025 |  | November 30, 2024
Unobservable inputs: |  |  |
Mortgage prepayment rate | 9% |  | 8%
Discount rate | 13% |  | 13%
Delinquency rate | 12% |  | 12%
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,
| 2025 |  | 2024
Unobservable inputs | Range |  | Range
Average selling price (1) | $168,000 | — | 872,000 |  | 178,000 | — | 282,000
Absorption rate per quarter (homes) | 2 | — | 11 |  | 10 | — | 15
Discount rate | 20% |  | 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, 2025 and 2024.
Schedule Of Gains And Losses Of Financial Instruments Measured on a Recurring Basis | The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:
| Three Months Ended |  | Nine Months Ended
| August 31, |  | August 31,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Changes in fair value included in Financial Services revenues: |  |  |  |  |  |  |
Loans held-for-sale | $ | 23,361 |  |  | 30,482 |  |  | 21,011 |  |  | 1,617 |
Mortgage loan commitments | 34,590 |  |  | 22,400 |  |  | 45,511 |  |  | (9,702) |
Forward contracts | (36,411) |  |  | (30,043) |  |  | (7,919) |  |  | 42,874 |
Forward options | 68 |  |  | 2,687 |  |  | 271 |  |  | 1,633 |
Interest rate swaps | (6,652) |  |  | (1,621) |  |  | (6,490) |  |  | (1,665) |
Changes in fair value included in Lennar Other realized and unrealized gains from technology investments: |  |  |  |  |  |  |
Investments in equity securities | $ | 99,223 |  |  | 39,123 |  |  | 7,280 |  |  | 12,472 |
Changes in fair value included in other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Lennar Other investments available-for-sale | $ | — |  |  | 444 |  |  | (1,510) |  |  | 2,161 |
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements | The following table sets forth the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment:
| Three Months Ended August 31, |
| 2025 |  | 2024 |
(In thousands) | Mortgage servicing rights |  | LMF Commercial loans held-for-sale |  |  |  | Mortgage servicing rights |  | LMF Commercial loans held-for-sale |  |  |
Beginning balance | $ | 3,467 |  |  | 72,203 |  |  |  |  | 3,652 |  |  | 66,715 |  |  |  |
Purchases/loan originations | 45 |  |  | 177,837 |  |  |  |  | 174 |  |  | 236,665 |  |  |  |
Sales/loan originations sold, including those not settled | — |  |  | (172,643) |  |  |  |  | — |  |  | (145,325) |  |  |  |
Disposals/settlements | (104) |  |  | — |  |  |  |  | (122) |  |  | (9,500) |  |  |  |
Changes in fair value (1) | (118) |  |  | 483 |  |  |  |  | (338) |  |  | 2,312 |  |  |  |
Interest and principal paydowns | — |  |  | (93) |  |  |  |  | — |  |  | — |  |  |  |
Ending balance | $ | 3,290 |  |  | 77,787 |  |  |  |  | 3,366 |  |  | 150,867 |  |  |  |
| Nine Months Ended August 31,
| 2025 |  | 2024
(In thousands) | Mortgage servicing rights |  | LMF Commercial loans held-for-sale |  |  | Mortgage servicing rights |  | LMF Commercial loans held-for-sale |  |
Beginning balance | $ | 3,463 |  |  | 50,316 |  |  |  | 3,440 |  |  | 13,459 |  |  |
Purchases/loan originations | 322 |  |  | 486,677 |  |  |  | 406 |  |  | 449,000 |  |  |
Sales/loan originations sold, including those not settled | — |  |  | (458,466) |  |  |  | — |  |  | (301,610) |  |  |
Disposals/settlements | (257) |  |  | — |  |  |  | (193) |  |  | (9,500) |  |  |
Changes in fair value (1) | (238) |  |  | (264) |  |  |  | (287) |  |  | (673) |  |  |
Interest and principal paydowns | — |  |  | (476) |  |  |  | — |  |  | 191 |  |  |
Ending balance | $ | 3,290 |  |  | 77,787 |  |  |  | 3,366 |  |  | 150,867 |  |  |
(1)Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
Fair Value Measurements, Nonrecurring | The assets measured at fair value on a nonrecurring basis are summarized below:
|  |  | Three Months Ended August 31,
|  |  | 2025 |  | 2024
(In thousands) | Fair Value Hierarchy |  | Carrying Value |  | Fair Value |  | Total Losses, Net (1) |  | Carrying Value |  | Fair Value |  | Total Losses, Net (1)
Homebuilding - non-financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Finished homes and construction in progress (2) | Level 3 |  | $ | 479,233 |  |  | 430,986 |  |  | (48,247) |  |  | 120,811 |  |  | 111,776 |  |  | (9,035) |
Deposits and pre-acquisition costs on real estate (3) | Level 3 |  | 8,919 |  |  | — |  |  | (8,919) |  |  | 206 |  |  | — |  |  | (206) |
Financial Services - financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held-for-sale (4) | Level 3 |  | $ | 61,001 |  |  | 50,284 |  |  | (10,717) |  |  | — |  |  | — |  |  | — |
Multifamily - non-financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in unconsolidated entities (5) | Level 3 |  | $ | — |  |  | — |  |  | — |  |  | 139,980 |  |  | 49,970 |  |  | (90,010) |
|  |  | Nine Months Ended August 31,
|  |  | 2025 |  | 2024
(In thousands) | Fair Value Hierarchy |  | Carrying Value |  | Fair Value |  | Total Losses, Net (1) |  | Carrying Value |  | Fair Value |  | Total Losses, Net (1)
Homebuilding - non-financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Finished homes and construction in progress (2) | Level 3 |  | $ | 1,221,892 |  |  | 1,103,619 |  |  | (118,273) |  |  | 313,120 |  |  | 280,761 |  |  | (32,359) |
Land and land under development (2) | Level 3 |  | 191 |  |  | 134 |  |  | (57) |  |  | — |  |  | — |  |  | — |
Deposits and pre-acquisition costs on real estate (3) | Level 3 |  | 17,847 |  |  | — |  |  | (17,847) |  |  | 3,408 |  |  | — |  |  | (3,408) |
Financial Services - financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held-for-sale (4) | Level 3 |  | $ | 61,001 |  |  | 50,284 |  |  | (10,717) |  |  | — |  |  | — |  |  | — |
Multifamily - non-financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in unconsolidated entities (5) | Level 3 |  | $ | 10,716 |  |  | — |  |  | (10,716) |  |  | 139,980 |  |  | 49,970 |  |  | (90,010) |
(1)Represents losses due to valuation adjustments and deposit and pre-acquisition write-offs recorded during the respective periods. (2)Valuation adjustments for finished homes and construction in progress, and land and land under development were included in Homebuilding costs and expenses in the Company's condensed consolidated financial statements. (3)Forfeited deposits and write-off of pre-acquisition costs on real estate were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss). (4)Changes in fair value below amortized cost basis are recognized through a valuation allowance, with the adjustment included in Financial Services earnings in the Company's condensed consolidated financial statements. (5)Valuation adjustments related to investments in unconsolidated entities were primarily included in Multifamily other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income (loss). The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:
|  |  |  |  |  |  |  |  | Communities with valuation adjustments
At or for the Nine Months Ended | # of active communities |  | # of communities with potential indicator of impairment |  |  |  |  |  | # of communities |  |  |  |  |  | Fair Value (in thousands) |  | Valuation Adjustments (in thousands)
August 31, 2025 | 1,664 |  | 113 |  |  |  |  |  | 21 |  |  |  |  |  | $ | 49,884 |  |  | $ | 25,633 |
August 31, 2024 | 1,283 |  | 24 |  |  |  |  |  | 4 |  |  |  |  |  | 25,769 |  |  | 15,263 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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