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Investments in Unconsolidated Joint Ventures (Tables) | 3 Months Ended
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Feb. 28, 2023
Homebuilding |
Schedule of Equity Method Investments [Line Items] |
Schedule of Statements of operations of unconsolidated joint ventures | The following table presents combined condensed information from the statements of operations for our homebuilding unconsolidated joint ventures (in thousands):
| Three Months Ended February 28, |  |
| 2023 |  | 2022 |  |  |  |
Revenues | $ | — |  |  | $ | 2,850 |  |  |  |  |
Construction and land costs | — |  |  | (2,299) |  |  |  |  |
Other expense, net | (1,453) |  |  | (430) |  |  |  |  |
Income (loss) | $ | (1,453) |  |  | $ | 121 |  |  |  |  |
Schedule of Balance sheets of unconsolidated joint ventures | The following table presents combined condensed balance sheet information for our homebuilding unconsolidated joint ventures (in thousands):
| February 28, 2023 |  | November 30, 2022
Assets |  |  |
Cash | $ | 13,206 |  |  | $ | 14,066 |
Receivables | 3,389 |  |  | 3,394 |
Inventories | 134,204 |  |  | 114,465 |
Other assets | 587 |  |  | 633 |
Total assets | $ | 151,386 |  |  | $ | 132,558 |
Liabilities and equity |  |  |
Accounts payable and other liabilities | $ | 8,357 |  |  | $ | 8,369 |
Notes payable (a) | 46,098 |  |  | 34,396 |
Equity | 96,931 |  |  | 89,793 |
Total liabilities and equity | $ | 151,386 |  |  | $ | 132,558 |
(a) As of both February 28, 2023 and November 30, 2022, one of our unconsolidated joint ventures had borrowings outstanding under a revolving line of credit it entered into with a third-party lender in April 2022 to finance its land acquisition, development and construction activities. Borrowings under this line of credit, which has a maximum commitment of $62.0 million, are secured by the underlying property and related project assets. The line of credit is scheduled to mature on April 19, 2026, unless extended or terminated pursuant to its applicable terms. None of our other unconsolidated joint ventures had outstanding debt at February 28, 2023 or November 30, 2022.
Financial services |
Schedule of Equity Method Investments [Line Items] |
Schedule of Statements of operations of unconsolidated joint ventures | The following table presents combined condensed information from the statements of operations for our financial services unconsolidated joint venture (in thousands):
| Three Months Ended February 28, |  |
| 2023 |  | 2022 |  |  |  |
Revenues | $ | 20,190 |  |  | $ | 28,401 |  |  |  |  |
Expenses | (17,025) |  |  | (18,104) |  |  |  |  |
Income | $ | 3,165 |  |  | $ | 10,297 |  |  |  |  |
Schedule of Balance sheets of unconsolidated joint ventures | The following table presents combined condensed balance sheet information for our financial services unconsolidated joint venture (in thousands):
| February 28, 2023 |  | November 30, 2022
Assets |  |  |
Cash and cash equivalents | $ | 31,890 |  |  | $ | 28,120 |
Mortgage loans held for sale | 198,364 |  |  | 250,572 |
Other assets | 30,547 |  |  | 33,176 |
Total assets | $ | 260,801 |  |  | $ | 311,868 |
Liabilities and equity |  |  |
Accounts payable and other liabilities | $ | 12,770 |  |  | $ | 15,590 |
Funding facilities | 191,533 |  |  | 242,944 |
Equity | 56,498 |  |  | 53,334 |
Total liabilities and equity | $ | 260,801 |  |  | $ | 311,868 |

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