XML 48 R36.htm IDEA: XBRL DOCUMENT v3.24.3
Investments in Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Aug. 31, 2024
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 August 31,Nine Months Ended August 31,
 2024202320242023
Revenues$32,241 $— $37,539 $1,171 
Construction and land costs(23,580)— (27,404)(686)
Other expense, net(1,694)(193)(3,541)(2,603)
Income (loss)
$6,967 $(193)$6,594 $(2,118)
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):
August 31,
2024		November 30,
2023
Assets
Cash $15,860 $16,260 
Receivables
2,894 3,437 
Inventories
162,392 152,456 
Other assets
1,174 679 
Total assets$182,320 $172,832 
Liabilities and equity
Accounts payable and other liabilities$7,444 $9,632 
Notes payable (a)56,361 53,386 
Equity118,515 109,814 
Total liabilities and equity$182,320 $172,832 
(a)    As of both August 31, 2024 and November 30, 2023, 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. In April 2024, the revolving line of credit was amended, increasing the aggregate commitment to $70.0 million from $62.0 million, with the amount of all advances through October 2024 not to exceed $80.0 million. Principal repayments are made as homes are delivered, which began in May 2024. Pursuant to the amendment, the revolving line of credit will convert to a term loan and the aggregate commitment will be reduced to $55.0 million effective October 31, 2024, and then to $25.0 million by April 30, 2025. Borrowings under the line of credit 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 August 31, 2024 or November 30, 2023.
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 August 31,Nine Months Ended August 31,
 2024202320242023
Revenues$31,615 $26,000 $93,485 $74,640 
Expenses(19,751)(17,701)(54,641)(52,325)
Income$11,864 $8,299 $38,844 $22,315 
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):
August 31,
2024		November 30,
2023
Assets
Cash and cash equivalents$25,517 $29,163 
Mortgage loans held for sale192,267 164,252 
Other assets22,598 18,380 
Total assets$240,382 $211,795 
Liabilities and equity
Accounts payable and other liabilities$15,024 $13,763 
Funding facilities185,872 159,324 
Equity39,486 38,708 
Total liabilities and equity$240,382 $211,795