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Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended
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Nov. 30, 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):
| Years Ended November 30,
| 2024 |  | 2023 |  | 2022
Revenues | $65,866 |  | $2,871 |  | $5,251
Construction and land costs | (48,627) |  | (1,111) |  | (3,875)
Other expenses, net | (5,033) |  | (2,907) |  | (2,935)
Income (loss) | $12,206 |  | $(1,147) |  | $(1,559)
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):
| November 30,
| 2024 |  | 2023
Assets |  |  |
Cash | $18,869 |  | $16,260
Receivables | 2,918 |  | 3,437
Inventories | 158,322 |  | 152,456
Other assets | 1,052 |  | 679
Total assets | $181,161 |  | $172,832
Liabilities and equity |  |  |
Accounts payable and other liabilities | $8,091 |  | $9,632
Notes payable (a) | 47,300 |  | 53,386
Equity | 125,770 |  | 109,814
Total liabilities and equity | $181,161 |  | $172,832
(a)As of both November 30, 2024 and 2023, the unconsolidated joint venture in California that delivered homes in 2024 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 converted to a term loan and the aggregate commitment was reduced to $55.0 million effective October 31, 2024, and will be reduced to $25.0 million by April 30, 2025. Borrowings under this term loan are secured by the underlying property and related project assets. This term loan 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 November 30, 2024 or 2023.
Financial service |
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 ventures, mostly comprised of KBHS’s activities (in thousands):
| Years Ended November 30,
| 2024 |  | 2023 |  | 2022
Revenues | $129,516 |  | $100,785 |  | $115,173
Expenses | (75,165) |  | (69,390) |  | (73,573)
Income | $54,351 |  | $31,395 |  | $41,600
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):
| November 30,
| 2024 |  | 2023
Assets |  |  |
Cash and cash equivalents (a) | $31,702 |  | $29,163
Mortgage loans held for sale | 122,828 |  | 164,252
Other assets | 22,815 |  | 18,380
Total assets | $177,345 |  | $211,795
Liabilities and equity |  |  |
Accounts payable and other liabilities | $15,398 |  | $13,763
Funding facilities | 117,953 |  | 159,324
Equity | 43,994 |  | 38,708
Total liabilities and equity | $177,345 |  | $211,795

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