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Investments in Unconsolidated Joint Ventures (Tables) | 6 Months Ended
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May 31, 2025
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 May 31, |  | Six Months Ended May 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues | $ | 14,371 |  |  | $ | 5,298 |  |  | $ | 39,740 |  |  | $ | 5,298 |
Construction and land costs | (10,803) |  |  | (3,824) |  |  | (29,805) |  |  | (3,824) |
Other expense, net | (1,355) |  |  | (993) |  |  | (2,907) |  |  | (1,847) |
Income (loss) | $ | 2,213 |  |  | $ | 481 |  |  | $ | 7,028 |  |  | $ | (373) |
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):
| May 31, 2025 |  | November 30, 2024
Assets |  |  |
Cash | $ | 10,200 |  |  | $ | 18,869 |
Receivables | 1,666 |  |  | 2,918 |
Inventories | 151,328 |  |  | 158,322 |
Other assets | 912 |  |  | 1,052 |
Total assets | $ | 164,106 |  |  | $ | 181,161 |
Liabilities and equity |  |  |
Accounts payable and other liabilities | $ | 10,407 |  |  | $ | 8,091 |
Notes payable (a) | 44,058 |  |  | 47,300 |
Equity | 109,641 |  |  | 125,770 |
Total liabilities and equity | $ | 164,106 |  |  | $ | 181,161 |
(a) As of both May 31, 2025 and November 30, 2024, the unconsolidated joint venture in California that delivered homes in the three-month and six-month periods ended May 31, 2025 and 2024 had borrowings outstanding under a term loan with a third-party lender to finance its land acquisition, development and construction activities. In January 2025, the loan agreement was amended, increasing the aggregate commitment to $60.0 million from $55.0 million, and providing an eight-month loan extension option to replace the two previous six-month extension options. Pursuant to the amendment, the aggregate commitment will be reduced to $55.2 million on August 31, 2025, and then to $40.0 million on February 28, 2026. This term loan is scheduled to mature on April 19, 2026, unless extended or terminated pursuant to its applicable terms. If the term loan is extended, the aggregate commitment would be reduced to $28.0 million effective April 19, 2026. Borrowings under the term loan are secured by the underlying property and related project assets. None of our other unconsolidated joint ventures had outstanding debt at May 31, 2025 or November 30, 2024.
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 May 31, |  | Six Months Ended May 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues | $ | 27,349 |  |  | $ | 31,458 |  |  | $ | 52,964 |  |  | $ | 61,870 |
Expenses | (17,626) |  |  | (18,589) |  |  | (34,583) |  |  | (34,890) |
Income | $ | 9,723 |  |  | $ | 12,869 |  |  | $ | 18,381 |  |  | $ | 26,980 |
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):
| May 31, 2025 |  | November 30, 2024
Assets |  |  |
Cash and cash equivalents (a) | $ | 26,293 |  |  | $ | 31,702 |
Mortgage loans held for sale | 158,466 |  |  | 122,828 |
Other assets | 16,486 |  |  | 22,815 |
Total assets | $ | 201,245 |  |  | $ | 177,345 |
Liabilities and equity |  |  |
Accounts payable and other liabilities | $ | 13,894 |  |  | $ | 15,398 |
Funding facilities | 152,087 |  |  | 117,953 |
Equity | 35,264 |  |  | 43,994 |
Total liabilities and equity | $ | 201,245 |  |  | $ | 177,345 |
(a)Cash and cash equivalents included restricted cash of $.8 million at May 31, 2025 and $1.3 million at November 30, 2024.

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