Variable Interest Entities (Tables)

6 Months Ended

May 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows:


	At May 31, 2025			At November 30, 2024
(In thousands)	Investments in Unconsolidated VIEs		Lennar’s Maximum Exposure to Loss	Investments in Unconsolidated VIEs	Lennar’s Maximum Exposure to Loss
Homebuilding (1)	$	2,059,107	2,123,473	802,901	876,035
Multifamily (2)	156,428		157,137	136,158	140,120
Financial Services (3)	137,086		137,086	135,646	135,646
Lennar Other (4)	112,974		112,974	119,258	119,258
	$	2,465,595	2,530,670	1,193,963	1,271,059

(1)As of May 31, 2025 and November 30, 2024, the Company's maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except with regard to the Company's remaining commitment to fund capital in Upward America of $20.2 million and $20.4 million, respectively. In addition, as of May 31, 2025 and November 30, 2024, there was recourse debt of VIEs of $33.9 million and $44.2 million, respectively. As of May 31, 2025, the increase in Homebuilding’s investment in VIEs was primarily due to the Company’s temporary 20% investment in the total outstanding shares of Millrose common stock, which was $1.2 billion.

(2)As of both May 31, 2025 and November 30, 2024, the Company's maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs.

(3)As of both May 31, 2025 and November 30, 2024, the Company's maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and primarily related to the Financial Services' CMBS investments held-to-maturity investments.

(4)As of both May 31, 2025 and November 30, 2024, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs.

The Company's exposure to losses on its option contracts with third parties and unconsolidated entities was as follows:


(In thousands)	At May 31, 2025		At November 30, 2024
Non-refundable option deposits and pre-acquisition costs on real estate	$	5,172,351	3,529,889
Non-refundable option deposits included in consolidated inventory not owned	342,690		520,731
Letters of credit in lieu of cash deposits under certain land and option contracts	419,211		341,834

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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