v3.25.2
Variable Interest Entities (Tables)
6 Months Ended
May 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Estimated Maximum Exposure To Loss
The Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows:
At May 31, 2025At 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, 2025At 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 owned342,690 520,731 
Letters of credit in lieu of cash deposits under certain land and option contracts419,211 341,834