v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
Total assets [1] $ 34,374,546 $ 41,312,781
Total liabilities [2] $ 11,642,664 $ 13,291,556
Common Class A    
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized 400,000,000 400,000,000
Common stock, shares issued 261,355,858 259,979,453
Treasury stock, shares 33,754,219 23,814,148
Common Class B    
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized 90,000,000 90,000,000
Common stock, shares issued 36,601,215 36,601,215
Treasury stock, shares 5,196,021 4,532,701
Homebuilding    
Total assets [1] $ 29,391,517 $ 35,594,469
Cash and cash equivalents [1] 1,168,143 4,662,643
Restricted cash [1] 23,987 11,799
Receivables, net [1] 995,664 1,053,211
Finished homes and construction in progress [1] 10,104,530 10,884,861
Land and land under development [1] 1,270,931 4,750,025
Consolidated inventory not owned [1] 2,660,686 4,084,665
Investments in unconsolidated entities [1] 2,699,981 1,344,836
Other assets [1] 1,759,645 1,734,698
Total liabilities [2] 9,820,482 10,863,209
Accounts payable [2] 2,126,002 1,839,440
Liabilities related to consolidated inventory not owned [2] 2,317,996 3,563,934
Senior notes and other debts payable, net [2] 2,791,987 2,258,283
Other liabilities [2] 2,584,497 3,201,552
Multifamily    
Total assets [1] 1,133,255 1,306,818
Total liabilities [2] 134,922 181,883
Lennar Other    
Total assets [1] 790,537 894,944
Total liabilities [2] 94,874 105,756
Variable Interest Entity, Primary Beneficiary    
Total assets 2,300,000 3,700,000
Total liabilities 1,700,000 2,700,000
Variable Interest Entity, Primary Beneficiary | Homebuilding    
Cash and cash equivalents 56,000 67,000
Receivables, net 3,100 6,000
Finished homes and construction in progress 37,800 9,700
Land and land under development 342,000 602,900
Consolidated inventory not owned 1,800,000 2,800,000
Investments in unconsolidated entities 300 300
Other assets 8,200 42,300
Accounts payable 31,000 67,300
Liabilities related to consolidated inventory not owned 1,700,000 2,600,000
Senior notes and other debts payable, net 6,000 6,000
Other liabilities 800 45,800
Inventory, Real Estate, Homebuilding Deposits and Pre-Acquisition Costs 72,300 71,800
Variable Interest Entity, Primary Beneficiary | Multifamily    
Total assets 35,100 33,900
Total liabilities $ 1,000 $ 1,000
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of May 31, 2025, total assets include $2.3 billion related to consolidated VIEs of which $56.0 million is included in Homebuilding cash and cash equivalents, $3.1 million in Homebuilding receivables, net, $37.8 million in Homebuilding finished homes and construction in progress, $342.0 million in Homebuilding land and land under development, $1.8 billion in Homebuilding consolidated inventory not owned, $72.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $8.2 million in Homebuilding other assets and $35.1 million in Multifamily assets.
As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets.
[2] As of May 31, 2025, total liabilities include $1.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $31.0 million is included in Homebuilding accounts payable, $1.7 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $0.8 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.
As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.