v3.25.2
Operating and Reporting Segments (Disclosure Of Assets and Liabilities) (Details) - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
May 31, 2024
Segment Reporting Information [Line Items]      
Total assets [1] $ 34,374,546 $ 41,312,781  
Total liabilities [2] 11,642,664 13,291,556  
Equity securities without readily determinable fair values 133,500 143,000  
Millrose      
Segment Reporting Information [Line Items]      
Investments in unconsolidated entities $ 1,200,000    
Unconsolidated entities ownership percentage 20.00%    
Operating Segments      
Segment Reporting Information [Line Items]      
Cash and cash equivalents $ 1,407,694 4,909,664  
Restricted cash 71,321 80,546  
Receivables, net 1,470,743 1,652,558  
Inventory owned and consolidated inventory not owned 14,516,800 20,312,430  
Loans held-for-sale 1,887,000 2,250,718  
Investments in equity securities 216,188 347,810  
Investments available-for-sale 39,069 40,578  
Loans held-for-investment, net 52,489 60,969  
Investments held-to-maturity 134,280 135,646  
Deposits and pre-acquisition costs on real estate 5,279,556 3,658,015  
Investments in unconsolidated entities 3,589,229 2,227,574  
Goodwill 3,632,058 3,632,058  
Other assets 2,078,119 2,004,215  
Senior notes and other debts payable, net 4,208,125 4,189,239  
Liabilities related to consolidated inventory not owned 2,317,996 3,563,934  
Accounts payable and other liabilities 5,116,543 5,538,383  
Homebuilding      
Segment Reporting Information [Line Items]      
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  
Inventory owned and consolidated inventory not owned [1] 14,036,147 19,719,551  
Deposits and pre-acquisition costs on real estate 5,265,591 3,625,372  
Investments in unconsolidated entities [1] 2,699,981 1,344,836  
Goodwill [1] 3,442,359 3,442,359  
Other assets [1] 1,759,645 1,734,698  
Total assets [1] 29,391,517 35,594,469  
Senior notes and other debts payable, net [2] 2,791,987 2,258,283  
Liabilities related to consolidated inventory not owned [2] 2,317,996 3,563,934  
Total liabilities [2] 9,820,482 10,863,209  
Homebuilding | Operating Segments      
Segment Reporting Information [Line Items]      
Cash and cash equivalents 1,168,143 4,662,643 $ 3,597,493
Restricted cash 23,987 11,799 11,572
Receivables, net 995,664 1,053,211  
Inventory owned and consolidated inventory not owned 14,036,147 19,719,551  
Loans held-for-sale 0 0  
Investments in equity securities 0 0  
Investments available-for-sale 0 0  
Loans held-for-investment, net 0 0  
Investments held-to-maturity 0 0  
Deposits and pre-acquisition costs on real estate 5,265,591 3,625,372  
Investments in unconsolidated entities 2,699,981 1,344,836  
Goodwill 3,442,359 3,442,359  
Other assets 1,759,645 1,734,698  
Total assets 29,391,517 35,594,469  
Senior notes and other debts payable, net 2,791,987 2,258,283  
Liabilities related to consolidated inventory not owned 2,317,996 3,563,934  
Accounts payable and other liabilities 4,710,499 5,040,992  
Total liabilities 9,820,482 10,863,209  
Lennar Financial Services      
Segment Reporting Information [Line Items]      
Total assets [1] 3,059,237 3,516,550  
Total liabilities [2] 1,592,386 2,140,708  
Lennar Financial Services | Operating Segments      
Segment Reporting Information [Line Items]      
Cash and cash equivalents 202,647 175,382 245,784
Restricted cash 47,334 68,747 37,796
Receivables, net 440,853 545,752  
Inventory owned and consolidated inventory not owned 0 0  
Loans held-for-sale 1,887,000 2,250,718  
Investments in equity securities 0 0  
Investments available-for-sale 0 0  
Loans held-for-investment, net 52,489 60,969  
Investments held-to-maturity 134,280 135,646  
Deposits and pre-acquisition costs on real estate 0 0  
Investments in unconsolidated entities 2,806 0  
Goodwill 189,699 189,699  
Other assets 102,129 89,637  
Total assets 3,059,237 3,516,550  
Senior notes and other debts payable, net 1,416,138 1,930,956  
Liabilities related to consolidated inventory not owned 0 0  
Accounts payable and other liabilities 176,248 209,752  
Total liabilities 1,592,386 2,140,708  
Multifamily      
Segment Reporting Information [Line Items]      
Total assets [1] 1,133,255 1,306,818  
Total liabilities [2] 134,922 181,883  
Multifamily | Operating Segments      
Segment Reporting Information [Line Items]      
Cash and cash equivalents 14,211 30,948 11,555
Restricted cash 0 0  
Receivables, net 34,226 53,595  
Inventory owned and consolidated inventory not owned 480,653 592,879  
Loans held-for-sale 0 0  
Investments in equity securities 0 0  
Investments available-for-sale 0 0  
Loans held-for-investment, net 0 0  
Investments held-to-maturity 0 0  
Deposits and pre-acquisition costs on real estate 13,965 32,643  
Investments in unconsolidated entities 518,453 503,303  
Goodwill 0 0  
Other assets 71,747 93,450  
Total assets 1,133,255 1,306,818  
Senior notes and other debts payable, net 0 0  
Liabilities related to consolidated inventory not owned 0 0  
Accounts payable and other liabilities 134,922 181,883  
Total liabilities 134,922 181,883  
Lennar Other      
Segment Reporting Information [Line Items]      
Total assets [1] 790,537 894,944  
Total liabilities [2] 94,874 105,756  
Lennar Other | Operating Segments      
Segment Reporting Information [Line Items]      
Cash and cash equivalents 22,693 40,691 $ 17,184
Restricted cash 0 0  
Receivables, net 0 0  
Inventory owned and consolidated inventory not owned 0 0  
Loans held-for-sale 0 0  
Investments in equity securities 216,188 347,810  
Investments available-for-sale 39,069 40,578  
Loans held-for-investment, net 0 0  
Investments held-to-maturity 0 0  
Deposits and pre-acquisition costs on real estate 0 0  
Investments in unconsolidated entities 367,989 379,435  
Goodwill 0 0  
Other assets 144,598 86,430  
Total assets 790,537 894,944  
Senior notes and other debts payable, net 0 0  
Liabilities related to consolidated inventory not owned 0 0  
Accounts payable and other liabilities 94,874 105,756  
Total liabilities $ 94,874 $ 105,756  
[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.