v3.25.2
Investments in Unconsolidated Entities (Narrative) (Details)
$ in Thousands
3 Months Ended 6 Months Ended
May 31, 2025
USD ($)
project
May 31, 2025
USD ($)
May 31, 2024
USD ($)
Nov. 30, 2024
USD ($)
project
Schedule of Equity Method Investments [Line Items]        
Gain on sales of investment   $ 35,033 $ 0  
Upward America Venture        
Schedule of Equity Method Investments [Line Items]        
Total equity commitments $ 1,000,000 1,000,000    
Upward America Venture        
Schedule of Equity Method Investments [Line Items]        
Total equity commitments 78,100 78,100    
Lennar's carrying value of investments 19,500 19,500   $ 20,800
Homebuilding        
Schedule of Equity Method Investments [Line Items]        
Non-recourse debt with completion guarantees 435,000 435,000   287,000
Lennar's carrying value of investments [1] 2,699,981 2,699,981   1,344,836
Multifamily        
Schedule of Equity Method Investments [Line Items]        
Non-recourse debt with completion guarantees 733,200 733,200   $ 907,800
Multifamily | Lennar Multifamily Fund        
Schedule of Equity Method Investments [Line Items]        
Total equity commitments $ 1,000,000 $ 1,000,000    
Fund ownership percentage 4.00% 4.00%    
Lennar's carrying value of investments $ 27,800 $ 27,800    
Multifamily | Lennar Multifamily Fund | Scenario, Plan        
Schedule of Equity Method Investments [Line Items]        
Fund ownership percentage 10.00% 10.00%    
Multifamily | LMV I        
Schedule of Equity Method Investments [Line Items]        
Total equity commitments $ 2,204,016 $ 2,204,016    
Lennar's carrying value of investments $ 107,616 107,616    
Number Of Projects Sold | project 2      
Multifamily | LMV I | Disposal Group, Held-for-Sale, Not Discontinued Operations        
Schedule of Equity Method Investments [Line Items]        
Number of Projects | project       38
Multifamily | LMV I | Disposal Group, Disposed of by Sale, Not Discontinued Operations        
Schedule of Equity Method Investments [Line Items]        
Number of Projects | project       33
Multifamily | TPG Fund        
Schedule of Equity Method Investments [Line Items]        
Lennar's carrying value of investments $ 38,200 38,200    
Lennar Other | Rialto Funds and Investment Vehicles        
Schedule of Equity Method Investments [Line Items]        
Lennar's carrying value of investments 132,900 132,900   $ 140,100
Lennar Other | Strategic Technology Investments        
Schedule of Equity Method Investments [Line Items]        
Lennar's carrying value of investments $ 235,100 $ 235,100   $ 239,300
[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.