v3.25.2
Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($)
$ in Thousands
May 31, 2025
Nov. 30, 2024
Millrose    
Variable Interest Entity [Line Items]    
Unconsolidated entities ownership percentage 20.00%  
Lennar's carrying value of investments $ 1,200,000  
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments in Unconsolidated VIEs 2,465,595 $ 1,193,963
Lennar’s Maximum Exposure to Loss 2,530,670 1,271,059
Homebuilding    
Variable Interest Entity [Line Items]    
Lennar's carrying value of investments [1] 2,699,981 1,344,836
Homebuilding | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments in Unconsolidated VIEs 2,059,107 802,901
Lennar’s Maximum Exposure to Loss 2,123,473 876,035
Homebuilding | Upward America Venture | Variable Interest Entity, Not Primary Beneficiary | Commitment to fund capital    
Variable Interest Entity [Line Items]    
Obligations related to VIEs 20,200 20,400
Homebuilding | Upward America Venture | Variable Interest Entity, Not Primary Beneficiary | Commitment for recourse debt    
Variable Interest Entity [Line Items]    
Obligations related to VIEs 33,900 44,200
Multifamily | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments in Unconsolidated VIEs 156,428 136,158
Lennar’s Maximum Exposure to Loss 157,137 140,120
Lennar Financial Services | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments in Unconsolidated VIEs 137,086 135,646
Lennar’s Maximum Exposure to Loss 137,086 135,646
Lennar Other | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments in Unconsolidated VIEs 112,974 119,258
Lennar’s Maximum Exposure to Loss $ 112,974 $ 119,258
[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.