v3.26.1
Variable Interest Entities (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 28, 2026
Nov. 30, 2025
Variable Interest Entity [Line Items]    
Total liabilities [1] $ 11,178,079 $ 12,289,828
Assets [2] 33,210,342 34,430,437
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Millrose    
Variable Interest Entity [Line Items]    
Disposal Group, Including Discontinued Operation, Real Estate Option Contracts 1,100,000  
Homebuilding    
Variable Interest Entity [Line Items]    
Total liabilities [1] 9,604,090 10,065,422
Consolidated inventory not owned [2] 1,646,284 1,696,401
Deposits and pre-acquisition costs on real estate 6,824,948 6,383,633
Liabilities related to consolidated inventory not owned [1] 1,447,697 1,476,376
Assets [2] 28,730,536 29,253,256
Land Bank | Homebuilding    
Variable Interest Entity [Line Items]    
Consolidated inventory not owned 449,600  
Deposits and pre-acquisition costs on real estate 2,800,000  
Liabilities related to consolidated inventory not owned 349,800  
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Consolidated inventory not owned 1,000,000  
Consolidated inventory not owned, not recorded 631,000  
Decrease in liabilities related to inventory not owned 28,700  
Increase (Decrease) in Consolidated Inventory, Not Owned, Recorded 50,100  
Land Under Purchase Options Due to Maturing Contracts, Recorded 267,800  
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total liabilities 1,000,000 962,400
Assets 1,500,000 1,500,000
Variable Interest Entity, Primary Beneficiary | Homebuilding    
Variable Interest Entity [Line Items]    
Consolidated inventory not owned 1,000,000 984,400
Liabilities related to consolidated inventory not owned $ 961,700 $ 930,100
[1] As of February 28, 2026, total liabilities include $1.0 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $15.5 million is included in Homebuilding accounts payable, $961.7 million in Homebuilding liabilities related to consolidated inventory not owned, $1.2 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.
As of November 30, 2025, total liabilities include $962.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $23.8 million is included in Homebuilding accounts payable, $930.1 million in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $1.5 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.
[2] 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 February 28, 2026, total assets include $1.5 billion related to consolidated VIEs of which $49.7 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $38.2 million in Homebuilding finished homes and construction in progress, $232.9 million in Homebuilding land and land under development, $1.0 billion in Homebuilding consolidated inventory not owned, $94.1 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $1.7 million in Homebuilding other assets and $24.7 million in Multifamily assets.
As of November 30, 2025, total assets include $1.5 billion related to consolidated VIEs of which $61.1 million is included in Homebuilding cash and cash equivalents, $2.0 million in Homebuilding receivables, net, $45.6 million in Homebuilding finished homes and construction in progress, $300.3 million in Homebuilding land and land under development, $984.4 million in Homebuilding consolidated inventory not owned, $88.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $8.9 million in Homebuilding other assets and $25.0 million in Multifamily assets.