v3.26.1
Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - USD ($)
$ in Thousands
Feb. 28, 2026
Nov. 30, 2025
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments in Unconsolidated VIEs $ 1,411,215 $ 1,232,661
Lennar’s Maximum Exposure to Loss 1,427,277 1,271,590
Homebuilding    
Variable Interest Entity [Line Items]    
Lennar's carrying value of investments [1] 1,479,812 1,545,370
Homebuilding | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments in Unconsolidated VIEs 794,825 824,241
Lennar’s Maximum Exposure to Loss 809,433 861,679
Homebuilding | Upward America Venture | Variable Interest Entity, Not Primary Beneficiary | Commitment for recourse debt    
Variable Interest Entity [Line Items]    
Obligations related to VIEs 8,200 30,100
Multifamily | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments in Unconsolidated VIEs 379,061 167,873
Lennar’s Maximum Exposure to Loss 380,515 169,364
Lennar Financial Services | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments in Unconsolidated VIEs 133,428 135,396
Lennar’s Maximum Exposure to Loss 133,428 135,396
Lennar Other | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments in Unconsolidated VIEs 103,901 105,151
Lennar’s Maximum Exposure to Loss $ 103,901 $ 105,151
[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 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.