v3.26.1
Investments in Unconsolidated Joint Ventures (Tables)
 6 Months Ended
May 31, 2026
Homebuilding  
Schedule of Equity Method Investments [Line Items]  
Schedule of Statements of operations of unconsolidated joint ventures The following table presents combined condensed information from the statements of operations for our homebuilding unconsolidated joint ventures (in thousands):
 Three Months Ended May 31,Six Months Ended May 31,
 2026202520262025
Revenues$20,010 $14,371 $31,066 $39,740 
Construction and land costs(15,604)(10,803)(24,267)(29,805)
Other expense, net(1,778)(1,355)(3,103)(2,907)
Income
$2,628 $2,213 $3,696 $7,028 
Schedule of Balance sheets of unconsolidated joint ventures
The following table presents combined condensed balance sheet information for our homebuilding unconsolidated joint ventures (in thousands):
May 31,
2026		November 30,
2025
Assets
Cash $11,651 $14,347 
Receivables
12,634 5,517 
Inventories
155,819 155,015 
Other assets
475 620 
Total assets$180,579 $175,499 
Liabilities and equity
Accounts payable and other liabilities$18,226 $10,063 
Notes payable (a)32,502 40,216 
Equity129,851 125,220 
Total liabilities and equity$180,579 $175,499 
(a)    As of both May 31, 2026 and November 30, 2025, the unconsolidated joint venture in California that delivered homes in the three-month and six-month periods ended May 31, 2026 and 2025 had borrowings outstanding under a term loan with a third-party lender to finance its land acquisition, development and construction activities. In January 2025, the loan agreement was amended, increasing the aggregate commitment to $60.0 million from $55.0 million, and providing for a reduction to $55.2 million on August 31, 2025 and to $40.0 million on February 28, 2026. In April 2026, the loan agreement was further amended, reducing the aggregate commitment to $39.2 million, providing for an additional reduction to $28.0 million as of December 31, 2026, and extending the maturity date to November 30, 2027, with no option for further extension. Borrowings under the term loan are secured by the underlying property and related project assets. None of our other unconsolidated joint ventures had outstanding debt at May 31, 2026 or November 30, 2025.
Financial services  
Schedule of Equity Method Investments [Line Items]  
Schedule of Statements of operations of unconsolidated joint ventures The following table presents combined condensed information from the statements of operations for our financial services unconsolidated joint venture (in thousands):
 Three Months Ended May 31,Six Months Ended May 31,
 2026202520262025
Revenues$21,184 $27,349 $39,743 $52,964 
Expenses(15,523)(17,626)(29,817)(34,583)
Income$5,661 $9,723 $9,926 $18,381 
Schedule of Balance sheets of unconsolidated joint ventures
The following table presents combined condensed balance sheet information for our financial services unconsolidated joint venture (in thousands):
May 31,
2026		November 30,
2025
Assets
Cash and cash equivalents (a)
$21,367 $23,393 
Mortgage loans held for sale208,981 177,068 
Other assets8,545 8,104 
Total assets$238,893 $208,565 
Liabilities and equity
Accounts payable and other liabilities$12,101 $13,394 
Funding facilities199,504 168,709 
Equity27,288 26,462 
Total liabilities and equity$238,893 $208,565 
(a)Cash and cash equivalents included restricted cash of $.9 million at both May 31, 2026 and November 30, 2025.