v3.26.1
Investments in Unconsolidated Joint Ventures (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2026
USD ($)
joint_venture
May 31, 2025
USD ($)
May 31, 2026
USD ($)
joint_venture
May 31, 2025
USD ($)
Dec. 31, 2026
USD ($)
Apr. 30, 2026
USD ($)
Feb. 28, 2026
USD ($)
Dec. 31, 2025
USD ($)
Nov. 30, 2025
USD ($)
joint_venture
Aug. 31, 2025
USD ($)
Feb. 28, 2025
USD ($)
Jan. 31, 2025
USD ($)
Nov. 30, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]                          
Number of investments in unconsolidated joint ventures | joint_venture 6   6           6        
Statements of operations of unconsolidated joint venture                          
Net income $ 27,349 $ 107,883 $ 60,773 $ 217,440                  
Assets                          
Total assets 6,775,462   6,775,462           $ 6,680,252        
Liabilities and equity                          
Equity 3,796,810 3,990,538 3,796,810 3,990,538     $ 3,855,007   3,900,858   $ 4,092,678   $ 4,060,616
Total liabilities and stockholders’ equity $ 6,775,462   $ 6,775,462           $ 6,680,252        
Number of other unconsolidated joint ventures with outstanding debt | joint_venture 0   0           0        
Homebuilding                          
Statements of operations of unconsolidated joint venture                          
Other expense, net [1] $ 2,433 2,759 $ 4,236 7,251                  
Assets                          
Cash and cash equivalents 199,819   199,819           $ 228,614        
Other assets 124,755   124,755           107,833        
Total assets 6,718,130   6,718,130           6,620,443        
Financial services                          
Assets                          
Cash and cash equivalents 941   941           1,829        
Other assets [2] 40,405   40,405           39,180        
Total assets 57,332   57,332           59,809        
Financial services | Interest Rate Lock Commitments                          
Liabilities and equity                          
Derivative asset, notional amount 5,700   5,700           4,600        
Change in fair value included in gain (loss) on sale of mortgage loans held for sale 900 (2,100) 1,000 (3,600)                  
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Unsecured revolving credit facility | Term Loan Commitment                          
Liabilities and equity                          
Debt instrument, face amount           $ 39,200 $ 40,000 $ 55,000   $ 55,200   $ 60,000  
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Unsecured revolving credit facility | Term Loan Commitment | Forecast                          
Liabilities and equity                          
Debt instrument, face amount         $ 28,000                
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Homebuilding                          
Statements of operations of unconsolidated joint venture                          
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)                  
Net income 2,628 2,213 3,696 7,028                  
Assets                          
Cash 11,651   11,651           14,347        
Receivables 12,634   12,634           5,517        
Inventories 155,819   155,819           155,015        
Other assets 475   475           620        
Total assets 180,579   180,579           175,499        
Liabilities and equity                          
Accounts payable and other liabilities 18,226   18,226           10,063        
Notes payable [3] 32,502   32,502           40,216        
Equity 129,851   129,851           125,220        
Total liabilities and stockholders’ equity 180,579   180,579           175,499        
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Financial services                          
Statements of operations of unconsolidated joint venture                          
Revenues 21,184 27,349 39,743 52,964                  
Other expense, net (15,523) (17,626) (29,817) (34,583)                  
Net income 5,661 $ 9,723 9,926 $ 18,381                  
Assets                          
Cash and cash equivalents [4] 21,367   21,367           23,393        
Mortgage loans held for sale 208,981   208,981           177,068        
Other assets 8,545   8,545           8,104        
Total assets 238,893   238,893           208,565        
Liabilities and equity                          
Accounts payable and other liabilities 12,101   12,101           13,394        
Funding facilities 199,504   199,504           168,709        
Equity 27,288   27,288           26,462        
Total liabilities and stockholders’ equity 238,893   238,893           208,565        
Restricted cash $ 900   $ 900           $ 900        
[1] Other is primarily comprised of interest income, interest expense and equity in income (loss) of unconsolidated joint ventures. The following table summarizes the equity in income (loss) of unconsolidated joint ventures by homebuilding reporting segment (in thousands):
 
Three Months Ended May 31,
Six Months Ended May 31,
 2026202520262025
Equity in income (loss) of unconsolidated joint ventures:
West Coast$1,397 $1,159 $1,959 $3,558 
Southwest(128)(79)(165)(62)
Central— — — — 
Southeast— — (3)(3)
Total$1,269 $1,080 $1,791 $3,493 
[2] Other assets at May 31, 2026 and November 30, 2025 included $40.4 million and $39.1 million, respectively, of contract assets for estimated future renewal commissions.
[3] 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.
[4] Cash and cash equivalents included restricted cash of $.9 million at both May 31, 2026 and November 30, 2025