v3.26.3
Investments in Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Aug. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
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 August 31,Nine Months Ended August 31,
2026202520262025
Revenues$30,400 $19,027 $61,466 $58,767 
Construction and land costs(24,129)(14,371)(48,397)(44,176)
Other expense, net(1,914)(1,567)(5,018)(4,474)
Income
$4,357 $3,089 $8,051 $10,117 
The following table presents combined condensed information from the statements of operations for our financial services unconsolidated joint venture (in thousands):
Three Months Ended August 31,Nine Months Ended August 31,
2026202520262025
Revenues$25,181 $26,362 $64,924 $79,326 
Expenses(16,993)(17,854)(46,810)(52,437)
Income$8,188 $8,508 $18,114 $26,889 
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):
August 31,
2026		November 30,
2025
Assets
Cash $28,074 $14,347 
Receivables
15,439 5,517 
Inventories
148,542 155,015 
Other assets
872 620 
Total assets$192,927 $175,499 
Liabilities and equity
Accounts payable and other liabilities$22,312 $10,063 
Notes payable (a)44,100 40,216 
Equity126,515 125,220 
Total liabilities and equity$192,927 $175,499 
(a)    As of August 31, 2026 and November 30, 2025, one of our unconsolidated joint ventures in California had $24.4 million and $40.2 million, respectively, of borrowings outstanding under a term loan with a third-party lender to finance its land acquisition, development and construction activities. Pursuant to the terms of the loan agreement, as amended, the aggregate commitment was $55.2 million at November 30, 2025 and decreased 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, and extending the maturity date to November 30, 2027, with no option for further extension. On August 31, 2026, the loan agreement was amended again, providing for an aggregate commitment to $31.6 million. Borrowings under the term loan are secured by the underlying property and related project assets. This unconsolidated joint venture delivered homes in the three-month and nine-month periods ended August 31, 2026 and 2025.
As of August 31, 2026, another unconsolidated joint venture in California had $19.7 million of borrowings outstanding under a revolving line of credit entered into with a third-party lender on that date to finance its land acquisition, development and construction activities. The line of credit has a maximum commitment of $37.5 million, which is scheduled to decrease to $35.0 million on August 1, 2028. Borrowings under the revolving line of credit are secured by the underlying property and related project assets. The line of credit matures on August 31, 2029, unless extended or terminated pursuant to its applicable terms.
The following table presents combined condensed balance sheet information for our financial services unconsolidated joint venture (in thousands):
August 31,
2026		November 30,
2025
Assets
Cash and cash equivalents (a)
$23,511 $23,393 
Mortgage loans held for sale198,888 177,068 
Other assets10,849 8,104 
Total assets$233,248 $208,565 
Liabilities and equity
Accounts payable and other liabilities$14,040 $13,394 
Funding facilities189,732 168,709 
Equity29,476 26,462 
Total liabilities and equity$233,248 $208,565 
(a)Cash and cash equivalents included restricted cash of $.9 million at both August 31, 2026 and November 30, 2025.