XML 49 R37.htm IDEA: XBRL DOCUMENT v3.24.1
Investments in Unconsolidated Joint Ventures (Tables)
3 Months Ended
Feb. 29, 2024
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
 February 29, 2024February 28, 2023
Revenues$— $— 
Construction and land costs— — 
Other expense, net(854)(1,453)
Loss$(854)$(1,453)
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):
February 29,
2024
November 30,
2023
Assets
Cash $10,438 $16,260 
Receivables
3,474 3,437 
Inventories
163,450 152,456 
Other assets
1,267 679 
Total assets$178,629 $172,832 
Liabilities and equity
Accounts payable and other liabilities$5,830 $9,632 
Notes payable (a)60,646 53,386 
Equity112,153 109,814 
Total liabilities and equity$178,629 $172,832 
(a)    As of both February 29, 2024 and November 30, 2023, one of our unconsolidated joint ventures had borrowings outstanding under a revolving line of credit it entered into with a third-party lender in April 2022 to finance its land acquisition, development and construction activities. Borrowings under this line of credit, which has a maximum commitment of $62.0 million, are secured by the underlying property and related project assets. The line of credit is scheduled to mature on April 19, 2026, unless extended or terminated pursuant to its applicable terms. None of our other unconsolidated joint ventures had outstanding debt at February 29, 2024 or November 30, 2023.
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
 February 29, 2024February 28, 2023
Revenues$30,412 $20,190 
Expenses(16,301)(17,025)
Income$14,111 $3,165 
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):
February 29,
2024
November 30,
2023
Assets
Cash and cash equivalents$26,244 $29,163 
Mortgage loans held for sale105,621 164,252 
Other assets22,024 18,380 
Total assets$153,889 $211,795 
Liabilities and equity
Accounts payable and other liabilities$12,361 $13,763 
Funding facilities101,710 159,324 
Equity39,818 38,708 
Total liabilities and equity$153,889 $211,795