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Investments in Unconsolidated Joint Ventures (Tables)
3 Months Ended
Feb. 28, 2025
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 28, 2025February 29, 2024
Revenues$25,369 $— 
Construction and land costs(19,002)— 
Other expense, net(1,552)(854)
Income (loss)
$4,815 $(854)
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 28,
2025
November 30,
2024
Assets
Cash $14,293 $18,869 
Receivables
2,728 2,918 
Inventories
150,508 158,322 
Other assets
1,077 1,052 
Total assets$168,606 $181,161 
Liabilities and equity
Accounts payable and other liabilities$5,465 $8,091 
Notes payable (a)47,408 47,300 
Equity115,733 125,770 
Total liabilities and equity$168,606 $181,161 
(a)    As of both February 28, 2025 and November 30, 2024, the unconsolidated joint venture in California that delivered homes in the three months ended February 28, 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 an eight-month loan extension option to replace the two previous six-month extension options. Pursuant to the amendment, the aggregate commitment will be reduced to $55.2 million on August 31, 2025, and then to $40.0 million on February 28, 2026. This term loan is scheduled to mature on April 19, 2026, unless extended or terminated pursuant to its applicable terms. If the term loan is extended, the aggregate commitment would be reduced to $28.0 million effective April 19, 2026. 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 February 28, 2025 or November 30, 2024.
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 28, 2025February 29, 2024
Revenues$25,615 $30,412 
Expenses(16,957)(16,301)
Income$8,658 $14,111 
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 28,
2025
November 30,
2024
Assets
Cash and cash equivalents (a)
$24,845 $31,702 
Mortgage loans held for sale165,838 122,828 
Other assets18,617 22,815 
Total assets$209,300 $177,345 
Liabilities and equity
Accounts payable and other liabilities$13,161 $15,398 
Funding facilities159,487 117,953 
Equity36,652 43,994 
Total liabilities and equity$209,300 $177,345 
(a)Cash and cash equivalents includes restricted cash of $1.3 million at both February 28, 2025 and November 30, 2024.