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Financial Instruments and Fair Value Disclosures (Tables)
 3 Months Ended
Feb. 28, 2023
Fair Value Disclosures [Abstract]  
Carrying Amounts And Estimated Fair Value Of Financial Instruments The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at February 28, 2023 and November 30, 2022, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
February 28, 2023November 30, 2022
(In thousands)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
ASSETS
Financial Services:
Loans held-for-investment, netLevel 3$45,327 45,334 45,636 45,647 
Investments held-to-maturityLevel 3141,854 141,767 143,251 143,208 
LIABILITIES
Homebuilding senior notes and other debts payable, netLevel 2$4,033,335 3,958,592 4,047,294 3,993,242 
Financial Services notes and other debts payable, netLevel 21,171,638 1,172,302 2,135,093 2,135,797 
Multifamily notes payable, netLevel 216,828 16,828 16,749 16,749 
Fair Value Measured On Recurring Basis The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
Fair Value HierarchyFair Value at
(In thousands)February 28, 2023November 30, 2022
Financial Services Assets:
Residential loans held-for-saleLevel 2$1,207,631 1,750,712 
LMF Commercial loans held-for-saleLevel 325,835 25,599 
Mortgage servicing rightsLevel 33,450 3,463 
Forward optionsLevel 1$6,167 9,473 
Lennar Other:
Investments in equity securitiesLevel 1$189,324 212,981 
Investments available-for-saleLevel 336,332 35,482 
Residential and LMF Commercial loans held-for-sale in the table above include:
February 28, 2023November 30, 2022
(In thousands)Aggregate Principal BalanceChange in Fair ValueAggregate Principal BalanceChange in Fair Value
Residential loans held-for-sale$1,222,860 (15,229)1,734,480 16,233 
LMF Commercial loans held-for-sale
26,280 (445)24,000 1,599 
Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities
February 28, 2023
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 2050—December 2051
The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:
Unobservable inputsAs of February 28, 2023As of November 30, 2022
Mortgage prepayment rate8%8%
Discount rate13%13%
Delinquency rate 8%7%
Schedule Of Gains And Losses Of Financial Instruments Measured on a Recurring Basis
The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:
Three Months Ended
February 28,
(In thousands)20232022
Changes in fair value included in Financial Services revenues:
Loans held-for-sale$(31,462)(27,387)
Mortgage loan commitments(48,844)13,797 
Forward contracts91,509 9,900 
Forward options(852)— 
Changes in fair value included in Lennar Other unrealized loss from technology investments:
Investments in equity securities$(23,954)(395,170)
Changes in fair value included in other comprehensive income, net of tax:
Lennar Other investments available-for-sale$851 742 
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements
The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment:
Three Months Ended
February 28,
20232022
(In thousands)Mortgage servicing rightsLMF Commercial loans held-for-saleMortgage servicing rightsLMF Commercial loans held-for-sale
Beginning balance$3,463 25,599 2,492 68 
Purchases/loan originations51 79,480 82 264,845 
Sales/loan originations sold, including those not settled— (77,200)— (178,082)
Disposals/settlements(63)— (159)— 
Changes in fair value (1)(1)(445)378 (590)
Interest and principal paydowns— (1,599)— (446)
Ending balance$3,450 25,835 2,793 85,795 
(1)Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
Fair Value Measurements, Nonrecurring The assets measured at fair value on a nonrecurring basis are summarized below:
Three Months Ended
February 28,
20232022
(In thousands)Fair Value
Hierarchy		Carrying ValueFair ValueTotal Losses, Net (1)Carrying ValueFair ValueTotal Losses, Net (1)
Non-financial assets - Homebuilding:
Finished homes and construction in progress (2)Level 3$164,544 158,237 (6,307)15,358 13,841 (1,517)
Land and land under development (2)Level 339,616 23,142 (16,474)20,752 10,760 (9,992)
Other assets (3)Level 33,065 — (3,065)— — — 
(1)Represents losses due to valuation adjustments and deposit and pre-acquisition write-offs recorded during the respective periods.
(2)Valuation adjustments for finished homes and construction in progress, and land and land under development were included in Homebuilding costs and expenses. During the three months ended February 28, 2023, total losses, net, for land and land underdevelopment included $14.5 million of deposit and pre-acquisition cost write-offs.
(3)Valuation adjustments related to investments in unconsolidated entities were included in Homebuilding other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income for the three months ended February 28, 2023.
The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:
Communities with valuation adjustments
At or for the Three Months Ended# of active communities# of communities with potential indicator of impairment# of communities
Fair Value
(in thousands)
Valuation Adjustments
(in thousands)
February 28, 20231,21027—$— $— 
February 28, 20221,1995—— —