Operating and Reporting Segments (Tables)

6 Months Ended

May 31, 2024

Segment Reporting [Abstract]

Disclosure Of Financial Information Relating To Company's Operations

The assets and liabilities related to the Company’s segments were as follows:

(In thousands)	May 31, 2024
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	3,597,493	245,784	11,555	17,184	3,872,016
Restricted cash	11,572		37,796	—	—	49,368
Receivables, net (1)	898,301		567,748	86,293	—	1,552,342
Inventory owned and consolidated inventory not owned	19,901,500		—	608,214	—	20,509,714
Deposits and pre-acquisition costs on real estate	2,754,819		—	29,802	—	2,784,621
Investments in unconsolidated entities	1,263,905		—	561,892	350,574	2,176,371
Loans held-for-sale (2)	—		1,721,911	—	—	1,721,911
Investments in equity securities (3)	—		—	—	297,948	297,948
Investments available-for-sale (4)	—		—	—	39,669	39,669
Loans held-for-investment, net	—		54,355	—	—	54,355
Investments held-to-maturity	—		138,425	—	—	138,425
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,540,507		88,223	79,487	130,655	1,838,872
Total assets	$	33,410,456	3,043,941	1,377,243	836,030	38,667,670
Liabilities:
Notes and other debt payable, net	$	2,241,507	1,410,102	—	—	3,651,609
Accounts payable, liabilities related to consolidated inventory not owned and other liabilities	7,468,009		173,261	246,776	112,262	8,000,308
Total liabilities	$	9,709,516	1,583,363	246,776	112,262	11,651,917

(In thousands)	November 30, 2023
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	6,273,724	159,491	39,334	1,948	6,474,497
Restricted cash	13,481		82,960	—	—	96,441
Receivables, net (1)	887,992		716,071	92,142	—	1,696,205
Inventory owned and consolidated inventory not owned	18,352,735		—	544,935	—	18,897,670
Deposits and pre-acquisition costs on real estate	2,002,154		—	32,063	—	2,034,217
Investments in unconsolidated entities	1,143,909		—	599,852	276,244	2,020,005
Loans held-for-sale (2)	—		2,086,809	—	—	2,086,809
Investments in equity securities (3)	—		—	—	297,243	297,243
Investments available-for-sale (4)	—		—	—	37,953	37,953
Loans held-for-investment, net	—		55,463	—	—	55,463
Investments held-to-maturity	—		140,676	—	—	140,676
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,512,038		135,377	73,187	44,464	1,765,066
Total assets	$	33,628,392	3,566,546	1,381,513	657,852	39,234,303
Liabilities:
Notes and other debt payable, net	$	2,816,482	2,163,805	3,741	—	4,984,028
Accounts payable, liabilities related to consolidated inventory not owned and other liabilities	6,911,512		283,234	274,436	79,127	7,548,309
Total liabilities	$	9,727,994	2,447,039	278,177	79,127	12,532,337

(1)Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2024 and November 30, 2023, respectively.

(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.

(3)Investments in equity securities include investments of $145.0 million and $121.0 million without readily available fair values as of May 31, 2024 and November 30, 2023, respectively.

(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.

Financial information relating to the Company’s segments was as follows:

	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2024		2023	2024	2023
Revenues:
Homebuilding	$	8,381,059	7,670,017	15,312,050	13,826,322
Financial Services	281,723		222,979	531,443	405,960
Multifamily	99,500		151,744	229,177	295,267
Lennar Other	3,310		411	5,852	8,031
	$	8,765,592	8,045,151	16,078,522	14,535,580
Earnings (loss) before income taxes:
Homebuilding	$	1,340,155	1,214,409	2,368,951	2,121,248
Financial Services	147,012		112,599	278,308	191,336
Multifamily	(20,474)		(8,162)	(36,113)	(29,763)
Lennar Other	(28,964)		(18,399)	(68,512)	(58,156)
Corporate and Unallocated (1)	(176,672)		(141,826)	(350,791)	(281,591)
	$	1,261,057	1,158,621	2,191,843	1,943,074

(1)Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions.

The assets related to the Company’s homebuilding segments were as follows:

	May 31,		November 30,
	2024		2023
(In thousands)
East	$	6,934,559	6,563,568
Central	5,205,747		4,511,496
Texas	3,842,898		3,337,280
West	11,970,399		11,298,812
Other	1,543,449		1,511,541
Corporate and Unallocated	3,913,404		6,405,695
Total Homebuilding	$	33,410,456	33,628,392

Financial information relating to the Company’s homebuilding segments was as follows:

	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2024		2023	2024	2023
Revenues
East	$	2,202,245	2,119,297	4,125,041	3,817,140
Central	1,707,444		1,616,392	3,103,899	2,842,533
Texas	1,196,425		1,141,612	2,268,211	2,163,664
West	3,265,467		2,781,097	5,795,529	4,986,158
Other	9,478		11,619	19,370	16,827
	$	8,381,059	7,670,017	15,312,050	13,826,322
Operating earnings (loss)
East	$	425,650	473,467	802,531	871,899
Central	237,870		247,550	399,486	403,836
Texas	184,644		183,061	353,157	308,380
West	478,937		355,472	787,724	585,972
Other	13,054		(45,141)	26,053	(48,839)
	$	1,340,155	1,214,409	2,368,951	2,121,248

Schedule of Line of Credit Facilities

At May 31, 2024, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:

	Maximum Aggregate Commitment
(In thousands)	Committed Amount		Uncommitted Amount	Total
Residential facilities maturing:
June 2024 (1)	$	500,000	—	500,000
June 2024 (2)	100,000		100,000	200,000
July 2024	505,000		—	505,000
September 2024	100,000		100,000	200,000
April 2025	250,000		250,000	500,000
Total residential facilities	$	1,455,000	450,000	1,905,000
LMF commercial facilities maturing:
December 2024	200,000		—	200,000
January 2025	100,000		—	100,000
Total LMF commercial facilities	$	300,000	—	300,000
Total				$	2,205,000

(1)Subsequent to May 31, 2024, the maturity date was extended to July 2024.

(2)Subsequent to May 31, 2024, the maximum aggregate committed and uncommitted commitment was reduced to $75 million each until maturity in August 2024.

Borrowings and collateral under the facilities were as follows:

(In thousands)	May 31, 2024		November 30, 2023
Borrowings under the residential facilities	$	1,233,015	2,020,187
Collateral under the residential facilities	1,280,929		2,097,020
Borrowings under the LMF Commercial facilities	48,057		12,525

The maximum available borrowings on the Company's unsecured revolving credit facility (the “Credit Facility”) were as follows:

(In thousands)	May 31, 2024
Commitments - maturing in May 2027	$	2,225,000
Accordion feature	425,000
Total maximum borrowings capacity	$	2,650,000

The Company's outstanding letters of credit and surety bonds are disclosed below:

(In thousands)	May 31, 2024		November 30, 2023
Performance letters of credit	$	1,485,725	1,404,541
Financial letters of credit	533,522		417,976
Surety bonds	4,876,796		4,508,428
Anticipated future costs primarily for site improvements related to performance surety bonds	2,829,965		2,499,680

Schedule of Loans Held for Sale

LMF Commercial originated commercial loans as follows:

	Three Months Ended			Six Months Ended
	May 31,			May 31,
(Dollars in thousands)	2024		2023	2024	2023
Originations (1)	$	71,510	84,590	212,335	164,070
Sold	129,335		88,102	156,285	165,302
Securitizations	3		2	5	3

(1)During both the three and six months ended May 31, 2024 and 2023, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.

Schedule of Commercial Mortgage-Backed Securities

Details related to Financial Services' CMBS were as follows:

(Dollars in thousands)	May 31, 2024		November 30, 2023
Carrying value	$	138,425	140,676
Outstanding debt, net of debt issuance costs	129,029		131,093
Incurred interest rate	3.4%		3.4%

Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities

	May 31, 2024
Discount rates at purchase	6%	—	84%
Coupon rates	2.0%	—	5.3%
Distribution dates	October 2027	—	December 2028
Stated maturity dates	October 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:

	As of May 31, 2024	As of November 30, 2023
Unobservable inputs:
Mortgage prepayment rate	8%	8%
Discount rate	13%	13%
Delinquency rate	9%	9%

The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:

	Six Months Ended May 31,
	2024			2023
Unobservable inputs	Range			Range
Average selling price (1)	$178,000	—	282,000	371,000	—	663,000
Absorption rate per quarter (homes)	10	—	15	6	—	26
Discount rate	20%			20%

(1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the six months ended May 31, 2024 and 2023.

Unrealized Gain (Loss) on Investments

The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on the Company's technology investments:

	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2024		2023	2024	2023
Blend Labs (BLND)	$	715	(1,332)	3,651	(746)
Hippo (HIPO)	10,737		(4,399)	27,186	2,233
Opendoor (OPEN)	(16,907)		22,512	(15,592)	14,821
SmartRent (SMRT)	(4,609)		8,621	(6,572)	9,926
Sonder (SOND)	(40)		(138)	11	(458)
Sunnova (NOVA)	(11,410)		233	(35,335)	(24,233)
Lennar Other unrealized gains (losses) from technology investments	$	(21,514)	25,497	(26,651)	1,543