Lennar (LEN) 10-Q 28 Jun 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	May 31, 2024 shares
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2024
Document Transition Report	false
Entity File Number	1-11749
Entity Registrant Name	LENNAR CORP /NEW/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4337490
Entity Address, Address Line One	5505 Waterford District Drive
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33126
City Area Code	305
Local Phone Number	559-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Current Fiscal Year End Date	--11-30
Entity Shell Company	false
Entity Central Index Key	0000920760
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Class of Stock [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $.10
Trading Symbol	LEN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	241,703,433
Common Class B
Class of Stock [Line Items]
Title of 12(b) Security	Class B Common Stock, par value $.10
Trading Symbol	LEN.B
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	32,900,618

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		May 31, 2024	Nov. 30, 2023
Inventories:
Total assets	[1]	$ 38,667,670	$ 39,234,303
Stockholders' equity:
Preferred stock	[2]	0	0
Additional paid-in capital	[2]	5,674,733	5,570,009
Retained earnings	[2]	23,764,695	22,369,368
Treasury stock at cost	[2]	(2,597,806)	(1,393,100)
Accumulated other comprehensive income	[2]	6,596	4,879
Total stockholders’ equity	[2]	26,877,874	26,580,664
Noncontrolling interests	[2]	137,879	121,302
Total equity	[2]	27,015,753	26,701,966
Total liabilities	[2]	11,651,917	12,532,337
Total liabilities and equity	[2]	38,667,670	39,234,303
Common Class A
Stockholders' equity:
Common stock	[2]	25,996	25,848
Common Class B
Stockholders' equity:
Common stock	[2]	3,660	3,660
Homebuilding
ASSETS
Cash and cash equivalents	[1]	3,597,493	6,273,724
Restricted cash	[1]	11,572	13,481
Receivables, net	[1]	898,301	887,992
Inventories:
Finished homes and construction in progress	[1]	11,729,673	10,455,666
Land and land under development	[1]	4,418,285	4,904,541
Inventory owned		16,147,958	15,360,207
Consolidated inventory not owned	[1]	3,753,542	2,992,528
Inventory owned and consolidated inventory not owned	[1]	19,901,500	18,352,735
Deposits and pre-acquisition costs on real estate		2,754,819	2,002,154
Investments in unconsolidated entities	[1]	1,263,905	1,143,909
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,540,507	1,512,038
Total assets	[1]	33,410,456	33,628,392
LIABILITIES AND EQUITY
Accounts payable	[2]	1,727,358	1,631,401
Liabilities related to consolidated inventory not owned	[2]	3,227,478	2,540,894
Senior notes and other debt payable, net	[2]	2,241,507	2,816,482
Other liabilities	[2]	2,513,173	2,739,217
Stockholders' equity:
Total liabilities	[2]	9,709,516	9,727,994
Lennar Financial Services
Inventories:
Total assets	[1]	3,043,941	3,566,546
Stockholders' equity:
Total liabilities	[2]	1,583,363	2,447,039
Multifamily
Inventories:
Total assets	[1]	1,377,243	1,381,513
Stockholders' equity:
Total liabilities	[2]	246,776	278,177
Lennar Other
Inventories:
Total assets	[1]	836,030	657,852
Stockholders' equity:
Total liabilities	[2]	112,262	79,127
Operating Segments
ASSETS
Cash and cash equivalents		3,872,016	6,474,497
Restricted cash		49,368	96,441
Receivables, net		1,552,342	1,696,205
Inventories:
Inventory owned and consolidated inventory not owned		20,509,714	18,897,670
Deposits and pre-acquisition costs on real estate		2,784,621	2,034,217
Investments in unconsolidated entities		2,176,371	2,020,005
Goodwill		3,632,058	3,632,058
Other assets		1,838,872	1,765,066
LIABILITIES AND EQUITY
Senior notes and other debt payable, net		3,651,609	4,984,028
Operating Segments | Homebuilding
ASSETS
Cash and cash equivalents		3,597,493	6,273,724
Restricted cash		11,572	13,481
Receivables, net		898,301	887,992
Inventories:
Inventory owned and consolidated inventory not owned		19,901,500	18,352,735
Deposits and pre-acquisition costs on real estate		2,754,819	2,002,154
Investments in unconsolidated entities		1,263,905	1,143,909
Goodwill		3,442,359	3,442,359
Other assets		1,540,507	1,512,038
Total assets		33,410,456	33,628,392
LIABILITIES AND EQUITY
Senior notes and other debt payable, net		2,241,507	2,816,482
Stockholders' equity:
Total liabilities		9,709,516	9,727,994
Operating Segments | Lennar Financial Services
ASSETS
Cash and cash equivalents		245,784	159,491
Restricted cash		37,796	82,960
Receivables, net		567,748	716,071
Inventories:
Inventory owned and consolidated inventory not owned		0	0
Deposits and pre-acquisition costs on real estate		0	0
Investments in unconsolidated entities		0	0
Goodwill		189,699	189,699
Other assets		88,223	135,377
Total assets		3,043,941	3,566,546
LIABILITIES AND EQUITY
Senior notes and other debt payable, net		1,410,102	2,163,805
Stockholders' equity:
Total liabilities		1,583,363	2,447,039
Operating Segments | Multifamily
ASSETS
Cash and cash equivalents		11,555	39,334
Restricted cash		0	0
Receivables, net		86,293	92,142
Inventories:
Inventory owned and consolidated inventory not owned		608,214	544,935
Deposits and pre-acquisition costs on real estate		29,802	32,063
Investments in unconsolidated entities		561,892	599,852
Goodwill		0	0
Other assets		79,487	73,187
Total assets		1,377,243	1,381,513
LIABILITIES AND EQUITY
Senior notes and other debt payable, net		0	3,741
Stockholders' equity:
Total liabilities		246,776	278,177
Operating Segments | Lennar Other
ASSETS
Cash and cash equivalents		17,184	1,948
Restricted cash		0	0
Receivables, net		0	0
Inventories:
Inventory owned and consolidated inventory not owned		0	0
Deposits and pre-acquisition costs on real estate		0	0
Investments in unconsolidated entities		350,574	276,244
Goodwill		0	0
Other assets		130,655	44,464
Total assets		836,030	657,852
LIABILITIES AND EQUITY
Senior notes and other debt payable, net		0	0
Stockholders' equity:
Total liabilities		$ 112,262	$ 79,127
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of May 31, 2024, total assets include $3.0 billion related to consolidated VIEs of which $73.0 million is included in Homebuilding cash and cash equivalents, $5.9 million in Homebuilding receivables, net, $6.2 million in Homebuilding finished homes and construction in progress, $601.1 million in Homebuilding land and land under development, $75.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $2.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $22.5 million in Homebuilding other assets and $33.6 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets. As of May 31, 2024, total liabilities include $2.1 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $56.1 million is included in Homebuilding accounts payable, $2.0 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $46.7 million in Homebuilding other liabilities, and $0.9 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities, and $4.1 million in Multifamily liabilities.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		May 31, 2024	Nov. 30, 2023
Total assets	[1]	$ 38,667,670	$ 39,234,303
Total liabilities	[2]	$ 11,651,917	$ 12,532,337
Common Class A
Common stock, par value (in dollars per share)		$ 0.10	$ 0.10
Common stock, shares authorized		400,000,000	400,000,000
Common stock, shares issued		259,957,819	258,475,012
Treasury stock, shares		18,254,386	11,207,889
Common Class B
Common stock, par value (in dollars per share)		$ 0.10	$ 0.10
Common stock, shares authorized		90,000,000	90,000,000
Common stock, shares issued		36,601,215	36,601,215
Treasury stock, shares		3,700,597	2,920,200
Homebuilding
Total assets	[1]	$ 33,410,456	$ 33,628,392
Cash and cash equivalents	[1]	3,597,493	6,273,724
Restricted cash	[1]	11,572	13,481
Receivables, net	[1]	898,301	887,992
Finished homes and construction in progress	[1]	11,729,673	10,455,666
Land and land under development	[1]	4,418,285	4,904,541
Consolidated inventory not owned	[1]	3,753,542	2,992,528
Investments in unconsolidated entities	[1]	1,263,905	1,143,909
Other assets	[1]	1,540,507	1,512,038
Total liabilities	[2]	9,709,516	9,727,994
Accounts payable	[2]	1,727,358	1,631,401
Liabilities related to consolidated inventory not owned	[2]	3,227,478	2,540,894
Senior notes and other debt payable, net	[2]	2,241,507	2,816,482
Other liabilities	[2]	2,513,173	2,739,217
Multifamily
Total assets	[1]	1,377,243	1,381,513
Total liabilities	[2]	246,776	278,177
Lennar Other
Total assets	[1]	836,030	657,852
Total liabilities	[2]	112,262	79,127
Variable Interest Entity, Primary Beneficiary
Total assets		3,000,000	1,900,000
Total liabilities		2,100,000	1,200,000
Variable Interest Entity, Primary Beneficiary | Homebuilding
Cash and cash equivalents		73,000	22,800
Receivables, net		5,900	1,800
Finished homes and construction in progress		6,200	18,300
Land and land under development		601,100	628,000
Consolidated inventory not owned		2,200,000	1,200,000
Investments in unconsolidated entities		300	300
Other assets		22,500	23,000
Accounts payable		56,100	53,700
Liabilities related to consolidated inventory not owned		2,000,000	1,100,000
Senior notes and other debt payable, net		6,000
Other liabilities		46,700	38,100
Inventory, Real Estate, Homebuilding Deposits and Pre-Acquisition Costs		75,500	55,000
Variable Interest Entity, Primary Beneficiary | Multifamily
Total assets		33,600	32,600
Total liabilities		$ 900	$ 4,100
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of May 31, 2024, total assets include $3.0 billion related to consolidated VIEs of which $73.0 million is included in Homebuilding cash and cash equivalents, $5.9 million in Homebuilding receivables, net, $6.2 million in Homebuilding finished homes and construction in progress, $601.1 million in Homebuilding land and land under development, $75.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $2.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $22.5 million in Homebuilding other assets and $33.6 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets. As of May 31, 2024, total liabilities include $2.1 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $56.1 million is included in Homebuilding accounts payable, $2.0 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $46.7 million in Homebuilding other liabilities, and $0.9 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities, and $4.1 million in Multifamily liabilities.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Revenues [Abstract]
Revenues	$ 8,765,592	$ 8,045,151	$ 16,078,522	$ 14,535,580
Cost and expenses:
Corporate general and administrative	156,982	124,752	314,303	250,858
Charitable foundation contribution	19,690	17,074	36,488	30,733
Total costs and expenses	7,546,884	6,852,312	13,958,718	12,526,467
Equity in losses from unconsolidated entities	(4,309)	(49,755)	(34,854)	(80,942)
Other income (expense), net and other gains (losses)	68,172	(9,960)	133,544	13,360
Earnings before income taxes	1,261,057	1,158,621	2,191,843	1,943,074
Provision for income taxes	(300,471)	(280,879)	(511,336)	(466,024)
Net earnings (including net earnings attributable to noncontrolling interests)	960,586	877,742	1,680,507	1,477,050
Less: Net earnings attributable to noncontrolling interests	6,275	6,048	6,862	8,822
Net earnings attributable to Lennar	954,311	871,694	1,673,645	1,468,228
Other comprehensive income, net of tax:
Net unrealized gains on securities available-for-sale	1,355	573	1,717	1,424
Total other comprehensive income, net of tax	1,355	573	1,717	1,424
Total comprehensive income attributable to Lennar	955,666	872,267	1,675,362	1,469,652
Operating Segments
Revenues [Abstract]
Revenues	8,765,592	8,045,151	16,078,522	14,535,580
Homebuilding | Operating Segments
Revenues [Abstract]
Revenues	8,381,059	7,670,017	15,312,050	13,826,322
Cost and expenses:
Cost and expenses	7,106,455	6,438,957	13,083,991	11,713,671
Lennar Financial Services | Operating Segments
Revenues [Abstract]
Revenues	281,723	222,979	531,443	405,960
Cost and expenses:
Cost and expenses	134,711	110,380	253,135	214,624
Multifamily | Operating Segments
Revenues [Abstract]
Revenues	99,500	151,744	229,177	295,267
Cost and expenses:
Cost and expenses	102,205	154,354	234,872	303,310
Lennar Other | Operating Segments
Revenues [Abstract]
Revenues	3,310	411	5,852	8,031
Cost and expenses:
Cost and expenses	26,841	6,795	35,929	13,271
Lennar Other unrealized gains (losses) from technology investments	$ (21,514)	$ 25,497	$ (26,651)	$ 1,543

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Income Statement [Abstract]
Total comprehensive income attributable to noncontrolling interests	$ 6,275	$ 6,048	$ 6,862	$ 8,822
Basic earnings per share (in dollars per share)	$ 3.45	$ 3.01	$ 6.01	$ 5.07
Diluted earnings per share (in dollars per share)	$ 3.45	$ 3.01	$ 6.01	$ 5.07

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		May 31, 2024	May 31, 2024	May 31, 2023	Nov. 30, 2023
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)		$ 960,586	$ 1,680,507	$ 1,477,050
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			55,746	44,039
Amortization of discount/premium and accretion on debt, net			336	(1,691)
Equity in loss from unconsolidated entities			34,854	80,942
Distributions of earnings from unconsolidated entities			20,894	16,657
Share-based compensation expense			122,186	126,731
Deferred income tax expense (benefit)			36,848	(131,520)
Gains on redemption/repurchases of senior notes			(825)	(724)
Loans held-for-sale unrealized losses			28,865	23,563
Lennar Other unrealized (gains) losses from technology investments and other (gains) losses			6,515	1,000
Gains on sale of other assets			(13,585)	(3,726)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets			26,526	85,117
Changes in assets and liabilities:
Decrease in receivables			30,956	435,880
(Increase) decrease in inventories, excluding valuation adjustments			(631,180)	89,098
Increase In Deposits And Pre-acquisition Costs On Real Estate			(755,232)	(78,357)
Decrease (increase) in other assets			11,393	(111,955)
Decrease in loans held-for-sale			335,788	577,891
Decrease in accounts payable and other liabilities			(380,966)	(991,319)
Net cash provided by operating activities			609,626	1,638,676
Cash flows from investing activities:
Net additions of operating properties and equipment			(111,733)	(31,268)
Proceeds from the sale of other assets			18,709	7,762
Investments in and contributions to unconsolidated entities			(247,785)	(108,306)
Distributions of capital from unconsolidated entities			61,807	46,499
Decrease in Financial Services loans held-for-investment			2,960	8,882
Purchases of investment securities			(2,063)	(7,000)
Proceeds from maturities/sales of investment securities			3,321	2,859
Net cash used in investing activities			(274,784)	(80,572)
Cash flows from financing activities:
Net repayments under warehouse facilities			(753,703)	(978,053)
Redemption/repurchases of senior notes			(553,865)	(157,764)
Principal payments on notes payable and other borrowings			(40,672)	(34,515)
Proceeds from liabilities related to consolidated inventory not owned			105,635	186,889
Proceeds from other borrowings			6,231	0
Payments related to liabilities related to consolidated inventory not owned			(250,232)	(372,687)
Payments related to other liabilities, net			(2,842)	(2,621)
Receipts related to noncontrolling interests			14,722	4,918
Payments related to noncontrolling interests			(26,646)	(20,623)
Common stock:
Repurchases			(1,204,706)	(465,297)
Dividends			(278,318)	(218,277)
Net cash used in financing activities			(2,984,396)	(2,058,030)
Net decrease in cash and cash equivalents and restricted cash			(2,649,554)	(499,926)
Cash and cash equivalents and restricted cash at beginning of period			6,570,938	4,815,770
Cash and cash equivalents and restricted cash at end of period		3,921,384	3,921,384	4,315,844
Total cash and cash equivalents and restricted cash		3,921,384	3,921,384	4,315,844	$ 6,570,938
Operating Segments
Common stock:
Cash and cash equivalents and restricted cash at end of period		3,921,384	3,921,384	4,315,844
Cash and cash equivalents		3,872,016	3,872,016		6,474,497
Restricted cash		49,368	49,368		96,441
Total cash and cash equivalents and restricted cash		3,921,384	3,921,384	4,315,844
Homebuilding
Common stock:
Cash and cash equivalents	[1]	3,597,493	3,597,493		6,273,724
Restricted cash	[1]	11,572	11,572		13,481
Homebuilding | Operating Segments
Common stock:
Cash and cash equivalents		3,597,493	3,597,493	4,004,679	6,273,724
Restricted cash		11,572	11,572	19,000	13,481
Lennar Financial Services | Operating Segments
Common stock:
Cash and cash equivalents		245,784	245,784	259,738	159,491
Restricted cash		37,796	37,796	9,113	82,960
Multifamily | Operating Segments
Common stock:
Cash and cash equivalents		11,555	11,555	18,539	39,334
Restricted cash		0	0		0
Lennar Other | Operating Segments
Common stock:
Cash and cash equivalents		17,184	17,184	4,775	1,948
Restricted cash		$ 0	0		$ 0
Lennar Homebuilding and Lennar Multifamily | Operating Segments
Homebuilding:
Purchases of inventories and other assets financed by sellers			$ 9,245	$ 0
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of May 31, 2024, total assets include $3.0 billion related to consolidated VIEs of which $73.0 million is included in Homebuilding cash and cash equivalents, $5.9 million in Homebuilding receivables, net, $6.2 million in Homebuilding finished homes and construction in progress, $601.1 million in Homebuilding land and land under development, $75.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $2.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $22.5 million in Homebuilding other assets and $33.6 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.

Basis of Presentation

Basis of Presentation	6 Months Ended
	May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2023, as amended ("Form 10-K"). The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2023. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. Seasonality The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and six months ended May 31, 2024 are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Homebuilding cash and cash equivalents as of May 31, 2024 and November 30, 2023 included $482.0 million and $594.8 million, respectively, of cash held in escrow for approximately two days. Share-based Payments During both the three months ended May 31, 2024 and 2023, the Company granted employees an immaterial number of nonvested shares. During the six months ended May 31, 2024 and 2023, the Company granted employees 1.3 million and 2.0 million of nonvested shares, respectively. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09 (“ASU 2023-09”) Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating ASU 2023-09 and does not expect it to have a material effect on its condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “ Improvements to Reportable Segment Disclosures ” (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company is currently reviewing the impact that the adoption of ASU 2023-07 may have on its condensed consolidated financial statements and disclosures. Reclassifications

Operating and Reporting Segment

Operating and Reporting Segments	6 Months Ended
	May 31, 2024
Segment Reporting [Abstract]
Operating and Reporting Segments	Operating and Reporting Segments The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. The Company's chief operating decision makers manage and assess the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting , and determined that the following are its operating and reportable segments: Homebuilding segments: (1) East (2) Central (3) Texas (4) West (5) Financial Services (6) Multifamily (7) Lennar Other The assets and liabilities related to the Company’s segments were as follows: (In thousands) May 31, 2024 Assets: Homebuilding Financial Multifamily Lennar 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 Multifamily Lennar 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. Homebuilding Segments Information about homebuilding activities in states which are not economically similar to other states in the same geographic areas is grouped under “Homebuilding Other,” which is not considered a reportable segment. Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the Homebuilding segments consist of revenues generated from the sales of homes and land, other revenues from management fees and forfeited deposits, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment. Homebuilding Other also includes management of a fund that acquires single-family homes and holds them as rental properties. The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in: East: Alabama, Florida, New Jersey and Pennsylvania Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee, and Virginia Texas: Texas West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC (“FivePoint”) 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 Financial Services Operations of the Financial Services segment include mortgage financing, title and closing services primarily for buyers of the Company’s homes. They also include originating and selling into securitizations commercial mortgage loans through its LMF Commercial business. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and sales of property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations. 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. The Financial Services segment uses residential mortgage loan warehouse facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial facilities finance LMF Commercial loan originations and securitization activities and were secured by up to 80% interests in the originated commercial loans financed. 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 If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Purchasers sometimes try to defray losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans, as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the residential mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. The provision for loan losses was immaterial for both the three and six months ended May 31, 2024 and 2023. Loan origination liabilities were $18.3 million and $17.6 million as of May 31, 2024 and November 30, 2023, respectively, and included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. LMF Commercial - 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. Investments held-to-maturity At May 31, 2024 and November 30, 2023, the Financial Services segment held commercial mortgage-backed securities (“CMBS”). These securities are classified as held-to-maturity based on the segment's intent and ability to hold the securities until maturity and changes in estimated cash flows are reviewed periodically to determine if an other-than-temporary impairment has occurred. Based on the segment’s assessment, no impairment charges were recorded during the three or six months ended May 31, 2024 and 2023. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment. 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% 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 Multifamily The Company is actively involved, primarily through unconsolidated funds and joint ventures, in the development, construction and property management of multifamily rental properties. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The Multifamily Segment (i) manages, and owns interests in, funds that are engaged in the development of multifamily residential communities with the intention of holding the newly constructed and occupied properties as income and fee generating assets, and (ii) manages, and owns interests in, joint ventures that are engaged in the development of multifamily residential communities, in most instances with the intention of selling them when they are built and substantially occupied. The multifamily business is a vertically integrated platform with capabilities spanning development, construction, property management, asset management, and capital markets. Revenues are generated from the sales of land, from construction activities, and management and promote fees generated from joint ventures less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Operations of the Multifamily Segment also include equity in earnings (loss) from unconsolidated entities other gains (which includes sales of buildings and investments). Lennar Other Lennar Other primarily includes strategic investments in technology companies, primarily managed by the Company's LEN X subsidiary, and fund interests the Company retained when it sold the Rialto Capital Management ( “Rialto”) asset and investment management platform. Operations of the Lennar Other segment include operating earnings (loss) consisting of revenues generated primarily from the Company's share of carried interests in the Rialto fund investments, along with equity in earnings (loss) from the Rialto fund investments and technology investments, realized and unrealized gains (losses) from investments in equity securities and other income (expense), net from the remaining assets related to the Company's former Rialto segment. The Company has investments in Blend Labs, Inc. (“Blend Labs”), Hippo Holdings, Inc. (“Hippo”), Opendoor Technologies, Inc. (“Opendoor”), SmartRent, Inc. (“SmartRent”), Sonder Holdings, Inc. (“Sonder”) and Sunnova Energy International, Inc. (“Sunnova”), which are held at market and the carrying value of which will therefore change depending on the value of the Company's shareholdings in those entities on the last day of each quarter. All the investments are accounted for as investments in equity securities which are held at fair value and the changes in fair values are recognized through earnings. 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 Doma Holdings, Inc. (“Doma”), which went public during the year ended November 30, 2021, is an investment that was accounted for under the equity method due to the Company's significant ownership interest of 25% of Doma which allowed the Company to exercise significant influence. As of May 31, 2024, the Company’s carrying value in Doma was zero as a result of allocated losses from Doma.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	May 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities Homebuilding Unconsolidated Entities The investments in the Company's Homebuilding unconsolidated entities were as follows: (In thousands) May 31, 2024 November 30, 2023 Investments in unconsolidated entities (1) (2) $ 1,263,905 1,143,909 Underlying equity in unconsolidated entities' net assets (1) 1,573,738 1,436,239 (1) The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in FivePoint. (2) Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of May 31, 2024 and November 30, 2023, the carrying amount of the Company's investment was $448.1 million and $422.2 million, respectively. As of May 31, 2024 and November 30, 2023, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $279.3 million and $316.5 million, respectively. The Company has an immaterial amount of recourse exposure to debt of the Homebuilding unconsolidated entities in which it has investments. While the Company sometimes guarantees debt of unconsolidated entities, in most instances the Company’s partners have also guaranteed that debt and are required to contribute their shares of any payments. In most instances, the amount of guaranteed debt of an unconsolidated entity is less than the value of the collateral securing it. As of both May 31, 2024 and November 30, 2023, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were not material. The Company believes that as of May 31, 2024, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 7 of the Notes to Condensed Consolidated Financial Statements). The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2023. In 2021, the Company formed the Upward America Venture LP (“Upward America”), and is managing and participating in Upward America. Upward America is an investment fund that acquires new single-family homes in high growth markets across the United States and rents them to the people who will live in them. Upward America is expected to raise equity commitments totaling $1.0 billion. The commitments are primarily from institutional investors, including $78 million committed by Lennar. As of May 31, 2024 and November 30, 2023, the carrying amount of the Company's investment in Upward America was $16.4 million and $14.8 million, respectively. Multifamily Unconsolidated Entities The unconsolidated joint ventures in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the bank loans to the Multifamily unconsolidated joint ventures, the Company (or entities related to them) have been required to give guarantees of completion and cost over-runs to the lenders and partners. The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2023. As of both May 31, 2024 and November 30, 2023, the fair value of the completion guarantees was immaterial. As of May 31, 2024 and November 30, 2023, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $834.2 million and $1.4 billion, respectively. In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function. Each Multifamily real estate investment trust, JV and fund has unilateral decision-making rights related to development and other sales activity through its executive committee or asset management committee. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. In some situations, the Multifamily segment sells land to various joint ventures and funds. The details of the activity were as follows: Three Months Ended Six Months Ended (In thousands) May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 General contractor services, net of deferrals $ 84,434 128,371 186,070 253,773 General contractor costs 79,995 122,064 175,684 242,797 Management fee income, net of deferrals 13,669 17,494 29,710 35,615 The Multifamily segment includes managing and investing in Multifamily Venture Fund I (“LMV I”), Multifamily Venture Fund II LP (“LMV II”) and Canada Pension Plan Investments Fund (the “CPPIB Fund”), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. The Multifamily segment completed the closing of the CPPIB Fund. The Multifamily segment expects the CPPIB Fund to have almost $1.0 billion in equity and Lennar's ownership percentage in the CPPIB Fund is 4%. As of May 31, 2024, the Company had a $24.6 million investment in the CPPIB Fund. Additional dollars will be committed as opportunities are identified by the CPPIB Fund. Details of LMV I and LMV II as of and during the six months ended May 31, 2024 are included below: May 31, 2024 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 162,904 255,908 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,154,328 1,218,619 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 500,381 368,170 Lennar's remaining commitments (1) 3,635 12,830 Distributions to Lennar during the six months ended May 31, 2024 7,245 208 (1) While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls. Currently, the LMV I partners have decided to liquidate and sell substantially all of the individual project rental operations of LMV I in the second half of fiscal 2024. Some of those assets were sold in June 2024. As of May 31, 2024, the Company's net investment in LMV I was $162.9 million. Other Unconsolidated Entities Lennar Other's unconsolidated entities include fund investments the Company retained when it sold the Rialto assets and investment management platform in 2018, as well as strategic investments in technology companies and investment funds. The Company's investment in the Rialto funds totaled $146.9 million and $148.7 million as of May 31, 2024 and November 30, 2023, respectively. In addition, the Company is entitled to a portion of the carried interest distributions by those funds. The Company also had strategic technology investments in unconsolidated entities and investment funds with a carrying value of $203.7 million and $127.5 million, as of May 31, 2024 and November 30, 2023, respectively. In addition, during both the three and six months ended May 31, 2024, there was a $46.5 million one-time realized gain in Lennar Other on the sale of a technology investment that was included in other income (expense), net and other gains (losses) on the Company’s condensed consolidated statements of operations and comprehensive income .

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	May 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three and six months ended May 31, 2024 and 2023: Three Months Ended May 31, 2024 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at February 29, 2024 $ 26,777,930 25,983 3,660 5,651,836 (1,988,200) 5,241 22,949,315 130,095 Net earnings (including net earnings attributable to noncontrolling interests) 960,586 — — — — — 954,311 6,275 Employee stock and directors plans (1,046) 13 — 1,277 (2,336) — — — Purchases of treasury stock (607,270) — — — (607,270) — — — Amortization of restricted stock 34,506 — — 34,506 — — — — Cash dividends (138,931) — — — — — (138,931) — Receipts related to noncontrolling interests 8,926 — — — — — — 8,926 Payments related to noncontrolling interests (24,667) — — — — — — (24,667) Non-cash purchase or activity of noncontrolling interests, net 4,364 — — (12,886) — — — 17,250 Total other comprehensive income, net of tax 1,355 — — — — 1,355 — — Balance at May 31, 2024 $ 27,015,753 25,996 3,660 5,674,733 (2,597,806) 6,596 23,764,695 137,879 Three Months Ended May 31, 2023 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at February 28, 2023 $ 24,555,287 25,834 3,660 5,503,789 (468,347) 3,259 19,350,060 137,032 Net earnings (including net earnings attributable to noncontrolling interests) 877,742 — — — — — 871,694 6,048 Employee stock and directors plans 4,229 9 — 1,631 2,589 — — — Purchases of treasury stock (209,928) — — — (209,928) — — — Amortization of restricted stock 40,173 — — 40,173 — — — — Cash dividends (110,386) — — — — — (110,386) — Receipts related to noncontrolling interests 2,421 — — — — — — 2,421 Non-cash purchase or activity of noncontrolling interests, net 1,008 — — 535 — — — 473 Total other comprehensive income, net of tax 573 — — — — 573 — — Balance at May 31, 2023 $ 25,161,119 25,843 3,660 5,546,128 (675,686) 3,832 20,111,368 145,974 Six Months Ended May 31, 2024 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at November 30, 2023 $ 26,701,966 25,848 3,660 5,570,009 (1,393,100) 4,879 22,369,368 121,302 Net earnings (including net earnings attributable to noncontrolling interests) 1,680,507 — — — — — 1,673,645 6,862 Employee stock and directors plans (84,519) 148 — 1,212 (85,879) — — — Purchases of treasury stock (1,118,827) — — — (1,118,827) — — — Amortization of restricted stock 122,186 — — 122,186 — — — — Cash dividends (278,318) — — — — — — (278,318) — Receipts related to noncontrolling interests 14,722 — — — — — — 14,722 Payments related to noncontrolling interests (26,646) — — — — — — (26,646) Non-cash purchase or activity of noncontrolling interests, net 2,965 — — (18,674) — — — 21,639 Total other comprehensive income, net of tax 1,717 — — — — 1,717 — — Balance at May 31, 2024 $ 27,015,753 25,996 3,660 5,674,733 (2,597,806) 6,596 23,764,695 137,879 Six Months Ended May 31, 2023 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at November 30, 2022 $ 24,240,367 25,608 3,660 5,417,796 (210,389) 2,408 18,861,417 139,867 Net earnings (including net earnings attributable to noncontrolling interests) 1,477,050 — — — — — 1,468,228 8,822 Employee stock and directors plans (62,761) 235 — 1,442 (64,438) — — — Purchases of treasury stock (400,859) — — — (400,859) — — — Amortization of restricted stock 126,731 — — 126,731 — — — — Cash dividends (218,277) — — — — — — (218,277) — Receipts related to noncontrolling interests 4,918 — — — — — — 4,918 Payments related to noncontrolling interests (20,623) — — — — — — (20,623) Non-cash purchase or activity of noncontrolling interests, net 13,149 — — 159 — — — 12,990 Total other comprehensive loss, net of tax 1,424 — — — — 1,424 — — Balance at May 31, 2023 $ 25,161,119 25,843 3,660 5,546,128 (675,686) 3,832 20,111,368 145,974 On June 20, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.50 per share on both its Class A and Class B common stock, payable on July 19, 2024 to holders of record at the close of business on July 5, 2024. On May 8, 2024, the Company paid a quarterly cash dividend of $0.50 per share for both of its Class A and Class B common stock to holders of record at the close of business on April 24, 2024, as declared by its Board of Directors on April 10, 2024. The Company approved and paid cash dividends of $0.375 per share for each of the four quarters of 2023 for both its Class A and Class B common stock. In January 2024, the Company's Board of Directors authorized an increase to its stock repurchase program to enable it to repurchase up to an additional $5 billion in value of its outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. The repurchase authorization has no expiration date. The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs: Three Months Ended May 31, Six Months Ended May 31, 2024 2023 2024 2023 (Dollars in thousands, except price per share amounts) Class A Class B Class A Class B Class A Class B Class A Class B Shares repurchased 3,393,475 406,525 1,269,681 730,319 6,419,603 780,397 2,715,886 1,284,114 Total purchase price $ 543,276 $ 59,570 $ 138,800 $ 69,010 $ 998,064 $ 111,207 $ 281,868 $ 115,116 Average price per share $ 160.09 $ 146.54 $ 109.32 $ 94.49 $ 155.47 $ 142.50 $ 103.78 $ 89.65

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes and effective tax rate were as follows: Three Months Ended Six Months Ended May 31, May 31, (Dollars in thousands) 2024 2023 2024 2023 Provision for income taxes $300,471 280,879 511,336 466,024 Effective tax rate (1) 23.9% 24.4% 23.4 % 24.1 %

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) is considered participating securities. Basic and diluted earnings per share were calculated as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands, except per share amounts) 2024 2023 2024 2023 Numerator: Net earnings attributable to Lennar $ 954,311 871,694 1,673,645 1,468,228 Less: distributed earnings allocated to nonvested shares 2,693 3,572 3,715 4,296 Less: undistributed earnings allocated to nonvested shares 8,007 9,935 13,923 15,695 Numerator for basic and diluted earnings per share 943,611 858,187 1,656,007 1,448,237 Denominator: Denominator for basic and diluted earnings per share - weighted average common shares outstanding 273,703 284,910 275,325 285,492 Basic and diluted earnings per share $ 3.45 3.01 6.01 5.07 For both the three and six months ended May 31, 2024 and May 31, 2023, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.

Homebuilding Senior Notes and O

Homebuilding Senior Notes and Other Debts Payable	6 Months Ended
	May 31, 2024
Debt Disclosure [Abstract]
Homebuilding Senior Notes and Other Debts Payable	Homebuilding Senior Notes and Other Debt Payable (Dollars in thousands) May 31, 2024 November 30, 2023 4.75% senior notes due 2025 $ 499,558 499,336 5.25% senior notes due 2026 402,432 403,040 5.00% senior notes due 2027 351,165 351,357 4.75% senior notes due 2027 (1) 697,976 797,347 4.50% senior notes due 2024 — 453,682 Mortgage notes on land and other debt 290,376 311,720 $ 2,241,507 2,816,482 (1) During both the three and six months ended May 31, 2024, the Company repurchased $100 million aggregate principal amount of senior notes due November 2027, through open market repurchases. The carrying amounts of the senior notes in the table above are net of debt issuance costs of $3.0 million and $4.2 million as of May 31, 2024 and November 30, 2023, respectively. In April 2024, the Company redeemed $454 million aggregate principal amount of its 4.50% senior notes due April 2024. The redemption price, which was paid in cash, was 100% of the principal amount outstanding. In April 2024, $350 million of the Company's unsecured revolving credit facility matured. 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 proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The Credit Facility also provides that up to $500 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2023. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions. The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2023. 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

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	6 Months Ended
	May 31, 2024
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	Financial Instruments and Fair Value Disclosures The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at May 31, 2024 and November 30, 2023, 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. May 31, 2024 November 30, 2023 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 54,355 54,355 55,463 55,463 Investments held-to-maturity Level 3 138,425 139,504 140,676 139,396 LIABILITIES Homebuilding senior notes and other debt payable, net Level 2 $ 2,241,507 2,224,505 2,816,482 2,785,712 Financial Services notes and other debt payable, net Level 2 1,410,102 1,410,688 2,163,805 2,164,441 Multifamily notes payable, net Level 2 — — 3,741 3,741 The following methods and assumptions are used by the Company in estimating fair values: Financial Services - The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. For notes and other debt payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the majority of the borrowings. Homebuilding - For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates. Multifamily - For notes payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the borrowings. Fair Value Measurements: GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows: Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. The Company’s financial instruments measured at fair value on a recurring basis are summarized below: Fair Value Hierarchy Fair Value at (In thousands) May 31, 2024 November 30, 2023 Financial Services Assets: Residential loans held-for-sale Level 2 $ 1,655,196 2,073,350 LMF Commercial loans held-for-sale Level 3 66,715 13,459 Mortgage servicing rights Level 3 3,652 3,440 Forward options Level 1 2,768 5,937 Lennar Other Assets: Investments in equity securities Level 1 $ 152,946 176,198 Investments available-for-sale Level 3 39,669 37,953 Residential and LMF Commercial loans held-for-sale in the table above include: May 31, 2024 November 30, 2023 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 1,694,486 (39,290) 2,083,776 (10,426) LMF Commercial loans held-for-sale 69,700 (2,985) 13,650 (191) Financial Services residential loans held-for-sale - Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. The Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these are included in Financial Services’ loans held-for-sale as of May 31, 2024 and November 30, 2023. Fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics. LMF Commercial loans held-for-sale - The fair value of commercial loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. The details and methods of the calculation are unchanged from the fair value disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2023. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust. Mortgage servicing rights - Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. 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% Forward options - Fair value of forward options is based on independent quoted market prices for similar financial instruments. The fair value of these are included in Financial Services' other assets and the Company recognizes the changes in the fair value of the premium paid as Financial Services' Revenue. Lennar Other investments in equity securities - The fair value of investments in equity securities was calculated based on independent quoted market prices. The Company’s investments in equity securities were recorded at fair value with all changes in fair value recorded to Lennar Other unrealized gains (losses) from technology investments on the Company’s condensed consolidated statements of operations and comprehensive income. Lennar Other investments available-for-sale - The fair value of investments available-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads. 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 Six Months Ended May 31, May 31, (In thousands) 2024 2023 2024 2023 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 17,187 7,899 (28,865) (23,563) Mortgage loan commitments (1,447) 13,783 (32,102) (35,061) Forward contracts (28,973) (18,807) 72,873 72,702 Forward options (710) (100) (1,054) (952) Changes in fair value included in Lennar Other unrealized gains (losses) from technology investments: Investments in equity securities $ (21,514) 25,497 (26,651) 1,543 Changes in fair value included in other comprehensive income, net of tax: Lennar Other investments available-for-sale $ 1,355 573 1,717 1,424 Interest on Financial Services loans held-for-sale and LMF Commercial loans held-for-sale measured at fair value is calculated based on the interest rate of the loans and recorded as revenues in the Financial Services’ statement of operations. The following table sets forth 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 May 31, 2024 2023 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 3,475 125,397 3,450 25,835 Purchases/loan originations 171 71,510 69 84,590 Sales/loan originations sold, including those not settled — (129,335) — (88,102) Disposals/settlements (44) — (80) — Changes in fair value (1) 50 (857) (41) 434 Interest and principal paydowns — — — (3) Ending balance $ 3,652 66,715 3,398 22,754 Six Months Ended May 31, 2024 2023 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 3,440 13,459 3,463 25,599 Purchases/loan originations 232 212,335 120 164,070 Sales/loan originations sold, including those not settled — (156,285) — (165,302) Disposals/settlements (70) — (143) — Changes in fair value (1) 50 (2,985) (42) (11) Interest and principal paydowns — 191 — (1,602) Ending balance $ 3,652 66,715 3,398 22,754 (1) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues. The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below: Three Months Ended May 31, 2024 2023 (In thousands) Fair Value Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets - Homebuilding: Finished homes and construction in progress (2) Level 3 $ 120,553 100,968 (19,585) 126,680 108,073 (18,607) Land and land under development (2) Level 3 — — — 574 561 (13) Deposits and pre-acquisition costs on real estate (3) Level 3 332 — (332) 14,455 — (14,455) Investments in unconsolidated entities (4) Level 3 — — — 75,769 37,792 (37,977) Six Months Ended May 31, 2024 2023 (In thousands) Fair Value Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets - Homebuilding: Finished homes and construction in progress (2) Level 3 $ 192,309 168,985 (23,324) 183,816 158,902 (24,914) Land and land under development (2) Level 3 — — — 25,735 23,703 (2,032) Deposits and pre-acquisition costs on real estate (3) Level 3 3,202 — (3,202) 17,130 — (17,130) Investments in unconsolidated entities (4) Level 3 — — — 78,834 37,792 (41,042) (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. (3) Forfeited deposits and write-off of pre-acquisition costs on real estate were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income for the three and six months ended May 31, 2024 and 2023. (4) Valuation adjustments related to investments in unconsolidated entities were primarily included in Homebuilding other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income for the three and six months ended May 31, 2024 and 2023. Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. The Company disclosed its accounting policy related to inventories and its review for indicators of impairment in the Summary of Significant Accounting Policies in its Annual Report on Form 10-K for the year ended November 30, 2023. The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts. On a quarterly basis, the Company reviews its active communities for indicators of potential impairments. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded: Communities with valuation adjustments At or for the Six Months Ended # of active communities # of communities with potential indicator of impairment # of communities Fair Value (in thousands) Valuation Adjustments (in thousands) May 31, 2024 1,245 32 4 $ 25,769 $ 15,263 May 31, 2023 1,256 34 5 42,408 12,247 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. The Company disclosed its accounting policy related to investments in unconsolidated entities and its review for indicators of impairment for the long-lived assets of an unconsolidated entity and the decline in the fair value of an investment below the carrying value in the Summary of Significant Accounting Policies in its Annual Report on Form 10-K for the year ended November 30, 2023. The Company evaluates if a decrease in the fair value of an investment below the carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions, (3) the length of the time and the extent to which the market value has been less than cost and (4) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status, length of the time and the extent to which the market value has been below the carrying value, and liquidity needs of the unconsolidated entity. The Company generally estimates the fair value of an investment in an unconsolidated entity by using a cash flow analysis for estimated future net distributions from an unconsolidated entity, subject to the perceived risks associated with the unconsolidated entity’s cash flow streams. During the three and six months ended May 31, 2024, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had no other-than-temporary impairment. During the three and six months ended May 31, 2023, the Company estimated the fair value of an investment in an unconsolidated entity using a cash flow analysis with a 15% discount rate and concluded that the investment had an other-than-temporary impairment of $36.8 million included in Homebuilding other income (expense), net in the Company's condensed consolidated statements of operation and comprehensive income. The Company estimates the fair value of investments in unconsolidated entities evaluated for impairment based on market conditions and assumptions made by management at the time the investment is evaluated, which may differ materially from actual results if market conditions or assumptions change.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities During the six months ended May 31, 2024, the Company evaluated the joint venture (“JV”) agreements of its JVs that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements. Based on the Company's evaluation, there were no variable interest entities (“VIEs”) that were consolidated or deconsolidated during the six months ended May 31, 2024. The carrying amount of the Company's consolidated VIEs' assets and non-recourse liabilities are disclosed in the footnote to the condensed consolidated balance sheets. A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes or other debt payable. The assets held by a VIE are usually collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with VIE’s lenders. Other than debt guarantee agreements with VIE’s lenders, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts, but that would require forfeiture of deposits and pre-acquisition costs. Unconsolidated VIEs The Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows: May 31, 2024 November 30, 2023 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding (1) $ 758,560 830,458 659,224 787,226 Multifamily (2) 130,446 134,790 384,718 402,735 Financial Services (3) 138,425 138,425 140,676 140,676 Lennar Other (4) 124,711 124,711 56,009 56,009 $ 1,152,142 1,228,384 1,240,627 1,386,646 (1) As of May 31, 2024 and November 30, 2023, the Company's maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except with regard to the Company's remaining commitment to fund capital in Upward America of $21.2 million and $69.8 million, respectively. In addition, as of May 31, 2024 and November 30, 2023, there was recourse debt of a VIE of $42.9 million and $42.1 million, respectively. (2) As of May 31, 2024 and November 30, 2023, the Company's maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs. The maximum exposure for LMV II, in addition to the investment, also included the remaining combined equity commitment of $12.8 million as of November 30, 2023, for expenditures related to the construction and development of its projects. The decrease in exposure as of May 31, 2024 is primarily due to the removal of LMV II as the Fund does not expect to call for equity in the future. As a result, LMV II is not a VIE as of May 31, 2024. (3) As of both May 31, 2024 and November 30, 2023, the Company's maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and related to the Financial Services' CMBS investments held-to-maturity. (4) As of both May 31, 2024 and November 30, 2023, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs. The Company and its JV partners generally fund JVs as needed and in accordance with business plans to allow the entities to finance their activities. Because such JVs are expected to make future capital calls in order to continue to finance their activities, the entities are determined to be VIEs as of May 31, 2024 in accordance with ASC 810 due to insufficient equity at risk. While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared and the Company and its partners are not de-facto agents. While the Company generally manages the day-to-day operations of the VIEs, each of these VIEs has an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent. There are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts. Option Contracts The Company has access to land through option contracts, which generally enable it to control portions of properties owned by third parties (including land banks) until the Company has determined whether to exercise the options. The Company evaluates option contracts with third party land holding companies for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary and makes a significant deposit or pre-acquisition cost investment for optioned land, or is otherwise economically compelled to takedown the optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. Land under option with third party holding companies that the Company was economically compelled to takedown was $2.2 billion as of May 31, 2024 and is included in consolidated inventory not owned. Consolidated inventory not owned related to land financing transactions, which are land sale transactions that did not meet the criteria for revenue recognition and derecognition of land by the Company as a result of the Company maintaining an option to repurchase the land in the future, was $1.5 billion as of May 31, 2024. During the six months ended May 31, 2024, consolidated inventory not owned increased by $761.0 million with a corresponding increase to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of May 31, 2024. The increase was primarily due to land financing transactions and the consolidation of homesites under option that the Company is economically compelled to takedown. These increases were partially offset by homesite takedowns. To reflect the purchase price of the homesite takedowns, the Company had a net reclass related to option deposits from consolidated inventory not owned to finished homes and construction in progress in the accompanying condensed consolidated balance sheet as of May 31, 2024. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits. The Company's exposure to losses on its option contracts with third parties and unconsolidated entities was as follows: (Dollars in thousands) May 31, 2024 November 30, 2023 Non-refundable option deposits and pre-acquisition costs $ 2,645,428 1,949,219 Non-refundable option deposits included in consolidated inventory not owned 526,064 451,632 Letters of credit in lieu of cash deposits under certain land and option contracts 269,725 198,920 For the six months ended May 31, 2024, the Company purchased a significant portion of land from one land bank (the “Land Bank”). There were no amounts due to the Land Bank as of May 31, 2024, resulting from land purchases as the full purchase price of the land is typically paid to the Land Bank at closing when land is purchased by the Company. As of May 31, 2024, the total deposits and pre-acquisition costs on real estate relating to contracts with the Land Bank were $777.5 million. As of May 31, 2024, total consolidated inventory not owned and liabilities related to consolidated inventory not owned relating to contracts with the Land Bank were $827.1 million and $697.2 million, respectively.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	May 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities The Company is party to various claims, legal actions and complaints relating to homes sold by the Company arising in the ordinary course of business. In the opinion of management, the disposition of these matters will not have a material adverse effect on the Company’s condensed consolidated financial statements. From time to time, the Company is also a party to various lawsuits involving purchases and sales of real property. These lawsuits often include claims regarding representations and warranties made in connection with the transfer of properties and disputes regarding the obligation to purchase or sell properties. The Company does not believe that the ultimate resolution of these claims or lawsuits will have a material adverse effect on its business or financial position. However, the financial effect of litigation concerning purchases and sales of property may depend upon the value of the subject property, which may have changed from the time the agreement for purchase or sale was entered into. Product Warranty Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2024 2023 2024 2023 Warranty reserve, beginning of the period $ 405,558 403,334 414,796 418,017 Warranties issued 72,572 67,221 134,348 120,900 Adjustments to pre-existing warranties from changes in estimates (1) (381) 14,246 (3,285) 10,188 Payments (74,301) (69,647) (142,411) (133,951) Warranty reserve, end of period $ 403,448 415,154 403,448 415,154 (1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2024 and 2023 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments. Leases The Company has entered into agreements to lease certain office facilities and equipment under operating leases. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Right-of-use (“ROU”) assets and lease liabilities are recorded on the balance sheet for all leases, except leases with an initial term of 12 months or less. Many of the Company's leases include options to renew. The exercise of lease renewal options is at the Company's option and therefore renewal option payments have not been included in the ROU assets or lease liabilities. The following table includes additional information about the Company's leases: (Dollars in thousands) May 31, 2024 November 30, 2023 Right-of-use assets $ 151,600 145,812 Lease liabilities 162,571 154,271 Weighted-average remaining lease term (in years) 5.2 7.5 Weighted-average discount rate 3.9% 3.4% The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at May 31, 2024 were as follows: (In thousands) Lease Payments 2024 $ 28,703 2025 38,933 2026 26,476 2027 23,950 2028 and thereafter 61,666 Total future minimum lease payments (1) $ 179,728 Less: Interest (2) 17,157 Present value of lease liabilities (2) $ 162,571 (1) Total future minimum lease payments exclude variable lease costs of $21.2 million and short-term lease costs of $2.6 million. (2) The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments. The Company's rental expense on lease liabilities were as follows: Six Months Ended May 31, (In thousands) 2024 2023 Rental expense $ 54,684 52,998 In December 2023, the Company purchased its corporate headquarters building in which the Company had previously leased office space. This building contains approximately 213,200 square feet of office space, of which the Company leases approximately 53,000 square feet of unused office space to other tenants. On occasion, the Company may sublease other rented space which is no longer used for the Company's operations. For both the six months ended May 31, 2024 and 2023, the Company had an immaterial amount of sublease income.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 954,311	$ 871,694	$ 1,673,645	$ 1,468,228

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	May 31, 2024
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jeff J. McCall [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the period covered by this Quarterly Report on Form 10-Q, no director or executive officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
Arrangement Duration	214 days

Basis of Presentation (Policy)

Basis of Presentation (Policy)	6 Months Ended
	May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
Basis of Consolidation	These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2023, as amended ("Form 10-K"). The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2023. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09 (“ASU 2023-09”) Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating ASU 2023-09 and does not expect it to have a material effect on its condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “ Improvements to Reportable Segment Disclosures ” (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company is currently reviewing the impact that the adoption of ASU 2023-07 may have on its condensed consolidated financial statements and disclosures.
Reclassifications	Reclassifications

Operating and Reporting Segme_2

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 Multifamily Lennar 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 Multifamily Lennar 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 (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 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

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	May 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	The investments in the Company's Homebuilding unconsolidated entities were as follows: (In thousands) May 31, 2024 November 30, 2023 Investments in unconsolidated entities (1) (2) $ 1,263,905 1,143,909 Underlying equity in unconsolidated entities' net assets (1) 1,573,738 1,436,239 (1) The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in FivePoint. (2) Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of May 31, 2024 and November 30, 2023, the carrying amount of the Company's investment was $448.1 million and $422.2 million, respectively. In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function. Each Multifamily real estate investment trust, JV and fund has unilateral decision-making rights related to development and other sales activity through its executive committee or asset management committee. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. In some situations, the Multifamily segment sells land to various joint ventures and funds. The details of the activity were as follows: Three Months Ended Six Months Ended (In thousands) May 31, 2024 May 31, 2023 May 31, 2024 May 31, 2023 General contractor services, net of deferrals $ 84,434 128,371 186,070 253,773 General contractor costs 79,995 122,064 175,684 242,797 Management fee income, net of deferrals 13,669 17,494 29,710 35,615 Details of LMV I and LMV II as of and during the six months ended May 31, 2024 are included below: May 31, 2024 (In thousands) LMV I LMV II Lennar's carrying value of investments $ 162,904 255,908 Equity commitments 2,204,016 1,257,700 Equity commitments called 2,154,328 1,218,619 Lennar's equity commitments 504,016 381,000 Lennar's equity commitments called 500,381 368,170 Lennar's remaining commitments (1) 3,635 12,830 Distributions to Lennar during the six months ended May 31, 2024 7,245 208 (1)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	May 31, 2024
Equity [Abstract]
Schedule of Changes in Equity	The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three and six months ended May 31, 2024 and 2023: Three Months Ended May 31, 2024 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at February 29, 2024 $ 26,777,930 25,983 3,660 5,651,836 (1,988,200) 5,241 22,949,315 130,095 Net earnings (including net earnings attributable to noncontrolling interests) 960,586 — — — — — 954,311 6,275 Employee stock and directors plans (1,046) 13 — 1,277 (2,336) — — — Purchases of treasury stock (607,270) — — — (607,270) — — — Amortization of restricted stock 34,506 — — 34,506 — — — — Cash dividends (138,931) — — — — — (138,931) — Receipts related to noncontrolling interests 8,926 — — — — — — 8,926 Payments related to noncontrolling interests (24,667) — — — — — — (24,667) Non-cash purchase or activity of noncontrolling interests, net 4,364 — — (12,886) — — — 17,250 Total other comprehensive income, net of tax 1,355 — — — — 1,355 — — Balance at May 31, 2024 $ 27,015,753 25,996 3,660 5,674,733 (2,597,806) 6,596 23,764,695 137,879 Three Months Ended May 31, 2023 (In thousands) Total Class A Class B Additional Treasury Accumulated Other Comprehensive Income Retained Noncontrolling Balance at February 28, 2023 $ 24,555,287 25,834 3,660 5,503,789 (468,347) 3,259 19,350,060 137,032 Net earnings (including net earnings attributable to noncontrolling interests) 877,742 — — — — — 871,694 6,048 Employee stock and directors plans 4,229 9 — 1,631 2,589 — — — Purchases of treasury stock (209,928) — — — (209,928) — — — Amortization of restricted stock 40,173 — — 40,173 — — — — Cash dividends (110,386) — — — — — (110,386) — Receipts related to noncontrolling interests 2,421 — — — — — — 2,421 Non-cash purchase or activity of noncontrolling interests, net 1,008 — — 535 — — — 473 Total other comprehensive income, net of tax 573 — — — — 573 — — Balance at May 31, 2023 $ 25,161,119 25,843 3,660 5,546,128 (675,686) 3,832 20,111,368 145,974 Three Months Ended May 31, Six Months Ended May 31, 2024 2023 2024 2023 (Dollars in thousands, except price per share amounts) Class A Class B Class A Class B Class A Class B Class A Class B Shares repurchased 3,393,475 406,525 1,269,681 730,319 6,419,603 780,397 2,715,886 1,284,114 Total purchase price $ 543,276 $ 59,570 $ 138,800 $ 69,010 $ 998,064 $ 111,207 $ 281,868 $ 115,116 Average price per share $ 160.09 $ 146.54 $ 109.32 $ 94.49 $ 155.47 $ 142.50 $ 103.78 $ 89.65

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	May 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Benefit (Provision) and Effective Tax Rate	The provision for income taxes and effective tax rate were as follows: Three Months Ended Six Months Ended May 31, May 31, (Dollars in thousands) 2024 2023 2024 2023 Provision for income taxes $300,471 280,879 511,336 466,024 Effective tax rate (1) 23.9% 24.4% 23.4 % 24.1 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator In Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands, except per share amounts) 2024 2023 2024 2023 Numerator: Net earnings attributable to Lennar $ 954,311 871,694 1,673,645 1,468,228 Less: distributed earnings allocated to nonvested shares 2,693 3,572 3,715 4,296 Less: undistributed earnings allocated to nonvested shares 8,007 9,935 13,923 15,695 Numerator for basic and diluted earnings per share 943,611 858,187 1,656,007 1,448,237 Denominator: Denominator for basic and diluted earnings per share - weighted average common shares outstanding 273,703 284,910 275,325 285,492 Basic and diluted earnings per share $ 3.45 3.01 6.01 5.07

Homebuilding Senior Notes and_2

Homebuilding Senior Notes and Other Debts Payable (Tables)	6 Months Ended
	May 31, 2024
Debt Disclosure [Abstract]
Schedule of Senior Notes and Other Debts Payable	(Dollars in thousands) May 31, 2024 November 30, 2023 4.75% senior notes due 2025 $ 499,558 499,336 5.25% senior notes due 2026 402,432 403,040 5.00% senior notes due 2027 351,165 351,357 4.75% senior notes due 2027 (1) 697,976 797,347 4.50% senior notes due 2024 — 453,682 Mortgage notes on land and other debt 290,376 311,720 $ 2,241,507 2,816,482 (1) During both the three and six months ended May 31, 2024, the Company repurchased $100 million aggregate principal amount of senior notes due November 2027, through open market repurchases.
Schedule of Letter 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 (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

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	6 Months Ended
	May 31, 2024
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 May 31, 2024 and November 30, 2023, 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. May 31, 2024 November 30, 2023 (In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value ASSETS Financial Services: Loans held-for-investment, net Level 3 $ 54,355 54,355 55,463 55,463 Investments held-to-maturity Level 3 138,425 139,504 140,676 139,396 LIABILITIES Homebuilding senior notes and other debt payable, net Level 2 $ 2,241,507 2,224,505 2,816,482 2,785,712 Financial Services notes and other debt payable, net Level 2 1,410,102 1,410,688 2,163,805 2,164,441 Multifamily notes payable, net Level 2 — — 3,741 3,741
Fair Value Measured On Recurring Basis	The Company’s financial instruments measured at fair value on a recurring basis are summarized below: Fair Value Hierarchy Fair Value at (In thousands) May 31, 2024 November 30, 2023 Financial Services Assets: Residential loans held-for-sale Level 2 $ 1,655,196 2,073,350 LMF Commercial loans held-for-sale Level 3 66,715 13,459 Mortgage servicing rights Level 3 3,652 3,440 Forward options Level 1 2,768 5,937 Lennar Other Assets: Investments in equity securities Level 1 $ 152,946 176,198 Investments available-for-sale Level 3 39,669 37,953 Residential and LMF Commercial loans held-for-sale in the table above include: May 31, 2024 November 30, 2023 (In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value Residential loans held-for-sale $ 1,694,486 (39,290) 2,083,776 (10,426) LMF Commercial loans held-for-sale 69,700 (2,985) 13,650 (191)
Schedule of Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities	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 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.
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 Six Months Ended May 31, May 31, (In thousands) 2024 2023 2024 2023 Changes in fair value included in Financial Services revenues: Loans held-for-sale $ 17,187 7,899 (28,865) (23,563) Mortgage loan commitments (1,447) 13,783 (32,102) (35,061) Forward contracts (28,973) (18,807) 72,873 72,702 Forward options (710) (100) (1,054) (952) Changes in fair value included in Lennar Other unrealized gains (losses) from technology investments: Investments in equity securities $ (21,514) 25,497 (26,651) 1,543 Changes in fair value included in other comprehensive income, net of tax: Lennar Other investments available-for-sale $ 1,355 573 1,717 1,424
Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements	The following table sets forth 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 May 31, 2024 2023 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 3,475 125,397 3,450 25,835 Purchases/loan originations 171 71,510 69 84,590 Sales/loan originations sold, including those not settled — (129,335) — (88,102) Disposals/settlements (44) — (80) — Changes in fair value (1) 50 (857) (41) 434 Interest and principal paydowns — — — (3) Ending balance $ 3,652 66,715 3,398 22,754 Six Months Ended May 31, 2024 2023 (In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale Beginning balance $ 3,440 13,459 3,463 25,599 Purchases/loan originations 232 212,335 120 164,070 Sales/loan originations sold, including those not settled — (156,285) — (165,302) Disposals/settlements (70) — (143) — Changes in fair value (1) 50 (2,985) (42) (11) Interest and principal paydowns — 191 — (1,602) Ending balance $ 3,652 66,715 3,398 22,754 (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 May 31, 2024 2023 (In thousands) Fair Value Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets - Homebuilding: Finished homes and construction in progress (2) Level 3 $ 120,553 100,968 (19,585) 126,680 108,073 (18,607) Land and land under development (2) Level 3 — — — 574 561 (13) Deposits and pre-acquisition costs on real estate (3) Level 3 332 — (332) 14,455 — (14,455) Investments in unconsolidated entities (4) Level 3 — — — 75,769 37,792 (37,977) Six Months Ended May 31, 2024 2023 (In thousands) Fair Value Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1) Non-financial assets - Homebuilding: Finished homes and construction in progress (2) Level 3 $ 192,309 168,985 (23,324) 183,816 158,902 (24,914) Land and land under development (2) Level 3 — — — 25,735 23,703 (2,032) Deposits and pre-acquisition costs on real estate (3) Level 3 3,202 — (3,202) 17,130 — (17,130) Investments in unconsolidated entities (4) Level 3 — — — 78,834 37,792 (41,042) (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. (3) Forfeited deposits and write-off of pre-acquisition costs on real estate were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income for the three and six months ended May 31, 2024 and 2023. (4) Valuation adjustments related to investments in unconsolidated entities were primarily included in Homebuilding other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income for the three and six months ended May 31, 2024 and 2023. Communities with valuation adjustments At or for the Six Months Ended # of active communities # of communities with potential indicator of impairment # of communities Fair Value (in thousands) Valuation Adjustments (in thousands) May 31, 2024 1,245 32 4 $ 25,769 $ 15,263 May 31, 2023 1,256 34 5 42,408 12,247

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Estimated Maximum Exposure To Loss	The Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows: May 31, 2024 November 30, 2023 (In thousands) Investments in Lennar’s Maximum Investments in Lennar’s Maximum Homebuilding (1) $ 758,560 830,458 659,224 787,226 Multifamily (2) 130,446 134,790 384,718 402,735 Financial Services (3) 138,425 138,425 140,676 140,676 Lennar Other (4) 124,711 124,711 56,009 56,009 $ 1,152,142 1,228,384 1,240,627 1,386,646 (1) As of May 31, 2024 and November 30, 2023, the Company's maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except with regard to the Company's remaining commitment to fund capital in Upward America of $21.2 million and $69.8 million, respectively. In addition, as of May 31, 2024 and November 30, 2023, there was recourse debt of a VIE of $42.9 million and $42.1 million, respectively. (2) As of May 31, 2024 and November 30, 2023, the Company's maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs. The maximum exposure for LMV II, in addition to the investment, also included the remaining combined equity commitment of $12.8 million as of November 30, 2023, for expenditures related to the construction and development of its projects. The decrease in exposure as of May 31, 2024 is primarily due to the removal of LMV II as the Fund does not expect to call for equity in the future. As a result, LMV II is not a VIE as of May 31, 2024. (3) As of both May 31, 2024 and November 30, 2023, the Company's maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and related to the Financial Services' CMBS investments held-to-maturity. (4) As of both May 31, 2024 and November 30, 2023, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs. The Company's exposure to losses on its option contracts with third parties and unconsolidated entities was as follows: (Dollars in thousands) May 31, 2024 November 30, 2023 Non-refundable option deposits and pre-acquisition costs $ 2,645,428 1,949,219 Non-refundable option deposits included in consolidated inventory not owned 526,064 451,632 Letters of credit in lieu of cash deposits under certain land and option contracts 269,725 198,920

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	May 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Reserve	The activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows: Three Months Ended Six Months Ended May 31, May 31, (In thousands) 2024 2023 2024 2023 Warranty reserve, beginning of the period $ 405,558 403,334 414,796 418,017 Warranties issued 72,572 67,221 134,348 120,900 Adjustments to pre-existing warranties from changes in estimates (1) (381) 14,246 (3,285) 10,188 Payments (74,301) (69,647) (142,411) (133,951) Warranty reserve, end of period $ 403,448 415,154 403,448 415,154 (1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2024 and 2023 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
Additional Information About Leases	The following table includes additional information about the Company's leases: (Dollars in thousands) May 31, 2024 November 30, 2023 Right-of-use assets $ 151,600 145,812 Lease liabilities 162,571 154,271 Weighted-average remaining lease term (in years) 5.2 7.5 Weighted-average discount rate 3.9% 3.4%
Lease, Cost	The Company's rental expense on lease liabilities were as follows: Six Months Ended May 31, (In thousands) 2024 2023 Rental expense $ 54,684 52,998
Future Minimum Payments Under Noncancellable Leases	Future minimum payments under the noncancellable leases in effect at May 31, 2024 were as follows: (In thousands) Lease Payments 2024 $ 28,703 2025 38,933 2026 26,476 2027 23,950 2028 and thereafter 61,666 Total future minimum lease payments (1) $ 179,728 Less: Interest (2) 17,157 Present value of lease liabilities (2) $ 162,571 (1) Total future minimum lease payments exclude variable lease costs of $21.2 million and short-term lease costs of $2.6 million. (2) The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	May 31, 2024	May 31, 2024	May 31, 2023	Nov. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash and cash equivalents held in escrow	$ 482	$ 482		$ 594.8
Cash and cash equivalents held in escrow, deposit period	2 days
Nonvested shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares granted (in shares)		1.3	2

Operating and Reporting Segme_3

Operating and Reporting Segments (Disclosure Of Assets and Liabilities) (Details) - USD ($) $ in Thousands		May 31, 2024	Nov. 30, 2023	May 31, 2023
Segment Reporting Information [Line Items]
Total assets	[1]	$ 38,667,670	$ 39,234,303
Total liabilities	[2]	11,651,917	12,532,337
Equity securities without readily determinable fair values		145,000	121,000
Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		3,872,016	6,474,497
Restricted cash		49,368	96,441
Receivables, net		1,552,342	1,696,205
Inventory owned and consolidated inventory not owned		20,509,714	18,897,670
Loans held-for-sale		1,721,911	2,086,809
Investments in equity securities		297,948	297,243
Investments available-for-sale		39,669	37,953
Loans held-for-investment, net		54,355	55,463
Investments held-to-maturity		138,425	140,676
Deposits and pre-acquisition costs on real estate		2,784,621	2,034,217
Investments in unconsolidated entities		2,176,371	2,020,005
Goodwill		3,632,058	3,632,058
Other assets		1,838,872	1,765,066
Senior notes and other debt payable, net		3,651,609	4,984,028
Accounts payable, liabilities related to consolidated inventory not owned and other liabilities		8,000,308	7,548,309
Homebuilding
Segment Reporting Information [Line Items]
Cash and cash equivalents	[1]	3,597,493	6,273,724
Restricted cash	[1]	11,572	13,481
Receivables, net	[1]	898,301	887,992
Inventory owned and consolidated inventory not owned	[1]	19,901,500	18,352,735
Deposits and pre-acquisition costs on real estate		2,754,819	2,002,154
Investments in unconsolidated entities	[1]	1,263,905	1,143,909
Goodwill	[1]	3,442,359	3,442,359
Other assets	[1]	1,540,507	1,512,038
Total assets	[1]	33,410,456	33,628,392
Senior notes and other debt payable, net	[2]	2,241,507	2,816,482
Total liabilities	[2]	9,709,516	9,727,994
Homebuilding | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		3,597,493	6,273,724	$ 4,004,679
Restricted cash		11,572	13,481	19,000
Receivables, net		898,301	887,992
Inventory owned and consolidated inventory not owned		19,901,500	18,352,735
Loans held-for-sale		0	0
Investments in equity securities		0	0
Investments available-for-sale		0	0
Loans held-for-investment, net		0	0
Investments held-to-maturity		0	0
Deposits and pre-acquisition costs on real estate		2,754,819	2,002,154
Investments in unconsolidated entities		1,263,905	1,143,909
Goodwill		3,442,359	3,442,359
Other assets		1,540,507	1,512,038
Total assets		33,410,456	33,628,392
Senior notes and other debt payable, net		2,241,507	2,816,482
Accounts payable, liabilities related to consolidated inventory not owned and other liabilities		7,468,009	6,911,512
Total liabilities		9,709,516	9,727,994
Lennar Financial Services
Segment Reporting Information [Line Items]
Total assets	[1]	3,043,941	3,566,546
Total liabilities	[2]	1,583,363	2,447,039
Lennar Financial Services | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		245,784	159,491	259,738
Restricted cash		37,796	82,960	9,113
Receivables, net		567,748	716,071
Inventory owned and consolidated inventory not owned		0	0
Loans held-for-sale		1,721,911	2,086,809
Investments in equity securities		0	0
Investments available-for-sale		0	0
Loans held-for-investment, net		54,355	55,463
Investments held-to-maturity		138,425	140,676
Deposits and pre-acquisition costs on real estate		0	0
Investments in unconsolidated entities		0	0
Goodwill		189,699	189,699
Other assets		88,223	135,377
Total assets		3,043,941	3,566,546
Senior notes and other debt payable, net		1,410,102	2,163,805
Accounts payable, liabilities related to consolidated inventory not owned and other liabilities		173,261	283,234
Total liabilities		1,583,363	2,447,039
Multifamily
Segment Reporting Information [Line Items]
Total assets	[1]	1,377,243	1,381,513
Total liabilities	[2]	246,776	278,177
Multifamily | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		11,555	39,334	18,539
Restricted cash		0	0
Receivables, net		86,293	92,142
Inventory owned and consolidated inventory not owned		608,214	544,935
Loans held-for-sale		0	0
Investments in equity securities		0	0
Investments available-for-sale		0	0
Loans held-for-investment, net		0	0
Investments held-to-maturity		0	0
Deposits and pre-acquisition costs on real estate		29,802	32,063
Investments in unconsolidated entities		561,892	599,852
Goodwill		0	0
Other assets		79,487	73,187
Total assets		1,377,243	1,381,513
Senior notes and other debt payable, net		0	3,741
Accounts payable, liabilities related to consolidated inventory not owned and other liabilities		246,776	274,436
Total liabilities		246,776	278,177
Lennar Other
Segment Reporting Information [Line Items]
Total assets	[1]	836,030	657,852
Total liabilities	[2]	112,262	79,127
Lennar Other | Operating Segments
Segment Reporting Information [Line Items]
Cash and cash equivalents		17,184	1,948	$ 4,775
Restricted cash		0	0
Receivables, net		0	0
Inventory owned and consolidated inventory not owned		0	0
Loans held-for-sale		0	0
Investments in equity securities		297,948	297,243
Investments available-for-sale		39,669	37,953
Loans held-for-investment, net		0	0
Investments held-to-maturity		0	0
Deposits and pre-acquisition costs on real estate		0	0
Investments in unconsolidated entities		350,574	276,244
Goodwill		0	0
Other assets		130,655	44,464
Total assets		836,030	657,852
Senior notes and other debt payable, net		0	0
Accounts payable, liabilities related to consolidated inventory not owned and other liabilities		112,262	79,127
Total liabilities		$ 112,262	$ 79,127
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of May 31, 2024, total assets include $3.0 billion related to consolidated VIEs of which $73.0 million is included in Homebuilding cash and cash equivalents, $5.9 million in Homebuilding receivables, net, $6.2 million in Homebuilding finished homes and construction in progress, $601.1 million in Homebuilding land and land under development, $75.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $2.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $22.5 million in Homebuilding other assets and $33.6 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets. As of May 31, 2024, total liabilities include $2.1 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $56.1 million is included in Homebuilding accounts payable, $2.0 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $46.7 million in Homebuilding other liabilities, and $0.9 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities, and $4.1 million in Multifamily liabilities.

Operating and Reporting Segme_4

Operating and Reporting Segments (Financial Information Related to Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 8,765,592	$ 8,045,151	$ 16,078,522	$ 14,535,580
Operating Segments And Corporate
Segment Reporting Information [Line Items]
Operating earnings (loss)	1,261,057	1,158,621	2,191,843	1,943,074
Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,765,592	8,045,151	16,078,522	14,535,580
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Revenues	8,381,059	7,670,017	15,312,050	13,826,322
Operating earnings (loss)	1,340,155	1,214,409	2,368,951	2,121,248
Operating Segments | Lennar Financial Services
Segment Reporting Information [Line Items]
Revenues	281,723	222,979	531,443	405,960
Operating earnings (loss)	147,012	112,599	278,308	191,336
Operating Segments | Multifamily
Segment Reporting Information [Line Items]
Revenues	99,500	151,744	229,177	295,267
Operating earnings (loss)	(20,474)	(8,162)	(36,113)	(29,763)
Operating Segments | Lennar Other
Segment Reporting Information [Line Items]
Revenues	3,310	411	5,852	8,031
Operating earnings (loss)	(28,964)	(18,399)	(68,512)	(58,156)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Operating earnings (loss)	$ (176,672)	$ (141,826)	$ (350,791)	$ (281,591)

Operating and Reporting Segme_5

Operating and Reporting Segments (Homebuilding Assets) (Details) - USD ($) $ in Thousands		May 31, 2024	Nov. 30, 2023
Segment Reporting Information [Line Items]
Assets	[1]	$ 38,667,670	$ 39,234,303
Homebuilding
Segment Reporting Information [Line Items]
Assets	[1]	33,410,456	33,628,392
Operating Segments | Homebuilding
Segment Reporting Information [Line Items]
Assets		33,410,456	33,628,392
Operating Segments | East
Segment Reporting Information [Line Items]
Assets		6,934,559	6,563,568
Operating Segments | Central
Segment Reporting Information [Line Items]
Assets		5,205,747	4,511,496
Operating Segments | Texas
Segment Reporting Information [Line Items]
Assets		3,842,898	3,337,280
Operating Segments | West
Segment Reporting Information [Line Items]
Assets		11,970,399	11,298,812
Operating Segments | Other
Segment Reporting Information [Line Items]
Assets		1,543,449	1,511,541
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets		$ 3,913,404	$ 6,405,695
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of May 31, 2024, total assets include $3.0 billion related to consolidated VIEs of which $73.0 million is included in Homebuilding cash and cash equivalents, $5.9 million in Homebuilding receivables, net, $6.2 million in Homebuilding finished homes and construction in progress, $601.1 million in Homebuilding land and land under development, $75.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $2.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $22.5 million in Homebuilding other assets and $33.6 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.

Operating and Reporting Segme_6

Operating and Reporting Segments (Homebuilding Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 8,765,592	$ 8,045,151	$ 16,078,522	$ 14,535,580
Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,765,592	8,045,151	16,078,522	14,535,580
Homebuilding | Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,381,059	7,670,017	15,312,050	13,826,322
Operating earnings (loss)	1,340,155	1,214,409	2,368,951	2,121,248
East | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,202,245	2,119,297	4,125,041	3,817,140
Operating earnings (loss)	425,650	473,467	802,531	871,899
Central | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,707,444	1,616,392	3,103,899	2,842,533
Operating earnings (loss)	237,870	247,550	399,486	403,836
Texas | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,196,425	1,141,612	2,268,211	2,163,664
Operating earnings (loss)	184,644	183,061	353,157	308,380
West | Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,265,467	2,781,097	5,795,529	4,986,158
Operating earnings (loss)	478,937	355,472	787,724	585,972
Other | Operating Segments
Segment Reporting Information [Line Items]
Revenues	9,478	11,619	19,370	16,827
Operating earnings (loss)	$ 13,054	$ (45,141)	$ 26,053	$ (48,839)

Operating and Reporting Segme_7

Operating and Reporting Segments (Disclosure of Facilities) (Details) - Lennar Financial Services - USD ($)	6 Months Ended
	May 31, 2024	Jun. 01, 2024	Nov. 30, 2023
Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,205,000,000
Residential Warehouse Repurchase Facility | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,905,000,000
Residential Warehouse Repurchase Facility | Warehouse Repurchase Facility | Committed
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,455,000,000
Residential Warehouse Repurchase Facility | Warehouse Repurchase Facility | Uncommitted
Line of Credit Facility [Line Items]
Maximum borrowing capacity	450,000,000
Residential Warehouse Repurchase Facility Extended to Due in June 2024 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	500,000,000
Residential Warehouse Repurchase Facility Extended to Due in June 2024 | Warehouse Repurchase Facility | Committed
Line of Credit Facility [Line Items]
Maximum borrowing capacity	500,000,000
Residential Warehouse Repurchase Facility Extended to Due in June 2024 | Warehouse Repurchase Facility | Uncommitted
Line of Credit Facility [Line Items]
Maximum borrowing capacity	0
Residential Warehouse Repurchase Facility Due in June 2024 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	200,000,000
Residential Warehouse Repurchase Facility Due in June 2024 | Warehouse Repurchase Facility | Committed
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100,000,000	$ 75,000,000
Residential Warehouse Repurchase Facility Due in June 2024 | Warehouse Repurchase Facility | Uncommitted
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100,000,000
Residential Warehouse Repurchase Facility Due in June 2024 | Warehouse Repurchase Facility | Uncommitted | Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 75,000,000
Residential Warehouse Repurchase Facility Due July 2024 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	505,000,000
Residential Warehouse Repurchase Facility Due September 2024 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	200,000,000
Residential Warehouse Repurchase Facility Due September 2024 | Warehouse Repurchase Facility | Committed
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100,000,000
Residential Warehouse Repurchase Facility Due September 2024 | Warehouse Repurchase Facility | Uncommitted
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100,000,000
Residential Warehouse Repurchase Facility Due April 2025 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	500,000,000
Residential Warehouse Repurchase Facility Due April 2025 | Warehouse Repurchase Facility | Committed
Line of Credit Facility [Line Items]
Maximum borrowing capacity	250,000,000
Residential Warehouse Repurchase Facility Due April 2025 | Warehouse Repurchase Facility | Uncommitted
Line of Credit Facility [Line Items]
Maximum borrowing capacity	250,000,000
Commercial facilities | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	300,000,000
Commercial facilities | Warehouse Repurchase Facility | Committed
Line of Credit Facility [Line Items]
Maximum borrowing capacity	300,000,000
Commercial Warehouse Repurchase Facility Due December 2024 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	200,000,000
Commercial Warehouse Repurchase Facility Due December 2024 | Warehouse Repurchase Facility | Committed
Line of Credit Facility [Line Items]
Maximum borrowing capacity	200,000,000
Commercial Warehouse Repurchase Facility Due January 2025 | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100,000,000
Commercial Warehouse Repurchase Facility Due January 2025 | Warehouse Repurchase Facility | Committed
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100,000,000
Residential facilities | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Borrowings under facility	1,233,015,000		$ 2,020,187,000
Residential facilities | Warehouse Repurchase Facility | Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Borrowings under facility	$ 1,280,929,000		2,097,020,000
Warehouse Repurchase Facility | Warehouse Repurchase Facility
Line of Credit Facility [Line Items]
Facility, term	364 days
Warehouse Repurchase Facility | Commercial facilities
Line of Credit Facility [Line Items]
Borrowings under facility	$ 48,057,000		$ 12,525,000

Operating and Reporting Segme_8

Operating and Reporting Segments (Narrative) (Details) - USD ($)	6 Months Ended
	May 31, 2024	May 31, 2023	Nov. 30, 2023
Doma Holdings, Inc
Segment Reporting Information [Line Items]
Unconsolidated entities ownership percentage	25%
Lennar Financial Services | Loss origination liability
Segment Reporting Information [Line Items]
Loan origination liabilities	$ 18,300,000		$ 17,600,000
Lennar Financial Services | Warehouse Repurchase Facility
Segment Reporting Information [Line Items]
Collateral percentage	80%
CMBS | Lennar Financial Services
Segment Reporting Information [Line Items]
Impairment charges for CMBS securities	$ 0	$ 0

Operating and Reporting Segme_9

Operating and Reporting Segments (Loans Held-for-Sale) (Details) - Lennar Financial Services $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024 USD ($) transaction	May 31, 2023 USD ($) transaction	May 31, 2024 USD ($) transaction	May 31, 2023 USD ($) transaction
Segment Reporting Information [Line Items]
Originations	$ 71,510	$ 84,590	$ 212,335	$ 164,070
Sold	$ 129,335	$ 88,102	$ 156,285	$ 165,302
Securitizations | transaction	3	2	5	3

Operating and Reporting Segm_10

Operating and Reporting Segments (Commercial Mortgage-Backed Securities) (Details) - Lennar Financial Services - USD ($) $ in Thousands	May 31, 2024	Nov. 30, 2023
Financing Agreement to Purchase Commercial Mortgage Backed Securities | Secured Debt
Segment Reporting Information [Line Items]
Outstanding debt, net of debt issuance costs	$ 129,029	$ 131,093
Incurred interest rate	3.40%	3.40%
CMBS
Segment Reporting Information [Line Items]
Investments held-to-maturity	$ 138,425	$ 140,676

Operating and Reporting Segm_11

Operating and Reporting Segments (Fair Value Inputs for Commercial Mortgage-Backed Securities) (Details) - CMBS - Lennar Financial Services	6 Months Ended
	May 31, 2024
Minimum
Segment Reporting Information [Line Items]
Discount rates at purchase	6%
Coupon rates	2%
Maximum
Segment Reporting Information [Line Items]
Discount rates at purchase	84%
Coupon rates	5.30%

Operating and Reporting Segm_12

Operating and Reporting Segments - Unrealized Gain (Loss) on Investments (Details) - Lennar Other - Operating Segments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	$ (21,514)	$ 25,497	$ (26,651)	$ 1,543
Blend Labs
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	715	(1,332)	3,651	(746)
Hippo
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	10,737	(4,399)	27,186	2,233
Opendoor
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(16,907)	22,512	(15,592)	14,821
SmartRent
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(4,609)	8,621	(6,572)	9,926
Sonder
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(40)	(138)	11	(458)
Sunnova
Segment Reporting Information [Line Items]
Lennar Other unrealized gains (losses) from technology investments	$ (11,410)	$ 233	$ (35,335)	$ (24,233)

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Homebuilding Unconsolidated Entities) (Details) - USD ($) $ in Thousands		May 31, 2024	Nov. 30, 2023
FivePoint Unconsolidated Entity
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 448,100	$ 422,200
Unconsolidated entities ownership percentage		40%
Homebuilding
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	[1]	$ 1,263,905	1,143,909
Underlying equity in unconsolidated partners' net assets		$ 1,573,738	$ 1,436,239
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of May 31, 2024, total assets include $3.0 billion related to consolidated VIEs of which $73.0 million is included in Homebuilding cash and cash equivalents, $5.9 million in Homebuilding receivables, net, $6.2 million in Homebuilding finished homes and construction in progress, $601.1 million in Homebuilding land and land under development, $75.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $2.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $22.5 million in Homebuilding other assets and $33.6 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.

Investments in Unconsolidated_4

Investments in Unconsolidated Entities (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		May 31, 2024	May 31, 2024	Nov. 30, 2023
Upward America Venture
Schedule of Equity Method Investments [Line Items]
Total equity commitments		$ 1,000,000	$ 1,000,000
Upward America Venture
Schedule of Equity Method Investments [Line Items]
Total equity commitments		78,000	78,000
Lennar's carrying value of investments		16,400	16,400	$ 14,800
Homebuilding
Schedule of Equity Method Investments [Line Items]
Non-recourse debt with completion guarantees		279,300	279,300	316,500
Lennar's carrying value of investments	[1]	1,263,905	1,263,905	1,143,909
Multifamily
Schedule of Equity Method Investments [Line Items]
Non-recourse debt with completion guarantees		834,200	834,200	1,400,000
Multifamily | Lennar Multifamily Fund
Schedule of Equity Method Investments [Line Items]
Total equity commitments		$ 1,000,000	$ 1,000,000
Fund ownership percentage		4%	4%
Lennar's carrying value of investments		$ 24,600	$ 24,600
Multifamily | LMV I
Schedule of Equity Method Investments [Line Items]
Total equity commitments		2,204,016	2,204,016
Lennar's carrying value of investments		162,904	162,904
Lennar Other | Rialto Funds and Investment Vehicles
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments		146,900	146,900	148,700
Gain on sales of investment		46,500	46,500
Lennar Other | Strategic Technology Investments
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments		$ 203,700	$ 203,700	$ 127,500
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of May 31, 2024, total assets include $3.0 billion related to consolidated VIEs of which $73.0 million is included in Homebuilding cash and cash equivalents, $5.9 million in Homebuilding receivables, net, $6.2 million in Homebuilding finished homes and construction in progress, $601.1 million in Homebuilding land and land under development, $75.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $2.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $22.5 million in Homebuilding other assets and $33.6 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.

Investments in Unconsolidated_5

Investments in Unconsolidated Entities (Multifamily Income and Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenues	$ 8,765,592	$ 8,045,151	$ 16,078,522	$ 14,535,580
General Contractor Services | Multifamily
Schedule of Equity Method Investments [Line Items]
Revenues			186,070	253,773
Cost of revenue			175,684	242,797
General Contractor Services | Multifamily | Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Revenues	84,434	128,371
Cost of revenue	79,995	122,064
Management Fee | Multifamily
Schedule of Equity Method Investments [Line Items]
Revenues			$ 29,710	$ 35,615
Management Fee | Multifamily | Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Revenues	$ 13,669	$ 17,494

Investments in Unconsolidated_6

Investments in Unconsolidated Entities (Details of Multifamily Unconsolidated Entities) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2024	May 31, 2023
Schedule of Equity Method Investments [Line Items]
Distributions of earnings from unconsolidated entities	$ 20,894	$ 16,657
Multifamily | LMV I
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	162,904
Equity commitments	2,204,016
Equity commitments called	2,154,328
Lennar's equity commitments	504,016
Lennar's equity commitments called	500,381
Lennar's remaining commitments (1)	3,635
Distributions of earnings from unconsolidated entities	7,245
Multifamily | LMV II
Schedule of Equity Method Investments [Line Items]
Lennar's carrying value of investments	255,908
Equity commitments	1,257,700
Equity commitments called	1,218,619
Lennar's equity commitments	381,000
Lennar's equity commitments called	368,170
Lennar's remaining commitments (1)	12,830
Distributions of earnings from unconsolidated entities	$ 208

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule Of Changes In Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended					6 Months Ended
	Jun. 20, 2024	May 08, 2024	Jan. 31, 2024	May 31, 2024		Feb. 29, 2024		May 31, 2023	May 31, 2024		May 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				$ 26,777,930		$ 26,701,966	[1]	$ 24,555,287	$ 26,701,966	[1]	$ 24,240,367
Net earnings (including net earnings attributable to noncontrolling interests)				960,586				877,742	1,680,507		1,477,050
Employee stock and directors plans				(1,046)				4,229	(84,519)		(62,761)
Purchases of treasury stock				(607,270)				(209,928)	(1,118,827)		(400,859)
Amortization of restricted stock				34,506				40,173	122,186		126,731
Cash dividends				(138,931)				(110,386)	(278,318)		(218,277)
Receipts related to noncontrolling interests				8,926				2,421	14,722		4,918
Payments related to noncontrolling interests				(24,667)					(26,646)		(20,623)
Non-cash purchase or activity of noncontrolling interests, net				4,364				1,008	2,965		13,149
Total other comprehensive income, net of tax				1,355				573	1,717		1,424
Balance, ending				27,015,753	[1]	26,777,930		25,161,119	27,015,753	[1]	25,161,119
Additional shares authorized for repurchase, amount			$ 5,000,000
Additional Paid - in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				5,651,836		5,570,009		5,503,789	5,570,009		5,417,796
Employee stock and directors plans				1,277				1,631	1,212		1,442
Amortization of restricted stock				34,506				40,173	122,186		126,731
Non-cash purchase or activity of noncontrolling interests, net				(12,886)				535	(18,674)		159
Balance, ending				5,674,733		5,651,836		5,546,128	5,674,733		5,546,128
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				(1,988,200)		(1,393,100)		(468,347)	(1,393,100)		(210,389)
Employee stock and directors plans				(2,336)				2,589	(85,879)		(64,438)
Purchases of treasury stock				(607,270)				(209,928)	(1,118,827)		(400,859)
Balance, ending				(2,597,806)		(1,988,200)		(675,686)	(2,597,806)		(675,686)
Accumulated Other Comprehensive Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				5,241		4,879		3,259	4,879		2,408
Total other comprehensive income, net of tax				1,355				573	1,717		1,424
Balance, ending				6,596		5,241		3,832	6,596		3,832
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				22,949,315		22,369,368		19,350,060	22,369,368		18,861,417
Net earnings (including net earnings attributable to noncontrolling interests)				954,311				871,694	1,673,645		1,468,228
Cash dividends				(138,931)				(110,386)	(278,318)		(218,277)
Balance, ending				23,764,695		22,949,315		20,111,368	23,764,695		20,111,368
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				130,095		121,302		137,032	121,302		139,867
Net earnings (including net earnings attributable to noncontrolling interests)				6,275				6,048	6,862		8,822
Receipts related to noncontrolling interests				8,926				2,421	14,722		4,918
Payments related to noncontrolling interests				(24,667)					(26,646)		(20,623)
Non-cash purchase or activity of noncontrolling interests, net				17,250				473	21,639		12,990
Balance, ending				$ 137,879		$ 130,095		$ 145,974	$ 137,879		$ 145,974
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividend declared (in dollars per share)						$ 0.375
Cash dividend paid (in dollars per share)		$ 0.50				$ 0.375
Shares repurchased during period (in shares)				3,393,475				1,269,681	6,419,603		2,715,886
Total purchase price				$ 543,276				$ 138,800	$ 998,064		$ 281,868
Average share price of shares repurchased (in dollars per share)				$ 160.09				$ 109.32	$ 155.47		$ 103.78
Common Class A | Subsequent Event
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividend declared (in dollars per share)	$ 0.50
Common Class A | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				$ 25,983		$ 25,848		$ 25,834	$ 25,848		$ 25,608
Employee stock and directors plans				13				9	148		235
Balance, ending				$ 25,996		$ 25,983		$ 25,843	$ 25,996		$ 25,843
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividend declared (in dollars per share)						$ 0.375
Cash dividend paid (in dollars per share)		$ 0.50				$ 0.375
Shares repurchased during period (in shares)				406,525				730,319	780,397		1,284,114
Total purchase price				$ 59,570				$ 69,010	$ 111,207		$ 115,116
Average share price of shares repurchased (in dollars per share)				$ 146.54				$ 94.49	$ 142.50		$ 89.65
Common Class B | Subsequent Event
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividend declared (in dollars per share)	$ 0.50
Common Class B | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				$ 3,660		$ 3,660		$ 3,660	$ 3,660		$ 3,660
Balance, ending				$ 3,660		$ 3,660		$ 3,660	$ 3,660		$ 3,660
[1] As of May 31, 2024, total liabilities include $2.1 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $56.1 million is included in Homebuilding accounts payable, $2.0 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $46.7 million in Homebuilding other liabilities, and $0.9 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities, and $4.1 million in Multifamily liabilities.

Income Taxes (Income Tax Benefi

Income Taxes (Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 300,471	$ 280,879	$ 511,336	$ 466,024
Effective tax rate	23.90%	24.40%	23.40%	24.10%

Schedule of Basic and Diluted E

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Numerator:
Net earnings attributable to Lennar	$ 954,311	$ 871,694	$ 1,673,645	$ 1,468,228
Less: distributed earnings allocated to nonvested shares	2,693	3,572	3,715	4,296
Less: undistributed earnings allocated to nonvested shares	8,007	9,935	13,923	15,695
Numerator for diluted earnings per share	943,611	858,187	1,656,007	1,448,237
Numerator for basic and diluted earnings per share	$ 943,611	$ 858,187	$ 1,656,007	$ 1,448,237
Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding (shares)	273,703,000	284,910,000	275,325,000	285,492,000
Denominator for diluted earnings per share-weighted average common shares outstanding (shares)	273,703,000	284,910,000	275,325,000	285,492,000
Basic earnings per share (in dollars per share)	$ 3.45	$ 3.01	$ 6.01	$ 5.07
Diluted earnings per share (in dollars per share)	$ 3.45	$ 3.01	$ 6.01	$ 5.07

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	May 31, 2024	May 31, 2023
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase outstanding and anti-dilutive shares (in shares)	0	0

Homebuilding Senior Notes and_3

Homebuilding Senior Notes and Other Debts Payable (Schedule of Senior Notes and Other Debts Payable) (Details) - Homebuilding - USD ($) $ in Thousands		May 31, 2024	Apr. 30, 2024	Nov. 30, 2023
Debt Instrument [Line Items]
Senior notes and other debt payable, net	[1]	$ 2,241,507		$ 2,816,482
Senior Notes | 4.50% senior notes due 2024
Debt Instrument [Line Items]
Interest rate (percent)		4.50%	4.50%
Senior notes and other debt payable, net		$ 0		453,682
Senior Notes | 4.75% senior notes due 2025
Debt Instrument [Line Items]
Interest rate (percent)		4.75%
Senior notes and other debt payable, net		$ 499,558		499,336
Senior Notes | 5.25% senior notes due 2026
Debt Instrument [Line Items]
Interest rate (percent)		5.25%
Senior notes and other debt payable, net		$ 402,432		403,040
Senior Notes | 5.00% senior notes due 2027
Debt Instrument [Line Items]
Interest rate (percent)		5%
Senior notes and other debt payable, net		$ 351,165		351,357
Senior Notes | 4.75% senior notes due 2027
Debt Instrument [Line Items]
Interest rate (percent)		4.75%
Senior notes and other debt payable, net		$ 697,976		797,347
Mortgage notes on land and other debt
Debt Instrument [Line Items]
Senior notes and other debt payable, net		$ 290,376		$ 311,720
[1] As of May 31, 2024, total liabilities include $2.1 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $56.1 million is included in Homebuilding accounts payable, $2.0 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $46.7 million in Homebuilding other liabilities, and $0.9 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities, and $4.1 million in Multifamily liabilities.

Homebuilding Senior Notes and_4

Homebuilding Senior Notes and Other Debts Payable (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2024	May 31, 2024	May 31, 2024	May 31, 2023	Nov. 30, 2023
Debt Instrument [Line Items]
Redemption of senior notes			$ 553,865,000	$ 157,764,000
Homebuilding | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowings		$ 500,000,000	500,000,000
Homebuilding | Senior Notes
Debt Instrument [Line Items]
Debt issuance cost		3,000,000	3,000,000		$ 4,200,000
Homebuilding | Senior Notes | 4.75% senior notes due 2027
Debt Instrument [Line Items]
Redemption of senior notes		$ 100,000,000	$ 100,000,000
Interest rate (percent)		4.75%	4.75%
Homebuilding | Senior Notes | 4.50% senior notes due 2024
Debt Instrument [Line Items]
Principal redeemed	$ 454,000,000
Interest rate (percent)	4.50%	4.50%	4.50%
Percentage of debt principal redeemed	100%
Debt matured	$ 350,000,000

Homebuilding Senior Notes and_5

Homebuilding Senior Notes and Other Debts Payable (Credit Facility) (Details) - Unsecured revolving credit facility - Homebuilding	May 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Accordion feature	$ 425,000,000
Maximum borrowing capacity after accordion feature	2,650,000,000
Commitments - maturing in May 2027
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,225,000,000

Homebuilding Senior Notes and_6

Homebuilding Senior Notes and Other Debts Payable (Letter of Credit Facilities) (Details) - USD ($) $ in Thousands	May 31, 2024	Nov. 30, 2023
Performance letters of credit
Line of Credit Facility [Line Items]
Letters of credit	$ 1,485,725	$ 1,404,541
Financial letters of credit
Line of Credit Facility [Line Items]
Letters of credit	533,522	417,976
Surety bonds
Line of Credit Facility [Line Items]
Letters of credit	4,876,796	4,508,428
Anticipated future costs primarily for site improvements related to performance surety bonds
Line of Credit Facility [Line Items]
Letters of credit	$ 2,829,965	$ 2,499,680

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - (Carrying Amounts And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	May 31, 2024	Nov. 30, 2023
Lennar Financial Services | Level 3 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment	$ 54,355	$ 55,463
Investments held-to-maturity	138,425	140,676
Lennar Financial Services | Level 3 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment	54,355	55,463
Investments held-to-maturity	139,504	139,396
Lennar Financial Services | Level 1 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	1,410,102	2,163,805
Lennar Financial Services | Level 1 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	1,410,688	2,164,441
Homebuilding | Level 1 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	2,241,507	2,816,482
Homebuilding | Level 1 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and other debts payable	2,224,505	2,785,712
Multifamily | Level 1 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	0	3,741
Multifamily | Level 1 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 0	$ 3,741

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - (Fair Value Measured On Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	May 31, 2024	Nov. 30, 2023
Level 1 | Lennar Financial Services | Forward options
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Derivative asset	$ 2,768	$ 5,937
Level 1 | Lennar Other
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments in equity securities	152,946	176,198
Level 3 | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	3,652	3,440
Level 3 | Lennar Other
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Investments available-for-sale	39,669	37,953
Residential | Loans held-for-sale | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	1,694,486	2,083,776
Aggregate fair value of loans (below) in excess of principal balance	(39,290)	(10,426)
Residential | Level 1 | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Loans held for sale	1,655,196	2,073,350
Commercial | Loans held-for-sale | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Aggregate principal balance	69,700	13,650
Aggregate fair value of loans (below) in excess of principal balance	(2,985)	(191)
Commercial | Level 3 | Lennar Financial Services
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Loans held for sale	$ 66,715	$ 13,459

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - (Mortgage Servicing Rights Unobservable Inputs) (Details) - Lennar Financial Services - Level 3	May 31, 2024	Nov. 30, 2023
Mortgage prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.08	0.08
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.13	0.13
Delinquency rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for valuation of mortgage servicing rights	0.09	0.09

Financial Instruments and Fai_6

Financial Instruments and Fair Value Disclosures - (Schedule Of Gains And Losses Of Financial Instruments) (Details) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in other comprehensive income (loss), net of tax	$ 1,355	$ 573	$ 1,717	$ 1,424
Fair Value, Measurements, Recurring | Lennar Financial Services | Loans held-for-sale
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gains (losses) from technology investments	17,187	7,899	(28,865)	(23,563)
Fair Value, Measurements, Recurring | Lennar Financial Services | Mortgage loan commitments
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(1,447)	13,783	(32,102)	(35,061)
Fair Value, Measurements, Recurring | Lennar Financial Services | Forward contracts
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(28,973)	(18,807)	72,873	72,702
Fair Value, Measurements, Recurring | Lennar Financial Services | Forward options
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gains (losses) from technology investments	(710)	(100)	(1,054)	(952)
Fair Value, Measurements, Recurring | Lennar Other
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Changes in fair value included in other comprehensive income (loss), net of tax	1,355	573	1,717	1,424
Fair Value, Measurements, Recurring | Lennar Other | Equity Securities
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Lennar Other unrealized gains (losses) from technology investments	$ (21,514)	$ 25,497	$ (26,651)	$ 1,543

Financial Instruments and Fai_7

Financial Instruments and Fair Value Disclosures - (Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements) (Details) - Lennar Financial Services - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 3,475	$ 3,450	$ 3,440	$ 3,463
Purchases/loan originations	171	69	232	120
Sales/loan originations sold, including those not settled	0	0	0	0
Disposals/settlements	(44)	(80)	(70)	(143)
Changes in fair value	50	(41)	50	(42)
Interest and principal paydowns	0	0	0	0
Ending balance	3,652	3,398	3,652	3,398
LMF Commercial loans held-for-sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	125,397	25,835	13,459	25,599
Purchases/loan originations	71,510	84,590	212,335	164,070
Sales/loan originations sold, including those not settled	(129,335)	(88,102)	(156,285)	(165,302)
Disposals/settlements	0	0	0	0
Changes in fair value	(857)	434	(2,985)	(11)
Interest and principal paydowns	0	(3)	191	(1,602)
Ending balance	$ 66,715	$ 22,754	$ 66,715	$ 22,754

Financial Instruments and Fai_8

Financial Instruments and Fair Value Disclosures - (Fair Value Assets Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - Homebuilding - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Finished homes and construction in progress, carrying value	$ 120,553	$ 126,680	$ 192,309	$ 183,816
Finished homes and construction in progress, fair value	100,968	108,073	168,985	158,902
Finished homes and construction in progress, total losses, net	(19,585)	(18,607)	(23,324)	(24,914)
Land and land under development, carrying value	0	574	0	25,735
Land and land under development, fair value	0	561	0	23,703
Land and land under development, total losses, net	0	(13)	0	(2,032)
Deposits and pre-acquisition costs on real estate, carrying value	332	14,455	3,202	17,130
Deposits and pre-acquisition costs on real estate, fair value	0	0	0	0
Deposits and pre-acquisition costs on real estate, net	(332)	(14,455)	(3,202)	(17,130)
Other assets, carrying value	0	75,769	0	78,834
Other assets, fair value	0	37,792	0	37,792
Other assets, total losses, net	$ 0	$ (37,977)	$ 0	$ (41,042)

Financial Instruments and Fai_9

Financial Instruments and Fair Value Disclosures - (Narrative) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	May 31, 2023 USD ($) community	May 31, 2023 USD ($) community	May 31, 2024 community
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Active communities | community	1,256	1,256	1,245
Operating Segments | Homebuilding
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Write-down of investments in unconsolidated entities | $	$ 36,800	$ 36,800
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investment, measurement input			0.15

Financial Instruments and Fa_10

Financial Instruments and Fair Value Disclosures - (Communities with Indicators for Impairment) (Details) $ in Thousands	6 Months Ended
	May 31, 2024 USD ($) community	May 31, 2023 USD ($) community
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Active communities	1,245	1,256
Number of Communities with potential indicator of impairment	32	34
Number of communities with valuation adjustments	4	5
Valuation adjustments | $	$ 15,263	$ 12,247
Level 3
Fair Value, Assets and Liabilities Measured on a Recuring and Nonrecurring Basis [Line Items]
Fair value of communities with valuation adjustments | $	$ 25,769	$ 42,408

Financial Instruments and Fa_11

Financial Instruments and Fair Value Disclosures - (Unobservable Inputs Used in Discounted Cash Flow Model to Determine the Fair Value of Communities) (Details)	May 31, 2024	May 31, 2023
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	0.20	0.20
Minimum | Average selling price (1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	178,000	371,000
Minimum | Absorption rate per quarter (homes)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	10	6
Maximum | Average selling price (1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	282,000	663,000
Maximum | Absorption rate per quarter (homes)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs	15	26

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands		6 Months Ended
		May 31, 2024	Nov. 30, 2023
Variable Interest Entity [Line Items]
Total liabilities	[1]	$ 11,651,917	$ 12,532,337
Homebuilding
Variable Interest Entity [Line Items]
Total liabilities	[1]	9,709,516	9,727,994
Consolidated inventory not owned	[2]	3,753,542	2,992,528
Deposits and pre-acquisition costs on real estate		2,754,819	2,002,154
Liabilities related to consolidated inventory not owned	[1]	3,227,478	2,540,894
Land Bank | Homebuilding
Variable Interest Entity [Line Items]
Consolidated inventory not owned		827,100
Deposits and pre-acquisition costs on real estate		777,500
Liabilities related to consolidated inventory not owned		697,200
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Increase in consolidated inventory		761,000
Consolidated inventory not owned		2,200,000
Consolidated inventory not owned, not recorded		1,500,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total liabilities		2,100,000	1,200,000
Variable Interest Entity, Primary Beneficiary | Homebuilding
Variable Interest Entity [Line Items]
Consolidated inventory not owned		2,200,000	1,200,000
Liabilities related to consolidated inventory not owned		$ 2,000,000	$ 1,100,000
[1] As of May 31, 2024, total liabilities include $2.1 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $56.1 million is included in Homebuilding accounts payable, $2.0 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $46.7 million in Homebuilding other liabilities, and $0.9 million in Multifamily liabilities. As of November 30, 2023, total liabilities include $1.2 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $53.7 million is included in Homebuilding accounts payable, $1.1 billion in Homebuilding liabilities related to consolidated inventory not owned, $38.1 million in Homebuilding other liabilities, and $4.1 million in Multifamily liabilities. Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of May 31, 2024, total assets include $3.0 billion related to consolidated VIEs of which $73.0 million is included in Homebuilding cash and cash equivalents, $5.9 million in Homebuilding receivables, net, $6.2 million in Homebuilding finished homes and construction in progress, $601.1 million in Homebuilding land and land under development, $75.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $2.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $22.5 million in Homebuilding other assets and $33.6 million in Multifamily assets. As of November 30, 2023, total assets include $1.9 billion related to consolidated VIEs of which $22.8 million is included in Homebuilding cash and cash equivalents, $1.8 million in Homebuilding receivables, net, $18.3 million in Homebuilding finished homes and construction in progress, $628.0 million in Homebuilding land and land under development, $55.0 million in Homebuilding deposits and pre-acquisition costs on real estate, $1.2 billion in Homebuilding consolidated inventory not owned, $0.3 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets and $32.6 million in Multifamily assets.

Variable Interest Entities (Est

Variable Interest Entities (Estimated Maximum Exposure To Loss) (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	May 31, 2024	Nov. 30, 2023
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	$ 1,152,142	$ 1,240,627
Lennar’s Maximum Exposure to Loss	1,228,384	1,386,646
Homebuilding
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	758,560	659,224
Lennar’s Maximum Exposure to Loss	830,458	787,226
Homebuilding | Upward America Venture | Commitment to fund capital
Variable Interest Entity [Line Items]
Obligations related to VIEs	21,200	69,800
Homebuilding | Upward America Venture | Commitment for recourse debt
Variable Interest Entity [Line Items]
Obligations related to VIEs	42,900	42,100
Multifamily
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	130,446	384,718
Lennar’s Maximum Exposure to Loss	134,790	402,735
Multifamily | Equity Commitments
Variable Interest Entity [Line Items]
Obligations related to VIEs		12,800
Lennar Financial Services
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	138,425	140,676
Lennar’s Maximum Exposure to Loss	138,425	140,676
Lennar Other
Variable Interest Entity [Line Items]
Investments in Unconsolidated VIEs	124,711	56,009
Lennar’s Maximum Exposure to Loss	$ 124,711	$ 56,009

Variable Interest Entities (Exp

Variable Interest Entities (Exposure to Losses) (Details) - Variable Interest Entity, Not Primary Beneficiary Including Third Parties - USD ($) $ in Thousands	May 31, 2024	Nov. 30, 2023
Variable Interest Entity [Line Items]
Non-refundable option deposits and pre-acquisition costs	$ 2,645,428	$ 1,949,219
Non-refundable option deposits included in consolidated inventory not owned	526,064	451,632
Financial Standby Letters of Credit
Variable Interest Entity [Line Items]
Letters of credit in lieu of cash deposits under certain land and option contracts	$ 269,725	$ 198,920

Commitments and Contingent Li_2

Commitments and Contingent Liabilities - (Schedule of Product Warranty Reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of the period	$ 405,558	$ 403,334	$ 414,796	$ 418,017
Warranties issued	72,572	67,221	134,348	120,900
Adjustments to pre-existing warranties from changes in estimates	(381)	14,246	(3,285)	10,188
Payments	(74,301)	(69,647)	(142,411)	(133,951)
Warranty reserve, end of period	$ 403,448	$ 415,154	$ 403,448	$ 415,154

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - (Additional Information About Leases) (Details) $ in Thousands	6 Months Ended
	May 31, 2024 USD ($)	May 31, 2023 USD ($)	Dec. 31, 2023 ft²	Nov. 30, 2023 USD ($)
Contingencies
Right-of-use assets	$ 151,600			$ 145,812
Lease liabilities	$ 162,571			$ 154,271
Weighted-average remaining lease term (in years)	5 years 2 months 12 days			7 years 6 months
Weighted-average discount rate	3.90%			3.40%
Rental expense	$ 54,684	$ 52,998
Headquarters
Contingencies
Area of real estate property (sqft) | ft²			213,200
Leased Unused Office Space
Contingencies
Area of real estate property (sqft) | ft²			53,000

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - (Future MInimum Payments Under Noncancellable Leases) (Details) - USD ($) $ in Thousands	May 31, 2024	Nov. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 28,703
2025	38,933
2026	26,476
2027	23,950
2028 and thereafter	61,666
Total future minimum lease payments	179,728
Less: Interest	17,157
Present value of lease liabilities	162,571	$ 154,271
Variable lease costs	21,200
Short-term lease costs	$ 2,600
Weighted-average remaining lease term (in years)	5 years 2 months 12 days	7 years 6 months
Weighted-average discount rate	3.90%	3.40%