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Variable Interest Entities (Tables)
9 Months Ended
Aug. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Estimated Maximum Exposure To Loss
The Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows:
August 31, 2021November 30, 2020
(In thousands)Investments in
Unconsolidated VIEs
Lennar’s Maximum
Exposure to Loss
Investments in
Unconsolidated VIEs
Lennar’s Maximum
Exposure to Loss
Homebuilding (1)$101,371 241,484 89,654 89,828 
Multifamily (2)611,676 645,606 619,540 717,271 
Financial Services161,532 161,532 164,230 164,230 
Lennar Other (3)9,751 9,751 76,023 130,177 
$884,330 1,058,373 949,447 1,101,506 
(1)As of August 31, 2021 and November 30, 2020, the maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except as of August 31, 2021, with regard to the Company's remaining commitment to fund capital in the Upward America Venture, a single family for rent platform. The increase was due to the Company's commitment to fund the Upward America Venture.
(2)As of August 31, 2021 and November 30, 2020, the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs, except with regard to the remaining equity commitment of $24.9 million and $88.1 million, respectively, to fund LMV I and LMV II for future expenditures related to the construction and development of its projects. The decrease was due to the funding of capital for LMV I and LMV II.
(3)As of August 31, 2021, the decrease in investments in unconsolidated VIEs and maximum exposure to loss was related to an entity which had a reconsideration event due to the payoff of a note receivable which caused the entity to no longer be considered a VIE.
The Company's exposure to losses on its option contracts with third parties and unconsolidated entities were as follows:
(Dollars in thousands)August 31, 2021November 30, 2020
Non-refundable option deposits and pre-acquisition costs$1,079,078 414,154 
Letters of credit in lieu of cash deposits under certain land and option contracts153,116 87,537