Pay vs Performance Disclosure - USD ($)
Nov. 30, 2025
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2022
Nov. 30, 2021
Pay Versus Performance Disclosure
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officers (“PEOs”), and the average compensation of our
non-PEO
named executive officers (“Non-PEO
NEOs”) and Company performance for the fiscal years listed below. Year |
Summary Compensation Table Total for First PEO 1 ($) |
Summary Compensation Table Total for Second PEO 1 ($) |
Summary Compensation Table Total for Third PEO 1 ($) |
Compensation Actually Paid to First PEO 1,2,3 ($) |
Compensation Actually Paid to Second PEO 1,2,3 ($) |
Compensation Actually Paid to Third PEO 1,2,3 ($) |
Average Summary Compensation Table Total for Non-PEO NEOs 1 ($) |
Average Compensation Actually Paid to Non-PEO NEOs 1,2,3 ($) |
Value of Initial Fixed $100 Investment based on: 4 |
Net Income ($ Millions) 5 |
Pretax Income ($ Millions) 6 |
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Total Shareholder Return (“TSR”) ($) |
Peer Group TSR ($) |
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2025 |
— | 23,376,732 | 29,527,931 | — | (12,775,985 | ) | (11,774,256 | ) | 5,211,556 | 3,817,110 | 201.13 | 232.34 | 2,108 | 2,784 | ||||||||||||||||||||||||||||||||||
2024 |
— | 25,086,806 | 29,546,675 | — | 24,747,900 | 29,216,181 | 3,824,311 | 4,703,030 | 242.97 | 255.39 | 3,968 | 5,150 | ||||||||||||||||||||||||||||||||||||
2023 |
43,807,563 | 29,140,667 | 34,284,913 | (714,918 | ) | 62,138,860 | 72,458,683 | 4,496,245 | 6,701,147 | 175.95 | 176.92 | 3,961 | 5,180 | |||||||||||||||||||||||||||||||||||
2022 |
30,447,048 | 30,032,983 | — | 33,989,081 | 34,618,820 | — | 12,287,576 | 12,862,760 | 119.19 | 112.90 | 4,649 | 5,980 | ||||||||||||||||||||||||||||||||||||
2021 |
34,045,217 | 34,045,217 | — | 57,303,560 | 53,539,484 | — | 13,029,166 | 21,327,286 | 139.95 | 133.37 | 4,457 | 5,793 | ||||||||||||||||||||||||||||||||||||
1. |
Rick Beckwitt (“First PEO”) was our Co-PEO from November 2020 until his retirement in September 2023. Jonathan M. Jaffe (“Second PEO”) was our Co-PEO for each year presented. Stuart Miller (“Third PEO”) was our Co-PEO from September 2023 to present. The individuals comprising the Non-PEO NEOs for each year presented are listed below. |
| 2021-2022 | 2023-2024 | 2025 | ||
| Stuart Miller | Diane Bessette | Diane Bessette | ||
| Diane Bessette | Jeff McCall | Katherine Lee Martin | ||
| Jeff McCall | Mark Sustana | Mark Sustana | ||
| Mark Sustana | David Collins | David Collins | ||
2. |
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below. |
3. |
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the amounts from the Stock Awards column set forth in the Summary Compensation Table. |
Second PEO Summary Compensation Table Total to Compensation Actually Paid Reconciliation
2025 |
||||||||||||||||
Summary Compensation Table Total ( ) |
(A) |
$ | 23,376,732 |
|||||||||||||
| Exclusion of Stock Awards ($) | $ | (22,537,564) | ||||||||||||||
Total Deductions from Summary Compensation Table ( $ ) |
(B) |
$ | (22,537,564) | |||||||||||||
| Increase for Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($) |
$ | 12,200,582 | ||||||||||||||
| Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($) | $ | (19,977,999) | ||||||||||||||
| Increase for Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year ($) | $ | 2,596,337 | ||||||||||||||
| Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($) | $ | (8,434,073) | ||||||||||||||
Total Adjustments ( $ ) |
(C) |
$ | (13,615,153) |
|||||||||||||
Compensation Actually Paid ( ) |
(A) + (B) + (C) |
$ | (12,775,985) |
|||||||||||||
Third PEO Summary Compensation Table Total to Compensation Actually Paid Reconciliation
2025 |
||||||||||||||||
Summary Compensation Table Total ( ) |
(A) |
$ | 29,527,931 |
|||||||||||||
| Exclusion of Stock Awards ($) | $ | (25,743,051) | ||||||||||||||
Total Deductions from Summary Compensation Table ( $ ) |
(B) |
$ | (25,743,051) | |||||||||||||
| Increase for Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($) |
$ | 13,913,976 | ||||||||||||||
| Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($) | $ | (22,816,843) | ||||||||||||||
| Increase for Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year ($) | $ | 2,985,550 | ||||||||||||||
| Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($) | $ | (9,641,819) | ||||||||||||||
Total Adjustments ( $ ) |
(C) |
$ | (15,559,136) |
|||||||||||||
Compensation Actually Paid ( ) |
(A) + (B) + (C) |
$ | (11,774,256) |
|||||||||||||
Non-PEO
NEOs Average Summary Compensation Table Total to Average Compensation Actually Paid Reconciliation 2025 |
||||||||||||||||
Summary Compensation Table Total ( ) |
(A) |
$ | 5,211,556 |
|||||||||||||
| Exclusion of Stock Awards ($) | $ | (3,293,937) | ||||||||||||||
Total Deductions from Summary Compensation Table ( $ |
(B) |
$ | (3,293,937) | |||||||||||||
| Increase for Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($) |
$ | 2,075,820 | ||||||||||||||
| Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($) | $ | (594,977) | ||||||||||||||
| Increase for Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year ($) | $ | 854,815 | ||||||||||||||
| Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($) | $ | (436,167) | ||||||||||||||
Total Adjustments ( $ |
(C) |
$ | 1,899,491 | |||||||||||||
Compensation Actually Paid ( ) |
(A) + (B) + (C) |
$ | 3,817,110 | |||||||||||||
4. |
The Peer Group TSR set forth in this table utilizes the Dow Jones U.S. Home Construction Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended November 30, 2025. The comparison assumes $100 was invested for the period starting November 30, 2020, through the end of the listed year in the Company and in the Dow Jones U.S. Home Construction Index, respectively. The numbers in the Peer Group column have been revised from the numbers previously reported in last year’s Pay versus Performance table in order to correct an administrative error. Historical stock performance is not necessarily indicative of future stock performance. |
5. |
The amounts in this column represent the Company’s net income including noncontrolling interests as required to be reported by Item 402(v)(2)(v) of Regulation S-K and as reported in our consolidated financial statements. In prior years, this column contained only the net income attributable to the Company. The amounts in this column have been updated to reflect net income attributable to noncontrolling interests as reported in the Company’s consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the applicable fiscal year. |
6. |
We determined Pretax Income (as defined in “Compensation Discussion and Analysis—2025 Compensation Decisions—Annual Cash Incentive Compensation” of this proxy statement) to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEOs and Non-PEO NEOs in 2025. We may determine a different financial performance measure to be the most important financial performance measure in future years. |
1. |
Rick Beckwitt (“First PEO”) was our Co-PEO from November 2020 until his retirement in September 2023. Jonathan M. Jaffe (“Second PEO”) was our Co-PEO for each year presented. Stuart Miller (“Third PEO”) was our Co-PEO from September 2023 to present. The individuals comprising the Non-PEO NEOs for each year presented are listed below. |
| 2021-2022 | 2023-2024 | 2025 | ||
| Stuart Miller | Diane Bessette | Diane Bessette | ||
| Diane Bessette | Jeff McCall | Katherine Lee Martin | ||
| Jeff McCall | Mark Sustana | Mark Sustana | ||
| Mark Sustana | David Collins | David Collins | ||
S-K
included in our Annual Report for the year ended November 30, 2025. The comparison assumes $100 was invested for the period starting November 30, 2020, through the end of the listed year in the Company and in the Dow Jones U.S. Home Construction Index, respectively. The numbers in the Peer Group column have been revised from the numbers previously reported in last year’s Pay versus Performance table in order to correct an administrative error. Historical stock performance is not necessarily indicative of future stock performance.
3. |
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the amounts from the Stock Awards column set forth in the Summary Compensation Table. |
Second PEO Summary Compensation Table Total to Compensation Actually Paid Reconciliation
2025 |
||||||||||||||||
Summary Compensation Table Total ( ) |
(A) |
$ | 23,376,732 |
|||||||||||||
| Exclusion of Stock Awards ($) | $ | (22,537,564) | ||||||||||||||
Total Deductions from Summary Compensation Table ( $ ) |
(B) |
$ | (22,537,564) | |||||||||||||
| Increase for Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($) |
$ | 12,200,582 | ||||||||||||||
| Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($) | $ | (19,977,999) | ||||||||||||||
| Increase for Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year ($) | $ | 2,596,337 | ||||||||||||||
| Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($) | $ | (8,434,073) | ||||||||||||||
Total Adjustments ( $ ) |
(C) |
$ | (13,615,153) |
|||||||||||||
Compensation Actually Paid ( ) |
(A) + (B) + (C) |
$ | (12,775,985) |
|||||||||||||
Third PEO Summary Compensation Table Total to Compensation Actually Paid Reconciliation
2025 |
||||||||||||||||
Summary Compensation Table Total ( ) |
(A) |
$ | 29,527,931 |
|||||||||||||
| Exclusion of Stock Awards ($) | $ | (25,743,051) | ||||||||||||||
Total Deductions from Summary Compensation Table ( $ ) |
(B) |
$ | (25,743,051) | |||||||||||||
| Increase for Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($) |
$ | 13,913,976 | ||||||||||||||
| Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($) | $ | (22,816,843) | ||||||||||||||
| Increase for Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year ($) | $ | 2,985,550 | ||||||||||||||
| Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($) | $ | (9,641,819) | ||||||||||||||
Total Adjustments ( $ ) |
(C) |
$ | (15,559,136) |
|||||||||||||
Compensation Actually Paid ( ) |
(A) + (B) + (C) |
$ | (11,774,256) |
|||||||||||||
Non-PEO
NEOs Average Summary Compensation Table Total to Average Compensation Actually Paid Reconciliation 2025 |
||||||||||||||||
Summary Compensation Table Total ( ) |
(A) |
$ | 5,211,556 |
|||||||||||||
| Exclusion of Stock Awards ($) | $ | (3,293,937) | ||||||||||||||
Total Deductions from Summary Compensation Table ( $ |
(B) |
$ | (3,293,937) | |||||||||||||
| Increase for Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year ($) |
$ | 2,075,820 | ||||||||||||||
| Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards ($) | $ | (594,977) | ||||||||||||||
| Increase for Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year ($) | $ | 854,815 | ||||||||||||||
| Increase/(Deduction) for Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year ($) | $ | (436,167) | ||||||||||||||
Total Adjustments ( $ |
(C) |
$ | 1,899,491 | |||||||||||||
Compensation Actually Paid ( ) |
(A) + (B) + (C) |
$ | 3,817,110 | |||||||||||||
Relationship Between Compensation Actually Paid, Company TSR, and Peer Group TSR
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our
Non-PEO
NEOs, the Company’s cumulative TSR over the five most recently completed fiscal years, and the Peer Group TSR over the same period. 
Relationship Between Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Net Income during the five most recently completed fiscal years. 
Relationship Between Compensation Actually Paid and Pretax Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Pretax Income during the five most recently completed fiscal years. 
Relationship Between Compensation Actually Paid, Company TSR, and Peer Group TSR
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our
Non-PEO
NEOs, the Company’s cumulative TSR over the five most recently completed fiscal years, and the Peer Group TSR over the same period. Tabular List of Most Important Financial Performance Measures
The following table presents the financial performance measures that the Company considers to have been the most important in linking
Compensation
Actually Paid to our PEOs and other NEOs for 2025 to Company performance. The measures in this table are not ranked. Pretax Income |
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| Relative Gross Profit Percentage | ||||
| Relative Return on Tangible Capital | ||||
| Relative Total Shareholder Return | ||||
| Debt to EBITDA Ratio |