Note 3 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Oct. 31, 2025

Summary of Significant Accounting Policies

Schedule of Real Estate Inventory, Capitalized Interest Costs [Table Text Block]

	Year Ended
	October 31,			October 31,			October 31,
(In thousands)	2025			2024			2023
Interest capitalized at beginning of year	$	57,671		$	52,060		$	59,600
Plus interest incurred(1)		116,986			128,777			136,535
Less cost of sales interest expensed		(90,975	)		(89,807	)		(80,820	)
Less other interest expensed(2)		(35,441	)		(30,752	)		(54,082	)
Less interest contributed to unconsolidated joint ventures(3)		(6,091	)		(5,468	)		(9,456	)
Plus interest acquired from unconsolidated joint ventures(4)		1,113			2,861			283
Interest capitalized at end of year(5)	$	43,263		$	57,671		$	52,060

(1) Does not include interest incurred by our mortgage and finance subsidiaries.

(2) Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) did not exceed our debt, which amounted to $17.7 million for the year ended October 31, 2023. During the years ended October 31, 2025 and 2024, our inventory under development exceeded our debt, therefore, all of the related interest incurred qualified for interest capitalization. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization, and therefore, is expensed as incurred. This component of other interest was $35.4 million, $30.8 million and $36.4 million for the years ended October 31, 2025, 2024 and 2023, respectively.

(3) Represents capitalized interest which was included as part of the assets contributed to joint ventures, as discussed in Note 20. There was no impact to the Consolidated Statement of Operations as a result of these capitalized interest transactions.

(4) Represents capitalized interest which was included as part of the assets acquired from joint ventures, as discussed in Note 20. There was no impact to the Consolidated Statement of Operations as a result of these capitalized interest transactions.

(5) Capitalized interest amounts are shown gross before the allocation of impairments, if any, to capitalized interest.