Investments in and Advances to Unconsolidated Entities (Tables)

9 Months Ended

Jul. 31, 2012

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Condensed balance sheet aggregated by type of business

Condensed Balance Sheets:

	July 31, 2012
	Develop- ment Joint Ventures		Home Building Joint Ventures		Trust and Trust II			Structured Asset Joint Venture		Total
Cash and cash equivalents	$	17,618	$	23,018	$	9,995		$	40,832	$	91,463
Inventory	253,984		274,175		5,621					533,780
Non-performing loan portfolio								240,723		240,723
Rental properties					174,982					174,982
Real estate owned (“REO”)								270,215		270,215
Other assets (1)	16,697		70,789		9,625			189,785		286,896
Total assets	$	288,299	$	367,982	$	200,223		$	741,555	$	1,598,059
Debt (1)	$	96,862	$	33,658	$	196,266		$	311,571	$	638,357
Other liabilities	16,873		4,582		5,690			304		27,449
Members’ equity (deficit)	174,564		329,742		(1,733		)	171,872		674,445
Noncontrolling interest								257,808		257,808
Total liabilities and equity	$	288,299	$	367,982	$	200,223		$	741,555	$	1,598,059
Company’s net investment in unconsolidated entities (2)	$	117,305	$	155,272	$	3,230		$	35,674	$	311,481

	October 31, 2011
	Develop- ment Joint Ventures		Home Building Joint Ventures		Trust and Trust II		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	14,190	$	10,663	$	11,726	$	48,780	$	85,359
Inventory	218,339		170,239		5,501				394,079
Non-performing loan portfolio							295,044		295,044
Rental properties					178,339				178,339
Real estate owned (“REO”)					1,087		230,872		231,959
Other assets (1)	150,316		20,080		9,675		159,143		339,214
Total assets	$	382,845	$	200,982	$	206,328	$	733,839	$	1,523,994
Debt (1)	$	327,856	$	50,515	$	198,927	$	310,847	$	888,145
Other liabilities	5,352		9,745		3,427		382		18,906
Members’ equity	49,637		140,722		3,974		172,944		367,277
Noncontrolling interest							249,666		249,666
Total liabilities and equity	$	382,845	$	200,982	$	206,328	$	733,839	$	1,523,994
Company’s net investment in unconsolidated entities (2)	$	17,098	$	72,734	$	1,872	$	34,651	$	126,355

(1) Included in other assets at July 31, 2012 and October 31, 2011 of the Structured Asset Joint Venture is $189.3 million and $152.6 million, respectively, of restricted cash held in a defeasance account which will be used to repay debt of the Structured Asset Joint Venture.

(2) Differences between the Company’s net investment in unconsolidated entities and its underlying equity in the net assets of the entities is primarily a result of the acquisition price of an investment in an entity in fiscal 2012 which was in excess of the Company's prorata share of the underlying equity, impairments related to the Company’s investments in unconsolidated entities, a loan made to one of the entities by the Company, and distributions from entities in excess of the carrying amount of the Company’s net investment.

Condensed statements of operations aggregate by type of business

Condensed Statements of Operations:

	For the nine months ended July 31, 2012
	Develop- ment Joint Ventures		Home Building Joint Ventures		Trust and Trust II		Structured Asset Joint Venture			Total
Revenues	$	37,109	$	76,325	$	27,827	$	20,858		$	162,119
Cost of revenues	34,696		55,028		10,186		26,048			125,958
Other expenses	1,060		3,166		16,027		6,958			27,211
Gain on disposition of loans and REO							(24,691		)	(24,691		)
Total expenses—net	35,756		58,194		26,213		8,315			128,478
Income from operations	1,353		18,131		1,614		12,543			33,641
Other income	2,663		118				428			3,209
Net income before noncontrolling interest	4,016		18,249		1,614		12,971			36,850
Less: Net income attributable to noncontrolling interest							(7,784		)	(7,784		)
Net income	$	4,016	$	18,249	$	1,614	$	5,187		$	29,066
Company’s equity in earnings of unconsolidated entities (3)	$	3,451	$	13,318	$	1,556	$	1,023		$	19,348

	For the three months ended July 31, 2012
	Develop- ment Joint Ventures			Home Building Joint Ventures		Trust and Trust II		Structured Asset Joint Venture			Total
Revenues	$	3,525		$	28,859	$	9,129	$	8,496		$	50,009
Cost of revenues	2,925			20,274		3,450		8,821			35,470
Other expenses	630			1,056		4,600		2,060			8,346
Gain on disposition of loans and REO								(1,865		)	(1,865		)
Total expenses—net	3,555			21,330		8,050		9,016			41,951
Income (loss) from operations	(30		)	7,529		1,079		(520		)	8,058
Other income	10			39		—		153			202
Net income (loss) before noncontrolling interest	(20		)	7,568		1,079		(367		)	8,260
Less: Net loss attributable to noncontrolling interest								220			220
Net income (loss)	$	(20	)	$	7,568	$	1,079	(147		)	$	8,480
Company’s equity in earnings (losses) of unconsolidated entities (3)	$	(81	)	$	5,308	$	475	$	(30	)	$	5,672

	For the nine months ended July 31, 2011
	Develop- ment Joint Ventures			Home Building Joint Ventures			Trust and Trust II		Structured Asset Joint Venture			Total
Revenues	$	4,643		$	207,645		$	28,863	$	37,624		$	278,775
Cost of revenues	3,987			165,456			11,382		26,371			207,196
Other expenses	839			7,605			14,955		8,780			32,179
Gain on disposition of loans and REO									(55,727		)	(55,727		)
Total expenses—net	4,826			173,061			26,337		(20,576		)	183,648
Income (loss) from operations	(183		)	34,584			2,526		58,200			95,127
Other income (loss)	7,479			(1		)			228			7,706
Net income before noncontrolling interest	7,296			34,583			2,526		58,428			102,833
Less: Net income attributable to noncontrolling interest									(35,059		)	(35,059		)
Net income	$	7,296		$	34,583		$	2,526	23,369			$	67,774
Company’s equity in (losses) earnings of unconsolidated entities (3)	$	(29,695	)	$	10,839		$	3,167	$	4,684		$	(11,005	)

	For the three months ended July 31, 2011
	Develop- ment Joint Ventures			Home Building Joint Ventures			Trust and Trust II		Structured Asset Joint Venture			Total
Revenues	$	3,524		$	67,299		$	8,997	$	12,471		$	92,291
Cost of revenues	2,829			53,964			3,399		9,714			69,906
Other expenses	283			2,164			4,404		2,529			9,380
Gain on disposition of loans and REO									(44,841		)	(44,841		)
Total expenses—net	3,112			56,128			7,803		(32,598		)	34,445
Income from operations	412			11,171			1,194		45,069			57,846
Other income (loss)	1,689			(155		)			71			1,605
Net income before noncontrolling interest	2,101			11,016			1,194		45,140			59,451
Less: Net income attributable to noncontrolling interest									(27,084		)	(27,084		)
Net income	$	2,101		$	11,016		$	1,194	18,056			$	32,367
Company’s equity in earnings (losses) of unconsolidated entities (3)	$	(46	)	$	7,407		$	500	$	3,479		$	11,340

(3) Differences between the Company’s equity in earnings (losses) of unconsolidated entities and the underlying net income (loss) of the entities is primarily a result of impairments related to the Company’s investment in unconsolidated entities, distributions from entities in excess of the carrying amount of the Company’s net investment, and the Company’s share of the entities’ profits related to home sites purchased by the Company which reduces the Company’s cost basis of the home sites.