The table below provides information as of July 31, 2021, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands):


	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Number of unconsolidated entities	13		3		28		4		48
Investment in unconsolidated entities	$	235,796	$	16,508	$	271,161	$	26,967	$	550,432
Number of unconsolidated entities with funding commitments by the Company	6		—		6		1		13
Company’s remaining funding commitment to unconsolidated entities	$	25,486	$	—	$	26,964	$	25,085	$	77,535

Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at July 31, 2021, regarding the debt financing obtained by category ($ amounts in thousands):


	Land Development Joint Ventures		Rental Property Joint Ventures		Total
Number of joint ventures with debt financing	6		25		31
Aggregate loan commitments	$	326,735	$	2,049,486	$	2,376,221
Amounts borrowed under loan commitments	$	276,509	$	1,403,337	$	1,679,846

The table below provides information on joint ventures entered into during the nine-months ended July 31, 2021 ($ amounts in thousands):


	Land Development Joint Ventures		Rental Property Joint Ventures
Number of unconsolidated joint ventures entered into during the period	4		4
Investment balance at July 31, 2021	$	102,700	$	51,300

The table below provides information on joint ventures entered into during the nine-months ended July 31, 2020 ($ amounts in thousands):


	Land Development Joint Ventures		Rental Property Joint Ventures
Number of unconsolidated joint ventures entered into during the period	1		6
Investment balance at July 31, 2020	$	24,600	$	62,600

From time to time, certain of our land development and rental property joint ventures sell assets to unrelated parties or to our joint venture partner. In connection with these sales, we recognized a gain of $17.0 million in the three-month period ended July 31, 2021. No similar gains were recognized in the three-month period ended July 31, 2020. In the nine-month periods ended July 31, 2021 and 2020, we recognized gains of $34.5 million and $10.7 million, respectively. These gains are included in “Income (loss) from unconsolidated entities” in our Condensed Consolidated Statements of Operations and Comprehensive Income.

In the nine-month periods ended July 31, 2021 and 2020, we recognized other-than-temporary impairment charges on our investments in certain Home Building Joint Ventures of $2.1 million and $3.0 million, respectively. No charges were recognized in the three-month periods ended July 31, 2021 and 2020.

We purchased land from unconsolidated entities, principally related to our acquisition of lots from our Land Development Joint Ventures, totaling $3.2 million and $2.7 million in the three-month periods ended July 31, 2021 and 2020, respectively, and $11.0 million and $10.5 million in the nine-month periods ended July 31, 2021 and 2020, respectively. Our share of income from the lots we acquired was insignificant in each period. We sold land to unconsolidated entities, which principally involved

land sales to our Rental Property Joint Ventures, totaling $9.8 million and $12.9 million in the three-month periods ended July 31, 2021 and 2020, respectively, and $149.7 million and $59.3 million in the nine-month periods ended July 31, 2021 and 2020, respectively. These amounts are included in “Land sales and other revenue” on our Condensed Consolidated Statement of Operations and Comprehensive Income and are generally sold at or near our land basis.

In August 2021, two of our Rental Property Joint Ventures sold their assets to unrelated parties for $162.7 million. In connection with such sales, the joint ventures repaid all then-outstanding loans, in an aggregate principal amount of $73.4 million. In connection with such sales, we received cash of $30.2 million and expect to recognize gains of approximately $22.6 million, which will be included in “Income (loss) from unconsolidated entities” in our Consolidated Statements of Operations and Comprehensive Income for the year ending October 31, 2021.

The unconsolidated entities in which we have investments generally finance their activities with a combination of partner equity and debt financing. In some instances, we have guaranteed debt of unconsolidated entities. These guarantees may include any or all of the following: (i) project completion guarantees, including any cost overruns; (ii) repayment guarantees, generally covering a percentage of the outstanding loan; (iii) carry cost guarantees, which cover costs such as interest, real estate taxes, and insurance; (iv) an environmental indemnity provided to the lender that holds the lender harmless from and against losses arising from the discharge of hazardous materials from the property and non-compliance with applicable environmental laws; and (v) indemnification of the lender from “bad boy acts” of the unconsolidated entity.

In some instances, we and our joint venture partner have provided joint and several guarantees in connection with loans to unconsolidated entities. In these situations, we generally seek to implement a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed upon share of the guarantee; however, we are not always successful. In addition, if the joint venture partner does not have adequate financial resources to meet its obligations under such a reimbursement agreement, we may be liable for more than our proportionate share.

We believe that, as of July 31, 2021, in the event we become legally obligated to perform under a guarantee of an obligation of an unconsolidated entity due to a triggering event, the collateral in such entity should be sufficient to repay a significant portion of the obligation. If it is not, we and our partners would need to contribute additional capital to the venture.

Information with respect to certain of the Company’s unconsolidated entities’ outstanding debt obligations, loan commitments and our guarantees thereon are as follows ($ amounts in thousands):


	July 31, 2021
Loan commitments in the aggregate	$	1,866,300
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed	$	340,600
Debt obligations borrowed in the aggregate	$	1,169,900
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed	$	238,600
Estimated fair value of guarantees provided by us related to debt and other obligations	$	9,400
Terms of guarantees	1 months - 3.9 years

The table below provides information as of July 31, 2021 and October 31, 2020, regarding our unconsolidated joint venture-related variable interests in VIEs ($ amounts in thousands):


	July 31, 2021		October 31, 2020
Number of Joint Venture VIEs that the Company is not the Primary Beneficiary (“PB”)	11		12
Investment balance in unconsolidated Joint Venture VIEs included in Investments in unconsolidated entities in our Consolidated Balance Sheets	$	101,200	$	63,100
Our maximum exposure to losses related to loan guarantees and additional commitments provided to unconsolidated Joint Venture VIEs	$	279,300	$	122,100

The table below provide information as of July 31, 2021 and October 31, 2020, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):


	Balance Sheet Classification	July 31, 2021		October 31, 2020
Number of Joint Venture VIEs that the Company is the PB and consolidates		5		5
Carrying value of consolidated VIEs assets	Receivables prepaid expenses, and other assets	$	120,000	$	163,000
Our partners’ interests in consolidated VIEs	Noncontrolling interest	$	43,000	$	46,200

As shown above, we have concluded we are the PB of certain VIEs due to our controlling financial interest in such ventures as we have the power to direct the activities that most significantly impact the joint ventures’ performance and the obligation to absorb expected losses or receive benefits from the joint ventures. The assets of these VIEs can only be used to settle the obligations of the VIEs. In addition, in certain of the joint ventures, in the event additional contributions are required to be funded to the joint ventures prior to the admission of any additional investor at a future date, we will fund 100% of such contributions, including our partner’s pro rata share, which we expect would be funded through an interest-bearing loan. For other VIEs, we have concluded that we are not the PB because the power to direct the activities of such VIEs that most significantly impact their performance was either shared by us and such VIEs’ other partners or such activities were controlled by our partner. For VIEs where the power to direct significant activities is shared, business plans, budgets, and other major decisions are required to be unanimously approved by all members. Management and other fees earned by us are nominal and believed to be at market rates, and there is no significant economic disproportionality between us and other members.

Condensed Combined Balance Sheets:


	July 31, 2021		October 31, 2020
Cash and cash equivalents	$	150,668	$	109,478
Inventory	748,938		511,000
Loans receivable, net	79,170		78,576

Rental properties	1,421,009		1,244,911
Rental properties under development	754,755		666,386
Real estate owned	2,332		6,752
Other assets	198,560		169,368
Total assets	$	3,355,432	$	2,786,471
Debt, net of deferred financing costs	$	1,689,292	$	1,368,065
Other liabilities	212,498		186,817
Members’ equity	1,453,642		1,231,173
Noncontrolling interest	—		416
Total liabilities and equity	$	3,355,432	$	2,786,471
Company’s net investment in unconsolidated entities (1)	$	550,432	$	430,701

(1) Our underlying equity in the net assets of the unconsolidated entities exceeded our net investment in unconsolidated entities by $17.8 million and $29.4 million as of July 31, 2021 and October 31, 2020, respectively, and these differences are primarily a result of other than temporary impairments related to our investments in unconsolidated entities; interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; unrealized gains on our retained joint venture interests; gains recognized from the sale of our ownership interests; and distributions from entities in excess of the carrying amount of our net investment.

Condensed Combined Statements of Operations:


	Three months ended July 31,				Nine months ended July 31,
	2021		2020		2021		2020
Revenues	$	89,304	$	78,897	$	268,257	$	291,179
Cost of revenues (2)	52,414		56,830		209,273		197,192
Other expenses (2)	37,497		28,185		107,968		106,422
Total expenses	89,911		85,015		317,241		303,614
(Loss) gain on disposition of loans and real estate owned	(2,575)		1,053		(2,785)		1,053
Loss from operations	(3,182)		(5,065)		(51,769)		(11,382)
Other income	44,065		448		79,398		977
Income (loss) before income taxes	40,883		(4,617)		27,629		(10,405)
Income tax expense (benefit)	27		37		(1,632)		(111)
Net income (loss) including earnings from noncontrolling interests	40,856		(4,654)		29,261		(10,294)
Less: loss (income) attributable to noncontrolling interest	—		34		(174)		34
Net income (loss) attributable to controlling interest	$	40,856	$	(4,620)	$	29,087	$	(10,260)


Company’s equity in earnings (losses) of unconsolidated entities (3)	$	16,636	$	(2,566)	$	28,313	$	5,304

(3) Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities are primarily a result of distributions from entities in excess of the carrying amount of our investment; other than temporary impairments related to our investments in unconsolidated entities; recoveries of previously incurred charges; unrealized gains on our retained joint venture interests; gains recognized from the sale of our investment to our joint