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Investments in Unconsolidated Entities (Tables)
 9 Months Ended
Jul. 31, 2023
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Summary of Joint Venture Information he table below provides information as of July 31, 2023, 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
16343365
Investment in unconsolidated entities (1)
$346,404 $66,367 $479,083 $8,509 $900,363 
Number of unconsolidated entities with funding commitments by the Company
9—231 33
Company’s remaining funding commitment to unconsolidated entities (2)
$209,064 $— $124,166 $12,148 $345,378 
(1)    Our total investment includes $101.1 million related to 11 unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $202.9 million as of July 31, 2023. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 20% to 50%.
(2)    Our remaining funding commitment includes approximately $107.9 million related to our unconsolidated joint venture-related variable interests in VIEs.
The table below provides information as of October 31, 2022, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands):
 Land
Development
Joint Ventures		Home Building
Joint Ventures		Rental Property
Joint Ventures		Gibraltar
Joint Ventures		Total
Number of unconsolidated entities
15341463
Investment in unconsolidated entities (1)
$343,314 $49,385 $441,399 $18,216 $852,314 
Number of unconsolidated entities with funding commitments by the Company
91181 29
Company’s remaining funding commitment to unconsolidated entities (2)
$180,812 $20,072 $90,900 $12,533 $304,317 
(1)    Our total investment includes $100.2 million related to 13 unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $200.0 million as of October 31, 2022. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 20% to 50%.
(2)    Our remaining funding commitment includes approximately $105.0 million related to our unconsolidated joint venture-related variable interests in VIEs.
Summary of Joint Ventures Borrowing information
Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at July 31, 2023, regarding the debt financing obtained by category ($ amounts in thousands):
 Land
Development
Joint Ventures		Home Building
Joint Ventures		Rental Property
Joint Ventures		Total
Number of joint ventures with debt financing
1124053
Aggregate loan commitments$576,938 $219,650 $3,637,428 $4,434,016 
Amounts borrowed under loan commitments
$394,033 $103,271 $2,100,888 $2,598,192 
The table below provides information at October 31, 2022, regarding the debt financing obtained by category ($ amounts in thousands):
 Land
Development
Joint Ventures		Home Building
Joint Ventures		Rental Property
Joint Ventures		Total
Number of joint ventures with debt financing
1023547
Aggregate loan commitments$557,185 $219,650 $3,317,261 $4,094,096 
Amounts borrowed under loan commitments$444,306 $17,583 $1,774,567 $2,236,456 
New joint venture formations
The table below provides information on joint ventures entered into during the nine-months ended July 31, 2023 ($ amounts in thousands):
Land Development Joint VenturesHome Building Joint VenturesRental Property Joint Ventures
Number of unconsolidated joint ventures entered into during the period1— 3
Investment balance at July 31, 2023$12,808 $— $7,096 
Number of consolidated joint ventures entered into during the period— 1 1 
Carrying value of consolidated joint ventures’ assets at July 31, 2023$— $5,000 $10,604 
Noncontrolling interests in consolidated joint ventures at July 31, 2023$— $835 $2,651 
The table below provides information on joint ventures entered into during the nine-months ended July 31, 2022 ($ amounts in thousands):
Land Development Joint VenturesRental Property Joint VenturesGibraltar Joint Ventures
Number of unconsolidated joint ventures entered into during the period311 1 
Investment balance at July 31, 2022$44,500 $118,600 $2,400 
Summary of Unconsolidated Entities Debt Obligations, Loan Commitments and Guarantees nformation with respect to certain of the Company’s unconsolidated entities’ outstanding debt obligations, loan commitments and our guarantees thereon are as follows ($ amounts in thousands):
July 31, 2023October 31, 2022
Loan commitments in the aggregate$3,180,600 $2,858,800 
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1)
$642,200 $597,800 
Debt obligations borrowed in the aggregate$1,505,900 $1,110,900 
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed$509,800 $390,500 
Estimated fair value of guarantees provided by us related to debt and other obligations$18,500 $16,900 
Terms of guarantees
1 month -
3.9 years
1 month -
3.7 years
(1)    At July 31, 2023 and October 31, 2022, our maximum estimated exposure under repayment and carry cost guarantees includes approximately $95.0 million related to our unconsolidated Joint Venture VIEs.
Consolidated Joint Venture Related Variable Interest Entities
The table below provides information as of July 31, 2023 and October 31, 2022, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):
Balance Sheet ClassificationJuly 31,
2023		October 31,
2022
Number of Joint Venture VIEs that the Company is the primary beneficiary and consolidates
7 5 
Carrying value of consolidated VIEs assetsInventory and investments in unconsolidated entities$89,700 $81,300 
Our partners’ interests in consolidated VIEsNoncontrolling interest$11,300 $9,700 
Our ownership interest in the above consolidated Joint Venture VIEs ranges from 75% to 98%.
Condensed balance sheet
Condensed Combined Balance Sheets:
 July 31,
2023		October 31,
2022
Cash and cash equivalents$155,474 $254,884 
Inventory1,316,961 1,256,215 
Loans receivable – net17,024 48,217 
Rental properties2,045,502 1,702,690 
Rental properties under development1,571,296 1,413,607 
Other assets384,604 305,250 
Total assets$5,490,861 $4,980,863 
Debt – net of deferred financing costs$2,590,381 $2,248,754 
Other liabilities469,411 399,818 
Partners’ equity2,431,069 2,332,291 
Total liabilities and equity$5,490,861 $4,980,863 
Company’s net investment in unconsolidated entities (1)
$900,363 $852,314 
(1)    Our underlying equity in the net assets of the unconsolidated entities was less than our net investment in unconsolidated entities by $28.4 million and $18.5 million as of July 31, 2023 and October 31, 2022, respectively, and these differences are primarily a result of distributions from entities in excess of the carrying amount of our net investment; unrealized gains on our retained joint venture interests; interest capitalized on our investments; other than temporary impairments we have recognized; gains recognized from the sale of our ownership interests; and the estimated fair value of the guarantees provided to the joint ventures.
Condensed statements of operations and comprehensive income
Condensed Combined Statements of Operations:
 Three months ended July 31,Nine months ended July 31,
 2023202220232022
Revenues$186,669 $114,542 $429,647 $401,065 
Cost of revenues124,414 60,566 266,593 256,256 
Other expenses67,195 45,967 187,336 128,742 
Total expenses191,609 106,533 453,929 384,998 
Loss on disposition of loans and real estate owned— — — (113)
(Loss) income from operations(4,940)8,009 (24,282)15,954 
Other income (2)
79,857 3,919 76,251 44,156 
Income before income taxes74,917 11,928 51,969 60,110 
Income tax expense1,195 37 1,030 194 
Net income73,722 11,891 50,939 59,916 
Company’s income from unconsolidated entities (3)
$30,548 $2,984 $20,813 $27,954 
(2)    The three and nine months ended July 31, 2023 includes gains of $78.8 million related to the sale of assets by one of our Rental Property Joint Ventures. The nine months ended July 31, 2022 includes gains of $29.9 million related to the sale of assets by one of our Rental Property Joint Ventures.
(3)    Differences between our (loss) income from unconsolidated entities and the underlying net (loss) income of the entities are primarily a result of distributions from entities in excess of the carrying amount of our investment; promote earned on the gains recognized by joint ventures and those promoted cash flows being distributed; other than temporary impairments we have recognized; recoveries of previously incurred charges; unrealized gains on our retained joint venture interests; gains recognized from the sale of our investment to our joint venture partner; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired.