Investments in Unconsolidated Entities (Tables)

9 Months Ended

Jul. 31, 2025

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

The table below provides information as of July 31, 2025, regarding active joint ventures that we were invested in, by joint venture category ($ amounts in thousands):


	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Other Joint Ventures		Total
Number of unconsolidated entities	20		1		40		2		63
Investment in unconsolidated entities (1)	$	524,698	$	11,260	$	579,169	$	7,293	$	1,122,420
Number of unconsolidated entities with funding commitments by the Company	10		1		13		1		25
Company’s remaining funding commitment to unconsolidated entities (2)	$	303,750	$	5,842	$	40,376	$	3,836	$	353,804

(1) Our total investment includes $144.5 million related to seven unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $248.1 million as of July 31, 2025, inclusive of our investment in these joint ventures. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 25% to 50%.

(2) Our remaining funding commitment includes approximately $83.1 million related to our unconsolidated joint venture-related variable interests in VIEs.

During the three months ended July 31, 2025, we consolidated two of our Home Building Joint Ventures as a result of us obtaining control of these entities during the period.

The table below provides information as of October 31, 2024, regarding active joint ventures that we were invested in, by joint venture category ($ amounts in thousands):


	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Other Joint Ventures		Total
Number of unconsolidated entities	16		2		40		2		60
Investment in unconsolidated entities (1)	$	388,550	$	58,403	$	549,195	$	11,269	$	1,007,417
Number of unconsolidated entities with funding commitments by the Company	6		—		20		1		27
Company’s remaining funding commitment to unconsolidated entities (2)	$	242,966	$	—	$	65,444	$	4,427	$	312,837

(1) Our total investment includes $158.0 million related to eight unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $369.8 million as of October 31, 2024, inclusive of our investment in joint ventures. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 25% to 50%.

(2) Our remaining funding commitment includes approximately $109.6 million related to our unconsolidated joint venture-related variable interests in VIEs.

Schedule 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, 2025, 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	14		1		38		53
Aggregate loan commitments	$	839,043	$	63,500	$	3,448,201	$	4,350,744
Amounts borrowed under loan commitments	$	542,394	$	5,904	$	2,836,479	$	3,384,777

The table below provides information at October 31, 2024, 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	11		1		38		50
Aggregate loan commitments	$	639,589	$	98,150	$	3,538,148	$	4,275,887
Amounts borrowed under loan commitments	$	381,614	$	47,903	$	2,751,201	$	3,180,718

Schedule of New Joint Venture Formations

The table below provides information on joint ventures entered into during the nine months ended July 31, 2025 ($ amounts in thousands):


	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures
Number of unconsolidated joint ventures entered into during the period	5		1		3
Aggregate joint venture fair value at formation date	$	204,500	$	15,800	$	44,700
Investment balance at July 31, 2025	$	116,090	$	11,260	$	14,078

Schedule of Unconsolidated Entities Debt Obligations, Loan Commitments and Guarantees

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


	July 31, 2025		October 31, 2024
Loan commitments in the aggregate	$	2,651,700	$	3,031,500
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1)	$	574,800	$	646,900

Debt obligations borrowed in the aggregate	$	1,939,600	$	2,204,300
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed	$	523,000	$	560,400

Estimated fair value of guarantees provided by us related to debt and other obligations	$	17,000	$	17,400
Terms of guarantees	1 month - 8.4 years		1 month - 3.0 years

(1) At July 31, 2025 and October 31, 2024, our maximum estimated exposure under repayment and carry cost guarantees includes approximately $20.6 million and $102.3 million related to our unconsolidated joint venture VIEs.

Schedule of Consolidated Joint Venture Related Variable Interest Entities

The table below provides information as of July 31, 2025 and October 31, 2024, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):


	Balance Sheet Classification	July 31, 2025		October 31, 2024
Number of Joint Venture VIEs that the Company is the primary beneficiary and consolidates		5		5
Carrying value of consolidated VIEs assets	Receivables, prepaid expenses and other assets and Investments in unconsolidated entities	$	130,900	$	105,300
Our partners’ interests in consolidated VIEs	Noncontrolling interest	$	9,500	$	9,800