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Investments in Unconsolidated Entities (Tables) | 12 Months Ended
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Oct. 31, 2021
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Summary of Joint Venture Information [Table Text Block] | The table below provides information as of October 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 | 12 |  | 2 |  | 32 |  | 4 |  | 50
Investment in unconsolidated entities | $ | 243,767 |  |  | $ | 12,944 |  |  | $ | 316,580 |  |  | $ | 25,810 |  |  | $ | 599,101 |
Number of unconsolidated entities with funding commitments by the Company | 9 |  | — |  | 9 |  | 1 |  |  | 19
Company’s remaining funding commitment to unconsolidated entities | $ | 173,786 |  |  | $ | — |  |  | $ | 50,800 |  |  | $ | 23,424 |  |  | $ | 248,010 |
Summary of Joint Ventures Borrowing information [Table Text Block] | Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at October 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 | 7 |  |  |  | 27 |  |  |  | 34
Aggregate loan commitments | $ | 422,446 |  |  |  |  | $ | 2,351,156 |  |  |  |  | $ | 2,773,602 |
Amounts borrowed under commitments | $ | 328,173 |  |  |  |  | $ | 1,342,918 |  |  |  |  | $ | 1,671,091 |
New joint venture formations in fiscal 2020 | The table below provides information on joint ventures entered into during fiscal 2021 ($ amounts in thousands):
| Land Development Joint Ventures | Rental Property Joint Ventures
Number of unconsolidated joint ventures entered into during the period | 6 | 11
Investment balance at October 31, 2021 | $ | 112,400 |  | $ | 112,900 |
The table below provides information on joint ventures entered into during fiscal 2020 ($ amounts in thousands):
| Land Development Joint Ventures | Rental Property Joint Ventures
Number of unconsolidated joint ventures entered into during the period | 1 | 7
Investment balance at October 31, 2020 | $ | 24,602 |  | $ | 80,448 |
Summary of Unconsolidated Entities Debt Obligations, Loan Commitments and Guarantees | 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):
| October 31, 2021 |  |  |
Loan commitments in the aggregate | $ | 2,195,200 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed | $ | 418,800 |  |  |  |
Debt obligations borrowed in the aggregate | $ | 1,092,700 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed | $ | 222,000 |  |  |  |
Estimated fair value of guarantees provided by us related to debt and other obligations | $ | 11,000 |  |  |  |
Terms of guarantees | 4 months - 4.0 years |  |  |
Unconsolidated Joint Venture Related Variable Interest Entities | The table below provide information as of October 31, 2021 and 2020, regarding our unconsolidated joint venture-related variable interests in VIEs ($ amounts in thousands):
| October 31, 2021 | October 31, 2020
Number of Joint Venture VIEs that the Company is not the Primary Beneficiary (“PB”) | 12 |  | 12 |
Investment balance in unconsolidated Joint Venture VIEs included in Investments in unconsolidated entities in our Consolidated Balance Sheets | $ | 105,200 |  | $ | 63,100 |
Our maximum exposure to losses related to loan guarantees and additional commitments provided to unconsolidated Joint Venture VIEs | $ | 290,600 |  | $ | 122,100 |
Our ownership interest in the above unconsolidated Joint Venture VIEs ranges from 20% to 50%.
Consolidated Joint Venture Related Variable Interest Entities | The table below provide information as of October 31, 2021 and 2020, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):
| Balance Sheet Classification | October 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 | $ | 90,800 |  | $ | 163,000 |
Our partners’ interests in consolidated VIEs | Noncontrolling interest | $ | 39,400 |  | $ | 46,200 |
Our ownership interest in the above consolidated Joint Venture VIEs ranges from 50% to 98%.
Condensed balance sheet aggregated by type of business | Condensed Combined Balance Sheets:
| October 31, 2021
| Land Develop- ment Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Gibraltar Joint Ventures |  | Total
Cash and cash equivalents | $ | 39,191 |  |  | $ | 28,137 |  |  | $ | 85,499 |  |  | $ | 755 |  |  | $ | 153,582 |
Inventory | 820,916 |  |  | 98,981 |  |  | — |  |  | 45,065 |  |  | 964,962 |
Loan receivables, net | — |  |  | — |  |  | — |  |  | 86,727 |  |  | 86,727 |
Rental properties | — |  |  | — |  |  | 1,496,355 |  |  | — |  |  | 1,496,355 |
Rental properties under development | — |  |  | — |  |  | 697,659 |  |  | — |  |  | 697,659 |
Real estate owned | — |  |  | — |  |  | — |  |  | 211 |  |  | 211 |
Other assets | 144,320 |  |  | 10,157 |  |  | 71,917 |  |  | 974 |  |  | 227,368 |
Total assets | $ | 1,004,427 |  |  | $ | 137,275 |  |  | $ | 2,351,430 |  |  | $ | 133,732 |  |  | $ | 3,626,864 |
Debt, net of deferred financing costs | $ | 325,973 |  |  | $ | — |  |  | $ | 1,351,646 |  |  | $ | — |  |  | $ | 1,677,619 |
Other liabilities | 65,033 |  |  | 11,725 |  |  | 153,338 |  |  | 18,449 |  |  | 248,545 |
Members’ equity | 613,421 |  |  | 125,550 |  |  | 846,446 |  |  | 115,283 |  |  | 1,700,700 |
Total liabilities and equity | $ | 1,004,427 |  |  | $ | 137,275 |  |  | $ | 2,351,430 |  |  | $ | 133,732 |  |  | $ | 3,626,864 |
Company’s net investment in unconsolidated entities (1) | $ | 243,767 |  |  | $ | 12,944 |  |  | $ | 316,580 |  |  | $ | 25,810 |  |  | $ | 599,101 |
| October 31, 2020
| Land Develop- ment Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Gibraltar Joint Ventures |  | Total
Cash and cash equivalents | $ | 24,330 |  |  | $ | 18,106 |  |  | $ | 64,244 |  |  | $ | 2,798 |  |  | $ | 109,478 |
Inventory | 303,960 |  |  | 198,260 |  |  | — |  |  | 8,780 |  |  | 511,000 |
Loan receivables, net | — |  |  | — |  |  | — |  |  | 78,576 |  |  | 78,576 |
Rental properties | — |  |  | — |  |  | 1,244,911 |  |  | — |  |  | 1,244,911 |
Rental properties under development | — |  |  | — |  |  | 666,386 |  |  | — |  |  | 666,386 |
Real estate owned | — |  |  | — |  |  | — |  |  | 6,752 |  |  | 6,752 |
Other assets | 108,289 |  |  | 21,930 |  |  | 38,851 |  |  | 298 |  |  | 169,368 |
Total assets | $ | 436,579 |  |  | $ | 238,296 |  |  | $ | 2,014,392 |  |  | $ | 97,204 |  |  | $ | 2,786,471 |
Debt, net of deferred financing costs | $ | 117,342 |  |  | $ | 30,116 |  |  | $ | 1,220,607 |  |  | $ | — |  |  | $ | 1,368,065 |
Other liabilities | 54,714 |  |  | 12,768 |  |  | 113,282 |  |  | 6,053 |  |  | 186,817 |
Members’ equity | 264,523 |  |  | 195,412 |  |  | 680,503 |  |  | 90,735 |  |  | 1,231,173 |
Noncontrolling interest | — |  |  | — |  |  | — |  |  | 416 |  |  | 416 |
Total liabilities and equity | $ | 436,579 |  |  | $ | 238,296 |  |  | $ | 2,014,392 |  |  | $ | 97,204 |  |  | $ | 2,786,471 |
Company’s net investment in unconsolidated entities (1) | $ | 127,690 |  |  | $ | 33,819 |  |  | $ | 247,049 |  |  | $ | 22,143 |  |  | $ | 430,701 |
(1) Our underlying equity in the net assets of the unconsolidated entities exceeded our net investment in unconsolidated entities by $16.5 million and $29.4 million as of October 31, 2021 and 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 statements of operations aggregate by type of business | Condensed Combined Statements of Operations and Comprehensive Income:
| For the year ended October 31, 2021
| Land Develop- ment Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Gibraltar Joint Ventures |  | Total
Revenues | $ | 110,330 |  |  | $ | 88,534 |  |  | $ | 141,373 |  |  | $ | 21,357 |  |  | $ | 361,594 |
Cost of revenues | 81,207 |  |  | 105,436 |  |  | 61,278 |  |  | 10,506 |  |  | 258,427 |
Other expenses | 2,622 |  |  | 4,887 |  |  | 143,050 |  |  | 1,947 |  |  | 152,506 |
Total expenses | 83,829 |  |  | 110,323 |  |  | 204,328 |  |  | 12,453 |  |  | 410,933 |
Gain on disposition of loans and REO | — |  |  | — |  |  | — |  |  | (4,109) |  |  | (4,109) |
Income (loss) from operations | 26,501 |  |  | (21,789) |  |  | (62,955) |  |  | 4,795 |  |  | (53,448) |
Other income | 8,807 |  |  | 317 |  |  | 177,777 |  |  | — |  |  | 186,901 |
Income (loss) before income taxes | 35,308 |  |  | (21,472) |  |  | 114,822 |  |  | 4,795 |  |  | 133,453 |
Income tax provision (benefit) | 258 |  |  | (875) |  |  | (824) |  |  | — |  |  | (1,441) |
Net income (loss) | $ | 35,050 |  |  | $ | (20,597) |  |  | $ | 115,646 |  |  | $ | 4,795 |  |  | $ | 134,894 |
Company’s equity (deficit) in earnings of unconsolidated entities (2) | $ | 18,155 |  |  | $ | (241) |  |  | $ | 53,792 |  |  | $ | 2,329 |  |  | $ | 74,035 |
| For the year ended October 31, 2020
| Land Develop- ment Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Gibraltar Joint Ventures |  | Total
Revenues | $ | 87,174 |  |  | $ | 139,587 |  |  | $ | 111,122 |  |  | $ | 26,781 |  |  | $ | 364,664 |
Cost of revenues | 64,810 |  |  | 124,899 |  |  | 37,770 |  |  | 15,762 |  |  | 243,241 |
Other expenses | 2,948 |  |  | 15,731 |  |  | 117,419 |  |  | 1,505 |  |  | 137,603 |
Total expenses | 67,758 |  |  | 140,630 |  |  | 155,189 |  |  | 17,267 |  |  | 380,844 |
Gain on disposition of loans and REO | — |  |  | — |  |  | — |  |  | 1,053 |  |  | 1,053 |
Income (loss) from operations | 19,416 |  |  | (1,043) |  |  | (44,067) |  |  | 10,567 |  |  | (15,127) |
Other income (loss) | 3,061 |  |  | 536 |  |  | (448) |  |  |  |  | 3,149 |
Income (loss) before income taxes | 22,477 |  |  | (507) |  |  | (44,515) |  |  | 10,567 |  |  | (11,978) |
Income tax provision (benefit) | 188 |  |  | (254) |  |  |  |  | — |  |  | (66) |
Net income (loss) including earnings from noncontrolling interests | 22,289 |  |  | (253) |  |  | (44,515) |  |  | 10,567 |  |  | (11,912) |
Plus: loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 48 |  |  | 48 |
Net income (loss) attributable to controlling interest | $ | 22,289 |  |  | $ | (253) |  |  | $ | (44,515) |  |  | $ | 10,615 |  |  | $ | (11,864) |
Company’s equity (deficit) in earnings of unconsolidated entities (2) | $ | 11,412 |  |  | $ | (3,424) |  |  | $ | (9,389) |  |  | $ | 2,349 |  |  | $ | 948 |
| For the year ended October 31, 2019
| Land Develop- ment Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Gibraltar Joint Ventures |  | Total
Revenues | $ | 261,677 |  |  | $ | 374,587 |  |  | $ | 99,401 |  |  | $ | 21,377 |  |  | $ | 757,042 |
Cost of revenues | 246,980 |  |  | 323,764 |  |  | 68,502 |  |  | 13,234 |  |  | 652,480 |
Other expenses | 4,752 |  |  | 24,633 |  |  | 58,928 |  |  | 1,880 |  |  | 90,193 |
Total expenses | 251,732 |  |  | 348,397 |  |  | 127,430 |  |  | 15,114 |  |  | 742,673 |
Gain on disposition of loans and REO | — |  |  | — |  |  | — |  |  | 4,383 |  |  | 4,383 |
Income (loss) from operations | 9,945 |  |  | 26,190 |  |  | (28,029) |  |  | 10,646 |  |  | 18,752 |
Other income | 3,079 |  |  | 6,144 |  |  | 16,651 |  |  | 12,793 |  |  | 38,667 |
Income (loss) before income taxes | 13,024 |  |  | 32,334 |  |  | (11,378) |  |  | 23,439 |  |  | 57,419 |
Income tax provision | 193 |  |  | 457 |  |  | — |  |  | — |  |  | 650 |
Net income (loss) including earnings from noncontrolling interests | 12,831 |  |  | 31,877 |  |  | (11,378) |  |  | 23,439 |  |  | 56,769 |
Less: income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | (9,593) |  |  | (9,593) |
Net income (loss) attributable to controlling interest | $ | 12,831 |  |  | $ | 31,877 |  |  | $ | (11,378) |  |  | $ | 13,846 |  |  | $ | 47,176 |
Company’s equity (deficit) in earnings of unconsolidated entities (2) | $ | 6,160 |  |  | $ | 17,004 |  |  | $ | (824) |  |  | $ | 2,528 |  |  | $ | 24,868 |
(2) 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; gained 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.

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