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Investments in Unconsolidated Entities (Tables) | 12 Months Ended
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Oct. 31, 2022
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, 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 | 15 |  | 3 |  | 41 |  | 4 |  | 63
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 | 9 |  | 1 |  | 18 |  | 1 |  |  | 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 $105.0 million related to our unconsolidated joint venture-related variable interests in VIEs. The table below provides information as of October 31, 2021, regarding active joint ventures that we are invested in, by joint venture category ($ 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 (1) | $ | 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 (2) | $ | 173,786 |  |  | $ | — |  |  | $ | 50,800 |  |  | $ | 23,424 |  |  | $ | 248,010 |
(1) Our total investment includes $105.2 million related to 12 unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $290.6 million as of October 31, 2021. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 20% to 50%. (2) Our remaining funding commitment includes approximately $184.5 million related to our unconsolidated joint venture-related variable interests in VIEs.
Summary of Joint Ventures Borrowing information [Table Text Block] | Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at October 31, 2022, regarding the debt financing obtained by category ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  |  |  | Total
Number of joint ventures with debt financing | 10 |  | 2 |  | 35 |  |  |  | 47
Aggregate loan commitments | $ | 557,185 |  |  | $ | 219,650 |  |  | $ | 3,317,261 |  |  |  |  | $ | 4,094,096 |
Amounts borrowed under commitments | $ | 444,306 |  |  | $ | 17,583 |  |  | $ | 1,774,567 |  |  |  |  | $ | 2,236,456 |
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 2022 ($ amounts in thousands):
| Land Development Joint Ventures | Home Building Joint Ventures | Rental Property Joint Ventures | Gibraltar Joint Ventures
Number of unconsolidated joint ventures entered into during the period | 3 | 2 | 12 | 1 |
Investment balance at October 31, 2022 | $ | 48,600 |  | $ | 48,700 |  | $ | 132,200 |  | $ | 2,700 |
In the fourth quarter of fiscal 2022, we entered into two joint ventures with an unrelated party to develop two luxury condominium communities in the New York City metropolitan area. Prior to the formation of these ventures, we capitalized approximately $106.5 million of land and land development costs. Our partner acquired a 55% interest in these ventures for approximately $61.0 million, which equaled our pro-rata cost basis. We received cash of $61.2 million as a result of these formations, which included a combination of partner and loan proceeds, resulting in our initial investment in these ventures of $45.5 million. Concurrent with their formation, the joint ventures entered into construction loan agreements aggregating $219.7 million to finance the remaining development of these projects, of which $17.6 million was borrowed at the closing of the ventures. The table below provides information on joint ventures entered into during fiscal 2021 ($ 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 |
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, 2022 | October 31, 2021 |  |  |
Loan commitments in the aggregate | $ | 2,858,800 |  | $ | 2,195,200 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1) | $ | 597,800 |  | $ | 418,800 |  |  |  |
Debt obligations borrowed in the aggregate | $ | 1,110,900 |  | $ | 1,092,700 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed | $ | 390,500 |  | $ | 222,000 |  |  |  |
Estimated fair value of guarantees provided by us related to debt and other obligations | $ | 16,900 |  | $ | 11,000 |  |  |  |
Terms of guarantees | 1 month - 3.7 years | 4 months - 4.0 years |  |  |
(1) At October 31, 2022 and 2021, our maximum estimated exposure under repayment and carry cost guarantees includes approximately $95.0 million and $106.1 million, respectively, related to our unconsolidated Joint Venture VIEs.
Consolidated Joint Venture Related Variable Interest Entities | ($ amounts in thousands):
| Balance Sheet Classification | October 31, 2022 | October 31, 2021
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 and Investments in unconsolidated entities | $ | 81,300 |  | $ | 90,800 |
Our partners’ interests in consolidated VIEs | Noncontrolling interest | $ | 9,700 |  | $ | 39,400 |
Our ownership interest in the above consolidated Joint Venture VIEs ranges from 82% to 98%.
Condensed balance sheet aggregated by type of business | Condensed Combined Balance Sheets:
| October 31, 2022
| Land Develop- ment Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Gibraltar Joint Ventures |  | Total
Cash and cash equivalents | $ | 132,344 |  |  | $ | 19,628 |  |  | $ | 102,270 |  |  | $ | 642 |  |  | $ | 254,884 |
Inventory | 1,047,437 |  |  | 168,743 |  |  | — |  |  | 40,035 |  |  | 1,256,215 |
Loan receivables, net | — |  |  | — |  |  | — |  |  | 48,217 |  |  | 48,217 |
Rental properties | — |  |  | — |  |  | 1,702,690 |  |  | — |  |  | 1,702,690 |
Rental properties under development | — |  |  | — |  |  | 1,413,607 |  |  | — |  |  | 1,413,607 |
Other assets | 172,110 |  |  | 15,232 |  |  | 117,027 |  |  | 881 |  |  | 305,250 |
Total assets | $ | 1,351,891 |  |  | $ | 203,603 |  |  | $ | 3,335,594 |  |  | $ | 89,775 |  |  | $ | 4,980,863 |
Debt, net of deferred financing costs | $ | 443,061 |  |  | $ | 16,770 |  |  | $ | 1,788,923 |  |  | $ | — |  |  | $ | 2,248,754 |
Other liabilities | 100,931 |  |  | 52,116 |  |  | 225,812 |  |  | 20,959 |  |  | 399,818 |
Members’ equity | 807,899 |  |  | 134,717 |  |  | 1,320,859 |  |  | 68,816 |  |  | 2,332,291 |
Total liabilities and equity | $ | 1,351,891 |  |  | $ | 203,603 |  |  | $ | 3,335,594 |  |  | $ | 89,775 |  |  | $ | 4,980,863 |
Company’s net investment in unconsolidated entities (1) | $ | 343,314 |  |  | $ | 49,385 |  |  | $ | 441,399 |  |  | $ | 18,216 |  |  | $ | 852,314 |
| 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 |
Other assets | 144,320 |  |  | 10,157 |  |  | 71,917 |  |  | 1,185 |  |  | 227,579 |
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 |
(1) Our underlying equity in the net assets of the unconsolidated entities was (less)/more than our net investment in unconsolidated entities by $(18.5) million and $16.5 million as of October 31, 2022 and 2021, 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, 2022
| Land Develop- ment Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Gibraltar Joint Ventures |  | Total
Revenues | $ | 207,179 |  |  | $ | 60,902 |  |  | $ | 192,901 |  |  | $ | 37,705 |  |  | $ | 498,687 |
Cost of revenues | 172,921 |  |  | 45,087 |  |  | 65,387 |  |  | 26,229 |  |  | 309,624 |
Other expenses | 8,911 |  |  | 4,717 |  |  | 165,447 |  |  | 1,436 |  |  | 180,511 |
Total expenses | 181,832 |  |  | 49,804 |  |  | 230,834 |  |  | 27,665 |  |  | 490,135 |
Loss on disposition of loans and REO | — |  |  | — |  |  | — |  |  | (113) |  |  | (113) |
Income (loss) from operations | 25,347 |  |  | 11,098 |  |  | (37,933) |  |  | 9,927 |  |  | 8,439 |
Other income | 23,292 |  |  | 804 |  |  | 36,805 |  |  | — |  |  | 60,901 |
Income (loss) before income taxes | 48,639 |  |  | 11,902 |  |  | (1,128) |  |  | 9,927 |  |  | 69,340 |
Income tax provision (benefit) | 348 |  |  | 508 |  |  | (607) |  |  | — |  |  | 249 |
Net income (loss) | $ | 48,291 |  |  | $ | 11,394 |  |  | $ | (521) |  |  | $ | 9,927 |  |  | $ | 69,091 |
Company’s equity (deficit) in earnings of unconsolidated entities (2) | $ | 20,402 |  |  | $ | 1,068 |  |  | $ | (335) |  |  | $ | 2,588 |  |  | $ | 23,723 |
| 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 |
Loss 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 |
(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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