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Investments in Unconsolidated Entities (Tables) | 6 Months Ended
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Apr. 30, 2023
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Summary of Joint Venture Information | he table below provides information as of April 30, 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 | 16 |  | 3 |  | 43 |  | 4 |  | 66
Investment in unconsolidated entities (1) | $ | 341,358 |  |  | $ | 66,271 |  |  | $ | 468,336 |  |  | $ | 11,678 |  |  | $ | 887,643 |
Number of unconsolidated entities with funding commitments by the Company | 9 |  | — |  | 22 |  | 1 |  |  | 32
Company’s remaining funding commitment to unconsolidated entities (2) | $ | 215,524 |  |  | $ | — |  |  | $ | 107,524 |  |  | $ | 11,570 |  |  | $ | 334,618 |
(1) Our total investment includes $104.8 million related to 13 unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $201.2 million as of April 30, 2023. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 20% to 50%. (2) Our remaining funding commitment includes approximately $106.2 million related to our unconsolidated joint venture-related variable interests in VIEs. The table below provides information as of October 31, 2022, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Gibraltar Joint Ventures |  | Total
Number of unconsolidated entities | 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 $105.0 million related to our unconsolidated joint venture-related variable interests in VIEs.
Summary of Joint Ventures Borrowing information | Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at April 30, 2023, regarding the debt financing obtained by category ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  |  |  | Total
Number of joint ventures with debt financing | 11 |  | 2 |  | 40 |  |  |  | 53
Aggregate loan commitments | $ | 576,959 |  |  | $ | 219,650 |  |  | $ | 3,638,795 |  |  |  |  | $ | 4,435,404 |
Amounts borrowed under loan commitments | $ | 449,637 |  |  | $ | 78,114 |  |  | $ | 2,036,446 |  |  |  |  | $ | 2,564,197 |
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 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 six-months ended April 30, 2023 ($ amounts in thousands):
| Land Development Joint Ventures |  | Rental Property Joint Ventures |  |
Number of unconsolidated joint ventures entered into during the period | 1 |  | 2 |  |
Investment balance at April 30, 2023 | $ | 11,755 |  |  | $ | 4,795 |  |  |
The table below provides information on joint ventures entered into during the six-months ended April 30, 2022 ($ amounts in thousands):
| Land Development Joint Ventures |  | Rental Property Joint Ventures | Gibraltar Joint Ventures
Number of unconsolidated joint ventures entered into during the period | 2 |  | 7 |  | 1
Investment balance at April 30, 2022 | $ | 13,816 |  |  | $ | 69,513 |  | $ | 2,093 |
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):
| April 30, 2023 | October 31, 2022 |  |  |
Loan commitments in the aggregate | $ | 3,181,400 |  | $ | 2,858,800 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1) | $ | 654,400 |  | $ | 597,800 |  |  |  |
Debt obligations borrowed in the aggregate | $ | 1,436,200 |  | $ | 1,110,900 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed | $ | 487,600 |  | $ | 390,500 |  |  |  |
Estimated fair value of guarantees provided by us related to debt and other obligations | $ | 19,000 |  | $ | 16,900 |  |  |  |
Terms of guarantees | 1 month - 3.9 years | 1 month - 3.7 years |  |  |
(1) At April 30, 2023 and October 31, 2022, our maximum estimated exposure under repayment and carry cost guarantees includes approximately $95.0 million related to our unconsolidated Joint Venture VIEs.
Consolidated Joint Venture Related Variable Interest Entities | The table below provides information as of April 30, 2023 and October 31, 2022, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):
| Balance Sheet Classification | April 30, 2023 | October 31, 2022
Number of Joint Venture VIEs that the Company is the primary beneficiary and consolidates |  | 6 |  | 5 |
Carrying value of consolidated VIEs assets | Inventory and investments in unconsolidated entities | $ | 84,300 |  | $ | 81,300 |
Our partners’ interests in consolidated VIEs | Noncontrolling interest | $ | 9,600 |  | $ | 9,700 |
Our ownership interest in the above consolidated Joint Venture VIEs ranges from 80% to 98%.
Condensed balance sheet | Condensed Combined Balance Sheets:
| April 30, 2023 |  | October 31, 2022
Cash and cash equivalents | $ | 135,511 |  |  | $ | 254,884 |
Inventory | 1,342,879 |  |  | 1,256,215 |
Loans receivable – net | 44,807 |  |  | 48,217 |
Rental properties | 1,887,721 |  |  | 1,702,690 |
Rental properties under development | 1,596,007 |  |  | 1,413,607 |
Other assets | 364,735 |  |  | 305,250 |
Total assets | $ | 5,371,660 |  |  | $ | 4,980,863 |
Debt – net of deferred financing costs | $ | 2,555,116 |  |  | $ | 2,248,754 |
Other liabilities | 392,710 |  |  | 399,818 |
Partners’ equity | 2,423,834 |  |  | 2,332,291 |
Total liabilities and equity | $ | 5,371,660 |  |  | $ | 4,980,863 |
Company’s net investment in unconsolidated entities (1) | $ | 887,643 |  |  | $ | 852,314 |
(1) Our underlying equity in the net assets of the unconsolidated entities was less than our net investment in unconsolidated entities by $4.4 million and $18.5 million as of April 30, 2023 and October 31, 2022, respectively, and these differences are primarily a result of unrealized gains on our retained joint venture interests; distributions from entities in excess of the carrying amount of our net investment; 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 April 30, |  | Six months ended April 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenues | $ | 125,397 |  |  | $ | 130,771 |  |  | $ | 237,116 |  |  | $ | 286,523 |
Cost of revenues | 78,613 |  |  | 86,219 |  |  | 137,966 |  |  | 194,701 |
Other expenses | 56,655 |  |  | 39,172 |  |  | 119,729 |  |  | 82,776 |
Total expenses | 135,268 |  |  | 125,391 |  |  | 257,695 |  |  | 277,477 |
Loss on disposition of loans and real estate owned | — |  |  | — |  |  | — |  |  | (113) |
(Loss) income from operations | (9,871) |  |  | 5,380 |  |  | (20,579) |  |  | 8,933 |
Other (loss) income (2) | (2,276) |  |  | 7,064 |  |  | (3,632) |  |  | 40,410 |
(Loss) income before income taxes | (12,147) |  |  | 12,444 |  |  | (24,211) |  |  | 49,343 |
Income tax (benefit) expense | (148) |  |  | 74 |  |  | (166) |  |  | 156 |
Net (loss) income | (11,999) |  |  | 12,370 |  |  | (24,045) |  |  | 49,187 |
Company’s (loss) income from unconsolidated entities (3) | $ | (5,302) |  |  | $ | 2,933 |  |  | $ | (9,735) |  |  | $ | 24,970 |
(2) The six months ended April 30, 2022 includes $29.9 million, related to the sale of assets by 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.

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