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Investments in Unconsolidated Entities (Tables) | 3 Months Ended
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Jan. 31, 2025
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Schedule of Joint Venture Information | The table below provides information as of January 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 | 18 |  | 3 |  | 38 |  | 2 |  | 61
Investment in unconsolidated entities (1) | $ | 481,386 |  |  | $ | 66,604 |  |  | $ | 551,695 |  |  | $ | 6,891 |  |  | $ | 1,106,576 |
Number of unconsolidated entities with funding commitments by the Company | 8 |  | 1 |  | 14 |  | 1 |  |  | 24
Company’s remaining funding commitment to unconsolidated entities (2) | $ | 291,639 |  |  | $ | 10,772 |  |  | $ | 60,811 |  |  | $ | 7,108 |  |  | $ | 370,330 |
(1) Our total investment includes $126.0 million related to seven unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $255.0 million as of January 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 $108.5 million related to our unconsolidated joint venture-related variable interests in VIEs. The table below provides information as of October 31, 2024, regarding active joint ventures that we were invested in, by joint venture category ($ 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 $109.6 million related to our unconsolidated joint venture-related variable interests in VIEs.
Schedule of Joint Ventures Borrowing information | Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at January 31, 2025, regarding the debt financing obtained by category ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  |  |  | Total
Number of joint ventures with debt financing | 13 |  | 2 |  | 36 |  |  |  | 51
Aggregate loan commitments | $ | 864,589 |  |  | $ | 161,650 |  |  | $ | 3,421,298 |  |  |  |  | $ | 4,447,537 |
Amounts borrowed under loan commitments | $ | 478,401 |  |  | $ | 21,222 |  |  | $ | 2,759,096 |  |  |  |  | $ | 3,258,719 |
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 three-months ended January 31, 2025 ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  |  |  |
Number of unconsolidated joint ventures entered into during the period | 2 |  | 1 |  |  |  |
Investment balance at January 31, 2025 | $ | 62,266 |  |  | $ | 6,697 |  |  |  |  |
Schedule 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):
| January 31, 2025 | October 31, 2024 |  |  |
Loan commitments in the aggregate | $ | 2,978,200 |  | $ | 3,031,500 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1) | $ | 599,900 |  | $ | 646,900 |  |  |  |
Debt obligations borrowed in the aggregate | $ | 2,160,400 |  | $ | 2,204,300 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed | $ | 523,400 |  | $ | 560,400 |  |  |  |
Estimated fair value of guarantees provided by us related to debt and other obligations | $ | 18,400 |  | $ | 17,400 |  |  |  |
Terms of guarantees | 1 month - 4.9 years | 1 month - 3.0 years |  |  |
(1) At January 31, 2025 and October 31, 2024, our maximum estimated exposure under repayment and carry cost guarantees includes approximately $20.6 million and $102.3 million related to our unconsolidated joint venture VIEs.
Schedule of Consolidated Joint Venture Related Variable Interest Entities | The table below provides information as of January 31, 2025 and October 31, 2024, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):
| Balance Sheet Classification | January 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 | $ | 106,100 |  | $ | 105,300 |
Our partners’ interests in consolidated VIEs | Noncontrolling interest | $ | 9,900 |  | $ | 9,800 |

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