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Investments in Unconsolidated Entities (Tables) | 6 Months Ended
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Apr. 30, 2025
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Schedule of Joint Venture Information | The table below provides information as of April 30, 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 | 19 |  | 3 |  | 39 |  | 2 |  | 63
Investment in unconsolidated entities (1) | $ | 527,551 |  |  | $ | 73,853 |  |  | $ | 565,208 |  |  | $ | 5,690 |  |  | $ | 1,172,302 |
Number of unconsolidated entities with funding commitments by the Company | 9 |  | 1 |  | 17 |  | 1 |  |  | 28
Company’s remaining funding commitment to unconsolidated entities (2) | $ | 285,544 |  |  | $ | 8,646 |  |  | $ | 48,861 |  |  | $ | 6,199 |  |  | $ | 349,250 |
(1) Our total investment includes $134.7 million related to seven unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $248.0 million as of April 30, 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 $92.7 million related to our unconsolidated joint venture-related variable interests in VIEs. The table below provides information as of October 31, 2024, regarding active joint ventures that we were invested in, by joint venture category ($ 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 $109.6 million related to our unconsolidated joint venture-related variable interests in VIEs.
Schedule of Joint Ventures Borrowing information | Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at April 30, 2025, regarding the debt financing obtained by category ($ amounts in thousands):
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  |  |  | Total
Number of joint ventures with debt financing | 13 |  | 1 |  | 37 |  |  |  | 51
Aggregate loan commitments | $ | 799,566 |  |  | $ | 63,500 |  |  | $ | 3,409,108 |  |  |  |  | $ | 4,272,174 |
Amounts borrowed under loan commitments | $ | 499,572 |  |  | $ | 5,359 |  |  | $ | 2,731,051 |  |  |  |  | $ | 3,235,982 |
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 six-months ended April 30, 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 | 3 |  | 1 |  | 2 |  |  |
Aggregate joint venture fair value at formation date | $ | 152,700 |  |  | $ | 15,800 |  |  | $ | 31,100 |  |  |
Investment balance at April 30, 2025 | $ | 84,076 |  |  | $ | 8,534 |  |  | $ | 7,727 |  |  |
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):
| April 30, 2025 | October 31, 2024 |  |  |
Loan commitments in the aggregate | $ | 2,676,700 |  | $ | 3,031,500 |  |  |  |
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1) | $ | 581,800 |  | $ | 646,900 |  |  |  |
Debt obligations borrowed in the aggregate | $ | 1,915,400 |  | $ | 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 | $ | 17,100 |  | $ | 17,400 |  |  |  |
Terms of guarantees | 1 month - 8.7 years | 1 month - 3.0 years |  |  |
(1) At April 30, 2025 and October 31, 2024, our maximum estimated exposure under repayment and carry cost guarantees includes approximately $20.6 million and $102.3 million related to our unconsolidated joint venture VIEs.
Schedule of Consolidated Joint Venture Related Variable Interest Entities | The table below provides information as of April 30, 2025 and October 31, 2024, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):
| Balance Sheet Classification | April 30, 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 | $ | 117,300 |  | $ | 105,300 |
Our partners’ interests in consolidated VIEs | Noncontrolling interest | $ | 9,700 |  | $ | 9,800 |

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