	Three Months Ended						Nine Months Ended
	July 31,						July 31,
(In thousands)	2024			2023			2024			2023
Interest capitalized at beginning of period	$	52,222		$	60,274		$	52,060		$	59,600
Plus interest incurred(1)		28,087			34,214			94,578			103,662
Less cost of sales interest expensed		(22,316	)		(19,272	)		(63,757	)		(55,719	)
Less other interest expensed(2)		(6,262	)		(13,502	)		(25,682	)		(43,096	)
Less interest contributed to unconsolidated joint venture(3)		-			(6,440	)		(5,468	)		(9,456	)
Plus interest acquired from unconsolidated joint venture(4)		2,861			-			2,861			283
Interest capitalized at end of period(5)	$	54,592		$	55,274		$	54,592		$	55,274

(1)

Data does not include interest incurred by our mortgage and finance subsidiaries.

(2)

Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) did not exceed our debt, which amounted to $2.6 million and $14.5 million for the three and nine months ended July 31, 2023. During the three and nine months ended July 31, 2024, our inventory under development exceeded our debt, therefore, all of the related interest incurred qualified for interest capitalization. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization and therefore is expensed as incurred. This component of other interest was $6.3 million and $10.9 million for the three months ended July 31, 2024 and 2023, respectively, and $25.7 million and $28.6 million for the nine months ended July 31, 2024 and 2023, respectively.

(3)	Represents capitalized interest which was included as part of the assets contributed to joint ventures, as discussed in Note 18. There was no impact to the Condensed Consolidated Statement of Operations as a result of these capitalized interest transactions.
(4)	Represents capitalized interest which was included as part of the assets acquired from joint ventures, as discussed in Note 18. There was no impact to the Condensed Consolidated Statement of Operations as a result of these capitalized interest transactions.
(5)	Capitalized interest amounts are shown gross before allocating a portion of impairments, if any, to capitalized interest.