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Note 3 - Interest - Interest Costs Incurred, Expensed and Capitalized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Apr. 30, 2025 | Apr. 30, 2024 | Apr. 30, 2025 | Apr. 30, 2024
Interest |  |  |  |  |
Interest capitalized at beginning of period |  | $ 52,884 | $ 53,672 | $ 57,671 | $ 52,060
Plus interest incurred(1) | [1] | 29,832 | 34,530 | 59,687 | 66,491
Less cost of sales interest expensed |  | (19,938) | (21,543) | (39,294) | (41,441)
Less other interest expensed(2) | [2] | (9,145) | (8,969) | (18,662) | (19,420)
Less interest contributed to unconsolidated joint venture(3) | [3] | 0 | (5,468) | (5,769) | (5,468)
Interest capitalized at end of period(4) | [4] | $ 53,633 | $ 52,222 | $ 53,633 | $ 52,222
[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 $1.7 million and $5.4 million for the three and six months ended April 30, 2024, respectively. During the three and six months ended April 30, 2025, 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, along with financing programs, which does not qualify for capitalization and therefore is expensed as incurred. This component of other interest was $9.1 million and $7.3 million for the three months ended April 30, 2025 and 2024, respectively, and $18.7 million and $14.1 million for the six months ended April 30, 2025 and 2024, 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] | Capitalized interest amounts are shown gross before allocating a portion of impairments, if any, to capitalized interest.

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- Definition Interest cost which does not qualify for interest capitalization. + References No definition available. + Details
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- Definition Carrying amount as of the balance sheet date of interest costs that were capitalized to properties under development during the land development and construction period of a project, and which are included in inventory. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483013/835-20-50-1 + Details
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- Definition Amount of interest cost charged to cost of sales that had been previously capitalized to inventory. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483013/835-20-50-1 + Details
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- Definition The amount of interest capitalized to an operative builder's inventory during the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483013/835-20-50-1 + Details
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