Note 3 - Interest (Tables)

6 Months Ended

Apr. 30, 2025

Schedule of Real Estate Inventory, Capitalized Interest Costs [Table Text Block]

	Three Months Ended						Six Months Ended
	April 30,						April 30,
(In thousands)	2025			2024			2025				2024
Interest capitalized at beginning of period	$	52,884		$	53,672			$	57,671		$	52,060
Plus interest incurred(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)		(9,145	)		(8,969	)			(18,662	)		(19,420	)
Less interest contributed to unconsolidated joint venture(3)		-			(5,468	)			(5,769	)		(5,468	)
Interest capitalized at end of period(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.