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Note 9 - Leases | 9 Months Ended
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Jul. 31, 2025
Leases |
Leases |
9. | Leases
We rent certain office space for use in our operations. Our lease population at July 31, 2025 is comprised of operating leases where we are the lessee, primarily for our corporate office and division offices. Lease costs are included in our Condensed Consolidated Statements of Operations, primarily in "Selling, general and administrative" homebuilding expenses, and payments on our lease liabilities are presented in the table below.
|  | Three Months Ended |  | Nine Months Ended |
|  | July 31, |  | July 31, |
(In thousands) |  | 2025 |  |  | 2024 |  | 2025 |  |  | 2024 |
Operating lease costs |  | $ | 2,876 |  |  | $ | 2,743 |  |  | $ | 8,708 |  |  | $ | 8,131 |
Cash payments on lease liabilities |  | $ | 2,520 |  |  | $ | 2,224 |  |  | $ | 8,092 |  |  | $ | 6,604 |
Operating right-of-use lease assets ("ROU assets") are included in "Prepaid expenses and other assets" on our Condensed Consolidated Balance Sheets, while lease liabilities are included in "Accounts payable and other liabilities". During the nine months ended July 31, 2025, we had an increase to ROU assets and lease liabilities of $8.3 million as a result of new leases and lease renewals that commenced during the period. We also modified a lease in our Northeast segment to shorten the term during the nine months ended July 31, 2025, which resulted in a decrease to ROU assets and lease liabilities of $7.7 million. The following table contains additional information about our leases:
(In thousands) |  | July 31, 2025 |  |  | October 31, 2024 |
ROU assets |  | $ | 22,654 |  |  | $ | 28,765 |
Lease liabilities |  | $ | 25,874 |  |  | $ | 30,868 |
Weighted-average remaining lease term (in years) |  |  | 3.6 |  |  |  | 4.6 |
Weighted-average discount rate |  |  | 10.2 | % |  |  | 10.3 | %
Maturities of our operating lease liabilities as of July 31, 2025 are as follows:
Fiscal Year Ending October 31, |  | (In thousands) |
2025 (excluding the nine months ended July 31, 2025) |  | $ | 2,501 |
2026 |  |  | 10,356 |
2027 |  |  | 8,155 |
2028 |  |  | 4,900 |
2029 |  |  | 3,022 |
2030 and thereafter |  |  | 2,109 |
Total operating lease payments (1) |  |  | 31,043 |
Less: imputed interest |  |  | (5,169 | )
Present value of operating lease liabilities |  | $ | 25,874 |
(1) Lease payments include options to extend lease terms that are reasonably certain of being executed and exclude $11.5 million of legally binding minimum lease payments for office leases signed but not yet commenced as of July 31, 2025. The related ROU assets and operating lease liabilities are not reflected on the Company's Condensed Consolidated Balance Sheets.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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