Note 3 - Interest (Tables)

9 Months Ended

Jul. 31, 2025

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

	Three Months Ended						Nine Months Ended
	July 31,						July 31,
(In thousands)	2025			2024			2025				2024
Interest capitalized at beginning of period	$	53,633		$	52,222			$	57,671		$	52,060
Plus interest incurred(1)		28,523			28,087				88,210			94,578
Less cost of sales interest expensed		(26,868	)		(22,316	)			(66,162	)		(63,757	)
Less other interest expensed(2)		(7,149	)		(6,262	)			(25,811	)		(25,682	)
Less interest contributed to unconsolidated joint venture(3)		-			-				(5,769	)		(5,468	)
Plus interest acquired from unconsolidated joint venture(4)		-			2,861				-			2,861
Interest capitalized at end of period(5)	$	48,139		$	54,592			$	48,139		$	54,592

(1)

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

(2)

During the three and nine months ended July 31, 2025 and 2024, respectively, 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 $7.1 million and $6.3 million for the three months ended July 31, 2025 and 2024, respectively, and $25.8 million and $25.7 million for the nine months ended July 31, 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)	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 resulting therefrom.
(5)	Capitalized interest amounts are shown gross before allocating a portion of impairments, if any, to capitalized interest.