We have investments in various unconsolidated entities and our ownership interest in these investments ranges from 2.5% to 75%. These entities are structured as joint ventures and either: (i) develop land for the joint venture participants and for sale to outside builders (“Land Development Joint Ventures”); (ii) develop for-sale homes (“Home Building Joint Ventures”); or (iii) develop luxury for-rent residential apartments and single family homes, commercial space, and a hotel (“Rental Property Joint Ventures”).

As described in Note 1, “Significant Accounting Policies - Disposition”, certain of our investments in unconsolidated entities were classified within “Real estate and related assets held for sale” on our Consolidated Balance Sheet as of October 31, 2025. As such, the related data for those unconsolidated entities has been excluded from the tables below. Applicable information with respect to these unconsolidated entities held for sale can be found within Note 1.

The table below provides information as of April 30, 2026, regarding active joint ventures that we were invested in, by joint venture category ($ amounts in thousands):


	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Other Joint Ventures		Total
Number of unconsolidated entities	21		1		22		1		45
Investment in unconsolidated entities (1)	$	578,427	$	15,385	$	361,607	$	43	$	955,462
Number of unconsolidated entities with funding commitments by the Company	10		—		2		—		12
Company’s remaining funding commitment to unconsolidated entities (2)	$	275,854	$	—	$	2,159	$	—	$	278,013

(1) Our total investment includes $86.2 million related to five unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $135.3 million as of April 30, 2026, inclusive of our investment in these joint ventures. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 25% to 50%.

The table below provides information as of October 31, 2025, regarding active joint ventures that we were invested in, by joint venture category ($ amounts in thousands):


	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Other Joint Ventures		Total
Number of unconsolidated entities	21		1		21		2		45
Investment in unconsolidated entities (1)	$	553,387	$	14,769	$	448,547	$	9,192	$	1,025,895
Number of unconsolidated entities with funding commitments by the Company	11		1		7		1		20
Company’s remaining funding commitment to unconsolidated entities (2)	$	315,506	$	769	$	13,878	$	1,012	$	331,165

(1) Our total investment includes $151.6 million related to seven unconsolidated joint venture-related variable interests in VIEs and our maximum exposure to losses related to these VIEs is approximately $219.7 million as of October 31, 2025, inclusive of our investment in joint ventures. Our ownership interest in such unconsolidated Joint Venture VIEs ranges from 25% to 50%.

Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at April 30, 2026, regarding the debt financing obtained by category ($ amounts in thousands):


	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Total
Number of joint ventures with debt financing	17		1		21		39
Aggregate loan commitments	$	1,040,349	$	63,500	$	2,084,627	$	3,188,476
Amounts borrowed under commitments	$	619,445	$	23,062	$	1,945,880	$	2,588,387

The table below provides information at October 31, 2025, regarding the debt financing obtained by category ($ amounts in thousands):


	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Total
Number of joint ventures with debt financing	15		1		21		37
Aggregate loan commitments	$	922,668	$	63,500	$	2,066,376	$	3,052,544
Amounts borrowed under commitments	$	547,827	$	6,511	$	1,771,898	$	2,326,236


	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures
Number of unconsolidated joint ventures entered into during the period	3		1		2
Aggregate joint venture fair value at formation date	$	152,700	$	15,800	$	31,100
Investment balance at April 30, 2025	$	84,076	$	8,534	$	7,727

In the six-month period ended April 30, 2026, we sold our ownership interest in 16 Rental Property Joint Ventures and one Land Development Joint Venture and recognized a net gain of $69.0 million. In the six-month period ended April 30, 2025, we sold our ownership interest in one of our Rental Property Joint Ventures and recognized a net gain of $2.7 million. These net gains are included in “(Loss) income from unconsolidated entities” in our Condensed Consolidated Statements of Operations and Comprehensive Income. No similar transactions occurred in the three-month periods ended April 30, 2026 or 2025.

From time to time, certain of our Land Development and Rental Property Joint Ventures sell assets to unrelated parties or to our joint venture partners. In the six-month period ended April 30, 2026, three of our Rental Property Joint Ventures sold their assets and we recognized $21.4 million, in “(Loss) income from unconsolidated entities,” representing our proportionate share of the gains. In the three-month and six-month periods ended April 30, 2025, two of our Rental Property Joint Ventures sold their assets and we recognized $15.5 million and $18.2 million, respectively, representing our proportionate share of the gains. No similar transactions occurred in the three-month period ended April 30, 2026.

In the three-month period ended April 30, 2026, we recognized other-than-temporary impairment charges on our investments in several Rental Property Joint Ventures of $13.5 million. In the six-month period ended April 30, 2026, we recognized other-than-temporary impairment charges on our investments in several Rental Property Joint Ventures of $57.8 million. No similar impairment charges were recognized in the three or six-month periods ended April 30, 2025.

In the three-month periods ended April 30, 2026 and 2025, we purchased land from unconsolidated entities, principally related to our acquisition of lots from our Land Development Joint Ventures, totaling $44.1 million and $36.7 million, respectively. In the six-month periods ended April 30, 2026 and 2025, we purchased land from unconsolidated entities, principally related to our acquisition of lots from our Land Development Joint Ventures, totaling $73.5 million and $53.9 million, respectively. Our share of income from the lots we acquired was not material in either period.

In the normal course of our business, we may contribute land to certain of our joint ventures in exchange for ownership interests. In the three-month and six-month periods ended April 30, 2025, we sold land to unconsolidated entities, which principally involved land sales to Home Building and Rental Property Joint Ventures, for $8.6 million and $25.7 million, respectively. These amounts are included in “Land sales and other revenues” on our Condensed Consolidated Statement of Operations and Comprehensive Income and were sold at our land cost basis. No similar transactions occurred in the three-month or six-month periods ended April 30, 2026.

The unconsolidated entities in which we have investments generally finance their activities with a combination of partner equity and debt financing. In some instances, we have guaranteed portions of the debt of unconsolidated entities. These guarantees may include any or all of the following: (i) project completion guarantees, including any cost overruns; (ii) repayment guarantees, generally covering a percentage of the outstanding loan; (iii) carry cost guarantees, which cover costs such as interest, real estate taxes, and insurance; (iv) an environmental indemnity provided to the lender that holds the lender harmless from and against losses arising from the discharge of hazardous materials from the property and non-compliance with applicable environmental laws; and (v) indemnification of the lender from “bad boy acts” of the unconsolidated entity or its partners.

In some instances, we and our joint venture partners have provided joint and several guarantees in connection with loans to unconsolidated entities. In these situations, we generally seek to implement a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed upon share of the guarantee; however, we are not always successful. In addition, if the joint venture partner does not have adequate financial resources to meet its obligations under such a reimbursement agreement, we may be liable for more than our proportionate or agreed upon share.

We believe that, as of April 30, 2026, in the event we become legally obligated to perform under a guarantee of an obligation of an unconsolidated entity due to a triggering event, the collateral in such entity should be sufficient to repay all or a significant portion of the obligation. If it is not, we and our partners would need to contribute additional capital to the venture.

Information regarding certain of the Company’s unconsolidated entities’ outstanding debt obligations, loan commitments and our guarantees thereon are as follows ($ amounts in thousands):


	April 30, 2026 (2)		October 31, 2025
Loan commitments in the aggregate	$	1,826,600	$	1,915,800
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed (1)	$	417,200	$	414,800

Debt obligations borrowed in the aggregate	$	1,495,600	$	1,459,000
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed	$	417,200	$	413,500

Estimated fair value of guarantees provided by us related to debt and other obligations	$	13,600	$	13,400
Terms of guarantees	1 month - 7.7 years		1 month - 8.2 years

(2) As discussed in Note 1, “Significant Accounting Policies - Disposition”, we remain liable on several guarantees subsequent to the sale of certain of our Rental Property Joint Venture interests until the related loan commitments are terminated or refinanced. At April 30, 2026, the amounts included within the table above exclude approximately $122.5 million related to our maximum estimated exposure under repayment and carry cost guarantees, the full amount of which was borrowed as of that date. We have entered into reimbursement or similar agreements with Kennedy Wilson whereby they will reimburse us if we are required to fund any repayment or carry cost guarantees.

The maximum exposure estimates presented above do not take into account any recoveries from the underlying collateral or any reimbursement from our partners, nor do they include any potential exposures related to project completion guarantees or the indemnities noted above, which are not estimable. We have not made significant payments under any of the outstanding guarantees, nor have we been called upon to do so.

We have both unconsolidated and consolidated joint venture-related variable interests in VIEs. Information regarding our involvement in unconsolidated joint-venture related variable interests in VIEs has been disclosed throughout information presented above. Our ownership interest in consolidated Joint Venture VIEs presented in the table below ranges from 82% to 97%. The income/losses generated from such joint ventures were not material.


	Balance Sheet Classification	April 30, 2026		October 31, 2025 (1)
Number of Joint Venture VIEs that the Company is the primary beneficiary and consolidates		2		2
Carrying value of consolidated VIEs assets	Investments in unconsolidated entities	$	76,300	$	77,000
Our partners’ interests in consolidated VIEs	Noncontrolling interest	$	4,600	$	4,700

(1) Excluded from the table above are three of our consolidated joint venture-related interests in VIEs that have been classified within “Real estate and related assets held for sale” on our Consolidated Balance Sheet as of October 31, 2025. Our ownership interest in these joint ventures ranges from 75% to 98%. These consolidated joint ventures had an aggregate carrying value of $50.4 million and our noncontrolling interest totaled $4.5 million as of October 31, 2025.

As shown above, we are the primary beneficiary of certain VIEs due to our controlling financial interest in such ventures as we have the power to direct the activities that most significantly impact the joint ventures’ performance and the obligation to absorb expected losses or receive benefits from the joint ventures. The assets of these VIEs can only be used to settle the obligations of the VIEs. In addition, in certain of the joint ventures, in the event additional contributions are required to be made to the joint ventures prior to the admission of any additional investor at a future date, we would fund 100% of such contributions, including our partner’s pro rata share, which we expect would be funded through an interest-bearing loan. For other VIEs, we are not the primary beneficiary because the power to direct the activities of such VIEs that most significantly impact their performance was either shared by us and such VIE’s other partners or such activities were controlled by our partner. For VIEs where the power to direct significant activities is shared, business plans, budgets, and other major decisions are required to be unanimously approved by all partners. Management and other fees earned by us are nominal and believed to be at market rates, and there is no significant economic disproportionality between us and other partners.