v3.26.1
Fair Value Disclosures
 6 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
Financial Instruments
The table below provides, as of the dates indicated, a summary of assets/(liabilities) related to our financial instruments, measured at fair value on a recurring basis (amounts in thousands):
  Fair value
Financial InstrumentFair value
hierarchy		April 30, 2026October 31, 2025
Mortgage Loans Held for SaleLevel 2$141,482 $200,816 
Forward Loan Commitments — Mortgage Loans Held for SaleLevel 2$195 $63 
Interest Rate Lock Commitments (“IRLCs”)Level 2$18 $(1)
Forward Loan Commitments — IRLCsLevel 2$(18)$1 
At April 30, 2026 and October 31, 2025, the carrying value of cash and cash equivalents, escrow cash held by our wholly owned captive title company, and customer deposits held in escrow approximated fair value.
Mortgage Loans Held for Sale
At the end of the reporting period, we determine the fair value of our mortgage loans held for sale, interest rate lock commitments, and the forward loan commitments we have entered into as a hedge against the interest rate risk of our mortgage loans and commitments using the market approach to determine fair value.
The table below provides, as of the dates indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale (amounts in thousands):
Aggregate unpaid
principal balance		Fair valueFair value
greater (less) than principal balance
At April 30, 2026
$141,330 $141,482 $152 
At October 31, 2025
$200,976 $200,816 $(160)
Inventory
We recognize inventory impairment charges and land impairment charges based on the difference in the carrying value of the inventory and its fair value at the time of the evaluation. The fair value of the aforementioned inventory is determined using Level 3 criteria. Estimated fair value is primarily determined by discounting the estimated future cash flow of each community. In determining the fair value related to land impairments, we consider recent offers received, prices for land in recent comparable sales transactions, and other factors. We record land impairments related to land parcels we plan to sell to third parties within land sales and other cost of revenues. See Note 1, “Significant Accounting Policies – Inventory,” in our 2025 Form 10-K for additional information regarding our methodology for determining fair value. Impairments on operating and future communities were not significant during the three-month or six-month periods ended April 30, 2026 and 2025 and, accordingly, we did not disclose the ranges of certain quantitative unobservable inputs utilized in determining the fair value of such impaired operating and future communities.
Investments in Unconsolidated Entities
We review each of our investments on a quarterly basis for indicators of impairment. A series of net operating losses of an investee, the inability to recover our invested capital, or other factors may indicate that a loss in value of our investment in the unconsolidated entity has occurred. If a loss exists, we further review the investment to determine if the loss is other than temporary, in which case we write down the investment to its estimated fair value. The fair value of the aforementioned investment is determined using Level 3 criteria. See Note 1, “Significant Accounting Policies – Investments in Unconsolidated Entities,” in our 2025 Form 10-K for additional information regarding our methodology for determining fair value. With respect to the other-than-temporary impairment charges taken during the three-month and six-month periods ended April 30, 2026, our estimate of the fair value of the investment’s underlying property also included consideration of letters of intent as well as broker opinions, where applicable.
Debt
The table below provides, as of the dates indicated, the book value, excluding any bond discounts, premiums, and deferred issuance costs, and estimated fair value of our debt (amounts in thousands):
 April 30, 2026October 31, 2025
 Fair value
hierarchy		Book valueEstimated
fair value		Book valueEstimated
fair value
Loans payable (1)
Level 2$907,956 $897,556 $899,087 $888,604 
Senior notes (2)
Level 11,750,000 1,752,816 1,750,000 1,759,618 
Mortgage company loan facility (3)
Level 2138,202 138,202 150,000 150,000 
$2,796,158 $2,788,574 $2,799,087 $2,798,222 
(1)    The estimated fair value of loans payable was based upon contractual cash flows discounted at interest rates that we believed were available to us for loans with similar terms and remaining maturities as of the applicable valuation date.
(2)    The estimated fair value of our senior notes is based upon their market prices as of the applicable valuation date.
(3)    We believe that the carrying value of our mortgage company loan borrowings approximates their fair value.