Investments in Unconsolidated Entities (Tables)

6 Months Ended

Apr. 30, 2026

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

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%.

(2) Our remaining funding commitment includes approximately $28.6 million related to our unconsolidated joint venture-related variable interests in VIEs.

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%.

(2) Our remaining funding commitment includes approximately $47.5 million related to our unconsolidated joint venture-related variable interests in VIEs.

Schedule of Joint Ventures Borrowing information

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

Schedule of New Joint Venture Formations

The table below provides information on joint ventures entered into during the six months ended April 30, 2025 ($ amounts in thousands):


	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

Schedule of Unconsolidated Entities Debt Obligations, Loan Commitments and Guarantees

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

(1) At April 30, 2026 and October 31, 2025, our maximum estimated exposure under repayment and carry cost guarantees includes approximately $20.6 million related to our unconsolidated joint venture VIEs.

(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.

Schedule of Consolidated Joint Venture Related Variable Interest Entities

The table below provides information as of April 30, 2026 and October 31, 2025, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):


	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.