Investments in Unconsolidated Entities (Tables)

12 Months Ended

Oct. 31, 2021

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

Summary of Joint Venture Information [Table Text Block]

The table below provides information as of October 31, 2021, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands):

	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Number of unconsolidated entities	12		2		32		4		50
Investment in unconsolidated entities	$	243,767	$	12,944	$	316,580	$	25,810	$	599,101
Number of unconsolidated entities with funding commitments by the Company	9		—		9		1		19
Company’s remaining funding commitment to unconsolidated entities	$	173,786	$	—	$	50,800	$	23,424	$	248,010

Summary of Joint Ventures Borrowing information [Table Text Block]

Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at October 31, 2021, regarding the debt financing obtained by category ($ amounts in thousands):

	Land Development Joint Ventures		Rental Property Joint Ventures		Total
Number of joint ventures with debt financing	7		27		34
Aggregate loan commitments	$	422,446	$	2,351,156	$	2,773,602
Amounts borrowed under commitments	$	328,173	$	1,342,918	$	1,671,091

New joint venture formations in fiscal 2020

The table below provides information on joint ventures entered into during fiscal 2021 ($ amounts in thousands):

	Land Development Joint Ventures		Rental Property Joint Ventures
Number of unconsolidated joint ventures entered into during the period	6		11
Investment balance at October 31, 2021	$	112,400	$	112,900

The table below provides information on joint ventures entered into during fiscal 2020 ($ amounts in thousands):

	Land Development Joint Ventures		Rental Property Joint Ventures
Number of unconsolidated joint ventures entered into during the period	1		7
Investment balance at October 31, 2020	$	24,602	$	80,448

Summary of Unconsolidated Entities Debt Obligations, Loan Commitments and Guarantees

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

	October 31, 2021
Loan commitments in the aggregate	$	2,195,200
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed	$	418,800
Debt obligations borrowed in the aggregate	$	1,092,700
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed	$	222,000
Estimated fair value of guarantees provided by us related to debt and other obligations	$	11,000
Terms of guarantees	4 months - 4.0 years

Unconsolidated Joint Venture Related Variable Interest Entities

The table below provide information as of October 31, 2021 and 2020, regarding our unconsolidated joint venture-related variable interests in VIEs ($ amounts in thousands):

	October 31, 2021		October 31, 2020
Number of Joint Venture VIEs that the Company is not the Primary Beneficiary (“PB”)	12		12
Investment balance in unconsolidated Joint Venture VIEs included in Investments in unconsolidated entities in our Consolidated Balance Sheets	$	105,200	$	63,100
Our maximum exposure to losses related to loan guarantees and additional commitments provided to unconsolidated Joint Venture VIEs	$	290,600	$	122,100

Our ownership interest in the above unconsolidated Joint Venture VIEs ranges from 20% to 50%.

Consolidated Joint Venture Related Variable Interest Entities

The table below provide information as of October 31, 2021 and 2020, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):

	Balance Sheet Classification	October 31, 2021		October 31, 2020
Number of Joint Venture VIEs that the Company is the PB and consolidates		5		5
Carrying value of consolidated VIEs assets	Receivables prepaid expenses, and other assets	$	90,800	$	163,000
Our partners’ interests in consolidated VIEs	Noncontrolling interest	$	39,400	$	46,200

Our ownership interest in the above consolidated Joint Venture VIEs ranges from 50% to 98%.

Condensed balance sheet aggregated by type of business

Condensed Combined Balance Sheets:

	October 31, 2021
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Cash and cash equivalents	$	39,191	$	28,137	$	85,499	$	755	$	153,582
Inventory	820,916		98,981		—		45,065		964,962
Loan receivables, net	—		—		—		86,727		86,727
Rental properties	—		—		1,496,355		—		1,496,355
Rental properties under development	—		—		697,659		—		697,659
Real estate owned	—		—		—		211		211
Other assets	144,320		10,157		71,917		974		227,368
Total assets	$	1,004,427	$	137,275	$	2,351,430	$	133,732	$	3,626,864
Debt, net of deferred financing costs	$	325,973	$	—	$	1,351,646	$	—	$	1,677,619
Other liabilities	65,033		11,725		153,338		18,449		248,545
Members’ equity	613,421		125,550		846,446		115,283		1,700,700
Total liabilities and equity	$	1,004,427	$	137,275	$	2,351,430	$	133,732	$	3,626,864
Company’s net investment in unconsolidated entities (1)	$	243,767	$	12,944	$	316,580	$	25,810	$	599,101

	October 31, 2020
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Cash and cash equivalents	$	24,330	$	18,106	$	64,244	$	2,798	$	109,478
Inventory	303,960		198,260		—		8,780		511,000
Loan receivables, net	—		—		—		78,576		78,576
Rental properties	—		—		1,244,911		—		1,244,911
Rental properties under development	—		—		666,386		—		666,386
Real estate owned	—		—		—		6,752		6,752
Other assets	108,289		21,930		38,851		298		169,368
Total assets	$	436,579	$	238,296	$	2,014,392	$	97,204	$	2,786,471
Debt, net of deferred financing costs	$	117,342	$	30,116	$	1,220,607	$	—	$	1,368,065
Other liabilities	54,714		12,768		113,282		6,053		186,817
Members’ equity	264,523		195,412		680,503		90,735		1,231,173
Noncontrolling interest	—		—		—		416		416
Total liabilities and equity	$	436,579	$	238,296	$	2,014,392	$	97,204	$	2,786,471
Company’s net investment in unconsolidated entities (1)	$	127,690	$	33,819	$	247,049	$	22,143	$	430,701

(1)    Our underlying equity in the net assets of the unconsolidated entities exceeded our net investment in unconsolidated entities by $16.5 million and $29.4 million as of October 31, 2021 and 2020, respectively, and these differences are primarily a result of other than temporary impairments related to our investments in unconsolidated entities; interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; unrealized gains on our retained joint venture interests; gains recognized from the sale of our ownership interests; and distributions from entities in excess of the carrying amount of our net investment.

Condensed statements of operations aggregate by type of business

Condensed Combined Statements of Operations and Comprehensive Income:

	For the year ended October 31, 2021
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Revenues	$	110,330	$	88,534	$	141,373	$	21,357	$	361,594
Cost of revenues	81,207		105,436		61,278		10,506		258,427
Other expenses	2,622		4,887		143,050		1,947		152,506
Total expenses	83,829		110,323		204,328		12,453		410,933
Gain on disposition of loans and REO	—		—		—		(4,109)		(4,109)
Income (loss) from operations	26,501		(21,789)		(62,955)		4,795		(53,448)
Other income	8,807		317		177,777		—		186,901
Income (loss) before income taxes	35,308		(21,472)		114,822		4,795		133,453
Income tax provision (benefit)	258		(875)		(824)		—		(1,441)
Net income (loss)	$	35,050	$	(20,597)	$	115,646	$	4,795	$	134,894
Company’s equity (deficit) in earnings of unconsolidated entities (2)	$	18,155	$	(241)	$	53,792	$	2,329	$	74,035

	For the year ended October 31, 2020
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Revenues	$	87,174	$	139,587	$	111,122	$	26,781	$	364,664
Cost of revenues	64,810		124,899		37,770		15,762		243,241
Other expenses	2,948		15,731		117,419		1,505		137,603
Total expenses	67,758		140,630		155,189		17,267		380,844
Gain on disposition of loans and REO	—		—		—		1,053		1,053
Income (loss) from operations	19,416		(1,043)		(44,067)		10,567		(15,127)
Other income (loss)	3,061		536		(448)				3,149
Income (loss) before income taxes	22,477		(507)		(44,515)		10,567		(11,978)
Income tax provision (benefit)	188		(254)				—		(66)
Net income (loss) including earnings from noncontrolling interests	22,289		(253)		(44,515)		10,567		(11,912)
Plus: loss attributable to noncontrolling interest	—		—		—		48		48
Net income (loss) attributable to controlling interest	$	22,289	$	(253)	$	(44,515)	$	10,615	$	(11,864)
Company’s equity (deficit) in earnings of unconsolidated entities (2)	$	11,412	$	(3,424)	$	(9,389)	$	2,349	$	948

	For the year ended October 31, 2019
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Revenues	$	261,677	$	374,587	$	99,401	$	21,377	$	757,042
Cost of revenues	246,980		323,764		68,502		13,234		652,480
Other expenses	4,752		24,633		58,928		1,880		90,193
Total expenses	251,732		348,397		127,430		15,114		742,673
Gain on disposition of loans and REO	—		—		—		4,383		4,383
Income (loss) from operations	9,945		26,190		(28,029)		10,646		18,752
Other income	3,079		6,144		16,651		12,793		38,667
Income (loss) before income taxes	13,024		32,334		(11,378)		23,439		57,419
Income tax provision	193		457		—		—		650
Net income (loss) including earnings from noncontrolling interests	12,831		31,877		(11,378)		23,439		56,769
Less: income attributable to noncontrolling interest	—		—		—		(9,593)		(9,593)
Net income (loss) attributable to controlling interest	$	12,831	$	31,877	$	(11,378)	$	13,846	$	47,176
Company’s equity (deficit) in earnings of unconsolidated entities (2)	$	6,160	$	17,004	$	(824)	$	2,528	$	24,868

(2)    Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities are primarily a result of distributions from entities in excess of the carrying amount of our investment; other than temporary impairments related to our investments in unconsolidated entities; recoveries of previously incurred charges; unrealized gains on our retained joint venture interests; gained recognized from the sale of our investment to our joint venture partner; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired.