0001437749-23-034783 | 10-K | XBRL Viewer | Hovnanian Enterprises INC

Variable Interest Entity Disclosure [Text Block]

19. Variable Interest Entities

We enter into land and lot option purchase contracts to procure land or lots for the construction of homes. Under these contracts, the Company will fund a stated deposit in consideration for the right, but not the obligation, to purchase land or lots at a future point in time with predetermined terms. Under the terms of the option purchase contracts, many of the option deposits are not refundable at the Company's discretion. Under the requirements of ASC 810, certain option purchase contracts may result in the creation of a VIE that owns the land parcel under option.

Although the Company does not have legal title to the underlying land, in compliance with ASC 810, we analyze our option purchase contracts to determine whether the corresponding land and lot sellers are VIEs and, if so, whether we are the primary beneficiary. The significant factors we consider in determining if the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared include, among other things, our ability in determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, changing the terms of the contract or arranging financing for the VIE. As a result of our analyses, we have concluded, there are no VIEs that required consolidation at either December 31, 2023 or 2022 because we are not the primary beneficiary of the land or lots under option purchase contracts.

We will continue to secure land and lots using options, some of which are with VIEs where we have determined power is shared among the partners and we do not have a controlling financial interest. Including deposits on our unconsolidated VIEs, at October 31, 2023 and 2022, we had total cash deposits amounting to $192.3 million and $180.8 million, respectively, to purchase land and lots with a total purchase price of $2.2 billion and $1.9 billion, respectively. The maximum exposure to loss with respect to our land and lot options is limited to the deposits plus any pre-development costs invested in the property, although some deposits are refundable at our request or refundable if certain conditions are not met.

Note 2 - Business	12 Months Ended
Oct. 31, 2023
Notes to Financial Statements
Nature of Operations [Text Block]	2. Business HEI conducts all of its homebuilding and financial services operations through its subsidiaries (references herein to the “Company,” “we,” “us” or “our” refer to HEI and its consolidated subsidiaries and should be understood to reflect the consolidated business of HEI’s subsidiaries). Our operations consist of homebuilding, financial services and corporate. Our homebuilding operations are made up of three reportable segments defined as Northeast, Southeast and West. Homebuilding operations comprise the substantial part of our business, representing approximately 98% of consolidated revenues for both the years ended October 31, 2023 and 2022, and 97% for the year ended October 31, 2021. HEI is a Delaware corporation, which through its subsidiaries, was building and selling homes in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia, across 113 consolidated active selling communities at October 31, 2023. Our homebuilding subsidiaries offer a wide variety of homes that are designed to appeal to first-time buyers, first and second-time move-up buyers, luxury buyers, active lifestyle buyers and empty nesters. Our financial services operations, which are a reportable segment, provide mortgage banking and title services to the homebuilding operations’ customers. Our financial services subsidiaries do not typically retain or service the mortgages that they originate but rather sell the mortgages and related servicing rights to investors. Corporate primarily includes the operations of our corporate office whose primary purpose is to provide executive services, accounting, information services, human resources, management reporting, training, cash management, internal audit, risk management, and administration of process redesign, quality, and safety. See Note 10 “Operating and Reporting Segments” for further disclosure of our reportable segments.

Note 2 - Business

12 Months Ended

Oct. 31, 2023

Nature of Operations [Text Block]

2. Business

HEI conducts all of its homebuilding and financial services operations through its subsidiaries (references herein to the “Company,” “we,” “us” or “our” refer to HEI and its consolidated subsidiaries and should be understood to reflect the consolidated business of HEI’s subsidiaries). Our operations consist of homebuilding, financial services and corporate. Our homebuilding operations are made up of three reportable segments defined as Northeast, Southeast and West. Homebuilding operations comprise the substantial part of our business, representing approximately 98% of consolidated revenues for both the years ended October 31, 2023 and 2022, and 97% for the year ended October 31, 2021. HEI is a Delaware corporation, which through its subsidiaries, was building and selling homes in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia, across 113 consolidated active selling communities at October 31, 2023. Our homebuilding subsidiaries offer a wide variety of homes that are designed to appeal to first-time buyers, first and second-time move-up buyers, luxury buyers, active lifestyle buyers and empty nesters. Our financial services operations, which are a reportable segment, provide mortgage banking and title services to the homebuilding operations’ customers. Our financial services subsidiaries do not typically retain or service the mortgages that they originate but rather sell the mortgages and related servicing rights to investors. Corporate primarily includes the operations of our corporate office whose primary purpose is to provide executive services, accounting, information services, human resources, management reporting, training, cash management, internal audit, risk management, and administration of process redesign, quality, and safety.

See Note 10 “Operating and Reporting Segments” for further disclosure of our reportable segments.

Note 9 - Senior Notes and Credit Facilities - Senior Notes and Credit Facilities Balances (Details) (Parentheticals)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 05, 2023	Sep. 07, 2023	May 30, 2023
Senior Unsecured Term Loan Credit Facility Due 2027 [Member]
Debt Instrument, Maturity Date	Feb. 01, 2027	Feb. 01, 2027
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.00%	10.00%		10.00%
Debt Instrument, Maturity Date	Nov. 15, 2025	Nov. 15, 2025
The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	7.75%	7.75%			7.75%
Debt Instrument, Maturity Date	Feb. 15, 2026	Feb. 15, 2026
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.50%	10.50%	10.50%
Debt Instrument, Maturity Date	Feb. 15, 2026	Feb. 15, 2026
The 11.25% Senior Secured 1.5 Lien Notes due February 15, 2026 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.25%	11.25%	11.25%
Debt Instrument, Maturity Date	Feb. 15, 2026	Feb. 15, 2026
The 8.0% Senior Secured 1.125 Lien Notes Due 2028 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.00%		8.00%
Debt Instrument, Maturity Date	Sep. 30, 2028
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.75%		11.75%
Debt Instrument, Maturity Date	Sep. 30, 2029
The 8.0% Senior Notes Due 2027 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.00%
The 8.0% Senior Notes Due 2027 [Member] \| Unsecured Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	8.00%	8.00%
Debt Instrument, Maturity Date	Nov. 01, 2027	Nov. 01, 2027
The 13.5% Senior Notes Due 2026 [Member] \| Unsecured Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	13.50%	13.50%
Debt Instrument, Maturity Date	Feb. 01, 2026	Feb. 01, 2026
The 5.0% Senior Notes due 2040 [Member] \| Unsecured Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.00%	5.00%
Debt Instrument, Maturity Date	Feb. 01, 2040	Feb. 01, 2040
The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] \| Senior Secured Term Loan [Member]
Debt Instrument, Maturity Date	Jan. 31, 2028	Jan. 31, 2028

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Oct. 31, 2023	Dec. 12, 2023	Apr. 30, 2022
Document Information [Line Items]
Entity Central Index Key	0000357294
Entity Registrant Name	HOVNANIAN ENTERPRISES INC
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Oct. 31, 2023
Document Transition Report	false
Entity File Number	1-8551
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-1851059
Entity Address, Address Line One	90 Matawan Road, Fifth Floor
Entity Address, City or Town	Matawan
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07747
City Area Code	732
Local Phone Number	747-7800
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 358,031,038
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		749,081
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock $0.01 par value per share
Trading Symbol	HOV
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		5,345,992
Depository Shares [Member]
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock
Trading Symbol	HOVNP
Security Exchange Name	NASDAQ
Preferred Stock Purchase Rights [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights(1)
Trading Symbol	N/A
Security Exchange Name	NYSE

Note 15 - Share-based Compensation Plans (Tables)

12 Months Ended

Oct. 31, 2023

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

						Weighted-
						Average
						Remaining
	*October 31,*			*Weighted-Average*		*Contractual*		*Aggregate*
	*2023*			*Exercise Price*		*Life (Years)*		*Intrinsic Value*
Stock options outstanding at beginning of period		166,559		$	48.02
Granted		-		$	-
Exercised		(4,363	)	$	31.14
Forfeited		(250	)	$	7.85
Expired		(18,399	)	$	157.00
Stock options outstanding at end of period		143,547		$	34.63		4.4	$	5,231,933
Stock options exercisable at end of period		132,903		$	36.66		4.3	$	4,590,643

Schedule of Nonvested Share Activity [Table Text Block]

	*October 31,*			*Weighted-Average Grant Date*
	*2023*			*Fair Value*
Nonvested time-based at beginning of period		175,637		$	33.43
Granted		63,275		$	87.92
Vested (1)		(97,183	)	$	29.89
Forfeited		(9,586	)	$	43.90
Nonvested time-based at end of period		132,143		$	52.79

	*October 31,*			*Weighted-Average Grant Date*
	*2023*			*Fair Value*
Nonvested performance-based at beginning of period		507,157		$	41.14
Granted		272,567		$	56.09
Vested (1)		(184,911	)	$	42.79
Forfeited		(13,313	)	$	51.39
Nonvested performance-based at end of period		581,500		$	73.90

Note 9 - Senior Notes and Credit Facilities - Senior Notes and Credit Facilities Balances (Details) - USD ($)
$ in Thousands

Oct. 31, 2023

Oct. 31, 2022

Unamortized debt issuance costs

$ 1,070,261

^[1]

$ 1,154,852

Net (discounts) premiums

(14,563)

4,079

(4,207)

(12,384)

Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs

1,051,491

1,146,547

Senior Secured Notes [Member]

Unsecured Senior Notes [Member]

768,502

853,093

Senior Unsecured Term Loan Credit Facility Due 2027 [Member]

180,710

Senior Secured Revolving Credit Facility [Member]

39,551

The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] | Senior Secured Notes [Member]

^[2]

The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member]

^[3]

113,502

158,502

The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member]

250,000

The 11.25% Senior Secured 1.5 Lien Notes due February 15, 2026 [Member] | Senior Secured Notes [Member]

282,322

The 8.0% Senior Secured 1.125 Lien Notes Due 2028 [Member] | Senior Secured Notes [Member]

162,269

The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] | Senior Secured Notes [Member]

225,000

The 8.0% Senior Notes Due 2027 [Member] | Unsecured Senior Notes [Member]

430,000

The 13.5% Senior Notes Due 2026 [Member] | Unsecured Senior Notes [Member]

^[4]

The 5.0% Senior Notes due 2040 [Member] | Unsecured Senior Notes [Member]

90,590

The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] | Senior Secured Term Loan [Member]

90,120

Total current income tax expense:

$ 81,498

[1]	Does not include our $125.0 million Senior Secured Revolving Credit Facility under which there were no borrowings outstanding as of October 31, 2023.
[2]	At October 31, 2023, provides for up to $125.0 million in aggregate amount of senior secured first lien revolving loans. The revolving loans thereunder have a maturity of June 30, 2026 and borrowings bear interest, at K. Hovnanian’s option, at either (i) a term secured overnight financing rate (subject to a floor of 3.00%) plus an applicable margin of 4.50% or (ii) an alternate base rate (subject to a floor of 4.00%) plus an applicable margin of 3.50%. In addition, K. Hovnanian will pay an unused commitment fee on the undrawn revolving commitments at a rate of 1.00% per annum.
[3]	On November 15, 2023, K. Hovnanian redeemed all of its $113.5 million aggregate principal amount of 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025.
[4]	At October 31, 2022, $26.0 million of 8.0% Senior Notes due 2027 (the “8.0% 2027 Notes”) were owned by a wholly owned consolidated subsidiary of HEI. Therefore, in accordance with U.S. GAAP, such notes were not reflected on the Consolidated Balance Sheets of HEI. On October 31, 2023, K. Hovnanian redeemed all of the $26.0 million aggregate principal amount of its 8.0% 2027 Notes.

Note 20 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures - Unconsolidated Homebuilding and Land Development Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2020
Assets	$ 2,492,940	$ 2,562,030
Liabilities	1,911,151	2,178,979
Hovnanian Enterprises, Inc.	581,736	383,036
Others	53	15
Total equity	581,789	383,051	$ 175,384	$ (436,094)
Total liabilities and equity	2,492,940	2,562,030
Revenues	2,756,016	2,922,231	2,782,857
Joint venture net income	205,891	225,490	607,817
Our share of net income	43,160	29,033	8,849
Corporate Joint Venture [Member]
Cash and cash equivalents	128,369	154,044
Inventories	375,022	441,140
Other assets	380,989	20,037
Assets	884,380	615,221
Accounts payable and accrued liabilities	525,191	472,464
Notes payable	101,126	34,880
Liabilities	626,317	507,344
Hovnanian Enterprises, Inc.	96,491	73,351
Others	161,572	34,526
Total equity	258,063	107,877
Total liabilities and equity	$ 884,380	$ 615,221
Debt to capitalization ratio	28.00%	24.00%
Revenues	$ 783,298	$ 351,880	348,589
Cost of sales and expenses	(654,217)	(318,825)	(335,286)
Joint venture net income	129,081	33,055	13,303
Our share of net income	43,160	29,033	8,949
Corporate Joint Venture [Member] \| Homebuilding Joint Venture [Member]
Our share of net income	43,160	29,002	8,754
Corporate Joint Venture [Member] \| Land Development Joint Venture [Member]
Our share of net income	0	31	195
Homebuilding Joint Venture [Member] \| Corporate Joint Venture [Member]
Cash and cash equivalents	127,547	153,176
Inventories	375,022	441,140
Other assets	380,989	20,037
Assets	883,558	614,353
Accounts payable and accrued liabilities	524,586	471,813
Notes payable	101,126	34,880
Liabilities	625,712	506,693
Hovnanian Enterprises, Inc.	96,281	73,142
Others	161,565	34,518
Total equity	257,846	107,660
Total liabilities and equity	$ 883,558	$ 614,353
Debt to capitalization ratio	28.00%	24.00%
Revenues	$ 783,298	$ 351,767	347,898
Cost of sales and expenses	(654,217)	(318,788)	(335,077)
Joint venture net income	129,081	32,979	12,821
Land Development Joint Venture [Member] \| Corporate Joint Venture [Member]
Cash and cash equivalents	822	868
Inventories	0	0
Other assets	0	0
Assets	822	868
Accounts payable and accrued liabilities	605	651
Notes payable	0	0
Liabilities	605	651
Hovnanian Enterprises, Inc.	210	209
Others	7	8
Total equity	217	217
Total liabilities and equity	$ 822	$ 868
Debt to capitalization ratio	0.00%	0.00%
Revenues	$ 0	$ 113	691
Cost of sales and expenses	0	(37)	(209)
Joint venture net income	$ 0	$ 76	$ 482

Note 11 - Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Thousands

12 Months Ended

Oct. 31, 2023

Oct. 31, 2022

Oct. 31, 2021

Federal (1)

^[1]

$ 0

State (2)

^[2]

8,101

13,377

7,722

8,101

13,377

7,722

Federal

46,821

60,064

(335,608)

State

(4,862)

20,822

(90,070)

Total deferred income tax expense (benefit):

41,959

80,886

(425,678)

Total

$ 50,060

$ 94,263

$ (417,956)

[1]	The current federal income tax expense is net of the use of federal net operating losses totaling $221.2 million (tax effected $46.4 million), $306.0 million (tax effected $64.3 million) and $173.8 million (tax effected $36.5 million) for the years ended October 31, 2023, 2022 and 2021, respectively.
[2]	The current state income tax expense is net of the use of state net operating losses totaling $113.3 million (tax effected $8.3 million), $80.1 million (tax effected $5.8 million) and $55.7 million (tax effected $3.9 million) for the years ended October 31, 2023, 2022 and 2021, respectively.

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 13 - Per Share Calculations (Tables)

12 Months Ended

Oct. 31, 2023

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Year Ended October 31,*
(In thousands, except per share data)	*2023*			*2022*			*2021*

Numerator:
Net income	$	205,891		$	225,490		$	607,817
Less: preferred stock dividends		(10,675	)		(10,675	)		-
Less: undistributed earnings allocated to participating securities		(16,027	)		(19,702	)		(57,676	)
Numerator for basic earnings per share	$	179,189		$	195,113		$	550,141
Plus: undistributed earnings allocated to participating securities		16,027			19,702			57,676
Less: undistributed earnings reallocated to participating securities		(16,058	)		(19,717	)		(58,687	)
Numerator for diluted earnings per share	$	179,158		$	195,098		$	549,130
Denominator:
Denominator for basic earnings per share – weighted average shares outstanding		6,230			6,437			6,287
Effect of dilutive securities:
Stock-based payments		436			291			108
Denominator for diluted earnings per share – weighted-average shares outstanding		6,666			6,728			6,395
Basic earnings per share	$	28.76		$	30.31		$	87.50
Diluted earnings per share	$	26.88		$	29.00		$	85.86

Note 11 - Income Taxes - Effective Tax Rate (Details)	12 Months Ended
Note 11 - Income Taxes - Effective Tax Rate (Details)	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Federal statutory income tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	6.20%	9.80%	4.00%
Permanent differences, net	0.90%	0.80%	3.60%
Deferred tax asset valuation allowance impact	(6.30%)	0.00%	(248.50%)
Tax contingencies	(0.10%)	(0.10%)	(0.20%)
Tax credits	(2.20%)	0.00%	0.00%
Adjustments to prior years’ tax accruals	0.10%	(2.00%)	0.00%
Effective tax rate	19.60%	29.50%	(220.10%)

Note 4 - Leases

12 Months Ended

Oct. 31, 2023

Lessee, Operating Leases [Text Block]

4.	Leases

We rent certain office space for use in our operations. We assess each of these contracts to determine whether the arrangement contains a lease as defined by ASC 842. In order to meet the definition of a lease under ASC 842, the contractual arrangement must convey to us the right to control the use of an identifiable asset for a period of time in exchange for consideration. We recognize lease expense on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Our office lease terms are typically from three to five years and generally contain renewal options. In accordance with ASC 842, our lease terms include renewals only to the extent that they are reasonably certain to be exercised. The exercise of these lease renewal options is generally at our discretion. In accordance with ASC 842, the lease liability is equal to the present value of the remaining lease payments while the ROU asset is based on the lease liability, subject to adjustment, such as for lease incentives. Our leases do not provide a readily determinable implicit interest rate and therefore, we must estimate our incremental borrowing rate. In determining the incremental borrowing rate, we consider the lease period and our collateralized borrowing rates.

Our lease population at October 31, 2023 is comprised of operating leases where we are the lessee, primarily for our corporate office and division offices. As allowed by ASC 842, we made an accounting policy election to not record leases with an initial term of 12 months or less on our Consolidated Balance Sheets.

Lease costs are included in our Consolidated Statements of Operations, primarily in "Selling, general and administrative" homebuilding expenses and payments on our lease liabilities are presented in the table below.

	*Year Ended October 31,*
(In thousands)	*2023*		*2022*		*2021*
Operating lease costs	$	11,059	$	10,483	$	10,521
Cash payments on lease liabilities	$	9,293	$	9,605	$	9,598

ROU assets are classified within "Prepaid expenses and other assets" on our Consolidated Balance Sheets, while lease liabilities are classified within "Accounts payable and other liabilities." We recorded a net increase to both ROU assets and lease liabilities of $19.8 million as a result of new leases and lease renewals that commenced during the year ended October 31, 2023. The following table contains additional information about our leases:

(In thousands)	*2023*			*2022*
ROU assets	$	25,745		$	17,899
Lease liabilities	$	26,470		$	18,862
Weighted-average remaining lease term (in years)		5.1			3.5
Weighted-average discount rate		10.0	%		9.5	%

Maturities of our operating lease liabilities as of October 31, 2023 are as follows:

Fiscal Year Ending October 31,	*(In thousands)*
2024	$	8,491
2025		8,028
2026		6,538
2027		4,317
2028		1,784
Thereafter		4,871
Total operating lease payments (1)		34,029
Less: imputed interest		(7,559	)
Present value of operating lease liabilities	$	26,470

(1) Lease payments exclude $3.2 million of legally binding minimum lease payments for office leases signed but not yet commenced as of October 31, 2023. The related ROU asset and operating lease liability are not reflected on the Company's Consolidated Balance Sheet as of October 31, 2023.

Note 13 - Per Share Calculations - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Net income	$ 205,891	$ 225,490	$ 607,817
Less: preferred stock dividends	(10,675)	(10,675)	0
Less: undistributed earnings allocated to participating securities	(16,027)	(19,702)	(57,676)
Numerator for basic earnings per share	179,189	195,113	550,141
Plus: undistributed earnings allocated to participating securities	16,027	19,702	57,676
Less: undistributed earnings reallocated to participating securities	(16,058)	(19,717)	(58,687)
Numerator for diluted earnings per share	$ 179,158	$ 195,098	$ 549,130
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	6,230	6,437	6,287
Stock-based payments (in shares)	436	291	108
Denominator for diluted earnings per share – weighted-average shares outstanding (in shares)	6,666	6,728	6,395
Basic earnings per share (in dollars per share)	$ 28.76	$ 30.31	$ 87.5
Diluted earnings per share (in dollars per share)	$ 26.88	$ 29	$ 85.86

Note 7 - Mortgage Loans Held for Sale

12 Months Ended

Oct. 31, 2023

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

7. Mortgage Loans Held for Sale

Our wholly owned mortgage banking subsidiary, K. Hovnanian American Mortgage, LLC (“K. Hovnanian Mortgage”) originates mortgage loans, primarily from the sale of our homes. Such mortgage loans are sold in the secondary mortgage market within a short period of time of origination. Mortgage loans held for sale consist primarily of single-family residential loans collateralized by the underlying property. Loans held for sale are recorded at fair value with the changes in the value recognized in the Consolidated Statements of Operations in “Financial services” revenue. We currently use forward sales of MBS, interest rate commitments from borrowers and mandatory and/or best-efforts forward commitments to sell loans to third-party purchasers to protect us from interest rate fluctuations. These short-term instruments do not require any payments to be made to the counterparty or purchaser in connection with the execution of the commitments.

At October 31, 2023 and 2022, $127.7 million and $92.5 million, respectively, of mortgage loans held for sale were pledged against our mortgage warehouse lines of credit (see Note 8). We may incur losses with respect to mortgages that were previously sold that are delinquent and which had underwriting defects, but only to the extent the losses are not covered by mortgage insurance or the resale value of the home. The reserves for these estimated losses are included in “Financial services” liabilities on the Consolidated Balance Sheets. At October 31, 2023 and 2022, we had reserves specifically for 10 and 14 identified mortgage loans, respectively, as well as reserves for an estimate of future losses on mortgages sold but not yet identified to us.

The activity in our loan origination reserves in fiscal 2023 and 2022 was as follows:

	*Year Ended*
	*October 31,*
(In thousands)	*2023*		*2022*

Loan origination reserves, beginning of period	$	1,795	$	1,632
Provisions for losses during the period		187		181
Adjustments to pre-existing provisions for losses from changes in estimates		31		(18	)
Loan origination reserves, end of period	$	2,013	$	1,795

Note 1 - Basis of Presentation

12 Months Ended

Oct. 31, 2023

Basis of Presentation and Significant Accounting Policies [Text Block]

1. Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include Hovnanian Enterprises, Inc.’s (“HEI”) accounts and those of all its consolidated subsidiaries, after elimination of all intercompany balances and transactions. HEI’s fiscal year ends on October 31. Noncontrolling interest represents the proportionate equity interest in a consolidated joint venture that is not 100% owned by HEI, directly or indirectly.

Note 14 - Capital Stock

12 Months Ended

Oct. 31, 2023

Equity [Text Block]

14. Capital Stock

Common Stock

Each share of Class A common stock entitles its holder to one vote per share, and each share of Class B common stock generally entitles its holder to ten votes per share. The amount of any regular cash dividend payable on a share of Class A common stock will be an amount equal to 110% of the corresponding regular cash dividend payable on a share of Class B common stock. If a shareholder desires to sell shares of Class B common stock, such stock must be converted into shares of Class A common stock at a one-to-one conversion rate.

On August 4, 2008, the Board of Directors (the "Board") adopted a shareholder rights plan (the “Rights Plan”), which was amended on January 11, 2018 and January 18, 2021, designed to preserve shareholder value and the value of certain tax assets primarily associated with NOLs and built-in losses under Section 382 of the Internal Revenue Code. Our ability to use NOLs and built-in losses would be limited if there was an “ownership change” under Section 382. This would occur if shareholders owning (or deemed under Section 382 to own) 5% or more of our stock increase their collective ownership of the aggregate amount of our outstanding shares by more than 50 percentage points over a defined period of time. The Rights Plan was adopted to reduce the likelihood of an “ownership change” occurring as defined by Section 382. Under the Rights Plan, one right was distributed for each share of Class A common stock and Class B common stock outstanding as of the close of business on August 15, 2008. Effective August 15, 2008, if any person or group acquires 4.9% or more of the outstanding shares of Class A common stock without the approval of the Board, there would be a triggering event causing significant dilution in the voting power of such person or group. However, existing stockholders who owned, at the time of the Rights Plan’s initial adoption on August 4, 2008, 4.9% or more of the outstanding shares of Class A common stock will trigger a dilutive event only if they acquire additional shares. The approval of the Board's decision to adopt the Rights Plan may be terminated by the Board at any time prior to the Rights being triggered. The Rights Plan will continue in effect until August 14, 2024, unless it expires earlier in accordance with its terms. The approval of the Board's decision to initially adopt the Rights Plan and the amendments thereto were approved by shareholders. Our shareholders also approved an amendment to our Certificate of Incorporation to restrict certain transfers of Class A common stock in order to preserve the tax treatment of our NOLs and built-in losses under Section 382 of the Internal Revenue Code. Subject to certain exceptions pertaining to pre-existing 5% stockholders and Class B stockholders, the transfer restrictions in our Restated Certificate of Incorporation generally restrict any direct or indirect transfer (such as transfers of our stock that result from the transfer of interests in other entities that own our stock) if the effect would be to (i) increase the direct or indirect ownership of our stock by any person (or public group) from less than 5% to 5% or more of our common stock; (ii) increase the percentage of our common stock owned directly or indirectly by a person (or public group) owning or deemed to own 5% or more of our common stock; or (iii) create a new “public group” (as defined in the applicable U.S. Treasury regulations). Transfers included under the transfer restrictions include sales to persons (or public groups) whose resulting percentage ownership (direct or indirect) of common stock would exceed the 5% thresholds discussed above, or to persons whose direct or indirect ownership of common stock would by attribution cause another person (or public group) to exceed such threshold.

On July 3, 2001, the Board authorized a stock repurchase program to purchase up to 0.2 million shares of Class A common stock. On September 1, 2022, the Board terminated our prior repurchase program and authorized a new program for the repurchase of up to $50.0 million of our Class A common stock. Under the new repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual dollar amount repurchased will depend on a variety of factors, including legal requirements, price, future tax implications and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. As of October 31, 2023, $33.0 million of our Class A common stock is available for repurchase under the stock repurchase program.

Preferred Stock

On July 12, 2005, we issued 5,600 shares of 7.625% Series A preferred stock, with a liquidation preference of $25,000 per share. Dividends on the Series A preferred stock are not cumulative and are payable at an annual rate of 7.625%. The Series A preferred stock is not convertible into the Company’s common stock and is redeemable in whole or in part at our option at the liquidation preference of the shares. The Series A preferred stock is traded as depositary shares, with each depositary share representing 1/1000th of a share of Series A preferred stock. The depositary shares are listed on the NASDAQ Global Market under the symbol “HOVNP.” In both fiscal 2023 and 2022 we paid dividends of $10.7 million on the Series A preferred stock. In fiscal 2021, we did not pay any dividends on the Series A preferred stock due to covenant restrictions in our debt instruments.

Retirement Plan

We have established a tax-qualified, defined contribution savings and investment retirement plan ("401(k) plan"). All associates are eligible to participate in the retirement plan, and employer contributions are based on a percentage of associate contributions and our operating results. 401(k) plan expenses were $8.2 million, $8.3 million and $7.0 million for the years ended October 31, 2023, 2022 and 2021, respectively.

Treasury Stock

During the year ended October 31, 2023, we repurchased 118,478 shares under the new stock repurchase program, with a market value of $4.8 million, or $40.51 per share, which were added to "Treasury stock" on our Consolidated Balance Sheets as of October 31, 2023. During the year ended October 31, 2022, we repurchased 312,471 shares under the new stock repurchase program, with a market value of $12.2 million, or $39.12 per share, which were added to "Treasury stock" on our Consolidated Balance Sheets as of October 31, 2022. There were no shares repurchased during the year ended October 31, 2021.

The entire disclosure for equity.

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Fair Value, Inputs, Level 2 [Member]

Note 21 - Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands

Oct. 31, 2023

Oct. 31, 2022

Total

$ 130,235

$ 111,300

Mortgage loans held for sale

^[1]

130,235

110,548

Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member]

Derivative Fair Value

$ 0

$ 752

[1]	The aggregate unpaid principal balance was $130.4 million and $110.2 million at October 31, 2023 and 2022, respectively.

Note 7 - Mortgage Loans Held for Sale (Details Textual) $ in Millions	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)
Number of Loans Reserved For	10	14
Asset Pledged as Collateral without Right [Member]
Financing Receivable, before Allowance for Credit Loss	$ 127.7	$ 92.5

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

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Note 11 - Income Taxes (Tables)

12 Months Ended

Oct. 31, 2023

Schedule of Components of Income Tax Payable Receivable [Table Text Block]

	*October 31,*
(In thousands)	*2023*			*2022*
State income taxes:
Current	$	1,861		$	3,167
Deferred		(74,110	)		(69,248	)
Federal income taxes:
Current		-			-
Deferred		(228,723	)		(275,545	)
Total	$	(300,972	)	$	(341,626	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	*Year Ended October 31,*
(In thousands)	*2023*			*2022*		*2021*
Current income tax expense:
Federal (1)	$	-		$	-	$	-
State (2)		8,101			13,377		7,722
Total current income tax expense:		8,101			13,377		7,722
Federal		46,821			60,064		(335,608	)
State		(4,862	)		20,822		(90,070	)
Total deferred income tax expense (benefit):		41,959			80,886		(425,678	)
Total	$	50,060		$	94,263	$	(417,956	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	*October 31,*
(In thousands)	*2023*			*2022*
Deferred tax assets:
Inventory impairments	$	26,168		$	30,772
Uniform capitalization of overhead		3,692			4,285
Warranty and legal reserves		4,439			5,668
Compensation		11,377			13,746
Deferred income		1,167			2,425
Interest expense		4,939			3,646
Restricted stock units		2,069			1,628
Stock options		209			818
Provision for losses		18,349			17,700
Federal net operating losses		147,841			194,306
State net operating losses		136,257			150,832
Tax credit carryforwards		21,260			12,254
Other		3,688			5,005
Total deferred tax assets		381,455			443,085
Deferred tax liabilities:
Joint venture income		(6,743	)		(2,565	)
Total deferred tax liabilities		(6,743	)		(2,565	)
Valuation allowance		(71,879	)		(95,727	)
Deferred tax assets, net	$	302,833		$	344,793

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	*Year Ended October 31,*
	*2023*			*2022*			*2021*
Federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		6.2			9.8			4.0
Permanent differences, net		0.9			0.8			3.6
Deferred tax asset valuation allowance impact		(6.3	)		0.0			(248.5	)
Tax contingencies		(0.1	)		(0.1	)		(0.2	)
Tax credits		(2.2	)		0.0			0.0
Adjustments to prior years’ tax accruals		0.1			(2.0	)		0.0
Effective tax rate		19.6	%		29.5	%		(220.1	)%

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

(In millions)		*2023*			*2022*
Unrecognized tax benefit—November 1,	$	0.2		$	0.5
Gross increases—tax positions in current period		-			-
Lapse of statute of limitations		(0.2	)		(0.3	)
Unrecognized tax benefit—October 31,	$	-		$	0.2

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Income Tax Expense (Benefit)	$ 50,060	$ 94,263	$ (417,956)
Deferred Tax Assets, Net	302,833	344,793
Deferred Tax Assets, Valuation Allowance	71,879	95,727
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	0	100
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 131	128	84
Open Tax Year	2019 2020 2021 2022
Domestic Tax Authority [Member]
Operating Income (Loss)	$ (221,200)	(306,000)	(173,800)
Operating Income (Loss), Tax Effect	46,400	64,300	36,500
Income Tax Expense (Benefit)	46,821	60,064	(335,608)
Deferred Tax Assets, Net	228,723	275,545
Domestic Tax Authority [Member] \| Between 2030 and 2038 [Member]
Operating Loss Carryforwards	688,300
Domestic Tax Authority [Member] \| Indefinite Tax Period [Member]
Operating Loss Carryforwards	15,700
State and Local Jurisdiction [Member]
Operating Income (Loss)	(113,300)	(80,100)	(55,700)
Operating Income (Loss), Tax Effect	8,300	5,800	3,900
Income Tax Expense (Benefit)	3,239	34,199	$ (82,348)
Operating Loss Carryforwards	2,100,000
Deferred Tax Assets, Net	74,110	$ 69,248
State and Local Jurisdiction [Member] \| Indefinite Tax Period [Member]
Operating Loss Carryforwards	52,100
State and Local Jurisdiction [Member] \| Between 2024 and 2028 [Member]
Operating Loss Carryforwards	586,100
State and Local Jurisdiction [Member] \| Between 2029 and 2033 [Member]
Operating Loss Carryforwards	1,100,000
State and Local Jurisdiction [Member] \| Between 2034 and 2038 [Member]
Operating Loss Carryforwards	348,800
State and Local Jurisdiction [Member] \| Between 2039 Through 2043 [Member]
Operating Loss Carryforwards	$ 8,700

Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2023	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Gain on consolidation	$ 19,100	$ 19,102	$ (0)	$ (0)

Significant Accounting Policies (Policies)

12 Months Ended

Oct. 31, 2023

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and these differences could have a significant impact on the Consolidated Financial Statements.

Revenue [Policy Text Block]

Income Recognition from Home and Land Sales - We are primarily engaged in the development, construction, marketing and sale of residential single-family and multi-family homes where the planned construction cycle is less than 12 months. For these homes, in accordance with ASC 606, “Revenue from Contracts with Customers,” revenue is recognized when control is transferred to the buyer, which occurs when the buyer takes title to and possession of the home and there is no continuing involvement. From time to time, as market conditions warrant, we offer sales incentives which enable customers to reduce the base price of a home or to reduce the price of options. These incentives are recorded as a reduction of revenue in accordance with ASC 606.

Income Recognition from Mortgage Loans - Our financial services segment originates mortgages, primarily for our homebuilding customers. We use mandatory investor commitments and forward sales of mortgage-backed securities (“MBS”) to hedge our mortgage-related interest rate exposure on agency and government loans.

We elected the fair value option for our mortgage loans held for sale in accordance with ASC 825, “Financial Instruments,” which permits us to measure our loans held for sale at fair value. Management believes that the election of the fair value option for loans held for sale improves financial reporting because it mitigates volatility in reported earnings and by measuring the fair value of loans and the derivative instruments used to economically hedge them, we do not have to apply complex hedge accounting provisions.

Substantially all of the mortgage loans originated are sold within a short period of time in the secondary mortgage market on a servicing released, nonrecourse basis, although the Company remains liable for certain limited representations, such as fraud, and warranties related to loan sales. Mortgage investors could seek to have us buy back loans or compensate them for losses incurred on mortgages we have sold based on claims that we breached our limited representations and warranties. We have established reserves for probable losses.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents - Cash equivalents include certificates of deposit, U.S. Treasury bills and government money–market funds with maturities of 90 days or less when purchased. Our cash balances are held at a few financial institutions and may, at times, exceed insurable amounts. We believe we help to mitigate this risk by depositing our cash in major financial institutions. At October 31, 2023 and 2022, $11.4 million and $13.4 million, respectively, of the total cash and cash equivalents was in cash equivalents and restricted cash equivalents.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments - The fair value of financial instruments is determined by reference to various market data and other valuation techniques as appropriate. Our financial instruments consist of cash and cash equivalents, restricted cash and cash equivalents, receivables, deposits and notes, accounts payable and other liabilities, customers' deposits, mortgage loans held for sale, nonrecourse mortgages, mortgage warehouse lines of credit, senior secured revolving credit facility, accrued interest, senior secured term loan, senior unsecured term loan credit facility, senior secured notes and senior notes. The fair value of the senior secured revolving credit facility, senior secured term loan, senior unsecured term loan credit facility, senior secured notes and senior notes is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities or when not available, are estimated based on third-party broker quotes or management's estimate of the fair value based on available trades for similar debt instruments. The fair value of all of our other financial instruments approximates their carrying amounts.

Inventory, Policy [Policy Text Block]

Inventories - Inventories consist of land, land development, home construction costs, capitalized interest, construction overhead and property taxes. Construction costs are accumulated during the period of construction and charged to cost of sales under the specific identification method. Land, land development and common facility costs are allocated based on buildable acres to product types within each community, then charged to cost of sales equally based upon the number of homes to be constructed for each product type.

We record inventories on our Consolidated Balance Sheets at cost unless the inventory is determined to be impaired, in which case the inventory is written down to its fair value. Our inventories consist of the following components: (1) sold and unsold homes and lots under development, which includes all construction, land, capitalized interest and land development costs related to started homes and land under development in our active communities; (2) land and land options held for future development or sale, which includes all costs related to land in our communities in planning or mothballed communities; and (3) consolidated inventory not owned, which consists of model homes financed with an investor and inventory related to land banking arrangements accounted for as financings.

We sell and lease back certain of our model homes with the right to participate in the potential profit when each home is sold to a third-party at the end of the respective lease. As a result of our continued involvement, for accounting purposes in accordance with ASC 606, these sale and leaseback transactions are considered a financing rather than a sale. Our Consolidated Balance Sheets, at October 31, 2023 and 2022, included inventory of $41.7 million and $48.5 million, respectively, recorded to “Consolidated inventory not owned” with a corresponding amount of $42.0 million and $51.2 million, respectively, recorded to “Liabilities from inventory not owned” for the amount of net cash received from the transactions.

We have land banking arrangements, whereby we sell our land parcels to a land banker and they provide us an option to purchase back finished lots on a predetermined schedule. Because of our options to repurchase these parcels, for accounting purposes, in accordance with ASC 606, these transactions are considered a financing rather than a sale. Our Consolidated Balance Sheets, at October 31, 2023 and 2022, included inventory of $183.1 million and $260.1 million, respectively, recorded to “Consolidated inventory not owned” with a corresponding amount of $82.3 million (net of debt issuance costs) and $151.3 million, respectively, recorded to “Liabilities from inventory not owned” for the amount of net cash received from the transactions.

The recoverability of inventories and other long-lived assets is assessed in accordance with ASC 360, “Property, Plant and Equipment.” ASC 360 requires long-lived assets, including inventories, held for development to be evaluated for impairment based on the undiscounted future cash flows of the assets at the lowest level for which there are identifiable cash flows. We evaluate impairment at the individual community level, which is the lowest level of discrete cash flows that are available.

We evaluate inventories of communities under development and held for future development for impairment when indicators of potential impairment are present. Indicators of impairment include, but are not limited to, decreases in local housing market values, decreases in gross margins or sales absorption rates, decreases in net sales prices (base sales price, net of sales incentives), or actual or projected operating or cash flow losses. The assessment of communities for indication of impairment is performed quarterly. As part of this process, we prepare detailed budgets for all of our communities at least semi-annually and identify those communities with a projected operating loss. For those communities with projected losses, we estimate the remaining undiscounted future cash flows and compare those to the carrying value of the community, to determine if the carrying value of the asset is recoverable.

The projected operating profits, losses or cash flows of each community can be significantly impacted by our estimates of the following:

●

future base selling prices;

●

future home sales incentives;

●

future home construction and land development costs; and

●

future sales absorption pace and cancellation rates.

These estimates are dependent upon specific market conditions for each community. While we consider available information to determine what we believe to be our best estimates as of the end of each quarter, these estimates are subject to change in future reporting periods as facts and circumstances change. Local market-specific conditions that may impact our estimates for a community include:

●

the intensity of competition within a market, including available home sales prices and home sales incentives offered by our competitors;

●

the current sales absorption pace for both our communities and competitor communities;

●

community-specific attributes, such as location, availability of lots in the market, desirability and uniqueness of our community, and the size and style of homes currently being offered;

●

potential for alternative product offerings to respond to local market conditions;

●

changes by management in the sales strategy of the community;

●

current local market economic and demographic conditions and related trends and forecasts; and

●

existing home inventory supplies, including foreclosures and short sales.

These and other local market-specific conditions that may be present are considered by management in preparing projection assumptions for each community. The sales objectives can differ between our communities, even within a given market. For example, facts and circumstances in a given community may lead us to price our homes with the objective of yielding a higher sales absorption pace, while facts and circumstances in another community may lead us to price our homes to minimize deterioration in our gross margins, although it may result in a slower sales absorption pace. In addition, the key assumptions included in our estimate of future undiscounted cash flows may be interrelated. For example, a decrease in estimated base sales price or an increase in homes sales incentives may result in a corresponding increase in sales absorption pace. Additionally, a decrease in the average sales price of homes to be sold and closed in future reporting periods for one community that has not been generating what management believes to be an adequate sales absorption pace may impact the estimated cash flow assumptions of a nearby community. Changes in our key assumptions, including estimated construction and development costs, sales absorption pace and selling strategies, could materially impact future cash flow and fair value estimates. Due to the number of possible scenarios that would result from various changes in these factors, we do not believe it is possible to develop a sensitivity analysis with a level of precision that would be meaningful to an investor.

If the undiscounted cash flows are more than the carrying value of the community, then the carrying amount is recoverable, and no impairment is recorded. However, if the undiscounted cash flows are less than the carrying amount, then the community is deemed impaired and is written down to its fair value. We determine the estimated fair value of each community by calculating the present value of its estimated future cash flows at a discount rate commensurate with the risk of the respective community, or in limited circumstances, prices for land in recent comparable sale transactions, market analysis studies, which include the estimated price a willing buyer would pay for the land (other than in a forced liquidation sale), and recent bona fide offers received from third parties. The estimated future cash flow assumptions are virtually the same for both our recoverability and fair value assessments. Should the estimates or expectations used in determining estimated cash flows or fair value, including discount rates, decrease or differ from current estimates in the future, we may be required to recognize additional impairments related to current and future communities. The impairment of a community is allocated to each lot on a relative fair value basis.

From time to time, we write off deposits, approval, engineering and capitalized interest costs when we determine that it is no longer probable that we will exercise options to buy land in specific locations or when we redesign communities and/or abandon certain engineering costs. In deciding not to exercise a land option, we take into consideration changes in market conditions, the timing of required land takedowns, the willingness of land sellers to modify terms of the land option contract (including timing of land takedowns), and the availability and best use of our capital, among other factors. The write-off is recorded in the period it is deemed not probable that the optioned property will be acquired. In certain instances, we have been able to recover deposits and other pre-acquisition costs that were previously written off. These recoveries have not been significant in comparison to the total costs written off.

Post-development Completion Warranty Costs and Insurance Deductible Reserves, Policy [Policy Text Block]

Warranty Costs and Construction Defect Reserves - We accrue warranty costs that are covered under our existing general liability and construction defect policy as part of our general liability insurance deductible. This accrual is expensed as selling, general and administrative costs. For homes delivered in fiscal 2023 and previously delivered in 2022, our deductible under our general liability insurance was $25.0 million in aggregate for construction defect and warranty claims. For bodily injury claims, our deductible per occurrence in fiscal 2023 and 2022 was $0.5 million, up to a $5.0 million limit in California and $0.25 million, up to a $5.0 million limit in all other states. Our aggregate retention for construction defect, warranty and bodily injury claims was $25.0 million for fiscal 2023 and 2022. We do not have a deductible on our worker's compensation insurance. Reserves for estimated losses for construction defects, warranty and bodily injury claims have been established using the assistance of a third-party actuary. The third-party actuary uses our historical warranty and construction defect data to assist management in estimating our unpaid claims, claim adjustment expenses and incurred but not reported claims reserves for the risks that we are assuming under the general liability and construction defect programs. The estimates consider provisions for inflation, claims handling and legal fees. These estimates are subject to a high degree of variability due to uncertainties such as trends in construction defect claims relative to our markets and the types of products we build, claim settlement patterns, insurance industry practices and legal interpretations, among others. Because of the high degree of judgment required in determining these estimated liabilities, actual future costs could differ significantly from our currently estimated amounts. In addition, we establish a warranty accrual for lower cost-related issues to cover home repairs, community amenities and land development infrastructure that are not covered under our general liability and construction defect policy. We accrue an estimate for these warranty costs as part of cost of sales at the time each home is closed and control is transferred to the buyer.

Inventory, Interest Capitalization Policy [Policy Text Block]

Interest - Interest attributable to properties under development during the land development and home construction period is capitalized and then expensed to cost of sales as the related inventories are sold. Interest that does not qualify for capitalization is expensed as incurred in “Other interest.”

Interest costs incurred, expensed and capitalized were as follows:

	*Year Ended*
	*October 31,*			*October 31,*			*October 31,*
(In thousands)	*2023*			*2022*			*2021*
Interest capitalized at beginning of year	$	59,600		$	58,159		$	65,010
Plus interest incurred(1)		136,535			134,024			155,514
Less cost of sales interest expensed		(80,820	)		(85,240	)		(84,100	)
Less other interest expensed(2)		(54,082	)		(47,343	)		(77,716	)
Less interest contributed to unconsolidated joint ventures(3)		(9,456	)		-			(3,667	)
Plus interest acquired from unconsolidated joint ventures(4)		283			-			3,118
Interest capitalized at end of year(5)	$	52,060		$	59,600		$	58,159

(1)

Does not include interest incurred by our mortgage and finance subsidiaries.

(2)

Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt, which amounted to $17.7 million, $28.6 million and $57.1 million for the years ended October 31, 2023, 2022 and 2021, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization, and therefore, is expensed as incurred. This component of other interest was $36.4 million, $18.8 million and $20.6 million for the years ended October 31, 2023, 2022 and 2021, respectively.

(3)

Represents capitalized interest which was included as part of the assets contributed to joint ventures, as discussed in Note 20. There was no impact to the Consolidated Statement of Operations as a result of these transactions.

(4)

Represents capitalized interest which was included as part of the assets purchased from joint ventures, as discussed in Note 20. There was no impact to the Consolidated Statement of Operations as a result of these transactions.

(5)

Capitalized interest amounts are shown gross before allocating any portion of impairments, if any, to capitalized interest.

Land under Option Arrangements, Policy [Policy Text Block]

Land Options - We have access to land and lots through option contracts. Costs incurred to obtain options to acquire improved or unimproved home sites are capitalized. Such amounts are either included as part of the purchase price if the land is acquired or charged to “Inventory impairments and land option write-offs” if we determine we will not exercise the option. We record costs associated with options on the Consolidated Balance Sheets under “Land and land options held for future development or sale.”

In accordance with ASC 810, “Consolidation,” we evaluate option contracts for land to determine whether they are with variable interest entities ("VIEs") and, if so, whether we are the primary beneficiary. A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. VIEs are consolidated when we have a controlling financial interest. A controlling financial interest will have both of the following characteristics: (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. If land and lot options are determined to be with VIEs and we are the primary beneficiary or the options have terms that require us to record it as financing, then we record the land and lots under option on the Consolidated Balance Sheets under “Consolidated inventory not owned” with an offset under “Liabilities from inventory not owned.” We perform on-going re-assessments of VIEs based on subsequent events, such as the modification of contracts or other changes in facts and circumstances, which could cause our consolidation conclusions to change.

Equity Method Investments [Policy Text Block]

Unconsolidated Homebuilding and Land Development Joint Ventures - Investments in unconsolidated entities in which the Company has significant influence over the operating and financial decisions of the entity, but holds less than a controlling financial interest, are accounted for by the equity method. Our investments in unconsolidated homebuilding and land development joint ventures are accounted for under the equity method. Under the equity method, we recognize our proportionate share of income and loss earned by the joint venture upon the delivery of lots or homes to third parties. Our ownership interests in joint ventures vary but our voting equity interests held are generally 20% to 50%. In determining whether or not we must consolidate joint ventures where we are the managing member of the joint venture, we assess whether the other partners have specific rights to overcome the presumption of control by us as the manager of the joint venture. In most cases, the presumption is overcome because the joint venture agreements require that both partners agree on establishing the significant operating and capital decisions of the partnership, including budgets, in the ordinary course of business. The evaluation of whether or not we control a joint venture can require significant judgment.

In accordance with ASC 323, “Investments - Equity Method and Joint Ventures,” we assess our investments in unconsolidated joint ventures for recoverability quarterly, and if it is determined that a loss in value of the investment below its carrying amount is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on the joint venture’s projected cash flows. This process requires significant management judgment and estimates. There were no write-downs for any periods presented.

Deferred Charges, Policy [Policy Text Block]

Debt Issuance Costs - Costs associated with borrowings under our credit facilities and term loans and the issuance of senior secured and senior notes are capitalized and amortized over the term of each note’s issuance. The capitalized costs are recorded as a contra liability within our debt balances, except for the revolving credit facility costs, which are recorded as a prepaid expense.

Debt, Policy [Policy Text Block]

Debt Issued at a Discount/Premium - Debt issued at a discount or premium to the face amount is amortized utilizing the effective interest method over the term of the note and recorded as a component of "Other interest" in the Consolidated Statements of Operations.

Advertising Cost [Policy Text Block]

Advertising Costs - Advertising costs are expensed as incurred, primarily to "Selling, general and administrative" homebuilding expense in the Consolidated Statements of Operations. During the years ended October 31, 2023, 2022 and 2021, advertising expenses totaled $15.4 million, $10.6 million and $9.8 million, respectively.

Income Tax, Policy [Policy Text Block]

Deferred Income Taxes - Deferred income taxes are provided for temporary differences between amounts recorded for financial reporting and income tax purposes. If the combination of future years’ income (or loss) combined with the reversal of the timing differences results in a loss, such losses can be carried forward to future years to recover deferred tax assets. In accordance with ASC 740, “Income Taxes,” we evaluate our deferred tax assets quarterly to determine if valuation allowances are required. We assess whether valuation allowances should be established based on the consideration of all available evidence using a “more-likely-than-not” standard.

In evaluating the exposures associated with our various tax filing positions, we recognize tax liabilities for more-likely-than-not exposures on a quarterly basis. This evaluation is based on factors such as changes in facts or circumstances, changes in tax law, new audit activity by taxing authorities and effectively settled issues. Determining whether an uncertain tax position is effectively settled requires judgment. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. A number of years may elapse before a particular matter for which we have established a liability is audited and fully resolved or clarified. We adjust our liability for unrecognized tax benefits and income tax expense in the period in which an uncertain tax position is effectively settled, the statute of limitations expires for the relevant taxing authority to examine the tax position or when more information becomes available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a liability that is materially different from our current estimate. Any such changes will be reflected as increases or decreases to "Income taxes" in the Consolidated Statement of Operations for the period in which they are determined. In addition, we record interest and penalties related to unrecognized tax benefits as a component of income tax expense. Accrued interest and penalties are included within "Income taxes payable" on the Consolidated Balance Sheets.

Prepaid Expenses, Policy [Policy Text Block]

Prepaid Expenses - Prepaid expenses that relate to specific housing communities (model setup, architectural fees, homeowner warranty program fees, interest rate buydowns, etc.) are amortized to cost of sales as the applicable inventories are sold. All other prepaid expenses are amortized over a specific time period or as used and charged to overhead expense.

Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

Allowance for Credit Losses – We regularly review our receivable balances, which are included in "Receivables, deposits and notes, net" on the Consolidated Balance Sheets, for collectability. These receivables include receivables from our insurance carriers, receivables from municipalities related to the development of utilities or other infrastructure, and other miscellaneous receivables. Allowances are maintained for potential credit losses based on historical experience, present economic conditions and other factors considered relevant. The allowance for credit losses were $12.8 million and $12.7 million at October 31, 2023 and 2022, respectively, which primarily related to allowances for receivables from municipalities and an allowance for a receivable for a prior year land sale. During fiscal 2023 and 2022, we recorded $0.4 million and $2.5 million of additional reserves. During fiscal 2023 and 2022, we recorded $0.2 million and $0.3 million, respectively, in recoveries. During fiscal 2023 we recorded $0.1 million in write-offs and there were no write-offs in fiscal 2022.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment - Property and equipment are recorded at cost. Maintenance and repair costs are expensed as incurred. Depreciation is computed by the straight-line method based upon estimated useful lives, generally as follows: Building and building improvements - 39 years or life of the lease; Furniture - 5-7 years; Equipment - 5-7 years; Capitalized Software - 3-5 years.

Share-Based Payment Arrangement [Policy Text Block]

Stock-Based Compensation - We account for our stock-based awards under ASC 718, “Compensation - Stock Compensation” which requires a fair-value based method to determine the estimated cost of an award. Compensation cost for stock-based awards is measured on the grant date. We recognize compensation cost for time-based awards ratably over the vesting period and performance-based awards ratably over the vesting period when it is probable that the stated performance target will be achieved. Forfeitures of stock-based awards are recognized as they occur.

Earnings Per Share, Policy [Policy Text Block]

Per Share Calculations - Basic earnings per share is computed by dividing net income (loss) (the "numerator") by the weighted-average number of common shares outstanding, adjusted for participating securities (the "denominator") for the period. Contingently issuable shares are included in basic earnings per share as of the date that all necessary vesting conditions have been satisfied. Computing diluted earnings per share is similar to computing basic earnings per share, except that the denominator is increased to include the dilutive effects of stock options and nonvested shares of restricted stock units ("RSUs"). Any stock options that have an exercise price greater than the average market price are considered to be anti-dilutive and are excluded from the diluted earnings per share calculation.

All shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings in periods where we have net income.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements - In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides companies with optional expedients to ease the potential accounting burden on contracts affected by the discontinuation of the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. This guidance was effective for the Company beginning on March 12, 2020, and we may elect to apply the amendments prospectively. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848”, to extend the temporary accounting rules under ASC 848 from December 31, 2022 to December 31, 2024. We are applying this guidance as we enter into transactions that are within the scope of the optional expedients allowed, and the application has not had a material impact on our Consolidated Financial Statements.

In August 2023, the FASB issued ASU 2023-05, “Business Combinations - Joint Venture Formations” (“ASU 2023-05”), which addresses the accounting for contributions made to a joint venture. ASU 2023-05 requires joint ventures to measure all assets and liabilities upon formation at fair value. This guidance will be applied prospectively to all joint venture formations with a formation date on or after January 1, 2025. We are currently evaluating the potential impact, but we do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements.

In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. This guidance will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. We are currently evaluating the potential impact, but we do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements.

Note 12 - Reduction of Inventory to Fair Value (Tables)

12 Months Ended

Oct. 31, 2023

Inventory Impairment [Table Text Block]

(Dollars in millions)	*Year Ended October 31, 2022*
			*Dollar*		*Pre-*
	*Number of*		*Amount of*		*Impairment*
	*Communities*		*Impairment*		*Value (1)*
Northeast		-	$	-	$	-
Southeast		-		-		-
West		1		8.4		10.6
Total		1	$	8.4	$	10.6

(Dollars in millions)	*Year Ended October 31, 2021*
			*Dollar*		*Pre-*
	*Number of*		*Amount of*		*Impairment*
	*Communities*		*Impairment*		*Value (1)*
Northeast		-	$	-	$	-
Southeast		2		1.2		9.2
West		1		0.8		2.3
Total		3	$	2.0	$	11.5

Write Offs and Lots Walked Away From [Table Text Block]

	*Year Ended October 31,*
(In millions)	*2023*		*2022*		*2021*
Northeast	$	0.5	$	0.4	$	0.3
Southeast		0.5		0.9		0.2
West		0.5		4.4		1.1
Total	$	1.5	$	5.7	$	1.6

Note 22 - Subsequent Events (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Nov. 15, 2023	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021	Sep. 07, 2023
Repayments of Senior Debt		$ 752,182	$ 103,875	$ 182,726
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		10.00%	10.00%		10.00%
Subsequent Event [Member] \| The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Redeemed, Face Amount	$ 113,500
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Repayments of Senior Debt	$ 119,200

Note 15 - Stock-based Compensation Plans - Non-vested Share Awards (Details)

12 Months Ended

Oct. 31, 2023

$ / shares

Time-based Share Units [Member]

Nonvested, weighted average grant date fair value, time-based (in dollars per share) | $ / shares

175,637

$ 33.43

Granted, time-based (in shares) | shares

63,275

Granted, weighted average grant date fair value, time-based (in dollars per share) | $ / shares

$ 87.92

Vested, time-based (in shares) | shares

(97,183)

^[1]

Vested, weighted average grant date fair value, time-based (in dollars per share) | $ / shares

$ 29.89

^[1]

Forfeited, time-based (in shares) | shares

(9,586)

Forfeited, weighted average grant date fair value, time-based (in dollars per share) | $ / shares

$ 43.9

Nonvested, weighted average grant date fair value, time-based (in dollars per share) | $ / shares

132,143

$ 52.79

Performance Shares [Member]

Nonvested, weighted average grant date fair value, time-based (in dollars per share) | $ / shares

507,157

$ 41.14

Granted, time-based (in shares) | shares

272,567

Granted, weighted average grant date fair value, time-based (in dollars per share) | $ / shares

$ 56.09

Vested, time-based (in shares) | shares

(184,911)

^[1]

Vested, weighted average grant date fair value, time-based (in dollars per share) | $ / shares

$ 42.79

^[1]

Forfeited, time-based (in shares) | shares

(13,313)

Forfeited, weighted average grant date fair value, time-based (in dollars per share) | $ / shares

$ 51.39

Nonvested, weighted average grant date fair value, time-based (in dollars per share) | $ / shares

581,500

$ 73.9

[1]	Includes 27,656 time-based vested share awards and 149,693 performance-based vested share awards which were deferred and not yet issued at October 31, 2023.

Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)
$ in Thousands

12 Months Ended

Oct. 31, 2023

Oct. 31, 2022

Oct. 31, 2021

Cash Equivalents, at Carrying Value

$ 11,400

$ 13,400

General Liability Insurance Deductible

25,000

Aggregate Retention for Construction Defects Warranty and Bodily Injury Claims

25,000

Real Estate Inventory Expense Not Eligible for Capitalization

^[1],[2]

54,082

47,343

$ 77,716

Advertising Expense

15,400

10,600

9,800

Accounts Receivable, Allowance for Credit Loss

12,800

12,700

Accounts Receivable, Credit Loss Expense (Reversal)

(400)

(2,500)

Accounts Receivable, Allowance for Credit Loss, Recovery

200

300

Accounts Receivable, Allowance for Credit Loss, Writeoff

$ 100

Building and Building Improvements [Member]

Qualifying Assets Not Exceeding Debt [Member]

39 years

Real Estate Inventory Expense Not Eligible for Capitalization

$ 17,700

28,600

57,100

Completed Homes, Land in Planning and Fully Developed Lots without Homes under Construction [Member]

Real Estate Inventory Expense Not Eligible for Capitalization

$ 36,400

18,800

$ 20,600

Maximum [Member]

Joint Venture Voting Interest Percentage

50.00%

Maximum [Member] | Furniture and Fixtures [Member]

Maximum [Member] | Equipment [Member]

7 years

Maximum [Member] | Software and Software Development Costs [Member]

7 years

Joint Venture Voting Interest Percentage

5 years

Minimum [Member]

20.00%

Minimum [Member] | Furniture and Fixtures [Member]

Minimum [Member] | Equipment [Member]

5 years

Minimum [Member] | Software and Software Development Costs [Member]

5 years

Bodily Injury Insurance Deductible

3 years

CALIFORNIA

$ 500

500

CALIFORNIA | Maximum [Member]

Bodily Injury Insurance Limit

5,000

All States Other Than California [Member]

Bodily Injury Insurance Deductible

250

All States Other Than California [Member] | Maximum [Member]

Bodily Injury Insurance Limit

5,000

Liabilities from Inventory Real Estate Not Owned

124,254

202,492

Homebuilding [Member] | Model Sale Leaseback Financing Arrangements [Member]

Inventory Real Estate, Other Options

41,700

48,500

Liabilities from Inventory Real Estate Not Owned

42,000

51,200

Homebuilding [Member] | Land Banking Arrangement [Member]

Inventory Real Estate, Other Options

183,100

260,100

Liabilities from Inventory Real Estate Not Owned

$ 82,300

$ 151,300

[1]

Cash paid for interest, net of capitalized interest, is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest on notes payable, which is calculated as follows:

[2]

Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt, which amounted to $2.6 million and $5.0 million for the three months ended July 31, 2023 and 2022, respectively, and $14.5 million and $25.5 million for the nine months ended July 31, 2023 and 2022, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization and therefore is expensed as incurred. This component of other interest was $10.9 million and $4.6 million for the three months ended July 31, 2023 and 2022, respectively, and $28.6 million and $9.9 million for the nine months ended July 31, 2023 and 2022, respectively.

Note 13 - Per Share Calculations (Details Textual) - shares shares in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Out of the Money Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	6	26	25

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Cash flows from operating activities:
Net income	$ 205,891	$ 225,490	$ 607,817
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,798	5,457	5,280
Stock-based compensation	14,227	10,276	7,668
Amortization of debt discounts, premiums and deferred financing costs	1,645	376	242
(Gain) loss on sale of property and assets	(1,106)	(34)	92
Gain on consolidation of joint venture	(19,102)	0	0
Income from unconsolidated joint ventures	(43,160)	(29,033)	(8,849)
Distributions of earnings from unconsolidated joint ventures	18,650	3,990	9,709
Loss on extinguishment of debt	25,638	6,795	3,748
Noncontrolling interest in consolidated joint ventures	38	270	430
Decrease (increase) in assets:
Inventories	278,672	(279,000)	(35,514)
Receivables, deposits and notes	11,296	(2,632)	(3,016)
Origination of mortgage loans	(1,216,923)	(1,205,604)	(1,490,099)
Sale of mortgage loans	1,197,988	1,245,408	1,443,355
Deferred tax assets	41,960	80,885	(425,678)
(Decrease) increase in liabilities:
Accounts payable, accrued interest and other liabilities	(59,554)	7,705	71,370
Increase (Decrease) in Contract with Customer, Liability	(29,913)	5,725	20,009
State income tax payable	(1,306)	(684)	19
Net cash provided by operating activities	435,275	89,466	210,213
Cash flows from investing activities:
Proceeds from sale of property and assets	1,961	63	32
Purchase of property, equipment, and other fixed assets	(18,821)	(12,592)	(5,942)
Investment in and advances to unconsolidated joint ventures, net of reimbursements	(77,822)	35	(16,550)
Distributions of capital from unconsolidated joint ventures	16,447	10,342	31,456
Net cash (used in) provided by investing activities	(78,235)	(2,152)	8,996
Cash flows from financing activities:
Proceeds from mortgages and notes	324,849	438,883	252,930
Payments related to mortgages and notes	(382,933)	(418,383)	(262,609)
Proceeds from model sale leaseback financing programs	12,412	35,030	7,606
Payments related to model sale leaseback financing programs	(21,875)	(14,857)	(23,677)
Proceeds from land bank financing programs	53,115	189,952	35,282
Payments related to land bank financing programs	(123,109)	(68,746)	(88,458)
Proceeds from partner distributions to consolidated joint venture	0	40	40
Payments for partner distributions to consolidated joint venture	0	(782)	(818)
Net borrowings from senior secured notes	640,925	0	0
Payments related to senior secured notes	(752,182)	(103,875)	(182,726)
Preferred dividends paid	(10,675)	(10,675)	0
Treasury stock purchases	(4,800)	(12,222)	0
Deferred financing costs from note issuances and land banking financing programs	(13,870)	(10,267)	(2,587)
Net cash used in financing activities	(261,711)	(16,520)	(217,273)
Net increase in cash and cash equivalents, and restricted cash and cash equivalents	95,329	70,794	1,936
Cash and cash equivalents, and restricted cash and cash equivalents balance, beginning of period	382,190	311,396	309,460
Cash and cash equivalents, and restricted cash and cash equivalents balance, end of period	477,519	382,190	311,396
Supplemental disclosures of cash flows:
Interest, net of capitalized interest (see Note 3 to the Consolidated Financial Statements)	62,576	44,872	87,227
Income taxes	9,407	14,062	7,669
Cash and cash equivalents, and restricted cash and cash equivalents balance, end of period	477,519	382,190	311,396
Homebuilding [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Inventory impairments and land option write-offs	1,536	14,076	3,630
Supplemental disclosures of cash flows:
Cash and cash equivalents	434,119	326,198	245,970
Restricted cash and cash equivalents	8,431	13,382	16,089
Financial Services [Member]
Cash flows from financing activities:
Net proceeds (payments) related to mortgage warehouse lines of credit	16,432	(40,618)	47,744
Supplemental disclosures of cash flows:
Cash and cash equivalents	4,519	6,468	5,819
Restricted cash and cash equivalents	$ 30,450	$ 36,142	$ 43,518

Note 6 - Restricted Cash and Customers' Deposits (Details Textual) - USD ($) $ in Thousands	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Mortgage Warehouse Lines of Credit [Member]
Restricted Cash and Cash Equivalents	$ 2,400	$ 6,400
Homebuilding [Member]
Restricted Cash and Cash Equivalents	8,431	13,382	$ 16,089
Financial Services [Member]
Restricted Cash and Cash Equivalents	30,450	36,142	$ 43,518
Financial Services [Member] \| Customer Deposits [Member]
Restricted Cash and Cash Equivalents	28,100	29,700
Financial Services [Member] \| Other Assets [Member]
Restricted Cash and Cash Equivalents	$ 30,500	$ 36,100

Note 9 - Senior Notes and Credit Facilities

12 Months Ended

Oct. 31, 2023

Long-Term Debt [Text Block]

9. Senior Notes and Credit Facilities

Senior secured notes, senior notes and credit facilities balances as of October 31, 2023 and October 31, 2022, were as follows:

	*October 31,*			*October 31,*
(In thousands)		*2023*			*2022*
Senior Secured Notes:
10.0% Senior Secured 1.75 Lien Notes due November 15, 2025 (1)	$	113,502		$	158,502
7.75% Senior Secured 1.125 Lien Notes due February 15, 2026		-			250,000
10.5% Senior Secured 1.25 Lien Notes due February 15, 2026		-			282,322
11.25% Senior Secured 1.5 Lien Notes due February 15, 2026		-			162,269
8.0% Senior Secured 1.125 Lien Notes due September 30, 2028		225,000			-
11.75% Senior Secured 1.25 Lien Notes due September 30, 2029		430,000			-
Total Senior Secured Notes	$	768,502		$	853,093
Senior Notes:
8.0% Senior Notes due November 1, 2027 (2)	$	-		$	-
13.5% Senior Notes due February 1, 2026		90,590			90,590
5.0% Senior Notes due February 1, 2040		90,120			90,120
Total Senior Notes	$	180,710		$	180,710
Senior Unsecured Term Loan Credit Facility due February 1, 2027	$	39,551		$	39,551
Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028	$	81,498		$	81,498
Senior Secured Revolving Credit Facility (3)	$	-		$	-
Subtotal senior notes and credit facilities	$	1,070,261		$	1,154,852
Net (discounts) premiums	$	(14,563	)	$	4,079
Unamortized debt issuance costs	$	(4,207	)	$	(12,384	)
Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs	$	1,051,491		$	1,146,547

(1) On November 15, 2023, K. Hovnanian redeemed all of its $113.5 million aggregate principal amount of 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025.

(2) At October 31, 2022, $26.0 million of 8.0% Senior Notes due 2027 (the “8.0% 2027 Notes”) were owned by a wholly owned consolidated subsidiary of HEI. Therefore, in accordance with U.S. GAAP, such notes were not reflected on the Consolidated Balance Sheets of HEI. On October 31, 2023, K. Hovnanian redeemed all of the $26.0 million aggregate principal amount of its 8.0% 2027 Notes.

(3) At October 31, 2023, provides for up to $125.0 million in aggregate amount of senior secured first lien revolving loans. The revolving loans thereunder have a maturity of June 30, 2026 and borrowings bear interest, at K. Hovnanian’s option, at either (i) a term secured overnight financing rate (subject to a floor of 3.00%) plus an applicable margin of 4.50% or (ii) an alternate base rate (subject to a floor of 4.00%) plus an applicable margin of 3.50%. In addition, K. Hovnanian will pay an unused commitment fee on the undrawn revolving commitments at a rate of 1.00% per annum.

As of October 31, 2023, future maturities of our borrowings were as follows (in thousands):

Fiscal Year Ending October 31, (1)
2024	$	-
2025		-
2026 (2)		204,092
2027		39,551
2028		306,498
Thereafter		520,120
Total	$	1,070,261

(1) Does not include our $125.0 million Senior Secured Revolving Credit Facility under which there were no borrowings outstanding as of October 31, 2023.

(2) On November 15, 2023, K. Hovnanian redeemed all of its $113.5 million aggregate principal amount of 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025.

General

Except for K. Hovnanian, the issuer of the notes and borrower under the Credit Facilities (as defined below), our home mortgage subsidiaries, certain of our title insurance subsidiaries, joint ventures and subsidiaries holding interests in our joint ventures, we and each of our subsidiaries are guarantors of the Credit Facilities, the senior secured notes and senior notes outstanding at October 31, 2023 (collectively, the “Notes Guarantors”).

The credit agreements governing the term loans and revolving credit facilities (collectively, the “Credit Facilities”) and the indentures governing the senior secured and senior notes (together, the “Debt Instruments”) outstanding at October 31, 2023 do not contain any financial maintenance covenants, but do contain restrictive covenants that limit, among other things, the ability of HEI and certain of its subsidiaries, including K. Hovnanian, to incur additional indebtedness, pay dividends and make distributions on common and preferred stock, repay/repurchase certain indebtedness prior to its respective stated maturity, repurchase (including through exchanges) common and preferred stock, make other restricted payments (including investments), sell certain assets (including in certain land banking transactions), incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of their assets and enter into certain transactions with affiliates. The Debt Instruments also contain customary events of default which would permit the lenders or holders thereof to exercise remedies with respect to the collateral (as applicable), declare the loans (the “Unsecured Term Loans”) made under the Senior Unsecured Term Loan Credit Facility due February 1, 2027 (the “Unsecured Term Loan Facility”), loans (the “Secured Term Loans”) made under the Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 (the “Secured Term Loan Facility”) and loans (the “Secured Revolving Loans”) made under the Senior Secured Revolving Credit Agreement due June 30, 2026 (the “Secured Credit Agreement”) or notes to be immediately due and payable if not cured within applicable grace periods, including the failure to make timely payments on the Unsecured Term Loans, Secured Term Loans, Secured Revolving Loans or notes or other material indebtedness, cross default to other material indebtedness, the failure to comply with agreements and covenants and specified events of bankruptcy and insolvency, with respect to the Unsecured Term Loans, Secured Term Loans and Secured Revolving Loans, material inaccuracy of representations and warranties and with respect to the Unsecured Term Loans, Secured Term Loans and Secured Revolving Loans, a change of control, and, with respect to the Secured Term Loans, Secured Revolving Loans and senior secured notes, the failure of the documents granting security for the obligations under the secured Debt Instruments to be in full force and effect, and the failure of the liens on any material portion of the collateral securing the obligations under the secured Debt Instruments to be valid and perfected. As of October 31, 2023, we believe we were in compliance with the covenants of the Debt Instruments.

If our consolidated fixed charge coverage ratio is less than 2.0 to 1.0, as defined in the applicable Debt Instrument, we are restricted from making certain payments, including dividends (in the case of each such payment, our secured debt leverage ratio must also be less than 4.0 to 1.0), and from incurring indebtedness other than certain permitted indebtedness and nonrecourse indebtedness. Beginning as of October 31, 2021, as a result of our improved operating results, our fixed coverage ratio was above 2.0 to 1.0 and our secured debt leverage ratio was below 4.0 to 1.0, therefore we were no longer restricted from paying dividends. As such, we made dividend payments of $2.7 million to preferred shareholders in every quarter since the first quarter of fiscal 2022. Dividends on the Series A preferred stock are not cumulative and, accordingly, if for any reason we do not declare a dividend on the Series A preferred stock for a quarterly dividend period (regardless of our availability of funds), holders of the Series A Preferred Stock will have no right to receive a dividend for that period, and we will have no obligation to pay a dividend for that period.

Under the terms of our Debt Instruments, we have the right to make certain redemptions and prepayments and, depending on market conditions, our strategic priorities and covenant restrictions, may do so from time to time. We also continue to actively analyze and evaluate our capital structure and explore transactions to simplify our capital structure and to strengthen our balance sheet, including those that reduce leverage, interest rates and/or extend maturities, and will seek to do so with the right opportunity. We may also continue to make debt or equity purchases and/or exchanges from time to time through tender offers, exchange offers, redemptions, open market purchases, private transactions, or otherwise, or seek to raise additional debt or equity capital, depending on market conditions and covenant restrictions.

Fiscal 2023

On May 30, 2023, K. Hovnanian redeemed $100.0 million aggregate principal amount of its 7.75% Senior Secured 1.125 Lien Notes due 2026 (the “Existing 1.125 Lien Notes”). The aggregate purchase price for this redemption was $104.2 million, which included accrued and unpaid interest and which was funded with cash on hand. This redemption resulted in a loss on extinguishment of debt of $4.1 million for the fiscal year ended October 31, 2023, including the write-off of unamortized debt issuance costs and fees. The loss from the redemption is included in the Consolidated Statement of Operations as “Loss on extinguishment of debt, net.”

On August 29, 2023, K. Hovnanian redeemed an additional $100.0 million aggregate principal amount of the Existing 1.125 Lien Notes. The aggregate purchase price for this redemption was $102.2 million, which included accrued and unpaid interest and which was funded with cash on hand. This redemption resulted in a loss on extinguishment of debt of $3.8 million for the fiscal year ended October 31, 2023, including the write-off of unamortized debt issuance costs and fees. The loss from the redemption is included in the Consolidated Statement of Operations as “Loss on extinguishment of debt, net”.

On September 7, 2023, K. Hovnanian repurchased in the open market $45.0 million aggregate principal amount of its 10.0% 1.75 Lien Notes due 2025 (the “1.75 Lien Notes”). The aggregate purchase price for this repurchase was $46.7 million, which included accrued and unpaid interest and which was funded with cash on hand. This repurchase resulted in a gain on extinguishment of debt of $0.2 million for the fiscal year ended October 31, 2023, including the write-off of unamortized debt issuance costs and fees. The gain from the repurchase is included in the Consolidated Statement of Operations as “Loss on extinguishment of debt, net”.

On September 25, 2023, HEI, K. Hovnanian and the Notes Guarantors entered into the Third Amendment (the “Third Amendment”) to the Secured Credit Agreement, dated as of October 31, 2019 (as amended by the First Amendment to the Credit Agreement, dated as of November 27, 2019, and by the Second Amendment to the Credit Agreement, dated as of August 19, 2022), by and among K. Hovnanian, the Company, the other guarantors party thereto, Wilmington Trust, National Association, as administrative agent, and the lenders party thereto, which provides for up to $125.0 million in aggregate amount of senior secured first lien revolving loans. The Third Amendment (i) extended the final scheduled maturity of the Revolving Credit Facility from June 30, 2024 to June 30, 2026, (ii) increased the interest rate floor applicable to term secured overnight financing loans from 1.0% to 3.0% and (iii) provided for certain other amendments. Borrowings under the Revolving Credit Facility bear interest, at K. Hovnanian’s option, at either (a) a term secured overnight financing rate (subject to a floor of 3.0%) plus an applicable margin of 4.5% or (b) an alternate base rate (subject to a floor of 4.0%) plus an applicable margin of 3.5%. In addition, K. Hovnanian pays an unused commitment fee on the undrawn revolving commitments at a rate of 1.0% per annum. The foregoing amendments took effect on October 5, 2023.

On October 5, 2023, K. Hovnanian issued and sold to investment funds, separate accounts and/or other entities owned (in whole or in part), controlled, managed and/or advised by Angelo, Gordon & Co., L.P. (collectively, "Angelo Gordon"), investment funds, separate accounts and/or other entities owned (in whole or in part), controlled, managed and/or advised by Apollo Capital Management, L.P. (collectively, "Apollo" and, together with Angelo Gordon, the "Specified Persons"), and certain other institutional purchasers , in a private placement, $225.0 million aggregate principal amount of 8.0% Senior Secured 1.125 Lien Notes due 2028 (the “New 1.125 Lien Notes”) and $430.0 million aggregate principal amount of 11.75% Senior Secured 1.25 Lien Notes due 2029 (the “New 1.25 Lien Notes”). Under the terms of the indentures governing the New 1.125 Lien Notes and the 1.25 Lien Notes, K. Hovnanian will have the ability to issue additional notes under the indenture that governs the New 1.25 Lien Notes (the “Additional 1.25 Lien Notes”) in exchange for Specified Junior Debt (as defined below) or to purchase certain Specified Junior Debt. K. Hovnanian has agreed that the Specified Persons may, at their option from time to time, exchange junior lien and/or unsecured indebtedness of K. Hovnanian (the “Specified Junior Debt”) into a principal amount of Additional 1.25 Lien Notes not to exceed $150.0 million in the aggregate. In any such exchange, K. Hovnanian will be required to issue a principal amount of Additional 1.25 Lien Notes equal to (i) the price at which the Specified Persons acquired such Specified Junior Debt (the “Specified Person Purchase Price”) plus (ii) 20% of the difference between the principal amount of such Specified Junior Debt and the Specified Person Purchase Price (such sum, the “Company Acquisition Price”), provided that, the Company Acquisition Price shall be reduced, if applicable, such that the per annum interest expense on the applicable issuance of Additional 1.25 Lien Notes does not exceed the per annum interest expense on the applicable Specified Junior Debt being exchanged. In addition, K. Hovnanian will have the option to purchase such Specified Junior Debt in cash at the Company Acquisition Price in lieu of consummating any such exchange.

On October 5, 2023, K. Hovnanian redeemed with the proceeds from the issuances of the New 1.125 Lien Notes and the New 1.25 Lien Notes all of the remaining (i) $50.0 million aggregate principal amount of its Existing 1.125 Lien Notes for a redemption price of $51.5 million, which included accrued and unpaid interest, (ii) $282.3 million aggregate principal amount of its 10.5% Senior Secured 1.25 Lien Notes due 2026 (the “Existing 1.25 Lien Notes”) for a redemption price of $293.9 million, which included accrued and unpaid interest, and (iii) $162.3 million aggregate principal amount of its 11.25% Senior Secured 1.5 Lien Notes due 2026 (the “1.5 Lien Notes”) for a redemption price of $164.8 million, which included accrued and unpaid interest. These redemptions resulted in a loss on extinguishment of debt of $17.9 million for the fiscal year ended October 31, 2023, including the write-off of unamortized debt issuance costs and fees. The loss from the redemptions is included in the Consolidated Statement of Operations as “Loss on extinguishment of debt, net”.

On October 31, 2023, K. Hovnanian redeemed in full all of the $26.0 million aggregate principal amount of its 8.0% 2027 Notes for a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest.

Fiscal 2022

On April 29, 2022, K. Hovnanian redeemed $100.0 million aggregate principal amount of its Existing 1.125 Lien Notes. The aggregate purchase price for this redemption was $105.5 million, which included accrued and unpaid interest and which was funded with cash on hand. This redemption resulted in a loss on extinguishment of debt of $6.8 million for the fiscal year ended October 31, 2022, including the write-off of unamortized debt issuance costs and fees. The loss from the redemption is included in the Consolidated Statement of Operations as “Loss on extinguishment of debt, net”.

Secured Obligations

The Secured Credit Agreement provides for up to $125.0 million in aggregate amount of Secured Revolving Loans to be used for general corporate purposes, upon the terms and subject to the conditions set forth therein. Secured Revolving Loans are to be borrowed by K. Hovnanian and guaranteed by the Notes Guarantors. The revolving loans under the Secured Credit Agreement have a maturity of June 30, 2026 and borrowings bear interest, at K. Hovnanian’s option, at either (i) SOFR rate (subject to a floor of 3.00%) plus an applicable margin of 4.5% or (ii) an alternate base rate (subject to a floor of 4.0%) plus an applicable margin of 3.5%. In addition, K. Hovnanian pays an unused commitment fee on the undrawn revolving commitments at a rate of 1.0% per annum

The New 1.125 Lien Notes have a maturity of September 30, 2028 and bear interest at a rate of 8.0% per annum payable semi-annually on March 30 and September 30 of each year to holders of record at the close of business on March 15 and September 15, as the case may be, immediately preceding such interest payment dates. The New 1.125 Lien Notes are redeemable in whole or in part at K. Hovnanian’s option at any time prior to September 30, 2025 at a redemption price equal to 100% of their principal amount plus an applicable “Make Whole Amount”. K. Hovnanian may also redeem some or all of the New 1.125 Lien Notes at 104.0% of their principal amount commencing on September 30, 2025, at 102.0% of their principal amount commencing on September 30, 2026 and at 100.0% of their principal amount commencing September 30, 2027. In addition, K. Hovnanian may also redeem up to 35.0% of the aggregate principal amount of New 1.125 Lien Notes prior to September 30, 2025 with the net cash proceeds from certain equity offerings at 108.0% of their principal amount.

The New 1.25 Lien Notes have a maturity of September 30, 2029 and bear interest at a rate of 11.75% per annum payable semi-annually on March 30 and September 30 of each year to holders of record at the close of business on March 15 and September 15, as the case may be, immediately preceding such interest payment dates. The New 1.25 Lien Notes are redeemable in whole or in part at K. Hovnanian’s option at any time prior to March 30, 2026 at a redemption price equal to 100% of their principal amount plus an applicable “Make Whole Amount”. K. Hovnanian may also redeem some or all of the New 1.25 Lien Notes at 105.875% of their principal amount commencing on March 30, 2026, at 102.9375% of their principal amount commencing on September 30, 2027 and at 100.0% of their principal amount commencing on September 30, 2028. In addition, K. Hovnanian may also redeem up to 35.0% of the aggregate principal amount of New 1.25 Lien Notes prior to March 30, 2026 with the net cash proceeds from certain equity offerings at 111.75% of their principal amount.

The 1.75 Lien Notes have a maturity of November 15, 2025 and bear interest at a rate of 10.0% per annum payable semi-annually on May 15 and November 15 of each year to holders of record at the close of business on May 1 or November 1, as the case may be, immediately preceding each such interest payment date. At any time and from time to time prior to November 15, 2023, K. Hovnanian may redeem some or all of the 1.75 Lien Notes at a redemption price equal to 102.50% of their principal amount and at any time and from time to time after November 15, 2023, K. Hovnanian may redeem some or all of the 1.75 Lien Notes at a redemption price equal to 100.0% of their principal amount. On November 15, 2023, K. Hovnanian redeemed in full all of its $113.5 million aggregate principal amount of 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025.

On December 10, 2019, K. Hovnanian entered into the Secured Term Loan Facility. The secured term loans under the Secured Term Loan Facility (the “Secured Term Loans”) bear interest at a rate equal to 10.0% per annum and will mature on January 31, 2028, with interest payable in arrears on the last business day of each fiscal quarter. At any time and from time to time prior to November 15, 2023, K. Hovnanian may voluntarily prepay some or all of the Secured Term Loans at a prepayment price equal to 102.5% of their principal amount and at any time and from time to time after November 15, 2023, K. Hovnanian may voluntarily prepay some or all of the Secured Term Loans at a prepayment price equal to 100.0% of their principal amount.

Each series of secured notes and the guarantees thereof, the Secured Term Loans and the guarantees thereof and the Secured Credit Agreement and the guarantees thereof are secured by the same assets. Among the secured debt, the liens securing the Secured Credit Agreement are senior to the liens securing all of K. Hovnanian’s other secured notes and the Secured Term Loan. The liens securing the New 1.125 Lien Notes are senior to the liens securing the New 1.25 Lien Notes, the 1.75 Lien Notes, the Secured Term Loans and any other future secured obligations that are junior in priority with respect to the assets securing the New 1.125 Lien Notes, the liens securing the New 1.25 Lien Notes are senior to the liens securing the 1.75 Lien Notes, the Secured Term Loans and any other future secured obligations that are junior in priority with respect to the assets securing the New 1.25 Lien Notes and the liens securing the 1.75 Lien Notes and the Secured Term Loans (which are secured on a pari passu basis with each other) are senior to any other future secured obligations that are junior in priority with respect to the assets securing the 1.75 Lien Notes and the Secured Term Loans, in each case, with respect to the assets securing such debt.

As of October 31, 2023, the collateral securing the Secured Credit Agreement, the Secured Term Loan Facility and the senior secured notes included (1) $441.2 million of cash and cash equivalents, which included $5.1 million of restricted cash collateralizing certain letters of credit (subsequent to such date, fluctuations as a result of cash uses include general business operations and real estate and other investments along with cash inflow primarily from deliveries); (2) $470.0 million aggregate book value of real property, which does not include the impact of inventory investments, home deliveries or impairments thereafter and which may differ from the value if it were appraised; and (3) equity interests in joint venture holding companies with an aggregate book value of $96.3 million.

Unsecured Obligations

The 13.5% Senior Notes due 2026 (the “13.5% 2026 Notes”) bear interest at 13.5% per annum and mature on February 1, 2026. Interest on the 13.5% 2026 Notes is payable semi-annually on February 1 and August 1 of each year to holders of record at the close of business on January 15 or July 15, as the case may be, immediately preceding each such interest payment date. The 13.5% 2026 Notes are redeemable in whole or in part at K. Hovnanian’s option at any time prior to February 1, 2025 at a redemption price equal to 100% of their principal amount plus an applicable “Make Whole Amount”. At any time and from time to time on or after February 1, 2025, K. Hovnanian may also redeem some or all of the 13.5% 2026 Notes at a redemption price equal to 100.0% of their principal amount.

The 5.0% Senior Notes due 2040 (the “5.0% 2040 Notes”) bear interest at 5.0% per annum and mature on February 1, 2040. Interest on the 5.0% 2040 Notes is payable semi-annually on February 1 and August 1 of each year to holders of record at the close of business on January 15 or July 15, as the case may be, immediately preceding each such interest payment date. At any time and from time to time, K. Hovnanian may redeem some or all of the 5.0% 2040 Notes at a redemption price equal to 100.0% of their principal amount.

The Unsecured Term Loans bear interest at a rate equal to 5.0% per annum and interest is payable in arrears on the last business day of each fiscal quarter. The Unsecured Term Loans will mature on February 1, 2027 .

Other

We have certain stand-alone cash collateralized letter of credit agreements and facilities under which there was a total of $4.9 million and $6.0 million letters of credit outstanding at October 31, 2023 and October 31, 2022, respectively. These agreements and facilities require us to maintain specified amounts of cash as collateral in segregated accounts to support the letters of credit issued thereunder, which will affect the amount of cash we have available for other uses. At October 31, 2023 and October 31, 2022, the amount of cash collateral in these segregated accounts was $5.1 million and $6.1 million, respectively, which is reflected in “Restricted cash and cash equivalents” on the Consolidated Balance Sheets.

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Oct. 31, 2023

Oct. 31, 2022

Oct. 31, 2021

Corporate general and administrative

$ 2,756,016

$ 2,922,231

$ 2,782,857

Total expenses

2,517,587

2,624,716

2,598,097

103,196

102,618

106,694

Other interest

^[1],[2]

54,082

47,343

77,716

Other (income) expenses, net (1)

^[3]

(17,148)

2,421

1,740

Loss on extinguishment of debt, net

(25,638)

(6,795)

(3,748)

Income before income taxes

43,160

29,033

8,849

255,951

319,753

189,861

Tax provision (benefit)

50,060

94,263

(417,956)

Net income

205,891

225,490

607,817

Less: preferred stock dividends

10,675

Net income available to common stockholders

$ 195,216

$ 214,815

$ 607,817

Basic earnings per share (in dollars per share)

$ 28.76

$ 30.31

$ 87.5

Weighted-average number of common shares outstanding basic (in shares)

6,230

6,437

6,287

Net income per common share (in dollars per share)

$ 26.88

$ 29

$ 85.86

Weighted-average number of common shares outstanding (in shares)

6,666

6,728

6,395

State and Local Jurisdiction [Member]

Tax provision (benefit)

$ 3,239

$ 34,199

$ (82,348)

Domestic Tax Authority [Member]

Tax provision (benefit)

46,821

60,064

(335,608)

Cost of sales, excluding interest

2,695,928

2,860,691

2,701,165

2,052,800

2,137,063

2,110,196

Cost of sales interest

80,820

85,240

84,100

Inventory impairments and land option write-offs

1,536

14,076

3,630

Total cost of sales

2,135,156

2,236,379

2,197,926

Selling, general and administrative

201,578

193,536

169,892

Total expenses

2,336,734

2,429,915

2,367,818

Homebuilding [Member] | Sale of Homes [Member]

Homebuilding [Member] | Land Sales and Other Revenues [Member]

2,630,457

2,840,454

2,673,710

Financial Services [Member]

65,471

20,237

27,455

60,088

61,540

81,692

Total expenses

$ 40,723

$ 42,419

$ 44,129

[1]	Cash paid for interest, net of capitalized interest, is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest on notes payable, which is calculated as follows:
[2]	Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt, which amounted to $2.6 million and $5.0 million for the three months ended July 31, 2023 and 2022, respectively, and $14.5 million and $25.5 million for the nine months ended July 31, 2023 and 2022, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization and therefore is expensed as incurred. This component of other interest was $10.9 million and $4.6 million for the three months ended July 31, 2023 and 2022, respectively, and $28.6 million and $9.9 million for the nine months ended July 31, 2023 and 2022, respectively.
[3]	Includes gain on consolidation of a joint venture of $19.1 million for the year ended October 31, 2023 (see Note 20).

Note 5 - Property, Plant and Equipment (Tables)

12 Months Ended

Oct. 31, 2023

Property, Plant and Equipment [Table Text Block]

	*October 31,*
(In thousands)	*2023*			*2022*

Land and land improvements	$	1,563		$	1,639
Buildings		7,828			9,497
Building improvements		16,061			22,220
Furniture		2,793			4,363
Equipment		10,124			10,739
Capitalized software		50,630			29,263
Property and equipment		88,999			77,721
Less: accumulated depreciation		(55,053	)		(51,902	)
Property and equipment, net	$	33,946		$	25,819

Note 5 - Property, Plant and Equipment

12 Months Ended

Oct. 31, 2023

Property, Plant and Equipment Disclosure [Text Block]

5. Property and Equipment

Homebuilding property and equipment consists of land and land improvements, buildings, building improvements, furniture and equipment used to conduct day-to-day business and are recorded at cost less accumulated depreciation.

Property and equipment balances as of October 31, 2023 and 2022 were as follows:

	*October 31,*
(In thousands)	*2023*			*2022*

Land and land improvements	$	1,563		$	1,639
Buildings		7,828			9,497
Building improvements		16,061			22,220
Furniture		2,793			4,363
Equipment		10,124			10,739
Capitalized software		50,630			29,263
Property and equipment		88,999			77,721
Less: accumulated depreciation		(55,053	)		(51,902	)
Property and equipment, net	$	33,946		$	25,819

Note 8 - Mortgages

12 Months Ended

Oct. 31, 2023

Line of Credit [Text Block]

8. Mortgages

Nonrecourse

We have nonrecourse mortgage loans for certain communities totaling $91.5 million and $144.8 million, net of debt issuance costs, at October 31, 2023 and 2022, respectively, which are secured by the related real property, including any improvements, with an aggregate book value of $331.6 million and $418.9 million, respectively. The weighted-average interest rate on these obligations was 8.5% and 6.7% at October 31, 2023 and 2022, respectively, and the mortgage loan payments on each community primarily correspond to home deliveries.

Mortgage Loans

K. Hovnanian Mortgage originates mortgage loans primarily from the sale of our homes. Such mortgage loans and related servicing rights are generally sold in the secondary mortgage market within a short period of time. K. Hovnanian Mortgage finances the origination of mortgage loans through various master repurchase agreements, which are recorded in "Financial services" liabilities on the Consolidated Balance Sheets.

Our secured Master Repurchase Agreement with JPMorgan Chase Bank, N.A. (“Chase Master Repurchase Agreement”) is a short-term borrowing facility that provides up to $75.0 million through its maturity on July 31, 2024. The loan is secured by the mortgages held for sale and is repaid when we sell the underlying mortgage loans to permanent investors. Interest is payable monthly on outstanding advances at an adjusted Secured Overnight Financing Rate ("SOFR rate"), plus the applicable margin of 2.125% to 2.375%. As of October 31, 2023 and 2022, the aggregate principal amount of all borrowings outstanding under the Chase Master Repurchase Agreement was $31.4 million and $14.1 million, respectively.

K. Hovnanian Mortgage has another secured Master Repurchase Agreement with Customers Bank (“Customers Master Repurchase Agreement”) which is a short-term borrowing facility that provides up to $50.0 million through its maturity on March 6, 2024. The loan is secured by the mortgages held for sale and is repaid when we sell the underlying mortgage loans to permanent investors. Interest is payable daily or as loans are sold to permanent investors on outstanding advances at the current Bloomberg Short Term Bank Yield Index ("BSBY") rate, plus the applicable margin ranging from 2.125% to 4.5% based on the type of loan and the number of days outstanding on the warehouse line. As of October 31, 2023 and 2022, the aggregate principal amount of all borrowings outstanding under the Customers Master Repurchase Agreement was $41.1 million and $43.1 million, respectively.

K. Hovnanian Mortgage also has a secured Master Repurchase Agreement with Comerica Bank (“Comerica Master Repurchase Agreement”) which is a short-term borrowing facility through its maturity on January 10, 2024. The Comerica Master Repurchase Agreement provides up to $60.0 million on the 15th day of the last month of the Company's fiscal quarters and reverts back to up to $50.0 million 30 days thereafter. The loan is secured by the mortgages held for sale and is repaid when we sell the underlying mortgage loans to permanent investors. Interest is payable monthly at the daily adjusting BSBY rate, subject to a floor of 0.50%, plus the applicable margin of 1.75% or 3.25% based upon the type of loan. As of October 31, 2023 and 2022, the aggregate principal amount of all borrowings outstanding under the Comerica Master Repurchase Agreement was $38.3 million and $37.1 million, respectively.

The Chase Master Repurchase Agreement, Customers Master Repurchase Agreement and Comerica Master Repurchase Agreement (together, the “Master Repurchase Agreements”) require K. Hovnanian Mortgage to satisfy and maintain specified financial ratios and other financial condition tests. Because of the extremely short period of time mortgages are held by K. Hovnanian Mortgage before the mortgages are sold to investors (generally a period of a few weeks), the immateriality to us on a consolidated basis, the size of the Master Repurchase Agreements, the levels required by these financial covenants, our ability based on our immediately available resources to contribute sufficient capital to cure any default, were such conditions to occur, and our right to cure any conditions of default based on the terms of the applicable agreement, we do not consider any of these covenants to be substantive or material. As of October 31, 2023, we believe we were in compliance with the covenants under the Master Repurchase Agreements.

Note 21 - Fair Value of Financial Instruments

12 Months Ended

Oct. 31, 2023

Fair Value Disclosures [Text Block]

21. Fair Value of Financial Instruments

ASC 820, "Fair Value Measurements and Disclosures", provides a framework for measuring fair value and establishes a fair-value hierarchy which prioritizes the use of observable inputs when measuring fair value. The fair value hierarchy can be summarized as follows:

Level 1: Fair value determined based on quoted prices in active markets for identical assets.

Level 2: Fair value determined using significant other observable inputs.

Level 3: Fair value determined using significant unobservable inputs.

Our financial instruments measured at fair value on a recurring basis are summarized below:

		*Fair Value at*		*Fair Value at*
	*Fair Value*	*October 31,*		*October 31,*
(In thousands)	*Hierarchy*	*2023*		*2022*

Mortgage loans held for sale (1)	Level 2	$	130,235	$	110,548
Forward contracts	Level 2		-		752
Total		$	130,235	$	111,300

(1) The aggregate unpaid principal balance was $130.4 million and $110.2 million at October 31, 2023 and 2022, respectively.

Fair value of mortgage loans held for sale is based on independent quoted market prices, where available, or the prices for other mortgage loans with similar characteristics.

The financial services segment had a pipeline of loan applications in process of $517.8 million at October 31, 2023. Loans in process for which interest rates were committed to the borrowers totaled $56.3 million as of October 31, 2023. Substantially all of these commitments were for periods of 60 days or less. Since a portion of these commitments is expected to expire without being exercised by the borrowers, the total commitments do not necessarily represent future cash requirements.

In addition, the financial services segment uses investor commitments and forward sales of mandatory MBS to hedge its mortgage-related interest rate exposure. These instruments involve, to varying degrees, elements of credit and interest rate risk. Credit risk is managed by entering into MBS forward commitments, option contracts with investment banks, federally regulated bank affiliates and loan sales transactions with permanent investors meeting the segment’s credit standards. Our risk, in the event of default by the purchaser, is the difference between the contract price and fair value of the MBS forward commitments and option contracts. At October 31, 2023, we had no open mandatory investor commitments to sell MBS.

Changes in fair value that are included in income are shown, by financial instrument and financial statement line item, below:

Year Ended October 31, 2023

Mortgage

Interest Rate

Loans Held

Lock

Forward

(In thousands)

for Sale

Commitments

Contracts

Change in fair value included in financial services revenue

(177

)

Year Ended October 31, 2022

Mortgage

Interest Rate

Loans Held

Lock

Forward

(In thousands)

for Sale

Commitments

Contracts

Change in fair value included in financial services revenue

385

752

Year Ended October 31, 2021

Mortgage

Interest Rate

Loans Held

Lock

Forward

(In thousands)

for Sale

Commitments

Contracts

Change in fair value included in financial services revenue

4,580

152

(107

)

Assets measured at fair value on a nonrecurring basis are those assets for which we have recorded valuation adjustments and write-offs. We did not have assets measured at fair value on a nonrecurring basis during the year ended October 31, 2023. The assets measured at fair value on a nonrecurring basis during the year ended October 31, 2022 are all within our homebuilding operations and are summarized below:

Year Ended

October 31, 2022

(In thousands)

Fair

Pre-

Value

Impairment

Hierarchy

Amount

Total Losses

Fair Value

Land and land options held for future development or sale

Level 3

10,558

(8,374

)

2,184

We recorded inventory impairments, which are included in the Consolidated Statements of Operations as “Inventory impairments and land option write-offs” and deducted from inventory of $8.4 million and $2.0 million for the years ended October 2022 and 2021, respectively. We did not have any assets measured at fair value on a nonrecurring basis during the year ended October 31, 2023 (see Note 12).

The fair value of our cash equivalents, restricted cash and cash equivalents and customers' deposits approximates their carrying amount, based on Level 1 inputs.

The fair value of each series of our notes and credit facilities are listed below. Level 2 measurements are estimated based on recent trades or quoted market prices for the same issues or based on recent trades or quoted market prices for our debt of similar security and maturity to achieve comparable yields. Level 3 measurements are estimated based on third-party broker quotes or management’s estimate of the fair value based on available trades for similar debt instruments. As shown in the table below, our 10.0% Senior Secured 1.75 Lien Notes due 2025 and 11.75% Senior Secured 1.25 Lien Notes due 2029 were a Level 2 measurement at October 31, 2023 due to recent trades for the same notes.

Fair Value as of October 31, 2023

(In thousands)	*Level 1*		*Level 2*		*Level 3*		*Total*
Senior Secured Notes:
10.0% Senior Secured 1.75 Lien Notes due November 15, 2025		-		113,843		-		113,843
8.0% Senior Secured 1.125 Lien Notes due September 30, 2028		-		-		230,690		230,690
11.75% Senior Secured 1.25 Lien Notes due September 30, 2029		-		476,655		-		476,655
Senior Notes:
13.5% Senior Notes due February 1, 2026		-		-		95,062		95,062
5.0% Senior Notes due February 1, 2040		-		-		44,843		44,843
Senior Credit Facilities:
Senior Unsecured Term Loan Credit Facility due February 1, 2027		-		-		35,034		35,034
Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028		-		-		81,742		81,742
Total fair value	$	-	$	590,498	$	487,371	$	1,077,869

Fair Value as of October 31, 2022

(In thousands)	*Level 1*		*Level 2*		*Level 3*		*Total*
Senior Secured Notes:
10.0% Senior Secured 1.75 Lien Notes due November 15, 2025		-		-		165,844		165,844
7.75% Senior Secured 1.125 Lien Notes due February 15, 2026		-		-		240,393		240,393
10.5% Senior Secured 1.25 Lien Notes due February 15, 2026		-		-		272,966		272,966
11.25% Senior Secured 1.5 Lien Notes due February 15, 2026		-		-		162,566		162,566
Senior Notes:
13.5% Senior Notes due February 1, 2026		-		-		94,282		94,282
5.0% Senior Notes due February 1, 2040		-		-		55,654		55,654
Senior Credit Facilities:
Senior Unsecured Term Loan Credit Facility due February 1, 2027		-		-		31,301		31,301
Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028		-		-		85,247		85,247
Total fair value	$	-	$	-	$	1,108,253	$	1,108,253

The Senior Secured Revolving Credit Facility is not included in the above tables because there were no borrowings outstanding thereunder as of October 31, 2023 and 2022.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 16 - Warranty Costs - Warranty and General Liability Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Balance, beginning of period	$ 97,719	$ 94,916
Charges incurred during the period	(22,080)	(18,271)
Changes to pre-existing reserves	9,333	3,525
Balance, end of period	98,919	97,719
Selling, General and Administrative Expenses [Member]
Additions	7,140	8,495
Cost of Sales [Member]
Additions	$ 6,807	$ 9,054

Note 16 - Warranty Costs

12 Months Ended

Oct. 31, 2023

Product Warranty Disclosure [Text Block]

16. Warranty Costs

General liability insurance for homebuilding companies and their suppliers and subcontractors is very difficult to obtain. The availability of general liability insurance is limited due to a decreased number of insurance companies willing to underwrite for the industry. In addition, those few insurers willing to underwrite liability insurance have significantly increased the premium costs. To date, we have been able to obtain general liability insurance but at higher premium costs with higher deductibles. Our subcontractors and suppliers have advised us that they have also had difficulty obtaining insurance that also provides us coverage. As a result, we have an owner-controlled insurance program for certain of our subcontractors whereby the subcontractors pay us an insurance premium (through a reduction of amounts we would otherwise owe such subcontractors for their work on our homes) based on the risk type of the trade. We absorb the liability associated with their work on our homes as part of our overall general liability insurance at no additional cost to us because our existing general liability and construction defect insurance policy and related reserves for amounts under our deductible covers construction defects regardless of whether we or our subcontractors are responsible for the defect. For the years ended October 31, 2023 and 2022, we received $4.3 million and $6.0 million, respectively, from subcontractors related to the owner controlled-insurance program, which we accounted for as reductions to inventory.

Additions and charges in the warranty reserve and general liability reserve for the years ended October 31, 2023 and 2022 were as follows:

	*Year Ended October 31,*
(In thousands)	*2023*			*2022*

Balance, beginning of period	$	97,719		$	94,916
Additions: Selling, general and administrative		7,140			8,495
Additions: Cost of sales		6,807			9,054
Charges incurred during the period		(22,080	)		(18,271	)
Changes to pre-existing reserves		9,333			3,525
Balance, end of period	$	98,919		$	97,719

Warranty accruals are based upon historical experience. In fiscal 2023, we recorded an increase of $10.1 million to our construction defect reserves as a result of our claims history. This increase is reflected in the changes to pre-existing reserves in the table above.

The majority of the charges incurred during fiscal 2023 represented payments for construction defects related to the settlement of four litigation matters. Insurance claims paid by our insurance carriers, excluding insurance deductibles paid, were $0.2 million for each of the years ended October 31, 2023 and 2022, for prior year deliveries.

Note 21 - Fair Value of Financial Instruments - Changes in Fair Values Included in Income (Loss) (Details) - Financial Services Revenue Line Item [Member] - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Loans Held for Sale [Member]
Change in fair value included in financial services revenue	$ (177)	$ 385	$ 4,580
Interest Rate Lock Commitments [Member]
Change in fair value included in financial services revenue	0	0	152
Forward Contracts [Member]
Change in fair value included in financial services revenue	$ 0	$ 752	$ (107)

Note 4 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands

Oct. 31, 2023

Oct. 31, 2022

$ 8,491

8,028

6,538

4,317

1,784

4,871

Total operating lease payments (1)

^[1]

34,029

Less: imputed interest

(7,559)

Accounts Payable and Accrued Liabilities [Member]

Present value of operating lease liabilities

$ 26,470

$ 18,862

[1]	Lease payments exclude $3.2 million of legally binding minimum lease payments for office leases signed but not yet commenced as of October 31, 2023. The related ROU asset and operating lease liability are not reflected on the Company's Consolidated Balance Sheet as of October 31, 2023.

Note 16 - Warranty Costs (Tables)

12 Months Ended

Oct. 31, 2023

Schedule of Product Warranty Liability [Table Text Block]

	*Year Ended October 31,*
(In thousands)	*2023*			*2022*

Balance, beginning of period	$	97,719		$	94,916
Additions: Selling, general and administrative		7,140			8,495
Additions: Cost of sales		6,807			9,054
Charges incurred during the period		(22,080	)		(18,271	)
Changes to pre-existing reserves		9,333			3,525
Balance, end of period	$	98,919		$	97,719

Note 9 - Senior Notes and Credit Facilities (Tables)

12 Months Ended

Oct. 31, 2023

Schedule of Long-Term Debt Instruments [Table Text Block]

	*October 31,*			*October 31,*
(In thousands)		*2023*			*2022*
Senior Secured Notes:
10.0% Senior Secured 1.75 Lien Notes due November 15, 2025 (1)	$	113,502		$	158,502
7.75% Senior Secured 1.125 Lien Notes due February 15, 2026		-			250,000
10.5% Senior Secured 1.25 Lien Notes due February 15, 2026		-			282,322
11.25% Senior Secured 1.5 Lien Notes due February 15, 2026		-			162,269
8.0% Senior Secured 1.125 Lien Notes due September 30, 2028		225,000			-
11.75% Senior Secured 1.25 Lien Notes due September 30, 2029		430,000			-
Total Senior Secured Notes	$	768,502		$	853,093
Senior Notes:
8.0% Senior Notes due November 1, 2027 (2)	$	-		$	-
13.5% Senior Notes due February 1, 2026		90,590			90,590
5.0% Senior Notes due February 1, 2040		90,120			90,120
Total Senior Notes	$	180,710		$	180,710
Senior Unsecured Term Loan Credit Facility due February 1, 2027	$	39,551		$	39,551
Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028	$	81,498		$	81,498
Senior Secured Revolving Credit Facility (3)	$	-		$	-
Subtotal senior notes and credit facilities	$	1,070,261		$	1,154,852
Net (discounts) premiums	$	(14,563	)	$	4,079
Unamortized debt issuance costs	$	(4,207	)	$	(12,384	)
Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs	$	1,051,491		$	1,146,547

Schedule of Maturities of Long-Term Debt [Table Text Block]

Fiscal Year Ending October 31, (1)
2024	$	-
2025		-
2026 (2)		204,092
2027		39,551
2028		306,498
Thereafter		520,120
Total	$	1,070,261

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Note 4 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Operating lease costs	$ 11,059	$ 10,483	$ 10,521
Cash payments on lease liabilities	$ 9,293	$ 9,605	$ 9,598
Weighted-average remaining lease term (in years) (Year)	5 years 1 month 6 days	3 years 6 months
Weighted-average discount rate	10.00%	9.50%
Prepaid Expenses and Other Current Assets [Member]
ROU assets	$ 25,745	$ 17,899
Accounts Payable and Accrued Liabilities [Member]
Lease liabilities	$ 26,470	$ 18,862

Note 17 - Transactions With Related Parties

12 Months Ended

Oct. 31, 2023

17. Transactions with Related Parties

During the years ended October 31, 2023, 2022 and 2021, an engineering firm owned by Tavit Najarian, a relative of Ara K. Hovnanian, our Chairman of the Board and our Chief Executive Officer, provided services to the Company totaling $1.3 million, $1.1 million and $0.6 million, respectively. Neither the Company nor Mr. Hovnanian has a financial interest in the relative’s company from whom the services were provided.

Alexander Hovnanian, the son of Ara K. Hovnanian, is employed by the Company. Alexander Hovnanian holds the position of Executive Vice President - National Homebuilding Operations. For fiscal 2023, he received cash compensation of approximately $1,008,000 and equity awards with an aggregate grant date fair value of approximately $825,000. For fiscal 2022, he received cash compensation of approximately $1,684,000 and equity awards with an aggregate grant date fair value of approximately $531,000. For fiscal 2021, he received cash compensation of approximately $989,000 and equity awards with an aggregate grant date fair value of approximately $523,000.

Carson Sorsby, the son of J. Larry Sorsby, a member of the Board and our former Chief Financial Officer (retired as of October 31, 2023), is employed by the Company. Carson Sorsby holds the position of Account Manager in the Company’s mortgage subsidiary. His compensation is commensurate with that of similarly situated employees in his position.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Interest capitalized at beginning of year

Note 17 - Transactions With Related Parties (Details Textual) - USD ($)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Tavit Najarian [Member]
Related Party Transaction, Amounts of Transaction	$ 1,300,000	$ 1,100,000	$ 600,000
Alexander Hovnanian [Member] \| Cash Compensation [Member]
Related Party Transaction, Amounts of Transaction	1,008,000	1,684,000	989,000
Alexander Hovnanian [Member] \| Share-based Compensation [Member]
Related Party Transaction, Amounts of Transaction	$ 825,000	$ 531,000	$ 523,000

Note 3 - Summary of Significant Accounting Policies - Interest Costs Incurred, Expensed and Capitalized (Details) - USD ($)
$ in Thousands

12 Months Ended

Oct. 31, 2023

Oct. 31, 2022

Oct. 31, 2021

$ 59,600

$ 58,159

$ 65,010

Plus interest incurred(1)

^[1]

136,535

134,024

155,514

Less cost of sales interest expensed

(80,820)

(85,240)

(84,100)

Less other interest expensed(2)

^[2],[3]

(54,082)

(47,343)

(77,716)

Less interest contributed to unconsolidated joint ventures(3)

(9,456)

(3,667)

Plus interest acquired from unconsolidated joint ventures(4)

283

3,118

Interest capitalized at end of year(5)

$ 52,060

$ 59,600

$ 58,159

[1]	Data does not include interest incurred by our mortgage and finance subsidiaries.
[2]	Cash paid for interest, net of capitalized interest, is the sum of other interest expensed, as defined above, and interest paid by our mortgage and finance subsidiaries adjusted for the change in accrued interest on notes payable, which is calculated as follows:
[3]	Other interest expensed includes interest that does not qualify for interest capitalization because our assets that qualify for interest capitalization (inventory under development) do not exceed our debt, which amounted to $2.6 million and $5.0 million for the three months ended July 31, 2023 and 2022, respectively, and $14.5 million and $25.5 million for the nine months ended July 31, 2023 and 2022, respectively. Other interest also includes interest on completed homes, land in planning and fully developed lots without homes under construction, which does not qualify for capitalization and therefore is expensed as incurred. This component of other interest was $10.9 million and $4.6 million for the three months ended July 31, 2023 and 2022, respectively, and $28.6 million and $9.9 million for the nine months ended July 31, 2023 and 2022, respectively.

Note 16 - Warranty Costs (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Increase (Decrease) In Construction Defect Reserves	$ 10.1
Payments by Insurance Companies for Claims	0.2	$ 0.2
Owner-Controlled Insurance Program for Subcontractors [Member]
Proceeds from Insurance Premiums Collected	$ 4.3	$ 6.0

Note 20 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures

12 Months Ended

Oct. 31, 2023

Equity Method Investments and Joint Ventures Disclosure [Text Block]

20. Investments in Unconsolidated Homebuilding and Land Development Joint Ventures

We enter into homebuilding and land development joint ventures from time to time as a means of accessing lot positions, expanding our market opportunities, establishing strategic alliances, managing our risk profile, leveraging our capital base and enhancing returns on capital. Our investments in homebuilding and land development joint ventures consist of equity interests that, in total, provide us with partner investment returns and management fees.

During the first quarter of fiscal 2023, we contributed four communities we owned, including one active selling community, to one new unconsolidated joint venture for $41.1 million of net cash.

During the second quarter of fiscal 2023, one of the Company's unconsolidated joint ventures was dissolved, and we assumed control of the remaining assets and liabilities.

During the third quarter of fiscal 2023, we contributed 16 communities we owned, including eight active selling communities, to one new unconsolidated joint venture for $75.7 million of net cash.

Also, during the third quarter of fiscal 2023, we assumed control of one of our unconsolidated joint ventures after the partner received their final cash distribution. We consolidated the remaining assets and liabilities that were in the unconsolidated joint venture at fair value on the date of distribution. Upon consolidation, we recorded a gain of $19.1 million in "Other (income) expense, net." Subsequent to consolidation, we contributed the same three active selling communities to an unconsolidated joint venture for $48.0 million of net cash.

The tables set forth below summarize the combined financial information related to our unconsolidated homebuilding and land development joint ventures that are accounted for under the equity method:

	*October 31, 2023*
				*Land*
(In thousands)	*Homebuilding*			*Development*			*Total*
Assets:
Cash and cash equivalents	$	127,547		$	822		$	128,369
Inventories		375,022			-			375,022
Other assets		380,989			-			380,989
Total assets	$	883,558		$	822		$	884,380
Liabilities and equity:
Accounts payable and accrued liabilities	$	524,586		$	605		$	525,191
Notes payable		101,126			-			101,126
Total liabilities		625,712			605			626,317
Equity of:
Hovnanian Enterprises, Inc.		96,281			210			96,491
Others		161,565			7			161,572
Total equity		257,846			217			258,063
Total liabilities and equity	$	883,558		$	822		$	884,380
Debt to capitalization ratio		28	%		0	%		28	%

	*October 31, 2022*
				*Land*
(In thousands)	*Homebuilding*			*Development*			*Total*
Assets:
Cash and cash equivalents	$	153,176		$	868		$	154,044
Inventories		441,140			-			441,140
Other assets		20,037			-			20,037
Total assets	$	614,353		$	868		$	615,221
Liabilities and equity:
Accounts payable and accrued liabilities	$	471,813		$	651		$	472,464
Notes payable		34,880			-			34,880
Total liabilities		506,693			651			507,344
Equity of:
Hovnanian Enterprises, Inc.		73,142			209			73,351
Others		34,518			8			34,526
Total equity		107,660			217			107,877
Total liabilities and equity	$	614,353		$	868		$	615,221
Debt to capitalization ratio		24	%		0	%		24	%

As of October 31, 2023 and 2022, we had outstanding advances to unconsolidated joint ventures of $1.4 million and $1.6 million, respectively. These amounts were included in “Accounts payable and accrued liabilities” in the tables above. In some cases, our net investment in unconsolidated joint ventures is less than our proportionate share of the equity reflected in the table above because of the differences between asset impairments recorded against our unconsolidated joint venture investments and any impairments recorded in the applicable unconsolidated joint venture. During the years ended October 31, 2023 and 2022, we did not write-down any of our unconsolidated joint venture investments.

	*For The Year Ended October 31, 2023*
				*Land*
(In thousands)	*Homebuilding*			*Development*		*Total*
Revenues	$	783,298		$	-	$	783,298
Cost of sales and expenses		(654,217	)		-		(654,217	)
Joint venture net income	$	129,081		$	-	$	129,081
Our share of net income	$	43,160		$	-	$	43,160

	*For The Year Ended October 31, 2022*
				*Land*
(In thousands)	*Homebuilding*			*Development*			*Total*
Revenues	$	351,767		$	113		$	351,880
Cost of sales and expenses		(318,788	)		(37	)		(318,825	)
Joint venture net income	$	32,979		$	76		$	33,055
Our share of net income	$	29,002		$	31		$	29,033

	*For The Year Ended October 31, 2021*
				*Land*
(In thousands)	*Homebuilding*			*Development*			*Total*
Revenues	$	347,898		$	691		$	348,589
Cost of sales and expenses		(335,077	)		(209	)		(335,286	)
Joint venture net income	$	12,821		$	482		$	13,303
Our share of net income	$	8,754		$	195		$	8,949

The reason “Our share of net income” is higher or lower than the “Joint venture net income” in the tables above is a result of our varying ownership percentages in each investment. For the years ended October 31, 2023 and 2022, we had investments in eight and seven unconsolidated joint ventures, respectively, and our ownership in these joint ventures ranged from 20% to over 50% for both periods. Therefore, depending on mix, if the unconsolidated joint ventures in which we have higher sharing percentages are more profitable than our other unconsolidated joint ventures, that results in us having a higher overall percentage of income in the aggregate than would occur if all joint ventures had the same sharing percentage; conversely, if the unconsolidated joint ventures in which we have lower sharing percentages are more profitable than our other unconsolidated joint ventures, that results in us having a lower overall percentage of income in the aggregate than would occur if all joint ventures had the same sharing percentage. For the year ended October 31, 2023, "Our share of net income" was lower than the "Joint venture net income" due to four unconsolidated joint ventures with increased income during the period for which we currently recognize a lower profit-sharing percentage as well as a fifth newly formed unconsolidated joint venture for which we are currently recognizing all of the net loss.For the year ended October 31, 2022, "Our share of net income" was lower than the "Joint venture net income" due to increased income on two of our newer unconsolidated joint ventures during the year for which we currently recognize a lower profit-sharing percentage based on the joint venture agreements, a third unconsolidated joint venture which we recognize a lower profit-sharing percentage having higher profit in the current period, and a fourth unconsolidated joint venture that generated profit that we did not recognize due to the fact that we had previously written off our investment balance in the unconsolidated joint venture. In addition, for the year ended October 31, 2022, we had written off our investment in one of our unconsolidated joint ventures that was generating losses and therefore we did not recognize those losses.

To compensate us for the administrative services we provide as the manager of certain unconsolidated joint ventures, we receive a management fee based on a percentage of the applicable unconsolidated joint venture’s revenue. These management fees, which totaled $16.3 million, $12.5 million and $11.6 million for the years ended October 31, 2023, 2022 and 2021, are recorded in “Selling, general and administrative” homebuilding expenses in the Consolidated Statements of Operations.

Typically, our unconsolidated joint ventures obtain separate project specific mortgage financing. For some of our unconsolidated joint ventures, obtaining financing was challenging, therefore, some of our unconsolidated joint ventures are capitalized only with equity. Any unconsolidated joint venture financing is on a nonrecourse basis, with guarantees from us limited only to performance and completion of development, environmental warranties and indemnification, standard indemnification for fraud, misrepresentation and other similar actions, including a voluntary bankruptcy filing. In some instances, the unconsolidated joint venture entity is considered a VIE due to the returns being capped to the equity holders; however, in these instances, we have determined that we are not the primary beneficiary, and therefore we do not consolidate these entities.

Note 10 - Operating and Reporting Segments - Financial Information Relating to Segment Operations (Details) - USD ($)
$ in Thousands

12 Months Ended

Oct. 31, 2023

Oct. 31, 2022

Oct. 31, 2021

$ 2,756,016

$ 2,922,231

$ 2,782,857

255,951

319,753

189,861

Investments in and advances to unconsolidated joint ventures

2,492,940

2,562,030

97,886

74,940

134,902

132,370

161,781

Net additions to operating properties and equipment

8,798

5,457

5,280

18,821

12,592

5,942

Corporate, Non-Segment [Member]

43,160

29,033

8,849

10,789

1,017

^[1]

(133,764)

(144,471)

(166,705)

Investments in and advances to unconsolidated joint ventures

820,466

741,555

1,363

1,874

17,707

28,572

57,085

Net additions to operating properties and equipment

2,677

2,321

1,783

14,241

8,646

3,241

2,695,928

2,860,691

2,701,165

Investments in and advances to unconsolidated joint ventures

2,021,436

2,061,244

97,886

74,940

Homebuilding [Member] | Operating Segments [Member]

2,685,139

2,859,674

2,701,146

370,350

445,103

319,003

Investments in and advances to unconsolidated joint ventures

1,503,803

1,664,482

96,523

73,066

117,194

104,011

104,731

Net additions to operating properties and equipment

6,121

3,131

3,484

3,540

3,918

2,701

Homebuilding [Member] | Northeast [Member] | Operating Segments [Member]

968,851

1,085,081

871,091

178,516

177,406

102,896

Investments in and advances to unconsolidated joint ventures

483,784

530,884

56,758

20,241

32,071

31,552

30,212

Net additions to operating properties and equipment

4,352

1,542

1,459

1,678

1,848

1,271

Homebuilding [Member] | Southeast [Member] | Operating Segments [Member]

27,253

12,674

2,958

420,296

323,961

285,658

77,750

60,178

17,764

Investments in and advances to unconsolidated joint ventures

286,701

330,894

35,262

52,651

20,055

17,403

19,490

Net additions to operating properties and equipment

444

291

214

263

229

256

Homebuilding [Member] | West [Member] | Operating Segments [Member]

15,696

16,359

2,061

1,295,992

1,450,632

1,544,397

114,084

207,519

198,343

Investments in and advances to unconsolidated joint ventures

733,318

802,704

4,503

174

65,068

55,056

55,029

Net additions to operating properties and equipment

1,325

1,298

1,811

1,599

1,841

1,174

Financial Services [Member]

211

3,830

60,088

61,540

81,692

Financial Services [Member] | Operating Segments [Member]

168,671

155,993

60,088

61,540

81,692

19,365

19,121

37,563

Financial services interest expense

168,671

155,993

^[2]

(213)

(35)

Net additions to operating properties and equipment

$ 1,040

$ 28

$ 0

[1]

Corporate and unallocated for the year ended October 31, 2023 included corporate general and administrative expenses of $103.2 million, interest expense of $17.7 million (a component of Other interest in our Consolidated Statements of Operations), loss on extinguishment of debt of $25.6 million and $(12.7) million of other (income) expenses, net. Corporate and unallocated for the year ended October 31, 2022 included corporate general and administrative expenses of $102.6 million, interest expense of $28.6 million, loss on extinguishment of debt of $6.8 million and $6.5 million of other (income) expenses, net. Corporate and unallocated for the year ended October 31, 2021 included corporate general and administrative expenses of $106.7 million, interest expense of $57.1 million, loss on extinguishment of debt of $3.7 million and $(0.8) million of other (income) expenses, net.

[2]

Financial services interest expense (income) is included in Financial services revenue or expense in the Consolidated Statements of Operations.

Note 21 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021	Oct. 01, 2023
Loans Held for Sale Mortgages Unpaid Principal	$ 130,400	$ 110,200
Impairment of Real Estate		8,400	$ 2,000
Senior Secured Revolving Credit Facility [Member]
Long-Term Line of Credit	$ 0	$ 0		$ 0
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.00%
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Instrument, Interest Rate, Stated Percentage	11.75%
Loan Origination Commitments [Member]
Loan Applications in Process	$ 517,800
Loan Origination Commitments [Member] \| Maximum [Member]
Number of Days in Committment (Day)	60 days
Interest Rate Committed Loan Applications [Member]
Interest Rate Committed Loan Applications	$ 56,300

Note 20 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures (Details Textual) $ in Thousands	3 Months Ended			12 Months Ended
	Jul. 31, 2023 USD ($)	Apr. 30, 2023	Jan. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)
Number of Owned Communities Transferred to the Joint Venture	16		4
Number of Owned Active Communities Transferred to the Joint Venture	8		1
Number of New Joint Ventures	1		1
Proceeds from Transfer of Land to Joint Venture	$ 75,700		$ 41,100
Number of Unconsolidated Joint Ventures Dissolved		1
Gain on Consolidation of Joint Venture	$ 19,100			$ 19,102	$ (0)	$ (0)
Equity Method Investment, Other than Temporary Impairment				0	0
Revenues				2,756,016	2,922,231	2,782,857
Homebuilding [Member]
Revenues				2,695,928	2,860,691	2,701,165
Homebuilding [Member] \| Management Fees [Member]
Revenues				$ 16,300	$ 12,500	11,600
Homebuilding and Land Development Joint Ventures [Member]
Number of Owned Active Communities Transferred to the Joint Venture				8	7
Homebuilding and Land Development Joint Ventures [Member] \| Minimum [Member]
Equity Method Investment, Ownership Percentage				20.00%
Homebuilding and Land Development Joint Ventures [Member] \| Maximum [Member]
Equity Method Investment, Ownership Percentage				50.00%
Corporate Joint Venture [Member]
Advances to Affiliate				$ 1,400	$ 1,600
Revenues				$ 783,298	$ 351,880	$ 348,589
New Unconsolidated Joint Venture [Member]
Number of New Joint Ventures	1
Proceeds from Transfer of Land to Joint Venture	$ 48,000

Note 21 - Fair Value of Financial Instruments - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Total losses	$ (8,400)	$ (2,000)
Land and Land Options Held for Future Development or Sale [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fair Value, Nonrecurring [Member]
Pre-impairment amount	10,558
Total losses	(8,374)
Fair Value	$ 2,184

Note 3 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Oct. 31, 2023

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

	*Year Ended*
	*October 31,*			*October 31,*			*October 31,*
(In thousands)	*2023*			*2022*			*2021*
Interest capitalized at beginning of year	$	59,600		$	58,159		$	65,010
Plus interest incurred(1)		136,535			134,024			155,514
Less cost of sales interest expensed		(80,820	)		(85,240	)		(84,100	)
Less other interest expensed(2)		(54,082	)		(47,343	)		(77,716	)
Less interest contributed to unconsolidated joint ventures(3)		(9,456	)		-			(3,667	)
Plus interest acquired from unconsolidated joint ventures(4)		283			-			3,118
Interest capitalized at end of year(5)	$	52,060		$	59,600		$	58,159

Note 18 - Commitments and Contingent Liabilities

12 Months Ended

Oct. 31, 2023

Commitments and Contingencies Disclosure [Text Block]

18. Commitments and Contingent Liabilities

We are involved in litigation arising in the ordinary course of business, none of which is expected to have a material adverse effect on our financial position, results of operations or cash flows, and we are subject to extensive and complex laws and regulations that affect the development of land and home building, sales and customer financing processes, including zoning, density, building standards and mortgage financing. These laws and regulations often provide broad discretion to the administering governmental authorities. This can delay or increase the cost of development or homebuilding. The significant majority of our litigation matters are related to construction defect claims. Our estimated losses from construction defect litigation matters, if any, are included in our construction defect reserves.

We also are subject to a variety of local, state, federal and foreign laws and regulations concerning protection of health and the environment, including those regulating the emission or discharge of materials into the environment, the management of storm water runoff at construction sites, the handling, use, storage and disposal of hazardous substances, impacts to wetlands and other sensitive environments, and the remediation of contamination at properties that we have owned or developed or currently own or are developing (“environmental laws”). The particular environmental laws that apply to a site may vary greatly according to the community site, for example, due to the community, the environmental conditions at or near the site, and the present and former uses of the site. These environmental laws may result in delays, may cause us to incur substantial compliance, remediation and/or other costs, and can prohibit or severely restrict development and homebuilding activity. In addition, noncompliance with these laws and regulations could result in fines and penalties, obligations to remediate or take corrective action, permit revocations or other sanctions; and contamination or other environmental conditions at or in the vicinity of our developments may result in claims against us for personal injury, property damage or other losses.

We anticipate that increasingly stringent requirements will continue to be imposed on developers and homebuilders in the future. In addition, some of these laws and regulations that significantly affect how certain properties may be developed are contentious, attract intense political attention, and may be subject to significant changes over time. For example, regulations governing wetlands permitting under the federal Clean Water Act have been the subject of extensive rulemakings for many years, resulting in several major joint rulemakings by the EPA and the U.S. Army Corps of Engineers that have expanded and contracted the scope of wetlands subject to regulation; and such rulemakings have been the subject of many legal challenges, some of which remain pending. It is unclear how these and related developments, including at the state or local level, ultimately may affect the scope of regulated wetlands where we operate. Although we cannot reliably predict the extent of any effect these developments regarding wetlands, or any other requirements that may take effect, may have on us, they could result in time-consuming and expensive compliance programs and in substantial expenditures, which could cause delays and increase our cost of operations. In addition, our ability to obtain or renew permits or approvals and the continued effectiveness of permits already granted or approvals already obtained is dependent upon many factors, some of which are beyond our control, such as changes in policies, rules and regulations and their interpretations and application.

In 2015, the condominium association of the Four Seasons at Great Notch condominium community (the “Great Notch Plaintiff”) filed a lawsuit in the Superior Court of New Jersey, Law Division, Passaic County (the “Court”) alleging various construction defects, design defects, and geotechnical issues relating to the community. The operative complaint (“Complaint”) asserts claims against Hovnanian Enterprises, Inc. and several of its affiliates, including K. Hovnanian at Great Notch, LLC, K. Hovnanian Construction Management, Inc., and K. Hovnanian Companies, LLC. The Complaint also asserts claims against various other design professionals and contractors. The Special Masters appointed by the Court to decide non-dispositive motions issued an opinion that (a) granted the Great Notch Plaintiff’s motion to permit it to assert a claim to pierce the corporate veil of K. Hovnanian at Great Notch, LLC to hold its alleged parent entities liable for any damages awarded against it, and (b) further stated that the Great Notch Plaintiff is not permitted to pursue that claim until after any trial on the underlying liability claims. To date, the Hovnanian-affiliated defendants have reached a partial settlement with the Great Notch Plaintiff as to a portion of the Great Notch Plaintiff’s claims against them for an amount immaterial to the Company. On its remaining claims against the Hovnanian-affiliated defendants, the Great Notch Plaintiff has asserted damages of approximately $119.5 million, which amount is potentially subject to treble damages pursuant to the Great Notch Plaintiff’s claim under the New Jersey Consumer Fraud Act. In December 2023, the parties reached a settlement through mediation subject to the execution of a final confidential settlement agreement. The settlement amount was not materially different than what we had reserved for this case.

In December 2020, the New Jersey Department of Environmental Protection ("NJDEP") and the Administrator of the New Jersey Spill Compensation Fund (the “Spill Fund”) filed a lawsuit in the Superior Court of New Jersey, Law Division, Union County against Hovnanian Enterprises, Inc. in addition to other unrelated parties, in connection with contamination at Hickory Manor, a residential condominium development. Alleged predecessors of certain defendants had used the Hickory Manor property for decades for manufacturing purposes. In 1998, NJDEP confirmed that groundwater at this site was impacted from an off-site source. The site was later remediated, resulting in the NJDEP issuing an unconditional site-wide No Further Action determination letter and Covenant Not to Sue in 1999. Subsequently, one of our affiliates was involved in redeveloping the property as a residential community. The complaint asserts claims under the New Jersey Spill Act and other state law claims and alleges that the NJDEP and the Spill Fund have incurred over $5.3 million since 2009 to investigate vapor intrusion at the development and to install vapor mitigation systems. Among other things, the complaint seeks recovery of the costs incurred, an order that defendants perform additional required remediation and disgorgement of profits on our affiliate’s sales of the units in the development. Discovery has commenced. Hovnanian Enterprises, Inc. intends to defend these claims vigorously.

Note 13 - Per Share Calculations

12 Months Ended

Oct. 31, 2023

Earnings Per Share [Text Block]

13. Per Share Calculations

Basic and diluted earnings per share for the periods presented below were calculated as follows:

	*Year Ended October 31,*
(In thousands, except per share data)	*2023*			*2022*			*2021*

Numerator:
Net income	$	205,891		$	225,490		$	607,817
Less: preferred stock dividends		(10,675	)		(10,675	)		-
Less: undistributed earnings allocated to participating securities		(16,027	)		(19,702	)		(57,676	)
Numerator for basic earnings per share	$	179,189		$	195,113		$	550,141
Plus: undistributed earnings allocated to participating securities		16,027			19,702			57,676
Less: undistributed earnings reallocated to participating securities		(16,058	)		(19,717	)		(58,687	)
Numerator for diluted earnings per share	$	179,158		$	195,098		$	549,130
Denominator:
Denominator for basic earnings per share – weighted average shares outstanding		6,230			6,437			6,287
Effect of dilutive securities:
Stock-based payments		436			291			108
Denominator for diluted earnings per share – weighted-average shares outstanding		6,666			6,728			6,395
Basic earnings per share	$	28.76		$	30.31		$	87.50
Diluted earnings per share	$	26.88		$	29.00		$	85.86

In addition, 6 thousand, 26 thousand and 25 thousand shares related to out-of-the money stock options, which could potentially dilute basic earnings per share in the future, were not included in the computation of diluted earnings per share for the years ended October 31, 2023, 2022 and 2021, respectively, because to do so would have been anti-dilutive for each period.

Note 18 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Millions	12 Months Ended	178 Months Ended
	Oct. 31, 2023	Oct. 31, 2023
Great Notch Condominium Claims[Member]
Loss Contingency, Damages Sought, Value	$ 119.5
Spill Fund Lawsuit [Member]
Loss Contingency, Damages Sought, Value		$ 5.3

Note 19 - Variable Interest Entities (Details Textual) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Deposits Associated with Land and Lot Options of Unconsolidated Variable Interest Entities	$ 192.3	$ 180.8
Purchase Price Associated with Land and Lot Options of Unconsolidated Variable Interest Entities	$ 2,200.0	$ 1,900.0

Note 15 - Share-based Compensation Plans

12 Months Ended

Oct. 31, 2023

Share-Based Payment Arrangement [Text Block]

15. Stock-Based Compensation Plans

We have stock incentive plans for certain officers, key employees and directors that are approved by a committee appointed by the Board or its delegate. As of October 31, 2023, we had 0.3 million shares authorized and remaining for future issuance under our stock incentive plans. Based on the terms of our stock incentive plans, awards that are forfeited become available to us for future grants.

Stock Options

Prior to fiscal 2021, stock options were granted. There have been no stock option grants during fiscal years 2023, 2022 or 2021. The exercise price of all stock options is at least equal to the fair market value of an underlying share of our Class A common stock on the date of the grant. The fair value of each stock option is estimated using the Black-Scholes option-pricing model. Stock options granted to officers and associates generally vest in four equal installments on the second, third, fourth and fifth anniversaries of the date of the grant. Non-employee directors’ stock options vest in three equal installments on the first, second and third anniversaries of the date of the grant. All stock options expire on the tenth anniversary from the date of grant.

The following table summarizes stock option activity at October 31, 2023:

						Weighted-
						Average
						Remaining
	*October 31,*			*Weighted-Average*		*Contractual*		*Aggregate*
	*2023*			*Exercise Price*		*Life (Years)*		*Intrinsic Value*
Stock options outstanding at beginning of period		166,559		$	48.02
Granted		-		$	-
Exercised		(4,363	)	$	31.14
Forfeited		(250	)	$	7.85
Expired		(18,399	)	$	157.00
Stock options outstanding at end of period		143,547		$	34.63		4.4	$	5,231,933
Stock options exercisable at end of period		132,903		$	36.66		4.3	$	4,590,643

The total intrinsic value of stock options exercised during both fiscal 2023 and 2022 was $0.2 million, and in fiscal 2021 was $4.8 million. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price.

Based on the fair value at the time of grant, the per share weighted-average fair value of stock options vested in fiscal 2023, 2022 and 2021 was $6.29, $16.46 and $8.82, respectively.

RSUs and Performance Units

RSUs are measured based upon the fair value of a share of our Class A common stock on the date of grant. Shares underlying RSUs granted to officers and associates generally vest in four equal installments on the first, second, third, and fourth anniversaries of the grant date. During fiscal year 2023, each of our six existing non-employee directors were granted RSUs subject to a two-year post-vesting holding period. Generally, participants aged 60 years or older, or aged 58 with 15 years of service, are eligible to vest in their awards on an accelerated basis upon their retirement.

Grants of market share units ("MSUs"), performance share units ("PSUs") and the stock portion of the long-term incentive plans ("LTIPs") (each discussed below), are also awarded as compensation.

The following table summarizes nonvested time-based RSU and MSU share activity as of October 31, 2023:

	*October 31,*			*Weighted-Average Grant Date*
	*2023*			*Fair Value*
Nonvested time-based at beginning of period		175,637		$	33.43
Granted		63,275		$	87.92
Vested (1)		(97,183	)	$	29.89
Forfeited		(9,586	)	$	43.90
Nonvested time-based at end of period		132,143		$	52.79

The following table summarizes nonvested performance-based LTIP, PSU and MSU share activity as of October 31, 2023:

	*October 31,*			*Weighted-Average Grant Date*
	*2023*			*Fair Value*
Nonvested performance-based at beginning of period		507,157		$	41.14
Granted		272,567		$	56.09
Vested (1)		(184,911	)	$	42.79
Forfeited		(13,313	)	$	51.39
Nonvested performance-based at end of period		581,500		$	73.90

(1) Includes 27,686 time-based vested share awards and 149,693 performance-based vested share awards which were deferred and not yet issued at October 31, 2023.

LTIP awards include share adjustments for the difference between target performance metrics at the time of grant and the final performance outcome. Share adjustments are reflected in the “Granted” line above at the time the performance is finalized. For LTIP awards granted prior to fiscal 2023, shares vest on the third, fourth and fifth anniversary of the grant date, subject to performance achievement. The 2023 LTIP is subject to cliff vesting at the end of the performance period.

The fair value of LTIP and PSUs (discussed below) is determined using the Finnerty model, which uses an arithmetic average strike, put option. The strike price is based on the predetermined period average value of the underlying asset. The following assumptions were used for the 2023 LTIP grants: historical volatility factor of 75.29% based on the expected market price of our Class A common stock for the two-year period ending on the valuation date, concluded stock price assumption of 4.19% equal to the continuously compounded two-year yield and a dividend yield of zero. The following assumptions were used for the 2022 LTIP grants: historical volatility factor of 104.16% based on the expected market price of our Class A common stock for the two-year period ending on the valuation date, concluded stock price assumption of 0.67% equal to the continuously compounded two-year yield and a dividend yield of zero. The following assumptions were used for the 2021 LTIP grants: historical volatility factor of 112.92% based on the expected market price of our Class A common stock for the two-year period ending on the valuation date, concluded stock price assumption of 0.16% equal to the continuously compounded two-year yield and a dividend yield of zero.

PSUs granted in fiscal 2020 vest in four equal installments commencing on the second, third, fourth and fifth anniversary of the grant date, except that no portion of the award will vest unless the Board determines that the Company achieved specified earnings goals. Fiscal 2023, 2022 and 2021 PSUs are subject to cliff vesting on the third year after the grant date. The following assumptions were used for the 2023 PSU grants: historical volatility factor of 66.66% based on the expected market price of our Class A common stock for the two-year period ending on the valuation date, concluded stock price assumption of 4.54% equal to the continuously compounded two-year yield and a dividend yield of zero. The following assumptions were used for the 2022 PSU grants: historical volatility factor of 78.82% based on the expected market price of our Class A common stock for the two-year period ending on the valuation date, concluded stock price assumption of 3.04% equal to the continuously compounded two-year yield and a dividend yield of zero. The following assumptions were used for 2021 PSU grants: historical volatility factor of the expected market price of our common stock of 112.44% for the two-year period ending on the valuation date, and the concluded risk-free rate assumption of 0.16% equals the continuously compounded two-year yield, and dividend yield of zero.

There were no MSUs granted in fiscal 2023, 2022 and 2021. The fair value of MSUs is determined using the Monte-Carlo simulation model. The first 50% of an MSU grant vests in four equal annual installments, commencing on the second anniversary from the date of grant, subject to stock price performance conditions, pursuant to which the actual number of shares issuable with respect to vested MSUs may range from 0% to 200% of the target number of shares under each MSU award, generally depending on the growth in the 60-day average trading price of the Company’s shares during the period between the grant date and the relevant vesting dates. The remaining 50% of an MSU grant is subject to financial performance conditions in addition to the stock price performance conditions. These remaining MSUs vest in four equal installments with the first installment vesting on the third January 1st after the grant date, and the remaining annual installments commencing on the third anniversary from the date of grant, except that no portion of the award will vest unless the Board determines the Company achieved certain specified performance goals.

The total grant date fair value of RSU and performance unit awards granted during fiscal 2023, 2022 and 2021 was $10.4 million, $9.6 million and $9.2 million, respectively. The total fair value of these awards vested during fiscal 2023, 2022 and 2021 was $25.2 million, $15.6 million and $13.7 million, respectively.

During the year-ended October 31, 2023 we issued 51,296 RSUs, 43,268 MSUs and 32,671 LTIP shares. As of October 31, 2023, there was $16.2 million of unrecognized stock-based compensation, which is primarily comprised of unrecognized expenses for RSUs, MSUs, PSUs, and the stock portion of LTIPs. The cost is expected to be recognized over a weighted-average period of 1.6 years.

Stock-Based Compensation Expense

For the years ended October 31, 2023, 2022 and 2021, stock-based compensation expense was $14.2 million ($11.4 million post tax), $10.3 million ($7.3 million post tax) and $7.7 million ($5.2 million post tax), respectively. Stock-based compensation for RSUs, MSUs, PSUs, and the stock portion of LTIPs was $14.2 million, $10.2 million and $7.4 million for fiscal 2023, 2022 and 2021, respectively. In addition, stock option compensation expense was $27 thousand, $0.1 million and $0.2 million for the years ended October 31, 2023, 2022 and 2021, respectively.

Consolidated Statements of Changes in Equity (Deficit) - USD ($) $ in Thousands	Common Stock Outstanding [Member] Common Class A [Member]	Common Stock Outstanding [Member] Common Class B [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Oct. 31, 2020	5,519,880	622,217	5,600
Balance at Oct. 31, 2020	$ 60	$ 7	$ 135,299	$ 718,110	$ (1,175,045)	$ (115,360)	$ 835	$ (436,094)
Stock options, amortization and issuances (in shares)	42,204	5,368
Stock options, amortization and issuances				(41)				(41)
Restricted stock amortization, issuances and forfeitures (in shares)	33,564	31,708
Restricted stock amortization, issuances and forfeitures				4,049				4,050
Conversion of Class B to Class A common stock (in shares)	86	(86)
Conversion of Class B to Class A common stock								0
Changes in noncontrolling interest in consolidated joint ventures							(348)	(348)
Net income					607,817			$ 607,817
Share repurchases (in shares)								0
Balance (in shares) at Oct. 31, 2021	5,595,734	659,207	5,600
Balance at Oct. 31, 2021	$ 61	$ 7	$ 135,299	722,118	(567,228)	(115,360)	487	$ 175,384
Stock options, amortization and issuances (in shares)	2,316
Stock options, amortization and issuances				120				120
Restricted stock amortization, issuances and forfeitures (in shares)	91,263	46,641
Restricted stock amortization, issuances and forfeitures				5,425				5,426
Conversion of Class B to Class A common stock (in shares)	143	(143)
Conversion of Class B to Class A common stock								0
Changes in noncontrolling interest in consolidated joint ventures							(472)	(472)
Net income					225,490			225,490
Preferred dividend declared ($476.56 per share)					(10,675)			$ (10,675)
Share repurchases (in shares)	(312,471)							(312,471)
Share repurchases						(12,222)		$ (12,222)
Balance (in shares) at Oct. 31, 2022	5,376,985	705,705	5,600
Balance at Oct. 31, 2022	$ 62	$ 7	$ 135,299	727,663	(352,413)	(127,582)	15	383,051
Stock options, amortization and issuances (in shares)	3,563
Stock options, amortization and issuances				92				92
Restricted stock amortization, issuances and forfeitures (in shares)	83,660	43,575
Restricted stock amortization, issuances and forfeitures		$ 1		8,191				8,192
Conversion of Class B to Class A common stock (in shares)	199	(199)
Conversion of Class B to Class A common stock								0
Changes in noncontrolling interest in consolidated joint ventures							38	38
Net income					205,891			205,891
Preferred dividend declared ($476.56 per share)					(10,675)			$ (10,675)
Share repurchases (in shares)	(118,478)							(118,478)
Share repurchases						(4,800)		$ (4,800)
Balance (in shares) at Oct. 31, 2023	5,345,929	749,081	5,600
Balance at Oct. 31, 2023	$ 62	$ 8	$ 135,299	$ 735,946	$ (157,197)	$ (132,382)	$ 53	$ 581,789

Note 11 - Income Taxes - Unrecognized Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Unrecognized tax benefit—November 1,	$ 0.2	$ 0.5
Gross increases—tax positions in current period	0.0	0.0
Lapse of statute of limitations	(0.2)	(0.3)
Unrecognized tax benefit—October 31,	$ 0.0	$ 0.2

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000	100,000
Preferred stock, shares issued (in shares)	5,600	5,600
Preferred stock, shares outstanding (in shares)	5,600	5,600
Preferred stock, liquidation preference	$ 140	$ 140
Common Class A [Member]
Common stock, shares authorized (in shares)	16,000,000	16,000,000
Common stock, shares issued (in shares)	6,247,308	6,159,886
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares held in Treasury (in shares)	901,379	782,901
Common Class B [Member]
Common stock, shares authorized (in shares)	2,400,000	2,400,000
Common stock, shares issued (in shares)	776,750	733,374
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares held in Treasury (in shares)	27,669	27,669

Note 10 - Operating and Reporting Segments

12 Months Ended

Oct. 31, 2023

Segment Reporting Disclosure [Text Block]

10. Operating and Reporting Segments

HEI’s operating segments are components of the Company’s business for which discrete financial information is available and reviewed regularly by the chief operating decision maker, our Chief Executive Officer, to evaluate performance and make resource allocations.

We currently have homebuilding operations in 13 states that are aggregated into reportable segments based primarily upon geographic proximity.

HEI’s reportable segments consist of the following three homebuilding segments and a financial services segment.

Homebuilding:

	(1)	Northeast (Delaware, Maryland, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia)
	(2)	Southeast (Florida, Georgia and South Carolina)
	(3)	West (Arizona, California and Texas)

Operations of the homebuilding segments primarily include the sale and construction of single-family attached and detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments. In addition, from time to time, operations of the homebuilding segments include sales of land. Operations of the financial services segment include mortgage banking and title services provided to the homebuilding operations’ customers. Our financial services subsidiaries do not typically retain or service mortgages that we originate but sell the mortgages and related servicing rights to investors.

Corporate and unallocated primarily represents operations at our headquarters in New Jersey. This includes our executive offices, information services, human resources, corporate accounting, training, treasury, process redesign, internal audit, construction services, administration of insurance, quality and safety. It also includes interest income and interest expense resulting from interest incurred that cannot be capitalized in inventory in the homebuilding segments, as well as the gains or losses on extinguishment of debt from any debt repurchases or exchanges.

Evaluation of segment performance is based primarily on income (loss) before income taxes. Income (loss) before income taxes for the homebuilding segments consist of revenues generated from the sales of homes and land, income (loss) from unconsolidated entities, management fees and other income, less the cost of homes and land sold, selling, general and administrative expenses and interest expense. Income (loss) before income taxes for the financial services segment consist of revenues generated from mortgage financing, title insurance and closing services, less the cost of such services and corporate general and administrative expenses.

Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent stand-alone entity during the periods presented.

Financial information relating to our reportable segments are as follows:

	*Year Ended October 31,*
(In thousands)	*2023*			*2022*			*2021*
Revenues:
Northeast	$	968,851		$	1,085,081		$	871,091
Southeast		420,296			323,961			285,658
West		1,295,992			1,450,632			1,544,397
Total homebuilding		2,685,139			2,859,674			2,701,146
Financial services		60,088			61,540			81,692
Corporate and unallocated		10,789			1,017			19
Total revenues	$	2,756,016		$	2,922,231		$	2,782,857
Income before income taxes:
Northeast	$	178,516		$	177,406		$	102,896
Southeast		77,750			60,178			17,764
West		114,084			207,519			198,343
Total homebuilding		370,350			445,103			319,003
Financial services		19,365			19,121			37,563
Corporate and unallocated (1)		(133,764	)		(144,471	)		(166,705	)
Income before income taxes	$	255,951		$	319,753		$	189,861

(1) Corporate and unallocated for the year ended October 31, 2023 included corporate general and administrative expenses of $103.2 million, interest expense of $17.7 million (a component of Other interest in our Consolidated Statements of Operations), loss on extinguishment of debt of $25.6 million and $(12.7) million of other (income) expenses, net. Corporate and unallocated for the year ended October 31, 2022 included corporate general and administrative expenses of $102.6 million, interest expense of $28.6 million, loss on extinguishment of debt of $6.8 million and $6.5 million of other (income) expenses, net. Corporate and unallocated for the year ended October 31, 2021 included corporate general and administrative expenses of $106.7 million, interest expense of $57.1 million, loss on extinguishment of debt of $3.7 million and $(0.8) million of other (income) expenses, net.

	*October 31,*
(In thousands)	*2023*		*2022*
Assets:
Northeast	$	483,784	$	530,884
Southeast		286,701		330,894
West		733,318		802,704
Total homebuilding		1,503,803		1,664,482
Financial services		168,671		155,993
Corporate and unallocated		820,466		741,555
Total assets	$	2,492,940	$	2,562,030

	*October 31,*
(In thousands)	*2023*		*2022*
Investments in and advances to unconsolidated joint ventures:
Northeast	$	56,758	$	20,241
Southeast		35,262		52,651
West		4,503		174
Total homebuilding		96,523		73,066
Corporate and unallocated		1,363		1,874
Total investments in and advances to unconsolidated joint ventures	$	97,886	$	74,940

	*Year Ended October 31,*
(In thousands)	*2023*		*2022*			*2021*
Homebuilding interest expense:
Northeast	$	32,071	$	31,552		$	30,212
Southeast		20,055		17,403			19,490
West		65,068		55,056			55,029
Total homebuilding		117,194		104,011			104,731
Corporate and unallocated		17,707		28,572			57,085
Financial services interest expense (income) (1)		1		(213	)		(35	)
Total interest expense, net	$	134,902	$	132,370		$	161,781

(1)

Financial services interest expense (income) is included in Financial services revenue or expense in the Consolidated Statements of Operations.

	*Year Ended October 31,*
(In thousands)	*2023*		*2022*		*2021*
Depreciation:
Northeast	$	4,352	$	1,542	$	1,459
Southeast		444		291		214
West		1,325		1,298		1,811
Total homebuilding		6,121		3,131		3,484
Financial services		-		5		13
Corporate and unallocated		2,677		2,321		1,783
Total depreciation	$	8,798	$	5,457	$	5,280

	*Year Ended October 31,*
(In thousands)	*2023*		*2022*		*2021*
Net additions to property and equipment:
Northeast	$	1,678	$	1,848	$	1,271
Southeast		263		229		256
West		1,599		1,841		1,174
Total homebuilding		3,540		3,918		2,701
Financial services		1,040		28		-
Corporate and unallocated		14,241		8,646		3,241
Total net additions to property and equipment	$	18,821	$	12,592	$	5,942

	*Year Ended October 31,*
(In thousands)	*2023*		*2022*		*2021*
Equity in earnings from unconsolidated joint ventures:
Northeast	$	27,253	$	12,674	$	2,958
Southeast		15,696		16,359		2,061
West		211		-		3,830
Total equity in earnings from unconsolidated joint ventures	$	43,160	$	29,033	$	8,849

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

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Note 21 - Fair Value of Financial Instruments - Fair Value of Notes (Details) (Parentheticals)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 05, 2023	Sep. 07, 2023	May 30, 2023
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Stated Interest Rate	10.00%	10.00%		10.00%
Debt Instrument, Maturity Date	Nov. 15, 2025	Nov. 15, 2025
The 8.0% Senior Secured 1.125 Lien Notes Due 2028 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Stated Interest Rate	8.00%		8.00%
Debt Instrument, Maturity Date	Sep. 30, 2028
The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Stated Interest Rate	7.75%	7.75%			7.75%
Debt Instrument, Maturity Date	Feb. 15, 2026	Feb. 15, 2026
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Stated Interest Rate	11.75%		11.75%
Debt Instrument, Maturity Date	Sep. 30, 2029
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Stated Interest Rate	10.50%	10.50%	10.50%
Debt Instrument, Maturity Date	Feb. 15, 2026	Feb. 15, 2026
The 11.25% Senior Secured 1.5 Lien Notes due February 15, 2026 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Stated Interest Rate	11.25%	11.25%	11.25%
Debt Instrument, Maturity Date	Feb. 15, 2026	Feb. 15, 2026
The 13.5% 2026 Notes [Member] \| Senior Notes [Member]
Debt Instrument, Stated Interest Rate	13.50%	13.50%
Debt Instrument, Maturity Date	Feb. 01, 2026	Feb. 01, 2026
The 5.0% 2040 Notes [Member] \| Senior Notes [Member]
Debt Instrument, Stated Interest Rate	5.00%	5.00%
Debt Instrument, Maturity Date	Feb. 01, 2040	Feb. 01, 2040
Senior Unsecured Term Loan Credit Facility Due 2027 [Member] \| Unsecured Senior Term Loan [Member]
Debt Instrument, Maturity Date	Feb. 01, 2027	Feb. 01, 2027
The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] \| Senior Secured Term Loan [Member]
Debt Instrument, Maturity Date	Jan. 31, 2028	Jan. 31, 2028

Note 6 - Restricted Cash and Customers' Deposits

12 Months Ended

Oct. 31, 2023

Cash and Cash Equivalents Disclosure [Text Block]

6. Restricted Cash and Customers' Deposits

Homebuilding "Restricted cash and cash equivalents" on the Consolidated Balance Sheets totaled $8.4 million and $13.4 million as of October 31, 2023 and 2022, respectively, which primarily consists of cash collateralizing our letter of credit agreements and facilities (see Note 9).

Financial services restricted cash and cash equivalents, which are included in "Financial services" assets on the Consolidated Balance Sheets, totaled $30.5 million and $36.1 million as of October 31, 2023 and 2022, respectively. Included in these balances were (1) financial services customers’ deposits of $28.1 million and $29.7 million as of October 31, 2023 and 2022, respectively, which are subject to restrictions on our use, and (2) restricted cash under the terms of our mortgage warehouse lines of credit of $2.4 million and $6.4 million as of October 31, 2023 and 2022, respectively.

Homebuilding "Customers’ deposits" are shown as a liability on the Consolidated Balance Sheets. These liabilities are significantly more than the applicable periods’ restricted cash balances because in some states the deposits are not restricted from use and, in other states, we are able to release the majority of these customer deposits to cash by pledging letters of credit and surety bonds.

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2023	Oct. 31, 2022
ASSETS
Investments in and advances to unconsolidated joint ventures	$ 97,886	$ 74,940
Property and equipment, net	33,946	25,819
Assets	2,492,940	2,562,030
Assets	2,492,940	2,562,030
Deferred tax assets, net	302,833	344,793
LIABILITIES AND EQUITY
Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)	1,051,491	1,146,547
Liabilities	1,911,151	2,178,979
Liabilities	1,911,151	2,178,979
Income taxes payable	1,861	3,167
Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at October 31, 2023 and October 31, 2022	135,299	135,299
Paid in capital - common stock	735,946	727,663
Accumulated deficit	(157,197)	(352,413)
Treasury stock - at cost – 901,379 shares of Class A common stock at October 31, 2023 and 782,901 shares at October 31, 2022; 27,669 shares of Class B common stock at October 31, 2023 and October 31, 2022	(132,382)	(127,582)
Total Hovnanian Enterprises, Inc. stockholders’ equity	581,736	383,036
Noncontrolling interest in consolidated joint ventures	53	15
Total equity	581,789	383,051
Total liabilities and equity	2,492,940	2,562,030
Common Class A [Member]
LIABILITIES AND EQUITY
Common Stock	62	62
Common Class B [Member]
LIABILITIES AND EQUITY
Common Stock	8	7
Homebuilding [Member]
ASSETS
Cash and cash equivalents	434,119	326,198
Restricted cash and cash equivalents	8,431	13,382
Sold and unsold homes and lots under development	998,841	1,058,183
Land and land options held for future development or sale	125,587	152,406
Consolidated inventory not owned	224,758	308,595
Total inventories	1,349,186	1,519,184
Investments in and advances to unconsolidated joint ventures	97,886	74,940
Receivables, deposits and notes, net	27,982	37,837
Prepaid expenses and other assets	69,886	63,884
Assets	2,021,436	2,061,244
Assets	2,021,436	2,061,244
LIABILITIES AND EQUITY
Accounts payable and other liabilities	415,480	439,952
Customers’ deposits	51,419	74,020
Liabilities from inventory not owned, net of debt issuance costs	124,254	202,492
Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)	1,051,491	1,146,547
Accrued interest	26,926	32,415
Liabilities	1,761,109	2,040,231
Liabilities	1,761,109	2,040,231
Homebuilding [Member] \| Nonrecourse Mortgages Secured By Inventory [Member] \| Mortgages [Member]
LIABILITIES AND EQUITY
Nonrecourse mortgages, net of debt issuance costs	91,539	144,805
Financial Services [Member]
ASSETS
Cash and cash equivalents	4,519	6,468
Restricted cash and cash equivalents	30,450	36,142
Assets	168,671	155,993
Assets	168,671	155,993
LIABILITIES AND EQUITY
Liabilities	148,181	135,581
Liabilities	$ 148,181	$ 135,581

Note 12 - Reduction of Inventory to Fair Value - Inventory Impairments by Homebuilding Segment (Details)
$ in Millions

12 Months Ended

Oct. 31, 2022

USD ($)

Oct. 31, 2021

USD ($)

$ 8.4

$ 2.0

$ 8.4

$ 2.0

Homebuilding [Member] | Northeast [Member]

^[1]

$ 10.6

$ 11.5

$ 0.0

Homebuilding [Member] | Southeast [Member]

^[1]

$ 0.0

$ 0.0

$ 1.2

Homebuilding [Member] | West [Member]

^[1]

$ 0.0

$ 9.2

$ 8.4

$ 0.8

^[1]

$ 10.6

$ 2.3

[1]	Represents carrying value, net of prior period impairments, if any, at the time of recording the applicable period's impairments.

Note 4 - Leases (Details Textual) $ in Millions	12 Months Ended
Note 4 - Leases (Details Textual) $ in Millions	Oct. 31, 2023 USD ($)
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 19.8
Lessee, Operating Lease, Lease Not Yet Commenced	3.2
Increase (Decrease) in Operating Lease Liability	$ 19.8
Minimum [Member] \| Office Leases [Member]
Lessee, Operating Lease, Term of Contract (Year)	3 years
Maximum [Member] \| Office Leases [Member]
Lessee, Operating Lease, Term of Contract (Year)	5 years

Note 7 - Mortgage Loans Held for Sale - Loan Origination Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Loan origination reserves, beginning of period	$ 1,795	$ 1,632
Provisions for losses during the period	187	181
Adjustments to pre-existing provisions for losses from changes in estimates	31	(18)
Loan origination reserves, end of period	$ 2,013	$ 1,795

Note 15 - Stock-based Compensation Plans - Stock Option Activity (Details) - USD ($)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Stock options outstanding (in shares)	166,559
Stock options outstanding, weighted average exercise price (in dollars per share)	$ 48.02
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	0	0	0
Granted, weighted average exercise price (in dollars per share)	$ 0
Exercised (in shares)	(4,363)
Exercised, weighted average exercise price (in dollars per share)	$ 31.14
Forfeited (in shares)	(250)
Forfeited, weighted average exercise price (in dollars per share)	$ 7.85
Expired (in shares)	(18,399)
Expired, weighted average exercise price (in dollars per share)	$ 157
Stock options outstanding (in shares)	143,547	166,559
Stock options outstanding, weighted average exercise price (in dollars per share)	$ 34.63	$ 48.02
Stock options outstanding, weighted average contractual life (Year)	4 years 4 months 24 days
Stock options outstanding, intrinsic value	$ 5,231,933
Stock options exercisable at end of period (in shares)	132,903
Stock options exercisable at end of period, weighted average exercise price (in dollars per share)	$ 36.66
Stock options exercisable, weighted average contractual life (Year)	4 years 3 months 18 days
Stock options exercisable, intrinsic value	$ 4,590,643

Supplemental Disclosure of Non-cash Operating and Investing Activities (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jul. 31, 2023	Apr. 30, 2023	Oct. 31, 2021	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Increase (Decrease) in Inventories				$ (278,672)	$ 279,000	$ 35,514
Increase (Decrease) in Receivables				(11,296)	2,632	3,016
Increase (Decrease) in Contract with Customer, Liability				(29,913)	5,725	20,009
Repayments of Notes Payable				$ 382,933	$ 418,383	$ 262,609
Acquisition of Remaining Assets of One of Joint Ventures [Member]
Reduction in Investment from Purchase of Remining Interest in Joint Venture			$ 26,600
Consolidated Joint Venture [Member]
Reduction in Investment from Consolidation of Remining Interest in Joint Venture	$ 53,400	$ 10,800
Increase (Decrease) in Inventories	95,300	14,900
Increase (Decrease) in Accounts Payable	14,500	$ 5,300
Increase (Decrease) in Receivables	3,800
Increase (Decrease) in Contract with Customer, Liability	7,300
Repayments of Notes Payable	$ 4,800

Note 3 - Summary of Significant Accounting Policies

12 Months Ended

Oct. 31, 2023

Significant Accounting Policies [Text Block]

3. Summary of Significant Accounting Policies

The projected operating profits, losses or cash flows of each community can be significantly impacted by our estimates of the following:

●

future base selling prices;

●

future home sales incentives;

●

future home construction and land development costs; and

●

future sales absorption pace and cancellation rates.

●

the intensity of competition within a market, including available home sales prices and home sales incentives offered by our competitors;

●

the current sales absorption pace for both our communities and competitor communities;

●

community-specific attributes, such as location, availability of lots in the market, desirability and uniqueness of our community, and the size and style of homes currently being offered;

●

potential for alternative product offerings to respond to local market conditions;

●

changes by management in the sales strategy of the community;

●

current local market economic and demographic conditions and related trends and forecasts; and

●

existing home inventory supplies, including foreclosures and short sales.

Interest costs incurred, expensed and capitalized were as follows:

	*Year Ended*
	*October 31,*			*October 31,*			*October 31,*
(In thousands)	*2023*			*2022*			*2021*
Interest capitalized at beginning of year	$	59,600		$	58,159		$	65,010
Plus interest incurred(1)		136,535			134,024			155,514
Less cost of sales interest expensed		(80,820	)		(85,240	)		(84,100	)
Less other interest expensed(2)		(54,082	)		(47,343	)		(77,716	)
Less interest contributed to unconsolidated joint ventures(3)		(9,456	)		-			(3,667	)
Plus interest acquired from unconsolidated joint ventures(4)		283			-			3,118
Interest capitalized at end of year(5)	$	52,060		$	59,600		$	58,159

(1)

Does not include interest incurred by our mortgage and finance subsidiaries.

(2)

(3)

(4)

(5)

Capitalized interest amounts are shown gross before allocating any portion of impairments, if any, to capitalized interest.

Supplemental Disclosure of Non-cash Operating and Investing Activities

12 Months Ended

Oct. 31, 2023

Cash Flow, Supplemental Disclosures [Text Block]

Supplemental disclosure of noncash investing and financing activities:

In the second quarter of fiscal 2023, we consolidated the remaining assets of one of our unconsolidated joint ventures, resulting in a $10.8 million reduction in our investment in the joint venture, and increases of $14.9 million and $5.3 million to inventory and accounts payable, respectively.

In the third quarter of fiscal 2023, we consolidated the remaining assets of one of our unconsolidated joint ventures, resulting in a $53.4 million reduction in our investment in the joint venture, and increases of $95.3 million to inventory, $3.8 million to other assets, $14.5 million to accounts payable, $7.3 million to customer deposits and $4.8 million to nonrecourse mortgages and notes.

In the third and fourth quarters of fiscal 2021, we acquired the remaining assets of certain of our unconsolidated joint ventures, resulting in a $26.6 million reduction in our investment in the joint ventures and a corresponding increase to inventory.

Note 15 - Share-based Compensation Plans (Details Textual) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 31, 2023 USD ($) $ / shares shares	Oct. 31, 2022 USD ($) $ / shares shares	Oct. 31, 2021 USD ($) $ / shares shares	Oct. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	300,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	0	0	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value \| $	$ 200	$ 200	$ 4,800
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 6.29	$ 16.46	$ 8.82
Share-based Compensation Arrangement by Share-based Payment Award, Participants Years of Service (Year)	15 years
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $	$ 16,200
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 7 months 6 days
Share-Based Payment Arrangement, Expense \| $	$ 14,200	$ 10,300	$ 7,700
Share-Based Payment Arrangement, Expense, after Tax \| $	$ 11,400	7,300	5,200
Nonemployee Director [Member]
Number of Directors	6
Share-based Compensation Arrangement by Share-based Payment Award, Post-vesting Holding Period (Year)	2 years
Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Installments	4
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)	10 years
Share-Based Payment Arrangement, Expense \| $	$ 27	$ 100	$ 200
Share-Based Payment Arrangement, Option [Member] \| Nonemployee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Installments	3
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	2 years
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Nonemployee Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	1 year
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Tranche Two [Member] \| Nonemployee Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	2 years
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	4 years
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Tranche Three [Member] \| Nonemployee Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Tranche Four [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	5 years
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares)	51,296
Restricted Stock Units (RSUs) [Member] \| Officers and Associates [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Installments	4
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Officers and Associates [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	1 year
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche Two [Member] \| Officers and Associates [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	2 years
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche Three [Member] \| Officers and Associates [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche Four [Member] \| Officers and Associates [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	4 years
Restricted Stock [Member] \| Participants With Service Requirement [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Participants Age (Year)	58 years
Restricted Stock [Member] \| Participants Without Service Requirement [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Participants Age (Year)	60 years
Time-based Share Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Deferred (in shares)	27,686
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	63,275
Performance-based Performance Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Installments				4
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Deferred (in shares)	149,693
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	66.66%	78.82%	112.44%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.54%	3.04%	0.16%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%	0.00%
Performance-based Performance Share Units (PSUs) [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				2 years
Performance-based Performance Share Units (PSUs) [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				3 years
Performance-based Performance Share Units (PSUs) [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				4 years
Performance-based Performance Share Units (PSUs) [Member] \| Share-Based Payment Arrangement, Tranche Four [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)				5 years
Performance-based Performance Share Units (PSUs) [Member] \| Share-Based Payment Arrangement, Cliff Vesting [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years	3 years	3 years
LTIP Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	75.29%	104.16%	112.92%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.19%	0.67%	0.16%
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares)	32,671
LTIP Shares [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
LTIP Shares [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	4 years
LTIP Shares [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	5 years
Market Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	0	0	0
Share-based Compensation Arrangement By Share-based Compensation Award Fair Value Measurement Period (Day)	60 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares)	43,268
Market Stock Units [Member] \| Minimum [Member]
Percentage of Target Number of Shares Covered by MSU Awards	0.00%
Market Stock Units [Member] \| Maximum [Member]
Percentage of Target Number of Shares Covered by MSU Awards	200.00%
Market Stock Units [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Installments	4
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage	50.00%
Performance Based MSUs [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Installments	4
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage	50.00%
RSUs and Performance Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value \| $	$ 10,400	$ 9,600	$ 9,200
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Grant Date Fair Value \| $	25,200	15,600	13,700
Non Options [Member]
Share-Based Payment Arrangement, Expense \| $	$ 14,200	$ 10,200	$ 7,400

Note 12 - Reduction of Inventory to Fair Value

12 Months Ended

Oct. 31, 2023

Inventory Impairments and Land Option Cost Write-offs [Text Block]

12. Reduction of Inventory to Fair Value

We had 380 communities under development and held for future development or sale at October 31, 2023 and 374 communities under development and held for future development or sale at both October 31, 2022 and 2021, which we evaluated for impairment indicators (i.e., those with a projected operating loss). We performed an undiscounted future cash flow analysis for one community during the year ended October 31, 2023, which we had recorded an impairment for in the prior year. As a result of such analysis, we did not identify any additional impairment for the community. During the year ended October 31, 2022, one community, with a carrying value of $10.6 million, had an impairment indicator. The impairment analysis on the community included increased land development costs from previous projections, along with a downturn in the local market, resulting in an impairment of $8.4 million. During the year ended October 31, 2021, we performed undiscounted future cash flow analyses for three communities with an aggregate carrying value of $11.5 million. Based on the results of our undiscounted future cash flow analyses, we performed discounted cash flow analyses on all three communities, resulting in impairments of $2.0 million. Our aggregate impairment charges are included within "Inventory impairments and land option write-offs" in the Consolidated Statement of Operations and deducted from inventory.

The following table represents impairments by segment for fiscal 2022 and 2021:

(Dollars in millions)	*Year Ended October 31, 2022*
			*Dollar*		*Pre-*
	*Number of*		*Amount of*		*Impairment*
	*Communities*		*Impairment*		*Value (1)*
Northeast		-	$	-	$	-
Southeast		-		-		-
West		1		8.4		10.6
Total		1	$	8.4	$	10.6

(Dollars in millions)	*Year Ended October 31, 2021*
			*Dollar*		*Pre-*
	*Number of*		*Amount of*		*Impairment*
	*Communities*		*Impairment*		*Value (1)*
Northeast		-	$	-	$	-
Southeast		2		1.2		9.2
West		1		0.8		2.3
Total		3	$	2.0	$	11.5

(1)

Represents carrying value, net of prior period impairments, if any, at the time of recording the applicable period’s impairments.

Write-offs of options, engineering and capitalized interest costs are also recorded in "Inventory impairments and land option write-offs" when we redesign communities, abandon certain engineering costs or do not exercise options in various locations because the pro forma profitability is not projected to produce adequate returns on investment commensurate with the risk. The total aggregate write-offs related to these items were $1.5 million, $5.7 million and $1.6 million for the years ended October 31, 2023, 2022 and 2021, respectively. Occasionally, these write-offs are offset by recovered deposits, sometimes through legal action, which had been written off in a prior period as walk-away costs. Historically, these recoveries have not been significant in comparison to the total costs written off.

The following table represents write-offs of such costs by segment for fiscal 2023, 2022 and 2021:

	*Year Ended October 31,*
(In millions)	*2023*		*2022*		*2021*
Northeast	$	0.5	$	0.4	$	0.3
Southeast		0.5		0.9		0.2
West		0.5		4.4		1.1
Total	$	1.5	$	5.7	$	1.6

Note 20 - Investments in Unconsolidated Homebuilding and Land Development Joint Ventures (Tables)

12 Months Ended

Oct. 31, 2023

Equity Method Investments [Table Text Block]

	*October 31, 2023*
				*Land*
(In thousands)	*Homebuilding*			*Development*			*Total*
Assets:
Cash and cash equivalents	$	127,547		$	822		$	128,369
Inventories		375,022			-			375,022
Other assets		380,989			-			380,989
Total assets	$	883,558		$	822		$	884,380
Liabilities and equity:
Accounts payable and accrued liabilities	$	524,586		$	605		$	525,191
Notes payable		101,126			-			101,126
Total liabilities		625,712			605			626,317
Equity of:
Hovnanian Enterprises, Inc.		96,281			210			96,491
Others		161,565			7			161,572
Total equity		257,846			217			258,063
Total liabilities and equity	$	883,558		$	822		$	884,380
Debt to capitalization ratio		28	%		0	%		28	%

	*October 31, 2022*
				*Land*
(In thousands)	*Homebuilding*			*Development*			*Total*
Assets:
Cash and cash equivalents	$	153,176		$	868		$	154,044
Inventories		441,140			-			441,140
Other assets		20,037			-			20,037
Total assets	$	614,353		$	868		$	615,221
Liabilities and equity:
Accounts payable and accrued liabilities	$	471,813		$	651		$	472,464
Notes payable		34,880			-			34,880
Total liabilities		506,693			651			507,344
Equity of:
Hovnanian Enterprises, Inc.		73,142			209			73,351
Others		34,518			8			34,526
Total equity		107,660			217			107,877
Total liabilities and equity	$	614,353		$	868		$	615,221
Debt to capitalization ratio		24	%		0	%		24	%

	*For The Year Ended October 31, 2023*
				*Land*
(In thousands)	*Homebuilding*			*Development*		*Total*
Revenues	$	783,298		$	-	$	783,298
Cost of sales and expenses		(654,217	)		-		(654,217	)
Joint venture net income	$	129,081		$	-	$	129,081
Our share of net income	$	43,160		$	-	$	43,160

	*For The Year Ended October 31, 2022*
				*Land*
(In thousands)	*Homebuilding*			*Development*			*Total*
Revenues	$	351,767		$	113		$	351,880
Cost of sales and expenses		(318,788	)		(37	)		(318,825	)
Joint venture net income	$	32,979		$	76		$	33,055
Our share of net income	$	29,002		$	31		$	29,033

	*For The Year Ended October 31, 2021*
				*Land*
(In thousands)	*Homebuilding*			*Development*			*Total*
Revenues	$	347,898		$	691		$	348,589
Cost of sales and expenses		(335,077	)		(209	)		(335,286	)
Joint venture net income	$	12,821		$	482		$	13,303
Our share of net income	$	8,754		$	195		$	8,949

Note 2 - Business (Details Textual)	12 Months Ended
Note 2 - Business (Details Textual)	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Number of Communities	113
Homebuilding [Member]
Number of Reportable Segments	3
Homebuilding [Member] \| Segment Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk, Percentage	98.00%	98.00%	97.00%

Note 12 - Reduction of Inventory to Fair Value - Write-offs and Lots Walked Away From (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Amount of write-offs	$ 1.5	$ 5.7	$ 1.6
Homebuilding [Member]
Amount of write-offs	1.5	5.7	1.6
Homebuilding [Member] \| Northeast [Member]
Amount of write-offs	0.5	0.4	0.3
Homebuilding [Member] \| Southeast [Member]
Amount of write-offs	0.5	0.9	0.2
Homebuilding [Member] \| West [Member]
Amount of write-offs	$ 0.5	$ 4.4	$ 1.1

Consolidated Statements of Changes in Equity (Deficit) (Parentheticals) - $ / shares	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Dividend per share (in dollars per share)	$ 476.56	$ 476.56

Note 22 - Subsequent Events

12 Months Ended

Oct. 31, 2023

Subsequent Events [Text Block]

22. Subsequent Events

On November 15, 2023, K. Hovnanian redeemed in full all of the $113.5 million aggregate principal amount of its 10.0% Senior Secured 1.75 Lien Notes due 2025 for a redemption price of $119.2 million, which included accrued and unpaid interest.

Note 9 - Senior Notes and Credit Facilities - Future Maturities of Borrowings (Details) - USD ($)
$ in Thousands

Oct. 31, 2023

Oct. 31, 2022

2024

^[1]

$ 0

2025

^[1]

2026 (2)

^[2]

204,092

2027

39,551

2028

306,498

Thereafter

^[1]

520,120

Total

$ 1,070,261

^[1]

$ 1,154,852

[1]	Does not include our $125.0 million Senior Secured Revolving Credit Facility under which there were no borrowings outstanding as of October 31, 2023.
[2]	On November 15, 2023, K. Hovnanian redeemed all of its $113.5 million aggregate principal amount of 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025.

Note 9 - Senior Notes and Credit Facilities (Details Textual) $ in Thousands							12 Months Ended
	Nov. 15, 2023 USD ($)	Oct. 31, 2023 USD ($)	Oct. 05, 2023 USD ($)	Aug. 29, 2023 USD ($)	May 30, 2023 USD ($)	Apr. 29, 2022 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)	Oct. 01, 2023 USD ($)	Sep. 25, 2023 USD ($)	Sep. 24, 2023	Sep. 07, 2023 USD ($)
Debt Covenant Fixed Charge Coverage Ratio Minimum		2					2		2
Secured Debt Leverage Ratio		4					4		4
Dividends							$ 2,700
Repayments of Senior Debt							752,182	$ 103,875	$ 182,726
Gain (Loss) on Extinguishment of Debt							(25,638)	(6,795)	(3,748)
Proceeds from Issuance of Secured Debt							640,925	0	$ 0
Potential Conversion of Specified Junior Debt To Additional Lien Notes [Member]
Debt instrument to Be Issued as a Percentage Difference of Principal and Purchase Price			20.00%
Potential Conversion of Specified Junior Debt To Additional Lien Notes [Member] \| Maximum [Member]
Debt Conversion, Converted Instrument, Amount			$ 150,000
Senior Secured Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 125,000					$ 125,000
Line of Credit Facility, Unused Commitment Fee Rate		1.00%					1.00%
Long-Term Line of Credit		$ 0					$ 0	0		$ 0
Senior Secured Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line of Credit Facility, Variable Rate Floor		3.00%					3.00%
Line of Credit Facility, Applicable Margin		4.50%					4.50%
Senior Secured Revolving Credit Facility [Member] \| Alternate Base Rate [Member]
Line of Credit Facility, Variable Rate Floor		4.00%					4.00%
Line of Credit Facility, Applicable Margin		3.50%					3.50%
Stand-alone Cash Collateralized Letter of Credit Agreements and Facilities [Member]
Letters of Credit Outstanding, Amount		$ 4,900					$ 4,900	6,000
Stand-alone Cash Collateralized Letter of Credit Agreements and Facilities [Member] \| Restricted Cash [Member]
Debt Instrument, Collateral Amount		5,100					5,100	$ 6,100
Senior Secured Notes [Member]
Gain (Loss) on Extinguishment of Debt			(17,900)
Senior Secured Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity											$ 125,000
Line of Credit Facility, Variable Rate Floor											3.00%	1.00%
Line of Credit Facility, Unused Commitment Fee Rate											1.00%
Senior Secured Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line of Credit Facility, Variable Rate Floor											3.00%
Line of Credit Facility, Applicable Margin											4.50%
Senior Secured Revolving Credit Facility [Member] \| Alternate Base Rate [Member]
Line of Credit Facility, Variable Rate Floor											4.00%
Line of Credit Facility, Applicable Margin											3.50%
The Secured Credit Facility, the New Secured Notes, and the Second Lien Notes [Member] \| Cash and Cash Equivalents Collateral [Member]
Debt Instrument, Collateral Amount		441,200					441,200
The Secured Credit Facility, the New Secured Notes, and the Second Lien Notes [Member] \| Restricted Cash [Member]
Debt Instrument, Collateral Amount		5,100					5,100
The Secured Credit Facility, the New Secured Notes, and the Second Lien Notes [Member] \| Real Property [Member]
Debt Instrument, Collateral Amount		470,000					470,000
The Secured Credit Facility, the New Secured Notes, and the Second Lien Notes [Member] \| Equity Interests in Joint Venture Holding Companies Collateral [Member]
Debt Instrument, Collateral Amount		$ 96,300					$ 96,300
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] \| After November 15, 2023 [Member]
Debt Instrument, Interest Rate, Stated Percentage		10.00%					10.00%
Debt Instrument, Redemption Price, Percentage							100.00%
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] \| Before Nov 15, 2023 [Member]
Debt Instrument, Redemption Price, Percentage							102.50%
The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		10.00%					10.00%	10.00%					10.00%
Gain (Loss) on Extinguishment of Debt							$ 200
Debt Instrument, Repurchased Face Amount													$ 45,000
Debt Instrument, Repurchase Amount													$ 46,700
The 8.0% Senior Notes Due 2027 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Redeemed, Face Amount		$ 26,000					$ 26,000
Debt Instrument, Interest Rate, Stated Percentage		8.00%					8.00%
Debt Instrument, Redemption Price, Percentage		100.00%
The 8.0% Senior Notes Due 2027 [Member] \| Unsecured Senior Notes [Member]
Debt Instrument, Redeemed, Face Amount		$ 26,000					$ 26,000
Debt Instrument, Interest Rate, Stated Percentage		8.00%					8.00%	8.00%
Debt Instrument, Face Amount								$ 26,000
The 7.75% Senior Secured 1.125 Lien Notes due February 15, 2026 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Redeemed, Face Amount			50,000	$ 100,000	$ 100,000
Debt Instrument, Interest Rate, Stated Percentage		7.75%			7.75%		7.75%	7.75%
Repayments of Senior Debt			$ 51,500	102,200	$ 104,200
Gain (Loss) on Extinguishment of Debt				$ (3,800)			$ (4,100)
The 8.0% Senior Secured 1.125 Lien Notes Due 2028 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		8.00%	8.00%				8.00%
Proceeds from Issuance of Secured Debt			$ 225,000
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		11.75%	11.75%				11.75%
Proceeds from Issuance of Secured Debt			$ 430,000
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] \| Senior Secured Notes [Member] \| Principal Commencing September 30, 2027 [Member]
Debt Instrument, Redemption Price, Percentage							102.9375%
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] \| Senior Secured Notes [Member] \| Redeemable Prior to March 30, 2026 [Member]
Debt Instrument, Redemption Price, Percentage							100.00%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed							35.00%
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] \| Senior Secured Notes [Member] \| Principal Commencing March 30, 2026 [Member]
Debt Instrument, Redemption Price, Percentage							105.875%
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] \| Senior Secured Notes [Member] \| Principal Commencing September 30, 2028 [Member]
Debt Instrument, Redemption Price, Percentage							100.00%
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Redeemed, Face Amount			$ 282,300
Debt Instrument, Interest Rate, Stated Percentage		10.50%	10.50%				10.50%	10.50%
Repayments of Senior Debt			$ 293,900
The 10.5% Senior Secured 1.25 Lien Notes due February 15, 2026 [Member] \| Senior Secured Notes [Member] \| Redemption with Net Cash Proceeds from Certain Equity Offerings [Member]
Debt Instrument, Redemption Price, Percentage							111.75%
The 11.25% Senior Secured 1.5 Lien Notes due February 15, 2026 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Redeemed, Face Amount			$ 162,300
Debt Instrument, Interest Rate, Stated Percentage		11.25%	11.25%				11.25%	11.25%
Repayments of Senior Debt			$ 164,800
The 7.75% 2026 Notes [Member] \| Senior Secured Notes [Member]
Debt Instrument, Redeemed, Face Amount						$ 100,000
Gain (Loss) on Extinguishment of Debt							$ (6,800)
Repayments of Secured Debt						$ 105,500
Senior Secured Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 125,000					$ 125,000
Line of Credit Facility, Unused Commitment Fee Rate		1.00%					1.00%
Senior Secured Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line of Credit Facility, Variable Rate Floor		3.00%					3.00%
Line of Credit Facility, Applicable Margin		4.50%					4.50%
Senior Secured Revolving Credit Facility [Member] \| Alternate Base Rate [Member]
Line of Credit Facility, Variable Rate Floor		4.00%					4.00%
Line of Credit Facility, Applicable Margin		3.50%					3.50%
The 8.0% Senior Secured 1.125 Lien Notes Due September 30, 2028 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		8.00%					8.00%
The 8.0% Senior Secured 1.125 Lien Notes Due September 30, 2028 [Member] \| Senior Secured Notes [Member] \| Redeemable Prior to September 30, 2025 [Member]
Debt Instrument, Redemption Price, Percentage							100.00%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed							35.00%
The 8.0% Senior Secured 1.125 Lien Notes Due September 30, 2028 [Member] \| Senior Secured Notes [Member] \| Principal Commencing September 30, 2025 [Member]
Debt Instrument, Redemption Price, Percentage							104.00%
The 8.0% Senior Secured 1.125 Lien Notes Due September 30, 2028 [Member] \| Senior Secured Notes [Member] \| Principal Commencing September 30, 2026 [Member]
Debt Instrument, Redemption Price, Percentage							102.00%
The 8.0% Senior Secured 1.125 Lien Notes Due September 30, 2028 [Member] \| Senior Secured Notes [Member] \| Principal Commencing September 30, 2027 [Member]
Debt Instrument, Redemption Price, Percentage							100.00%
The 8.0% Senior Secured 1.125 Lien Notes Due September 30, 2028 [Member] \| Senior Secured Notes [Member] \| Redemption with Net Cash Proceeds from Certain Equity Offerings [Member]
Debt Instrument, Redemption Price, Percentage							108.00%
Senior Secured 1.75 Lien Term Loan Credit Facility Due January 31, 2028 [Member]
Debt Instrument, Interest Rate, Stated Percentage		10.00%					10.00%
Senior Secured 1.75 Lien Term Loan Credit Facility Due January 31, 2028 [Member] \| After November 15, 2023 [Member]
Debt Instrument, Redemption Price, Percentage							100.00%
Senior Secured 1.75 Lien Term Loan Credit Facility Due January 31, 2028 [Member] \| Before Nov 15, 2023 [Member]
Debt Instrument, Redemption Price, Percentage							102.50%
The 13.5% Senior Notes Due 2026 [Member] \| Unsecured Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		13.50%					13.50%	13.50%
The 13.5% Senior Notes Due 2026 [Member] \| Unsecured Senior Notes [Member] \| Debt Instrument, Redemption, Period One [Member]
Debt Instrument, Redemption Price, Percentage							100.00%
The 13.5% Senior Notes Due 2026 [Member] \| Unsecured Senior Notes [Member] \| Debt Instrument, Redemption, Period Two [Member]
Debt Instrument, Redemption Price, Percentage							100.00%
The 5.0% Senior Notes due 2040 [Member] \| Unsecured Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.00%					5.00%	5.00%
The 5.0% Senior Notes due 2040 [Member] \| Unsecured Senior Notes [Member] \| Debt Instrument, Redemption, Period One [Member]
Debt Instrument, Redemption Price, Percentage							100.00%
Subsequent Event [Member] \| The 10.0% Senior Secured 1.75 Lien Notes due 2025 [Member] \| Senior Secured Notes [Member]
Debt Instrument, Redeemed, Face Amount	$ 113,500
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Repayments of Senior Debt	$ 119,200

Note 11 - Income Taxes

12 Months Ended

Oct. 31, 2023

Income Tax Disclosure [Text Block]

11. Income Taxes

Income taxes (receivable) payable, including deferred benefits, consists of the following:

	*October 31,*
(In thousands)	*2023*			*2022*
State income taxes:
Current	$	1,861		$	3,167
Deferred		(74,110	)		(69,248	)
Federal income taxes:
Current		-			-
Deferred		(228,723	)		(275,545	)
Total	$	(300,972	)	$	(341,626	)

The (benefit) provision for income taxes is composed of the following:

	*Year Ended October 31,*
(In thousands)	*2023*			*2022*		*2021*
Current income tax expense:
Federal (1)	$	-		$	-	$	-
State (2)		8,101			13,377		7,722
Total current income tax expense:		8,101			13,377		7,722
Federal		46,821			60,064		(335,608	)
State		(4,862	)		20,822		(90,070	)
Total deferred income tax expense (benefit):		41,959			80,886		(425,678	)
Total	$	50,060		$	94,263	$	(417,956	)

(1)

The current federal income tax expense is net of the use of federal net operating losses totaling $221.2 million (tax effected $46.4 million), $306.0 million (tax effected $64.3 million) and $173.8 million (tax effected $36.5 million) for the years ended October 31, 2023, 2022 and 2021, respectively.

(2)

The current state income tax expense is net of the use of state net operating losses totaling $113.3 million (tax effected $8.3 million), $80.1 million (tax effected $5.8 million) and $55.7 million (tax effected $3.9 million) for the years ended October 31, 2023, 2022 and 2021, respectively.

The total income tax expense of $50.1 million and $94.3 million for the years ended October 31, 2023 and 2022, respectively, was primarily due to federal and state tax expense recorded as a result of our income before income taxes. Income tax expense for fiscal 2023 was partially offset by the benefits of releasing state valuation allowances and qualifying for energy efficient home tax credits. The federal tax expense is not paid in cash as it is offset by the use of our existing net operating loss (“NOL”) carryforwards. The total income tax benefit for the year ended October 31, 2021 was $418.0 million, primarily due to the reversal of a substantial portion of our valuation allowance previously recorded against our deferred tax assets (“DTAs”).

We have remaining federal NOL carryforwards of $688.3 million that expire between 2030 and 2038, and $15.7 million have an indefinite carryforward period. Our total remaining state NOL carryforwards are $2.1 billion: $586.1 million that expire between 2024 through 2028; $1.1 billion that expire between 2029 through 2033; $348.8 million that expire between 2034 through 2038; $8.7 million that expire between 2039 through 2043; and $52.1 million that have an indefinite carryforward period.

We recognize deferred tax assets, net of deferred tax liabilities, related to NOL carryforwards, tax credits and temporary differences between book and tax income which will be recognized in future years as an offset against future taxable income. Our deferred tax assets, net as of October 31, 2023 were $302.8 million compared to $344.8 million at October 31, 2022. A valuation allowance is provided to offset DTAs if, based upon available evidence, it is more-likely-than-not that some or all of the DTAs will not be realized. We had a valuation allowance of $71.9 million as of October 31, 2023 compared to $95.7 million as of October 31, 2022 related to DTAs for tax credits and state NOL carryforwards that are expected to expire before they can be used.

We considered all available positive and negative evidence to determine whether, based on the weight of that evidence, the valuation allowance for our DTAs was appropriate. Overall, the positive evidence, both objective and subjective, outweighed the negative evidence. The significant improvement in our profitability over the last three years, coupled with our current contract backlog, provided positive evidence to support the conclusion that sufficient taxable income will be generated in the future and a full valuation allowance is not necessary.

Deferred tax assets and liabilities have been recognized on the Consolidated Balance Sheets as follows:

	*October 31,*
(In thousands)	*2023*			*2022*
Deferred tax assets:
Inventory impairments	$	26,168		$	30,772
Uniform capitalization of overhead		3,692			4,285
Warranty and legal reserves		4,439			5,668
Compensation		11,377			13,746
Deferred income		1,167			2,425
Interest expense		4,939			3,646
Restricted stock units		2,069			1,628
Stock options		209			818
Provision for losses		18,349			17,700
Federal net operating losses		147,841			194,306
State net operating losses		136,257			150,832
Tax credit carryforwards		21,260			12,254
Other		3,688			5,005
Total deferred tax assets		381,455			443,085
Deferred tax liabilities:
Joint venture income		(6,743	)		(2,565	)
Total deferred tax liabilities		(6,743	)		(2,565	)
Valuation allowance		(71,879	)		(95,727	)
Deferred tax assets, net	$	302,833		$	344,793

Our effective tax rate varied from the statutory federal income tax rate. The effective tax rate is affected by a number of factors, the most significant of which has been the valuation allowance related to our DTAs. The sources of these factors were as follows:

	*Year Ended October 31,*
	*2023*			*2022*			*2021*
Federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		6.2			9.8			4.0
Permanent differences, net		0.9			0.8			3.6
Deferred tax asset valuation allowance impact		(6.3	)		0.0			(248.5	)
Tax contingencies		(0.1	)		(0.1	)		(0.2	)
Tax credits		(2.2	)		0.0			0.0
Adjustments to prior years’ tax accruals		0.1			(2.0	)		0.0
Effective tax rate		19.6	%		29.5	%		(220.1	)%

The following is a tabular reconciliation of the total amount of unrecognized tax benefits, excluding interest and penalties:

(In millions)		*2023*			*2022*
Unrecognized tax benefit—November 1,	$	0.2		$	0.5
Gross increases—tax positions in current period		-			-
Lapse of statute of limitations		(0.2	)		(0.3	)
Unrecognized tax benefit—October 31,	$	-		$	0.2

Related to the unrecognized tax benefits noted above, there was no liability for interest and penalties as of October 31, 2023. As of October 31, 2022, we recognized a liability for interest and penalties of $0.1 million. For the years ended October 31, 2023, 2022 and 2021, we recognized $131 thousand, $128 thousand and $84 thousand, respectively, of interest and penalties in income taxes provision (benefit).

The consolidated federal tax returns have been audited through October 31, 2022 and these years are closed. We are also subject to various income tax examinations in the states in which we do business. The outcome for a particular audit cannot be determined with certainty prior to the conclusion of the audit, appeal, and in some cases, litigation process. As each audit is concluded, adjustments, if any, are recorded in the period determined. To provide for potential exposures, tax reserves are recorded, if applicable, based on reasonable estimates of potential audit results. However, if the reserves are insufficient upon completion of an audit, there could be an adverse impact on our financial position and results of operations. The statute of limitations for our major tax jurisdictions remains open for examination for tax years 2019 - 2022.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Operating Segments [Member]

Note 8 - Mortgages (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
JP Morgan Chase Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 75,000
Warehouse Agreement Borrowings	$ 31,400	$ 14,100
JP Morgan Chase Bank [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.125%
JP Morgan Chase Bank [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.375%
Customers Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000
Warehouse Agreement Borrowings	$ 41,100	43,100
Customers Bank [Member] \| Bloomberg Short-term Bank Yield Index (BSBY) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.125%
Customers Bank [Member] \| Bloomberg Short-term Bank Yield Index (BSBY) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	4.50%
Nonrecourse Mortgages Secured By Inventory [Member] \| Mortgages [Member] \| Homebuilding [Member]
Secured Debt	$ 91,539	144,805
Debt Instrument, Collateral Amount	$ 331,600	$ 418,900
Debt, Weighted Average Interest Rate	8.50%	6.70%
Comerica Master Repurchase Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 60,000
Warehouse Agreement Borrowings	38,300	$ 37,100
Line of Credit Facility, Maximum Borrowing Capacity Reversion After Initial Period	$ 50,000
Comerica Master Repurchase Agreement [Member] \| Bloomberg Short-term Bank Yield Index (BSBY) [Member]
Debt Instrument Variable Rate Basis Floor Rate	0.50%
Comerica Master Repurchase Agreement [Member] \| Bloomberg Short-term Bank Yield Index (BSBY) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Comerica Master Repurchase Agreement [Member] \| Bloomberg Short-term Bank Yield Index (BSBY) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	3.25%

Note 10 - Operating and Reporting Segments (Tables)

12 Months Ended

Oct. 31, 2023

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Year Ended October 31,*
(In thousands)	*2023*			*2022*			*2021*
Revenues:
Northeast	$	968,851		$	1,085,081		$	871,091
Southeast		420,296			323,961			285,658
West		1,295,992			1,450,632			1,544,397
Total homebuilding		2,685,139			2,859,674			2,701,146
Financial services		60,088			61,540			81,692
Corporate and unallocated		10,789			1,017			19
Total revenues	$	2,756,016		$	2,922,231		$	2,782,857
Income before income taxes:
Northeast	$	178,516		$	177,406		$	102,896
Southeast		77,750			60,178			17,764
West		114,084			207,519			198,343
Total homebuilding		370,350			445,103			319,003
Financial services		19,365			19,121			37,563
Corporate and unallocated (1)		(133,764	)		(144,471	)		(166,705	)
Income before income taxes	$	255,951		$	319,753		$	189,861

	*October 31,*
(In thousands)	*2023*		*2022*
Assets:
Northeast	$	483,784	$	530,884
Southeast		286,701		330,894
West		733,318		802,704
Total homebuilding		1,503,803		1,664,482
Financial services		168,671		155,993
Corporate and unallocated		820,466		741,555
Total assets	$	2,492,940	$	2,562,030

	*October 31,*
(In thousands)	*2023*		*2022*
Investments in and advances to unconsolidated joint ventures:
Northeast	$	56,758	$	20,241
Southeast		35,262		52,651
West		4,503		174
Total homebuilding		96,523		73,066
Corporate and unallocated		1,363		1,874
Total investments in and advances to unconsolidated joint ventures	$	97,886	$	74,940

	*Year Ended October 31,*
(In thousands)	*2023*		*2022*			*2021*
Homebuilding interest expense:
Northeast	$	32,071	$	31,552		$	30,212
Southeast		20,055		17,403			19,490
West		65,068		55,056			55,029
Total homebuilding		117,194		104,011			104,731
Corporate and unallocated		17,707		28,572			57,085
Financial services interest expense (income) (1)		1		(213	)		(35	)
Total interest expense, net	$	134,902	$	132,370		$	161,781

	*Year Ended October 31,*
(In thousands)	*2023*		*2022*		*2021*
Depreciation:
Northeast	$	4,352	$	1,542	$	1,459
Southeast		444		291		214
West		1,325		1,298		1,811
Total homebuilding		6,121		3,131		3,484
Financial services		-		5		13
Corporate and unallocated		2,677		2,321		1,783
Total depreciation	$	8,798	$	5,457	$	5,280

	*Year Ended October 31,*
(In thousands)	*2023*		*2022*		*2021*
Net additions to property and equipment:
Northeast	$	1,678	$	1,848	$	1,271
Southeast		263		229		256
West		1,599		1,841		1,174
Total homebuilding		3,540		3,918		2,701
Financial services		1,040		28		-
Corporate and unallocated		14,241		8,646		3,241
Total net additions to property and equipment	$	18,821	$	12,592	$	5,942

	*Year Ended October 31,*
(In thousands)	*2023*		*2022*		*2021*
Equity in earnings from unconsolidated joint ventures:
Northeast	$	27,253	$	12,674	$	2,958
Southeast		15,696		16,359		2,061
West		211		-		3,830
Total equity in earnings from unconsolidated joint ventures	$	43,160	$	29,033	$	8,849

Note 10 - Operating and Reporting Segments (Details Textual)
$ in Thousands

12 Months Ended

Oct. 31, 2023

USD ($)

Oct. 31, 2022

USD ($)

Oct. 31, 2021

USD ($)

Number of States in which Entity Operates

Real Estate Inventory Expense Not Eligible for Capitalization

^[1],[2]

$ 54,082

$ 47,343

$ 77,716

Gain (Loss) on Extinguishment of Debt

(25,638)

(6,795)

(3,748)

Qualifying Assets Not Exceeding Debt [Member]

Real Estate Inventory Expense Not Eligible for Capitalization

17,700

28,600

57,100

Corporate, Non-Segment [Member]

General and Administrative Expense

103,200

102,600

106,700

Gain (Loss) on Extinguishment of Debt

(25,600)

(6,800)

(3,700)

Other Nonoperating Income (Expense)

(12,700)

(6,500)

(800)

Corporate, Non-Segment [Member] | Qualifying Assets Not Exceeding Debt [Member]

Real Estate Inventory Expense Not Eligible for Capitalization

$ 17,700

$ 28,600

$ 57,100

Number of Reportable Segments

[1]

[2]

Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Oct. 31, 2022
Inventory impairments	$ 26,168	$ 30,772
Uniform capitalization of overhead	3,692	4,285
Warranty and legal reserves	4,439	5,668
Compensation	11,377	13,746
Deferred income	1,167	2,425
Interest expense	4,939	3,646
Restricted stock units	2,069	1,628
Provision for losses	18,349	17,700
Federal net operating losses	147,841	194,306
State net operating losses	136,257	150,832
Tax credit carryforwards	21,260	12,254
Other	3,688	5,005
Total deferred tax assets	381,455	443,085
Joint venture income	(6,743)	(2,565)
Total deferred tax liabilities	(6,743)	(2,565)
Valuation allowance	(71,879)	(95,727)
Deferred tax assets, net	302,833	344,793
Share-Based Payment Arrangement, Option [Member]
Restricted stock units	$ 209	$ 818

Note 7 - Mortgage Loans Held for Sale (Tables)

12 Months Ended

Oct. 31, 2023

Financing Receivable, Allowance for Credit Loss [Table Text Block]

	*Year Ended*
	*October 31,*
(In thousands)	*2023*		*2022*

Loan origination reserves, beginning of period	$	1,795	$	1,632
Provisions for losses during the period		187		181
Adjustments to pre-existing provisions for losses from changes in estimates		31		(18	)
Loan origination reserves, end of period	$	2,013	$	1,795

Note 12 - Reduction of Inventory to Fair Value (Details Textual) $ in Millions	12 Months Ended
	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)
Impairment of Real Estate		$ 8.4	$ 2.0
Land Option Write Offs	$ 1.5	$ 5.7	$ 1.6
Homebuilding [Member]
Number of Communities Evaluated for Impairment	380	374
Number of Communities Impaired		1	3
Number of Communities Performed Detailed Impairment Calculations		1
Carrying Value of Communities Tested for Impairment		$ 10.6	$ 11.5
Impairment of Real Estate		8.4	2.0
Land Option Write Offs	$ 1.5	$ 5.7	$ 1.6

Note 14 - Capital Stock (Details Textual) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 12, 2005 $ / shares shares	Oct. 31, 2023 USD ($) $ / shares shares	Oct. 31, 2022 USD ($) $ / shares shares	Oct. 31, 2021 USD ($) shares	Sep. 01, 2022 USD ($)	Jan. 11, 2018	Aug. 15, 2008	Jul. 03, 2001 shares
Common Stock Dividends Percent of Increase from Class A to Class B		110.00%
Conversion of Stock From Class B to Class A Conversion Ratio		1
Shareholder Ownership Percentage of Increase						50.00%
Preferred Stock, Shares Issued, Total (in shares) \| shares		5,600	5,600
Preferred Stock, Depositary Shares, Number of Shares of Preferred Stock in Each Depositary Share (in shares) \| shares	0.001
Payments of Dividends \| $		$ 10,675	$ 10,675	$ 0
Defined Contribution Plan, Employer Discretionary Contribution Amount \| $		$ 8,200	$ 8,300	$ 7,000
Treasury Stock, Shares, Acquired (in shares) \| shares		118,478	312,471	0
Treasury Stock, Value, Acquired, Cost Method \| $		$ 4,800	$ 12,222
Shares Acquired, Average Cost Per Share (in dollars per share) \| $ / shares		$ 40.51	$ 39.12
Minimum [Member]
Shareholder Ownership Percentage						5.00%
Common Class A [Member]
Common Stock Voting Rights Votes per Share Number		1
Shareholder Ownership Percentage							4.90%
Number of Rights							1
Shareholders Pre Existing Ownership Percentage						5.00%
Shareholders Current Ownership Percentage						5.00%
Shareholders Ownership Percentage on Transfers						5.00%
Shareholders Ownership Percentage Threshold						5.00%
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) \| shares								200,000
Stock Repurchase Program, Authorized Amount \| $					$ 50,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount \| $		$ 33,000
Common Class B [Member]
Common Stock Voting Rights Votes per Share Number		10
Preferred Class A [Member]
Preferred Stock, Shares Issued, Total (in shares) \| shares	5,600
Preferred Stock, Dividend Rate, Percentage	7.625%
Preferred Stock, Liquidation Preference Per Share (in dollars per share) \| $ / shares	$ 25,000

Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Oct. 31, 2022
Property, plant and equipment, gross	$ 88,999	$ 77,721
Less: accumulated depreciation	(55,053)	(51,902)
Property and equipment, net	33,946	25,819
Land and Land Improvements [Member]
Property, plant and equipment, gross	1,563	1,639
Building [Member]
Property, plant and equipment, gross	7,828	9,497
Building Improvements [Member]
Property, plant and equipment, gross	16,061	22,220
Furniture and Fixtures [Member]
Property, plant and equipment, gross	2,793	4,363
Equipment [Member]
Property, plant and equipment, gross	10,124	10,739
Software and Software Development Costs [Member]
Property, plant and equipment, gross	$ 50,630	$ 29,263

Note 4 - Leases (Tables)

12 Months Ended

Oct. 31, 2023

Lease, Cost [Table Text Block]

	*Year Ended October 31,*
(In thousands)	*2023*		*2022*		*2021*
Operating lease costs	$	11,059	$	10,483	$	10,521
Cash payments on lease liabilities	$	9,293	$	9,605	$	9,598

(In thousands)	*2023*			*2022*
ROU assets	$	25,745		$	17,899
Lease liabilities	$	26,470		$	18,862
Weighted-average remaining lease term (in years)		5.1			3.5
Weighted-average discount rate		10.0	%		9.5	%

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Fiscal Year Ending October 31,	*(In thousands)*
2024	$	8,491
2025		8,028
2026		6,538
2027		4,317
2028		1,784
Thereafter		4,871
Total operating lease payments (1)		34,029
Less: imputed interest		(7,559	)
Present value of operating lease liabilities	$	26,470

Note 21 - Fair Value of Financial Instruments (Tables)

12 Months Ended

Oct. 31, 2023