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Fair Value Measurements (Tables) | 12 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair value measurements of assets and liabilities on a recurring basis | The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2025 and 2024, and the changes in the fair value of the Level 3 assets during fiscal 2025 and 2024.
|  |  | Fair Value at September 30, 2025
| Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  |  | (In millions)
Mortgage loans held for sale (1) | Mortgage loans held for sale |  | $ | — |  |  | $ | 2,504.7 |  |  | $ | 8.6 |  |  | $ | 2,513.3 |
Mortgage servicing rights (2) | Other assets |  | — |  |  | — |  |  | 27.1 |  |  | 27.1 |
Derivatives not designated as hedging instruments (3): |  |  |  |  |  |  |  |  |
Interest rate lock commitments (4) | Other assets and other liabilities |  | — |  |  | — |  |  | 42.4 |  |  | 42.4 |
Mortgage hedging instruments and commitments (5) | Other assets and other liabilities |  | — |  |  | (33.5) |  |  | — |  |  | (33.5) |
|  |  | Fair Value at September 30, 2024
| Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  |  | (In millions)
Mortgage loans held for sale (1) | Mortgage loans held for sale |  | $ | — |  |  | $ | 2,421.2 |  |  | $ | 10.6 |  |  | $ | 2,431.8 |
Mortgage servicing rights (2) | Other assets |  | — |  |  | — |  |  | 5.9 |  |  | 5.9 |
Derivatives not designated as hedging instruments (3): |  |  |  |  |  |  |  |  |
Interest rate lock commitments (4) | Other assets |  | — |  |  | — |  |  | 44.5 |  |  | 44.5 |
Mortgage hedging instruments and commitments (5) | Other assets and other liabilities |  | — |  |  | (60.2) |  |  | — |  |  | (60.2) |
| Level 3 Assets and Liabilities at Fair Value for the Year Ended September 30, 2025
| Balance at September 30, 2024 |  | Net realized and unrealized gains (losses) |  | Purchases / Originations |  | Sales and Settlements |  | Principal Reductions |  | Net transfers to (out of) Level 3 |  | Balance at September 30, 2025
| (In millions)
Mortgage loans held for sale (1) | $ | 10.6 |  |  | $ | 3.0 |  |  | $ | — |  |  | $ | (22.6) |  |  | $ | — |  |  | $ | 17.6 |  |  | $ | 8.6 |
Mortgage servicing rights (2) | 5.9 |  |  | 0.8 |  |  | 50.8 |  |  | (30.4) |  |  | — |  |  | — |  |  | 27.1 |
Interest rate lock commitments (4) | 44.5 |  |  | (2.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42.4 |
| Level 3 Assets and Liabilities at Fair Value for the Year Ended September 30, 2024
| Balance at September 30, 2023 |  | Net realized and unrealized gains (losses) |  | Purchases / Originations |  | Sales and Settlements |  | Principal Reductions |  | Net transfers to (out of) Level 3 |  | Balance at September 30, 2024
| (In millions)
Mortgage loans held for sale (1) | $ | 11.6 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | (0.9) |  |  | $ | — |  |  | $ | (0.2) |  |  | $ | 10.6 |
Mortgage servicing rights (2) | 11.1 |  |  | (1.0) |  |  | 19.2 |  |  | (23.4) |  |  | — |  |  | — |  |  | 5.9 |
Interest rate lock commitments (4) | (31.6) |  |  | 76.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 44.5 |
_________________________ (1)The Company typically elects the fair value option upon origination for mortgage loans held for sale. Interest income earned on mortgage loans held for sale is based on contractual interest rates and included in other income. Mortgage loans held for sale valued using Level 3 inputs at September 30, 2025 and 2024 include $8.6 million and $10.6 million, respectively, of loans for which the Company elected the fair value option upon origination and did not sell into the secondary market. Mortgage loans held for sale totaling $17.6 million were transferred to Level 3 during fiscal 2025 due to significant unobservable inputs used in determining the fair value of these loans. Mortgage loans held for sale totaling $0.2 million were transferred from Level 3 to Level 2 during fiscal 2024 due to significant observable inputs used in determining the fair value of these loans. The fair value of these mortgage loans held for sale is generally calculated considering pricing in the secondary market and adjusted for the value of the underlying collateral, including interest rate risk, liquidity risk and prepayment risk. The Company plans to sell these loans as market conditions permit. (2)Although the majority of the Company’s mortgage loans are sold on a servicing-released basis, when the servicing rights are retained, the Company records them at fair value using third-party valuations. The valuation at the time the servicing asset is retained is reflected in the purchases/originations column with subsequent changes in value classified as realized and unrealized gains (losses). The key assumptions used in the valuation, which are generally unobservable inputs, are mortgage prepayment rates, discount rates and delinquency rates, which were 6%, 11% and 5%, respectively, at September 30, 2025 and 13%, 11% and 9% at September 30, 2024. (3)Fair value measurements of these derivatives represent changes in fair value, as calculated by reference to quoted prices for similar assets and are reflected in the balance sheet as other assets or accrued expenses and other liabilities. Changes in the fair value of these derivatives are included in revenues in the consolidated statements of operations. The net fair value change in fiscal 2025 and 2024 recognized in revenues in the consolidated statements of operations was not significant. (4)The fair value of interest rate lock commitments at September 30, 2025 reflects a $42.7 million change in fair value in other assets and a $0.3 million change in fair value in other liabilities. The fair value of interest rate lock commitments at September 30, 2024 reflects a $44.5 million change in fair value in other assets. (5)The fair value of mortgage hedging instruments and commitments at September 30, 2025 reflects a $0.6 million change in fair value in other assets and a $34.1 million change in fair value in other liabilities. The fair value of mortgage hedging instruments and commitments at September 30, 2024 reflects a $2.8 million change in fair value in other assets and a $63.0 million change in fair value in other liabilities.
Fair value measurements of assets on a non-recurring basis | The following table summarizes the Company’s assets measured at fair value on a nonrecurring basis at September 30, 2025 and 2024.
|  |  | Fair Value at September 30,
|  |  | 2025 |  | 2024
| Balance Sheet Location |  | Level 2 |  | Level 3 |  | Level 2 |  | Level 3
|  |  | (In millions)
Inventory held and used (1) (2) | Inventories |  | $ | — |  |  | $ | 66.3 |  |  | $ | — |  |  | $ | 68.1 |
Mortgage loans held for sale (1) (3) | Mortgage loans held for sale |  | 8.5 |  |  | 19.3 |  |  | 9.5 |  |  | 7.0 |
Other mortgage loans (1) (4) | Other assets |  | — |  |  | — |  |  | 1.3 |  |  | 9.8 |
Real estate owned (1) (4) | Other assets |  | — |  |  | — |  |  | — |  |  | 0.4 |
_______________ (1)The fair values included in the table above represent only those assets whose carrying values were adjusted to fair value as a result of impairment at September 30, 2025 and 2024, respectively. (2)In performing its impairment analysis of communities, discount rates ranging from 10% to 16% were used in the periods of impairment. (3)These mortgage loans have some degree of impairment affecting their marketability and are valued at the lower of carrying value or fair value. When available, quoted prices in the secondary market are used to determine fair value (Level 2); otherwise, a cash flow valuation model is used to determine fair value (Level 3). (4)The fair values of other mortgage loans and real estate owned were determined based on the value of the underlying collateral
Fair value of financial assets and liabilities | For the financial assets and liabilities that the Company does not reflect at fair value, the following tables present both their respective carrying value and fair value at September 30, 2025 and 2024.
| Carrying Value |  | Fair Value at September 30, 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In millions)
Cash and cash equivalents (1) | $ | 2,985.4 |  |  | $ | 2,985.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,985.4 |
Restricted cash (1) | 47.9 |  |  | 47.9 |  |  | — |  |  | — |  |  | 47.9 |
Notes payable (2) (3) | 5,965.5 |  |  | — |  |  | 3,811.1 |  |  | 2,198.8 |  |  | 6,009.9 |
| Carrying Value |  | Fair Value at September 30, 2024
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In millions)
Cash and cash equivalents (1) | $ | 4,516.4 |  |  | $ | 4,516.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,516.4 |
Restricted cash (1) | 27.6 |  |  | 27.6 |  |  | — |  |  | — |  |  | 27.6 |
Notes payable (2) (3) | 5,917.7 |  |  | — |  |  | 3,413.7 |  |  | 2,440.6 |  |  | 5,854.3 |
_______________ (1)The fair values of cash, cash equivalents and restricted cash approximate their carrying values due to their short-term nature and are classified as Level 1 within the fair value hierarchy. (2)The fair value of the senior notes is determined based on quoted prices, which is classified as Level 2 within the fair value hierarchy. (3)The fair values of other notes and borrowings on the revolving credit facilities and the mortgage repurchase facilities approximate carrying value due to their short-term nature or floating interest rate terms, as applicable, and are classified as Level 3 within the fair value hierarchy.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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