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Segment Information | 12 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Per ASC Topic 280, Segment Reporting (ASC 280), an operating segment is defined as a component of an enterprise that engages in business activities from which it earns revenues and incur expenses and has discrete financial information available that is reviewed regularly by the Company's chief operating decision maker (CODM) to evaluate performance, make operating decisions, and determine how to allocate resources. We have identified each homebuilding component as an operating segment because each homebuilding component is engaged in development, design, construction, marketing, and sale of homes as well as land and lot sales, and provides title examinations for our homebuyers in certain markets. In accordance with the aggregation criteria def ined in ASC 280, w e aggregate our homebuilding operating segments into reportable segments based on similar long-term economic characteristics and geographical proximity. We curre ntly operate in 13 states that are grouped into three reportable segments as follows: West: Arizona, California, Nevada, and Texas East: Delaware, Indiana, Maryland, Tennessee, and Virginia Southeast: Florida, Georgia, North Carolina, and South Carolina Our Corporate and unallocated component includes amortization of capitalized interest, capitalization and amortization of indirect costs, impairment of capitalized interest and capitalized indirect costs, expenses for various shared services functions that benefit all segments but are not allocated, including information technology, treasury, corporate finance, legal, branding and national marketing, and certain other amounts that are not allocated to our operating segments. The Company's CODM is the Chief Executive Officer. The CODM is regularly provided with the operating results of individual operating segments which comprise our reportable segments. Segment performance is evaluated, and resources are allocated primarily based on segment operating income (loss), which also plays a central role in the Company's forecasting process. In addition, the CODM considers forecast-to-actual variances when determining the allocation of operating and capital resources across segments. The accounting policies of our segments are those described in Note 2. The following tables provide financial information about our reportable segments and Corporate and unallocated component for the periods presented:
| Fiscal Year Ended September 30, 2025
in thousands | West |  | East |  | Southeast |  | Reportable Segment Subtotal |  | Corporate and unallocated |  | Total
Revenue | 1,476,311 |  | 585,337 |  | 309,907 |  | 2,371,555 |  | — |  | 2,371,555
Home construction and land sale expenses | 1,206,374 |  | 484,521 |  | 254,919 |  | 1,945,814 |  | 75,268 |  | 2,021,082
Inventory impairments and abandonments | 4,652 |  | 215 |  | 5,852 |  | 10,719 |  | 2,240 |  | 12,959
Commissions | 48,940 |  | 17,335 |  | 10,636 |  | 76,911 |  | — |  | 76,911
Sales and marketing | 30,703 |  | 11,152 |  | 8,552 |  | 50,407 |  | 14,377 |  | 64,784
Other general and administrative expenses | 33,376 |  | 14,968 |  | 12,884 |  | 61,228 |  | 78,818 |  | 140,046
Depreciation and amortization | 9,752 |  | 2,491 |  | 1,881 |  | 14,124 |  | 5,044 |  | 19,168
Operating income (loss) | 142,514 |  | 54,655 |  | 15,183 |  | 212,352 |  | (175,747) |  | 36,605
Other income, net |  |  |  |  |  |  |  |  |  |  | 4,245
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  | 40,850
Total assets(a) | 1,060,650 |  | 451,299 |  | 461,110 |  | 1,973,059 |  | 636,649 |  | 2,609,708
| Fiscal Year Ended September 30, 2024
in thousands | West |  | East |  | Southeast |  | Reportable Segment Subtotal |  | Corporate and unallocated |  | Total
Revenue | 1,467,287 |  | 501,206 |  | 361,704 |  | 2,330,197 |  | — |  | 2,330,197
Home construction and land sale expenses | 1,154,678 |  | 407,243 |  | 281,742 |  | 1,843,663 |  | 60,244 |  | 1,903,907
Inventory impairments and abandonments | 1,805 |  | 91 |  | 100 |  | 1,996 |  | — |  | 1,996
Commissions | 50,658 |  | 15,846 |  | 13,552 |  | 80,056 |  | — |  | 80,056
Sales and marketing | 27,560 |  | 10,013 |  | 7,749 |  | 45,322 |  | 11,582 |  | 56,904
Other general and administrative expenses | 33,027 |  | 13,323 |  | 11,417 |  | 57,767 |  | 71,674 |  | 129,441
Depreciation and amortization | 9,820 |  | 1,792 |  | 1,478 |  | 13,090 |  | 1,777 |  | 14,867
Operating income (loss) | 189,739 |  | 52,898 |  | 45,666 |  | 288,303 |  | (145,277) |  | 143,026
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  |  |  | (437)
Other income, net(b) |  |  |  |  |  |  |  |  |  |  | 16,496
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  | 159,085
Total assets(a) | 1,114,450 |  | 454,255 |  | 389,058 |  | 1,957,763 |  | 633,764 |  | 2,591,527
| Fiscal Year Ended September 30, 2023
in thousands | West |  | East |  | Southeast |  | Reportable Segment Subtotal |  | Corporate and unallocated |  | Total
Revenue | 1,297,005 |  | 505,844 |  | 403,936 |  | 2,206,785 |  | — |  | 2,206,785
Home construction and land sale expenses | 986,289 |  | 401,852 |  | 310,874 |  | 1,699,015 |  | 64,434 |  | 1,763,449
Inventory impairments and abandonments | 487 |  | 154 |  | — |  | 641 |  | — |  | 641
Commissions | 43,971 |  | 15,100 |  | 14,379 |  | 73,450 |  | — |  | 73,450
Sales and marketing | 23,378 |  | 8,472 |  | 6,980 |  | 38,830 |  | 8,983 |  | 47,813
Other general and administrative expenses | 29,480 |  | 13,583 |  | 12,722 |  | 55,785 |  | 76,196 |  | 131,981
Depreciation and amortization | 7,550 |  | 1,662 |  | 1,655 |  | 10,867 |  | 1,331 |  | 12,198
Operating income (loss) | 205,850 |  | 65,021 |  | 57,326 |  | 328,197 |  | (150,944) |  | 177,253
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  |  |  | (546)
Other income, net |  |  |  |  |  |  |  |  |  |  | 5,939
Income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  | 182,646
Total assets(a) | 994,597 |  | 356,020 |  | 320,430 |  | 1,671,047 |  | 739,986 |  | 2,411,033
(a) Total assets at Corporate and unallocated include cash and cash equivalents, restricted cash, deferred taxes, capitalized interest and indirect costs, and other items that are not allocated to the segments. (b) We recognized a gain on sale of investment of $8.6 million during the fiscal year ended September 30, 2024 within other income, net. We previously held a minority interest in a technology company specializing in digital marketing for new home communities, which was sold in March 2024. In exchange for the previously held investment, we received cash in escrow along with a minority partnership interest in the acquiring company, which was recorded within other assets in our consolidated balance sheets.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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