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Segment Information (Tables) | 12 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Financial Information About Reportable Segments and Corporate and Unallocated | 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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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