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v3.26.1

Segment Information (Tables) | 9 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | The following tables provide financial information about our reportable segments and Corporate and unallocated component for the periods presented:
| Three Months Ended June 30, 2026
in thousands | West |  | East |  | Southeast |  | Reportable Segment Subtotal |  | Corporate and unallocated |  | Total
Revenue | $ | 287,324 |  |  | $ | 121,533 |  |  | $ | 107,449 |  |  | $ | 516,306 |  |  | $ | — |  |  | $ | 516,306 |
Home construction and land sales expenses | 242,113 |  | 104,043 |  | 86,254 |  | 432,410 |  | 15,453 |  | 447,863
Inventory impairments and abandonments | 1,028 |  | 1,015 |  | — |  | 2,043 |  | 299 |  | 2,342
Commissions | 9,919 |  | 3,223 |  | 4,014 |  | 17,156 |  | — |  | 17,156
Sales and marketing | 9,106 |  | 3,275 |  | 2,982 |  | 15,363 |  | 5,031 |  | 20,394
Other general and administrative expenses | 8,261 |  | 3,685 |  | 3,387 |  | 15,333 |  | 19,659 |  | 34,992
Depreciation and amortization | 2,033 |  | 774 |  | 859 |  | 3,666 |  | 1,258 |  | 4,924
Operating income (loss) | $ | 14,864 |  |  | $ | 5,518 |  |  | $ | 9,953 |  |  | $ | 30,335 |  |  | $ | (41,700) |  |  | $ | (11,365) |
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  |  |  | (668)
Other income, net |  |  |  |  |  |  |  |  |  |  | 1,532
Loss before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (10,501) |
| Nine Months Ended June 30, 2026
in thousands | West |  | East |  | Southeast |  | Reportable Segment Subtotal |  | Corporate and unallocated |  | Total
Revenue | $ | 747,684 |  |  | $ | 312,117 |  |  | $ | 229,842 |  |  | $ | 1,289,643 |  |  | $ | — |  |  | $ | 1,289,643 |
Home construction and land sales expenses | 636,002 |  | 266,615 |  | 188,784 |  | 1,091,401 |  | 40,230 |  | 1,131,631
Inventory impairments and abandonments | 3,551 |  | 1,914 |  | — |  | 5,465 |  | 542 |  | 6,007
Commissions | 25,966 |  | 8,342 |  | 8,254 |  | 42,562 |  | — |  | 42,562
Sales and marketing | 26,665 |  | 9,647 |  | 7,713 |  | 44,025 |  | 14,239 |  | 58,264
Other general and administrative expenses | 24,871 |  | 10,644 |  | 8,801 |  | 44,316 |  | 55,989 |  | 100,305
Depreciation and amortization | 5,509 |  | 1,577 |  | 1,786 |  | 8,872 |  | 4,178 |  | 13,050
Operating income (loss) | $ | 25,120 |  |  | $ | 13,378 |  |  | $ | 14,504 |  |  | $ | 53,002 |  |  | $ | (115,178) |  |  | $ | (62,176) |
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  |  |  | (668)
Other income, net |  |  |  |  |  |  |  |  |  |  | 2,743
Loss before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (60,101) |
| Three Months Ended June 30, 2025
in thousands | West |  | East |  | Southeast |  | Reportable Segment Subtotal |  | Corporate and unallocated |  | Total
Revenue | $ | 329,149 |  |  | $ | 149,160 |  |  | $ | 67,058 |  |  | $ | 545,367 |  |  | $ | — |  |  | $ | 545,367 |
Home construction and land sales expenses | 269,198 |  | 122,495 |  | 55,112 |  | 446,805 |  | 15,643 |  | 462,448
Inventory impairments and abandonments | 3,081 |  | — |  | 5,635 |  | 8,716 |  | 1,623 |  | 10,339
Commissions | 11,489 |  | 4,630 |  | 2,496 |  | 18,615 |  | — |  | 18,615
Sales and marketing | 7,796 |  | 2,865 |  | 2,302 |  | 12,963 |  | 3,900 |  | 16,863
Other general and administrative expenses | 8,031 |  | 4,064 |  | 3,647 |  | 15,742 |  | 20,499 |  | 36,241
Depreciation and amortization | 2,152 |  | 633 |  | 427 |  | 3,212 |  | 1,359 |  | 4,571
Operating income (loss) | $ | 27,402 |  |  | $ | 14,473 |  |  | $ | (2,561) |  |  | $ | 39,314 |  |  | $ | (43,024) |  |  | $ | (3,710) |
Other income, net |  |  |  |  |  |  |  |  |  |  | 1,204
Loss before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (2,506) |
| Nine Months Ended June 30, 2025
in thousands | West |  | East |  | Southeast |  | Reportable Segment Subtotal |  | Corporate and unallocated |  | Total
Revenue | $ | 1,001,921 |  |  | $ | 379,898 |  |  | $ | 197,840 |  |  | $ | 1,579,659 |  |  | $ | — |  |  | $ | 1,579,659 |
Home construction and land sales expenses | 814,996 |  | 318,595 |  | 164,541 |  | 1,298,132 |  | 40,004 |  | 1,338,136
Inventory impairments and abandonments | 3,609 |  | — |  | 5,635 |  | 9,244 |  | 1,623 |  | 10,867
Commissions | 34,596 |  | 11,823 |  | 7,092 |  | 53,511 |  | — |  | 53,511
Sales and marketing | 22,936 |  | 8,267 |  | 6,218 |  | 37,421 |  | 10,482 |  | 47,903
Other general and administrative expenses | 24,632 |  | 10,874 |  | 9,435 |  | 44,941 |  | 59,231 |  | 104,172
Depreciation and amortization | 6,861 |  | 1,637 |  | 1,122 |  | 9,620 |  | 3,653 |  | 13,273
Operating income (loss) | $ | 94,291 |  |  | $ | 28,702 |  |  | $ | 3,797 |  |  | $ | 126,790 |  |  | $ | (114,993) |  |  | $ | 11,797 |
Other income, net |  |  |  |  |  |  |  |  |  |  | 3,031
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 14,828 |
The following table presents assets by segment as of June 30, 2026 and September 30, 2025:
in thousands | June 30, 2026 |  | September 30, 2025
Assets |  |  |
West | $ | 1,211,517 |  |  | $ | 1,060,650 |
East | 519,134 |  |  | 451,299 |
Southeast | 547,375 |  |  | 461,110 |
Corporate and unallocated(a) | 626,724 |  |  | 636,649 |
Total assets | $ | 2,904,750 |  |  | $ | 2,609,708 |
(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.

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