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Inventory (Tables) | 9 Months Ended
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Jun. 30, 2026
Inventory Disclosure [Abstract] |
Schedule of Inventory | The components of our inventory are as follows as of June 30, 2026 and September 30, 2025:
in thousands | As of June 30, 2026 |  | As of September 30, 2025
Homes under construction | $ | 934,394 |  |  | $ | 692,327 |
Land under development | 1,054,354 |  |  | 1,065,702 |
Land held for future development | 19,489 |  |  | 19,489 |
Land held for sale | 87,542 |  |  | 47,368 |
Capitalized interest | 156,554 |  |  | 131,845 |
Model homes | 92,321 |  |  | 72,702 |
Land not owned under option agreements | 24,816 |  |  | — |
Total inventory | $ | 2,369,470 |  |  | $ | 2,029,433 |
Schedule of Total Inventory by Segment | Total inventory by reportable segment and Corporate and unallocated is presented in the table below as of June 30, 2026 and September 30, 2025:
in thousands | Projects in Progress(a) |  | Land Held for Future Development |  | Land Held for Sale |  | Total Inventory
June 30, 2026 |  |  |  |  |  |  |
West | $ | 1,066,860 |  |  | $ | 3,483 |  |  | $ | 50,472 |  |  | $ | 1,120,815 |
East | 457,324 |  |  | 10,888 |  |  | 18,365 |  |  | 486,577 |
Southeast | 490,081 |  |  | 5,118 |  |  | 18,705 |  |  | 513,904 |
Corporate and unallocated(b) | 248,174 |  |  | — |  |  | — |  |  | 248,174 |
Total | $ | 2,262,439 |  |  | $ | 19,489 |  |  | $ | 87,542 |  |  | $ | 2,369,470 |
September 30, 2025 |  |  |  |  |  |  |
West | $ | 944,601 |  |  | $ | 3,483 |  |  | $ | 29,052 |  |  | $ | 977,136 |
East | 387,954 |  |  | 10,888 |  |  | 16,086 |  |  | 414,928 |
Southeast | 418,497 |  |  | 5,118 |  |  | 2,230 |  |  | 425,845 |
Corporate and unallocated(b) | 211,524 |  |  | — |  |  | — |  |  | 211,524 |
Total | $ | 1,962,576 |  |  | $ | 19,489 |  |  | $ | 47,368 |  |  | $ | 2,029,433 |
(a) Projects in progress include homes under construction, land under development, capitalized interest, model homes, and land not owned under option agreements categories from the preceding table. (b) Projects in progress amount include capitalized interest and indirect costs that are maintained within Corporate and unallocated.
Schedule of Inventory Impairments and Abandonment Charges, by Reportable Segment | The following table presents, by reportable segment and Corporate and unallocated, our total impairment and abandonment charges for the periods presented:
| Three Months Ended June 30, |  | Nine Months Ended June 30,
in thousands | 2026 |  | 2025 |  | 2026 |  | 2025
Projects in Progress: |  |  |  |  |  |  |
West | $ | — |  |  | $ | 2,236 |  |  | $ | 1,174 |  |  | $ | 2,236 |
Southeast | — |  |  | 5,404 |  |  | — |  |  | 5,404 |
Corporate and unallocated(a) | — |  |  | 1,002 |  |  | 121 |  |  | 1,002 |
Total impairment charges on projects in progress | — |  |  | 8,642 |  |  | 1,295 |  |  | 8,642 |
Land Held for Sale: |  |  |  |  |  |  |
West | $ | 1,028 |  |  | $ | 845 |  |  | 1,073 |  |  | 845 |
East | 1,015 |  |  | — |  |  | 1,893 |  |  | — |
Corporate and unallocated(a) | 299 |  |  | 621 |  |  | 421 |  |  | 621 |
Total impairment charges on land held for sale | 2,342 |  |  | 1,466 |  |  | 3,387 |  |  | 1,466 |
Abandonments: |  |  |  |  |  |  |
West | — |  |  | — |  |  | 1,304 |  |  | 528 |
East | — |  |  | — |  |  | 21 |  |  | — |
Southeast | — |  |  | 231 |  |  | — |  |  | 231 |
Total abandonments charges | — |  |  | 231 |  |  | 1,325 |  |  | 759 |
Total impairment and abandonment charges | $ | 2,342 |  |  | $ | 10,339 |  |  | $ | 6,007 |  |  | $ | 10,867 |
(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within Corporate and unallocated.
Schedule of Impairment Charges Taken on Projects in Progress | The following table presents by reportable segment and Corporate and unallocated details of the impairment charges taken on projects in progress for the period presented:
$ in thousands | Results of Impairment Analysis
| # of Communities Impaired |  | # of Lots Impaired |  | Impairment Charge |  | Estimated Fair Value of Impaired Inventory at Time of Impairment(b)
Nine Months Ended June 30, 2026 |  |  |  |  |  |  |
West | 1 |  | 37 |  | $ | 1,174 |  |  | $ | 5,072 |
Corporate and unallocated(a) | — |  | — |  | $ | 121 |  |  | $ | 525 |
Total | 1 |  | 37 |  | $ | 1,295 |  |  | $ | 5,597 |
(a) Amount represents the capitalized interest and indirects balances that were impaired. Capitalized interest and indirects are maintained within Corporate and unallocated. (b) Projects in progress assets are measured at fair value on a non-recurring basis when events and circumstances indicate that their carrying value is not recoverable. The fair value of projects in progress is determined using Level 3 unobservable inputs. Refer to Note 9 for further discussion of our fair value measurements and hierarchy levels.
Schedule of Significant Quantitative Unobservable Inputs | The following table presents the ranges or values of significant quantitative unobservable inputs we used in determining the fair value of the communities impaired during the period presented:
$ in thousands |
Unobservable Inputs | Nine Months Ended June 30, 2026
Average selling price | $375
Closings per community per month | 1 - 3
Discount rate | 14.0 | %
Schedule of Interests in Lot Option Agreements | The following table provides a summary of our interests in lot option agreements as of June 30, 2026 and September 30, 2025:
| As of June 30, 2026 |  | As of September 30, 2025 |  |
in thousands |  |  |  |  |
Deposits and non-refundable pre-acquisition costs incurred(a) | $ | 387,422 |  |  | $ | 333,435 |  |  |
Remaining purchase price if lot option agreements are exercised | $ | 1,631,298 |  |  | $ | 1,610,171 |  |  |
(a) Amount is included as a component of land under development and land not owned under option agreements within our inventory in the condensed consolidated balance sheets.

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