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Segment Information | 9 Months Ended
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Jun. 30, 2026
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 incurs 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 currently 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 to the consolidated financial statements within our 2025 Annual Report. 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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