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Inventory (Tables)
 9 Months Ended
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 thousandsAs of June 30, 2026As of September 30, 2025
Homes under construction$934,394 $692,327 
Land under development1,054,354 1,065,702 
Land held for future development19,489 19,489 
Land held for sale87,542 47,368 
Capitalized interest156,554 131,845 
Model homes92,321 72,702 
Land not owned under option agreements24,816 — 
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 DevelopmentLand Held for SaleTotal
Inventory
June 30, 2026
West$1,066,860 $3,483 $50,472 $1,120,815 
East457,324 10,888 18,365 486,577 
Southeast490,081 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 
East387,954 10,888 16,086 414,928 
Southeast418,497 5,118 2,230 425,845 
Corporate and unallocated(b)
211,524 — — 211,524 
Total$1,962,576 $19,489 $47,368 $2,029,433 
(a) Projects in progress include homes under construction, land under development, capitalized interest, model homes, and land not owned under option agreements categories from the preceding table.
(b) Projects in progress amount include capitalized interest and indirect costs that are maintained within Corporate and unallocated.
Schedule of Inventory Impairments and Abandonment Charges, by Reportable Segment
The following table presents, by reportable segment and Corporate and unallocated, our total impairment and abandonment charges for the periods presented:
Three Months Ended June 30,Nine Months Ended June 30,
in thousands2026202520262025
Projects in Progress:
West$— $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 
East1,015 — 1,893 — 
Corporate and unallocated(a)
299 621 421 621 
Total impairment charges on land held for sale2,342 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 thousandsResults of Impairment Analysis
# of Communities Impaired# of Lots ImpairedImpairment Charge
Estimated Fair Value of Impaired Inventory at Time of Impairment(b)
Nine Months Ended June 30, 2026
West137$1,174 $5,072 
Corporate and unallocated(a)
——$121 $525 
Total137$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 InputsNine Months Ended June 30, 2026
Average selling price
$375
Closings per community per month
1 - 3
Discount rate14.0 %
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, 2026As 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.