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Segment Information (Tables)

9 Months Ended

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.

X

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

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- References

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