Notes Payable (Tables)

12 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of notes payable at principal amounts, net of unamortized discounts

The Company’s notes payable at their carrying amounts consist of the following:

	September 30,
	2023		2022
	(In millions)
Homebuilding
Unsecured:
Revolving credit facility	$	—	$	—
4.75% senior notes due 2023 (1)	—		299.9
5.75% senior notes due 2023 (1)	—		399.6
2.5% senior notes due 2024 (1)	499.0		498.2
2.6% senior notes due 2025 (1)	498.0		497.1
1.3% senior notes due 2026 (1)	596.6		595.5
1.4% senior notes due 2027 (1)	496.5		495.7
Other secured notes	239.8		156.6
	2,329.9		2,942.6
Rental
Unsecured:
Revolving credit facility	400.0		800.0
Forestar
Unsecured:
Revolving credit facility	—		—
3.85% senior notes due 2026 (2)	397.4		396.5
5.0% senior notes due 2028 (2)	297.6		297.0
Other secured notes	—		12.5
	695.0		706.0
Financial Services
Mortgage repurchase facilities:
Committed facility	1,373.3		1,618.3
Uncommitted facility	296.3		—
	1,669.6		1,618.3
Total notes payable	$	5,094.5	$	6,066.9

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(1)Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $8.4 million and $12.2 million at September 30, 2023 and 2022, respectively.

(2)Debt issuance costs that were deducted from the carrying amount of Forestar’s senior notes totaled $5.0 million and $6.5 million at September 30, 2023 and 2022, respectively.

Summary of notes payable terms

The key terms of the Company’s homebuilding senior notes outstanding as of September 30, 2023 are summarized below.

Notes Payable	Principal Amount	Date Issued	Date Due	Redeemable Prior to Maturity (1)	Effective Interest Rate (2)
	(In millions)
2.5% senior notes	$500	October 2019	October 15, 2024	Yes	2.7%
2.6% senior notes	$500	May 2020	October 15, 2025	Yes	2.8%
1.3% senior notes	$600	August 2021	October 15, 2026	Yes	1.5%
1.4% senior notes	$500	October 2020	October 15, 2027	Yes	1.6%

_____________

(1)The Company may redeem the notes in whole at any time or in part from time to time, at a redemption price equal to the greater of 100% of their principal amount or the present value of the remaining scheduled payments discounted to the redemption date, plus accrued and unpaid interest. In addition, the 2.5% senior notes, the 2.6% senior notes and the 1.3% senior notes are redeemable at a redemption price of 100% of their principal amount, plus accrued and unpaid interest, on or after the date that is one month prior to the final maturity date of the notes. The 1.4% senior notes are redeemable at a redemption price of 100% of their principal amount, plus accrued and unpaid interest, on or after the date that is two months prior to the final maturity of the notes.

(2)Interest is payable semi-annually on each of the series of senior notes. The annual effective interest rate is calculated after giving effect to the amortization of debt issuance costs and the discount, if applicable.