Notes Payable (Tables)

3 Months Ended

Dec. 31, 2024

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

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


	December 31, 2024		September 30, 2024
	(In millions)
Homebuilding
Revolving credit facility	$	—	$	—
2.5% senior notes due 2024 (1)	—		500.0
2.6% senior notes due 2025 (1)	499.2		499.0
1.3% senior notes due 2026 (1)	598.0		597.7
1.4% senior notes due 2027 (1)	497.6		497.4
5.0% senior notes due 2034 (1)	686.8		686.5
Other notes	166.6		146.2
	2,448.2		2,926.8
Rental
Revolving credit facility	1,050.0		745.0
Other notes	5.8		5.7
	1,055.8		750.7
Forestar
Revolving credit facility	100.0		—
3.85% senior notes due 2026 (2)	398.6		398.4
5.0% senior notes due 2028 (2)	298.3		298.1
Other notes	9.9		9.9
	806.8		706.4
Financial Services
Mortgage repurchase facilities:
Committed facility	669.8		1,229.3
Uncommitted facility	117.1		304.5
	786.9		1,533.8
Total notes payable (3)	$	5,097.7	$	5,917.7

_____________

(1)Debt issuance costs that were deducted from the carrying amounts of the homebuilding senior notes totaled $10.9 million and $11.7 million at December 31, 2024 and September 30, 2024, respectively.

(2)Debt issuance costs that were deducted from the carrying amount of Forestar’s senior notes totaled $3.1 million and $3.5 million at December 31, 2024 and September 30, 2024, respectively.

(3)The fair value of notes payable at December 31, 2024 totaled $5.0 billion, of which $2.9 billion were measured using Level 2 inputs and $2.1 billion were measured using Level 3 inputs. The fair value of notes payable at September 30, 2024 totaled $5.9 billion, of which $3.4 billion were measured using Level 2 inputs and $2.5 billion were measured using Level 3 inputs. The Level 2 inputs primarily relate to senior notes, and the Level 3 inputs primarily relate to the revolving credit and mortgage repurchase facilities and approximate carrying value due to their short-term nature and/or floating interest rate terms.