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Owned Inventory (Tables)
 9 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory
The components of our owned inventory are as follows as of June 30, 2025 and September 30, 2024:
in thousandsAs of June 30, 2025As of September 30, 2024
Homes under construction$914,261 $754,705 
Land under development1,073,661 1,023,188 
Land held for future development19,489 19,879 
Land held for sale44,024 19,086 
Capitalized interest137,759 124,182 
Model homes102,869 99,600 
Total owned inventory$2,292,063 $2,040,640 
Schedule of Total Owned Inventory, by Segment
Total owned inventory by reportable segment and Corporate and unallocated is presented in the table below as of June 30, 2025 and September 30, 2024:
in thousands
Projects in
Progress(a)
Land Held for Future DevelopmentLand Held for SaleTotal Owned
Inventory
June 30, 2025
West$1,117,885 $3,483 $24,811 $1,146,179 
East457,064 10,888 14,357 482,309 
Southeast430,325 5,118 4,856 440,299 
Corporate and unallocated(b)
223,276 

— — 223,276 
Total$2,228,550 $19,489 $44,024 $2,292,063 
September 30, 2024
West$1,023,140 $3,483 $17,110 $1,043,733 
East411,914 10,888 1,300 424,102 
Southeast365,676 5,508 676 371,860 
Corporate and unallocated(b)
200,945 — — 200,945 
Total$2,001,675 $19,879 $19,086 $2,040,640 
(a) Projects in progress include homes under construction, land under development, capitalized interest, and model home categories from the preceding table.
(b) Projects in progress amount includes 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 thousands2025202420252024
Projects in Progress:
West$2,236 $— $2,236 $— 
Southeast5,404 — 5,404 — 
Corporate and unallocated(a)
1,002 — 1,002 — 
Total impairment charges on projects in progress8,642 — 8,642 — 
Land Held for Sale:
West845 — 845 — 
Corporate and unallocated(a)
621 — 621 — 
Total impairment charges on land held for sale1,466 — 1,466 — 
Abandonments:
West— 9 528 9 
East— 91 — 91 
Southeast231 100 231 100 
Total abandonments charges231 200 759 200 
Total impairment and abandonment charges$10,339 $200 $10,867 $200 
(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within Corporate and unallocated.
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)
Three Months Ended June 30, 2025
West124$2,236 $5,003 
Southeast1655,404 11,837 
Corporate and unallocated(a)
——1,002 2,210 
Total289$8,642 $19,050 
(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.
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 InputsThree Months Ended June 30, 2025
Average selling price
$360 - $444
Closings per community per month
1 - 6
Discount rate15.0 %
Impairment Charges Taken on Land Held for Sale
The following table presents by reportable segment and Corporate and unallocated details of the impairment charges taken on land held for sale for the period presented:
$ in thousandsResults of Impairment Analysis
# of Communities Impaired# of Lots ImpairedImpairment Charge
Estimated Fair Value Less Cost to Sell of Impaired Inventory at Time of Impairment(b)
Three Months Ended June 30, 2025
West138$845 $3,686 
Corporate and unallocated(a)
——621 — 
Total138$1,466 $3,686 
(a) Amount represents the capitalized interest and indirects balances that were impaired. Capitalized interest and indirects are maintained within Corporate and unallocated.
(b) Land held for sale assets are measured at fair value less cost to sell on a non-recurring basis when events and circumstances indicate that their carrying value is not recoverable. The fair values of land held for sale assets are determined using Level 3 unobservable inputs. Refer to Note 9 for further discussion of our fair value measurements and hierarchy levels.
Schedule of Interests in Lot Option Agreements
The following table provides a summary of our interests in lot option agreements as of June 30, 2025 and September 30, 2024:
As of June 30, 2025As of September 30, 2024
in thousands
Deposits and non-refundable pre-acquisition costs incurred(a)
$322,574 $227,770 
Remaining purchase price if lot option agreements are exercised$1,651,071 $1,458,679 
(a) Amount is included as a component of land under development within our owned inventory in the condensed consolidated balance sheets.