Segment Information

12 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

Per ASC Topic 280, Segment Reporting (ASC 280), an operating segment is defined as a component of an enterprise that engages in business activities from which it earns revenues and incur expenses and has discrete financial information available that is reviewed regularly by the Company's chief operating decision maker (CODM) to evaluate performance, make operating decisions, and determine how to allocate resources. We have identified each homebuilding component as an operating segment because each homebuilding component is engaged in development, design, construction, marketing, and sale of homes as well as land and lot sales, and provides title examinations for our homebuyers in certain markets. In accordance with the aggregation criteria defined in ASC 280, we aggregate our homebuilding operating segments into reportable segments based on similar long-term economic characteristics and geographical proximity.

We currently operate in 13 states that are grouped into three reportable segments as follows:

West: Arizona, California, Nevada, and Texas

East: Delaware, Indiana, Maryland, Tennessee, and Virginia

Southeast: Florida, Georgia, North Carolina, and South Carolina

Our Corporate and unallocated component includes amortization of capitalized interest, capitalization and amortization of indirect costs, impairment of capitalized interest and capitalized indirect costs, expenses for various shared services functions that benefit all segments but are not allocated, including information technology, treasury, corporate finance, legal, branding and national marketing, and certain other amounts that are not allocated to our operating segments.

The Company's CODM is the Chief Executive Officer. The CODM is regularly provided with the operating results of individual operating segments which comprise our reportable segments. Segment performance is evaluated, and resources are allocated primarily based on segment operating income (loss), which also plays a central role in the Company's forecasting process. In addition, the CODM considers forecast-to-actual variances when determining the allocation of operating and capital resources across segments. The accounting policies of our segments are those described in Note 2.

The following tables provide financial information about our reportable segments and Corporate and unallocated component for the periods presented:

	Fiscal Year Ended September 30, 2025
in thousands	West	East	Southeast	Reportable Segment Subtotal	Corporate and unallocated	Total
Revenue	1,476,311	585,337	309,907	2,371,555	—	2,371,555
Home construction and land sale expenses	1,206,374	484,521	254,919	1,945,814	75,268	2,021,082
Inventory impairments and abandonments	4,652	215	5,852	10,719	2,240	12,959
Commissions	48,940	17,335	10,636	76,911	—	76,911
Sales and marketing	30,703	11,152	8,552	50,407	14,377	64,784
Other general and administrative expenses	33,376	14,968	12,884	61,228	78,818	140,046
Depreciation and amortization	9,752	2,491	1,881	14,124	5,044	19,168
Operating income (loss)	142,514	54,655	15,183	212,352	(175,747)	36,605
Other income, net						4,245
Income from continuing operations before income taxes						40,850
Total assets(a)	1,060,650	451,299	461,110	1,973,059	636,649	2,609,708

	Fiscal Year Ended September 30, 2024
in thousands	West	East	Southeast	Reportable Segment Subtotal	Corporate and unallocated	Total
Revenue	1,467,287	501,206	361,704	2,330,197	—	2,330,197
Home construction and land sale expenses	1,154,678	407,243	281,742	1,843,663	60,244	1,903,907
Inventory impairments and abandonments	1,805	91	100	1,996	—	1,996
Commissions	50,658	15,846	13,552	80,056	—	80,056
Sales and marketing	27,560	10,013	7,749	45,322	11,582	56,904
Other general and administrative expenses	33,027	13,323	11,417	57,767	71,674	129,441
Depreciation and amortization	9,820	1,792	1,478	13,090	1,777	14,867
Operating income (loss)	189,739	52,898	45,666	288,303	(145,277)	143,026
Loss on extinguishment of debt, net						(437)
Other income, net(b)						16,496
Income from continuing operations before income taxes						159,085
Total assets(a)	1,114,450	454,255	389,058	1,957,763	633,764	2,591,527

	Fiscal Year Ended September 30, 2023
in thousands	West	East	Southeast	Reportable Segment Subtotal	Corporate and unallocated	Total
Revenue	1,297,005	505,844	403,936	2,206,785	—	2,206,785
Home construction and land sale expenses	986,289	401,852	310,874	1,699,015	64,434	1,763,449
Inventory impairments and abandonments	487	154	—	641	—	641
Commissions	43,971	15,100	14,379	73,450	—	73,450
Sales and marketing	23,378	8,472	6,980	38,830	8,983	47,813
Other general and administrative expenses	29,480	13,583	12,722	55,785	76,196	131,981
Depreciation and amortization	7,550	1,662	1,655	10,867	1,331	12,198
Operating income (loss)	205,850	65,021	57,326	328,197	(150,944)	177,253
Loss on extinguishment of debt, net						(546)
Other income, net						5,939
Income from continuing operations before income taxes						182,646
Total assets(a)	994,597	356,020	320,430	1,671,047	739,986	2,411,033

(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.

(b) We recognized a gain on sale of investment of $8.6 million during the fiscal year ended September 30, 2024 within other income, net. We previously held a minority interest in a technology company specializing in digital marketing for new home communities, which was sold in March 2024. In exchange for the previously held investment, we received cash in escrow along with a minority partnership interest in the acquiring company, which was recorded within other assets in our consolidated balance sheets.