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Owned Inventory (Tables)

12 Months Ended

Sep. 30, 2025

The components of our owned inventory are as follows as of September 30, 2025 and 2024:


in thousands	As of September 30, 2025		As of September 30, 2024
Homes under construction	$	692,327	$	754,705
Land under development	1,065,702		1,023,188
Land held for future development	19,489		19,879
Land held for sale	47,368		19,086
Capitalized interest	131,845		124,182
Model homes	72,702		99,600
Total owned inventory	$	2,029,433	$	2,040,640

Schedule of Total Inventory by Segment

Total owned inventory by reportable segment and Corporate and unallocated is presented in the table below as of September 30, 2025 and 2024:


in thousands	Projects in Progress (a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
September 30, 2025
West	$	944,601	$	3,483	$	29,052	$	977,136
East	387,954		10,888		16,086		414,928
Southeast	418,497		5,118		2,230		425,845
Corporate and unallocated(b)	211,524		—		—		211,524
Total	$	1,962,576	$	19,489	$	47,368	$	2,029,433
September 30, 2024
West	$	1,023,140	$	3,483	$	17,110	$	1,043,733
East	411,914		10,888		1,300		424,102
Southeast	365,676		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:


	Fiscal Year Ended September 30,
in thousands	2025		2024		2023
Projects in Progress:
West	$	2,236	$	—	$	—

Southeast	5,404		—		—
Corporate and unallocated (a)	1,002		—		—
Total impairment charges on projects in progress	$	8,642	$	—	$	—
Land Held for Sale:
West	$	1,495	$	—	$	—


Corporate and unallocated(a)	1,238		—		—
Total impairment charges on land held for sale	$	2,733	$	—	$	—
Abandonments:
West	$	921	$	1,805	$	487
East	215		91		154
Southeast	448		100		—

Total abandonments charges	$	1,584	$	1,996	$	641






Total impairment and abandonment charges	$	12,959	$	1,996	$	641

(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 thousands	Results of Impairment Analysis
	# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at Time of Impairment(b)
Fiscal Year Ended September 30, 2025
West	1	24	$	2,236	$	5,003

Southeast	1	65	5,404		11,837
Corporate and unallocated(a)	—	—	1,002		2,210
Total	2	89	$	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 Inputs	Fiscal Year Ended September 30, 2025
Average selling price	$360 - $444
Closings per community per month	1 - 6
Discount rate	15.0	%

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 thousands	Results of Impairment Analysis
	# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at Time of Impairment(b)
Fiscal Year Ended September 30, 2025
West	4	131	$	1,495	$	11,240


Corporate and unallocated(a)	—	—	1,238		—
Total	4	131	$	2,733	$	11,240

(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.