Segment Information

3 Months Ended

Dec. 31, 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 to the consolidated financial statements within our 2025 Annual Report.

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

	Three Months Ended December 31, 2025
in thousands	West		East		Southeast		Reportable Segment Subtotal		Corporate and unallocated		Total
Revenue	$	223,504	$	93,459	$	46,528	$	363,491	$	—	$	363,491
Home construction and land sale expenses	192,178		79,519		39,705		311,402		12,515		323,917
Inventory impairments and abandonments	1,349		899		—		2,248		122		2,370
Commissions	7,723		2,597		1,696		12,016		—		12,016
Sales and marketing	8,714		3,137		2,152		14,003		5,274		19,277
Other general and administrative expenses	7,561		3,299		2,567		13,427		20,285		33,712
Depreciation and amortization	1,798		475		396		2,669		1,373		4,042
Operating income (loss)	$	4,181	$	3,533	$	12	$	7,726	$	(39,569)	$	(31,843)
Other income, net											778
Loss before income taxes											$	(31,065)
Total assets(a)	$	1,096,705	$	451,228	$	501,643	$	2,049,576	$	590,137	$	2,639,713

	Three Months Ended December 31, 2024
in thousands	West		East		Southeast		Reportable Segment Subtotal		Corporate and unallocated		Total
Revenue	$	298,916	$	109,882	$	60,155	$	468,953	$	—	$	468,953
Home construction and land sale expenses	243,909		93,215		50,392		387,516		9,359		396,875
Commissions	10,562		3,420		2,131		16,113		—		16,113
Sales and marketing	7,246		2,683		1,999		11,928		2,985		14,913
Other general and administrative expenses	7,594		3,436		2,714		13,744		21,115		34,859
Depreciation and amortization	2,191		456		298		2,945		1,110		4,055
Operating income (loss)	$	27,414	$	6,672	$	2,621	$	36,707	$	(34,569)	$	2,138
Other income, net											1,028
Income before income taxes											$	3,166
Total assets(a)	$	1,178,094	$	485,806	$	422,187	$	2,086,087	$	514,441	$	2,600,528

(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.