Inventory (Tables)

3 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of our inventory are as follows as of December 31, 2025 and September 30, 2025:

in thousands	As of December 31, 2025		As of September 30, 2025
Homes under construction	$	701,010	$	692,327
Land under development	1,090,862		1,065,702
Land held for future development	19,489		19,489
Land held for sale	73,218		47,368
Capitalized interest	139,678		131,845
Model homes	82,467		72,702
Land not owned under option agreements	34,042		—
Total inventory	$	2,140,766	$	2,029,433

Schedule of Total Inventory by Segment

Total inventory by reportable segment and Corporate and unallocated is presented in the table below as of December 31, 2025 and September 30, 2025:

in thousands	Projects in Progress(a)		Land Held for Future Development		Land Held for Sale		Total Inventory
December 31, 2025
West	$	969,564	$	3,483	$	55,828	$	1,028,875
East	398,335		10,888		12,127		421,350
Southeast	455,253		5,118		5,263		465,634
Corporate and unallocated(b)	224,907		—		—		224,907
Total	$	2,048,059	$	19,489	$	73,218	$	2,140,766
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

(a) Projects in progress include homes under construction, land under development, capitalized interest, model homes, and land not owned under option agreements categories from the preceding table.

(b) Projects in progress amount include 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 December 31,
in thousands	2025		2024
Land Held for Sale:
West	$	45	$	—
East	878		—
Corporate and unallocated(a)	122		—
Total impairment charges on land held for sale	1,045		—
Abandonments:
West	1,304		—
East	21		—
Total abandonments charges	1,325		—
Total impairment and abandonment charges	$	2,370	$	—

(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within Corporate and unallocated.

Schedule of Interests in Lot Option Agreements

The following table provides a summary of our interests in lot option agreements as of December 31, 2025 and September 30, 2025:

	As of December 31, 2025		As of September 30, 2025
in thousands
Deposits and non-refundable pre-acquisition costs incurred(a)	$	353,903	$	333,435
Remaining purchase price if lot option agreements are exercised	$	1,601,201	$	1,610,171

(a) Amount is included as a component of land under development and land not owned under option agreements within our inventory in the condensed consolidated balance sheets.