Segment Information

6 Months Ended

Mar. 31, 2026

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 March 31, 2026
in thousands	West		East		Southeast		Reportable Segment Subtotal		Corporate and unallocated		Total
Revenue	$	236,856	$	97,125	$	75,865	$	409,846	$	—	$	409,846
Home construction and land sale expenses	201,711		83,053		62,825		347,589		12,262		359,851
Inventory impairments and abandonments	1,174		—		—		1,174		121		1,295
Commissions	8,324		2,522		2,544		13,390		—		13,390
Sales and marketing	8,845		3,235		2,579		14,659		3,934		18,593
Other general and administrative expenses	9,049		3,660		2,847		15,556		16,045		31,601
Depreciation and amortization	1,678		328		531		2,537		1,547		4,084
Operating income (loss)	$	6,075	$	4,327	$	4,539	$	14,941	$	(33,909)	$	(18,968)
Other income, net											433
Loss before income taxes											$	(18,535)
	Six Months Ended March 31, 2026
in thousands	West		East		Southeast		Reportable Segment Subtotal		Corporate and unallocated		Total
Revenue	$	460,360	$	190,584	$	122,393	$	773,337	$	—	$	773,337
Home construction and land sale expenses	393,889		162,572		102,530		658,991		24,777		683,768
Inventory impairments and abandonments	2,523		899		—		3,422		243		3,665
Commissions	16,047		5,119		4,240		25,406		—		25,406
Sales and marketing	17,559		6,372		4,731		28,662		9,208		37,870
Other general and administrative expenses	16,610		6,959		5,414		28,983		36,330		65,313
Depreciation and amortization	3,476		803		927		5,206		2,920		8,126
Operating income (loss)	$	10,256	$	7,860	$	4,551	$	22,667	$	(73,478)	$	(50,811)
Other income, net											1,211
Loss before income taxes											$	(49,600)

	Three Months Ended March 31, 2025
in thousands	West		East		Southeast		Reportable Segment Subtotal		Corporate and unallocated		Total
Revenue	$	373,856	$	120,856	$	70,627	$	565,339	$	—	$	565,339
Home construction and land sale expenses	301,889		102,885		59,037		463,811		15,002		478,813
Inventory impairments and abandonments	528		—		—		528		—		528
Commissions	12,545		3,773		2,465		18,783		—		18,783
Sales and marketing	7,894		2,719		1,917		12,530		3,597		16,127
Other general and administrative expenses	9,007		3,374		3,074		15,455		17,617		33,072
Depreciation and amortization	2,518		548		397		3,463		1,184		4,647
Operating income (loss)	$	39,475	$	7,557	$	3,737	$	50,769	$	(37,400)	$	13,369
Other income, net											799
Income before income taxes											$	14,168
	Six Months Ended March 31, 2025
in thousands	West		East		Southeast		Reportable Segment Subtotal		Corporate and unallocated		Total
Revenue	$	672,772	$	230,738	$	130,782	$	1,034,292	$	—	$	1,034,292
Home construction and land sale expenses	545,798		196,100		109,429		851,327		24,361		875,688
Inventory impairments and abandonments	528		—		—		528		—		528
Commissions	23,107		7,193		4,596		34,896		—		34,896
Sales and marketing	15,140		5,402		3,916		24,458		6,582		31,040
Other general and administrative expenses	16,601		6,810		5,788		29,199		38,732		67,931
Depreciation and amortization	4,709		1,004		695		6,408		2,294		8,702
Operating income (loss)	$	66,889	$	14,229	$	6,358	$	87,476	$	(71,969)	$	15,507
Other income, net											1,827
Income before income taxes											$	17,334

The following table presents assets by segment as of March 31, 2026 and September 30, 2025:

in thousands	March 31, 2026		September 30, 2025
Assets
West	$	1,145,883	$	1,060,650
East	482,256		451,299
Southeast	527,339		461,110
Corporate and unallocated(a)	602,002		636,649
Total assets	$	2,757,480	$	2,609,708

(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.