Inventory (Tables)

9 Months Ended

Jun. 30, 2026

The components of our inventory are as follows as of June 30, 2026 and September 30, 2025:


in thousands	As of June 30, 2026		As of September 30, 2025
Homes under construction	$	934,394	$	692,327
Land under development	1,054,354		1,065,702
Land held for future development	19,489		19,489
Land held for sale	87,542		47,368
Capitalized interest	156,554		131,845
Model homes	92,321		72,702
Land not owned under option agreements	24,816		—
Total inventory	$	2,369,470	$	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 June 30, 2026 and September 30, 2025:


in thousands	Projects in Progress(a)		Land Held for Future Development		Land Held for Sale		Total Inventory
June 30, 2026
West	$	1,066,860	$	3,483	$	50,472	$	1,120,815
East	457,324		10,888		18,365		486,577
Southeast	490,081		5,118		18,705		513,904
Corporate and unallocated(b)	248,174		—		—		248,174
Total	$	2,262,439	$	19,489	$	87,542	$	2,369,470
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 June 30,				Nine Months Ended June 30,
in thousands	2026		2025		2026		2025
Projects in Progress:
West	$	—	$	2,236	$	1,174	$	2,236

Southeast	—		5,404		—		5,404
Corporate and unallocated(a)	—		1,002		121		1,002
Total impairment charges on projects in progress	—		8,642		1,295		8,642
Land Held for Sale:
West	$	1,028	$	845	1,073		845
East	1,015		—		1,893		—

Corporate and unallocated(a)	299		621		421		621
Total impairment charges on land held for sale	2,342		1,466		3,387		1,466
Abandonments:
West	—		—		1,304		528
East	—		—		21		—
Southeast	—		231		—		231

Total abandonments charges	—		231		1,325		759






Total impairment and abandonment charges	$	2,342	$	10,339	$	6,007	$	10,867

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

Schedule of 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)
Nine Months Ended June 30, 2026
West	1	37	$	1,174	$	5,072


Corporate and unallocated(a)	—	—	$	121	$	525
Total	1	37	$	1,295	$	5,597

(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.

Schedule of 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	Nine Months Ended June 30, 2026
Average selling price	$375
Closings per community per month	1 - 3
Discount rate	14.0	%

Schedule of Interests in Lot Option Agreements

The following table provides a summary of our interests in lot option agreements as of June 30, 2026 and September 30, 2025:


	As of June 30, 2026		As of September 30, 2025
in thousands


Deposits and non-refundable pre-acquisition costs incurred(a)	$	387,422	$	333,435

Remaining purchase price if lot option agreements are exercised	$	1,631,298	$	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.