Forestar (FOR) 10-K19 Nov 242024 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Sep. 30, 2024	Nov. 14, 2024	Mar. 31, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--09-30
Document Transition Report	false
Entity File Number	001-33662
Entity Registrant Name	Forestar Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1336998
Entity Address, Address Line One	2221 E. Lamar Blvd.
Entity Address, Address Line Two	Suite 790
Entity Address, City or Town	Arlington
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76006
City Area Code	817
Local Phone Number	769-1860
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	FOR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 761
Entity Common Stock, Shares Outstanding		50,669,946
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001406587
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Fort Worth, Texas

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
ASSETS
Cash and cash equivalents	$ 481.2	$ 616
Real estate	2,266.2	1,790.3
Investment in unconsolidated ventures	0.3	0.5
Property and equipment, net	7.1	5.9
Other assets	85.3	58
Total assets	2,840.1	2,470.7
LIABILITIES
Accounts payable	85.9	68.4
Accrued development costs	144.6	104.1
Earnest money on sales contracts	172.3	121.4
Deferred tax liability, net	67.5	50.7
Accrued expenses and other liabilities	68.3	61.2
Debt	706.4	695
Total liabilities	1,245	1,100.8
Commitments and contingencies (Note 12)
Forestar Group Inc. shareholders’ equity:
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 50,653,637 and 49,903,713 shares issued and outstanding at September 30, 2024 and 2023, respectively	50.7	49.9
Additional paid-in capital	665.2	644.2
Retained earnings	878.2	674.8
Stockholders' equity	1,594.1	1,368.9
Noncontrolling interests	1	1
Total equity	1,595.1	1,369.9
Total liabilities and equity	$ 2,840.1	$ 2,470.7

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 1	$ 1
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	50,653,637	49,903,713
Common Stock, Shares, Outstanding	50,653,637	49,903,713

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues	$ 1,509.4	$ 1,436.9	$ 1,519.1
Cost of sales	1,150.1	1,132.8	1,195.1
Selling, general and administrative expense	118.5	97.7	93.6
Equity in earnings of unconsolidated ventures	0	0	(1.2)
Gain on sale of assets	(9.5)	(1.6)	(3.2)
Interest and other income	(19.8)	(13.6)	(1)
Income before income taxes	270.1	221.6	235.8
Income tax expense	66.7	54.7	57
Net income	$ 203.4	$ 166.9	$ 178.8
Basic net income per common share	$ 4.03	$ 3.34	$ 3.59
Weighted average number of common shares	50,426,040	49,986,526	49,818,132
Diluted net income per common share	$ 4	$ 3.33	$ 3.59
Adjusted weighted average number of common shares	50,793,954	50,124,113	49,849,894

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interest
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Sep. 30, 2021	$ 1,015.9	$ 49.6	$ 636.2	$ 329.1	$ 1
Net income	178.8	0	0	178.8	0
Stock Issued During Period, Value, New Issues	1.7	0.1	1.6	0	0
Issuances of common stock, Value	0.1	0.1	0	0	0
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	(0.5)	0	(0.5)	0	0
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	3.3	0	3.3	0	0
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2022	1,199.3	49.8	640.6	507.9	1
Net income	166.9	0	0	166.9	0
Issuances of common stock, Value	0.1	0.1	0	0	0
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	(0.7)	0	(0.7)	0	0
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	4.3	0	4.3	0	0
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2023	1,369.9	49.9	644.2	674.8	1
Net income	203.4	0	0	203.4	0
Stock Issued During Period, Value, New Issues	19.7	0.6	19.1	0	0
Issuances of common stock, Value	0.2	0.2	0	0	0
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	(3.4)	0	(3.4)	0	0
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	5.3	0	5.3	0	0
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2024	$ 1,595.1	$ 50.7	$ 665.2	$ 878.2	$ 1

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - shares	12 Months Ended
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - shares	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Common Stock, Shares, Outstanding	50,653,637	49,903,713
Common Stock
Common Stock, Shares, Outstanding	50,653,637	49,903,713	49,761,480	49,580,389
Shares Issued During Period, New Issues	546,174		84,547
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture	203,750	142,233	96,544

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income	$ 203.4	$ 166.9	$ 178.8
Adjustments:
Depreciation and amortization	3	3	2.7
Deferred income taxes	16.8	13.8	12.5
Equity in earnings of unconsolidated ventures	0	0	(1.2)
Stock-based compensation expense	5.3	4.3	3.3
Impairments and land option charges	4.1	24	12.5
Gain on sale of assets	9.5	1.6	3.2
Changes in operating assets and liabilities:
(Increase) decrease in real estate	(469.9)	206.3	(142.3)
Increase in other assets	(27.7)	(7)	(1.6)
Increase (decrease) in accounts payable and other accrued liabilities	24.7	(12.7)	40.9
Increase (decrease) in accrued development costs	40.5	(18.2)	17.8
Increase (decrease) in earnest money deposits on sales contracts	50.9	(14.7)	(11.5)
Net cash (used in) provided by operating activities	(158.4)	364.1	108.7
INVESTING ACTIVITIES
Expenditures for property, equipment, software and other	(2.2)	(1.3)	(3.5)
Return of investment in unconsolidated ventures	0	0	1.6
Proceeds from sale of assets	9.5	1.6	3.2
Net cash provided by investing activities	7.3	0.3	1.3
FINANCING ACTIVITIES
Issuance of common stock	19.7	0	1.7
Repayment of debt	0	12.5	0
Cash paid for shares withheld for taxes	(3.4)	(0.7)	(0.5)
Net cash provided by (used in) financing activities	16.3	(13.2)	1.2
(Decrease) increase in cash and cash equivalents	(134.8)	351.2	111.2
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	616	264.8	153.6
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	481.2	616	264.8
Note payable issued for real estate	9.9	0	0
Income taxes paid, net	$ 45.7	$ 44.7	$ 42.4

Accounting Policies

Accounting Policies	12 Months Ended
Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and includes the accounts of Forestar Group Inc. ("Forestar") and all of its 100% owned, majority-owned and controlled subsidiaries, which are collectively referred to as the Company unless the context otherwise requires. The Company accounts for its investment in other entities in which it has significant influence over operations and financial policies using the equity method. All intercompany accounts, transactions and balances have been eliminated in consolidation. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. Net income attributable to noncontrolling interests is zero for all periods presented in the Company's statements of operations. T he transactions included in net income in the consolidated statements of operations are the same as those that would be presented in comprehensive income. Thus, the Company's net income equates to comprehensive income. In October 2017, Forestar became a majority-owned subsidiary of D.R. Horton, Inc. ("D.R. Horton") by virtue of a merger with a wholly-owned subsidiary of D.R. Horton. Immediately following the merger, D.R. Horton owned 75% of the Company's outstanding common stock. In connection with the merger, the Company entered into certain agreements with D.R. Horton, including a Stockholder’s Agreement, a Master Supply Agreement and a Shared Services Agreement. D.R. Horton is considered a related party of Forestar under GAAP. As of September 30, 2024, D.R. Horton owned approximately 62% of the Company's outstanding common stock. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Revenue Recognition Real estate revenue and related profit are generally recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the buyer. The Company’s performance obligation, to deliver the agreed-upon land or lots, is generally satisfied at closing. However, there may be instances in which the Company has an unsatisfied remaining performance obligation at the time of closing. In these instances, the Company records contract liabilities and recognizes those revenues over time as the performance obligations are completed. Generally, the Company's unsatisfied remaining performance obligations are expected to have an original duration of less than one year. See Note 4. Cash and Cash Equivalents Cash and cash equivalents include cash, other short-term instruments with original maturities of three months or less and proceeds from land and lot closings held for the Company’s benefit at title companies. Real Estate and Cost of Sales Real estate includes the costs of direct land and lot acquisition, land development, capitalized interest and direct overhead costs incurred during land development. All indirect overhead costs, such as compensation of management personnel and insurance costs, are charged to selling, general and administrative expense as incurred. Land and development costs are typically allocated to individual residential lots based on the relative sales value of the lot. Cost of sales includes applicable land and lot acquisition, land development and related costs (both incurred and estimated to be incurred) allocated to each residential lot in the project. Any changes to the estimated total development costs subsequent to the initial home or lot closings in a community are generally allocated on a pro-rata basis to the remaining homes or lots in the community associated with the relevant development activity. The Company receives earnest money deposits from homebuilders for purchases of developed lots. These earnest money deposits are typically released to the homebuilders as lots are sold. Earnest money deposits from customers are subject to mortgages that are secured by the real estate under contract. These mortgages expire when the earnest money is released to homebuilders as lots are sold. The Company has agreements with certain utility or improvement districts to convey water, sewer and other infrastructure-related assets it has constructed in connection with projects within their jurisdiction and receive reimbursements for the cost of these improvements. The reimbursement amounts for these improvements are defined by the district and are based on the allowable costs of the improvements. The transfer is consummated and the Company generally receives payment when the districts have a sufficient tax base to support funding of their bonds. The cost incurred by the Company in constructing these improvements, net of the amount expected to be collected in the future, is included in the Company's land development budgets and in the determination of lot costs. The Company reviews real estate assets held for use for impairment when events or circumstances indicate that their carrying value may not be recoverable. Impairment exists if the carrying amount of the asset is not recoverable from the undiscounted cash flows expected from its use and eventual disposition. The amount of the impairment loss is determined by comparing the carrying value of the asset to its estimated fair value, which is generally determined based on the present value of future cash flows expected from the sale of the asset. Real estate impairments are included in cost of sales in the consolidated statements of operations. See Note 3. Capitalized Interest The Company capitalizes interest costs throughout the development period (active real estate). Capitalized interest is charged to cost of sales as the related real estate is sold. During periods in which the Company’s active real estate is lower than its debt level, a portion of the interest incurred is reflected as interest expense in the period incurred. During fiscal 2024 and 2023, the Company’s active real estate exceeded its debt level, and all interest incurred was capitalized to real estate. See Note 5. Land Purchase Contract Deposits and Pre-Acquisition Costs The Company enters into land and lot purchase contracts to acquire land for the development of residential lots. Under these contracts, the Company will fund a stated deposit in consideration for the right, but not the obligation, to purchase land or lots at a future point in time with predetermined terms. Under the terms of many of the purchase contracts, the deposits are not refundable in the event the Company elects to terminate the contract. Land purchase contract deposits and capitalized pre-acquisition costs are expensed to cost of sales when the Company believes it is probable that it will not acquire the property under contract and will not be able to recover these costs through other means. See Notes 3 and 12. Variable Interests Land purchase contracts can result in the creation of a variable interest in the entity holding the land parcel under contract. There were no variable interest entities reported in the consolidated balance sheets at September 30, 2024 and 2023 because, with regard to each entity, the Company determined it did not control the activities that most significantly impact the variable interest entity’s economic performance. The maximum exposure to losses related to the Company’s unconsolidated variable interest entities is limited to the amounts of the Company’s related deposits. At September 30, 2024 and 2023, the deposits related to these contracts totaled $23.4 million and $7.0 million, respectively, and are included in other assets in the consolidated balance sheets. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. The cost of significant additions and improvements is capitalized, and the cost of repairs and maintenance is expensed as incurred. Depreciation generally is recorded using the straight-line method over the estimated useful life of the asset as follows: Estimated Useful Lives September 30, 2024 2023 (In millions) Leasehold improvements 5 to 10 years $ 1.8 $ 1.6 Property and equipment 2 to 10 years 9.1 7.0 Total property and equipment 10.9 8.6 Accumulated depreciation (3.8) (2.7) Property and equipment, net $ 7.1 $ 5.9 Depreciation expense was $1.1 million, $1.0 million and $0.7 million in fiscal 2024, 2023 and 2022, respectively. Income Taxes The Company’s income tax expense is calculated using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement amounts of assets and liabilities and their respective tax bases and attributable to net operating losses and tax credit carryforwards. When assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income in future periods and in the jurisdictions in which those temporary differences become deductible. The Company records a valuation allowance when it determines it is more likely than not that a portion of the deferred tax assets will not be realized. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation of the Company’s deferred tax assets and liabilities. Interest and penalties related to unrecognized tax benefits are recognized in the financial statements as a component of income tax expense. Significant judgment is required to evaluate uncertain tax positions. The Company evaluates its uncertain tax positions on a quarterly basis. The evaluations are based upon a number of factors, including changes in facts or circumstances, changes in tax law, correspondence with tax authorities during the course of audits and effective settlement of audit issues. Changes in the recognition or measurement of uncertain tax positions could result in increases or decreases in the Company’s income tax expense in the period in which the change is made. See Note 9. Stock-Based Compensation The Company’s stockholders formally authorize shares of its common stock to be available for future grants of stock-based compensation awards. From time to time, the Compensation Committee of the Company’s Board of Directors (Compensation Committee) authorizes the grant of stock-based compensation to its employees and directors from these available shares. At September 30, 2024, the outstanding stock-based compensation awards consist of time-based restricted stock units. Grants of time-based restricted stock units vest over a certain number of years as determined by the Compensation Committee. Restricted stock units outstanding at September 30, 2024 have a remaining vesting period of up to 4.5 years. The compensation expense for stock-based awards is based on the grant date fair value of the award and is recognized on a straight-line basis over the remaining vesting period. The fair values of restricted stock units are based on the Company’s stock price at the date of grant. See Note 11. Fair Value Measurements The FASB's authoritative guidance for fair value measurements establishes a three-level hierarchy based upon the inputs to the valuation model of an asset or liability. When available, the Company uses quoted market prices in active markets to determine fair value. Non-financial assets measured at fair value on a non-recurring basis principally include real estate assets which the Company reviews for indicators of impairment when events and circumstances indicate that the carrying value is not recoverable. See Note 14. Pending Accounting Standards In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The standard is effective for the Company’s annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026 on a retrospective basis to all periods presented. This standard will impact the Company’s disclosures but will not impact its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes - Improvements to Income Tax Disclosures,” which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax related disclosures. The standard is effective for the Company beginning October 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures,” which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. The standard is effective for the Company’s annual periods beginning in fiscal 2028 and interim periods beginning in the first quarter of fiscal 2029, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its disclosures.

Segment Information

Segment Information	12 Months Ended
Segment Information	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company manages its operations through its real estate segment, which is its core business and generates substantially all of its revenues. The real estate segment primarily acquires land and installs infrastructure for single-family residential communities, and its revenues generally come from sales of residential single-family finished lots to local, regional and national homebuilders. The Company has other business activities for which the related assets and operating results are immaterial and therefore are included within the Company's real estate segment.

Real Estate (Notes)

Real Estate (Notes)	12 Months Ended
Real Estate (Notes)	Sep. 30, 2024
Real Estate [Abstract]
Real Estate	Real Estate Real estate consists of: September 30, 2024 2023 (In millions) Developed and under development projects $ 2,126.1 $ 1,760.8 Land held for future development 140.1 29.5 $ 2,266.2 $ 1,790.3 During fiscal 2024, the Company invested $570.0 million for the acquisition of residential real estate and $1.0 billion for the development of residential real estate. At September 30, 2024 and 2023, land held for future development primarily consisted of undeveloped land which the Company has under contract to sell to D.R. Horton at a sales price equal to the carrying value of the land at the time of sale plus additional consideration of 12% to 16% per annum. Each quarter, the Company reviews the performance and outlook for all of its real estate for indicators of potential impairment and performs detailed impairment evaluations and analyses when necessary. As a result of this process, no impairment charges were recorded during fiscal 2024. During fiscal 2023 and 2022, the Company recorded non-cash impairment charges of $19.4 million and $3.8 million, respectively. During fiscal 2024, 2023 and 2022 land purchase contract deposit and pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $4.1 million, $4.6 million and $8.7 million, respectively. These land option charges and the impairments discussed above are included in cost of sales in the consolidated statements of operations.

Revenue (Notes)

Revenue (Notes)	12 Months Ended
Revenue (Notes)	Sep. 30, 2024
Revenues [Abstract]
Revenue from Contract with Customer [Text Block]	Revenues Revenues consist of: Year Ended September 30, 2024 2023 2022 (In millions) Residential lot sales $ 1,459.3 $ 1,275.7 $ 1,455.5 Deferred development lot sales 8.1 29.0 26.8 Tract sales and other 42.0 132.2 36.8 $ 1,509.4 $ 1,436.9 $ 1,519.1 In fiscal 2022, the Company sold 854 deferred development lots to customers other than D.R. Horton for a total transaction price of $63.9 million. In fiscal 2024, 2023 and 2022, the Company recognized $8.1 million, $29.0 million and $26.8 million, respectively, of revenues as a result of its progress towards completion of its remaining unsatisfied performance obligations on these deferred development projects. At September 30, 2024, all performance obligations related to deferred development lot sales have been fully satisfied.

Capitalized Interest

Capitalized Interest	12 Months Ended
Capitalized Interest	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized Interest	Capitalized Interest The following table summarizes the Company’s interest costs incurred, capitalized and expensed in fiscal 2024, 2023 and 2022. Year Ended September 30, 2024 2023 2022 (In millions) Capitalized interest, beginning of year $ 58.5 $ 52.5 $ 53.7 Interest incurred 32.6 32.8 32.9 Interest charged to cost of sales (28.1) (26.8) (34.1) Capitalized interest, end of year $ 63.0 $ 58.5 $ 52.5

Other Assets, Accrued Expenses

Other Assets, Accrued Expenses and Other Liabilities (Notes)	12 Months Ended
	Sep. 30, 2024
Other Assets, Accrued Expenses and Other Liabilities [Abstract]
Other Assets And Other Liabilities [Text Block]	Other Assets, Accrued Expenses and Other Liabilities The Company's other assets at September 30, 2024 and 2023 were as follows: September 30, 2024 2023 (In millions) Receivables, net $ 28.4 $ 25.7 Lease right of use assets 9.6 7.6 Prepaid expenses 13.2 15.7 Land purchase contract deposits 23.4 7.0 Contract assets 8.9 — Other assets 1.8 2.0 $ 85.3 $ 58.0 The Company's accrued expenses and other liabilities at September 30, 2024 and 2023 were as follows: September 30, 2024 2023 (In millions) Accrued employee compensation and benefits $ 13.5 $ 11.2 Accrued property taxes 8.2 7.9 Lease liabilities 10.2 8.1 Accrued interest 7.3 7.0 Contract liabilities 2.7 10.0 Deferred income 4.1 4.1 Income taxes payable 8.6 4.4 Other accrued expenses 8.0 4.8 Other liabilities 5.7 3.7 $ 68.3 $ 61.2

Debt (Notes)

Debt (Notes)	12 Months Ended
Debt (Notes)	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The Company's notes payable at their carrying amounts consist of the following: September 30, 2024 2023 (In millions) Unsecured: Revolving credit facility $ — $ — 3.85% senior notes due 2026 (1) 398.4 397.4 5.0% senior notes due 2028 (1) 298.1 297.6 Other note payable 9.9 — $ 706.4 $ 695.0 ______________ (1) Unamortized debt issuance costs that were deducted from the carrying amounts of the senior notes totaled $3.5 million and $5.0 million at September 30, 2024 and 2023, respectively. Bank Credit Facility The Company has a $410 million senior unsecured revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to $600 million, subject to certain conditions and availability of additional bank commitments. The facility also provides for the issuance of letters of credit with a sublimit equal to the greater of $100 million and 50% of the total revolving credit commitments. Borrowings under the revolving credit facility are subject to a borrowing base calculation based on the book value of the Company's real estate assets and unrestricted cash. Letters of credit issued under the facility reduce the available borrowing capacity. The maturity date of the facility is October 28, 2026. At September 30, 2024, there were no borrowings outstanding and $32.8 million of letters of credit issued under the revolving credit facility, resulting in available capacity of $377.2 million. The revolving credit facility is guaranteed by the Company’s wholly-owned subsidiaries that are not immaterial subsidiaries and have not been designated as unrestricted subsidiaries. The revolving credit facility includes customary affirmative and negative covenants, events of default and financial covenants. The financial covenants require a minimum level of tangible net worth, a minimum level of liquidity and a maximum allowable leverage ratio. These covenants are measured as defined in the credit agreement governing the facility and are reported to the lenders quarterly. A failure to comply with these financial covenants could allow the lending banks to terminate the availability of funds under the revolving credit facility or cause any outstanding borrowings to become due and payable prior to maturity. At September 30, 2024, the Company was in compliance with all of the covenants, limitations and restrictions of its revolving credit facility. Senior Notes The Company has outstanding senior notes as described below that were issued pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"). The notes represent senior unsecured obligations that rank equally in right of payment to all existing and future senior unsecured indebtedness and may be redeemed prior to maturity, subject to certain limitations and premiums defined in the indenture agreements. The notes are guaranteed by each of the Company's subsidiaries to the extent such subsidiaries guarantee the Company's revolving credit facility. The Company's $400 million principal amount of 3.85% senior notes (the "2026 notes") mature May 15, 2026 with interest payable semi-annually. On or after May 15, 2023, the 2026 notes may be redeemed at 101.925% of their principal amount plus any accrued and unpaid interest. In accordance with the indenture, the redemption price decreases annually thereafter and the 2026 notes can be redeemed at par on or after May 15, 2025 through maturity. The annual effective interest rate of the 2026 notes after giving effect to the amortization of financing costs is 4.1%. The Company's $300 million principal amount of 5.0% senior notes (the "2028 notes") mature March 1, 2028 with interest payable semi-annually. On or after March 1, 2023, the 2028 notes may be redeemed at 102.5% of their principal amount plus any accrued and unpaid interest. In accordance with the indenture, the redemption price decreases annually thereafter and the 2028 notes can be redeemed at par on or after March 1, 2026 through maturity. The annual effective interest rate of the 2028 notes after giving effect to the amortization of financing costs is 5.2%. The indentures governing the senior notes require that, upon the occurrence of both a change of control and a rating decline (as defined in each indenture), the Company offer to purchase the applicable series of notes at 101% of their principal amount. If the Company or its restricted subsidiaries dispose of assets, under certain circumstances, the Company will be required to either invest the net cash proceeds from such asset sales in its business within a specified period of time, repay certain senior secured debt or debt of its non-guarantor subsidiaries, or make an offer to purchase a principal amount of such notes equal to the excess net cash proceeds at a purchase price of 100% of their principal amount. The indentures contain covenants that, among other things, restrict the ability of the Company and its restricted subsidiaries to pay dividends or distributions, repurchase equity, prepay subordinated debt and make certain investments; incur additional debt or issue mandatorily redeemable equity; incur liens on assets; merge or consolidate with another company or sell or otherwise dispose of all or substantially all of the Company’s assets; enter into transactions with affiliates; and allow to exist certain restrictions on the ability of subsidiaries to pay dividends or make other payments. At September 30, 2024, the Company was in compliance with all of the limitations and restrictions associated with its senior note obligations. Effective April 30, 2020, the Board of Directors authorized the repurchase of up to $30 million of the Company’s debt securities. The authorization has no expiration date. All of the $30 million authorization was remaining at September 30, 2024. Other Note Payable In December 2023, the Company issued a note payable of $9.9 million as part of a transaction to acquire real estate for development. The note is non-recourse, is secured by the underlying real estate, accrues interest at 4.0% per annum and matures in December 2025.

Earnings Per Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share The computations of basic and diluted earnings per share are as follows: Year Ended September 30, 2024 2023 2022 (In millions, except share and per share amounts) Numerator: Net income $ 203.4 $ 166.9 $ 178.8 Denominator: Weighted average common shares outstanding — basic 50,426,040 49,986,526 49,818,132 Dilutive effect of stock-based compensation 367,914 137,587 31,762 Total weighted average shares outstanding — diluted 50,793,954 50,124,113 49,849,894 Basic net income per common share $ 4.03 $ 3.34 $ 3.59 Diluted net income per common share $ 4.00 $ 3.33 $ 3.59

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the Company's income tax expense are as follows: Year Ended September 30, 2024 2023 2022 (In millions) Current tax expense: Federal $ 40.8 $ 33.9 $ 38.3 State and other 9.1 7.0 6.2 49.9 40.9 44.5 Deferred tax expense: Federal 13.4 11.5 10.2 State and other 3.4 2.3 2.3 16.8 13.8 12.5 Income tax expense $ 66.7 $ 54.7 $ 57.0 A reconciliation of the federal statutory rate to the Company's effective income tax rate follows: Year Ended September 30, 2024 2023 2022 Federal statutory rate 21.0 % 21.0 % 21.0 % State, net of federal benefit 3.7 3.4 3.0 Valuation allowance — (0.1) (0.1) Other — 0.4 0.3 Effective tax rate 24.7 % 24.7 % 24.2 % The effective tax rate for all years includes an expense for state income taxes and nondeductible expenses. Significant components of deferred taxes are: September 30, 2024 2023 (In millions) Deferred tax assets: Real estate $ 11.9 $ 10.5 Employee benefits 3.8 2.8 Net operating loss carryforwards 0.9 1.0 Accruals not deductible until paid 0.8 0.8 Total deferred tax assets 17.4 15.1 Valuation allowance (0.8) (0.9) Total deferred tax assets, net of valuation allowance 16.6 14.2 Deferred tax liabilities: Deferral of profit on lot sales (84.1) (64.9) Total deferred tax liabilities (84.1) (64.9) Deferred tax liability, net $ (67.5) $ (50.7) At September 30, 2024, the Company had tax benefits of $0.9 million related to state NOL carryforwards, of which $0.4 million will expire between 2030 and 2037 while the remaining $0.5 million do not have an expiration date. The Company had a valuation allowance of $0.8 million and $0.9 million at September 30, 2024 and 2023, respectively, because it is more likely than not that a portion of the Company's state deferred tax assets, primarily NOL carryforwards, will not be realized because the Company is no longer operating in some states or the NOL carryforward periods are too brief to realize the related deferred tax asset. The Company will continue to evaluate both the positive and negative evidence in determining the need for a valuation allowance on its deferred tax assets. Any reversal of the valuation allowance in future periods will impact the effective tax rate. The Company is subject to a Tax Sharing Agreement with D.R. Horton. The agreement sets forth an equitable method for reimbursements of tax liabilities or benefits between the Company and D.R. Horton related to state and local income, margin or franchise tax returns that are filed on a unitary basis with D.R. Horton. In accordance with the agreement, the Company reimbursed D.R. Horton $2.2 million, $1.7 million and $0.7 million in fiscal 2024, 2023 and 2022, respectively, for its tax expense generated in fiscal 2023, 2022 and 2021. The Company files income tax returns in the U.S. and in various state jurisdictions. The federal statute of limitations for tax years prior to 2021 is closed and the statute of limitations in major state jurisdictions for tax years prior to 2019 is closed. The Company is not currently being audited by the IRS. T he Company is under audit by various states; however, the Company is not aware of any significant findings by the state taxing authorities. The Company had no unrecognized tax benefits at September 30, 2024, 2023 and 2022.

Stockholders' Equity (Notes)

Stockholders' Equity (Notes)	12 Months Ended
Stockholders' Equity (Notes)	Sep. 30, 2024
Equity, Attributable to Parent [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Stockholders' EquityThe Company has an effective shelf registration statement, filed with the Securities and Exchange Commission in October 2021, registering $750 million of equity securities, of which $300 million was reserved for sales under the at-the-market equity offering program that became effective in November 2021. In fiscal 2024, the Company issued 546,174 shares of common stock under its at-the-market equity offering program for proceeds of $19.7 million, net of commissions and other issuance costs totaling $0.4 million. In September 2024, the Company filed a new shelf registration statement, which became effective in October 2024, registering $750 million of equity securities. At the time of filing the new registration statement, $728.1 million of equity securities remained available for issuance under the Company's prior registration statement, which has since expired. The Company's at-the-market equity offering program expired in October 2024, and the Company anticipates entering into a new at-the-market offering program under its September 2024 shelf registration statement.

Compensation Related Costs, Pos

Compensation Related Costs, Postemployment Benefits	12 Months Ended
Compensation Related Costs, Postemployment Benefits	Sep. 30, 2024
Compensation Related Costs [Abstract]
Share-based Payment Arrangement	Employee Benefit Plans Retirement Plans The Company has a 401(k) plan for all employees who have been with the Company for a period of six months or more. The Company matches portions of employees’ voluntary contributions. Additional employer contributions in the form of profit sharing may also be made at the Company’s discretion. The Company recorded expense of $1.1 million, $1.0 million and $0.8 million for matching contributions in fiscal 2024, 2023 and 2022, respectively, which is included in selling, general and administrative expense in the Company's consolidated statements of operations. Employee Stock Purchase Plan In October 2022, the Company’s Board of Directors adopted and, in January 2023, the Company’s shareholders approved the 2022 Employee Stock Purchase Plan ("ESPP"). The ESPP allows eligible employees the opportunity to purchase common stock of the Company at a discount at 6-month intervals through accumulated payroll deductions. Eligible employees purchase common stock of the Company during a purchase period at a discounted price of 85% of the fair market value of the stock on the designated dates of purchase. The price to eligible employees may be further discounted depending on the average fair market value of the stock during the period and certain other criteria. Under the terms of the plan, the total fair market value of common stock that an eligible employee may purchase each year is limited to the lesser of 15% of the employee’s annual compensation or $25,000. Under the plan, employees purchased 6,941 shares for $0.2 million in fiscal 2024. No shares were purchased under the ESPP in fiscal 2023. The aggregate number of shares of the Company's stock reserved for issuance under the plan is 2.5 million. Restricted Stock Units (RSUs) The Company’s Stock Incentive Plan provides for the granting of stock options and restricted stock units to executive officers, other key employees and non-management directors. Restricted stock unit awards may be based on performance (performance-based) or on service over a requisite time period (time-based). RSU equity awards represent the contingent right to receive one share of the Company’s common stock per RSU if the vesting conditions and/or performance criteria are satisfied and have no voting rights during the vesting period. During fiscal 2024, 2023 and 2022, the Company granted time-based RSUs that vest annually in equal installments over periods of three Year Ended September 30, 2024 2023 2022 Number of Restricted Stock Units Weighted Average Grant Date Fair Value Number of Restricted Stock Units Weighted Average Grant Date Fair Value Number of Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at beginning of year 885,094 $ 16.63 621,951 $ 18.94 387,154 $ 20.70 Granted 178,035 37.94 511,698 14.76 394,786 17.76 Vested (293,253) 17.07 (186,812) 18.88 (123,389) 19.98 Cancelled (54,001) 18.18 (61,743) 17.63 (36,600) 19.98 Outstanding at end of year 715,875 $ 21.63 885,094 $ 16.63 621,951 $ 18.94 The total fair value of shares vested on the vesting date was $10.5 million, $3.5 million and $2.5 million during fiscal 2024, 2023 and 2022, respectively. Total stock-based compensation expense related to the Company's restricted stock units for fiscal 2024, 2023 and 2022 was $5.3 million, $4.3 million and $3.3 million, respectively. These expenses are included in selling, general and administrative expense in the Company's consolidated statements of operations. At September 30, 2024, there was $10.6 million of unrecognized compensation expense related to unvested time-based RSU awards. This expense is expected to be recognized over a weighted average period of 2.5 years.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Other Contingencies	Commitments and Contingencies Contractual Obligations and Off-Balance Sheet Arrangements In support of the Company's residential lot development business, it issues letters of credit under the revolving credit facility and has a surety bond program that provides financial assurance to beneficiaries related to the execution and performance of certain development obligations. At September 30, 2024, the Company had outstanding letters of credit of $32.8 million under the revolving credit facility and surety bonds of $809.0 million issued by third parties to secure performance under various contracts. The Company expects that its performance obligations secured by these letters of credit and bonds will generally be completed in the ordinary course of business and in accordance with the applicable contractual terms. When the Company completes its performance obligations, the related letters of credit and bonds are generally released shortly thereafter, leaving the Company with no continuing obligations. The Company has no material third-party guarantees. Litigation The Company is involved in various legal proceedings that arise from time to time in the ordinary course of business and believes that adequate reserves have been established for any probable losses. The Company does not believe that the outcome of any of these proceedings will have a significant adverse effect on its financial position, long-term results of operations or cash flows. It is possible, however, that charges related to these matters could be significant to the Company's results or cash flows in any one accounting period. Land Purchase Contracts The Company enters into land purchase contracts to acquire land for the development of residential lots. Under these contracts, the Company will fund a stated deposit in consideration for the right, but not the obligation, to purchase land or lots at a future point in time with predetermined terms. Under the terms of many of the purchase contracts, the deposits are not refundable in the event the Company elects to terminate the contract. Land purchase contract deposits and capitalized pre-acquisition costs are expensed to cost of sales when the Company believes it is probable that it will not acquire the property under contract and will not be able to recover these costs through other means. At September 30, 2024, the Company had total deposits of $23.4 million related to contracts to purchase land with a total remaining purchase price of approximately $846.9 million. The majority of land and lots under contract are currently expected to be purchased within three years. None of the land purchase contracts were subject to specific performance provisions at September 30, 2024. Other Commitments The Company leases facilities and equipment under non-cancelable long-term operating lease agreements. In addition, the Company has various obligations under other office space and equipment leases of less than one year. Rent expense for facilities and equipment was $3.7 million, $3.1 million and $2.5 million in fiscal 2024, 2023 and 2022, respectively. Future minimum rental commitments, by fiscal year, under non-cancelable operating leases having an initial or remaining term in excess of one year are: 2025 — $3.2 million; 2026 — $2.9 million; 2027 — $2.0 million; 2028 — $1.6 million; 2029 — $0.8 million; and $0.6 million thereafter.

Related Party Disclosures

Related Party Disclosures	12 Months Ended
Related Party Disclosures	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party Transactions D.R. Horton The Company has a Shared Services Agreement with D.R. Horton whereby D.R. Horton provides the Company with certain administrative, compliance, operational and procurement services. During fiscal 2024, 2023 and 2022, selling, general and administrative expense in the consolidated statements of operations included $5.6 million, $3.8 million and $4.1 million for these shared services, $9.6 million, $8.5 million and $7.4 million reimbursed to D.R. Horton for the cost of health insurance and other employee benefits and $3.1 million, $2.9 million and $6.6 million for other corporate and administrative expenses paid by D.R. Horton on behalf of the Company. The Company is subject to a Tax Sharing Agreement with D.R. Horton. The agreement sets forth an equitable method for reimbursements of tax liabilities or benefits between the Company and D.R. Horton related to state and local income, margin or franchise tax returns that are filed on a unitary basis with D.R. Horton. In accordance with the agreement, the Company reimbursed D.R. Horton $2.2 million, $1.7 million and $0.7 million in fiscal 2024, 2023 and 2022, respectively, for its tax expense generated in fiscal 2023, 2022 and 2021. Under the terms of the Master Supply Agreement with D.R. Horton, both companies identify land development opportunities to expand Forestar's portfolio of assets. At September 30, 2024 and 2023, the Company owned approximately 57,800 and 52,400 residential lots, of which D.R. Horton had the following involvement. September 30, 2024 2023 (Dollars in millions) Residential lots under contract to sell to D.R. Horton 20,500 14,400 Owned lots subject to right of first offer with D.R. Horton based on executed purchase and sale agreements 17,200 17,000 Earnest money deposits from D.R. Horton for lots under contract $ 168.4 $ 117.1 Remaining sales price of lots under contract with D.R. Horton $ 1,840.5 $ 1,319.2 Lot and land sales to D.R. Horton during fiscal years 2024, 2023 and 2022 were as follows: Year Ended September 30, 2024 2023 2022 (Dollars in millions) Residential lots sold to D.R. Horton 13,267 12,249 14,895 Residential lot sales revenues from sales to D.R. Horton $ 1,271.4 $ 1,094.7 $ 1,230.0 Decrease in contract liabilities on lot sales to D.R. Horton $ 2.9 $ — $ 1.8 Tract acres sold to D.R. Horton 32 820 — Tract sales revenues from sales to D.R. Horton $ 15.2 $ 114.1 $ — Other revenues from D.R. Horton $ 8.5 $ 1.0 $ — During fiscal 2024, 2023 and 2022, the Company reimbursed D.R. Horton approximately $27.5 million, $10.9 million and $8.7 million for previously paid earnest money and $22.9 million, $21.8 million and $58.9 million for pre-acquisition and other due diligence and development costs related to land purchase contracts identified by D.R. Horton that the Company independently underwrote and closed. During fiscal 2024, 2023 and 2022, the Company paid D.R. Horton $0.9 million, $0.8 million and $2.8 million for land development services. These amounts are included in cost of sales in the Company’s consolidated statements of operations. At September 30, 2024 and 2023, land held for future development primarily consisted of undeveloped land which the Company has under contract to sell to D.R. Horton at a sales price equal to the carrying value of the land at the time of sale plus additional consideration of 12% to 16% per annum. At September 30, 2024 and 2023 accrued expenses and other liabilities on the Company's consolidated balance sheets included $5.2 million and $3.2 million owed to D.R. Horton for any accrued and unpaid shared service charges, land purchase contract deposits and due diligence and other development cost reimbursements. At September 30, 2024, other assets on the Company's consolidated balance sheet included $6.5 million of contract assets related to a contract with D.R. Horton. R&R During fiscal 2024, the Company acquired a tract of residential real estate from Double R DevCo, LLC ("R&R") for $11.3 million and simultaneously entered into a finished lot purchase agreement with D.R. Horton. The tract was originally under contract with D.R. Horton. The Company independently underwrote the transaction and chose to close in place of D.R. Horton. R&R is owned and controlled by Ryan Horton and Reagan Horton, the adult sons of the late Donald R. Horton, former Chairman of D.R. Horton.

Fair Value

Fair Value	12 Months Ended
Fair Value	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. In arriving at a fair value measurement, the Company uses a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. The three levels of inputs used to establish fair value are the following: • Level 1 — Quoted prices in active markets for identical assets or liabilities; • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company elected not to use the fair value option for cash and cash equivalents and debt. For the financial assets and liabilities that the Company does not reflect at fair value, the following tables present both their respective carrying value and fair value at September 30, 2024 and 2023. Fair Value at September 30, 2024 Carrying Value Level 1 Level 2 Level 3 Total (in millions) Cash and cash equivalents (a) $ 481.2 $ 481.2 $ — $ — $ 481.2 Debt (b) (c) 706.4 — 683.6 9.9 693.5 Fair Value at September 30, 2023 Carrying Value Level 1 Level 2 Level 3 Total (in millions) Cash and cash equivalents (a) $ 616.0 $ 616.0 $ — $ — $ 616.0 Debt (b) 695.0 — 633.2 — 633.2 _____________________ (a) The fair values of cash and cash equivalents approximate their carrying values due to their short-term nature and are classified as Level 1 within the fair value hierarchy. (b) At September 30, 2024 and 2023, debt primarily consisted of the Company's senior notes. The fair value of the senior notes is determined based on quoted market prices in markets that are not active, which is classified as Level 2 within the fair value hierarchy. (c) The fair values of the Company's other note payable approximates its carrying value due to its short-term nature and is classified as Level 3 within the fair value hierarchy.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 203.4	$ 166.9	$ 178.8

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Sep. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Not Adopted	During the three months ended September 30, 2024, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and includes the accounts of Forestar Group Inc. ("Forestar") and all of its 100% owned, majority-owned and controlled subsidiaries, which are collectively referred to as the Company unless the context otherwise requires. The Company accounts for its investment in other entities in which it has significant influence over operations and financial policies using the equity method. All intercompany accounts, transactions and balances have been eliminated in consolidation. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. Net income attributable to noncontrolling interests is zero for all periods presented in the Company's statements of operations. T he transactions included in net income in the consolidated statements of operations are the same as those that would be presented in comprehensive income. Thus, the Company's net income equates to comprehensive income. In October 2017, Forestar became a majority-owned subsidiary of D.R. Horton, Inc. ("D.R. Horton") by virtue of a merger with a wholly-owned subsidiary of D.R. Horton. Immediately following the merger, D.R. Horton owned 75% of the Company's outstanding common stock. In connection with the merger, the Company entered into certain agreements with D.R. Horton, including a Stockholder’s Agreement, a Master Supply Agreement and a Shared Services Agreement. D.R. Horton is considered a related party of Forestar under GAAP. As of September 30, 2024, D.R. Horton owned approximately 62% of the Company's outstanding common stock.
Use of Estimates, Policy	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Revenue	Revenue Recognition Real estate revenue and related profit are generally recognized at the time of the closing of a sale, when title to and possession of the property are transferred to the buyer. The Company’s performance obligation, to deliver the agreed-upon land or lots, is generally satisfied at closing. However, there may be instances in which the Company has an unsatisfied remaining performance obligation at the time of closing. In these instances, the Company records contract liabilities and recognizes those revenues over time as the performance obligations are completed. Generally, the Company's unsatisfied remaining performance obligations are expected to have an original duration of less than one year. See Note 4.
Cash and Cash Equivalents, Policy	Cash and Cash Equivalents Cash and cash equivalents include cash, other short-term instruments with original maturities of three months or less and proceeds from land and lot closings held for the Company’s benefit at title companies.
Inventory, Real Estate, Policy	Real Estate and Cost of Sales Real estate includes the costs of direct land and lot acquisition, land development, capitalized interest and direct overhead costs incurred during land development. All indirect overhead costs, such as compensation of management personnel and insurance costs, are charged to selling, general and administrative expense as incurred. Land and development costs are typically allocated to individual residential lots based on the relative sales value of the lot. Cost of sales includes applicable land and lot acquisition, land development and related costs (both incurred and estimated to be incurred) allocated to each residential lot in the project. Any changes to the estimated total development costs subsequent to the initial home or lot closings in a community are generally allocated on a pro-rata basis to the remaining homes or lots in the community associated with the relevant development activity. The Company receives earnest money deposits from homebuilders for purchases of developed lots. These earnest money deposits are typically released to the homebuilders as lots are sold. Earnest money deposits from customers are subject to mortgages that are secured by the real estate under contract. These mortgages expire when the earnest money is released to homebuilders as lots are sold. The Company has agreements with certain utility or improvement districts to convey water, sewer and other infrastructure-related assets it has constructed in connection with projects within their jurisdiction and receive reimbursements for the cost of these improvements. The reimbursement amounts for these improvements are defined by the district and are based on the allowable costs of the improvements. The transfer is consummated and the Company generally receives payment when the districts have a sufficient tax base to support funding of their bonds. The cost incurred by the Company in constructing these improvements, net of the amount expected to be collected in the future, is included in the Company's land development budgets and in the determination of lot costs. The Company reviews real estate assets held for use for impairment when events or circumstances indicate that their carrying value may not be recoverable. Impairment exists if the carrying amount of the asset is not recoverable from the undiscounted cash flows expected from its use and eventual disposition. The amount of the impairment loss is determined by comparing the carrying value of the asset to its estimated fair value, which is generally determined based on the present value of future cash flows expected from the sale of the asset. Real estate impairments are included in cost of sales in the consolidated statements of operations. See Note 3.
Inventory, Interest Capitalization Policy	Capitalized Interest The Company capitalizes interest costs throughout the development period (active real estate). Capitalized interest is charged to cost of sales as the related real estate is sold. During periods in which the Company’s active real estate is lower than its debt level, a portion of the interest incurred is reflected as interest expense in the period incurred. During fiscal 2024 and 2023, the Company’s active real estate exceeded its debt level, and all interest incurred was capitalized to real estate. See Note 5.
Land under Option Arrangements, Policy	Land Purchase Contract Deposits and Pre-Acquisition Costs The Company enters into land and lot purchase contracts to acquire land for the development of residential lots. Under these contracts, the Company will fund a stated deposit in consideration for the right, but not the obligation, to purchase land or lots at a future point in time with predetermined terms. Under the terms of many of the purchase contracts, the deposits are not refundable in the event the Company elects to terminate the contract. Land purchase contract deposits and capitalized pre-acquisition costs are expensed to cost of sales when the Company believes it is probable that it will not acquire the property under contract and will not be able to recover these costs through other means. See Notes 3 and 12.
Consolidation, Variable Interest Entity, Policy	Variable Interests Land purchase contracts can result in the creation of a variable interest in the entity holding the land parcel under contract. There were no variable interest entities reported in the consolidated balance sheets at September 30, 2024 and 2023 because, with regard to each entity, the Company determined it did not control the activities that most significantly impact the variable interest entity’s economic performance. The maximum exposure to losses related to the Company’s unconsolidated variable interest entities is limited to the amounts of the Company’s related deposits. At September 30, 2024 and 2023, the deposits related to these contracts totaled $23.4 million and $7.0 million, respectively, and are included in other assets in the consolidated balance sheets.
Property, Plant and Equipment, Policy	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. The cost of significant additions and improvements is capitalized, and the cost of repairs and maintenance is expensed as incurred. Depreciation generally is recorded using the straight-line method over the estimated useful life of the asset as follows: Estimated Useful Lives September 30, 2024 2023 (In millions) Leasehold improvements 5 to 10 years $ 1.8 $ 1.6 Property and equipment 2 to 10 years 9.1 7.0 Total property and equipment 10.9 8.6 Accumulated depreciation (3.8) (2.7) Property and equipment, net $ 7.1 $ 5.9 Depreciation expense was $1.1 million, $1.0 million and $0.7 million in fiscal 2024, 2023 and 2022, respectively.
Income Tax, Policy	Income Taxes The Company’s income tax expense is calculated using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement amounts of assets and liabilities and their respective tax bases and attributable to net operating losses and tax credit carryforwards. When assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. The realization of deferred tax assets is dependent upon the generation of sufficient taxable income in future periods and in the jurisdictions in which those temporary differences become deductible. The Company records a valuation allowance when it determines it is more likely than not that a portion of the deferred tax assets will not be realized. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation of the Company’s deferred tax assets and liabilities. Interest and penalties related to unrecognized tax benefits are recognized in the financial statements as a component of income tax expense. Significant judgment is required to evaluate uncertain tax positions. The Company evaluates its uncertain tax positions on a quarterly basis. The evaluations are based upon a number of factors, including changes in facts or circumstances, changes in tax law, correspondence with tax authorities during the course of audits and effective settlement of audit issues. Changes in the recognition or measurement of uncertain tax positions could result in increases or decreases in the Company’s income tax expense in the period in which the change is made. See Note 9.
Share-based Payment Arrangement	Stock-Based Compensation The Company’s stockholders formally authorize shares of its common stock to be available for future grants of stock-based compensation awards. From time to time, the Compensation Committee of the Company’s Board of Directors (Compensation Committee) authorizes the grant of stock-based compensation to its employees and directors from these available shares. At September 30, 2024, the outstanding stock-based compensation awards consist of time-based restricted stock units. Grants of time-based restricted stock units vest over a certain number of years as determined by the Compensation Committee. Restricted stock units outstanding at September 30, 2024 have a remaining vesting period of up to 4.5 years. The compensation expense for stock-based awards is based on the grant date fair value of the award and is recognized on a straight-line basis over the remaining vesting period. The fair values of restricted stock units are based on the Company’s stock price at the date of grant. See Note 11.
Fair Value Measurement, Policy	Fair Value Measurements The FASB's authoritative guidance for fair value measurements establishes a three-level hierarchy based upon the inputs to the valuation model of an asset or liability. When available, the Company uses quoted market prices in active markets to determine fair value. Non-financial assets measured at fair value on a non-recurring basis principally include real estate assets which the Company reviews for indicators of impairment when events and circumstances indicate that the carrying value is not recoverable. See Note 14.
New Accounting Pronouncements, Policy [Policy Text Block]	Pending Accounting Standards In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The standard is effective for the Company’s annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026 on a retrospective basis to all periods presented. This standard will impact the Company’s disclosures but will not impact its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes - Improvements to Income Tax Disclosures,” which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax related disclosures. The standard is effective for the Company beginning October 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures,” which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. The standard is effective for the Company’s annual periods beginning in fiscal 2028 and interim periods beginning in the first quarter of fiscal 2029, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its disclosures.

Accounting Policies (Tables)

Accounting Policies (Tables)	12 Months Ended
Accounting Policies (Tables)	Sep. 30, 2024
Accounting Policies [Abstract]
Property, Plant and Equipment	Depreciation generally is recorded using the straight-line method over the estimated useful life of the asset as follows: Estimated Useful Lives September 30, 2024 2023 (In millions) Leasehold improvements 5 to 10 years $ 1.8 $ 1.6 Property and equipment 2 to 10 years 9.1 7.0 Total property and equipment 10.9 8.6 Accumulated depreciation (3.8) (2.7) Property and equipment, net $ 7.1 $ 5.9 Depreciation expense was $1.1 million, $1.0 million and $0.7 million in fiscal 2024, 2023 and 2022, respectively.

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
Real Estate (Tables)	Sep. 30, 2024
Real Estate [Abstract]
Real Estate	Real estate consists of: September 30, 2024 2023 (In millions) Developed and under development projects $ 2,126.1 $ 1,760.8 Land held for future development 140.1 29.5 $ 2,266.2 $ 1,790.3

Revenue (Tables)

Revenue (Tables)	12 Months Ended
Revenue (Tables)	Sep. 30, 2024
Revenues [Abstract]
Revenue from External Customers by Products and Services [Table Text Block]	Revenues consist of: Year Ended September 30, 2024 2023 2022 (In millions) Residential lot sales $ 1,459.3 $ 1,275.7 $ 1,455.5 Deferred development lot sales 8.1 29.0 26.8 Tract sales and other 42.0 132.2 36.8 $ 1,509.4 $ 1,436.9 $ 1,519.1

Capitalized Interest (Tables)

Capitalized Interest (Tables)	12 Months Ended
Capitalized Interest (Tables)	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Inventory, Interest Capitalization Policy [Table Text Block]	The following table summarizes the Company’s interest costs incurred, capitalized and expensed in fiscal 2024, 2023 and 2022. Year Ended September 30, 2024 2023 2022 (In millions) Capitalized interest, beginning of year $ 58.5 $ 52.5 $ 53.7 Interest incurred 32.6 32.8 32.9 Interest charged to cost of sales (28.1) (26.8) (34.1) Capitalized interest, end of year $ 63.0 $ 58.5 $ 52.5

Other Assets, Accrued Expense_2

Other Assets, Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Sep. 30, 2024
Other Assets, Accrued Expenses and Other Liabilities [Abstract]
Schedule of Other Assets and Other Liabilities [Table Text Block]	The Company's other assets at September 30, 2024 and 2023 were as follows: September 30, 2024 2023 (In millions) Receivables, net $ 28.4 $ 25.7 Lease right of use assets 9.6 7.6 Prepaid expenses 13.2 15.7 Land purchase contract deposits 23.4 7.0 Contract assets 8.9 — Other assets 1.8 2.0 $ 85.3 $ 58.0 The Company's accrued expenses and other liabilities at September 30, 2024 and 2023 were as follows: September 30, 2024 2023 (In millions) Accrued employee compensation and benefits $ 13.5 $ 11.2 Accrued property taxes 8.2 7.9 Lease liabilities 10.2 8.1 Accrued interest 7.3 7.0 Contract liabilities 2.7 10.0 Deferred income 4.1 4.1 Income taxes payable 8.6 4.4 Other accrued expenses 8.0 4.8 Other liabilities 5.7 3.7 $ 68.3 $ 61.2

Debt - Schedule of Debt (Tables

Debt - Schedule of Debt (Tables)	12 Months Ended
Debt - Schedule of Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company's notes payable at their carrying amounts consist of the following: September 30, 2024 2023 (In millions) Unsecured: Revolving credit facility $ — $ — 3.85% senior notes due 2026 (1) 398.4 397.4 5.0% senior notes due 2028 (1) 298.1 297.6 Other note payable 9.9 — $ 706.4 $ 695.0 ______________ (1) Unamortized debt issuance costs that were deducted from the carrying amounts of the senior notes totaled $3.5 million and $5.0 million at September 30, 2024 and 2023, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computations of basic and diluted earnings per share are as follows: Year Ended September 30, 2024 2023 2022 (In millions, except share and per share amounts) Numerator: Net income $ 203.4 $ 166.9 $ 178.8 Denominator: Weighted average common shares outstanding — basic 50,426,040 49,986,526 49,818,132 Dilutive effect of stock-based compensation 367,914 137,587 31,762 Total weighted average shares outstanding — diluted 50,793,954 50,124,113 49,849,894 Basic net income per common share $ 4.03 $ 3.34 $ 3.59 Diluted net income per common share $ 4.00 $ 3.33 $ 3.59

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax Expense	The components of the Company's income tax expense are as follows: Year Ended September 30, 2024 2023 2022 (In millions) Current tax expense: Federal $ 40.8 $ 33.9 $ 38.3 State and other 9.1 7.0 6.2 49.9 40.9 44.5 Deferred tax expense: Federal 13.4 11.5 10.2 State and other 3.4 2.3 2.3 16.8 13.8 12.5 Income tax expense $ 66.7 $ 54.7 $ 57.0
Reconciliation of Federal Statutory Rate to Effective Income Tax Rate on Continuing Operations	A reconciliation of the federal statutory rate to the Company's effective income tax rate follows: Year Ended September 30, 2024 2023 2022 Federal statutory rate 21.0 % 21.0 % 21.0 % State, net of federal benefit 3.7 3.4 3.0 Valuation allowance — (0.1) (0.1) Other — 0.4 0.3 Effective tax rate 24.7 % 24.7 % 24.2 %
Significant Components of Deferred Taxes	Significant components of deferred taxes are: September 30, 2024 2023 (In millions) Deferred tax assets: Real estate $ 11.9 $ 10.5 Employee benefits 3.8 2.8 Net operating loss carryforwards 0.9 1.0 Accruals not deductible until paid 0.8 0.8 Total deferred tax assets 17.4 15.1 Valuation allowance (0.8) (0.9) Total deferred tax assets, net of valuation allowance 16.6 14.2 Deferred tax liabilities: Deferral of profit on lot sales (84.1) (64.9) Total deferred tax liabilities (84.1) (64.9) Deferred tax liability, net $ (67.5) $ (50.7)

Compensation Related Costs, P_2

Compensation Related Costs, Postemployment Benefits (Tables)	12 Months Ended
	Sep. 30, 2024
Compensation Related Costs [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	The following table provides additional information related to time-based RSU activity during those periods. Year Ended September 30, 2024 2023 2022 Number of Restricted Stock Units Weighted Average Grant Date Fair Value Number of Restricted Stock Units Weighted Average Grant Date Fair Value Number of Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at beginning of year 885,094 $ 16.63 621,951 $ 18.94 387,154 $ 20.70 Granted 178,035 37.94 511,698 14.76 394,786 17.76 Vested (293,253) 17.07 (186,812) 18.88 (123,389) 19.98 Cancelled (54,001) 18.18 (61,743) 17.63 (36,600) 19.98 Outstanding at end of year 715,875 $ 21.63 885,094 $ 16.63 621,951 $ 18.94

Related Party Disclosures (Tabl

Related Party Disclosures (Tables)	12 Months Ended
Related Party Disclosures (Tables)	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	At September 30, 2024 and 2023, the Company owned approximately 57,800 and 52,400 residential lots, of which D.R. Horton had the following involvement. September 30, 2024 2023 (Dollars in millions) Residential lots under contract to sell to D.R. Horton 20,500 14,400 Owned lots subject to right of first offer with D.R. Horton based on executed purchase and sale agreements 17,200 17,000 Earnest money deposits from D.R. Horton for lots under contract $ 168.4 $ 117.1 Remaining sales price of lots under contract with D.R. Horton $ 1,840.5 $ 1,319.2 Lot and land sales to D.R. Horton during fiscal years 2024, 2023 and 2022 were as follows: Year Ended September 30, 2024 2023 2022 (Dollars in millions) Residential lots sold to D.R. Horton 13,267 12,249 14,895 Residential lot sales revenues from sales to D.R. Horton $ 1,271.4 $ 1,094.7 $ 1,230.0 Decrease in contract liabilities on lot sales to D.R. Horton $ 2.9 $ — $ 1.8 Tract acres sold to D.R. Horton 32 820 — Tract sales revenues from sales to D.R. Horton $ 15.2 $ 114.1 $ — Other revenues from D.R. Horton $ 8.5 $ 1.0 $ —

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
Fair Value (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping [Table Text Block]	For the financial assets and liabilities that the Company does not reflect at fair value, the following tables present both their respective carrying value and fair value at September 30, 2024 and 2023. Fair Value at September 30, 2024 Carrying Value Level 1 Level 2 Level 3 Total (in millions) Cash and cash equivalents (a) $ 481.2 $ 481.2 $ — $ — $ 481.2 Debt (b) (c) 706.4 — 683.6 9.9 693.5 Fair Value at September 30, 2023 Carrying Value Level 1 Level 2 Level 3 Total (in millions) Cash and cash equivalents (a) $ 616.0 $ 616.0 $ — $ — $ 616.0 Debt (b) 695.0 — 633.2 — 633.2 _____________________ (a) The fair values of cash and cash equivalents approximate their carrying values due to their short-term nature and are classified as Level 1 within the fair value hierarchy. (b) At September 30, 2024 and 2023, debt primarily consisted of the Company's senior notes. The fair value of the senior notes is determined based on quoted market prices in markets that are not active, which is classified as Level 2 within the fair value hierarchy. (c) The fair values of the Company's other note payable approximates its carrying value due to its short-term nature and is classified as Level 3 within the fair value hierarchy.

Accounting Policies (Details)

Accounting Policies (Details) - USD ($) $ in Millions			12 Months Ended
Accounting Policies (Details) - USD ($) $ in Millions	Sep. 30, 2024	Oct. 31, 2017	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Business Information [Line Items]
Land purchase contract deposits	$ 23.4		$ 23.4	$ 7
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			4 years 6 months
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	10.9		$ 10.9	8.6
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(3.8)		(3.8)	(2.7)
Property and equipment, net	7.1		7.1	5.9
Depreciation			1.1	1	$ 0.7
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1.8		1.8	1.6
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 9.1		$ 9.1	$ 7
Minimum \| Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years		5 years
Minimum \| Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years		2 years
Maximum \| Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years		10 years
Maximum \| Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years		10 years
D.R. Horton, Inc. [Member] \| Majority Shareholder [Member]
Business Information [Line Items]
Sale of Stock, Percentage of Ownership after Transaction	62%	75%

Real Estate - Text (Detail)

Real Estate - Text (Detail) - USD ($) $ in Millions	12 Months Ended
Real Estate - Text (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Real Estate Properties [Line Items]
Real estate	$ 2,266.2	$ 1,790.3
Payments to Acquire Residential Real Estate	570
Payments to Develop Real Estate Assets	1,000
Asset Impairment Charges	0	19.4	$ 3.8
Loss on Contract Termination	4.1	4.6	$ 8.7
Developed and under development projects
Real Estate Properties [Line Items]
Real estate	2,126.1	1,760.8
Land held for future development
Real Estate Properties [Line Items]
Real estate	$ 140.1	$ 29.5
D.R. Horton, Inc. [Member] \| Minimum
Real Estate Properties [Line Items]
Related Party Transaction, Rate	12%
D.R. Horton, Inc. [Member] \| Maximum
Real Estate Properties [Line Items]
Related Party Transaction, Rate	16%

Revenue (Details)

Revenue (Details) $ in Millions	12 Months Ended
Revenue (Details) $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) Lot
Revenue from External Customer [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 1,459.3	$ 1,275.7	$ 1,455.5
Deferred development lot sales	8.1	29	26.8
Tract sales and other	42	132.2	36.8
Revenues	1,509.4	1,436.9	1,519.1
Earnest money on sales contracts	$ 172.3	$ 121.4
Deferred Development Project
Revenue from External Customer [Line Items]
Earnest money on sales contracts			$ 63.9
Number of Lots Sold \| Lot			854

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Millions	12 Months Ended
Capitalized Interest (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Statement [Line Items]
Real Estate Inventory, Capitalized Interest Costs	$ 63	$ 58.5	$ 52.5	$ 53.7
Interest incurred	32.6	32.8	32.9
Interest charged to cost of sales	$ (28.1)	$ (26.8)	$ (34.1)

Other Assets, Accrued Expense_3

Other Assets, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Schedule of Other Assets, Accrued Expenses and Other Liabilities [Line Items]
Receivables, net	$ 28.4	$ 25.7
Lease right of use assets	9.6	7.6
Prepaid expenses	13.2	15.7
Land purchase contract deposits	23.4	7
Contract assets	8.9	0
Other assets	$ 1.8	$ 2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Other assets	$ 85.3	$ 58
Accrued employee compensation and benefits	13.5	11.2
Accrued property taxes	8.2	7.9
Lease liabilities	10.2	8.1
Accrued interest	7.3	7
Contract liabilities	2.7	10
Deferred income	4.1	4.1
Income taxes payable	8.6	4.4
Other accrued expenses	8	4.8
Other liabilities	$ 5.7	$ 3.7
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Accrued expenses and other liabilities	$ 68.3	$ 61.2

Debt - Text (Detail)

Debt - Text (Detail) - USD ($) $ in Millions	12 Months Ended
Debt - Text (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Apr. 30, 2020
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 410
Line of Credit Facility, Maximum Borrowing Capacity	600
Letter of Credit, Maximum Borrowing Capacity	$ 100
Letter of Credit, Maximum Borrowing Capacity, Percentage of Revolving Credit Commitment	50%
Long-term Line of Credit	$ 0	$ 0
Letters of Credit Outstanding, Amount	32.8
Line of Credit Facility, Remaining Borrowing Capacity	377.2
Debt Repurchase Program, Authorized Amount	30		$ 30
Debt	706.4	695
Senior Notes 3.85% [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 400
Debt Instrument, Interest Rate, Stated Percentage	3.85%
Debt Instrument, Redemption Price, Percentage	101.925%
Debt Instrument, Interest Rate, Effective Percentage	4.10%
Debt	$ 398.4	397.4
Senior Notes 5.0% [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 300
Debt Instrument, Interest Rate, Stated Percentage	5%
Debt Instrument, Redemption Price, Percentage	102.50%
Debt Instrument, Interest Rate, Effective Percentage	5.20%
Debt	$ 298.1	297.6
Unsecured Debt
Debt Instrument [Line Items]
Debt	9.9	0
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 3.5	$ 5
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4%
Other Notes Payable	$ 9.9

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 203.4	$ 166.9	$ 178.8
Weighted average number of common shares	50,426,040	49,986,526	49,818,132
Dilutive effect of stock-based compensation	367,914	137,587	31,762
Adjusted weighted average number of common shares	50,793,954	50,124,113	49,849,894
Basic net income per common share	$ 4.03	$ 3.34	$ 3.59
Diluted net income per common share	$ 4	$ 3.33	$ 3.59
Retained Earnings
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 203.4	$ 166.9	$ 178.8

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense Table (Detail) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current Federal Tax Expense (Benefit)	$ 40.8	$ 33.9	$ 38.3
Current State and Local Tax Expense (Benefit)	9.1	7	6.2
Total	49.9	40.9	44.5
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Deferred Federal Income Tax Expense (Benefit)	13.4	11.5	10.2
Deferred State and Local Income Tax Expense (Benefit)	3.4	2.3	2.3
Total	16.8	13.8	12.5
Income Tax Expense (Benefit), Total	$ 66.7	$ 54.7	$ 57

Income Taxes - Reconciliation T

Income Taxes - Reconciliation Table (Detail)	12 Months Ended
Income Taxes - Reconciliation Table (Detail)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%	21%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	3.70%	3.40%	3%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	0%	(0.10%)	(0.10%)
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent	0%	0.40%	0.30%
Effective Income Tax Rate Reconciliation, Percent, Total	24.70%	24.70%	24.20%

Income Taxes - Deferred Taxes T

Income Taxes - Deferred Taxes Table (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Components of Deferred Tax Assets [Abstract]
Deferred Tax Assets, Inventory	$ 11.9	$ 10.5
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	3.8	2.8
Deferred Tax Assets, Operating Loss Carryforwards	0.9	1
Deferred Tax Assets, Other	0.8	0.8
Deferred Tax Assets, Gross, Total	17.4	15.1
Deferred Tax Assets, Valuation Allowance	(0.8)	(0.9)
Deferred Tax Assets, Net of Valuation Allowance, Total	16.6	14.2
Components of Deferred Tax Liabilities [Abstract]
Deferred Tax Liabilities, Tax Deferred Income	(84.1)	(64.9)
Deferred Tax Liabilities, Gross	(84.1)	(64.9)
Deferred Tax Liabilities, Net	$ (67.5)	$ (50.7)

Income Taxes - Text (Detail)

Income Taxes - Text (Detail) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Text (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	$ 0.9	$ 1
Deferred Tax Assets, Valuation Allowance	(0.8)	(0.9)
Unrecognized Tax Benefits	0	0	$ 0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards	0.9
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	0.4
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration	0.5
D.R. Horton, Inc. [Member] \| Reimbursement To Parent [Member]
Operating Loss Carryforwards [Line Items]
Related Party Transaction, Amounts of Transaction	$ 2.2	$ 1.7	$ 0.7

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Millions	12 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2022	Oct. 01, 2024	Nov. 18, 2021	Oct. 08, 2021
Class of Stock [Line Items]
Equity Securities Registered, Value					$ 750
At-the-market Equity Offering Program, Common Stock Available for Issuance				$ 300
Common Stock, Shares Authorized	$ 728.1
Stock Issued During Period, Value, New Issues	19.7	$ 1.7
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	0.4
Subsequent Event [Member]
Class of Stock [Line Items]
Equity Securities Registered, Value			$ 750
Common Stock
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues	$ 0.6	$ 0.1
Shares Issued During Period, New Issues	546,174	84,547

Compensation Related Costs, P_3

Compensation Related Costs, Postemployment Benefits (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Defined Contribution Plan, Cost	$ 1,100,000	$ 1,000,000	$ 800,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent	85%
Employee Stock Purchase Plan, Maximum Percent of Annual Compensation	15%
Fair Market Value Of Common Stock Available For Purchase To Eligible Employees Maximum	$ 25,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans	6,941
Stock-based compensation expense	$ 5,300,000	4,300,000	3,300,000
Stock Issued During Period, Value, Employee Stock Purchase Plan	200,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	10,500,000	3,500,000	2,500,000
Stock-based compensation expense	5,300,000	$ 4,300,000	$ 3,300,000
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 10,600,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 6 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	885,094	621,951	387,154
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	715,875	885,094	621,951
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 21.63	$ 16.63	$ 18.94	$ 20.70
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	178,035	511,698	394,786
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 37.94	$ 14.76	$ 17.76
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(293,253)	(186,812)	(123,389)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 17.07	$ 18.88	$ 19.98
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(54,001)	(61,743)	(36,600)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 18.18	$ 17.63	$ 19.98
Employee Stock
Common Stock, Capital Shares Reserved for Future Issuance	2.5
Minimum \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Maximum \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years

Commitments and Contingencies (

Commitments and Contingencies (Detail) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Letters of Credit Outstanding, Amount	$ 32.8
Special Assessment Bond	809
Land purchase contract deposits	23.4	$ 7
Purchase Obligation	$ 846.9
Long-Term Purchase Commitment, Period	3 years
Operating Lease, Expense	$ 3.7	$ 3.1	$ 2.5
Lessee, Operating Lease, Liability, to be Paid, Year One	3.2
Lessee, Operating Lease, Liability, to be Paid, Year Two	2.9
Lessee, Operating Lease, Liability, to be Paid, Year Three	2
Lessee, Operating Lease, Liability, to be Paid, Year Four	1.6
Lessee, Operating Lease, Liability, to be Paid, Year Five	0.8
Lessee, Operating Lease, Liability, to be Paid, after Year Five	$ 0.6

Related Party Disclosures (Deta

Related Party Disclosures (Details) $ in Millions	12 Months Ended
Related Party Disclosures (Details) $ in Millions	Sep. 30, 2024 USD ($) Lot	Sep. 30, 2023 USD ($) Lot	Sep. 30, 2022 USD ($) Lot
Related Party Transaction [Line Items]
Selling, general and administrative expense	$ 118.5	$ 97.7	$ 93.6
Number of Units in Real Estate Property \| Lot	57,800	52,400
Tract sales and other	$ 42	$ 132.2	36.8
Revenue from Contract with Customer, Including Assessed Tax	1,459.3	1,275.7	1,455.5
Contract assets	8.9	0
D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Selling, general and administrative expense	5.6	3.8	4.1
Employee Benefits and Share-Based Compensation	9.6	8.5	7.4
Costs and Expenses, Related Party	3.1	2.9	6.6
Related Party Transaction, Purchases from Related Party	0.9	0.8	2.8
Accrued Liabilities and Other Liabilities	5.2	3.2
Contract assets	6.5
D.R. Horton, Inc. [Member] \| Reimbursement To Parent [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 2.2	1.7	0.7
D.R. Horton, Inc. [Member] \| Minimum
Related Party Transaction [Line Items]
Related Party Transaction, Rate	12%
D.R. Horton, Inc. [Member] \| Maximum
Related Party Transaction [Line Items]
Related Party Transaction, Rate	16%
D.R. Horton, Inc. [Member] \| Deposits [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 27.5	10.9	8.7
D.R. Horton, Inc. [Member] \| Other Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	22.9	$ 21.8	$ 58.9
Ryan Horton and Reagan Horton
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	$ 11.3
D.R. Horton, Inc. [Member]
Related Party Transaction [Line Items]
Number of Lots Sold \| Lot	13,267	12,249	14,895
Other Income	$ 8.5	$ 1	$ 0
Revenue from Contract with Customer, Including Assessed Tax	1,271.4	1,094.7	1,230
Deferred Revenue, Period Increase (Decrease)	$ 2.9	$ 0	$ 1.8
D.R. Horton, Inc. [Member] \| Land held for future development
Related Party Transaction [Line Items]
Number of Lots Sold \| Lot	32	820	0
Tract sales and other	$ 15.2	$ 114.1	$ 0
D.R. Horton, Inc. [Member] \| Under Contract [Member]
Related Party Transaction [Line Items]
Number of Units in Real Estate Property \| Lot	20,500	14,400
Related Party Deposit Liabilities	$ 168.4	$ 117.1
Related Party Transaction, Purchase Obligation from Parent	$ 1,840.5	$ 1,319.2
D.R. Horton, Inc. [Member] \| Right of First Offer [Member]
Related Party Transaction [Line Items]
Number of Units in Real Estate Property \| Lot	17,200	17,000

Fair Value, Not Measured at Fai

Fair Value, Not Measured at Fair Value (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 481.2	$ 616
Long-term Debt, Fair Value	693.5	633.2
Cash and cash equivalents	481.2	616
Debt	706.4	695
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	481.2	616
Long-term Debt, Fair Value	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Long-term Debt, Fair Value	683.6	633.2
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Long-term Debt, Fair Value	$ 9.9	$ 0