The following table summarizes the Company’s interest costs incurred, capitalized and expensed during the three and six months ended March 31, 2026 and 2025:


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
	(In millions)
Capitalized interest, beginning of period	$	463.9	$	371.5	$	438.7	$	355.1
Interest incurred (1)	60.0		55.2		116.5		101.9
Interest charged to cost of sales	(38.1)		(32.2)		(69.4)		(62.5)
Capitalized interest, end of period	$	485.8	$	394.5	$	485.8	$	394.5

(1) Interest incurred includes (a) interest on the Company’s mortgage repurchase facilities of $4.2 million and $8.9 million in the three and six months ended March 31, 2026, respectively, and $7.4 million and $15.5 million in the prior year periods; (b) Forestar interest of $12.4 million and $25.0 million in the three and six months ended March 31, 2026, respectively, and $10.6 million and $18.8 million in the prior year periods; and (c) interest on the rental revolving credit facility of $10.3 million and $19.4 million in the three and six months ended March 31, 2026, respectively, and $16.4 million and $28.8 million in the prior year periods.