TAYLOR MORRISON HOME CORP, 10-K filed on 2/18/2026
Annual Report
v3.25.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 18, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 001-35873    
Entity Registrant Name TAYLOR MORRISON HOME CORP    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 83-2026677    
Entity Address, Address Line One 4900 N. Scottsdale Road    
Entity Address, Address Line Two Suite 2000    
Entity Address, City or Town Scottsdale    
Entity Address, State or Province AZ    
Entity Address, Postal Zip Code 85251    
City Area Code 480    
Local Phone Number 840-8100    
Title of 12(b) Security Common Stock, $0.00001 par value    
Trading Symbol TMHC    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
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     $ 5,972,996,298
Entity Common Stock, Shares Outstanding   96,333,668  
Documents Incorporated by Reference
Documents Incorporated by Reference
Portions of Part III of this Form 10-K are incorporated by reference from the registrant’s definitive proxy statement for its 2026 annual meeting of shareholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year.
    
Entity Central Index Key 0001562476    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name DELOITTE & TOUCHE LLP
Auditor Firm ID 34
Auditor Location Tempe, Arizona
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 850,037 $ 487,151
Restricted cash 1,194 15
Total cash 851,231 487,166
Real estate inventory:    
Owned inventory 6,046,468 6,162,889
Consolidated real estate not owned 94,195 71,195
Total real estate inventory 6,140,663 6,234,084
Land deposits 360,690 299,668
Mortgage loans held for sale 132,512 207,936
Lease right of use assets 60,800 68,057
Prepaid expenses and other assets, net 566,670 370,642
Other receivables, net 241,678 217,703
Investments in unconsolidated entities 486,978 439,721
Deferred tax assets, net 74,363 76,248
Property and equipment, net 259,015 232,709
Goodwill 663,197 663,197
Total assets of consolidated joint ventures 9,837,797 9,297,131
Liabilities    
Accounts payable 251,641 270,266
Accrued expenses and other liabilities 682,500 632,250
Lease liabilities 71,525 78,998
Income taxes payable 8,146 2,243
Customer deposits 125,029 239,151
Estimated development liabilities 4,365 4,365
Senior notes, net 1,463,333 1,470,454
Loans payable and other borrowings 745,169 475,569
Revolving credit facility borrowings 0 0
Mortgage warehouse borrowings 82,605 174,460
Liabilities attributable to consolidated real estate not owned 94,195 71,195
Total liabilities 3,528,508 3,418,951
COMMITMENTS AND CONTINGENCIES (Note 13)
Stockholders' equity    
Common stock, $0.00001 par value, 400,000,000 shares authorized, 162,809,286 and 162,061,709 shares issued, 96,536,827 and 102,241,978 shares outstanding as of December 31, 2025 and December 31, 2024, respectively 1 1
Additional paid-in capital 3,114,898 3,086,342
Treasury stock at cost, 66,272,459 and 59,819,731 shares as of December 31, 2025 and December 31, 2024, respectively (2,000,527) (1,616,170)
Retained earnings 5,176,353 4,393,853
Accumulated other comprehensive income 2,597 2,509
Total stockholders’ equity attributable to TMHC 6,293,322 5,866,535
Non-controlling interests 15,967 11,645
Total stockholders’ equity 6,309,289 5,878,180
Total liabilities and owners’ equity $ 9,837,797 $ 9,297,131
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 400,000,000 400,000,000
Common stock, shares, issued (in shares) 162,809,286 162,061,709
Common stock, shares, outstanding (in shares) 96,536,827 102,241,978
Treasury stock, shares (in shares) 66,272,459 59,819,731
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Total revenue $ 8,121,480 $ 8,168,136 $ 7,417,831
Total cost of revenue 6,251,272 6,183,924 5,634,758
Gross margin 1,870,208 1,984,212 1,783,073
Sales, commissions and other marketing costs 461,485 456,092 418,134
General and administrative expenses 273,506 314,406 280,573
Net income from unconsolidated entities (4,867) (6,347) (8,757)
Interest expense/(income), net 47,003 13,316 (12,577)
Other expense, net 37,714 50,627 87,567
Loss on extinguishment of debt, net 13,324 0 295
Income before income taxes 1,042,043 1,156,118 1,017,838
Effective Rate 250,780 269,548 248,097
Net income before allocation to non-controlling interests 791,263 886,570 769,741
Net income attributable to non-controlling interests (8,763) (3,261) (812)
Net income $ 782,500 $ 883,309 $ 768,929
Earnings per common share      
Basic (in dollars per share) $ 7.90 $ 8.43 $ 7.09
Diluted (in dollars per share) $ 7.77 $ 8.27 $ 6.98
Weighted average number of shares of common stock:      
Basic (in shares) 99,069 104,813 108,424
Diluted (in shares) 100,707 106,846 110,145
Home closings revenue, net      
Total revenue $ 7,755,434 $ 7,755,219 $ 7,158,857
Total cost of revenue 6,008,007 5,863,743 5,451,401
Gross margin 1,747,427 1,891,476 1,707,456
Land closings revenue      
Total revenue 36,944 81,417 60,971
Total cost of revenue 30,898 73,609 55,218
Financial services revenue      
Total revenue 209,407 199,459 160,312
Total cost of revenue 104,618 108,592 93,990
Amenity and other revenue      
Total revenue 119,695 132,041 37,691
Total cost of revenue $ 107,749 $ 137,980 $ 34,149
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Income before non-controlling interests, net of tax $ 791,263 $ 886,570 $ 769,741
Post-retirement benefits adjustments, net of tax 88 1,613 537
Comprehensive income 791,351 888,183 770,278
Comprehensive income attributable to non-controlling interests (8,763) (3,261) (812)
Comprehensive income available to Taylor Morrison Home Corporation $ 782,588 $ 884,922 $ 769,466
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income/(loss)
Non- Controlling Interests
Balance, beginning of period (in shares) at Dec. 31, 2022   107,995,262          
Balance, beginning of period at Dec. 31, 2022 $ 4,646,859 $ 1 $ 3,025,489 $ (1,137,138) $ 2,741,615 $ 359 $ 16,533
Balance, beginning of period (in shares) at Dec. 31, 2022       51,396,923      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 769,741       768,929   812
Other comprehensive income (loss) 537         537  
Exercise of stock options and issuance of restricted stock (shares) [1]   1,737,330          
Exercise of stock options and issuance of restricted stock [1] 17,013   17,013        
Repurchase of common stock (shares)   2,814,956   2,814,956      
Repurchase of common stock (127,959)     $ (127,959)      
Stock compensation expense 26,095   26,095        
Balance, end of period (in shares) at Dec. 31, 2023   106,917,636          
Balance, end of period at Dec. 31, 2023 5,332,286 $ 1 3,068,597 $ (1,265,097) 3,510,544 896 17,345
Balance, end of period (in shares) at Dec. 31, 2023       54,211,879      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 886,570       883,309   3,261
Other comprehensive income (loss) 1,613         1,613  
Exercise of stock options and issuance of restricted stock (shares) [2]   932,194          
Exercise of stock options and issuance of restricted stock [2] $ (4,716)   (4,716)        
Repurchase of common stock (shares) 5,607,852 5,607,852 [3]   5,607,852 [3]      
Repurchase of common stock [3] $ (351,073)     $ (351,073)      
Stock compensation expense 22,461   22,461        
Distributions to non-controlling interests of consolidated joint ventures (8,756)           (8,756)
Changes in non-controlling interests of consolidated joint ventures, net $ (205)           (205)
Balance, end of period (in shares) at Dec. 31, 2024 102,241,978 102,241,978          
Balance, end of period at Dec. 31, 2024 $ 5,878,180 $ 1 3,086,342 $ (1,616,170) 4,393,853 2,509 11,645
Balance, end of period (in shares) at Dec. 31, 2024 59,819,731     59,819,731      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income $ 791,263       782,500   8,763
Other comprehensive income (loss) 88         88  
Exercise of stock options and issuance of restricted stock (shares) [4]   747,577          
Exercise of stock options and issuance of restricted stock [4] $ (493)   (493)        
Repurchase of common stock (shares) 6,452,728 6,452,728 [5]   6,452,728 [5]      
Repurchase of common stock [5] $ (384,357)     $ (384,357)      
Stock compensation expense 29,049   29,049        
Distributions to non-controlling interests of consolidated joint ventures (3,458)           (3,458)
Changes in non-controlling interests of consolidated joint ventures, net $ (983)           (983)
Balance, end of period (in shares) at Dec. 31, 2025 96,536,827 96,536,827          
Balance, end of period at Dec. 31, 2025 $ 6,309,289 $ 1 $ 3,114,898 $ (2,000,527) $ 5,176,353 $ 2,597 $ 15,967
Balance, end of period (in shares) at Dec. 31, 2025 66,272,459     66,272,459      
[1] Dollar amount includes $26.4 million of stock options exercised offset with the value of shares withheld for taxes on the issuance of restricted stock units which equates to $9.4 million
[2] Dollar amount includes $10.7 million of stock options exercised offset with the value of shares withheld for taxes on the issuance of restricted stock units which equates to $15.4 million
[3] Dollar amount includes $200.0 million of Accelerated Share Repurchases and $3.5 million for the 1% excise tax on share repurchases
[4] Dollar amount includes $10.5 million of stock options exercised offset with the value of shares withheld for taxes on the issuance of restricted stock units which equates to $11.0 million
[5] Dollar amount includes $100.0 million of Accelerated Share Repurchases and $3.3 million for the 1% excise tax on share repurchases
v3.25.4
Condensed Statements of Stockholders' Equity (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Stock issued during period, value, stock options exercised $ 10.5 $ 10.7 $ 26.4
Share-based payment arrangement, decrease for tax withholding obligation 11.0 15.4 $ 9.4
Stock repurchased during period, value 100.0 200.0  
Share repurchase program, excise tax $ 3.3 $ 3.5  
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income before allocation to non-controlling interests $ 791,263 $ 886,570 $ 769,741
Adjustments to reconcile net income to net cash provided by operating activities:      
Net income from unconsolidated entities (4,867) (6,347) (8,757)
Stock compensation expense 29,049 22,461 26,095
Loss on extinguishment of debt, net 13,324 0 295
Distributions of earnings from unconsolidated entities 12,789 12,929 9,230
Depreciation and amortization 40,182 41,190 33,406
Lease expense 17,641 20,361 24,808
Debt issuance costs amortization 2,732 2,890 3,315
Estimated development liability change in estimate 0 (23,051) (14,829)
Deferred income taxes 1,885 (8,423) (169)
Real estate impairment charges 28,821 29,637 11,791
Change in Build-to-Rent/Urban Form assets due to sale 67,247 79,976 0
Changes in operating assets and liabilities:      
Real estate inventory and land deposits 26,578 (797,330) (78,575)
Mortgage loans held for sale, prepaid expenses and other assets, net (183,070) (182,084) 31,012
Customer deposits (114,122) (86,936) (86,005)
Accounts payable, accrued expenses and other liabilities 81,990 215,993 84,811
Income taxes payable 5,903 2,243 0
Net cash provided by operating activities 817,345 210,079 806,169
Cash Flows from Investing Activities:      
Purchase of property and equipment (40,372) (36,330) (33,426)
Distributions of capital from unconsolidated entities 30,401 29,698 824
Investments of capital into unconsolidated entities (85,578) (129,809) (64,589)
Purchase of fixed-maturity securities (55,738) 0 0
Proceeds from sale and maturities of fixed-maturity securities 1,385 0 0
Purchase of equity securities (4,870) 0 0
Net cash used in investing activities (154,772) (136,441) (97,191)
Cash Flows from Financing Activities      
Increase in loans payable and other borrowings 198,640 0 7,103
Repayments on loans payable and other borrowings (1,250) (52,093) (20,747)
Borrowings on revolving credit facilities 240,000 100,000 0
Repayments on revolving credit facilities (240,000) (100,000) 0
Borrowings on mortgage warehouse facilities 3,466,875 3,652,098 3,007,682
Repayments on mortgage warehouse facilities (3,558,730) (3,631,102) (3,160,290)
Proceeds from issuance of senior notes 525,000 0 0
Repayments on senior notes (527,070) 0 (350,000)
Payment of deferred financing costs (15,621) 0 0
Changes in stock option exercises and issuance of restricted stock, net (493) (4,716) 17,013
Payment of principal portion of finance lease (1,385) (1,404) (1,316)
Repurchase of common stock, net (381,016) (347,598) (127,959)
Cash and distributions to non-controlling interests of consolidated joint ventures, net (3,458) (8,756) 0
Net cash used in financing activities (298,508) (393,571) (628,514)
Net Increase/(Decrease) in Cash and Cash Equivalents and Restricted Cash 364,065 (319,933) 80,464
Cash, Cash Equivalents, and Restricted Cash - Beginning of period 487,166 807,099 726,635
Cash, Cash Equivalents, and Restricted Cash - End of period 851,231 487,166 807,099
Supplemental Cash Flow Information      
Income tax payments (303,965) (264,425) (204,274)
Supplemental Non-Cash Investing and Financing Activities:      
Loans payable issued to sellers in connection with land purchase contracts 246,588 341,020 235,554
Change in consolidated real estate not owned 23,000 (423) 47,647
Non-cash portion of loss on debt extinguishment 1,860 0 0
Accrual of excise tax on share repurchases $ (3,341) $ (3,476) $ 0
v3.25.4
BUSINESS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BUSINESS BUSINESS
Description of the Business — Taylor Morrison Home Corporation (“TMHC”), through its subsidiaries (together with TMHC referred to herein as “we,” “our,” “the Company” and “us”), owns and operates a residential homebuilding business and is a land developer. We operate in the states of Arizona, California, Colorado, Florida, Georgia, Indiana, Nevada, North and South Carolina, Oregon, Texas, and Washington. We provide a collection of homes across a wide range of price points to appeal to a variety of consumer groups. We design, build and sell single and multi-family detached and attached homes in traditionally high growth markets for entry-level, move-up, and resort lifestyle buyers. We are the general contractors for all real estate projects and engage subcontractors for home construction and land development. Our homebuilding segments operate under the Taylor Morrison and Esplanade brand names. We also have a “Build-to-Rent” homebuilding business which operates under the Yardly brand name. We also provide financial services to customers through our wholly owned subsidiaries including mortgage services through Taylor Morrison Home Funding (“TMHF”), title and escrow services through Inspired Title, and homeowner’s insurance policies through Taylor Morrison Insurance Services (“TMIS”). Our business is organized into multiple homebuilding operating components, and a financial services component, all of which are managed as four reportable segments: East, Central, West, and Financial Services.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Consolidation — The accompanying audited Consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), include the accounts of TMHC and its consolidated subsidiaries as well as certain consolidated joint ventures. Intercompany balances and transactions have been eliminated in consolidation.
Joint Ventures - We consolidate certain joint ventures in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation. The income from the percentage of the joint venture not owned by us is presented as “Net income attributable to non-controlling interests” on the Consolidated statements of operations. The assets, liabilities and equity from the percentage of the joint ventures not owned by us is presented as “Non-controlling interests” on the Consolidated balance sheets and Consolidated statements of stockholders’ equity. The balance of Non-controlling interests on the Consolidated balance sheets will fluctuate from period to period as a result of activities within the respective joint ventures which may include the allocation of income or losses and distributions or contributions associated with the partners within the joint venture.
Use of Estimates — The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the audited Consolidated financial statements and accompanying notes. Significant estimates include real estate development costs to complete, valuation of real estate, valuation of goodwill, valuation of estimated development liabilities, valuation of equity awards, valuation allowance on deferred tax assets, and reserves for warranty and self-insured risks. Actual results could differ from those estimates.
Concentration of Credit Risk — Financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents and mortgage loans held for sale. Cash and cash equivalents include amounts on deposit with financial institutions in the U.S. that are in excess of the Federal Deposit Insurance Corporation federally insured limits of up to $250,000. Of the different types of mortgage loans held for sale, there was no concentration of mortgage loans with any one borrower for the year ended December 31, 2025. No material losses have been experienced to date.
In addition, the Company is exposed to credit risk to the extent that mortgage loan borrowers fail to meet their contractual obligations. This risk is mitigated by collateralizing the home sold with a mortgage, and entering into forward commitments to sell our mortgage loans held for sale, generally within 30 days of origination.
Cash and Cash Equivalents — Cash and cash equivalents consist of cash on hand, demand and escrow deposits with financial institutions, and investments with original maturities of 90 days or less. At December 31, 2025, the majority of our cash and cash equivalents were invested in highly liquid money market funds or cash on deposit with major financial institutions.
Restricted Cash — For the year ended December 31, 2025 restricted cash consisted of cash held under broker margin accounts associated with derivative instruments.
Real Estate Inventory — Inventory consists of raw land, land under development, homes under construction, completed homes, and model homes, all of which are stated at cost. In addition to direct carrying costs, we also capitalize interest, real estate taxes, and related development costs that benefit an entire community, such as field construction supervision and related direct overhead. Home vertical construction costs are accumulated and charged to Cost of home closings at the time of home closings when revenue is recognized using the specific identification method. Land acquisition, development,
interest, and real estate taxes are capitalized and allocated generally using the relative sales value method. Generally, all overhead costs relating to purchasing, vertical construction, and construction utilities are considered overhead costs and allocated on a per unit basis. These costs are capitalized to inventory beginning with the start of development through construction completion. Changes in estimated costs to be incurred in a community are generally allocated to the remaining project on a prospective basis.
The life cycle of a community typically ranges from two to five years, commencing with the acquisition of unentitled or entitled land, continuing through the land development phase and concluding with the sale, construction and delivery of homes. Actual community duration will vary based on the size of the community, the sales absorption rate and whether we purchased the property as raw land or finished lots.
We capitalize qualifying interest costs to inventory during the development and construction periods. Capitalized interest is charged to Cost of home closings when the related inventory is charged to Cost of home closings.
We assess the recoverability of our inventory in accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment ("Topic 360"). We review our real estate inventory for indicators of impairment on a community-level basis during each reporting period. If indicators of impairment are present for a community, an undiscounted cash flow analysis is generally prepared in order to determine if the carrying value of the assets in that community exceeds the estimated undiscounted cash flows. Generally, if the carrying value of the assets exceeds their estimated undiscounted cash flows, the assets are potentially impaired, requiring a fair value analysis. Our determination of fair value is primarily based on a discounted cash flow model which includes projections and estimates relating to sales prices, construction costs, sales pace, and other factors. However, in certain circumstances, fair value can also be determined through other methods, such as appraisals, contractual purchase offers, and other third-party opinions of value. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions. For the year ended December 31, 2025 we recorded $28.8 million of inventory impairments relating to our East and West segments. For the year ended December 31, 2024 we recorded $5.0 million of inventory impairments relating to our East and Central segments. For the year ended December 31, 2023 we recorded $11.8 million of impairment charges relating to our West segment. Impairment charges relating to real estate inventory are recorded to Cost of home closings on the Consolidated statements of operations. In addition to real estate inventory, we also review our other real estate assets for impairment. For the year ended December 31, 2024 we recorded $12.5 million of real estate asset impairment relating to one Urban Form asset in our Corporate segment. For the years ended December 31, 2025 and December 31, 2023 there were no asset impairment charges relating to our Urban Form operations. Impairment charges relating to Urban Form assets are recorded to Amenity and other expenses on the Consolidated statement of operations.
In certain cases, we may elect to cease development and/or marketing of an existing community if we believe the economic performance of the community would be maximized by deferring development for a period of time to allow for market conditions to improve. We refer to such communities as long-term strategic assets. The decision may be based on financial and/or operational metrics as determined by us. For those communities that have been temporarily closed or development has been discontinued, we do not allocate or capitalize interest or other costs to the community’s inventory until activity resumes and such costs are expensed as incurred. In addition, if we cease development, we will evaluate the project for recoverability and discontinue future development and marketing activity until such time when we believe that market conditions have improved and positive economic performance can be achieved. Our assessment of the carrying value of our long-term strategic assets typically includes estimates of future performance, including the timing of when development will recommence, the type of product to be offered, and the margin to be realized.
Assets Held for Sale - Real estate or inventory assets are considered held for sale once it is determined that all six criteria in accordance with Topic 360 have been met. Real estate and inventory assets held for sale are reported at the lower of carrying value or estimated fair value, less estimated costs to sell. The estimated fair value is generally based on appraisal, sales listing agreements, purchase and sales agreements, letters of intent, broker price opinions, recent offers received, prices for assets in recent comparable sales transactions, other third-party estimates, or cash flow analyses, depending on the type of asset. Impairment losses on real estate or inventory assets held for sale is recognized when the carrying value is greater than the fair value less estimated costs to sell.
In some locations where we act as a developer, we occasionally purchase land that includes commercially zoned parcels or areas designated for school or government use, which we typically sell to commercial developers or municipalities, as applicable. We also sell residential lots or land parcels to manage our land and lot supply on larger tracts of land. For the year ended December 31, 2024, we recorded $6.8 million of fair value adjustments for land held for sale in our West reporting segment, which was subsequently sold during 2025. Adjustments for land held for sale are recorded within Cost of land closings on the Consolidated statements of operations.
As of December 31, 2024, Amenity and other expenses on the Consolidated statements of operations included an adjustment to fair value for $5.3 million for one Urban Form asset which was classified as held for sale, but was subsequently determined by management that the sale of the asset was no longer probable within the one year requirement. As a result, we reclassified the Urban Form asset from held for sale to held and used during the fourth quarter of 2025. The asset was remeasured at the lower of (1) its carrying amount adjusted for depreciation that would have been recognized had the asset been continuously classified as held and used, and (2) its fair value at the reclassification date. The Urban Form Asset was reclassified with a net carrying value of $86.2 million.
For the years ended December 31, 2025 and 2023 we had no material fair value adjustments for land held for sale.
Land banking arrangements — As a method of acquiring land in staged takedowns, while limiting risk and minimizing the use of funds from our available cash or other financing sources, we transfer our right under certain specific performance agreements to entities owned by third parties (“land banking arrangements”). These entities use equity contributions from their owners and/or incur debt to finance the acquisition and development of the land. We incur interest expense and fees on these arrangements. We capitalize qualifying interest costs to inventory during the development and construction periods with the remainder expensed and included in Interest expense/(income), net on the Consolidated statements of operations. These lots are considered controlled, however we are not legally obligated to purchase lots under these agreements and would forfeit any existing deposits and could be subject to financial and other penalties if the lots are not purchased. We do not have an ownership interest in these entities or title to their assets and do not guarantee their liabilities. As such, these entities are not consolidated. These land banking arrangements help us manage the financial and market risk associated with land holdings which are not included in the Consolidated balance sheets.
A summary of land banking agreements related to our home building operations is as follows:
As of December 31,
(Dollars in millions)20252024
Lots under land banking agreements8,4986,895
Aggregate purchase price$1,687.8$1,165.4
Exposure to loss$211.7$154.8
During the year ended December 31, 2025, we entered into a new land banking arrangement related to our Build-to-Rent operations. This land banking agreement is similar to our other land banking arrangements, however the land seller for our Build-to-Rent land banking agreement finances both construction and land development.
A summary of land banking agreements related to our Build-to-Rent operations is as follows:
We did not have any land banking agreements for Build-to-Rent as of December 31, 2024.
As of December 31,
(Dollars in millions)2025
Build-to-Rent lots under land banking agreements4,325
Build-to-Rent aggregate purchase price$935.2
Build-to-Rent exposure to loss$43.6
Land Deposits — We make deposits related to land option contracts, land banking and land purchase contracts, which are recorded to Land deposits on the consolidated balance sheets. Land deposits are recorded as real estate inventory in the accompanying Consolidated balance sheets at the time the deposit is applied to the acquisition price of the land based on the terms of the underlying agreements. To the extent the deposits are non-refundable, they are charged to Other expense, net, if the land acquisition process is terminated or no longer determined probable. For the years ended December 31, 2025 and 2024, $7.3 million and $5.4 million of non-refundable deposits were charged to Other expense, net on the Consolidated statements of operations, respectively.
Mortgage Loans Held for Sale — Mortgage loans held for sale consist of mortgages due from buyers of Taylor Morrison homes that are financed through our wholly-owned mortgage finance subsidiary, TMHF. Mortgage loans held for sale are carried at fair value, using observable market information, including pricing from actual market transactions, investor commitment prices, or broker quotations. The fair value for Mortgage loans held for sale covered by investor commitments is generally based on commitment prices. The fair value for Mortgage loans held for sale not committed to be purchased by an investor is generally based on current delivery prices using best execution pricing.
Leases — We recognize leases in accordance with ASC Topic 842, Leases. Our operating leases primarily consist of office space, construction trailers, model home leasebacks, and equipment or storage units. Operating and finance leases are recorded in Lease right of use assets and Lease liabilities on the Consolidated balance sheets.
A summary of our leases is shown below:
 Operating Leases
As of December 31,		 Finance Leases
As of December 31,
(Dollars in millions)2025 2024 2023 2025 2024 2023
Weighted average discount rate5.8% 5.8% 5.9% 7.3% 7.3% 7.3%
Weighted average remaining lease term (in years)
4.8 4.9 3.8 82.3 83.1 85.1
Payments on lease liabilities$18.1 $21.4 $28.1 $1.4 $1.4 $1.3
Lease expense$15.5 $18.3 $22.8 $2.1 $2.1 $2.0
The future minimum lease payments required under our leases as of December 31, 2025 are as follows (dollars in thousands):
Years Ending December 31,
Operating
Lease
Payments
Finance
Lease
Payments
Total
Lease
Payments
2026$15,123 $1,385 $16,508 
202712,022 1,385 13,407 
20287,686 1,385 9,071 
20296,783 1,574 8,357 
20303,716 1,560 5,276 
Thereafter7,545 254,265 
(1)
261,810 
Total lease payments$52,875 $261,554 $314,429 
Less: Interest$6,767 $236,137 $242,904 
Present value of future lease payments$46,108 $25,417 $71,525 
(1) Includes a 90-year land lease with 83 years remaining.
Prepaid Expenses and Other Assets, net — Prepaid expenses and other assets, net consist of the following:
 As of December 31,
(Dollars in thousands)20252024
Prepaid expenses$67,724 $41,254 
Other assets205,231 86,422 
Build-to-Rent assets293,715 242,966 
Total prepaid expenses and other assets, net$566,670 $370,642 
Prepaid expenses consist primarily of sales commissions, prepaid rent, impact fees, and unamortized debt issuance costs for the Revolving Credit Facility. Prepaid sales commissions are recorded on pre-closing sales activities, which are recognized on the ultimate closing of the homes to which they relate. Other assets consist primarily of various operating and escrow deposits, land/lot pre-acquisition costs, rebate receivables, investments, income tax receivables, Urban Form assets, and other deferred costs. Build-to-Rent assets consist primarily of land and development costs relating to projects under construction.

The investments recorded in Other assets as of December 31, 2025 consist of equity securities and fixed-maturity securities. Such investments are reported at their estimated fair value with changes in fair value recognized as gains or losses within Other expense, net on the Consolidated statements of operations, pursuant to the fair value option for financial instruments guidance, ASC Topic 825-10, Financial Instruments. As of December 31, 2025, the value of such investments was $59.3 million and the net gain/loss on investment was immaterial to Consolidated statements of operations. We had no similar material investments as of December 31, 2024.

Derivative Assets — We enter into interest rate lock commitments (“IRLCs”) when originating residential Mortgage loans held for sale, at specified interest rates and within a specified period of time (generally between 30 and 60 days), with customers who have applied for a loan and meet certain credit and underwriting criteria. We are exposed to interest rate risk as a result of these IRLCs and originated Mortgage loans held for sale until those loans are sold in the secondary market.
The price risk related to changes in the fair value of IRLCs and Mortgage loans held for sale not committed to be purchased by investors are subject to change primarily due to changes in market interest rates. We manage the interest rate and price risk associated with our outstanding IRLCs and Mortgage loans held for sale not committed to be purchased by investors by entering into hedging instruments such as forward loan sales commitments and mandatory delivery commitments. We expect these instruments will experience changes in fair value inverse to changes in the fair value of the IRLCs and Mortgage loans held for sale not committed to investors, thereby reducing earnings volatility. Best effort sale commitments are also executed for certain loans at the time the IRLC is locked with the borrower. The fair value of the best effort IRLC and Mortgage loans held for sale are valued using the commitment price to the investor. We take into account various factors and strategies in determining what portion of the IRLCs and Mortgage loans held for sale to economically hedge.
The IRLCs meet the definition of a derivative and are reflected on the Consolidated balance sheets at fair value in Prepaid expenses and other assets, net or Accrued expenses and other liabilities based on whether the contracts are in a net gain (asset position) or net loss (liability position), with changes in fair value recognized in Financial Services revenue on the Consolidated statements of operations, in accordance with ASC Topic 815-25, Derivatives and Hedging. We do not meet the criteria for hedge accounting; therefore, we account for these instruments as free-standing derivatives, with changes in fair value recognized in Financial services revenue/expenses on the Consolidated statements of operations in the period in which they occur. Unrealized gains and losses on the IRLCs, reflected as derivative assets or liabilities, are measured based on the fair value of the underlying mortgage loan, quoted Agency MBS prices, estimates of the fair value of the mortgage servicing rights and the probability that the mortgage loan will fund within the terms of the IRLC, net of commission expense and broker fees. The fair value of the forward loan sales commitment and mandatory delivery commitments being used to hedge the IRLCs and Mortgage loans held for sale not committed to be purchased by investors are based on quoted Agency MBS prices. Refer to Note 14—Mortgage Hedging Activities for additional information.
Other Receivables, net — Other receivables primarily consist of amounts expected to be recovered from various community development, municipality, and utility districts and utility deposits. Allowances are maintained for potential losses based on historical experience, present economic conditions, and other factors considered relevant. Allowances are recorded in Other expense, net, when collectability becomes unlikely. Allowances at December 31, 2025 and 2024 were immaterial.
Investments in Consolidated and Unconsolidated Entities
Consolidated Entities — In the ordinary course of business, we enter into land purchase contracts, lot option contracts and land banking arrangements in order to procure land or lots for the construction of homes. Such contracts give us access to significant lot positions with a minimal initial capital investment and substantially reduce the risk associated with land ownership and development. In accordance with ASC Topic 810, Consolidation, when we enter into agreements to acquire land or lots and pay a non-refundable deposit, we evaluate if a Variable Interest Entity (“VIE”) is created and if we are deemed to have provided subordinated financial support that will absorb some or all of an entity’s expected losses, or rights to residual returns, if they occur. If we are the primary beneficiary of the VIE, we consolidate the VIE and reflect such assets and liabilities as Consolidated real estate not owned and Liabilities attributable to consolidated real estate not owned, respectively, on the Consolidated balance sheets.
Unconsolidated Joint Ventures — We use the equity method of accounting for entities, generally joint ventures with other builders, where we do not have a controlling interest over the operating and financial results of the investee. Our share of net earnings or losses is included in Net income from unconsolidated entities on the Consolidated statements of operations when earned and distributions are credited against our Investments in unconsolidated entities on the Consolidated balance sheets when received.
We evaluate our investments in unconsolidated entities for indicators of impairment semi-annually. A series of operating losses of an investee or other factors may indicate that a decrease in value of our investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized, if any, is the excess of the investment’s carrying amount over its estimated fair value. Additionally, we consider various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, stage in its life cycle, intent and ability for us to recover our investment in the entity, financial condition and long-term prospects of the entity, short-term liquidity needs, trends in the general economic environment, entitlement status of the land, overall projected returns on investment, defaults under contracts with third parties (including bank debt), recoverability of the investment through future cash flows and relationships with the other partners. If we believe that the decline in the fair value of the investment is temporary, then no impairment is recorded. There were no impairment charges related to investments in unconsolidated entities for the years ended December 31, 2025, 2024, and 2023.
Income Taxes — We account for income taxes in accordance with ASC Topic 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are recorded based on future tax consequences of temporary differences between the amounts reported for financial reporting purposes and the amounts deductible for income tax purposes, and are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted.
We periodically assess our deferred tax assets, including the benefit from net operating losses, to determine if a valuation allowance is required. A valuation allowance is established when, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Realization of the deferred tax assets is dependent upon,
among other matters, taxable income in prior years available for carryback, estimates of future income, tax planning strategies, and reversal of existing temporary differences.
Property and Equipment, net — Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is generally computed using the straight-line basis over the estimated useful lives of the assets as follows:
Buildings: 20 – 40 years
Building and leasehold improvements: 10 years or remaining life of building/lease term if less than 10 years
Furniture, fixtures, and equipment: 5 years
IT equipment: 3 years
Model and sales office improvements: lesser of 3 years or the expected life of the community
Maintenance and repair costs are expensed as incurred.
Depreciation expense was $7.5 million, $11.5 million, and $9.0 million, respectively, for the years ended December 31, 2025, 2024, and 2023. Depreciation expense is recorded in General and administrative expenses in the Consolidated statement of operations.
Goodwill — The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as Goodwill in accordance with ASC Topic 350, Intangibles — Goodwill and Other ("ASC 350"). ASC 350 requires that goodwill and intangible assets that do not have finite lives not be amortized, but rather assessed for impairment at least annually or more frequently if certain impairment indicators are present. We perform our annual impairment test during the fourth fiscal quarter or whenever impairment indicators are present. For the years ended December 31, 2025, 2024 and 2023, there were no indicators of impairment.
Insurance Costs — We have certain deductible limits for each of our policies under our workers’ compensation, automobile, and general liability insurance policies, and we record expense and liabilities for the estimated costs of potential claims for such policies. Excess liability exposure is aggregated annually and applied in excess of automobile liability, employer’s liability under workers compensation and general liability policies.
Self-Insurance Reserves — We are the parent of Beneva Indemnity Company (“Beneva”), a wholly-owned captive insurance company, which provides insurance coverage for construction defects discovered up to ten years following the close of a home, coverage for premise operations risk, and property damage. We accrue for the expected costs associated with the deductibles and self-insured amounts under our various insurance policies based on historical claims, estimates for claims incurred but not reported, and potential for recovery of costs from insurance and other sources. The estimates are subject to significant variability due to factors such as claim settlement patterns, litigation trends, and the extended period of time in which a construction defect claim might be made after the closing of a home. We also generally require our subcontractors and design professionals to indemnify us and provide evidence of insurance for liabilities arising from their work, subject to certain limitations. Our loss reserves for self-insured claims are based on factors that include an actuarial study for historical and anticipated claims, trends related to similar product types, number of home closings, and geographical areas. We regularly review the reasonableness and adequacy of our reserves and make adjustments to the balance of the preexisting reserves to reflect changes in trends and historical data as information becomes available. Self-insurance reserves are included in Accrued expenses and other liabilities on the Consolidated balance sheets.
Warranty Reserves — We offer a one year limited warranty to cover various defects in workmanship or materials, a two year limited warranty on certain systems (such as electrical or cooling systems), and a ten year limited warranty on structural defects. We also provide third-party warranty coverage on homes where required by Federal Housing Administration or Veterans Administration lenders. Warranty reserves are established as homes close in an amount estimated to be adequate to cover expected costs of materials and outside labor during warranty periods. Our warranty is not considered a separate performance obligation in the sales arrangement since it is not priced separately from the home, therefore, it is accounted for in accordance with ASC Topic 450, Contingencies, which states that warranties that are not separately priced are generally accounted for by accruing the estimated costs to fulfill the warranty obligation. As a result, we accrue the estimated costs to fulfill the warranty obligation at the time a home closes, as a component of Cost of home closings on the Consolidated statements of operations.
Employee Benefit Plans — We maintain a defined contribution plan pursuant to Section 401(k) of the Internal Revenue Code (“401(k) Plan”). Each eligible employee may elect to make before-tax contributions up to the current tax limits. At December 31, 2025, we match 100% of employees’ voluntary contributions up to 4% of eligible compensation, and 50% for each dollar contributed between 4% and 5% of eligible compensation. We contributed $15.3 million, $14.4 million, and $13.2 million to the 401(k) Plan for the years ended December 31, 2025, 2024, and 2023, respectively.
Treasury Stock — We account for treasury stock, including the shares repurchased as part of our Accelerated Share Repurchase ("ASR") programs, in accordance with ASC Topic 505-30, Equity—Treasury Stock. Repurchased shares are reflected as a reduction in Stockholders’ equity. Refer to Note 10 - Stockholders' Equity for additional discussion regarding ASR programs.
Stock Based Compensation — We have stock options, performance-based restricted stock units ("PRSUs") and non-performance-based restricted stock units ("RSUs" or "Restricted stock"), which we account for in accordance with ASC Topic
718-10, Compensation — Stock Compensation. The fair value for stock options is measured and estimated on the date of grant using the Black-Scholes option pricing model and recognized evenly over the vesting period of the options. PRSUs are measured using the closing price on the date of grant and expensed using a probability of attainment calculation which determines the likelihood of achieving the performance targets. RSUs are time-based awards and measured using the closing price on the date of grant and are expensed ratably over the vesting period.
Revenue Recognition — Revenue is recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”). The standard’s core principle requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services.
Home and land closings revenue
Under Topic 606, the following steps are applied to determine home closings revenue and land closings revenue recognition:
(1) identify the contract(s) with our customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the performance obligation(s) are satisfied. Our home sales transactions have one contract, with one performance obligation, with each customer to build and deliver the home purchased (or develop and deliver land). Based on the application of the five steps, the following summarizes the timing and manner of home and land closings revenue:
•Revenue from home closings is recognized when the buyer has made the required minimum down payment, obtained necessary financing, the risks and rewards of ownership are transferred to the buyer, and we have no continuing involvement with the property, which is generally upon the close of escrow. Revenue is reported net of any discounts and incentives.
•Revenue from land closings is recognized when a significant down payment is received, title passes and collectability of the receivable, if any, is probable, and control of the property transfers to the buyer, which is generally upon the close of escrow.
Amenity and other revenue
We own and operate certain amenities such as golf courses, club houses, and fitness centers, which require us to provide club members with access to the facilities in exchange for the payment of club dues. We collect club dues and other fees from club members, which are invoiced and recorded as revenue on a monthly basis. Revenue from our golf club operations is also included in Amenity and other revenue. Amenity and other revenue also includes revenue from the sale of assets from our Urban Form operations and Build-to-Rent operations which is recorded as control transfers to the buyer at transaction close and other criteria of ASC 606 are met. In addition, lease revenue is recognized by Urban Form for commercial and residential leases and Build-to-Rent operations for the rental home leases.
During the year ended December 31, 2025, we sold one Urban Form asset in California and one Build-to-Rent asset in Phoenix, generating $22.8 million and $55.2 million of revenue, respectively, which was recorded in Amenity and other revenue on the Consolidated statements of operations within our Corporate and Unallocated operating and reporting segment. The sale of these assets resulted in $0.9 million and $9.9 million of gross margin for Urban Form and Build-to-Rent, respectively. For the year ended December 31, 2024, we sold two Build-to-Rent projects for an aggregate of $88.4 million in revenue and $6.1 million of gross margin.
Financial services revenue
Mortgage operations and hedging activity related to financial services are not within the scope of Topic 606. Loan origination fees (including title fees, points, and closing costs) are recognized at the time the related real estate transactions are completed, which is usually upon the close of escrow. Generally, loans TMHF originates are sold to third-party investors within a short period of time, on a non-recourse basis. Gains and losses from the sale of mortgages are recognized in accordance with ASC Topic 860-20, Sales of Financial Assets. TMHF does not have continuing involvement with the transferred assets; therefore, we derecognize the mortgage loans at time of sale, based on the difference between the selling price and carrying value of the related loans upon sale, recording a gain/loss on sale in the period of sale. Also included in Financial services revenue/expenses is the realized and unrealized gains and losses from hedging instruments. See "Prepaid Expenses and Other Assets, net — Derivative Assets" above.
Advertising Costs — We expense advertising costs as incurred. For the years ended December 31, 2025, 2024, and 2023, advertising costs were $40.7 million, $33.8 million, and $28.7 million, respectively. Such costs are included in Sales, commissions and other marketing costs on the Consolidated statements of operations.
Recently Issued Accounting Pronouncements — In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2024-03, Disaggregation of Income Statement Expenses, which establishes new disclosure requirements for income statement expenses. Under the new guidance, entities must provide greater disaggregation of expenses which includes disclosing the amounts of purchases of inventory, employee compensation, and
depreciation included in each relevant expense caption. Entities will also have to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, the total amount of selling expenses, and a definition of selling expenses. ASU 2024-03 can be applied prospectively or retrospectively and is effective for the annual reporting period ending December 31, 2027. The adoption of ASU 2024-03 will not impact our Consolidated financial statements but we are currently reviewing the impact that it may have on our footnote disclosures.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which establishes new guidance regarding timing of capitalizing software costs. Under the new guidance, entities are required to start capitalizing software costs when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 can be applied prospectively or retrospectively and is effective for annual and reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. We are currently reviewing the impact the adoption of ASU 2025-06 will have on our consolidated financial statements or disclosures, however we do not expect it to have a material impact.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which lists the disclosures required under ASC 270 and establishes a disclosure principal. The disclosure principal requires entities issuing condensed statements to disclose events occurring since the end of the most recent fiscal year that have a material impact on the entity. ASU 2025-11 can be applied prospectively or retrospectively and is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. We are currently reviewing the impact the adoption of ASU 2025-11 will have on our consolidated financial statements or disclosures, however we do not expect it to have a material impact.
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if all outstanding dilutive equity awards to issue shares of common stock were exercised or settled.
The following is a summary of the components of basic and diluted earnings per share:
 Year Ended December 31,
 202520242023
Numerator:   
Net income$782,500 $883,309 $768,929 
Denominator:   
Weighted average shares – basic99,069104,813108,424
Restricted stock767986925
Stock options8711,047796
Weighted average shares – diluted100,707106,846110,145
Earnings per common share – basic$7.90 $8.43 $7.09 
Earnings per common share – diluted$7.77 $8.27 $6.98 
The above calculations of weighted average shares exclude 230,870, 120,255, and 303,033 outstanding anti-dilutive stock options and unvested PRSUs and RSUs for the years ended December 31, 2025, 2024, and 2023, respectively.
In addition, 336,935 and 176,725 shares relating to our ASR (refer to Note 10 - Stockholders' Equity) were also anti-dilutive and excluded from the above for the year ended December 31, 2025 and December 31, 2024, respectively. There were no ASR transactions in 2023.
v3.25.4
REAL ESTATE INVENTORY
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
REAL ESTATE INVENTORY REAL ESTATE INVENTORY
Inventory consists of the following:
 As of December 31,
(Dollars in thousands)20252024
Real estate developed and under development$4,651,588 $4,455,623 
Real estate held for development or held for sale (1)
8,975 26,301 
Total land inventory4,660,563 4,481,924 
Operating communities (2)
1,231,825 1,524,352 
Capitalized interest154,080 156,613 
Total owned inventory6,046,468 6,162,889 
Consolidated real estate not owned94,195 71,195 
Total real estate inventory$6,140,663 $6,234,084 
(1)Real estate held for development or held for sale includes properties which are not in active production.
(2)Operating communities consist of all vertical construction costs relating to homes in progress and completed homes.
We have land option purchase contracts, land banking arrangements and other controlled lot agreements. We do not have title to the assets, and the sellers and their creditors generally only have recourse against us in the form of retaining non-refundable deposits. We are also not legally obligated to purchase the lots except where we have specific performance obligations.
A summary of owned and controlled lots is as follows:
As of December 31,
20252024
Owned lots:
Undeveloped14,533 16,345 
Under development8,634 8,774 
Finished12,842 11,599 
Total owned lots36,009 36,718 
Controlled lots:
Land option purchase contracts8,6329,529
Land banking arrangements8,4986,895
Other controlled lots(1)
25,69633,011
Total controlled lots42,82649,435
Total owned and controlled lots78,83586,153
Homes in inventory5,6827,698
(1)Other controlled lots include single transaction take-downs and lots from our portion of unconsolidated JVs.
Lots which represent homes in progress and completed homes have been excluded from total owned lots. Controlled lots represent lots in which we have a contractual right to acquire real estate, generally through an option contract, land banking arrangement, or a land deposit paid to a seller. Homes in inventory include any lots which have commenced vertical construction.
Capitalized Interest — Interest capitalized, incurred and amortized is as follows:
 Year ended December 31,
(Dollars in thousands)202520242023
Interest capitalized - beginning of period$156,613 $174,449 $190,123 
Interest capitalized101,567 96,363 119,196 
Interest amortized to cost of home closings(104,100)(114,199)(134,870)
Interest capitalized - end of period$154,080 $156,613 $174,449 
v3.25.4
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES
Unconsolidated Entities — We have investments in a number of joint ventures with third parties. These entities are generally involved in real estate development, homebuilding, Build-to-Rent, and/or mortgage lending activities. The primary activity of our real estate development joint ventures is the development and sale of lots to joint venture partners and/or unrelated builders.
Summarized, unaudited condensed combined financial information of unconsolidated entities that are accounted for by the equity method are as follows (in thousands):
 As of December 31,
 20252024
Assets:
Real estate inventory$1,597,008 $1,396,887 
Other assets226,356 226,198 
Total assets$1,823,364 $1,623,085 
Liabilities:
Debt$704,825 $576,753 
Other liabilities50,225 69,706 
Total liabilities$755,050 $646,459 
Owners’ equity:
TMHC$486,978 $439,721 
Others581,336 536,905 
Total owners’ equity$1,068,314 $976,626 
Total liabilities and owners’ equity$1,823,364 $1,623,085 
 Years ended December 31,
 202520242023
Revenues$381,810 $305,057 $158,174 
Costs and expenses(368,449)(288,473)(135,007)
Net income from unconsolidated entities$13,361 $16,584 $23,166 
TMHC’s share in net income of unconsolidated entities$4,867 $6,347 $8,757 
Distributions to TMHC from unconsolidated entities$43,190 $42,627 $10,054 
Consolidated Entities — We have several joint ventures for the purpose of real estate development and homebuilding activities, which are VIEs. As the managing member, we oversee the daily operations and have the power to direct the activities of these joint ventures. For this specific subset of joint ventures, based upon the allocation of income and loss per the applicable joint venture agreements and certain performance guarantees, we have potentially significant exposure to the risks and rewards of these joint ventures. Therefore, we are the primary beneficiary of these joint venture VIEs, and the entities are consolidated.
Assets and liabilities of the consolidated joint ventures consist of the following (in thousands):
 Years ended December 31,
20252024
Cash and cash equivalents$36,075 $18,112 
Owned real estate inventory75,050 79,100 
Other assets916 1,447 
Total assets of consolidated joint ventures$112,041 $98,659 
Liabilities of consolidated joint ventures(1)
$51,762 $48,488 
(1) Liabilities of consolidated joint ventures is primarily comprised of accounts payable and accrued expenses and other liabilities.
v3.25.4
ACCRUED EXPENSES AND OTHER LIABILITIES
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
ACCRUED EXPENSES AND OTHER LIABILITIES ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued expenses and other liabilities consist of the following (in thousands):
 As of December 31,
 20252024
Real estate development costs to complete$77,094 $44,046 
Compensation and employee benefits125,878 174,509 
Self-insurance and warranty reserves227,641 214,105 
Interest payable39,701 32,288 
Property and sales taxes payable
30,747 36,575 
Other accruals181,439 130,727 
Total accrued expenses and other liabilities$682,500 $632,250 

Self-Insurance and Warranty Reserves — We accrue for the expected costs associated with our limited construction warranty, deductibles and self-insured exposure under our various insurance policies with Beneva. Due to the degree of judgment required in making these estimates and the inherent uncertainty in potential outcomes, it is reasonably possible that actual costs could differ from those reserved and such differences could be material, resulting in a change in future estimated reserves. A summary of the changes in reserves are as follows (in thousands):
 Year Ended
December 31,
 202520242023
Reserve - beginning of period$214,105 $184,448 $161,675 
Additions to reserves79,129 82,376 83,226 
Cost of claims incurred(105,564)(85,454)(80,646)
Changes in estimates to pre-existing reserves39,971 32,735 20,193 
Reserve - end of period
$227,641 $214,105 $184,448 
The increase in the end of period reserves as of December 31, 2025 is a result of year-to-date net losses generated in Beneva. The reserve estimates utilize third-party actuarial assumptions which are based on historical and recent claims data. Both the frequency of the claims and the cost to resolve the claims have increased in recent years, causing increases in reserves.
v3.25.4
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Total debt consists of the following (in thousands):
 As of December 31,
 20252024
 Principal
Unamortized
Debt Issuance (Costs)/
Premium
Carrying
Value
Principal
Unamortized
Debt Issuance (Costs)/
Premium
Carrying
Value
5.875% Senior Notes due 2027
$— $— $— $500,000 $(1,890)$498,110 
6.625% Senior Notes due 2027(1)
— — — 27,070 733 27,803 
5.75% Senior Notes due 2028
450,000 (1,289)448,711 450,000 (1,920)448,080 
5.125% Senior Notes due 2030
500,000 (2,906)497,094 500,000 (3,539)496,461 
5.75% Senior Notes due 2032
525,000 (7,472)517,528 — — — 
Senior Notes subtotal$1,475,000 $(11,667)$1,463,333 $1,477,070 $(6,616)$1,470,454 
Loans payable and other borrowings745,169 — 745,169 475,569 — 475,569 
Revolving Credit Facility(2)
— — — — — — 
Mortgage warehouse borrowings82,605 — 82,605 174,460 — 174,460 
Total debt$2,302,774 $(11,667)$2,291,107 $2,127,099 $(6,616)$2,120,483 
(1)Unamortized debt issuance premium is reflective of fair value adjustments as a result of purchase accounting.
(2)Unamortized debt issuance costs are included in Prepaid expenses and other assets, net on the Consolidated balance sheets.
Senior Notes
All of our senior notes (the “Senior Notes”) described below and the related guarantees are senior unsecured obligations and are not subject to registration rights. The indentures governing our senior notes contain covenants that limit our ability to incur debt secured by liens and enter into certain sale and leaseback transactions and contain customary events of default. None of the indentures for the senior notes have financial maintenance covenants. As of December 31, 2025, we were in compliance with all of the covenants under the Senior Notes.
Issuance of 5.75% Senior Notes due 2032 and Tender Offer for and Redemption of the 5.875% Senior Notes due 2027 and Redemption of 6.625% Senior Notes due 2027

In the fourth quarter of 2025, we (i) completed a cash tender offer (“Tender Offer”) to purchase approximately $479.2 million principal amount of the 5.875% Senior Notes due 2027 issued by Taylor Morrison Communities, Inc. (“TM Communities”) (a wholly owned subsidiary of the Company) (the "2027 5.875% Senior Notes") and redeemed the remaining $20.8 million principal amount of the 2027 5.875% Senior Notes and (ii) fully redeemed all $1.63 million principal amount of the 6.625% Senior Notes due 2027 issued by William Lyon Homes, Inc. (an indirect wholly owned subsidiary of the Company) (the "2027 6.625% WLH Notes") and $25.44 million principal amount of the 6.625% Senior Notes due 2027 issued by TM Communities (the "2027 6.625% TM Communities Notes," and together with the 2027 6.625% WLH Notes, the "2027 6.625% Senior Notes"), , in each case, using net proceeds, together with cash on hand, from the issuance of $525.0 million aggregate principal amount of 5.75% Senior Notes due 2032 issued by TM Communities (the “2032 Senior Notes”).

For the 2027 6.625% Senior Notes, the redemption price was equal to 100.0% of the principal amount, plus accrued and unpaid interest to, but excluding the redemption date, November 10, 2025.

For the 2027 5.875% Senior Notes, (i) the purchase price in the Tender Offer was equal to approximately $1,023.07 per $1,000 principal amount of 2027 5.875% Senior Notes purchased in such Tender Offer, plus accrued and unpaid interest to, but excluding the settlement date, November 10, 2025 and (ii) the redemption price was equal to a “make-whole” price of approximately $1,021.98 per $1,000 principal amount of 2027 5.875% Senior Notes redeemed, plus accrued and unpaid interest to, but excluding the redemption date, December 2, 2025. As a result of the early redemption of these notes, we recorded a total net loss on extinguishment of debt of approximately $12.2 million in Loss on extinguishment of debt, net in the Consolidated Statement of Operations for the year ended December 31, 2025.
The 2032 Senior Notes mature on November 15, 2032. The Senior Notes are guaranteed by the same Guarantors that guarantee our other Senior Notes. The change of control provisions in the indenture governing the 2032 Senior Notes are similar to those contained in the indentures governing our other Senior Notes.
Prior to May 15, 2032, the 2032 Senior Notes are redeemable at a price equal to 100.0% plus a "make-whole" premium for payments through May 15, 2032 (plus accrued interest and unpaid interest). Beginning on May 15, 2032, the 2032 Senior Notes are redeemable at par (plus accrued and unpaid interest).
5.75% Senior Notes due 2028
On August 1, 2019, TM Communities issued $450.0 million aggregate principal amount of 5.75% Senior Notes due 2028 (the “2028 Senior Notes”), which mature on January 15, 2028. The 2028 Senior Notes are guaranteed by the same Guarantors that guarantee our other Senior Notes. The change of control provisions in the indenture governing the 2028 Senior Notes are similar to those contained in the indentures governing our other Senior Notes.
Prior to October 15, 2027, the 2028 Senior Notes are redeemable at a price equal to 100% plus a “make-whole” premium for payments through October 15, 2027 (plus accrued and unpaid interest). Beginning on October 15, 2027, the 2028 Senior Notes are redeemable at par (plus accrued and unpaid interest).
5.125% Senior Notes due 2030
On July 22, 2020, TM Communities issued $500.0 million aggregate principal amount of 5.125% Senior Notes due 2030 (the “2030 Senior Notes"), which mature on August 1, 2030. The 2030 Senior Notes are guaranteed by the same Guarantors that guarantee our other Senior Notes. The change of control provisions in the indenture governing the 2030 Senior Notes are similar to those contained in the indentures governing our other Senior Notes.
Prior to February 1, 2030, the 2030 Senior Notes are redeemable at a price equal to 100.0% plus a “make-whole” premium for payments through February 1, 2030 (plus accrued and unpaid interest). Beginning on February 1, 2030, the 2030 Senior Notes are redeemable at par (plus accrued and unpaid interest).
Revolving Credit Facility
On December 22, 2025 we amended and restated our Revolving Credit Facility, resulting in a loss on extinguishment of debt due to the write-off of prepaid unamortized debt issuance costs. A total of $1.1 million of such costs was recorded to Loss on extinguishment of debt, net on the Consolidated statement of operations, for the year ended December 31, 2025. As of December 31, 2024, we had $2.0 million of unamortized debt issuance costs, which are included in Prepaid expenses and other assets, net, on the Consolidated balance sheets.
The amended and restated facility is a Revolving Credit Facility with commitments of and up to $1 Billion and with a maturity date of December 22, 2030 (the "Revolving Credit Facility"). We capitalized $5.2 million of debt issuance costs related to the amended facility, which are included in Prepaid expenses and other assets, net, on the Consolidated balance sheets.
As of December 31, 2025 and December 31, 2024, we had $72.1 million and $52.9 million, respectively, of utilized letters of credit, resulting in $927.9 million and $947.1 million, respectively, of availability. We had no outstanding borrowings as of December 31, 2025 and December 31, 2024.

The Revolving Credit Facility contains certain “springing” financial covenants, requiring us and our subsidiaries to comply with a maximum debt to capitalization ratio of not more than 0.60 to 1.00 and a minimum consolidated tangible net worth level, currently of at least (i) approximately $4.1 billion plus, (ii) 50% of cumulative consolidated net income for each complete fiscal quarter commencing after September 30, 2025, plus (ii) 50% of the cash proceeds of any equity issuance received by Taylor Morrison Home III since September 30, 2025 (subject to certain exceptions and rules set forth in the Revolving Credit Facility. The financial covenants would be in effect for any fiscal quarter during which (a) any loans under the Revolving Credit Facility are outstanding during the last day of such fiscal quarter or on more than five separate days during such fiscal quarter or (b) (i) undrawn letters of credit (except to the extent cash collateralized) issued under the Revolving Credit Facility in an aggregate amount greater than $40.0 million or (ii) unreimbursed letters of credit issued under the Revolving Credit Facility are outstanding on the last day of such fiscal quarter or for more than five consecutive days during such fiscal quarter.
The Revolving Credit Facility contains certain other covenants including, without limitation, limitations on incurrence of liens, the payment of dividends and other distributions, asset dispositions and investments in entities that are not guarantors, limitations on prepayment of subordinated indebtedness and limitations on fundamental changes. The Revolving Credit Facility contains customary events of default, subject to applicable grace periods, including, without limitation, for nonpayment of principal, interest or other amounts, violation of covenants (including financial covenants) breach of representations and warranties in any material respect, cross default and cross acceleration, bankruptcy, material monetary judgments, ERISA events with material adverse effect, invalidity of material guarantees and change of control.
As of December 31, 2025, we were in compliance with all of the covenants under the Revolving Credit Facility.
Mortgage Warehouse Borrowings
The following is a summary of our TMHF mortgage warehouse borrowings:
 As of December 31, 2025
Facility
Amount
Drawn
Facility
Amount
Interest
Rate(1)
Expiration
Date
Collateral(1)
Warehouse B
$— $60,000 
Term SOFR + 1.70%
on demandMortgage loans
Warehouse C44,596 125,000 
Term SOFR + 1.50%
on demandMortgage loans
Warehouse D14,552 125,000 
Daily SOFR + 1.50%
September 2, 2026
Mortgage loans
Warehouse E23,457 100,000 
Term SOFR + 1.60%
on demandMortgage loans
Total$82,605 $410,000   
 As of December 31, 2024
Facility
Amount
Drawn
Facility
Amount
Interest
Rate(1)
Expiration
Date
Collateral(1)
Warehouse A(2)
$— $— 
Term SOFR + 1.70%
on demandMortgage loans
Warehouse B(2)
2,123 60,000 
Term SOFR + 1.70%
on demandMortgage loans
Warehouse C69,008 125,000 
Term SOFR + 1.50%
on demandMortgage loans
Warehouse D60,176 125,000 
Daily SOFR + 1.50%
September 3. 2025(3)
Mortgage loans
Warehouse E
43,153 100,000 
Term SOFR + 1.60%
on demandMortgage loans
Total$174,460 $410,000   
(1)The mortgage warehouse borrowings outstanding as of December 31, 2025 and 2024, were collateralized by $132.5 million and $207.9 million, respectively, of Mortgage loans held for sale. "SOFR" refers to the Secured Overnight Financing Rate.
(2)During December 2024, Warehouse A's bank was purchased by Warehouse B's bank and created a new facility referred to as Warehouse B. As a result, there was no availability under Warehouse A as of December 31, 2024. Warehouse B has been relabeled and was labeled as Warehouse F in our 2024 Annual Report.
(3)On August 29, 2025, we extended the term of Warehouse D to September 2, 2026
Loans Payable and Other Borrowings
Loans payable and other borrowings as of December 31, 2025 and 2024 consist of project-level debt to various land sellers and financial institutions for specific communities. Project-level debt is generally secured by the land that was acquired and the principal payments generally coincide with corresponding project lot closings or a principal reduction schedule. These borrowings bear interest at rates that ranged from 0% to 11% at each of December 31, 2025 and December 31, 2024, respectively. We impute interest for loans with no stated interest rates.
Future Minimum Principal Payments on Total Debt
Principal maturities of total debt for the year ended December 31, 2025 are as follows (in thousands):
(Dollars in thousands)Year Ended
December 31,
2026$314,730 
2027103,467 
2028510,631 
2029145,085 
2030636,176 
Thereafter592,685 
Total debt$2,302,774 
v3.25.4
FAIR VALUE DISCLOSURES
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE DISCLOSURES FAIR VALUE DISCLOSURES
ASC Topic 820, Fair Value Measurement, provides a framework for measuring fair value under GAAP, expands disclosures about fair value measurements, and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are summarized as follows:
Level 1 — Fair value is based on quoted prices for identical assets or liabilities in active markets.
Level 2 — Fair value is determined using quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active or are directly or indirectly observable.
Level 3 — Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as a pricing model, discounted cash flow, or similar technique.
The fair value of our Mortgage loans held for sale is derived from negotiated rates with partner lending institutions. The fair value of derivative assets and liabilities includes IRLCs and mortgage backed securities (“MBS”). The fair value of IRLCs is based on the value of the underlying mortgage loans, quoted MBS prices and the probability that the mortgage loan will fund within the terms of the IRLCs. We estimate the fair value of the forward sales commitments based on quoted MBS prices. The fair value of our Mortgage warehouse borrowings and Loans payable and other borrowings approximate carrying value due to their short term nature and variable interest rate terms. The fair value of our Senior Notes is derived from quoted market prices by independent dealers in markets that are not active.
During the year ended December 31, 2025, we invested in fixed income funds and equity securities. Fixed income funds consist of investments in diversified portfolios of corporate bonds, U.S. Treasury securities, and other debt instruments. These investments are valued based on the underlying securities’ observable market inputs, including benchmark yields, reported trades of identical or similar securities, issuer spreads, and broker‑quoted prices. Equity securities primarily include investments in publicly traded companies. The fair values of these securities are based on quoted prices in active markets.
There were no changes to or transfers between the levels of the fair value hierarchy for any of our financial instruments as of December 31, 2025, when compared to December 31, 2024.
The carrying value and fair value of our financial instruments are as follows:
  As of December 31, 2025As Of December 31, 2024
(Dollars in thousands)
Level in Fair
Value Hierarchy
Carrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Description:
Mortgage loans held for sale2$132,512 $132,512 $207,936 $207,936 
IRLCs3(12,715)(12,715)(5,917)(5,917)
MBSs2(1,858)(1,858)4,174 4,174 
Mortgage warehouse borrowings282,605 82,605 174,460 174,460 
Loans payable and other borrowings2745,169 745,169 475,569 475,569 
5.875% Senior Notes due 2027 (1)
2— — 498,110 501,770 
6.625% Senior Notes due 2027 (1)
2— — 27,803 26,804 
5.75% Senior Notes due 2028 (1)
2448,711 457,956 448,080 446,679 
5.125% Senior Notes due 2030 (1)
2497,094 503,070 496,461 478,455 
5.75% Senior Notes due 2032 (1)
2517,528 539,963 — — 
U.S. Treasury securities
127,174 27,174 — — 
Corporate bonds
227,159 27,159 — — 
Equity securities
14,932 4,932 201 201 
(1)Carrying value for Senior Notes, as presented, includes unamortized debt issuance costs or bond premium. Debt issuance costs are not factored into the fair value calculation for the Senior Notes.
Fair value measurements are used for real estate inventory on a nonrecurring basis when events and circumstances indicate that the carrying value of a property is not recoverable. These values are a level 3 in the fair value hierarchy.
The fair value of such inventories are as follows for the periods presented:
(Dollars in thousands)
As of
March 31,June 30,September 30,December 31,
2025$75,122 $31,615 $19,473 
(1)
2024
(1)
$7,024 
(1)
$10,560 
(1) No fair value adjustment recorded in period.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The provision for income taxes for the years ended December 31, 2025, 2024 and 2023 consisted of the following:
 Year Ended December 31,
(Dollars in thousands)202520242023
Current:
Federal$195,994 $231,758 $196,464 
State46,504 46,902 51,009 
Current tax provision$242,498 $278,660 $247,473 
Deferred:
Federal$7,464 $(8,951)$(1,003)
State818 (161)1,627 
Deferred tax provision$8,282 $(9,112)$624 
Total income tax provision$250,780 $269,548 $248,097 
A reconciliation of the provision for income taxes and the amount computed by applying the federal statutory income tax rate of 21% to income before provision for income taxes is as follows:
Year Ended December 31,
(Dollars in thousands)202520242023
Tax at federal statutory rate$218,829 21.0%$242,785 21.0%$213,746 21.0%
State income taxes (net of federal benefit)(1)
37,556 3.6 36,891 3.2 41,924 4.1 
Tax credits— — (7,701)(0.7)(3,976)(0.4)
Changes in valuation allowances— — — — (36,054)(3.5)
Nontaxable or nondeductible items(2,610)(0.3)(555)0.0 1,991 0.2 
Changes in unrecognized tax benefits1,714 0.2 — — — — 
Other
Capital loss carryforward— — — — 36,054 3.5 
Other adjustments(4,709)(0.4)(1,872)(0.2)(5,588)(0.5)
Effective Rate(2)
$250,780 24.1%$269,548 23.3%$248,097 24.4%
(1) State taxes in California and Florida contributed to the majority of the tax effect in this category.
(2) The adoption of ASU 2023-09, Income Taxes has been reflected in our rate reconciliation above including revisions to the presentation of the prior year rate reconciliations for comparative purposes.

Our effective tax rate was 24.1% and 23.3% for the years ended December 31, 2025 and December 31, 2024, respectively. Our effective tax rate for both years was affected by state income taxes, non-deductible executive compensation, and excess tax benefits from stock-based compensation. Additionally, the effective tax rate in 2024 benefitted from certain energy tax credits related to homebuilding activities. We did not pursue the credits in 2025 due to increasing costs to qualify for the credits which outweighed the benefits of obtaining such credits.

We have certain tax attributes available to offset the impact of future income taxes. The components of net deferred tax assets and liabilities at December 31, 2025 and 2024 consisted of timing differences related to real estate inventory
impairments, expense accruals and reserves, net operating loss carryforwards, and intangibles. A summary of these components for the years ending December 31, 2025 and 2024 is as follows:
 Years Ended December 31,
(Dollars in thousands)20252024
Deferred tax assets:
Real estate inventory$25,321 $26,483 
Accruals and reserves66,687 73,418 
Net operating losses (1)
43,242 48,996 
Other (2)
25,962 20,666 
Total deferred tax assets$161,212 $169,563 
Deferred tax liabilities:
Intangibles (2)
$(26,516)$(21,526)
Other (2)
(12,246)(10,875)
Deferred income(43,503)(55,186)
Total Deferred Tax Liabilities$(82,265)$(87,587)
Valuation allowance(4,584)(5,728)
Total net deferred tax assets$74,363 $76,248 
(1)A portion of our net operating losses is limited by Section 382 of the Internal Revenue Code, stemming from three business acquisitions: 1) the 2011 acquisition of the Company by our former principal equity holders, 2) the 2018 acquisition of AV Homes and 3) the 2022 acquisition of William Lyon Homes. All three acquisitions were deemed to be a change in control as defined by Section 382.
(2)The 2024 deferred tax assets and liabilities have been recast to reflect changes in classifications of certain assets and liabilities for greater clarity in comparison to the classifications reported in 2025. Prior year amounts reported in Real estate inventory and Other deferred tax liabilities have been further broken out into the Intangibles, Other deferred tax assets, and Other deferred tax liabilities categories above.

For the year ended December 31, 2025, we recorded a net valuation allowance of $4.6 million related to certain state deferred taxes which are not expected to be realized. We have approximately $29.7 million of available tax effected federal net operating loss ("NOL") carryforwards and $13.5 million of available tax effected state NOL carryforwards. Federal NOL carryforwards generated prior to January 1, 2018 may be used to offset future taxable income for a period of 20 years or indefinitely and begin to expire in 2029. State NOL carryforwards may be used to offset future taxable income for a period of 10 to 20 years or indefinitely and certain NOLs expire between 2026-2036. On an ongoing basis, we will continue to review all available evidence to determine if we expect to realize our deferred tax assets and federal and state NOL carryovers or if a valuation allowance is necessary.
We account for uncertain tax positions in accordance with ASC 740. ASC 740 requires a company to recognize the financial statement effect of a tax position when it is more likely than not based on the technical merits of the position that the position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in the financial statements based upon the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties related to uncertain tax positions are recognized as a component of the income tax provision.

As of December 31, 2025, we had $6.4 million of unrecognized tax benefits related to current and prior tax positions taken on certain deferred temporary differences. If recognized, no amount would impact our effective tax rate. We recognized interest and penalties of $1.7 million as a component of the income tax provision as of December 31, 2025. There were no unrecognized tax benefits, penalties or interest accrued as of December 31, 2024.

A reconciliation of the change in the unrecognized tax benefits is as follows:
Year Ended December 31,
(Dollars in thousands)20252024
Unrecognized tax benefits - January 1,$— $— 
Increases related to positions taken during a current period1,446 — 
Decreases related to positions taken during a current period
— — 
Increases related to positions taken during a prior period4,986 — 
Decreases related to positions taken during a prior period— — 
Decreases related to settlements with taxing authorities— — 
Reductions related to lapse of the applicable statute of limitations— — 
Unrecognized tax benefits - December 31, $6,432 $— 
The statute of limitations for our major taxing jurisdictions remains open for examination for tax years through 2025. We are currently under exam by the IRS for certain federal income tax returns for tax years 2015 through 2018 and 2021. The outcome of these examinations is not yet determinable, but we believe our tax positions meet the more-likely-than-not threshold.

A reconciliation of taxes paid during 2025, net of refunds received, is as follows:
Year Ended December 31,
(Dollars in thousands)202520242023
Federal$252,500 $212,227 $157,229 
State
California
*14,908 16,604 
Florida21,491 14,877 11,350 
Other29,974 22,413 19,091 
Subtotal state taxes paid51,465 52,198 47,045 
Total taxes paid$303,965 $264,425 $204,274 
*The amount of income taxes paid during the year does not meet the 5% disaggregation threshold
v3.25.4
STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Capital Stock
The Company’s authorized capital stock consists of 400,000,000 shares of common stock, par value $0.00001 per share (the “common stock”), and 50,000,000 shares of preferred stock, par value $0.00001 per share.
Stock Repurchase Program
On October 23, 2024, our Board of Directors authorized a renewal of the Company’s stock repurchase program which permitted the repurchase of up to $1 billion of the Company’s Common Stock through December 31, 2026. On February 11, 2026, our Board of Directors increased the amount available for future repurchases under our stock repurchase program to $1 billion of the Company’s common stock. This program expires on December 31, 2027 and replaces the prior authorization. Repurchases under the program may occur from time to time through open market purchases, privately negotiated transactions or other transactions. The timing, manner, price and amount of any common stock repurchases will be determined by us in our discretion and will depend on a variety of factors, including prevailing market conditions, our liquidity, the terms of our debt instruments, legal requirements, planned land investment and development spending, acquisition and other investment opportunities and ongoing capital requirements. The program does not require us to repurchase any specific number of shares of common stock, and the program may be suspended, extended, modified or discontinued at any time.
Using the availability under our stock repurchase program, we may enter into ASR agreements. Such agreements require a cash payment, which has generally been $50.0 million for the agreements we have executed. We receive an initial delivery of common stock with an aggregate value of 80% of the repurchase price on the respective repurchase date, with the remaining 20% received (or to be received) at final settlement using a volume-weighted average price calculation in accordance with the terms of each ASR agreement. We accounted for the ASRs as common stock repurchases and forward contracts indexed to our own common stock. We determined that the equity classification criteria was met for the forward contracts; therefore, they were not accounted for as derivative instruments.
The following table summarizes share repurchase activity for the program for the years ended December 31, 2025 and 2024:
(Number of Shares)2025 2024
Number of shares repurchased with ASR
1,855,411 2,977,494 
Other share repurchases(1)
4,597,3172,630,358
Total amount repurchased6,452,728  5,607,852 
(1) Amount represents shares repurchased under our existing stock repurchase program which are not part of ASRs.

The following table summarizes our spend on share repurchases for the years ended December 31, 2025 and 2024:
(Dollars in thousands)20252024
Amount available for repurchase — beginning of period$910,093 $494,489 
Amount cancelled from expired or unused authorizations— (236,799)
Additional amount authorized for repurchase (1)
— 1,000,000 
Amount repurchased (2)
(381,016)(347,597)
Amount available for repurchase — end of period(1)
$529,077 $910,093 
(1) On October 23, 2024, the Board of Directors authorized a renewal of the Company's stock repurchase program which permits the repurchase of the Company's common stock through December 31, 2026. On February 11, 2026, the Board of Directors authorized a renewal of the stock repurchase program, permitting repurchases up to $1.0 billion. This program expires on December 31, 2027 and replaces the prior authorization.
(2) Exclusive of the 1% excise tax on shares repurchased
v3.25.4
STOCK BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION STOCK BASED COMPENSATION
In April 2013, we adopted the Taylor Morrison Home Corporation 2013 Omnibus Equity Award Plan (the “Plan”). The Plan was most recently amended and restated in May 2022. The Plan provides for the grant of stock options, RSUs, PRSUs, and other equity-based awards deliverable in shares of our common stock. As of December 31, 2025, we had an aggregate of 4,562,431 shares of common stock available for future grants under the Plan.
The following table provides information regarding the amount and components of stock-based compensation expense, which is included in General and administrative expenses on the Consolidated statements of operations (in thousands):
 Years Ended December 31,
 202520242023
Restricted stock (1)
$24,668 $17,837 $21,977 
Stock options4,381 4,624 4,118 
Total stock compensation$29,049 $22,461 $26,095 
(1) Includes compensation expense related to time-based RSUs and PRSUs.
At December 31, 2025, 2024, and 2023, the aggregate unamortized value of all outstanding stock-based compensation awards was approximately $32.7 million, $29.2 million, and $26.5 million, respectively.
Stock options — Options granted to employees generally vest and become exercisable ratably on the first, second, third, and fourth anniversary of the date of grant. Vesting of the options is subject to continued employment, through the applicable vesting dates, and options expire within ten years from the date of grant.
The following tables summarize stock option activity for the Plan for each year presented:
 Years Ended December 31,
 202520242023
 
Number Of
Options
Weighted Average Exercise/ Grant
Price
Number Of
Options
Weighted Average Exercise/ Grant
Price
Number Of
Options
Weighted Average Exercise/ Grant
Price
Outstanding, beginning1,956,696$28.98 2,254,142$26.84 3,273,258$23.35 
Granted(1)
132,27662.80 127,51356.48 359,76835.18 
Exercised(376,302)27.88 (414,629)25.75 (1,252,516)21.07 
Cancelled/forfeited(1)
(20,369)49.29 (10,330)31.74 (126,368)28.29 
Balance, ending1,692,301$31.62 1,956,696$28.98 2,254,142$26.84 
Options exercisable, at December 311,226,784$26.42 1,231,352$24.85 1,133,734$23.48 
(1)Excludes the number of options granted and canceled in the same period.
 As of December 31,
(Dollars in thousands)202520242023
Unamortized value of unvested stock options (net of estimated forfeitures)$6,687 $6,999 $7,861 
Weighted-average period (in years) expense expected to be recognized
2.52.42.5
Weighted-average remaining contractual life (in years) for options outstanding
5.55.76.4
Weighted-average remaining contractual life (in years) for options exercisable
4.74.54.8
The following table summarizes the weighted-average assumptions and fair value used for stock options grants:
 Years Ended December 31,
 202520242023
Expected dividend yield— %— %— %
Expected volatility(1)
51.58 %51.60 %50.87 %
Risk-free interest rate(1)
4.29 %4.24 %3.90 %
Expected term (in years)(1)
6.256.256.25
Weighted average fair value of options granted during the period$34.53 $31.02 $14.50 
(1)Expected volatility and expected term are based on the historical information of comparable publicly traded homebuilders. Due to the limited number and homogeneous nature of option holders, the expected term was evaluated using a single group. The risk-free rate is based on the U.S. Treasury yield curve for periods equivalent to the expected term of the options on the grant date.
The following table provides information pertaining to the aggregate intrinsic value of options outstanding and exercisable at December 31, 2025, 2024 and 2023:
 As of December 31,
(Dollars in thousands)202520242023
Aggregate intrinsic value of options outstanding$46,607 $63,069 $59,758 
Aggregate intrinsic value of options exercisable$39,812 $44,766 $33,861 
The aggregate intrinsic value is based on the market price of our common stock on December 31, 2025, the last trading day in December 2025, which was $58.87, less the applicable exercise price of the underlying options. This value represents the amount that would have been realized as additional paid-in capital if all the option holders had exercised their options on December 31, 2025.
Performance-Based Restricted Stock Units – These awards will vest in full based on the achievement of certain performance goals over a three-year performance period, subject to the employee’s continued employment through the last date of the performance period and will be settled in shares of our common stock. The number of shares that may be issued in settlement of the PRSUs to the award recipients may be greater or lesser than the target award amount depending on actual performance achieved as compared to the performance targets set forth in the awards.
The following table summarizes the activity of our PRSUs:
 Years Ended December 31,
 202520242023
Balance, beginning617,824724,123802,379
Granted145,468140,070229,164
Vested(245,941)(244,781)(245,306)
Forfeited(19,648)(1,588)(62,114)
Balance, ending497,703617,824724,123
 Years Ended December 31,
(Dollars in thousands):202520242023
PRSU expense recognized$9,873 $7,058 $12,619 
Unamortized value of PRSUs$9,343 $8,755 $8,122 
Weighted-average period expense is expected to be recognized (in years)1.81.81.8
Non-Performance-Based Restricted Stock Units — Our RSUs consist of shares of our common stock that have been awarded to our employees and members of our Board of Directors. Vesting of RSUs is subject to continued employment with TMHC or continued service on the Board of Directors, as applicable, through the applicable vesting dates. Time-based RSUs granted to employees generally vest ratably over a three to four year period.
Time-based RSUs granted to members of the Board of Directors generally vest on the first anniversary of the grant date.
The following tables summarize the activity of our RSUs:
 Years Ended December 31,
 202520242023
 
Number Of
RSUs
Weighted Average Grant Date Fair
Value
Number Of
RSUs (1)
Weighted Average Grant Date Fair
Value
Number Of
RSUs
Weighted Average Grant Date Fair
Value
Outstanding, beginning706,589$38.90 767,216$29.87 814,834$26.74 
Granted321,69660.52 251,43557.52 297,31735.96 
Vested(254,068)40.37 (305,702)31.30 (301,359)27.52 
Forfeited(30,557)57.20 (6,360)49.37 (43,576)29.81 
Balance, ending743,660$46.99 706,589$38.90 767,216$29.87 
 Years Ended December 31,
(Dollars in thousands):202520242023
RSU expense recognized$14,795 $10,779 $9,357 
Unamortized value of RSUs$16,630 $13,456 $10,496 
Weighted-average period expense is expected to be recognized (in years)1.82.21.7
The Plan permits us to withhold from the total number of shares that would otherwise be distributed to a recipient on vesting of an RSU, an amount equal to the number of shares having a fair value at the time of distribution equal to the applicable income tax withholdings due and remit the remaining RSU shares to the recipient.
v3.25.4
OPERATING AND REPORTING SEGMENTS
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
OPERATING AND REPORTING SEGMENTS OPERATING AND REPORTING SEGMENTS
We have multiple homebuilding operating components which are engaged in the business of acquiring and developing land, constructing homes, marketing and selling homes, and providing warranty and customer service. We aggregate our homebuilding operating components into three reporting segments, East, Central, and West, based on similar long-term economic characteristics. The activity from our Build-to-Rent and Urban Form operations are included in our Corporate segment. We also have a Financial Services reporting segment which offers a number of finance-related products and services to our customers through our mortgage lending and title operations.
The Company defines the Chief Operating Decision Maker ("CODM") function as the Chief Executive Officer, the Chief Financial Officer, and the Chief Corporate Operations Officer. On a quarterly basis, the CODM is provided with the financial results and key performance metrics at consolidated and disaggregated levels. The Company’s CODM assesses the segment's performance by using each segment's gross margin and income before income taxes (which includes certain corporate overhead allocations to each homebuilding segment for certain costs such as travel and entertainment and payroll-related costs for the marketing department). The CODM makes company decisions and allocates resources based on the results and performance of the reporting segments.

Our reporting segments are as follows:
EastAtlanta, Charlotte, Jacksonville, Naples, Orlando, Raleigh, Sarasota, and Tampa
CentralAustin, Dallas, Denver, Houston, and Indianapolis
West
Bay Area, Las Vegas, Phoenix, Pacific Northwest(1), Sacramento, and Southern California
Financial ServicesTaylor Morrison Home Funding, Inspired Title Services, and Taylor Morrison Insurance Services
(1) During the year ended December 31, 2025, we combined our Portland and Seattle divisions to become Pacific Northwest
Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity. The segment information is consistent with the metrics reviewed in the CODM's package and is as follows (in thousands):
 Year Ended December 31, 2025
 
East
Central
West
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$2,816,997 $1,780,460 $3,157,977 $— $7,755,434 $— $7,755,434 
All other revenue21,910 23,941 14,382 209,407 269,640 96,406 $366,046 
Total revenue2,838,907 1,804,401 3,172,359 209,407 8,025,074 96,406 8,121,480 
Cost of home closings2,176,900 1,374,183 2,456,924 — 6,008,007 — $6,008,007 
All other cost of revenue24,672 17,012 15,917 104,618 162,219 81,046 $243,265 
Total cost of revenue
2,201,572 1,391,195 2,472,841 104,618 6,170,226 81,046 6,251,272 
Home closings gross margin640,097 406,277 701,053 — 1,747,427 — $1,747,427 
Total gross margin637,335 413,206 699,518 104,789 1,854,848 15,360 $1,870,208 
Sales, commissions and other marketing costs(2)
(177,473)(121,870)(149,723)— (449,066)(12,419)$(461,485)
General and administrative expenses(45,396)(32,462)(46,643)— (124,501)(149,005)$(273,506)
Net income/(loss) from unconsolidated entities
301 132 (2,915)12,540 10,058 (5,191)$4,867 
Interest and other (expense)/income, net(3)
(25,363)(19,455)(47,845)1,362 (91,301)6,584 $(84,717)
Loss on extinguishment of debt— — — — — (13,324)(13,324)
Income before income taxes$389,404 $239,551 $452,392 $118,691 $1,200,038 $(157,995)$1,042,043 
(1)Includes the activity from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects
 Year Ended December 31, 2024
 
East
Central
West
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$2,826,628 $1,969,381 $2,959,210 $— $7,755,219 $— $7,755,219 
All other revenue52,908 24,514 27,607 199,459 304,488 108,429 412,917 
Total revenue2,879,536 1,993,895 2,986,817 199,459 8,059,707 108,429 8,168,136 
Cost of home closings2,065,218 1,485,968 2,312,557 — 5,863,743 — 5,863,743 
All other cost of revenue43,604 20,825 34,569 108,592 207,590 112,591 320,181 
Total cost of revenue
2,108,822 1,506,793 2,347,126 108,592 6,071,333 112,591 6,183,924 
Home closings gross margin761,410 483,413 646,653 — 1,891,476 — 1,891,476 
Total gross margin770,714 487,102 639,691 90,867 1,988,374 (4,162)1,984,212 
Sales, commissions and other marketing costs(2)
(169,270)(131,997)(146,909)— (448,176)(7,916)(456,092)
General and administrative expenses(47,888)(34,501)(46,514)— (128,903)(185,503)(314,406)
Net (loss)/income from unconsolidated entities— (51)(28)8,915 8,836 (2,489)6,347 
Interest and other (expense)/income, net(3)
(771)(16,087)(6,646)2,112 (21,392)(42,551)(63,943)
Income before income taxes$552,785 $304,466 $439,594 $101,894 $1,398,739 $(242,621)$1,156,118 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects
 Year Ended December 31, 2023
 
East
Central
West
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$2,619,322 $1,935,500 $2,604,035 $— $7,158,857 $— $7,158,857 
All other revenue55,308 28,765 1,414 160,312 $245,799 13,175 258,974 
Total revenue2,674,630 1,964,265 2,605,449 160,312 7,404,656 13,175 7,417,831 
Cost of home closings1,900,833 1,443,490 2,107,078 — 5,451,401 — 5,451,401 
All other cost of revenue52,478 24,846 2,053 93,989 173,366 9,991 183,357 
Total cost of revenue
1,953,311 1,468,336 2,109,131 93,989 5,624,767 9,991 5,634,758 
Home closings gross margin718,489 492,010 496,957 — 1,707,456 — 1,707,456 
Total gross margin721,319 495,929 496,318 66,323 1,779,889 3,184 1,783,073 
Sales, commissions and other marketing costs(2)
(145,943)(128,914)(136,522)— (411,379)(6,755)(418,134)
General and administrative expenses(39,381)(29,893)(42,306)— (111,580)(168,993)(280,573)
Net (loss)/income from unconsolidated entities— (98)(217)9,148 8,833 (76)8,757 
Interest and other expense, net(3)
(73,205)(7,608)3,981 — (76,832)1,842 (74,990)
Loss on extinguishment of debt— — — — — (295)(295)
Income before income taxes$462,790 $329,416 $321,254 $75,471 $1,188,931 $(171,093)$1,017,838 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects
 As of December 31, 2025
 EastCentralWestFinancial
Services		Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Real estate inventory and land deposits$2,471,115 $1,177,184 $2,853,054 $— $6,501,353 $— $6,501,353 
Investments in unconsolidated entities97,679 206,571 75,473 5,483 385,206 101,772 486,978 
Other assets226,288 272,770 581,059 227,218 1,307,335 1,542,131 2,849,466 
Total assets$2,795,082 $1,656,525 $3,509,586 $232,701 $8,193,894 $1,643,903 $9,837,797 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
 As of December 31, 2024
 EastCentralWest
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Real estate inventory and land deposits$2,389,791 $1,296,272 $2,847,689 $— $6,533,752 $— $6,533,752 
Investments in unconsolidated entities86,378 164,434 94,864 5,483 351,159 88,562 439,721 
Other assets173,489 225,846 610,212 297,107 1,306,654 1,017,004 2,323,658 
Total assets$2,649,658 $1,686,552 $3,552,765 $302,590 $8,191,565 $1,105,566 $9,297,131 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Letters of Credit and Surety Bonds — We are committed, under various letters of credit and surety bonds, to perform certain development and construction activities and provide certain guarantees in the normal course of business. Outstanding letters of credit and surety bonds under these arrangements totaled $1.5 billion and $1.4 billion at December 31, 2025 and December 31, 2024, respectively. Although significant development and construction activities have been completed related to these site improvements, the bonds are generally not released until all development and construction activities are completed. We do not believe that it is probable that any outstanding bonds as of December 31, 2025 will be drawn upon.
Purchase Commitments — We are subject to the usual obligations associated with entering into contracts (including land option contracts and land banking arrangements) for the purchase, development, and sale of real estate in our ongoing routine business. We have a number of land purchase option contracts and land banking agreements for the right to purchase land or lots at a future point in time on predetermined terms. We do not have title to the property and the property owners and its creditors generally have no recourse to the Company. Our exposure with respect to such contracts are generally limited to the forfeiture of the related non-refundable cash deposits. The aggregate purchase price for assets under these contracts was $3.4 billion at December 31, 2025 and $1.9 billion at December 31, 2024.
Legal Proceedings — We are involved in various litigation and legal claims in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to a variety of local, state, and federal laws and regulations related to land development activities, house construction standards, sales practices, mortgage lending operations, employment practices, and protection of the environment. As a result, we are subject to periodic examination or inquiry by various governmental agencies that administer these laws and regulations.
We establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential loss can be reasonably estimated. At December 31, 2025 and 2024, our legal accruals were $53.3 million and $49.1 million, respectively. We accrue for such matters based on the facts and circumstances specific to each matter and revise these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued. Predicting the ultimate resolution of the pending matters, the related timing, or the eventual loss associated with these matters is inherently difficult. Accordingly, the liability arising from the ultimate resolution of any matter may exceed the estimate reflected in the recorded accrued liabilities relating to such matter. While the outcome of such contingencies cannot be predicted with certainty, we do not believe that the resolution of such matters will have a material adverse impact on our results of operations, financial position, or cash flows.
On April 26, 2017, a class action complaint was filed in the Circuit Court of the Tenth Judicial Circuit in and for Polk County, Florida by Norman Gundel, William Mann, and Brenda Taylor against Avatar Properties, Inc., (an acquired AV Homes entity)
("Avatar"), generally alleging that our collection of club membership fees in connection with the use of one of our amenities in our East homebuilding segment violated various laws relating to homeowner associations and other Florida-specific laws (the "Solivita litigation"). The class action complaint sought an injunction to prohibit future collection of club membership fees. On November 2, 2021, the court determined that the club membership fees were improper and that plaintiffs were entitled to $35.0 million in fee reimbursements. We appealed the court’s ruling to the Sixth District Court of Appeal (the "District Court") on November 29, 2021, and the plaintiffs agreed to continue to pay club membership fees pending the outcome of the appeal. On June 23, 2023, the District Court affirmed the trial court judgment in a split decision, with three separate opinions. Recognizing the potential “far-reaching effects on homeowners associations throughout the State,” the District Court certified a question of great public importance to the Florida Supreme Court, and we filed a notice to invoke the discretionary review of the Florida Supreme Court. On November 2, 2023, the Florida Supreme Court declined to exercise jurisdiction. Following the Florida Supreme Court’s decision, we paid $64.7 million to the plaintiffs during the quarter ended December 31, 2023, which included the amount of the trial court’s judgment, club membership fees received during the pendency of our appeal, and pre- and post-judgment interest. The Court held evidentiary hearings on July 29 and 30, 2024 with respect to the plaintiffs' claims for additional pre-judgment interest and legal fees and heard closing argument on August 13, 2024. On November 4, 2024, the Tenth Judicial Circuit Court for Polk County, Florida issued an order granting the plaintiffs’ motion for attorneys’ fees and taxable costs and denied their motion for pre-judgment interest at a rate higher than the Florida statutory rate. The Court awarded plaintiffs $22.5 million for attorneys' fees, $0.6 million for pre-judgment interest at the statutory rate of 9.46%, and $0.6 million for reimbursement of taxable costs. We filed a notice of appeal and have recorded an accrual with respect to our estimated liability for the plaintiffs' legal fees and costs for this matter, which is reflected in our legal accruals as of December 31, 2025.
After reviewing our amenity arrangements in our Florida communities to determine whether such arrangements might subject the Company to liability in light of the outcome of the Solivita litigation described above, we identified one additional community with similar arrangements. On August 13, 2020, Slade Chelbian, a resident of our Bellalago community in Kissimmee, Florida, filed a purported class action suit against Avatar, AV Homes, Inc. and Taylor Morrison Home Corporation in the Circuit Court of the Ninth Circuit in and for Osceola County, Florida, generally alleging that Avatar cannot earn profits from community members for use of club amenities where membership in the club is mandatory for all residents and failure to pay club membership fees could result in the foreclosure of their homes by Avatar. The case was recently transferred to the Business Court and assigned to a new judge. The trial, which was originally scheduled to commence in the first quarter of 2026, has been postponed until further order of the court. While the ultimate outcome and the costs associated with litigation are inherently uncertain and difficult to predict, we have recorded an accrual for our estimated liability for this matter, which is reflected in our legal accruals as of December 31, 2025.
v3.25.4
MORTGAGE HEDGING ACTIVITIES
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
MORTGAGE HEDGING ACTIVITIES MORTGAGE HEDGING ACTIVITIES
The following summarizes derivative instruments as of the periods presented:
 As of
 December 31, 2025December 31, 2024
(Dollars in thousands)
Fair Value
Notional Amount (1)
Fair Value
Notional Amount (1)
IRLCs$(12,715)$261,341 $(5,917)$233,881 
MBSs(1,858)561,000 4,174 405,000 
Total$(14,573) $(1,743) 
(1)The notional amounts in the table above include mandatory and best effort mortgages, that have been locked and approved.
Total commitments to originate loans approximated $276.6 million and $246.1 million at December 31, 2025 and 2024, respectively. This amount represents the commitments to originate loans that have been locked and approved by underwriting. The notional amounts in the table above include mandatory and best effort loans that have been locked and approved by underwriting.
We have exposure to credit loss in the event of contractual non-performance by our trading counterparties in derivative instruments that we use in our rate risk management activities. We manage this credit risk by selecting only counterparties that we believe to be financially strong, spreading the risk among multiple counterparties, by placing contractual limits on the amount of unsecured credit extended to any single counterparty, and by entering into netting agreements with counterparties, as appropriate. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity Risk Management and Strategy
We maintain a comprehensive cybersecurity program, including policies and procedures designed to protect our systems, operations, and data. We perform risk assessments on a quarterly basis to identify and remediate potential cybersecurity threats and vulnerabilities. In connection with our assessment of potential cybersecurity risks, our Information Technology ("IT") team engages in threat modeling, vulnerability scanning and penetration testing. For each identified risk, our IT team will estimate the likelihood of occurrence and potential impact, which will guide the Company in assessing and prioritizing risks. We have also implemented a process to evaluate and review potential cybersecurity risks arising from our use of third-party vendors. As part of our vendor engagement protocols, we will consider, among other things, each potential vendor’s data backup procedures, incident reporting protocols and data privacy and encryption practices. Once a new vendor is onboarded, we monitor their cybersecurity posture utilizing a third-party cybersecurity ratings provider.
In addition to our internal exercises to test aspects of our cybersecurity program, we engage independent third parties semi-annually to assess the risks associated with our IT resources and information assets. Among other matters, these third parties analyze information on the interactions of users of our information technology resources, including employees, and conduct penetration tests and scanning exercises to assess the performance of our cybersecurity systems and processes. Annually, we examine our cybersecurity program with these third parties, evaluating its effectiveness in part by considering industry standards and established frameworks, such as the National Institute of Standards and Technology ("NIST"), as guidelines. As TMHF is a mortgage company, we are also associated with the Federal Financial Institutions Examination Council.
For material cybersecurity risks, we’ve developed mitigation plans to reduce the risk’s likelihood of occurrence and/or its expected impact. Such mitigation plans have involved, among other things, implementing additional technology controls or policies, increased training for company personnel or obtaining additional insurance for the identified risk. Our IT team monitors material risks over time and updates the Company’s mitigation plans as appropriate. Our IT team also regularly reports to the leadership team on the status of material risks, mitigation plans and incidents related to such risks.
We also maintain a data breach response plan, which is intended to be aligned with the NIST framework, and which is reviewed annually and conveyed to our team members through our mandatory cybersecurity training. We also retain experienced cybersecurity consultants that can assist us in the event of a serious breach, and maintain a cyber insurance policy.
For a discussion of how risks from cybersecurity threats affect our business, see “Item 1A. Risk Factors – Risks Related to our industry, business and economic conditions – Information technology failures and data security breaches could harm our business” in this Annual Report.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We maintain a comprehensive cybersecurity program, including policies and procedures designed to protect our systems, operations, and data.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Cybersecurity Governance
Management is responsible for ongoing assessment and oversight of cybersecurity risks that could significantly impact our operations, finances or reputation. This includes identifying information assets and data systems that are critical to business functions, determining the vulnerability of those systems to potential cyberattacks, and developing comprehensive protections and response plans.
To fulfill these responsibilities, management relies on IT and cybersecurity leadership who possess specialized expertise in relevant areas. Our cybersecurity team is led by our Chief Information Officer ("CIO"), who has more than 25 years of experience working in information technology, of which more than 20 have been with Taylor Morrison. With over ten years of experience developing cybersecurity programs, the CIO leads security control implementation, risk and compliance monitoring, security tool management, and incident response planning. Reporting to the CIO, the Director of Information Security possesses expert knowledge in threat modeling and vulnerability testing methodologies. The Director of Information Security leads efforts to build security into all IT processes and procedures to protect against risks related to data leakage, broken authentication, injection flaws, improper encryption, and attacks on other application vulnerabilities.
Supporting the CIO and Director of Information Security is a team of IT security professionals who collectively hold the following degrees and certifications: Master’s degree in cybersecurity; Certified Information Systems Security Professional; Certified Ethical Hacker; Security +; Microsoft Certified Professional; Microsoft Certified Solutions Associate; and Microsoft Certified Systems Engineer.
Supported by these skilled leaders, management conducts quarterly cyber risk reviews, maintains a cybersecurity risk register, and authorizes risk mitigation budgets to protect against rapidly evolving cyber threats. The Company's Audit Committee of the Board of Directors (the "Audit Committee") and the full Board of Directors are also regularly updated on
cybersecurity risk assessments, policy changes, significant incidents, and preparedness levels. This enables management to provide oversight, set risk tolerances, and support a comprehensive cybersecurity program that manages material cyber risks to the organization.
The CIO updates the Board of Directors biannually on the state of the cybersecurity program, which includes a discussion of the most important cybersecurity risks facing the Company, an update on notable cybersecurity incidents and recent threats, and a summary of the results of the Company’s recent independent cybersecurity assessments, among other items. In addition, the Audit Committee receives quarterly cybersecurity updates, which include reports on key cybersecurity metrics, cybersecurity headlines, current risks and mitigation strategies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Management is responsible for ongoing assessment and oversight of cybersecurity risks that could significantly impact our operations, finances or reputation.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The CIO updates the Board of Directors biannually on the state of the cybersecurity program, which includes a discussion of the most important cybersecurity risks facing the Company, an update on notable cybersecurity incidents and recent threats, and a summary of the results of the Company’s recent independent cybersecurity assessments, among other items. In addition, the Audit Committee receives quarterly cybersecurity updates, which include reports on key cybersecurity metrics, cybersecurity headlines, current risks and mitigation strategies.
Cybersecurity Risk Role of Management [Text Block]
To fulfill these responsibilities, management relies on IT and cybersecurity leadership who possess specialized expertise in relevant areas. Our cybersecurity team is led by our Chief Information Officer ("CIO"), who has more than 25 years of experience working in information technology, of which more than 20 have been with Taylor Morrison. With over ten years of experience developing cybersecurity programs, the CIO leads security control implementation, risk and compliance monitoring, security tool management, and incident response planning. Reporting to the CIO, the Director of Information Security possesses expert knowledge in threat modeling and vulnerability testing methodologies. The Director of Information Security leads efforts to build security into all IT processes and procedures to protect against risks related to data leakage, broken authentication, injection flaws, improper encryption, and attacks on other application vulnerabilities.
Supporting the CIO and Director of Information Security is a team of IT security professionals who collectively hold the following degrees and certifications: Master’s degree in cybersecurity; Certified Information Systems Security Professional; Certified Ethical Hacker; Security +; Microsoft Certified Professional; Microsoft Certified Solutions Associate; and Microsoft Certified Systems Engineer.
Supported by these skilled leaders, management conducts quarterly cyber risk reviews, maintains a cybersecurity risk register, and authorizes risk mitigation budgets to protect against rapidly evolving cyber threats. The Company's Audit Committee of the Board of Directors (the "Audit Committee") and the full Board of Directors are also regularly updated on
cybersecurity risk assessments, policy changes, significant incidents, and preparedness levels. This enables management to provide oversight, set risk tolerances, and support a comprehensive cybersecurity program that manages material cyber risks to the organization.
The CIO updates the Board of Directors biannually on the state of the cybersecurity program, which includes a discussion of the most important cybersecurity risks facing the Company, an update on notable cybersecurity incidents and recent threats, and a summary of the results of the Company’s recent independent cybersecurity assessments, among other items. In addition, the Audit Committee receives quarterly cybersecurity updates, which include reports on key cybersecurity metrics, cybersecurity headlines, current risks and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Company's Audit Committee of the Board of Directors (the "Audit Committee") and the full Board of Directors are also regularly updated on cybersecurity risk assessments, policy changes, significant incidents, and preparedness levels.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our cybersecurity team is led by our Chief Information Officer ("CIO"), who has more than 25 years of experience working in information technology, of which more than 20 have been with Taylor Morrison. With over ten years of experience developing cybersecurity programs, the CIO leads security control implementation, risk and compliance monitoring, security tool management, and incident response planning.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Supported by these skilled leaders, management conducts quarterly cyber risk reviews, maintains a cybersecurity risk register, and authorizes risk mitigation budgets to protect against rapidly evolving cyber threats. The Company's Audit Committee of the Board of Directors (the "Audit Committee") and the full Board of Directors are also regularly updated on
cybersecurity risk assessments, policy changes, significant incidents, and preparedness levels. This enables management to provide oversight, set risk tolerances, and support a comprehensive cybersecurity program that manages material cyber risks to the organization.
The CIO updates the Board of Directors biannually on the state of the cybersecurity program, which includes a discussion of the most important cybersecurity risks facing the Company, an update on notable cybersecurity incidents and recent threats, and a summary of the results of the Company’s recent independent cybersecurity assessments, among other items. In addition, the Audit Committee receives quarterly cybersecurity updates, which include reports on key cybersecurity metrics, cybersecurity headlines, current risks and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation — The accompanying audited Consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), include the accounts of TMHC and its consolidated subsidiaries as well as certain consolidated joint ventures. Intercompany balances and transactions have been eliminated in consolidation.
Joint Ventures
Joint Ventures - We consolidate certain joint ventures in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation. The income from the percentage of the joint venture not owned by us is presented as “Net income attributable to non-controlling interests” on the Consolidated statements of operations. The assets, liabilities and equity from the percentage of the joint ventures not owned by us is presented as “Non-controlling interests” on the Consolidated balance sheets and Consolidated statements of stockholders’ equity. The balance of Non-controlling interests on the Consolidated balance sheets will fluctuate from period to period as a result of activities within the respective joint ventures which may include the allocation of income or losses and distributions or contributions associated with the partners within the joint venture.
Use of Estimates
Use of Estimates — The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the audited Consolidated financial statements and accompanying notes. Significant estimates include real estate development costs to complete, valuation of real estate, valuation of goodwill, valuation of estimated development liabilities, valuation of equity awards, valuation allowance on deferred tax assets, and reserves for warranty and self-insured risks. Actual results could differ from those estimates.
Concentration of Credit Risk
Concentration of Credit Risk — Financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents and mortgage loans held for sale. Cash and cash equivalents include amounts on deposit with financial institutions in the U.S. that are in excess of the Federal Deposit Insurance Corporation federally insured limits of up to $250,000. Of the different types of mortgage loans held for sale, there was no concentration of mortgage loans with any one borrower for the year ended December 31, 2025. No material losses have been experienced to date.
In addition, the Company is exposed to credit risk to the extent that mortgage loan borrowers fail to meet their contractual obligations. This risk is mitigated by collateralizing the home sold with a mortgage, and entering into forward commitments to sell our mortgage loans held for sale, generally within 30 days of origination.
Cash and Cash Equivalents
Cash and Cash Equivalents — Cash and cash equivalents consist of cash on hand, demand and escrow deposits with financial institutions, and investments with original maturities of 90 days or less. At December 31, 2025, the majority of our cash and cash equivalents were invested in highly liquid money market funds or cash on deposit with major financial institutions.
Restricted Cash
Restricted Cash — For the year ended December 31, 2025 restricted cash consisted of cash held under broker margin accounts associated with derivative instruments.
Real Estate Inventory
Real Estate Inventory — Inventory consists of raw land, land under development, homes under construction, completed homes, and model homes, all of which are stated at cost. In addition to direct carrying costs, we also capitalize interest, real estate taxes, and related development costs that benefit an entire community, such as field construction supervision and related direct overhead. Home vertical construction costs are accumulated and charged to Cost of home closings at the time of home closings when revenue is recognized using the specific identification method. Land acquisition, development,
interest, and real estate taxes are capitalized and allocated generally using the relative sales value method. Generally, all overhead costs relating to purchasing, vertical construction, and construction utilities are considered overhead costs and allocated on a per unit basis. These costs are capitalized to inventory beginning with the start of development through construction completion. Changes in estimated costs to be incurred in a community are generally allocated to the remaining project on a prospective basis.
The life cycle of a community typically ranges from two to five years, commencing with the acquisition of unentitled or entitled land, continuing through the land development phase and concluding with the sale, construction and delivery of homes. Actual community duration will vary based on the size of the community, the sales absorption rate and whether we purchased the property as raw land or finished lots.
We capitalize qualifying interest costs to inventory during the development and construction periods. Capitalized interest is charged to Cost of home closings when the related inventory is charged to Cost of home closings.
We assess the recoverability of our inventory in accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment ("Topic 360"). We review our real estate inventory for indicators of impairment on a community-level basis during each reporting period. If indicators of impairment are present for a community, an undiscounted cash flow analysis is generally prepared in order to determine if the carrying value of the assets in that community exceeds the estimated undiscounted cash flows. Generally, if the carrying value of the assets exceeds their estimated undiscounted cash flows, the assets are potentially impaired, requiring a fair value analysis. Our determination of fair value is primarily based on a discounted cash flow model which includes projections and estimates relating to sales prices, construction costs, sales pace, and other factors. However, in certain circumstances, fair value can also be determined through other methods, such as appraisals, contractual purchase offers, and other third-party opinions of value. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions. For the year ended December 31, 2025 we recorded $28.8 million of inventory impairments relating to our East and West segments. For the year ended December 31, 2024 we recorded $5.0 million of inventory impairments relating to our East and Central segments. For the year ended December 31, 2023 we recorded $11.8 million of impairment charges relating to our West segment. Impairment charges relating to real estate inventory are recorded to Cost of home closings on the Consolidated statements of operations. In addition to real estate inventory, we also review our other real estate assets for impairment. For the year ended December 31, 2024 we recorded $12.5 million of real estate asset impairment relating to one Urban Form asset in our Corporate segment. For the years ended December 31, 2025 and December 31, 2023 there were no asset impairment charges relating to our Urban Form operations. Impairment charges relating to Urban Form assets are recorded to Amenity and other expenses on the Consolidated statement of operations.
In certain cases, we may elect to cease development and/or marketing of an existing community if we believe the economic performance of the community would be maximized by deferring development for a period of time to allow for market conditions to improve. We refer to such communities as long-term strategic assets. The decision may be based on financial and/or operational metrics as determined by us. For those communities that have been temporarily closed or development has been discontinued, we do not allocate or capitalize interest or other costs to the community’s inventory until activity resumes and such costs are expensed as incurred. In addition, if we cease development, we will evaluate the project for recoverability and discontinue future development and marketing activity until such time when we believe that market conditions have improved and positive economic performance can be achieved. Our assessment of the carrying value of our long-term strategic assets typically includes estimates of future performance, including the timing of when development will recommence, the type of product to be offered, and the margin to be realized.
Assets Held for Sale - Real estate or inventory assets are considered held for sale once it is determined that all six criteria in accordance with Topic 360 have been met. Real estate and inventory assets held for sale are reported at the lower of carrying value or estimated fair value, less estimated costs to sell. The estimated fair value is generally based on appraisal, sales listing agreements, purchase and sales agreements, letters of intent, broker price opinions, recent offers received, prices for assets in recent comparable sales transactions, other third-party estimates, or cash flow analyses, depending on the type of asset. Impairment losses on real estate or inventory assets held for sale is recognized when the carrying value is greater than the fair value less estimated costs to sell.
In some locations where we act as a developer, we occasionally purchase land that includes commercially zoned parcels or areas designated for school or government use, which we typically sell to commercial developers or municipalities, as applicable. We also sell residential lots or land parcels to manage our land and lot supply on larger tracts of land. For the year ended December 31, 2024, we recorded $6.8 million of fair value adjustments for land held for sale in our West reporting segment, which was subsequently sold during 2025. Adjustments for land held for sale are recorded within Cost of land closings on the Consolidated statements of operations.
As of December 31, 2024, Amenity and other expenses on the Consolidated statements of operations included an adjustment to fair value for $5.3 million for one Urban Form asset which was classified as held for sale, but was subsequently determined by management that the sale of the asset was no longer probable within the one year requirement. As a result, we reclassified the Urban Form asset from held for sale to held and used during the fourth quarter of 2025. The asset was remeasured at the lower of (1) its carrying amount adjusted for depreciation that would have been recognized had the asset been continuously classified as held and used, and (2) its fair value at the reclassification date. The Urban Form Asset was reclassified with a net carrying value of $86.2 million.
For the years ended December 31, 2025 and 2023 we had no material fair value adjustments for land held for sale.
Land banking arrangements — As a method of acquiring land in staged takedowns, while limiting risk and minimizing the use of funds from our available cash or other financing sources, we transfer our right under certain specific performance agreements to entities owned by third parties (“land banking arrangements”). These entities use equity contributions from their owners and/or incur debt to finance the acquisition and development of the land. We incur interest expense and fees on these arrangements. We capitalize qualifying interest costs to inventory during the development and construction periods with the remainder expensed and included in Interest expense/(income), net on the Consolidated statements of operations. These lots are considered controlled, however we are not legally obligated to purchase lots under these agreements and would forfeit any existing deposits and could be subject to financial and other penalties if the lots are not purchased. We do not have an ownership interest in these entities or title to their assets and do not guarantee their liabilities. As such, these entities are not consolidated. These land banking arrangements help us manage the financial and market risk associated with land holdings which are not included in the Consolidated balance sheets.
Land Deposits Land Deposits — We make deposits related to land option contracts, land banking and land purchase contracts, which are recorded to Land deposits on the consolidated balance sheets. Land deposits are recorded as real estate inventory in the accompanying Consolidated balance sheets at the time the deposit is applied to the acquisition price of the land based on the terms of the underlying agreements. To the extent the deposits are non-refundable, they are charged to Other expense, net, if the land acquisition process is terminated or no longer determined probable.
Mortgages Loans Held for Sale
Mortgage Loans Held for Sale — Mortgage loans held for sale consist of mortgages due from buyers of Taylor Morrison homes that are financed through our wholly-owned mortgage finance subsidiary, TMHF. Mortgage loans held for sale are carried at fair value, using observable market information, including pricing from actual market transactions, investor commitment prices, or broker quotations. The fair value for Mortgage loans held for sale covered by investor commitments is generally based on commitment prices. The fair value for Mortgage loans held for sale not committed to be purchased by an investor is generally based on current delivery prices using best execution pricing.
Leases
Leases — We recognize leases in accordance with ASC Topic 842, Leases. Our operating leases primarily consist of office space, construction trailers, model home leasebacks, and equipment or storage units. Operating and finance leases are recorded in Lease right of use assets and Lease liabilities on the Consolidated balance sheets.
A summary of our leases is shown below:
 Operating Leases
As of December 31,		 Finance Leases
As of December 31,
(Dollars in millions)2025 2024 2023 2025 2024 2023
Weighted average discount rate5.8% 5.8% 5.9% 7.3% 7.3% 7.3%
Weighted average remaining lease term (in years)
4.8 4.9 3.8 82.3 83.1 85.1
Payments on lease liabilities$18.1 $21.4 $28.1 $1.4 $1.4 $1.3
Lease expense$15.5 $18.3 $22.8 $2.1 $2.1 $2.0
The future minimum lease payments required under our leases as of December 31, 2025 are as follows (dollars in thousands):
Years Ending December 31,
Operating
Lease
Payments
Finance
Lease
Payments
Total
Lease
Payments
2026$15,123 $1,385 $16,508 
202712,022 1,385 13,407 
20287,686 1,385 9,071 
20296,783 1,574 8,357 
20303,716 1,560 5,276 
Thereafter7,545 254,265 
(1)
261,810 
Total lease payments$52,875 $261,554 $314,429 
Less: Interest$6,767 $236,137 $242,904 
Present value of future lease payments$46,108 $25,417 $71,525 
(1) Includes a 90-year land lease with 83 years remaining.
Prepaid Expenses and Other Assets, net
Prepaid Expenses and Other Assets, net — Prepaid expenses and other assets, net consist of the following:
 As of December 31,
(Dollars in thousands)20252024
Prepaid expenses$67,724 $41,254 
Other assets205,231 86,422 
Build-to-Rent assets293,715 242,966 
Total prepaid expenses and other assets, net$566,670 $370,642 
Prepaid expenses consist primarily of sales commissions, prepaid rent, impact fees, and unamortized debt issuance costs for the Revolving Credit Facility. Prepaid sales commissions are recorded on pre-closing sales activities, which are recognized on the ultimate closing of the homes to which they relate. Other assets consist primarily of various operating and escrow deposits, land/lot pre-acquisition costs, rebate receivables, investments, income tax receivables, Urban Form assets, and other deferred costs. Build-to-Rent assets consist primarily of land and development costs relating to projects under construction.
The investments recorded in Other assets as of December 31, 2025 consist of equity securities and fixed-maturity securities. Such investments are reported at their estimated fair value with changes in fair value recognized as gains or losses within Other expense, net on the Consolidated statements of operations, pursuant to the fair value option for financial instruments guidance, ASC Topic 825-10, Financial Instruments
Derivative Assets
Derivative Assets — We enter into interest rate lock commitments (“IRLCs”) when originating residential Mortgage loans held for sale, at specified interest rates and within a specified period of time (generally between 30 and 60 days), with customers who have applied for a loan and meet certain credit and underwriting criteria. We are exposed to interest rate risk as a result of these IRLCs and originated Mortgage loans held for sale until those loans are sold in the secondary market.
The price risk related to changes in the fair value of IRLCs and Mortgage loans held for sale not committed to be purchased by investors are subject to change primarily due to changes in market interest rates. We manage the interest rate and price risk associated with our outstanding IRLCs and Mortgage loans held for sale not committed to be purchased by investors by entering into hedging instruments such as forward loan sales commitments and mandatory delivery commitments. We expect these instruments will experience changes in fair value inverse to changes in the fair value of the IRLCs and Mortgage loans held for sale not committed to investors, thereby reducing earnings volatility. Best effort sale commitments are also executed for certain loans at the time the IRLC is locked with the borrower. The fair value of the best effort IRLC and Mortgage loans held for sale are valued using the commitment price to the investor. We take into account various factors and strategies in determining what portion of the IRLCs and Mortgage loans held for sale to economically hedge.
The IRLCs meet the definition of a derivative and are reflected on the Consolidated balance sheets at fair value in Prepaid expenses and other assets, net or Accrued expenses and other liabilities based on whether the contracts are in a net gain (asset position) or net loss (liability position), with changes in fair value recognized in Financial Services revenue on the Consolidated statements of operations, in accordance with ASC Topic 815-25, Derivatives and Hedging. We do not meet the criteria for hedge accounting; therefore, we account for these instruments as free-standing derivatives, with changes in fair value recognized in Financial services revenue/expenses on the Consolidated statements of operations in the period in which they occur. Unrealized gains and losses on the IRLCs, reflected as derivative assets or liabilities, are measured based on the fair value of the underlying mortgage loan, quoted Agency MBS prices, estimates of the fair value of the mortgage servicing rights and the probability that the mortgage loan will fund within the terms of the IRLC, net of commission expense and broker fees. The fair value of the forward loan sales commitment and mandatory delivery commitments being used to hedge the IRLCs and Mortgage loans held for sale not committed to be purchased by investors are based on quoted Agency MBS prices.
Other Receivables, net Other Receivables, net — Other receivables primarily consist of amounts expected to be recovered from various community development, municipality, and utility districts and utility deposits. Allowances are maintained for potential losses based on historical experience, present economic conditions, and other factors considered relevant. Allowances are recorded in Other expense, net, when collectability becomes unlikely.
Investments in Consolidated and Unconsolidated Entities
Investments in Consolidated and Unconsolidated Entities
Consolidated Entities — In the ordinary course of business, we enter into land purchase contracts, lot option contracts and land banking arrangements in order to procure land or lots for the construction of homes. Such contracts give us access to significant lot positions with a minimal initial capital investment and substantially reduce the risk associated with land ownership and development. In accordance with ASC Topic 810, Consolidation, when we enter into agreements to acquire land or lots and pay a non-refundable deposit, we evaluate if a Variable Interest Entity (“VIE”) is created and if we are deemed to have provided subordinated financial support that will absorb some or all of an entity’s expected losses, or rights to residual returns, if they occur. If we are the primary beneficiary of the VIE, we consolidate the VIE and reflect such assets and liabilities as Consolidated real estate not owned and Liabilities attributable to consolidated real estate not owned, respectively, on the Consolidated balance sheets.
Unconsolidated Joint Ventures
Unconsolidated Joint Ventures — We use the equity method of accounting for entities, generally joint ventures with other builders, where we do not have a controlling interest over the operating and financial results of the investee. Our share of net earnings or losses is included in Net income from unconsolidated entities on the Consolidated statements of operations when earned and distributions are credited against our Investments in unconsolidated entities on the Consolidated balance sheets when received.
We evaluate our investments in unconsolidated entities for indicators of impairment semi-annually. A series of operating losses of an investee or other factors may indicate that a decrease in value of our investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized, if any, is the excess of the investment’s carrying amount over its estimated fair value. Additionally, we consider various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, stage in its life cycle, intent and ability for us to recover our investment in the entity, financial condition and long-term prospects of the entity, short-term liquidity needs, trends in the general economic environment, entitlement status of the land, overall projected returns on investment, defaults under contracts with third parties (including bank debt), recoverability of the investment through future cash flows and relationships with the other partners. If we believe that the decline in the fair value of the investment is temporary, then no impairment is recorded.
Income Taxes
Income Taxes — We account for income taxes in accordance with ASC Topic 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are recorded based on future tax consequences of temporary differences between the amounts reported for financial reporting purposes and the amounts deductible for income tax purposes, and are measured using enacted tax rates expected to apply in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted.
We periodically assess our deferred tax assets, including the benefit from net operating losses, to determine if a valuation allowance is required. A valuation allowance is established when, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Realization of the deferred tax assets is dependent upon,
among other matters, taxable income in prior years available for carryback, estimates of future income, tax planning strategies, and reversal of existing temporary differences.
Property and Equipment, net
Property and Equipment, net — Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is generally computed using the straight-line basis over the estimated useful lives of the assets as follows:
Buildings: 20 – 40 years
Building and leasehold improvements: 10 years or remaining life of building/lease term if less than 10 years
Furniture, fixtures, and equipment: 5 years
IT equipment: 3 years
Model and sales office improvements: lesser of 3 years or the expected life of the community
Maintenance and repair costs are expensed as incurred.
Depreciation expense was $7.5 million, $11.5 million, and $9.0 million, respectively, for the years ended December 31, 2025, 2024, and 2023. Depreciation expense is recorded in General and administrative expenses in the Consolidated statement of operations.
Goodwill Goodwill — The excess of the purchase price of a business acquisition over the net fair value of assets acquired and liabilities assumed is capitalized as Goodwill in accordance with ASC Topic 350, Intangibles — Goodwill and Other ("ASC 350"). ASC 350 requires that goodwill and intangible assets that do not have finite lives not be amortized, but rather assessed for impairment at least annually or more frequently if certain impairment indicators are present. We perform our annual impairment test during the fourth fiscal quarter or whenever impairment indicators are present.
Insurance Costs Insurance Costs — We have certain deductible limits for each of our policies under our workers’ compensation, automobile, and general liability insurance policies, and we record expense and liabilities for the estimated costs of potential claims for such policies. Excess liability exposure is aggregated annually and applied in excess of automobile liability, employer’s liability under workers compensation and general liability policies.
Self-Insurance Reserves
Self-Insurance Reserves — We are the parent of Beneva Indemnity Company (“Beneva”), a wholly-owned captive insurance company, which provides insurance coverage for construction defects discovered up to ten years following the close of a home, coverage for premise operations risk, and property damage. We accrue for the expected costs associated with the deductibles and self-insured amounts under our various insurance policies based on historical claims, estimates for claims incurred but not reported, and potential for recovery of costs from insurance and other sources. The estimates are subject to significant variability due to factors such as claim settlement patterns, litigation trends, and the extended period of time in which a construction defect claim might be made after the closing of a home. We also generally require our subcontractors and design professionals to indemnify us and provide evidence of insurance for liabilities arising from their work, subject to certain limitations. Our loss reserves for self-insured claims are based on factors that include an actuarial study for historical and anticipated claims, trends related to similar product types, number of home closings, and geographical areas. We regularly review the reasonableness and adequacy of our reserves and make adjustments to the balance of the preexisting reserves to reflect changes in trends and historical data as information becomes available. Self-insurance reserves are included in Accrued expenses and other liabilities on the Consolidated balance sheets.
Warranty Reserves
Warranty Reserves — We offer a one year limited warranty to cover various defects in workmanship or materials, a two year limited warranty on certain systems (such as electrical or cooling systems), and a ten year limited warranty on structural defects. We also provide third-party warranty coverage on homes where required by Federal Housing Administration or Veterans Administration lenders. Warranty reserves are established as homes close in an amount estimated to be adequate to cover expected costs of materials and outside labor during warranty periods. Our warranty is not considered a separate performance obligation in the sales arrangement since it is not priced separately from the home, therefore, it is accounted for in accordance with ASC Topic 450, Contingencies, which states that warranties that are not separately priced are generally accounted for by accruing the estimated costs to fulfill the warranty obligation. As a result, we accrue the estimated costs to fulfill the warranty obligation at the time a home closes, as a component of Cost of home closings on the Consolidated statements of operations.
Employee Benefit Plans Employee Benefit Plans — We maintain a defined contribution plan pursuant to Section 401(k) of the Internal Revenue Code (“401(k) Plan”). Each eligible employee may elect to make before-tax contributions up to the current tax limits. At December 31, 2025, we match 100% of employees’ voluntary contributions up to 4% of eligible compensation, and 50% for each dollar contributed between 4% and 5% of eligible compensation. We contributed $15.3 million, $14.4 million, and $13.2 million to the 401(k) Plan for the years ended December 31, 2025, 2024, and 2023, respectively.
Treasury Stock Treasury Stock — We account for treasury stock, including the shares repurchased as part of our Accelerated Share Repurchase ("ASR") programs, in accordance with ASC Topic 505-30, Equity—Treasury Stock. Repurchased shares are reflected as a reduction in Stockholders’ equity.
Stock Based Compensation
Stock Based Compensation — We have stock options, performance-based restricted stock units ("PRSUs") and non-performance-based restricted stock units ("RSUs" or "Restricted stock"), which we account for in accordance with ASC Topic
718-10, Compensation — Stock Compensation. The fair value for stock options is measured and estimated on the date of grant using the Black-Scholes option pricing model and recognized evenly over the vesting period of the options. PRSUs are measured using the closing price on the date of grant and expensed using a probability of attainment calculation which determines the likelihood of achieving the performance targets. RSUs are time-based awards and measured using the closing price on the date of grant and are expensed ratably over the vesting period.
Revenue Recognition
Revenue Recognition — Revenue is recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”). The standard’s core principle requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services.
Home and land closings revenue
Under Topic 606, the following steps are applied to determine home closings revenue and land closings revenue recognition:
(1) identify the contract(s) with our customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the performance obligation(s) are satisfied. Our home sales transactions have one contract, with one performance obligation, with each customer to build and deliver the home purchased (or develop and deliver land). Based on the application of the five steps, the following summarizes the timing and manner of home and land closings revenue:
•Revenue from home closings is recognized when the buyer has made the required minimum down payment, obtained necessary financing, the risks and rewards of ownership are transferred to the buyer, and we have no continuing involvement with the property, which is generally upon the close of escrow. Revenue is reported net of any discounts and incentives.
•Revenue from land closings is recognized when a significant down payment is received, title passes and collectability of the receivable, if any, is probable, and control of the property transfers to the buyer, which is generally upon the close of escrow.
Amenity and other revenue
We own and operate certain amenities such as golf courses, club houses, and fitness centers, which require us to provide club members with access to the facilities in exchange for the payment of club dues. We collect club dues and other fees from club members, which are invoiced and recorded as revenue on a monthly basis. Revenue from our golf club operations is also included in Amenity and other revenue. Amenity and other revenue also includes revenue from the sale of assets from our Urban Form operations and Build-to-Rent operations which is recorded as control transfers to the buyer at transaction close and other criteria of ASC 606 are met. In addition, lease revenue is recognized by Urban Form for commercial and residential leases and Build-to-Rent operations for the rental home leases.
During the year ended December 31, 2025, we sold one Urban Form asset in California and one Build-to-Rent asset in Phoenix, generating $22.8 million and $55.2 million of revenue, respectively, which was recorded in Amenity and other revenue on the Consolidated statements of operations within our Corporate and Unallocated operating and reporting segment. The sale of these assets resulted in $0.9 million and $9.9 million of gross margin for Urban Form and Build-to-Rent, respectively. For the year ended December 31, 2024, we sold two Build-to-Rent projects for an aggregate of $88.4 million in revenue and $6.1 million of gross margin.
Financial services revenue
Mortgage operations and hedging activity related to financial services are not within the scope of Topic 606. Loan origination fees (including title fees, points, and closing costs) are recognized at the time the related real estate transactions are completed, which is usually upon the close of escrow. Generally, loans TMHF originates are sold to third-party investors within a short period of time, on a non-recourse basis. Gains and losses from the sale of mortgages are recognized in accordance with ASC Topic 860-20, Sales of Financial Assets. TMHF does not have continuing involvement with the transferred assets; therefore, we derecognize the mortgage loans at time of sale, based on the difference between the selling price and carrying value of the related loans upon sale, recording a gain/loss on sale in the period of sale. Also included in Financial services revenue/expenses is the realized and unrealized gains and losses from hedging instruments. See "Prepaid Expenses and Other Assets, net — Derivative Assets" above.
Advertising Costs
Advertising Costs — We expense advertising costs as incurred. For the years ended December 31, 2025, 2024, and 2023, advertising costs were $40.7 million, $33.8 million, and $28.7 million, respectively. Such costs are included in Sales, commissions and other marketing costs on the Consolidated statements of operations.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements — In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2024-03, Disaggregation of Income Statement Expenses, which establishes new disclosure requirements for income statement expenses. Under the new guidance, entities must provide greater disaggregation of expenses which includes disclosing the amounts of purchases of inventory, employee compensation, and
depreciation included in each relevant expense caption. Entities will also have to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, the total amount of selling expenses, and a definition of selling expenses. ASU 2024-03 can be applied prospectively or retrospectively and is effective for the annual reporting period ending December 31, 2027. The adoption of ASU 2024-03 will not impact our Consolidated financial statements but we are currently reviewing the impact that it may have on our footnote disclosures.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which establishes new guidance regarding timing of capitalizing software costs. Under the new guidance, entities are required to start capitalizing software costs when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 can be applied prospectively or retrospectively and is effective for annual and reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. We are currently reviewing the impact the adoption of ASU 2025-06 will have on our consolidated financial statements or disclosures, however we do not expect it to have a material impact.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which lists the disclosures required under ASC 270 and establishes a disclosure principal. The disclosure principal requires entities issuing condensed statements to disclose events occurring since the end of the most recent fiscal year that have a material impact on the entity. ASU 2025-11 can be applied prospectively or retrospectively and is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. We are currently reviewing the impact the adoption of ASU 2025-11 will have on our consolidated financial statements or disclosures, however we do not expect it to have a material impact.
Earnings Per Share
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if all outstanding dilutive equity awards to issue shares of common stock were exercised or settled.
Fair Value Measurement
ASC Topic 820, Fair Value Measurement, provides a framework for measuring fair value under GAAP, expands disclosures about fair value measurements, and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are summarized as follows:
Level 1 — Fair value is based on quoted prices for identical assets or liabilities in active markets.
Level 2 — Fair value is determined using quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active or are directly or indirectly observable.
Level 3 — Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as a pricing model, discounted cash flow, or similar technique.
The fair value of our Mortgage loans held for sale is derived from negotiated rates with partner lending institutions. The fair value of derivative assets and liabilities includes IRLCs and mortgage backed securities (“MBS”). The fair value of IRLCs is based on the value of the underlying mortgage loans, quoted MBS prices and the probability that the mortgage loan will fund within the terms of the IRLCs. We estimate the fair value of the forward sales commitments based on quoted MBS prices. The fair value of our Mortgage warehouse borrowings and Loans payable and other borrowings approximate carrying value due to their short term nature and variable interest rate terms. The fair value of our Senior Notes is derived from quoted market prices by independent dealers in markets that are not active.
During the year ended December 31, 2025, we invested in fixed income funds and equity securities. Fixed income funds consist of investments in diversified portfolios of corporate bonds, U.S. Treasury securities, and other debt instruments. These investments are valued based on the underlying securities’ observable market inputs, including benchmark yields, reported trades of identical or similar securities, issuer spreads, and broker‑quoted prices. Equity securities primarily include investments in publicly traded companies. The fair values of these securities are based on quoted prices in active markets.
There were no changes to or transfers between the levels of the fair value hierarchy for any of our financial instruments as of December 31, 2025, when compared to December 31, 2024.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Land Banking Agreements
A summary of land banking agreements related to our home building operations is as follows:
As of December 31,
(Dollars in millions)20252024
Lots under land banking agreements8,4986,895
Aggregate purchase price$1,687.8$1,165.4
Exposure to loss$211.7$154.8
A summary of land banking agreements related to our Build-to-Rent operations is as follows:
We did not have any land banking agreements for Build-to-Rent as of December 31, 2024.
As of December 31,
(Dollars in millions)2025
Build-to-Rent lots under land banking agreements4,325
Build-to-Rent aggregate purchase price$935.2
Build-to-Rent exposure to loss$43.6
Summary of Lease, Cost
A summary of our leases is shown below:
 Operating Leases
As of December 31,		 Finance Leases
As of December 31,
(Dollars in millions)2025 2024 2023 2025 2024 2023
Weighted average discount rate5.8% 5.8% 5.9% 7.3% 7.3% 7.3%
Weighted average remaining lease term (in years)
4.8 4.9 3.8 82.3 83.1 85.1
Payments on lease liabilities$18.1 $21.4 $28.1 $1.4 $1.4 $1.3
Lease expense$15.5 $18.3 $22.8 $2.1 $2.1 $2.0
Summary of Future Lease Payments
The future minimum lease payments required under our leases as of December 31, 2025 are as follows (dollars in thousands):
Years Ending December 31,
Operating
Lease
Payments
Finance
Lease
Payments
Total
Lease
Payments
2026$15,123 $1,385 $16,508 
202712,022 1,385 13,407 
20287,686 1,385 9,071 
20296,783 1,574 8,357 
20303,716 1,560 5,276 
Thereafter7,545 254,265 
(1)
261,810 
Total lease payments$52,875 $261,554 $314,429 
Less: Interest$6,767 $236,137 $242,904 
Present value of future lease payments$46,108 $25,417 $71,525 
(1) Includes a 90-year land lease with 83 years remaining.
Summary of Prepaid Expenses and Other Assets
Prepaid Expenses and Other Assets, net — Prepaid expenses and other assets, net consist of the following:
 As of December 31,
(Dollars in thousands)20252024
Prepaid expenses$67,724 $41,254 
Other assets205,231 86,422 
Build-to-Rent assets293,715 242,966 
Total prepaid expenses and other assets, net$566,670 $370,642 
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Summary of Components of Basic and Diluted Earnings Per Share
The following is a summary of the components of basic and diluted earnings per share:
 Year Ended December 31,
 202520242023
Numerator:   
Net income$782,500 $883,309 $768,929 
Denominator:   
Weighted average shares – basic99,069104,813108,424
Restricted stock767986925
Stock options8711,047796
Weighted average shares – diluted100,707106,846110,145
Earnings per common share – basic$7.90 $8.43 $7.09 
Earnings per common share – diluted$7.77 $8.27 $6.98 
v3.25.4
REAL ESTATE INVENTORY (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Inventory
Inventory consists of the following:
 As of December 31,
(Dollars in thousands)20252024
Real estate developed and under development$4,651,588 $4,455,623 
Real estate held for development or held for sale (1)
8,975 26,301 
Total land inventory4,660,563 4,481,924 
Operating communities (2)
1,231,825 1,524,352 
Capitalized interest154,080 156,613 
Total owned inventory6,046,468 6,162,889 
Consolidated real estate not owned94,195 71,195 
Total real estate inventory$6,140,663 $6,234,084 
(1)Real estate held for development or held for sale includes properties which are not in active production.
(2)Operating communities consist of all vertical construction costs relating to homes in progress and completed homes.
Schedule of owned and controlled lots
A summary of owned and controlled lots is as follows:
As of December 31,
20252024
Owned lots:
Undeveloped14,533 16,345 
Under development8,634 8,774 
Finished12,842 11,599 
Total owned lots36,009 36,718 
Controlled lots:
Land option purchase contracts8,6329,529
Land banking arrangements8,4986,895
Other controlled lots(1)
25,69633,011
Total controlled lots42,82649,435
Total owned and controlled lots78,83586,153
Homes in inventory5,6827,698
(1)Other controlled lots include single transaction take-downs and lots from our portion of unconsolidated JVs.
Schedule of Interest Capitalized, Incurred, Expensed and Amortized
Capitalized Interest — Interest capitalized, incurred and amortized is as follows:
 Year ended December 31,
(Dollars in thousands)202520242023
Interest capitalized - beginning of period$156,613 $174,449 $190,123 
Interest capitalized101,567 96,363 119,196 
Interest amortized to cost of home closings(104,100)(114,199)(134,870)
Interest capitalized - end of period$154,080 $156,613 $174,449 
v3.25.4
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Summarized Financial Information of Unconsolidated Entities Accounted by Equity Method
Summarized, unaudited condensed combined financial information of unconsolidated entities that are accounted for by the equity method are as follows (in thousands):
 As of December 31,
 20252024
Assets:
Real estate inventory$1,597,008 $1,396,887 
Other assets226,356 226,198 
Total assets$1,823,364 $1,623,085 
Liabilities:
Debt$704,825 $576,753 
Other liabilities50,225 69,706 
Total liabilities$755,050 $646,459 
Owners’ equity:
TMHC$486,978 $439,721 
Others581,336 536,905 
Total owners’ equity$1,068,314 $976,626 
Total liabilities and owners’ equity$1,823,364 $1,623,085 
 Years ended December 31,
 202520242023
Revenues$381,810 $305,057 $158,174 
Costs and expenses(368,449)(288,473)(135,007)
Net income from unconsolidated entities$13,361 $16,584 $23,166 
TMHC’s share in net income of unconsolidated entities$4,867 $6,347 $8,757 
Distributions to TMHC from unconsolidated entities$43,190 $42,627 $10,054 
Schedule of Assets and Liabilities of Consolidated Joint Ventures
Assets and liabilities of the consolidated joint ventures consist of the following (in thousands):
 Years ended December 31,
20252024
Cash and cash equivalents$36,075 $18,112 
Owned real estate inventory75,050 79,100 
Other assets916 1,447 
Total assets of consolidated joint ventures$112,041 $98,659 
Liabilities of consolidated joint ventures(1)
$51,762 $48,488 
(1) Liabilities of consolidated joint ventures is primarily comprised of accounts payable and accrued expenses and other liabilities.
v3.25.4
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Summary of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following (in thousands):
 As of December 31,
 20252024
Real estate development costs to complete$77,094 $44,046 
Compensation and employee benefits125,878 174,509 
Self-insurance and warranty reserves227,641 214,105 
Interest payable39,701 32,288 
Property and sales taxes payable
30,747 36,575 
Other accruals181,439 130,727 
Total accrued expenses and other liabilities$682,500 $632,250 
Summary of Changes in Reserves A summary of the changes in reserves are as follows (in thousands):
 Year Ended
December 31,
 202520242023
Reserve - beginning of period$214,105 $184,448 $161,675 
Additions to reserves79,129 82,376 83,226 
Cost of claims incurred(105,564)(85,454)(80,646)
Changes in estimates to pre-existing reserves39,971 32,735 20,193 
Reserve - end of period
$227,641 $214,105 $184,448 
v3.25.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of Senior Notes and Other Borrowings
Total debt consists of the following (in thousands):
 As of December 31,
 20252024
 Principal
Unamortized
Debt Issuance (Costs)/
Premium
Carrying
Value
Principal
Unamortized
Debt Issuance (Costs)/
Premium
Carrying
Value
5.875% Senior Notes due 2027
$— $— $— $500,000 $(1,890)$498,110 
6.625% Senior Notes due 2027(1)
— — — 27,070 733 27,803 
5.75% Senior Notes due 2028
450,000 (1,289)448,711 450,000 (1,920)448,080 
5.125% Senior Notes due 2030
500,000 (2,906)497,094 500,000 (3,539)496,461 
5.75% Senior Notes due 2032
525,000 (7,472)517,528 — — — 
Senior Notes subtotal$1,475,000 $(11,667)$1,463,333 $1,477,070 $(6,616)$1,470,454 
Loans payable and other borrowings745,169 — 745,169 475,569 — 475,569 
Revolving Credit Facility(2)
— — — — — — 
Mortgage warehouse borrowings82,605 — 82,605 174,460 — 174,460 
Total debt$2,302,774 $(11,667)$2,291,107 $2,127,099 $(6,616)$2,120,483 
(1)Unamortized debt issuance premium is reflective of fair value adjustments as a result of purchase accounting.
(2)Unamortized debt issuance costs are included in Prepaid expenses and other assets, net on the Consolidated balance sheets.
Summary of TMHF Mortgage Warehouse Borrowings
The following is a summary of our TMHF mortgage warehouse borrowings:
 As of December 31, 2025
Facility
Amount
Drawn
Facility
Amount
Interest
Rate(1)
Expiration
Date
Collateral(1)
Warehouse B
$— $60,000 
Term SOFR + 1.70%
on demandMortgage loans
Warehouse C44,596 125,000 
Term SOFR + 1.50%
on demandMortgage loans
Warehouse D14,552 125,000 
Daily SOFR + 1.50%
September 2, 2026
Mortgage loans
Warehouse E23,457 100,000 
Term SOFR + 1.60%
on demandMortgage loans
Total$82,605 $410,000   
 As of December 31, 2024
Facility
Amount
Drawn
Facility
Amount
Interest
Rate(1)
Expiration
Date
Collateral(1)
Warehouse A(2)
$— $— 
Term SOFR + 1.70%
on demandMortgage loans
Warehouse B(2)
2,123 60,000 
Term SOFR + 1.70%
on demandMortgage loans
Warehouse C69,008 125,000 
Term SOFR + 1.50%
on demandMortgage loans
Warehouse D60,176 125,000 
Daily SOFR + 1.50%
September 3. 2025(3)
Mortgage loans
Warehouse E
43,153 100,000 
Term SOFR + 1.60%
on demandMortgage loans
Total$174,460 $410,000   
(1)The mortgage warehouse borrowings outstanding as of December 31, 2025 and 2024, were collateralized by $132.5 million and $207.9 million, respectively, of Mortgage loans held for sale. "SOFR" refers to the Secured Overnight Financing Rate.
(2)During December 2024, Warehouse A's bank was purchased by Warehouse B's bank and created a new facility referred to as Warehouse B. As a result, there was no availability under Warehouse A as of December 31, 2024. Warehouse B has been relabeled and was labeled as Warehouse F in our 2024 Annual Report.
(3)On August 29, 2025, we extended the term of Warehouse D to September 2, 2026
Summary of Principal Maturities of Total Debt
Principal maturities of total debt for the year ended December 31, 2025 are as follows (in thousands):
(Dollars in thousands)Year Ended
December 31,
2026$314,730 
2027103,467 
2028510,631 
2029145,085 
2030636,176 
Thereafter592,685 
Total debt$2,302,774 
v3.25.4
FAIR VALUE DISCLOSURES (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Carrying Value and Fair Value of Financial Instruments
The carrying value and fair value of our financial instruments are as follows:
  As of December 31, 2025As Of December 31, 2024
(Dollars in thousands)
Level in Fair
Value Hierarchy
Carrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Description:
Mortgage loans held for sale2$132,512 $132,512 $207,936 $207,936 
IRLCs3(12,715)(12,715)(5,917)(5,917)
MBSs2(1,858)(1,858)4,174 4,174 
Mortgage warehouse borrowings282,605 82,605 174,460 174,460 
Loans payable and other borrowings2745,169 745,169 475,569 475,569 
5.875% Senior Notes due 2027 (1)
2— — 498,110 501,770 
6.625% Senior Notes due 2027 (1)
2— — 27,803 26,804 
5.75% Senior Notes due 2028 (1)
2448,711 457,956 448,080 446,679 
5.125% Senior Notes due 2030 (1)
2497,094 503,070 496,461 478,455 
5.75% Senior Notes due 2032 (1)
2517,528 539,963 — — 
U.S. Treasury securities
127,174 27,174 — — 
Corporate bonds
227,159 27,159 — — 
Equity securities
14,932 4,932 201 201 
(1)Carrying value for Senior Notes, as presented, includes unamortized debt issuance costs or bond premium. Debt issuance costs are not factored into the fair value calculation for the Senior Notes.
Summary of Fair Value Measurements, Nonrecurring
The fair value of such inventories are as follows for the periods presented:
(Dollars in thousands)
As of
March 31,June 30,September 30,December 31,
2025$75,122 $31,615 $19,473 
(1)
2024
(1)
$7,024 
(1)
$10,560 
(1) No fair value adjustment recorded in period.
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Summary of Provision for Income Taxes
The provision for income taxes for the years ended December 31, 2025, 2024 and 2023 consisted of the following:
 Year Ended December 31,
(Dollars in thousands)202520242023
Current:
Federal$195,994 $231,758 $196,464 
State46,504 46,902 51,009 
Current tax provision$242,498 $278,660 $247,473 
Deferred:
Federal$7,464 $(8,951)$(1,003)
State818 (161)1,627 
Deferred tax provision$8,282 $(9,112)$624 
Total income tax provision$250,780 $269,548 $248,097 
Summary of Reconciliation of Provision (Benefit) for Income Taxes
A reconciliation of the provision for income taxes and the amount computed by applying the federal statutory income tax rate of 21% to income before provision for income taxes is as follows:
Year Ended December 31,
(Dollars in thousands)202520242023
Tax at federal statutory rate$218,829 21.0%$242,785 21.0%$213,746 21.0%
State income taxes (net of federal benefit)(1)
37,556 3.6 36,891 3.2 41,924 4.1 
Tax credits— — (7,701)(0.7)(3,976)(0.4)
Changes in valuation allowances— — — — (36,054)(3.5)
Nontaxable or nondeductible items(2,610)(0.3)(555)0.0 1,991 0.2 
Changes in unrecognized tax benefits1,714 0.2 — — — — 
Other
Capital loss carryforward— — — — 36,054 3.5 
Other adjustments(4,709)(0.4)(1,872)(0.2)(5,588)(0.5)
Effective Rate(2)
$250,780 24.1%$269,548 23.3%$248,097 24.4%
(1) State taxes in California and Florida contributed to the majority of the tax effect in this category.
(2) The adoption of ASU 2023-09, Income Taxes has been reflected in our rate reconciliation above including revisions to the presentation of the prior year rate reconciliations for comparative purposes.
Summary of Components of Deferred Tax Assets and Liabilities A summary of these components for the years ending December 31, 2025 and 2024 is as follows:
 Years Ended December 31,
(Dollars in thousands)20252024
Deferred tax assets:
Real estate inventory$25,321 $26,483 
Accruals and reserves66,687 73,418 
Net operating losses (1)
43,242 48,996 
Other (2)
25,962 20,666 
Total deferred tax assets$161,212 $169,563 
Deferred tax liabilities:
Intangibles (2)
$(26,516)$(21,526)
Other (2)
(12,246)(10,875)
Deferred income(43,503)(55,186)
Total Deferred Tax Liabilities$(82,265)$(87,587)
Valuation allowance(4,584)(5,728)
Total net deferred tax assets$74,363 $76,248 
(1)A portion of our net operating losses is limited by Section 382 of the Internal Revenue Code, stemming from three business acquisitions: 1) the 2011 acquisition of the Company by our former principal equity holders, 2) the 2018 acquisition of AV Homes and 3) the 2022 acquisition of William Lyon Homes. All three acquisitions were deemed to be a change in control as defined by Section 382.
(2)The 2024 deferred tax assets and liabilities have been recast to reflect changes in classifications of certain assets and liabilities for greater clarity in comparison to the classifications reported in 2025. Prior year amounts reported in Real estate inventory and Other deferred tax liabilities have been further broken out into the Intangibles, Other deferred tax assets, and Other deferred tax liabilities categories above.
Summary of Unrecognized Tax Benefits Roll Forward
A reconciliation of the change in the unrecognized tax benefits is as follows:
Year Ended December 31,
(Dollars in thousands)20252024
Unrecognized tax benefits - January 1,$— $— 
Increases related to positions taken during a current period1,446 — 
Decreases related to positions taken during a current period
— — 
Increases related to positions taken during a prior period4,986 — 
Decreases related to positions taken during a prior period— — 
Decreases related to settlements with taxing authorities— — 
Reductions related to lapse of the applicable statute of limitations— — 
Unrecognized tax benefits - December 31, $6,432 $— 
Summary of Net of Refunds Received
A reconciliation of taxes paid during 2025, net of refunds received, is as follows:
Year Ended December 31,
(Dollars in thousands)202520242023
Federal$252,500 $212,227 $157,229 
State
California
*14,908 16,604 
Florida21,491 14,877 11,350 
Other29,974 22,413 19,091 
Subtotal state taxes paid51,465 52,198 47,045 
Total taxes paid$303,965 $264,425 $204,274 
*The amount of income taxes paid during the year does not meet the 5% disaggregation threshold
v3.25.4
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Summary of Accelerated Share Repurchases
The following table summarizes share repurchase activity for the program for the years ended December 31, 2025 and 2024:
(Number of Shares)2025 2024
Number of shares repurchased with ASR
1,855,411 2,977,494 
Other share repurchases(1)
4,597,3172,630,358
Total amount repurchased6,452,728  5,607,852 
(1) Amount represents shares repurchased under our existing stock repurchase program which are not part of ASRs.
Summary of Stock Repurchases
The following table summarizes our spend on share repurchases for the years ended December 31, 2025 and 2024:
(Dollars in thousands)20252024
Amount available for repurchase — beginning of period$910,093 $494,489 
Amount cancelled from expired or unused authorizations— (236,799)
Additional amount authorized for repurchase (1)
— 1,000,000 
Amount repurchased (2)
(381,016)(347,597)
Amount available for repurchase — end of period(1)
$529,077 $910,093 
(1) On October 23, 2024, the Board of Directors authorized a renewal of the Company's stock repurchase program which permits the repurchase of the Company's common stock through December 31, 2026. On February 11, 2026, the Board of Directors authorized a renewal of the stock repurchase program, permitting repurchases up to $1.0 billion. This program expires on December 31, 2027 and replaces the prior authorization.
(2) Exclusive of the 1% excise tax on shares repurchased
v3.25.4
STOCK BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense
The following table provides information regarding the amount and components of stock-based compensation expense, which is included in General and administrative expenses on the Consolidated statements of operations (in thousands):
 Years Ended December 31,
 202520242023
Restricted stock (1)
$24,668 $17,837 $21,977 
Stock options4,381 4,624 4,118 
Total stock compensation$29,049 $22,461 $26,095 
(1) Includes compensation expense related to time-based RSUs and PRSUs.
Summary of Stock Option Activity
The following tables summarize stock option activity for the Plan for each year presented:
 Years Ended December 31,
 202520242023
 
Number Of
Options
Weighted Average Exercise/ Grant
Price
Number Of
Options
Weighted Average Exercise/ Grant
Price
Number Of
Options
Weighted Average Exercise/ Grant
Price
Outstanding, beginning1,956,696$28.98 2,254,142$26.84 3,273,258$23.35 
Granted(1)
132,27662.80 127,51356.48 359,76835.18 
Exercised(376,302)27.88 (414,629)25.75 (1,252,516)21.07 
Cancelled/forfeited(1)
(20,369)49.29 (10,330)31.74 (126,368)28.29 
Balance, ending1,692,301$31.62 1,956,696$28.98 2,254,142$26.84 
Options exercisable, at December 311,226,784$26.42 1,231,352$24.85 1,133,734$23.48 
(1)Excludes the number of options granted and canceled in the same period.
 As of December 31,
(Dollars in thousands)202520242023
Unamortized value of unvested stock options (net of estimated forfeitures)$6,687 $6,999 $7,861 
Weighted-average period (in years) expense expected to be recognized
2.52.42.5
Weighted-average remaining contractual life (in years) for options outstanding
5.55.76.4
Weighted-average remaining contractual life (in years) for options exercisable
4.74.54.8
Summary of Weighted-average Assumptions and Fair Value Used for Stock Options Grants
The following table summarizes the weighted-average assumptions and fair value used for stock options grants:
 Years Ended December 31,
 202520242023
Expected dividend yield— %— %— %
Expected volatility(1)
51.58 %51.60 %50.87 %
Risk-free interest rate(1)
4.29 %4.24 %3.90 %
Expected term (in years)(1)
6.256.256.25
Weighted average fair value of options granted during the period$34.53 $31.02 $14.50 
(1)Expected volatility and expected term are based on the historical information of comparable publicly traded homebuilders. Due to the limited number and homogeneous nature of option holders, the expected term was evaluated using a single group. The risk-free rate is based on the U.S. Treasury yield curve for periods equivalent to the expected term of the options on the grant date.
Summary of Aggregate Intrinsic Value of Options Outstanding and Exercisable
The following table provides information pertaining to the aggregate intrinsic value of options outstanding and exercisable at December 31, 2025, 2024 and 2023:
 As of December 31,
(Dollars in thousands)202520242023
Aggregate intrinsic value of options outstanding$46,607 $63,069 $59,758 
Aggregate intrinsic value of options exercisable$39,812 $44,766 $33,861 
Summary of Activity of Stock Units
The following table summarizes the activity of our PRSUs:
 Years Ended December 31,
 202520242023
Balance, beginning617,824724,123802,379
Granted145,468140,070229,164
Vested(245,941)(244,781)(245,306)
Forfeited(19,648)(1,588)(62,114)
Balance, ending497,703617,824724,123
 Years Ended December 31,
(Dollars in thousands):202520242023
PRSU expense recognized$9,873 $7,058 $12,619 
Unamortized value of PRSUs$9,343 $8,755 $8,122 
Weighted-average period expense is expected to be recognized (in years)1.81.81.8
The following tables summarize the activity of our RSUs:
 Years Ended December 31,
 202520242023
 
Number Of
RSUs
Weighted Average Grant Date Fair
Value
Number Of
RSUs (1)
Weighted Average Grant Date Fair
Value
Number Of
RSUs
Weighted Average Grant Date Fair
Value
Outstanding, beginning706,589$38.90 767,216$29.87 814,834$26.74 
Granted321,69660.52 251,43557.52 297,31735.96 
Vested(254,068)40.37 (305,702)31.30 (301,359)27.52 
Forfeited(30,557)57.20 (6,360)49.37 (43,576)29.81 
Balance, ending743,660$46.99 706,589$38.90 767,216$29.87 
 Years Ended December 31,
(Dollars in thousands):202520242023
RSU expense recognized$14,795 $10,779 $9,357 
Unamortized value of RSUs$16,630 $13,456 $10,496 
Weighted-average period expense is expected to be recognized (in years)1.82.21.7
v3.25.4
OPERATING AND REPORTING SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Summary of Reporting Segments
Our reporting segments are as follows:
EastAtlanta, Charlotte, Jacksonville, Naples, Orlando, Raleigh, Sarasota, and Tampa
CentralAustin, Dallas, Denver, Houston, and Indianapolis
West
Bay Area, Las Vegas, Phoenix, Pacific Northwest(1), Sacramento, and Southern California
Financial ServicesTaylor Morrison Home Funding, Inspired Title Services, and Taylor Morrison Insurance Services
(1) During the year ended December 31, 2025, we combined our Portland and Seattle divisions to become Pacific Northwest
Summary of Segment Information The segment information is consistent with the metrics reviewed in the CODM's package and is as follows (in thousands):
 Year Ended December 31, 2025
 
East
Central
West
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$2,816,997 $1,780,460 $3,157,977 $— $7,755,434 $— $7,755,434 
All other revenue21,910 23,941 14,382 209,407 269,640 96,406 $366,046 
Total revenue2,838,907 1,804,401 3,172,359 209,407 8,025,074 96,406 8,121,480 
Cost of home closings2,176,900 1,374,183 2,456,924 — 6,008,007 — $6,008,007 
All other cost of revenue24,672 17,012 15,917 104,618 162,219 81,046 $243,265 
Total cost of revenue
2,201,572 1,391,195 2,472,841 104,618 6,170,226 81,046 6,251,272 
Home closings gross margin640,097 406,277 701,053 — 1,747,427 — $1,747,427 
Total gross margin637,335 413,206 699,518 104,789 1,854,848 15,360 $1,870,208 
Sales, commissions and other marketing costs(2)
(177,473)(121,870)(149,723)— (449,066)(12,419)$(461,485)
General and administrative expenses(45,396)(32,462)(46,643)— (124,501)(149,005)$(273,506)
Net income/(loss) from unconsolidated entities
301 132 (2,915)12,540 10,058 (5,191)$4,867 
Interest and other (expense)/income, net(3)
(25,363)(19,455)(47,845)1,362 (91,301)6,584 $(84,717)
Loss on extinguishment of debt— — — — — (13,324)(13,324)
Income before income taxes$389,404 $239,551 $452,392 $118,691 $1,200,038 $(157,995)$1,042,043 
(1)Includes the activity from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects
 Year Ended December 31, 2024
 
East
Central
West
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$2,826,628 $1,969,381 $2,959,210 $— $7,755,219 $— $7,755,219 
All other revenue52,908 24,514 27,607 199,459 304,488 108,429 412,917 
Total revenue2,879,536 1,993,895 2,986,817 199,459 8,059,707 108,429 8,168,136 
Cost of home closings2,065,218 1,485,968 2,312,557 — 5,863,743 — 5,863,743 
All other cost of revenue43,604 20,825 34,569 108,592 207,590 112,591 320,181 
Total cost of revenue
2,108,822 1,506,793 2,347,126 108,592 6,071,333 112,591 6,183,924 
Home closings gross margin761,410 483,413 646,653 — 1,891,476 — 1,891,476 
Total gross margin770,714 487,102 639,691 90,867 1,988,374 (4,162)1,984,212 
Sales, commissions and other marketing costs(2)
(169,270)(131,997)(146,909)— (448,176)(7,916)(456,092)
General and administrative expenses(47,888)(34,501)(46,514)— (128,903)(185,503)(314,406)
Net (loss)/income from unconsolidated entities— (51)(28)8,915 8,836 (2,489)6,347 
Interest and other (expense)/income, net(3)
(771)(16,087)(6,646)2,112 (21,392)(42,551)(63,943)
Income before income taxes$552,785 $304,466 $439,594 $101,894 $1,398,739 $(242,621)$1,156,118 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects
 Year Ended December 31, 2023
 
East
Central
West
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$2,619,322 $1,935,500 $2,604,035 $— $7,158,857 $— $7,158,857 
All other revenue55,308 28,765 1,414 160,312 $245,799 13,175 258,974 
Total revenue2,674,630 1,964,265 2,605,449 160,312 7,404,656 13,175 7,417,831 
Cost of home closings1,900,833 1,443,490 2,107,078 — 5,451,401 — 5,451,401 
All other cost of revenue52,478 24,846 2,053 93,989 173,366 9,991 183,357 
Total cost of revenue
1,953,311 1,468,336 2,109,131 93,989 5,624,767 9,991 5,634,758 
Home closings gross margin718,489 492,010 496,957 — 1,707,456 — 1,707,456 
Total gross margin721,319 495,929 496,318 66,323 1,779,889 3,184 1,783,073 
Sales, commissions and other marketing costs(2)
(145,943)(128,914)(136,522)— (411,379)(6,755)(418,134)
General and administrative expenses(39,381)(29,893)(42,306)— (111,580)(168,993)(280,573)
Net (loss)/income from unconsolidated entities— (98)(217)9,148 8,833 (76)8,757 
Interest and other expense, net(3)
(73,205)(7,608)3,981 — (76,832)1,842 (74,990)
Loss on extinguishment of debt— — — — — (295)(295)
Income before income taxes$462,790 $329,416 $321,254 $75,471 $1,188,931 $(171,093)$1,017,838 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects
Summary of Assets by Segment
 As of December 31, 2025
 EastCentralWestFinancial
Services		Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Real estate inventory and land deposits$2,471,115 $1,177,184 $2,853,054 $— $6,501,353 $— $6,501,353 
Investments in unconsolidated entities97,679 206,571 75,473 5,483 385,206 101,772 486,978 
Other assets226,288 272,770 581,059 227,218 1,307,335 1,542,131 2,849,466 
Total assets$2,795,082 $1,656,525 $3,509,586 $232,701 $8,193,894 $1,643,903 $9,837,797 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
 As of December 31, 2024
 EastCentralWest
Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Real estate inventory and land deposits$2,389,791 $1,296,272 $2,847,689 $— $6,533,752 $— $6,533,752 
Investments in unconsolidated entities86,378 164,434 94,864 5,483 351,159 88,562 439,721 
Other assets173,489 225,846 610,212 297,107 1,306,654 1,017,004 2,323,658 
Total assets$2,649,658 $1,686,552 $3,552,765 $302,590 $8,191,565 $1,105,566 $9,297,131 
(1)Includes the assets from our Build-To-Rent and Urban Form operations
v3.25.4
MORTGAGE HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summaries of Derivative Instruments
The following summarizes derivative instruments as of the periods presented:
 As of
 December 31, 2025December 31, 2024
(Dollars in thousands)
Fair Value
Notional Amount (1)
Fair Value
Notional Amount (1)
IRLCs$(12,715)$261,341 $(5,917)$233,881 
MBSs(1,858)561,000 4,174 405,000 
Total$(14,573) $(1,743) 
(1)The notional amounts in the table above include mandatory and best effort mortgages, that have been locked and approved.
v3.25.4
BUSINESS (Details)
 12 Months Ended
Dec. 31, 2025
Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 4
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
asset
Dec. 31, 2024
USD ($)
asset
Dec. 31, 2023
USD ($)
Significant Accounting Policies [Line Items]      
Real estate inventory impairments $ 28,821,000 $ 29,637,000 $ 11,791,000
Real estate asset impairments 0 12,500,000 0
Land inventory held for sale impairments 0   0
Non-refundable deposits 7,300,000 5,400,000  
Investments 59,300,000 0  
Impairment charges related to investments in unconsolidated entities 0 0 0
Depreciation expense $ 7,500,000 11,500,000 9,000,000.0
Insurance coverage period 10 years    
Warranty coverage period, workmanship or materials 1 year    
Warranty coverage period, systems 2 years    
Warranty coverage period, structural defects 10 years    
Contribution made to consolidated defined contribution plan $ 15,300,000 14,400,000 13,200,000
Total revenue 8,121,480,000 8,168,136,000 7,417,831,000
Total gross margin 1,870,208,000 1,984,212,000 1,783,073,000
Advertising costs 40,700,000 33,800,000 28,700,000
Amenity and other revenue      
Significant Accounting Policies [Line Items]      
Total revenue $ 119,695,000 132,041,000 37,691,000
Minimum      
Significant Accounting Policies [Line Items]      
Life cycle of communities (in years) 2 years    
Derivative term 30 days    
Maximum      
Significant Accounting Policies [Line Items]      
Life cycle of communities (in years) 5 years    
Derivative term 60 days    
Buildings | Minimum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 20 years    
Buildings | Maximum      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 40 years    
Building and Leasehold Improvements      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 10 years    
Model and sales office improvements      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 3 years    
Technology Equipment      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 3 years    
Furniture, Fixtures And Plant Equipment      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 5 years    
Urban Form Asset      
Significant Accounting Policies [Line Items]      
Land inventory held for sale impairments   $ 5,300,000  
Number of assets held-for-sale | asset   1  
Urban form asset reclassified carrying value   $ 86,200,000  
Urban Form Asset | Amenity and other revenue      
Significant Accounting Policies [Line Items]      
Number of assets sold | asset 1    
Total revenue $ 22,800,000    
Total gross margin $ 900,000    
Build-to-Rent | Amenity and other revenue      
Significant Accounting Policies [Line Items]      
Number of assets sold | asset 1 2  
Total revenue $ 55,200,000 $ 88,400,000  
Total gross margin $ 9,900,000 $ 6,100,000  
Employer Matching Contribution Tranche One      
Significant Accounting Policies [Line Items]      
Defined contribution plan employee matching contribution 100.00%    
Percentage of contribution based on participant's age and ranges 4.00%    
Employer Matching Contribution Tranche Two      
Significant Accounting Policies [Line Items]      
Defined contribution plan employee matching contribution 50.00%    
Percentage of contribution based on participant's age and ranges 4.00% 5.00%  
East and West Segments      
Significant Accounting Policies [Line Items]      
Real estate inventory impairments $ 28,800,000    
East and Central Segments      
Significant Accounting Policies [Line Items]      
Real estate inventory impairments   $ 5,000,000.0  
West Homebuilding Segment      
Significant Accounting Policies [Line Items]      
Real estate inventory impairments     $ 11,800,000
Land inventory held for sale impairments   $ 6,800,000  
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Land Banking Agreements (Details)
$ in Millions
Dec. 31, 2025
USD ($)
lot
Dec. 31, 2024
USD ($)
lot
Significant Accounting Policies [Line Items]    
Lots under land banking agreements (in lots) | lot 42,826 49,435
Controlled Lots, Land Banking Arrangements    
Significant Accounting Policies [Line Items]    
Lots under land banking agreements (in lots) | lot 8,498 6,895
Aggregate purchase price $ 1,687.8 $ 1,165.4
Exposure to loss $ 211.7 $ 154.8
Build To Rent Land Banking Agreement    
Significant Accounting Policies [Line Items]    
Lots under land banking agreements (in lots) | lot 4,325  
Aggregate purchase price $ 935.2  
Exposure to loss $ 43.6  
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -Summary of Lease, Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Leases      
Weighted average discount rate 5.80% 5.80% 5.90%
Weighted average remaining lease term (in years) 4 years 9 months 18 days 4 years 10 months 24 days 3 years 9 months 18 days
Payments on lease liabilities $ 18,100 $ 21,400 $ 28,100
Lease expense $ 15,500 $ 18,300 $ 22,800
Finance Leases      
Weighted average discount rate 7.30% 7.30% 7.30%
Weighted average remaining lease term (in years) 82 years 3 months 18 days 83 years 1 month 6 days 85 years 1 month 6 days
Payments on lease liabilities $ 1,385 $ 1,404 $ 1,316
Lease expense $ 2,100 $ 2,100 $ 2,000
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Future Lease Payments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Lease Payments    
2026 $ 15,123  
2027 12,022  
2028 7,686  
2029 6,783  
2030 3,716  
Thereafter 7,545  
Total lease payments 52,875  
Less: Interest 6,767  
Present value of future lease payments 46,108  
Finance Lease Payments    
2026 1,385  
2027 1,385  
2028 1,385  
2029 1,574  
2030 1,560  
Thereafter 254,265  
Total lease payments 261,554  
Less: Interest 236,137  
Present value of future lease payments 25,417  
Total Lease Payments    
2026 16,508  
2027 13,407  
2028 9,071  
2029 8,357  
2030 5,276  
Thereafter 261,810  
Total lease payments 314,429  
Less: Interest 242,904  
Present value of future lease payments $ 71,525 $ 78,998
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Present value of future lease payments  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Present value of future lease payments  
Land lease term 90 years  
Land lease term remaining 83 years  
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Prepaid Expenses and Other Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Prepaid expenses $ 67,724 $ 41,254
Other assets 205,231 86,422
Build-to-Rent assets 293,715 242,966
Total prepaid expenses and other assets, net $ 566,670 $ 370,642
v3.25.4
EARNINGS PER SHARE - Schedule of Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income $ 782,500 $ 883,309 $ 768,929
Denominator:      
Weighted average shares - basic (in shares) 99,069 104,813 108,424
Weighted average shares - diluted (in shares) 100,707 106,846 110,145
Earnings per common share — basic:      
Basic (in dollars per share) $ 7.90 $ 8.43 $ 7.09
Earnings per common share — diluted:      
Diluted (in dollars per share) $ 7.77 $ 8.27 $ 6.98
Restricted stock      
Denominator:      
Restricted stock units and stock options (in shares) 767 986 925
Stock options      
Denominator:      
Restricted stock units and stock options (in shares) 871 1,047 796
v3.25.4
EARNINGS PER SHARE - Narrative (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stock Options And RSUs      
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Shares excluded from the calculation of earnings per share (in shares) 230,870 120,255 303,033
Accelerated Share Repurchase (ASRs)      
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Shares excluded from the calculation of earnings per share (in shares) 336,935 176,725 0
v3.25.4
REAL ESTATE INVENTORY - Schedule of Inventory (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real Estate [Abstract]        
Real estate developed and under development $ 4,651,588 $ 4,455,623    
Real estate held for development or held for sale 8,975 26,301    
Total land inventory 4,660,563 4,481,924    
Operating communities 1,231,825 1,524,352    
Capitalized interest 154,080 156,613 $ 174,449 $ 190,123
Total owned inventory 6,046,468 6,162,889    
Consolidated real estate not owned 94,195 71,195    
Total real estate inventory $ 6,140,663 $ 6,234,084    
v3.25.4
REAL ESTATE INVENTORY - Schedule of Development Status of Land Inventory (Details)
Dec. 31, 2025
lot
home
Dec. 31, 2024
lot
home
Inventory [Line Items]    
Total owned lots 36,009 36,718
Number Of Controlled Lots 42,826 49,435
Total owned and controlled lots 78,835 86,153
Homes in inventory | home 5,682 7,698
Owned Lots, Undeveloped    
Inventory [Line Items]    
Total owned lots 14,533 16,345
Owned Lots, Under Development    
Inventory [Line Items]    
Total owned lots 8,634 8,774
Owned Lots, Finished    
Inventory [Line Items]    
Total owned lots 12,842 11,599
Controlled Lots, Land Option Purchase Contracts    
Inventory [Line Items]    
Number Of Controlled Lots 8,632 9,529
Controlled Lots, Land Banking Arrangements    
Inventory [Line Items]    
Number Of Controlled Lots 8,498 6,895
Controlled Lots, Other Controlled Lots    
Inventory [Line Items]    
Number Of Controlled Lots 25,696 33,011
v3.25.4
REAL ESTATE INVENTORY - Schedule of Interest Capitalized, Incurred, Expensed and Amortized (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Capitalized Interest Costs [Roll Forward]      
Interest capitalized - beginning of period $ 156,613 $ 174,449 $ 190,123
Interest capitalized 101,567 96,363 119,196
Interest amortized to cost of home closings (104,100) (114,199) (134,870)
Interest capitalized - end of period $ 154,080 $ 156,613 $ 174,449
v3.25.4
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Summarized Balance Sheets of Unconsolidated Entities Accounted by Equity Method (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Real estate inventory $ 6,140,663 $ 6,234,084
Other assets 2,849,466 2,323,658
Total assets of consolidated joint ventures 9,837,797 9,297,131
Liabilities:    
Debt 2,291,107 2,120,483
Total liabilities 3,528,508 3,418,951
Owners’ equity:    
Total liabilities and owners’ equity 9,837,797 9,297,131
Equity Method Investment, Nonconsolidated Investee or Group of Investees    
Assets:    
Real estate inventory 1,597,008 1,396,887
Other assets 226,356 226,198
Total assets of consolidated joint ventures 1,823,364 1,623,085
Liabilities:    
Debt 704,825 576,753
Other liabilities 50,225 69,706
Total liabilities 755,050 646,459
Owners’ equity:    
TMHC 486,978 439,721
Others 581,336 536,905
Total owners’ equity 1,068,314 976,626
Total liabilities and owners’ equity $ 1,823,364 $ 1,623,085
v3.25.4
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Summarized Statements of Operations of Unconsolidated Entities Accounted by Equity Method (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Revenues $ 8,121,480 $ 8,168,136 $ 7,417,831
Costs and expenses (6,251,272) (6,183,924) (5,634,758)
Net income from unconsolidated entities 782,500 883,309 768,929
Net income from unconsolidated entities 4,867 6,347 8,757
Distributions to TMHC from unconsolidated entities 12,789 12,929 9,230
Equity Method Investment, Nonconsolidated Investee or Group of Investees      
Schedule of Equity Method Investments [Line Items]      
Revenues 381,810 305,057 158,174
Costs and expenses (368,449) (288,473) (135,007)
Net income from unconsolidated entities 13,361 16,584 23,166
Taylor Morrison Home Corporation      
Schedule of Equity Method Investments [Line Items]      
Net income from unconsolidated entities 4,867 6,347 8,757
Distributions to TMHC from unconsolidated entities $ 43,190 $ 42,627 $ 10,054
v3.25.4
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Assets and liabilities Consolidated Joint Ventures (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Cash and cash equivalents $ 850,037 $ 487,151
Owned inventory 6,046,468 6,162,889
Other assets 2,849,466 2,323,658
Total assets of consolidated joint ventures 9,837,797 9,297,131
Liabilities of consolidated joint ventures 3,528,508 3,418,951
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Cash and cash equivalents 36,075 18,112
Owned inventory 75,050 79,100
Other assets 916 1,447
Total assets of consolidated joint ventures 112,041 98,659
Liabilities of consolidated joint ventures $ 51,762 $ 48,488
v3.25.4
ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Payables and Accruals [Abstract]        
Real estate development costs to complete $ 77,094 $ 44,046    
Compensation and employee benefits 125,878 174,509    
Self-insurance and warranty reserves 227,641 214,105 $ 184,448 $ 161,675
Interest payable 39,701 32,288    
Property and sales taxes payable 30,747 36,575    
Other accruals 181,439 130,727    
Total accrued expenses and other liabilities $ 682,500 $ 632,250    
v3.25.4
ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Changes in Reserves (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Summary of changes in warranty reserves      
Reserve - beginning of period $ 214,105 $ 184,448 $ 161,675
Additions to reserves 79,129 82,376 83,226
Cost of claims incurred (105,564) (85,454) (80,646)
Changes in estimates to pre-existing reserves 39,971 32,735 20,193
Reserves — end of period $ 227,641 $ 214,105 $ 184,448
v3.25.4
DEBT - Summary of Senior Notes and Other Borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Jul. 22, 2020
Aug. 01, 2019
Debt Instrument [Line Items]        
Principal $ 2,302,774 $ 2,127,099    
Unamortized Debt Issuance (Costs)/ Premium (11,667) (6,616)    
Carrying Value 2,291,107 2,120,483    
Loans payable and other borrowings        
Debt Instrument [Line Items]        
Principal 745,169 475,569    
Unamortized Debt Issuance (Costs)/ Premium 0 0    
Carrying Value 745,169 475,569    
Mortgage warehouse borrowings        
Debt Instrument [Line Items]        
Principal 82,605 174,460    
Unamortized Debt Issuance (Costs)/ Premium 0 0    
Carrying Value 82,605 174,460    
Senior Notes        
Debt Instrument [Line Items]        
Principal 1,475,000 1,477,070    
Unamortized Debt Issuance (Costs)/ Premium (11,667) (6,616)    
Carrying Value $ 1,463,333 1,470,454    
Senior Notes | Senior Notes 5.875% Due 2027        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 5.875%      
Principal $ 0 500,000    
Unamortized Debt Issuance (Costs)/ Premium 0 (1,890)    
Carrying Value $ 0 498,110    
Senior Notes | Senior Notes 6.625% Due 2027        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 6.625%      
Principal $ 0 27,070    
Unamortized Debt Issuance (Costs)/ Premium 0 733    
Carrying Value $ 0 27,803    
Senior Notes | Senior Notes 5.75% Due 2028        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 5.75%     5.75%
Principal $ 450,000 450,000    
Unamortized Debt Issuance (Costs)/ Premium (1,289) (1,920)    
Carrying Value $ 448,711 448,080    
Senior Notes | Senior Notes 5.125% Due 2030        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 5.125%   5.125%  
Principal $ 500,000 500,000    
Unamortized Debt Issuance (Costs)/ Premium (2,906) (3,539)    
Carrying Value $ 497,094 496,461    
Senior Notes | Senior Notes 5.75% Due 2032        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 5.75%      
Principal $ 525,000 0    
Unamortized Debt Issuance (Costs)/ Premium (7,472) 0    
Carrying Value 517,528 0    
Line of Credit | Revolving Credit Facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Principal 0 0    
Unamortized Debt Issuance (Costs)/ Premium 0 0    
Carrying Value $ 0 $ 0    
v3.25.4
DEBT - Senior Notes (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Repayments on senior notes   $ 527,070 $ 0 $ 350,000
Loss on extinguishment of debt   $ 13,324 $ 0 $ 295
Senior Notes | Senior Notes 5.75% Due 2032        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 5.75% 5.75%    
Aggregate principal amount $ 525,000 $ 525,000    
Redemption price percentage   100.00%    
Senior Notes | Senior Notes 5.875% Due 2027        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 5.875% 5.875%    
Debt instrument, repurchased face amount $ 479,200 $ 479,200    
Repayments on senior notes $ 20,800      
Repurchase amount, ratio 1.02307      
Redemption price, ratio 1.02198      
Loss on extinguishment of debt   $ 12,200    
Senior Notes | Senior Notes 6.625% Due 2027        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 6.625% 6.625%    
Redemption price percentage   100.00%    
Senior Notes | Senior Notes 6.625% Due 2027, WLH Notes        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 6.625% 6.625%    
Repayments on senior notes $ 1,630      
Senior Notes | Senior Notes 6.625% Due 2027, TM Communities Notes        
Debt Instrument [Line Items]        
Stated interest rate of senior notes 6.625% 6.625%    
Repayments on senior notes $ 25,440      
v3.25.4
DEBT - 2028 Senior Notes (Details) - Senior Notes - Senior Notes 5.75% Due 2028 - USD ($)
$ in Millions
Aug. 01, 2019
Dec. 31, 2025
Debt Instrument [Line Items]    
Aggregate principal amount $ 450.0  
Stated interest rate of senior notes 5.75% 5.75%
Redemption price percentage 100.00%  
v3.25.4
DEBT - 2030 Senior Notes (Details) - Senior Notes 5.125% Due 2030 - Senior Notes - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Jul. 22, 2020
Debt Instrument [Line Items]    
Aggregate principal amount   $ 500.0
Long term debt interest rate 5.125% 5.125%
Redemption price percentage 100.00%  
v3.25.4
DEBT - Revolving Credit Facility (Details)
 12 Months Ended
Dec. 22, 2025
USD ($)
d
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Loss on extinguishment of debt   $ 13,324,000 $ 0 $ 295,000
Letters of credit utilized   1,500,000,000 1,400,000,000  
Revolving credit facility borrowings   0 0  
Revolving Credit Facility | Line of Credit | Revolving Credit Facility        
Debt Instrument [Line Items]        
Loss on extinguishment of debt   1,100,000    
Unamortized debt issuance costs $ 5,200,000   2,000,000.0  
Maximum borrowing capacity on line of credit $ 1,000,000,000      
Letters of credit utilized   72,100,000 52,900,000  
Revolving credit facility borrowings   $ 0 0  
Availability under revolving credit facility     $ 947,100,000  
Maximum capitalization ratio   0.60    
Minimum consolidated tangible net worth requirement   $ 4,100,000,000    
Minimum consolidated tangible net worth requirement, percentage of cumulative net income   50.00%    
Minimum consolidated tangible net worth requirement, percentage of cash proceeds of equity issuance 50.00%      
Debt instrument, covenant in effect, number of days outstanding for loans | d 5      
Undrawn letters of credit covenant $ 40,000,000.0      
Maximum consecutive days for financial covenant 5 days      
Letter of Credit | Line of Credit | Revolving Credit Facility        
Debt Instrument [Line Items]        
Availability under revolving credit facility   $ 927,900,000    
v3.25.4
Debt - Summary of TMHF Mortgage Warehouse Borrowings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]    
Amount Drawn $ 82,605 $ 174,460
Secured Debt    
Line of Credit Facility [Line Items]    
Amount Drawn 82,605 174,460
Facility Amount 410,000 410,000
Secured Debt | Warehouse B    
Line of Credit Facility [Line Items]    
Amount Drawn 0 2,123
Facility Amount $ 60,000 $ 60,000
Interest Rate 1.70% 1.70%
Secured Debt | Warehouse C    
Line of Credit Facility [Line Items]    
Amount Drawn $ 44,596 $ 69,008
Facility Amount $ 125,000 $ 125,000
Interest Rate 1.50% 1.50%
Secured Debt | Warehouse D    
Line of Credit Facility [Line Items]    
Amount Drawn $ 14,552 $ 60,176
Facility Amount $ 125,000 $ 125,000
Interest Rate 1.50% 1.50%
Secured Debt | Warehouse E    
Line of Credit Facility [Line Items]    
Amount Drawn $ 23,457 $ 43,153
Facility Amount $ 100,000 $ 100,000
Interest Rate 1.60% 1.60%
Secured Debt | Warehouse A    
Line of Credit Facility [Line Items]    
Amount Drawn   $ 0
Facility Amount   $ 0
Interest Rate   1.70%
Mortgage loans    
Line of Credit Facility [Line Items]    
Mortgage loans held for sale $ 132,500 $ 207,900
v3.25.4
DEBT - Loans Payable and Other Borrowings (Details) - Loans Payable and Other Borrowings
Dec. 31, 2025
Dec. 31, 2024
Minimum    
Debt Instrument [Line Items]    
Long term debt interest rate 0.00% 0.00%
Maximum    
Debt Instrument [Line Items]    
Long term debt interest rate 11.00% 11.00%
v3.25.4
DEBT - Summary of Principal Maturities of Total Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]    
2026 $ 314,730  
2027 103,467  
2028 510,631  
2029 145,085  
2030 636,176  
Thereafter 592,685  
Total debt $ 2,302,774 $ 2,127,099
v3.25.4
FAIR VALUE DISCLOSURES - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Jul. 22, 2020
Aug. 01, 2019
Senior Notes 5.875% Due 2027 | Senior Notes        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Stated interest rate of senior notes 5.875%      
Senior Notes 6.625% Due 2027 | Senior Notes        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Stated interest rate of senior notes 6.625%      
Senior Notes 5.75% Due 2028 | Senior Notes        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Stated interest rate of senior notes 5.75%     5.75%
Senior Notes 5.125% Due 2030 | Senior Notes        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Stated interest rate of senior notes 5.125%   5.125%  
Senior Notes 5.75% Due 2032 | Senior Notes        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Stated interest rate of senior notes 5.75%      
2 | Carrying Value | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Mortgage loans held for sale $ 132,512 $ 207,936    
2 | Carrying Value | Fair Value, Recurring | MBSs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative liability (1,858)      
Derivative assets   4,174    
2 | Carrying Value | Mortgage warehouse borrowings | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 82,605 174,460    
2 | Carrying Value | Loans payable and other borrowings | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 745,169 475,569    
2 | Carrying Value | Senior Notes 5.875% Due 2027 | Senior Notes | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 0 498,110    
2 | Carrying Value | Senior Notes 6.625% Due 2027 | Senior Notes | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 0 27,803    
2 | Carrying Value | Senior Notes 5.75% Due 2028 | Senior Notes | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 448,711 448,080    
2 | Carrying Value | Senior Notes 5.125% Due 2030 | Senior Notes | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 497,094 496,461    
2 | Carrying Value | Senior Notes 5.75% Due 2032 | Senior Notes | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 517,528 0    
2 | Estimated Fair Value | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Mortgage loans held for sale 132,512 207,936    
2 | Estimated Fair Value | Fair Value, Recurring | MBSs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative liability (1,858)      
Derivative assets   4,174    
2 | Estimated Fair Value | Mortgage warehouse borrowings | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 82,605 174,460    
2 | Estimated Fair Value | Loans payable and other borrowings | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 745,169 475,569    
2 | Estimated Fair Value | Senior Notes 5.875% Due 2027 | Senior Notes | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 0 501,770    
2 | Estimated Fair Value | Senior Notes 6.625% Due 2027 | Senior Notes | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 0 26,804    
2 | Estimated Fair Value | Senior Notes 5.75% Due 2028 | Senior Notes | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 457,956 446,679    
2 | Estimated Fair Value | Senior Notes 5.125% Due 2030 | Senior Notes | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 503,070 478,455    
2 | Estimated Fair Value | Senior Notes 5.75% Due 2032 | Senior Notes | Fair Value, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt 539,963 0    
3 | Carrying Value | Fair Value, Recurring | IRLCs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative liability (12,715) (5,917)    
3 | Estimated Fair Value | Fair Value, Recurring | IRLCs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Derivative liability (12,715) (5,917)    
1 | Carrying Value        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities 4,932 201    
1 | Carrying Value | U.S. Treasury securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Corporate bonds 27,174 0    
1 | Carrying Value | Corporate bonds        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Corporate bonds 27,159 0    
1 | Estimated Fair Value        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities 4,932 201    
1 | Estimated Fair Value | U.S. Treasury securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Corporate bonds 27,174 0    
1 | Estimated Fair Value | Corporate bonds        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Corporate bonds $ 27,159 $ 0    
v3.25.4
FAIR VALUE DISCLOSURES - Summary of Fair Value Measurements, Nonrecurring (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
3 | Nonrecurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Inventory fair value disclosure $ 19,473 $ 31,615 $ 75,122 $ 10,560 $ 7,024
v3.25.4
INCOME TAXES - Summary of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 195,994 $ 231,758 $ 196,464
State 46,504 46,902 51,009
Current tax provision 242,498 278,660 247,473
Deferred:      
Federal 7,464 (8,951) (1,003)
State 818 (161) 1,627
Deferred tax provision 8,282 (9,112) 624
Total income tax provision $ 250,780 $ 269,548 $ 248,097
v3.25.4
INCOME TAXES - Summary of Reconciliation of Provision (Benefit) for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Tax at federal statutory rate $ 218,829 $ 242,785 $ 213,746
State income taxes (net of federal benefit) 37,556 36,891 41,924
Tax credits 0 (7,701) (3,976)
Changes in valuation allowances 0 0 (36,054)
Nontaxable items (2,610) (555)  
Nondeductible items     1,991
Changes in unrecognized tax benefits 1,714 0 0
Other      
Capital loss carryforward 0 0 36,054
Other adjustments (4,709) (1,872) (5,588)
Total income tax provision $ 250,780 $ 269,548 $ 248,097
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Tax at federal statutory rate 21.00% 21.00% 21.00%
State income taxes (net of federal benefit) 3.60% 3.20% 4.10%
Tax credits 0.00% (0.70%) (0.40%)
Changes in valuation allowances 0.00% 0.00% (3.50%)
Nontaxable or nondeductible items (0.30%) (0.00%)  
Nontaxable or nondeductible items     0.20%
Changes in unrecognized tax benefits 0.20% 0.00% 0.00%
Other      
Capital loss carryforward 0 0 0.035
Other adjustments (0.40%) (0.20%) (0.50%)
Effective Rate 24.10% 23.30% 24.40%
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax [Line Items]      
Effective Rate 24.10% 23.30% 24.40%
Deferred tax assets, valuation allowance $ 4,584,000 $ 5,728,000  
Unrecognized tax benefits 6,432,000 0 $ 0
Recognized interest and penalties as a component of the income tax provision 1,700,000    
Unrecognized tax benefits, income tax penalties and interest accrued   $ 0  
Domestic Tax Jurisdiction      
Income Tax [Line Items]      
NOL carryforwards 29,700,000    
State and Local Jurisdiction      
Income Tax [Line Items]      
NOL carryforwards $ 13,500,000    
v3.25.4
INCOME TAXES - Summary of Components of Deferred Tax Assets and Liabilities (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
businessAcquisition
Dec. 31, 2024
USD ($)
Deferred tax assets:    
Real estate inventory $ 25,321 $ 26,483
Accruals and reserves 66,687 73,418
Net operating losses 43,242 48,996
Other 25,962 20,666
Total deferred tax assets 161,212 169,563
Deferred tax liabilities:    
Intangibles (26,516) (21,526)
Other (12,246) (10,875)
Deferred income (43,503) (55,186)
Total Deferred Tax Liabilities (82,265) (87,587)
Valuation allowance (4,584) (5,728)
Total net deferred tax assets $ 74,363 $ 76,248
Net operating loss carryforward, limitation following change in control, number of related acquisitions | businessAcquisition 3  
v3.25.4
INCOME TAXES - Summary of Unrecognized Tax Benefits Roll Forward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits - January 1, $ 6,432 $ 0 $ 0
Increases related to positions taken during a current period 1,446 0  
Decreases related to positions taken during a current period 0 0  
Increases related to positions taken during a prior period 4,986 0  
Decreases related to positions taken during a prior period 0 0  
Decreases related to settlements with taxing authorities 0 0  
Reductions related to lapse of the applicable statute of limitations 0 0  
Unrecognized tax benefits - December 31, $ 6,432 $ 0  
v3.25.4
INCOME TAXES - Reconciliation of Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ 252,500 $ 212,227 $ 157,229
State 51,465 52,198 47,045
Total taxes paid 303,965 264,425 204,274
California      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State   14,908 16,604
Florida      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State 21,491 14,877 11,350
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State $ 29,974 $ 22,413 $ 19,091
v3.25.4
STOCKHOLDERS' EQUITY - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Feb. 11, 2026
USD ($)
Dec. 31, 2024
$ / shares
shares
Oct. 23, 2024
USD ($)
Equity, Class of Treasury Stock [Line Items]        
Common stock, shares authorized (in shares) | shares 400,000,000   400,000,000  
Common stock, par value (in dollars per share) | $ / shares $ 0.00001   $ 0.00001  
Preferred stock, shares authorized (in shares) | shares 50,000,000      
Preferred stock, par value (in dollars per share) | $ / shares $ 0.00001      
Stock repurchase program, authorized amount       $ 1,000.0
Subsequent Event        
Equity, Class of Treasury Stock [Line Items]        
Stock repurchase program, authorized amount   $ 1,000.0    
ASR Agreement        
Equity, Class of Treasury Stock [Line Items]        
Repurchase of common stock $ 50.0      
Stock repurchase program, initial common stock received, percentage (in percent) 0.80      
Stock repurchase program, final settlement common stock, percentage (in percent) 0.20      
v3.25.4
STOCKHOLDERS' EQUITY - Summary of Accelerated Share Repurchases (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Equity, Class of Treasury Stock [Line Items]    
Repurchase of common stock (in shares) 6,452,728 5,607,852
ASR Agreement    
Equity, Class of Treasury Stock [Line Items]    
Repurchase of common stock (in shares) 1,855,411 2,977,494
Other share repurchases    
Equity, Class of Treasury Stock [Line Items]    
Repurchase of common stock (in shares) 4,597,317 2,630,358
v3.25.4
STOCKHOLDERS' EQUITY - Summary of Stock Repurchases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Feb. 11, 2026
Oct. 23, 2024
Stock Repurchase Program, Increase (Decrease) [Roll Forward]        
Amount available for repurchase — beginning of period $ 910,093 $ 494,489    
Amount cancelled from expired or unused authorizations 0 (236,799)    
Additional amount authorized for repurchase 0 1,000,000    
Amount repurchased (381,016) (347,597)    
Amount available for repurchase — end of period $ 529,077 $ 910,093    
Stock repurchase program, authorized amount       $ 1,000,000
Subsequent Event        
Stock Repurchase Program, Increase (Decrease) [Roll Forward]        
Stock repurchase program, authorized amount     $ 1,000,000  
v3.25.4
STOCK BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Aggregate unamortized outstanding stock based compensation $ 32.7 $ 29.2 $ 26.5
Aggregate intrinsic value exercised based on market price (in dollars per share) $ 58.87    
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 3 years    
Performance Shares | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 3 years    
Performance Shares | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 4 years    
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period (in years) 10 years    
2013 Omnibus Equity Award Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares available for future grant (in shares) 4,562,431    
v3.25.4
STOCK BASED COMPENSATION - Summary of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock compensation $ 29,049 $ 22,461 $ 26,095
Stock options      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock compensation 4,381 4,624 4,118
Restricted Stock      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total stock compensation $ 24,668 $ 17,837 $ 21,977
v3.25.4
STOCK BASED COMPENSATION - Summary of Stock Option Plan (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number Of Options      
Outstanding, Beginning balance (in shares) 1,956,696 2,254,142 3,273,258
Granted (in shares) 132,276 127,513 359,768
Exercised (in shares) (376,302) (414,629) (1,252,516)
Cancelled (in shares) (20,369) (10,330) (126,368)
Outstanding, Ending balance (in shares) 1,692,301 1,956,696 2,254,142
Weighted Average Exercise/ Grant Price      
Outstanding, Beginning balance (in dollars per share) $ 28.98 $ 26.84 $ 23.35
Granted (in dollars per share) 62.80 56.48 35.18
Exercised (in dollars per share) 27.88 25.75 21.07
Cancelled (in dollars per share) 49.29 31.74 28.29
Outstanding, Ending balance (in dollars per share) $ 31.62 $ 28.98 $ 26.84
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]      
Options exercisable (in shares) 1,226,784 1,231,352 1,133,734
Weighted Average Exercise Price, options exercisable (in dollars per share) $ 26.42 $ 24.85 $ 23.48
Unamortized value of unvested stock options (net of estimated forfeitures) $ 6,687 $ 6,999 $ 7,861
Weighted-average period (in years) expense expected to be recognized 2 years 6 months 2 years 4 months 24 days 2 years 6 months
Weighted-average remaining contractual life (in years) for options outstanding 5 years 6 months 5 years 8 months 12 days 6 years 4 months 24 days
Weighted-average remaining contractual life (in years) for options exercisable 4 years 8 months 12 days 4 years 6 months 4 years 9 months 18 days
v3.25.4
STOCK BASED COMPENSATION - Summary of Weighted-average Assumptions and Fair Value Used for Stock Options Grants (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Expected dividend yield 0.00% 0.00% 0.00%
Expected volatility 51.58% 51.60% 50.87%
Risk-free interest rate 4.29% 4.24% 3.90%
Expected term (in years) 6 years 3 months 6 years 3 months 6 years 3 months
Weighted average fair value of options granted during the period (in dollars per share) $ 34.53 $ 31.02 $ 14.50
v3.25.4
STOCK BASED COMPENSATION - Summary of Aggregate Intrinsic Value of Options Outstanding and Exercisable (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Aggregate intrinsic value of options outstanding $ 46,607 $ 63,069 $ 59,758
Aggregate intrinsic value of options exercisable $ 39,812 $ 44,766 $ 33,861
v3.25.4
STOCK BASED COMPENSATION - Summary of Activity of Performance Restricted Stock Units (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
PRSU Activity, Number of Awards      
Beginning balance (in shares) 617,824 724,123  
Ending balance (in shares) 497,703 617,824 724,123
Weighted-average period expense is expected to be recognized (in years) 2 years 6 months 2 years 4 months 24 days 2 years 6 months
Performance Restricted Stock Units      
PRSU Activity, Number of Awards      
Beginning balance (in shares) 617,824 724,123 802,379
Granted (in shares) 145,468 140,070 229,164
Vested (in shares) (245,941) (244,781) (245,306)
Forfeited (in shares) (19,648) (1,588) (62,114)
Ending balance (in shares)   617,824 724,123
PRSU expense recognized $ 9,873 $ 7,058 $ 12,619
Unamortized value of PRSUs $ 9,343 $ 8,755 $ 8,122
Weighted-average period expense is expected to be recognized (in years) 1 year 9 months 18 days 1 year 9 months 18 days 1 year 9 months 18 days
v3.25.4
STOCK BASED COMPENSATION - Summary of Activity of Restricted Stock Units (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
RSU Activity, Number of Awards      
Beginning balance (in shares) 617,824 724,123  
Ending balance (in shares) 497,703 617,824 724,123
RSU Activity, Weighted Average Grant Date Fair Value      
Weighted-average period expense is expected to be recognized (in years) 2 years 6 months 2 years 4 months 24 days 2 years 6 months
Restricted stock      
RSU Activity, Number of Awards      
Beginning balance (in shares) 706,589 767,216 814,834
Granted (in shares) 321,696 251,435 297,317
Vested (in shares) (254,068) (305,702) (301,359)
Forfeited (in shares) (30,557) (6,360) (43,576)
Ending balance (in shares) 743,660 706,589 767,216
RSU Activity, Weighted Average Grant Date Fair Value      
Outstanding, Beginning balance (in dollars per share) $ 38.90 $ 29.87 $ 26.74
Granted (in dollars per share) 60.52 57.52 35.96
Vested (in dollars per share) 40.37 31.30 27.52
Forfeited (in dollars per share) 57.20 49.37 29.81
Outstanding, Ending balance (in dollars per share) $ 46.99 $ 38.90 $ 29.87
RSU expense recognized $ 14,795 $ 10,779 $ 9,357
Unamortized value of RSUs $ 16,630 $ 13,456 $ 10,496
Weighted-average period expense is expected to be recognized (in years) 1 year 9 months 18 days 2 years 2 months 12 days 1 year 8 months 12 days
v3.25.4
OPERATING AND REPORTING SEGMENTS - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.4
OPERATING AND REPORTING SEGMENTS - Summary of Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue $ 8,121,480 $ 8,168,136 $ 7,417,831
Total cost of revenue 6,251,272 6,183,924 5,634,758
Total gross margin 1,870,208 1,984,212 1,783,073
Sales, commissions and other marketing costs (461,485) (456,092) (418,134)
General and administrative expenses (273,506) (314,406) (280,573)
Net (loss)/income from unconsolidated entities 4,867 6,347 8,757
Interest and other expense, net (84,717) (63,943) (74,990)
Loss on extinguishment of debt (13,324) 0 (295)
Income before income taxes 1,042,043 1,156,118 1,017,838
Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 7,755,434 7,755,219 7,158,857
Total cost of revenue 6,008,007 5,863,743 5,451,401
Total gross margin 1,747,427 1,891,476 1,707,456
All other revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 366,046 412,917 258,974
All other cost of revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue 243,265 320,181 183,357
Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 8,025,074 8,059,707 7,404,656
Total cost of revenue 6,170,226 6,071,333 5,624,767
Total gross margin 1,854,848 1,988,374 1,779,889
Sales, commissions and other marketing costs (449,066) (448,176) (411,379)
General and administrative expenses (124,501) (128,903) (111,580)
Net (loss)/income from unconsolidated entities 10,058 8,836 8,833
Interest and other expense, net (91,301) (21,392) (76,832)
Loss on extinguishment of debt 0   0
Income before income taxes 1,200,038 1,398,739 1,188,931
Operating Segments | Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 7,755,434 7,755,219 7,158,857
Total cost of revenue 6,008,007 5,863,743 5,451,401
Total gross margin 1,747,427 1,891,476 1,707,456
Operating Segments | All other revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 269,640 304,488 245,799
Operating Segments | All other cost of revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue 162,219 207,590 173,366
Operating Segments | East Homebuilding Segment [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 2,838,907 2,879,536 2,674,630
Total cost of revenue 2,201,572 2,108,822 1,953,311
Total gross margin 637,335 770,714 721,319
Sales, commissions and other marketing costs (177,473) (169,270) (145,943)
General and administrative expenses (45,396) (47,888) (39,381)
Net (loss)/income from unconsolidated entities 301 0 0
Interest and other expense, net (25,363) (771) (73,205)
Loss on extinguishment of debt 0   0
Income before income taxes 389,404 552,785 462,790
Operating Segments | East Homebuilding Segment [Member] | Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 2,816,997 2,826,628 2,619,322
Total cost of revenue 2,176,900 2,065,218 1,900,833
Total gross margin 640,097 761,410 718,489
Operating Segments | East Homebuilding Segment [Member] | All other revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 21,910 52,908 55,308
Operating Segments | East Homebuilding Segment [Member] | All other cost of revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue 24,672 43,604 52,478
Operating Segments | Central      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 1,804,401 1,993,895 1,964,265
Total cost of revenue 1,391,195 1,506,793 1,468,336
Total gross margin 413,206 487,102 495,929
Sales, commissions and other marketing costs (121,870) (131,997) (128,914)
General and administrative expenses (32,462) (34,501) (29,893)
Net (loss)/income from unconsolidated entities 132 (51) (98)
Interest and other expense, net (19,455) (16,087) (7,608)
Loss on extinguishment of debt 0   0
Income before income taxes 239,551 304,466 329,416
Operating Segments | Central | Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 1,780,460 1,969,381 1,935,500
Total cost of revenue 1,374,183 1,485,968 1,443,490
Total gross margin 406,277 483,413 492,010
Operating Segments | Central | All other revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 23,941 24,514 28,765
Operating Segments | Central | All other cost of revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue 17,012 20,825 24,846
Operating Segments | West Homebuilding Segment      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 3,172,359 2,986,817 2,605,449
Total cost of revenue 2,472,841 2,347,126 2,109,131
Total gross margin 699,518 639,691 496,318
Sales, commissions and other marketing costs (149,723) (146,909) (136,522)
General and administrative expenses (46,643) (46,514) (42,306)
Net (loss)/income from unconsolidated entities (2,915) (28) (217)
Interest and other expense, net (47,845) (6,646) 3,981
Loss on extinguishment of debt 0   0
Income before income taxes 452,392 439,594 321,254
Operating Segments | West Homebuilding Segment | Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 3,157,977 2,959,210 2,604,035
Total cost of revenue 2,456,924 2,312,557 2,107,078
Total gross margin 701,053 646,653 496,957
Operating Segments | West Homebuilding Segment | All other revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 14,382 27,607 1,414
Operating Segments | West Homebuilding Segment | All other cost of revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue 15,917 34,569 2,053
Operating Segments | Financial Services      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 209,407 199,459 160,312
Total cost of revenue 104,618 108,592 93,989
Total gross margin 104,789 90,867 66,323
Sales, commissions and other marketing costs 0 0 0
General and administrative expenses 0 0 0
Net (loss)/income from unconsolidated entities 12,540 8,915 9,148
Interest and other expense, net 1,362 2,112 0
Loss on extinguishment of debt 0   0
Income before income taxes 118,691 101,894 75,471
Operating Segments | Financial Services | Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 0 0 0
Total cost of revenue 0 0 0
Total gross margin 0 0 0
Operating Segments | Financial Services | All other revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 209,407 199,459 160,312
Operating Segments | Financial Services | All other cost of revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue 104,618 108,592 93,989
Corporate and Unallocated      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 96,406 108,429 13,175
Total cost of revenue 81,046 112,591 9,991
Total gross margin 15,360 (4,162) 3,184
Sales, commissions and other marketing costs (12,419) (7,916) (6,755)
General and administrative expenses (149,005) (185,503) (168,993)
Net (loss)/income from unconsolidated entities (5,191) (2,489) (76)
Interest and other expense, net 6,584 (42,551) 1,842
Loss on extinguishment of debt (13,324)   (295)
Income before income taxes (157,995) (242,621) (171,093)
Corporate and Unallocated | Home closings revenue, net      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 0 0 0
Total cost of revenue 0 0 0
Total gross margin 0 0 0
Corporate and Unallocated | All other revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenue 96,406 108,429 13,175
Corporate and Unallocated | All other cost of revenue      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total cost of revenue $ 81,046 $ 112,591 $ 9,991
v3.25.4
OPERATING AND REPORTING SEGMENTS - Summary of Assets by Segment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits $ 6,501,353 $ 6,533,752
Investments in unconsolidated entities 486,978 439,721
Other assets 2,849,466 2,323,658
Total assets of consolidated joint ventures 9,837,797 9,297,131
Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits 6,501,353 6,533,752
Investments in unconsolidated entities 385,206 351,159
Other assets 1,307,335 1,306,654
Total assets of consolidated joint ventures 8,193,894 8,191,565
Operating Segments | East Homebuilding Segment [Member]    
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits 2,471,115 2,389,791
Investments in unconsolidated entities 97,679 86,378
Other assets 226,288 173,489
Total assets of consolidated joint ventures 2,795,082 2,649,658
Operating Segments | Central    
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits 1,177,184 1,296,272
Investments in unconsolidated entities 206,571 164,434
Other assets 272,770 225,846
Total assets of consolidated joint ventures 1,656,525 1,686,552
Operating Segments | West Homebuilding Segment    
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits 2,853,054 2,847,689
Investments in unconsolidated entities 75,473 94,864
Other assets 581,059 610,212
Total assets of consolidated joint ventures 3,509,586 3,552,765
Operating Segments | Financial Services    
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits 0 0
Investments in unconsolidated entities 5,483 5,483
Other assets 227,218 297,107
Total assets of consolidated joint ventures 232,701 302,590
Corporate and Unallocated    
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits 0 0
Investments in unconsolidated entities 101,772 88,562
Other assets 1,542,131 1,017,004
Total assets of consolidated joint ventures $ 1,643,903 $ 1,105,566
v3.25.4
COMMITMENTS AND CONTINGENCIES - Narrative (Detail)
$ in Millions
 3 Months Ended
Nov. 04, 2024
USD ($)
Jun. 23, 2023
opinion
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Nov. 02, 2021
USD ($)
Loss Contingencies [Line Items]          
Outstanding letters of credit     $ 1,500.0 $ 1,400.0  
Legal accruals     53.3 49.1  
Loss contingency         $ 35.0
Number of separate opinions in split decision by district court | opinion   3      
Plaintiffs          
Loss Contingencies [Line Items]          
Payment for legal judgment     64.7    
Loss contingency, damages sought, attorney fees, amount $ 22.5        
Loss contingency, damages sought, pre-judgement interest, amount 0.6        
Loss contingency, damages sought, reimbursement of taxable costs, amount $ 0.6        
Land Option Purchase Contracts And Land Banking Arrangements          
Loss Contingencies [Line Items]          
Aggregate purchase price for assets under purchase commitment contracts     $ 3,400.0 $ 1,900.0  
v3.25.4
MORTGAGE HEDGING ACTIVITIES (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Fair Value $ (14,573) $ (1,743)
Total commitments to originate loans 276,600 246,100
IRLCs    
Derivative [Line Items]    
Fair Value (12,715) (5,917)
Notional Amount 261,341 233,881
MBSs    
Derivative [Line Items]    
Fair Value (1,858)  
Fair Value   4,174
Notional Amount $ 561,000 $ 405,000