TAYLOR MORRISON HOME CORP, 10-Q filed on 7/23/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 23, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 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, $0.00001 par value  
Trading Symbol TMHC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   98,843,205
Entity Central Index Key 0001562476  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 130,174,000 $ 487,151,000
Restricted cash 4,090,000 15,000
Total cash 134,264,000 487,166,000
Real estate inventory:    
Owned inventory 6,411,667,000 6,162,889,000
Consolidated real estate not owned 94,195,000 71,195,000
Total real estate inventory 6,505,862,000 6,234,084,000
Land deposits 352,395,000 299,668,000
Mortgage loans held for sale 220,210,000 207,936,000
Lease right of use assets 64,325,000 68,057,000
Prepaid expenses and other assets, net 449,971,000 370,642,000
Other receivables, net 240,998,000 217,703,000
Investments in unconsolidated entities 474,684,000 439,721,000
Deferred tax assets, net 76,248,000 76,248,000
Property and equipment, net 268,490,000 232,709,000
Goodwill 663,197,000 663,197,000
Total assets 9,450,644,000 9,297,131,000
Liabilities    
Accounts payable 311,578,000 270,266,000
Accrued expenses and other liabilities 597,373,000 632,250,000
Lease liabilities 74,408,000 78,998,000
Income taxes payable 0 2,243,000
Customer deposits 211,486,000 239,151,000
Estimated development liabilities 4,365,000 4,365,000
Senior notes, net 1,471,333,000 1,470,454,000
Loans payable and other borrowings 456,725,000 475,569,000
Revolving credit facility borrowings 0 0
Mortgage warehouse facilities borrowings 171,319,000 174,460,000
Liabilities attributable to consolidated real estate not owned 94,195,000 71,195,000
Total liabilities 3,392,782,000 3,418,951,000
COMMITMENTS AND CONTINGENCIES (Note 13)
Stockholders’ equity    
Total stockholders’ equity 6,057,862,000 5,878,180,000
Total liabilities and stockholders’ equity $ 9,450,644,000 $ 9,297,131,000
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total revenue $ 2,030,070 $ 1,991,053 $ 3,926,089 $ 3,690,805
Total cost of revenue 1,562,582 1,518,765 2,995,327 2,801,672
Gross margin 467,488 472,288 930,762 889,133
Sales, commissions and other marketing costs 116,389 113,956 225,465 216,556
General and administrative expenses 66,655 82,779 134,203 150,343
Net income from unconsolidated entities (326) (2,628) (2,301) (5,379)
Interest expense, net 13,819 4,087 22,318 4,044
Other expense, net 7,688 6,877 9,245 7,472
Income before income taxes 263,263 267,217 541,832 516,097
Income tax provision 67,278 67,303 132,116 125,022
Net income before allocation to non-controlling interests 195,985 199,914 409,716 391,075
Net income attributable to non-controlling interests (2,408) (454) (2,673) (1,345)
Net income $ 193,577 $ 199,460 $ 407,043 $ 389,730
Earnings per common share:        
Basic (in dollars per share) $ 1.94 $ 1.89 $ 4.05 $ 3.68
Diluted (in dollars per share) $ 1.92 $ 1.86 $ 3.99 $ 3.61
Weighted average number of shares of common stock:        
Basic (in shares) 99,537 105,500 100,387 105,979
Diluted (in shares) 100,923 107,249 102,015 107,961
Home closings revenue, net        
Total revenue $ 1,966,100 $ 1,920,127 $ 3,796,168 $ 3,556,382
Total cost of revenue 1,526,900 1,462,706 2,918,260 2,705,915
Gross margin 439,200 457,421 877,908 850,467
Land closings revenue        
Total revenue 421 13,234 4,682 20,459
Total cost of revenue 207 18,703 3,696 23,905
Financial services revenue, net        
Total revenue 52,929 48,916 104,122 95,875
Total cost of revenue 25,876 28,106 54,197 53,249
Amenity and other revenue        
Total revenue 10,620 8,776 21,117 18,089
Total cost of revenue $ 9,599 $ 9,250 $ 19,174 $ 18,603
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income
Non- Controlling Interests
Balance, beginning of period (in shares) at Dec. 31, 2023   106,917,636          
Balance, beginning of period at Dec. 31, 2023 $ 5,332,286 $ 1 $ 3,068,597 $ (1,265,097) $ 3,510,544 $ 896 $ 17,345
Balance, beginning of period (in shares) at Dec. 31, 2023       54,211,879      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 391,075       389,730   1,345
Exercise of stock options and issuance of restricted stock units, net (shares) [1]   703,460          
Exercise of stock options and issuance of restricted stock units, net [1] $ (9,431)   (9,431)        
Repurchase of common stock (shares) (3,195,288) (3,195,288) [2]   (3,195,288) [2]      
Repurchase of common stock [2] $ (198,519)     $ (198,519)      
Stock compensation expense 11,555   11,555        
Distributions to non-controlling interests of consolidated joint ventures (424)           (424)
Balance, end of period at Jun. 30, 2024 5,526,542 $ 1 3,070,721 $ (1,463,616) 3,900,274 896 18,266
Balance, end of period (in shares) at Jun. 30, 2024   104,425,808          
Balance, end of period (in shares) at Jun. 30, 2024       57,407,167      
Balance, beginning of period (in shares) at Mar. 31, 2024   106,059,917          
Balance, beginning of period at Mar. 31, 2024 5,426,168 $ 1 3,063,224 $ (1,356,746) 3,700,814 896 17,979
Balance, beginning of period (in shares) at Mar. 31, 2024       55,703,364      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 199,914       199,460   454
Exercise of stock options and issuance of restricted stock units, net (shares) [3]   69,694          
Exercise of stock options and issuance of restricted stock units, net [3] $ 1,425   1,425        
Repurchase of common stock (shares) (1,703,803) (1,703,803) [4]   (1,703,803) [4]      
Repurchase of common stock [4] $ (106,870)     $ (106,870)      
Stock compensation expense 6,072   6,072        
Distributions to non-controlling interests of consolidated joint ventures (167)           (167)
Balance, end of period at Jun. 30, 2024 5,526,542 $ 1 3,070,721 $ (1,463,616) 3,900,274 896 18,266
Balance, end of period (in shares) at Jun. 30, 2024   104,425,808          
Balance, end of period (in shares) at Jun. 30, 2024       57,407,167      
Balance, beginning of period (in shares) at Dec. 31, 2024   102,241,978          
Balance, beginning of period at Dec. 31, 2024 5,878,180 $ 1 3,086,342 $ (1,616,170) 4,393,853 2,509 11,645
Balance, beginning of period (in shares) at Dec. 31, 2024       59,819,731      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 409,716       407,043   2,673
Exercise of stock options and issuance of restricted stock units, net (shares) [5]   566,717          
Exercise of stock options and issuance of restricted stock units, net [5] $ (5,023)   (5,023)        
Repurchase of common stock (shares) (3,973,431) (3,973,431) [6]   (3,973,431) [6]      
Repurchase of common stock [6] $ (237,096)     $ (237,096)      
Stock compensation expense 15,801   15,801        
Distributions to non-controlling interests of consolidated joint ventures (3,458)           (3,458)
Changes in non-controlling interests of consolidated joint ventures (258)            
Balance, end of period at Jun. 30, 2025 6,057,862 $ 1 3,097,120 $ (1,853,266) 4,800,896 2,509 10,602
Balance, end of period (in shares) at Jun. 30, 2025   98,835,264          
Balance, end of period (in shares) at Jun. 30, 2025       63,793,162      
Balance, beginning of period (in shares) at Mar. 31, 2025   100,532,019          
Balance, beginning of period at Mar. 31, 2025 5,957,524 $ 1 3,088,464 $ (1,752,286) 4,607,319 2,509 11,517
Balance, beginning of period (in shares) at Mar. 31, 2025       62,063,726      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 195,985       193,577   2,408
Exercise of stock options and issuance of restricted stock units, net (shares) [7]   32,681          
Exercise of stock options and issuance of restricted stock units, net [7] $ 641   641        
Repurchase of common stock (shares) (1,729,436) (1,729,436) [8]   (1,729,436) [8]      
Repurchase of common stock [8] $ (100,980)     $ (100,980)      
Stock compensation expense 8,015   8,015        
Distributions to non-controlling interests of consolidated joint ventures (3,065)           (3,065)
Changes in non-controlling interests of consolidated joint ventures (258)           (258)
Balance, end of period at Jun. 30, 2025 $ 6,057,862 $ 1 $ 3,097,120 $ (1,853,266) $ 4,800,896 $ 2,509 $ 10,602
Balance, end of period (in shares) at Jun. 30, 2025   98,835,264          
Balance, end of period (in shares) at Jun. 30, 2025       63,793,162      
[1] Dollar amount includes $5.5 million of stock options exercised netted with the value of shares withheld for taxes on the issuance of restricted stock units.
[2] Dollar amount includes an incremental amount related to the 1% excise tax on share repurchases.
[3]
(1) Dollar amount includes $1.5 million of stock options exercised netted with the value of shares withheld for taxes on the issuance of restricted stock units.
(2) Dollar amount includes an incremental amount related to the 1% excise tax on share repurchases.
[4] Dollar amount includes an incremental amount related to the 1% excise tax on share repurchases.
[5] Dollar amount includes $5.9 million of stock options exercised netted with the value of shares withheld for taxes on the issuance of restricted stock units.
[6] Dollar amount includes an incremental amount related to the 1% excise tax on share repurchases.
[7] Dollar amount includes $0.7 million of stock options exercised netted with the value of shares withheld for taxes on the issuance of restricted stock units.
[8] Dollar amount includes an incremental amount related to the 1% excise tax on share repurchases.
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]        
Stock options exercised $ 0.7 $ 1.5 $ 5.9 $ 5.5
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities    
Net income before allocation to non-controlling interests $ 409,716,000 $ 391,075,000
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Net income from unconsolidated entities (2,301,000) (5,379,000)
Stock compensation expense 15,801,000 11,555,000
Distributions of earnings from unconsolidated entities 7,263,000 9,866,000
Depreciation and amortization 19,167,000 21,581,000
Operating lease expense 9,663,000 11,505,000
Debt issuance costs amortization 1,332,000 1,482,000
Inventory impairments 21,632,000 2,325,000
Land held for sale write-down 0 6,782,000
Changes in operating assets and liabilities:    
Real estate inventory and land deposits (323,137,000) (688,389,000)
Mortgage loans held for sale, prepaid expenses and other assets (160,037,000) (223,813,000)
Customer deposits (27,665,000) 22,979,000
Accounts payable, accrued expenses and other liabilities (17,917,000) 74,372,000
Income taxes payable (2,243,000) 0
Net cash used in operating activities (48,726,000) (364,059,000)
Cash Flows from Investing Activities:    
Purchase of property and equipment (16,193,000) (17,441,000)
Distributions of capital from unconsolidated entities 8,612,000 5,161,000
Investments of capital into unconsolidated entities (48,537,000) (45,028,000)
Net cash used in investing activities (56,118,000) (57,308,000)
Cash Flows from Financing Activities    
Repayments on loans payable and other borrowings 0 (52,093,000)
Borrowings on revolving credit facility 100,000,000 0
Repayments on revolving credit facility (100,000,000) 0
Borrowings on mortgage warehouse facilities 1,724,833,000 1,608,895,000
Repayments on mortgage warehouse facilities (1,727,974,000) (1,486,154,000)
Changes in stock option exercises and issuance of restricted stock units, net (5,023,000) (9,431,000)
Payment of principal portion of finance lease (1,343,000) (1,358,000)
Repurchase of common stock, net (235,093,000) (196,394,000)
Distributions to non-controlling interests of consolidated joint ventures (3,458,000) (424,000)
Net cash used in financing activities (248,058,000) (136,959,000)
Net Decrease in Cash and Cash Equivalents and Restricted Cash (352,902,000) (558,326,000)
Cash, Cash Equivalents, and Restricted Cash — Beginning of period 487,166,000 807,099,000
Cash, Cash Equivalents, and Restricted Cash — End of period 134,264,000 248,773,000
Supplemental Cash Flow Information    
Income tax paid, net (156,729,000) (125,792,000)
Supplemental Non-Cash Investing and Financing Activities:    
Change in loans payable issued to sellers in connection with land purchase contracts 57,420,000 149,363,000
Change in inventory not owned 23,000,000 63,082,000
Accrual of excise tax on share repurchases $ (2,003,000) $ (2,125,000)
v3.25.2
BUSINESS
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BUSINESS BUSINESSDescription 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 an assortment of homes across a wide range of price points to appeal to an array 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 various brand names including Taylor Morrison, Darling Homes Collection by Taylor Morrison, and Esplanade. We also have a “Build-to-Rent” homebuilding business which operates under the Yardly brand name. In addition, we develop and construct multi-use properties consisting of commercial space, retail, and multi-family properties under the Urban Form brand. We also have operations which provide financial services to customers through our wholly owned mortgage subsidiary, Taylor Morrison Home Funding, Inc. (“TMHF”), title services through our wholly owned title services subsidiary, Inspired Title & Escrow Services, LLC (“Inspired Title”), and homeowner’s insurance policies through our insurance agency, Taylor Morrison Insurance Services, LLC (“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.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Consolidation — The accompanying unaudited Condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”). In the opinion of management, the accompanying unaudited Condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for a full fiscal year.
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 unaudited Condensed 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.
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 the 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 closing using the specific identification method. Land acquisition, development, interest, and real estate taxes are 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 typical community generally 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 as 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 be determined through other methods, such as appraisals, contractual purchase offers, and other third party opinions of value. Changes in these projections and estimates may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions. For the three and six months ended June 30, 2025, we recorded $6.8 million and $21.6 million, respectively, of inventory impairment charges relating to certain communities in our West and East reporting segments driven by declining sales prices. For the three and six months ended June 30, 2024, we recorded $2.3 million of inventory impairment relating to one of our communities in our East reporting segment. Inventory impairments are recorded to Cost of home closings on the unaudited Condensed consolidated statements 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 and marketing 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 interest or other costs to the community's inventory until activity resumes. Such costs are expensed as incurred. In addition, if we decide to cease development, we will evaluate the project for recoverability. 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. In the future, some of these inactive communities may be re-opened while others may be sold. As of June 30, 2025 and December 31, 2024, we had no long-term strategic assets.
Real estate or inventory assets are considered held for sale once it is determined all criteria in accordance with Topic 360 have been met. The criteria includes the following considerations: (i) whether the company is committed to a plan to sell, (ii) whether the asset is available for immediate sale in the asset's present condition, (iii) whether an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) whether the sale of the asset is probable (i.e., likely to occur) and the transfer is expected to qualify for recognition as a completed sale within one year, (v) whether the long-lived asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) whether actions necessary to complete the plan indicate that it is unlikely significant changes to the plan will be made and that the plan will be withdrawn. 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, or other third-party estimates. Impairment charges on real estate or inventory assets held for sale are recognized when the carrying value is greater than the estimated fair value less estimated costs to sell. Fair value may be based on the estimated sales price of the property or a cash flow analysis may also be performed.

Inventory Assets Held for Sale - 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 three and six months ended June 30, 2025, we had no fair value adjustments for land held for sale. For the three and six months ended June 30, 2024, we recorded $6.8 million of fair value adjustments for land held for sale in our West reporting segment. Adjustments for land held for sale are recorded within Cost of land closings on the unaudited Condensed consolidated statements of operations.

Real Estate Assets Held for Sale - As of June 30, 2025 and December 31, 2024, we had one asset relating to our Urban Form operations in Oregon which was held for sale. This asset is included in Property and equipment, net on our unaudited Condensed consolidated balance sheets and in our Corporate and Unallocated reporting segment. The estimated fair value of the asset was $89.7 million as of June 30, 2025 and December 31, 2024. For the three months ended December 31, 2024, we recorded an adjustment to fair value of $5.3 million.
Land Banking Arrangements — We have land purchase agreements with various land sellers. 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 on these arrangements. Interest is based on remaining lots to be purchased and is capitalized for the percentage of lots in each project actively under development, with the remainder expensed and included in Interest expense, net on the unaudited Condensed consolidated statements of operations. These lots are considered controlled but we are not legally obligated to purchase lots under these agreements; however, we would forfeit any existing deposits and could be subject to financial and other penalties if we do not purchase the lots. 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 unaudited Condensed consolidated balance sheets.
As of June 30, 2025 and December 31, 2024, we had the right to purchase 7,694 lots and 6,895 lots under such land banking agreements for an aggregate purchase price of $1.3 billion and $1.2 billion, respectively. As of June 30, 2025 and December 31, 2024, our exposure to loss related to deposits on land banking arrangements totaled $214.0 million and $154.8 million, respectively.

Property and Equipment, net — Property and equipment, net consists of the following for the periods presented:

As of
(Dollars in thousands)
June 30, 2025December 31, 2024
Urban Form
$105,730 $105,906 
Build-to-Rent
84,310 46,696 
Other
78,450 80,107 
Total property and equipment, net
$268,490 $232,709 
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 closings of residential real estate 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 sales is recognized when a significant down payment is received, title passes and collectability of the receivable, if any, is reasonably assured, and we have no continuing involvement with the property, which is generally upon the close of escrow.
Amenity and Other Revenue
We own and operate certain community amenities such as golf courses, clubhouses, and fitness centers, pursuant to which we 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 lease and sale revenue from our Urban Form and Build-to-Rent operations. Lease revenue for Urban Form and Build-to-Rent is earned from residential and commercial rental spaces. Revenue from the sale of assets from our Urban Form operations and Build-to-Rent operations is recorded as control transfers to the buyer at transaction close and other criteria of ASC Topic 606 are met.
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. ASC Topic 815-25, Derivatives and Hedging, requires that all hedging instruments be recognized as assets or liabilities on the balance sheet at their fair value. 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 unaudited Condensed consolidated statements of operations in the period in which they occur.
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation as well as further disaggregate income taxes paid. This ASU can be applied prospectively or retrospectively and is effective for the annual reporting period ending December 31, 2025. The adoption of ASU 2023-09 is not expected to have a material impact on our consolidated financial statements or disclosures.

In November 2024, the FASB issued 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. In January 2025, the FASB issued ASU 2025-01 which updated the effective date related to ASU 2024-03. As a result of the issuance of ASU 2025-01, the ASU is effective for the annual reporting period ending December 31, 2027. The adoption of ASU 2024-03 will not impact our unaudited Condensed consolidated financial statements but we are currently reviewing the impact that it may have on our footnote disclosures.
v3.25.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per common 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 (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Numerator:
Net income
$193,577 $199,460 $407,043 $389,730 
Denominator:
Weighted average shares – basic99,537 105,500 100,387 105,979 
Restricted stock units554 750 728 982 
Stock options832 999 900 1,000 
Weighted average shares – diluted100,923 107,249 102,015 $107,961 
Earnings per common share – basic$1.94 $1.89 $4.05 $3.68 
Earnings per common share – diluted$1.92 $1.86 $3.99 $3.61 
The above calculations of weighted average shares exclude 384,039 and 221,434 of anti-dilutive stock options and unvested performance and non-performance restricted stock units ("RSUs") for the three and six months ended June 30, 2025, respectively and 138,103 and 150,859 of anti-dilutive stock options and unvested performance and non-performance RSUs for the three and six months ended June 30, 2024, respectively.
In addition, 163,674 and 336,935 shares relating to our accelerated share repurchase ("ASR") programs (refer to Note 10 - Stockholders' Equity) were also anti-dilutive and excluded from the above for the three and six months ended June 30, 2025, respectively and 192,105 and 367,084 shares relating to our ASR programs were also anti-dilutive and excluded from the above for the three and six months ended June 30, 2024, respectively.
v3.25.2
REAL ESTATE INVENTORY
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
REAL ESTATE INVENTORY REAL ESTATE INVENTORY
Inventory consists of the following:
As of
(Dollars in thousands)June 30,
2025		December 31,
2024
Real estate developed and under development$4,554,827 $4,455,623 
Real estate held for development or held for sale (1)
21,365 26,301 
Total land inventory4,576,192 4,481,924 
Operating communities (2)
1,675,826 1,524,352 
Capitalized interest159,649 156,613 
Total owned inventory6,411,667 6,162,889 
Consolidated real estate not owned94,195 71,195 
Total real estate inventory$6,505,862 $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 properties, and the property owner and its creditors generally only have recourse against us in the form of retaining any non-refundable deposits. We are also not legally obligated to purchase the balance of the lots.
A summary of owned and controlled lots is as follows:
As of
June 30,
2025		December 31, 2024
Owned lots:
Undeveloped14,820 16,345 
Under development8,377 8,774 
Finished10,960 11,599 
Total owned lots34,157 36,718 
Controlled lots:
Land option purchase contracts9,146 9,529 
Land banking arrangements7,694 6,895 
Other controlled lots(1)
34,054 33,011 
Total controlled lots50,894 49,435 
Total owned and controlled lots85,051 86,153 
Homes in inventory8,192 7,698 
(1) Other controlled lots include single transaction take-downs and lots from our portion of unconsolidated joint ventures.

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 property, 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 (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Interest capitalized - beginning of period$159,708 $177,222 $156,613 $174,449 
Interest incurred and capitalized25,714 23,344 53,582 49,742 
Interest amortized to cost of home closings(25,773)(28,303)(50,546)(51,928)
Interest capitalized - end of period$159,649 $172,263 $159,649 $172,263 
v3.25.2
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES
Unconsolidated Entities
Summarized, unaudited condensed combined financial information of unconsolidated entities that are accounted for by the equity method are as follows (in thousands):
As of
June 30,
2025		December 31,
2024
Assets:
Real estate inventory$1,504,740 $1,396,887 
Other assets284,645 226,198 
Total assets$1,789,385 $1,623,085 
Liabilities and owners’ equity:
Debt$678,882 $576,753 
Other liabilities65,445 69,706 
Total liabilities$744,327 $646,459 
Owners’ equity:
TMHC$474,684 $439,721 
Others570,374 536,905 
Total owners’ equity$1,045,058 $976,626 
Total liabilities and owners’ equity$1,789,385 $1,623,085 
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenue$118,978 $89,384 $212,565 $163,152 
Costs and expenses(116,666)(82,713)(205,027)(149,356)
Net income$2,312 $6,671 $7,538 $13,796 
TMHC’s share in net income of unconsolidated entities$326 $2,628 $2,301 $5,379 
Distributions to TMHC from unconsolidated entities$12,779 $12,130 $15,875 $15,027 
Consolidated Entities
As of June 30, 2025, assets of consolidated joint ventures totaled $98.1 million, of which $7.1 million was cash and cash equivalents and $83.7 million was owned real estate inventory. As of December 31, 2024, assets of consolidated joint ventures totaled $98.6 million, of which $18.1 million was cash and cash equivalents and $79.1 million was owned real estate inventory. The liabilities of consolidated joint ventures totaled $51.7 million and $48.4 million as of June 30, 2025 and December 31, 2024, respectively, and were primarily comprised of accounts payable and accrued expenses and other liabilities.
v3.25.2
ACCRUED EXPENSES AND OTHER LIABILITIES
 6 Months Ended
Jun. 30, 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
June 30, 2025December 31, 2024
Real estate development costs to complete$42,385 $44,046 
Compensation and employee benefits81,829 174,509 
Self-insurance and warranty reserves237,655 214,105 
Interest payable36,021 32,288 
Property and sales taxes payable
33,340 36,575 
Other accruals166,143 130,727 
Total accrued expenses and other liabilities$597,373 $632,250 


Self-Insurance and Warranty Reserves – We accrue for the expected costs associated with our limited warranty, deductibles and self-insured exposure under our various insurance policies within Beneva Indemnity Company (“Beneva”), a wholly owned subsidiary. A summary of the changes in reserves are as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Reserve - beginning of period$212,483 $186,948 $214,105 $184,448 
Additions to reserves26,140 21,525 41,711 42,190 
Claims paid(21,384)(28,713)(40,293)(49,906)
Changes in estimates to pre-existing reserves(1)
20,416 2,030 22,132 5,058 
Reserve - end of period$237,655 $181,790 $237,655 $181,790 
(1)Changes in estimates to pre-existing reserves for the three and six months ended June 30, 2025 includes a charge for warranty claims specific to our East region.
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.
v3.25.2
DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Total debt consists of the following (in thousands):
As of
June 30, 2025December 31, 2024
PrincipalUnamortized
Debt Issuance (Costs)/
Premium 		Carrying
Value		PrincipalUnamortized
Debt Issuance (Costs)/
Premium 		Carrying
Value
5.875% Senior Notes due 2027
500,000 (1,499)498,501 500,000 (1,890)498,110 
6.625% Senior Notes due 2027(1)
27,070 589 27,659 27,070 733 27,803 
5.75% Senior Notes due 2028
450,000 (1,605)448,395 450,000 (1,920)448,080 
5.125% Senior Notes due 2030
500,000 (3,222)496,778 500,000 (3,539)496,461 
Senior Notes subtotal$1,477,070 $(5,737)$1,471,333 $1,477,070 $(6,616)$1,470,454 
Loans payable and other borrowings456,725 — 456,725 475,569 — 475,569 
$1 Billion Revolving Credit Facility(2)
— — — — — — 
Mortgage warehouse facilities borrowings171,319 — 171,319 174,460 — 174,460 
Total debt$2,105,114 $(5,737)$2,099,377 $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 related to the $1 billion Revolving Credit Facility are included in the Prepaid expenses and other assets, net on the unaudited Condensed consolidated balance sheets.


Debt Instruments
Excluding the debt instruments discussed below, the terms governing all other debt instruments listed in the table above have not substantially changed from the year ended December 31, 2024. For information regarding such instruments, refer to Note 8 - Debt to the Consolidated financial statements in our Annual Report. As of June 30, 2025, we were in compliance with all of the covenants in the debt instruments listed in the table above.

$1 Billion Revolving Credit Facility
Our $1 Billion Revolving Credit Facility has a maturity date of March 11, 2027. During the three months ended June 30, 2025, we borrowed and repaid $100 million under our $1 Billion Revolving Credit Facility. We had no outstanding borrowings under our $1 Billion Revolving Credit Facility as of June 30, 2025 and December 31, 2024.
As of June 30, 2025 and December 31, 2024, we had $1.5 million and $2.0 million, respectively, of unamortized debt issuance costs, which are included in Prepaid expenses and other assets, net, on the unaudited Condensed consolidated balance sheets. As of June 30, 2025 and December 31, 2024, we had $48.0 million and $52.9 million, respectively, of utilized letters of credit, resulting in $952.0 million and $947.1 million, respectively, of availability.
As of June 30, 2025, we were in compliance with all of the covenants under the $1 Billion Revolving Credit Facility.
Mortgage Warehouse Facilities Borrowings
The following is a summary of our mortgage warehouse facilities borrowings (in thousands):
As of June 30, 2025
FacilityAmount
Drawn		Facility
Amount
Interest
Rate(1)
Expiration
Date
Collateral (1)
Warehouse B$— $60,000 
Term SOFR + 1.7%
on demandMortgage loans
Warehouse C68,295 125,000 
Term SOFR + 1.50%
on demandMortgage loans
Warehouse D54,422 100,000 
Term SOFR + 1.50%
September 3, 2025(3)
Mortgage loans
Warehouse E48,602 100,000 
Daily SOFR + 1.60%
on demandMortgage loans
$171,319 $385,000  
As of December 31, 2024
FacilityAmount
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 facilities borrowings outstanding as of June 30, 2025 and December 31, 2024 were collateralized by $220.2 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 Annual Report.
(3) The Company has the intent and ability to renew Warehouse D's borrowings upon expiration.


Loans Payable and Other Borrowings
Loans payable and other borrowings as of June 30, 2025 and December 31, 2024 consist of project-level debt due 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. Loans payable bear interest at rates that ranged from 0% to 11% at June 30, 2025 and December 31, 2024. We impute interest for loans with no stated interest rates.
v3.25.2
FAIR VALUE DISCLOSURES
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE DISCLOSURES FAIR VALUE DISCLOSURES
ASC Topic 820 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 interest rate lock commitments (“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 facilities 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. There were no changes to or transfers between the levels of the fair value hierarchy for any of our financial instruments as of June 30, 2025, when compared to December 31, 2024.
The carrying value and fair value of our financial instruments are as follows:
June 30, 2025December 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$220,210 $220,210 $207,936 $207,936 
IRLCs3(4,388)(4,388)(5,917)(5,917)
MBSs2(6,696)(6,696)4,174 4,174 
Mortgage warehouse facilities borrowings2171,319 171,319 174,460 174,460 
Loans payable and other borrowings2456,725 456,725 475,569 475,569 
5.875% Senior Notes due 2027 (1)
2498,501 507,820 498,110 501,770 
6.625% Senior Notes due 2027 (1)
227,659 26,789 27,803 26,804 
5.75% Senior Notes due 2028 (1)
2448,395 456,084 448,080 446,679 
5.125% Senior Notes due 2030 (1)
2496,778 497,460 496,461 478,455 
(1) Carrying value for senior notes, as presented, includes unamortized debt issuance costs and premiums. Debt issuance costs are not factored into the fair value calculation for the senior notes.

Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. The fair value of such inventories as of June 30, 2025 were $31.6 million and as of December 31, 2024 were $10.6 million. These values are a level 3 in the fair value hierarchy.
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The effective tax rate for the three and six months ended June 30, 2025 was 25.6% and 24.4%, respectively, compared to 25.2% and 24.2%, respectively, for the same periods in 2024. For the three months ended June 30, 2025, the effective tax rate differed from the U.S. federal statutory income tax rate primarily due to state income taxes, non-deductible executive compensation, and excess tax benefits from share-based compensation.
There were no unrecognized tax benefits as of June 30, 2025 or December 31, 2024.
Subsequent to June 30, 2025, the One Big Beautiful Bill Act ("OBBB") was enacted into law. Key tax components of OBBB include extension of the expiring tax provisions from the 2017 Tax Cuts and Jobs Act, the reinstatement of immediate expensing of qualifying business property, full expensing of domestic research and experimental expenditures, and
accelerated expiration dates for certain energy credits. We are currently evaluating the tax provisions of OBBB and do not expect a material impact to our financial statements.
v3.25.2
STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 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 permits the repurchase up to $1.0 billion of the Company’s common stock through December 31, 2026. Repurchases under the program may occur from time to time through open market purchases, privately negotiated transactions or other transactions.

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 80% of common stock shares, 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.

The following table summarizes share repurchase activity for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
(Number of Shares)2025202420252024
Number of shares repurchased with ASR870,765720,4611,712,9821,425,804
Other share repurchases(1)
858,671983,3422,260,4491,769,484
Total amount repurchased1,729,4361,703,8033,973,4313,195,288
(1) Amount represents shares repurchased under our existing share repurchase program which are not part of ASRs.
The following table summarizes our spend on share repurchases for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2025202420252024
Amount available for repurchase — beginning of period$775,000 $402,840 $910,093 $494,489 
Amount repurchased(100,000)(104,745)(235,093)(196,394)
Amount available for repurchase — end of period$675,000 $298,095 $675,000 $298,095 
v3.25.2
STOCK BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION STOCK BASED COMPENSATION
Equity-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, performance-based restricted stock units (“PRSUs”), and other equity-based awards deliverable in shares of our Common Stock. As of June 30, 2025, we had an aggregate of 4,368,625 shares of Common Stock available for future grants under the Plan.
The following table provides the outstanding balance of RSUs, PRSUs, and stock options as of June 30, 2025:
RSUs and PRSUsStock Options
Number of Units
Weighted Average
Grant Date Fair
Value
Number of Options
Weighted
Average Exercise
Price Per Share
Balance at June 30, 20251,258,174$47.48 1,872,690$31.16 
The following table provides information regarding the amount and components of stock-based compensation expense, all of which is included in General and administrative expenses in the unaudited Condensed consolidated statements of operations (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Restricted stock units (1)
$6,761 $4,671 $13,474 $9,444 
Stock options1,254 1,401 2,327 2,111 
Total stock compensation expense$8,015 $6,072 $15,801 $11,555 
(1) Includes compensation expense related to time-based RSUs and PRSUs.
At June 30, 2025 and December 31, 2024, the aggregate unrecognized value of all outstanding stock-based compensation awards was approximately $46.7 million and $29.2 million, respectively.
v3.25.2
OPERATING AND REPORTING SEGMENTS
 6 Months Ended
Jun. 30, 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 and Unallocated segment. We also have a Financial Services reporting segment.
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
WestBay Area, Las Vegas, Phoenix, Portland, Sacramento, Seattle, and Southern California
Financial Services
Taylor Morrison Home Funding, Inspired Title & Escrow Services, and Taylor Morrison Insurance Services
Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity. The prior year tables shown below include Total cost of revenue and a disaggregation of Sales, commissions and other marketing costs and General and administrative expenses as a result of the adoption of ASU 2023-07, Improvements to Reportable Segment Disclosures. The segment information is consistent with the metrics reviewed by the CODM and is as follows (in thousands):
Three Months Ended June 30, 2025
East Central West Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$695,198 $481,786 $789,116 $— $1,966,100 $— $1,966,100 
All other revenue5,399 421 436 52,929 59,185 4,785 63,970 
Total revenue700,597 482,207 789,552 52,929 2,025,285 4,785 2,030,070 
Cost of home closings541,132 376,069 609,699 — 1,526,900 — 1,526,900 
All other cost of sales5,917 207 482 25,876 32,482 3,200 35,682 
Total cost of revenue547,049 376,276 610,181 25,876 1,559,382 3,200 1,562,582 
Home closings gross margin154,066 105,717 179,417 — 439,200 — 439,200 
Total gross margin153,548 105,931 179,371 27,053 465,903 1,585 467,488 
Sales, commissions and other marketing costs(2)
(44,809)(32,474)(37,565)— (114,848)(1,541)(116,389)
General and administrative expenses(13,615)(7,916)(11,412)— (32,943)(33,712)(66,655)
Net income/(loss) from unconsolidated entities— 59 (2,540)4,029 1,548 (1,222)326 
Interest and other (expense)/income, net(3)
(4,255)(4,244)(9,489)318 (17,670)(3,837)(21,507)
Income before income taxes$90,869 $61,356 $118,365 $31,400 $301,990 $(38,727)$263,263 
(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.
Three Months Ended June 30, 2024
EastCentralWestFinancial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$691,129 $480,522 $748,476 $— $1,920,127 $— $1,920,127 
All other revenue3,501 12,884 600 48,916 65,901 5,025 70,926 
Total revenue694,630 493,406 749,076 48,916 1,986,028 5,025 1,991,053 
Cost of home closings511,400 358,877 592,429 — 1,462,706 — 1,462,706 
All other cost of sales5,078 11,901 7,313 28,106 52,398 3,661 56,059 
Total cost of revenue516,478 370,778 599,742 28,106 1,515,104 3,661 1,518,765 
Home closings gross margin179,729 121,645 156,047 — 457,421 — 457,421 
Total gross margin178,152 122,628 149,334 20,810 470,924 1,364 472,288 
Sales, commissions and other marketing costs(2)
(41,714)(32,081)(36,935)— (110,730)(3,226)(113,956)
General and administrative expenses(11,348)(7,884)(11,132)— (30,364)(52,415)(82,779)
Net (loss)/income from unconsolidated entities— (28)79 3,001 3,052 (424)2,628 
Interest and other (expense)/income, net(3)
(560)(2,861)(3,109)604 (5,926)(5,038)(10,964)
Income before income taxes$124,530 $79,774 $98,237 $24,415 $326,956 $(59,739)$267,217 
(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 on terminated projects.
Six Months Ended June 30, 2025
EastCentralWestFinancial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$1,320,911 $959,280 $1,515,977 $— $3,796,168 $— $3,796,168 
All other revenue11,496 4,142 1,324 104,122 121,084 8,837 129,921 
Total revenue1,332,407 963,422 1,517,301 104,122 3,917,252 8,837 3,926,089 
Cost of home closings1,014,685 737,726 1,165,849 — 2,918,260 — 2,918,260 
All other cost of sales12,205 3,157 1,414 54,197 70,973 6,094 77,067 
Total cost of revenue1,026,890 740,883 1,167,263 54,197 2,989,233 6,094 2,995,327 
Home closings gross margin306,226 221,554 350,128 — 877,908 — 877,908 
Total gross margin305,517 222,539 350,038 49,925 928,019 2,743 930,762 
Sales, commissions and other marketing costs(2)
(84,192)(62,664)(73,617)— (220,473)(4,992)(225,465)
General and administrative expenses(25,611)(15,997)(23,349)— (64,957)(69,246)(134,203)
Net (loss)/income from unconsolidated entities— 117 (2,589)7,125 4,653 (2,352)2,301 
Interest and other (expense)/income, net(3)
(8,343)(8,081)(14,744)658 (30,510)(1,053)(31,563)
Income before income taxes$187,371 $135,914 $235,739 $57,708 $616,732 $(74,900)$541,832 
(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 on terminated projects.
Six Months Ended June 30, 2024
East Central West Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$1,232,859 $952,554 $1,370,969 $— $3,556,382 $— $3,556,382 
All other revenue9,081 19,342 936 95,875 125,234 9,189 134,423 
Total revenue1,241,940 971,896 1,371,905 95,875 3,681,616 9,189 3,690,805 
Cost of home closings906,727 708,038 1,091,150 — 2,705,915 — 2,705,915 
All other cost of sales11,173 16,998 7,757 53,249 89,177 6,580 95,757 
Total cost of revenue917,900 725,036 1,098,907 53,249 2,795,092 6,580 2,801,672 
Home closings gross margin326,132 244,516 279,819 — 850,467 — 850,467 
Total gross margin324,040 246,860 272,998 42,626 886,524 2,609 889,133 
Sales, commissions and other marketing costs(2)
(76,772)(64,892)(71,216)— (212,880)(3,676)(216,556)
General and administrative expenses(22,491)(14,466)(21,598)— (58,555)(91,788)(150,343)
Net income/(loss) from unconsolidated entities— (69)53 5,898 5,882 (503)5,379 
Interest and other (expense)/income, net(3)
(1,387)(5,276)(6,627)1,334 (11,956)440 (11,516)
Income before income taxes$223,390 $162,157 $173,610 $49,858 $609,015 $(92,918)$516,097 
(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 on terminated projects.

As of June 30, 2025
EastCentralWestFinancial Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Real estate inventory and land deposits$2,566,246 $1,241,376 $3,050,635 $— $6,858,257 $— $6,858,257 
Investments in unconsolidated entities91,378 194,889 87,324 5,483 379,074 95,610 474,684 
Other assets197,505 237,208 597,561 309,984 1,342,258 775,445 2,117,703 
Total assets$2,855,129 $1,673,473 $3,735,520 $315,467 $8,579,589 $871,055 $9,450,644 
(1) Includes the assets from our Build-To-Rent and Urban Form operations.

As of December 31, 2024
EastCentralWestFinancial
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.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 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 as of June 30, 2025 and $1.4 billion as of December 31, 2024. 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 June 30, 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 the routine course of our business. We have a number of land purchase option contracts and land banking agreements, generally through cash deposits, for the right to purchase land or lots at a future point in time with predetermined terms. We do not have title to the property and the property owner 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 land under these contracts was $2.1 billion at June 30, 2025 and $1.9 billion at December 31, 2024, respectively.
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 June 30, 2025 and December 31, 2024, our legal accruals were $52.3 million and $49.1 million, respectively which is included in Accrued expenses and other liabilities on the unaudited Condensed consolidated balance sheets. 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 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, 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 June 30, 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. Trial has been scheduled to
commence in the first quarter of 2026. 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 June 30, 2025.
Leases — Our leases primarily consist of office space, construction trailers, model home leasebacks, a ground lease, equipment, and storage units. We assess each of these contracts to determine whether the arrangement contains a lease as defined by ASC 842, Leases. Lease obligations were $74.4 million and $79.0 million as of June 30, 2025 and December 31, 2024, respectively. We recorded lease expense of approximately $4.7 million and $9.7 million for the three and six months ended June 30, 2025, respectively, and $5.6 million and $11.5 million for the three and six months ended June 30, 2024, respectively, within General and administrative expenses on our unaudited Condensed consolidated statements of operations.
v3.25.2
MORTGAGE HEDGING ACTIVITIES
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
MORTGAGE HEDGING ACTIVITIES MORTGAGE HEDGING ACTIVITIES
The following summarizes derivative instrument assets/(liabilities) as of the periods presented:
As of
June 30, 2025December 31, 2024
(Dollars in thousands)Fair Value
Notional Amount (1)
Fair Value
Notional Amount (1)
IRLCs$(4,388)$302,992 $(5,917)$233,881 
MBSs(6,696)504,000 4,174 405,000 
Total$(11,084)$(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 $327.7 million and $246.1 million as of June 30, 2025 and December 31, 2024, respectively. This amount represents the commitments to originate loans that have been locked and approved by underwriting. The notional amounts in the table above includes mandatory and best effort loans that have been locked and approved by underwriting.
We have exposure to credit loss in the event of contractual non-performance by our trading counterparties in derivative instruments that we use in our interest rate risk management activities. We manage this credit risk by selecting only counterparties that we believe to be financially strong, spreading the risk among multiple counterparties, placing contractual limits on the amount of unsecured credit extended to any single counterparty, and entering into netting agreements with counterparties, as appropriate. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net income $ 193,577 $ 199,460 $ 407,043 $ 389,730
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 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
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation — The accompanying unaudited Condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”). In the opinion of management, the accompanying unaudited Condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for a full fiscal year.
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 unaudited Condensed 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.
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 the 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 closing using the specific identification method. Land acquisition, development, interest, and real estate taxes are 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 typical community generally 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 as 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 be determined through other methods, such as appraisals, contractual purchase offers, and other third party opinions of value. Changes in these projections and estimates may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions. For the three and six months ended June 30, 2025, we recorded $6.8 million and $21.6 million, respectively, of inventory impairment charges relating to certain communities in our West and East reporting segments driven by declining sales prices. For the three and six months ended June 30, 2024, we recorded $2.3 million of inventory impairment relating to one of our communities in our East reporting segment. Inventory impairments are recorded to Cost of home closings on the unaudited Condensed consolidated statements 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 and marketing 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 interest or other costs to the community's inventory until activity resumes. Such costs are expensed as incurred. In addition, if we decide to cease development, we will evaluate the project for recoverability. 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. In the future, some of these inactive communities may be re-opened while others may be sold. As of June 30, 2025 and December 31, 2024, we had no long-term strategic assets.
Real estate or inventory assets are considered held for sale once it is determined all criteria in accordance with Topic 360 have been met. The criteria includes the following considerations: (i) whether the company is committed to a plan to sell, (ii) whether the asset is available for immediate sale in the asset's present condition, (iii) whether an active program to locate a buyer and other actions required to complete the plan to sell have been initiated, (iv) whether the sale of the asset is probable (i.e., likely to occur) and the transfer is expected to qualify for recognition as a completed sale within one year, (v) whether the long-lived asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) whether actions necessary to complete the plan indicate that it is unlikely significant changes to the plan will be made and that the plan will be withdrawn. 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, or other third-party estimates. Impairment charges on real estate or inventory assets held for sale are recognized when the carrying value is greater than the estimated fair value less estimated costs to sell. Fair value may be based on the estimated sales price of the property or a cash flow analysis may also be performed.

Inventory Assets Held for Sale - 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 three and six months ended June 30, 2025, we had no fair value adjustments for land held for sale. For the three and six months ended June 30, 2024, we recorded $6.8 million of fair value adjustments for land held for sale in our West reporting segment. Adjustments for land held for sale are recorded within Cost of land closings on the unaudited Condensed consolidated statements of operations.

Real Estate Assets Held for Sale - As of June 30, 2025 and December 31, 2024, we had one asset relating to our Urban Form operations in Oregon which was held for sale. This asset is included in Property and equipment, net on our unaudited Condensed consolidated balance sheets and in our Corporate and Unallocated reporting segment. The estimated fair value of the asset was $89.7 million as of June 30, 2025 and December 31, 2024. For the three months ended December 31, 2024, we recorded an adjustment to fair value of $5.3 million.
Land Banking Arrangements — We have land purchase agreements with various land sellers. 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 on these arrangements. Interest is based on remaining lots to be purchased and is capitalized for the percentage of lots in each project actively under development, with the remainder expensed and included in Interest expense, net on the unaudited Condensed consolidated statements of operations. These lots are considered controlled but we are not legally obligated to purchase lots under these agreements; however, we would forfeit any existing deposits and could be subject to financial and other penalties if we do not purchase the lots. 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 unaudited Condensed consolidated balance sheets.
As of June 30, 2025 and December 31, 2024, we had the right to purchase 7,694 lots and 6,895 lots under such land banking agreements for an aggregate purchase price of $1.3 billion and $1.2 billion, respectively. As of June 30, 2025 and December 31, 2024, our exposure to loss related to deposits on land banking arrangements totaled $214.0 million and $154.8 million, respectively.
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 closings of residential real estate 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 sales is recognized when a significant down payment is received, title passes and collectability of the receivable, if any, is reasonably assured, and we have no continuing involvement with the property, which is generally upon the close of escrow.
Amenity and Other Revenue
We own and operate certain community amenities such as golf courses, clubhouses, and fitness centers, pursuant to which we 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 lease and sale revenue from our Urban Form and Build-to-Rent operations. Lease revenue for Urban Form and Build-to-Rent is earned from residential and commercial rental spaces. Revenue from the sale of assets from our Urban Form operations and Build-to-Rent operations is recorded as control transfers to the buyer at transaction close and other criteria of ASC Topic 606 are met.
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. ASC Topic 815-25, Derivatives and Hedging, requires that all hedging instruments be recognized as assets or liabilities on the balance sheet at their fair value. 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 unaudited Condensed consolidated statements of operations in the period in which they occur.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation as well as further disaggregate income taxes paid. This ASU can be applied prospectively or retrospectively and is effective for the annual reporting period ending December 31, 2025. The adoption of ASU 2023-09 is not expected to have a material impact on our consolidated financial statements or disclosures.

In November 2024, the FASB issued 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. In January 2025, the FASB issued ASU 2025-01 which updated the effective date related to ASU 2024-03. As a result of the issuance of ASU 2025-01, the ASU is effective for the annual reporting period ending December 31, 2027. The adoption of ASU 2024-03 will not impact our unaudited Condensed consolidated financial statements but we are currently reviewing the impact that it may have on our footnote disclosures.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Property, Plant and Equipment Property and equipment, net consists of the following for the periods presented:
As of
(Dollars in thousands)
June 30, 2025December 31, 2024
Urban Form
$105,730 $105,906 
Build-to-Rent
84,310 46,696 
Other
78,450 80,107 
Total property and equipment, net
$268,490 $232,709 
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Components of Basic and Diluted Earnings Per Share
The following is a summary of the components of basic and diluted earnings per share (in thousands, except per share amounts):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Numerator:
Net income
$193,577 $199,460 $407,043 $389,730 
Denominator:
Weighted average shares – basic99,537 105,500 100,387 105,979 
Restricted stock units554 750 728 982 
Stock options832 999 900 1,000 
Weighted average shares – diluted100,923 107,249 102,015 $107,961 
Earnings per common share – basic$1.94 $1.89 $4.05 $3.68 
Earnings per common share – diluted$1.92 $1.86 $3.99 $3.61 
v3.25.2
REAL ESTATE INVENTORY (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Schedule of Inventory
Inventory consists of the following:
As of
(Dollars in thousands)June 30,
2025		December 31,
2024
Real estate developed and under development$4,554,827 $4,455,623 
Real estate held for development or held for sale (1)
21,365 26,301 
Total land inventory4,576,192 4,481,924 
Operating communities (2)
1,675,826 1,524,352 
Capitalized interest159,649 156,613 
Total owned inventory6,411,667 6,162,889 
Consolidated real estate not owned94,195 71,195 
Total real estate inventory$6,505,862 $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 Development Status of Land Inventory
A summary of owned and controlled lots is as follows:
As of
June 30,
2025		December 31, 2024
Owned lots:
Undeveloped14,820 16,345 
Under development8,377 8,774 
Finished10,960 11,599 
Total owned lots34,157 36,718 
Controlled lots:
Land option purchase contracts9,146 9,529 
Land banking arrangements7,694 6,895 
Other controlled lots(1)
34,054 33,011 
Total controlled lots50,894 49,435 
Total owned and controlled lots85,051 86,153 
Homes in inventory8,192 7,698 
(1) Other controlled lots include single transaction take-downs and lots from our portion of unconsolidated joint ventures.
Schedule of Interest Capitalized, Incurred, Expensed and Amortized Interest capitalized, incurred and amortized is as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Interest capitalized - beginning of period$159,708 $177,222 $156,613 $174,449 
Interest incurred and capitalized25,714 23,344 53,582 49,742 
Interest amortized to cost of home closings(25,773)(28,303)(50,546)(51,928)
Interest capitalized - end of period$159,649 $172,263 $159,649 $172,263 
v3.25.2
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of 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
June 30,
2025		December 31,
2024
Assets:
Real estate inventory$1,504,740 $1,396,887 
Other assets284,645 226,198 
Total assets$1,789,385 $1,623,085 
Liabilities and owners’ equity:
Debt$678,882 $576,753 
Other liabilities65,445 69,706 
Total liabilities$744,327 $646,459 
Owners’ equity:
TMHC$474,684 $439,721 
Others570,374 536,905 
Total owners’ equity$1,045,058 $976,626 
Total liabilities and owners’ equity$1,789,385 $1,623,085 
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenue$118,978 $89,384 $212,565 $163,152 
Costs and expenses(116,666)(82,713)(205,027)(149,356)
Net income$2,312 $6,671 $7,538 $13,796 
TMHC’s share in net income of unconsolidated entities$326 $2,628 $2,301 $5,379 
Distributions to TMHC from unconsolidated entities$12,779 $12,130 $15,875 $15,027 
v3.25.2
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following (in thousands):
As of
June 30, 2025December 31, 2024
Real estate development costs to complete$42,385 $44,046 
Compensation and employee benefits81,829 174,509 
Self-insurance and warranty reserves237,655 214,105 
Interest payable36,021 32,288 
Property and sales taxes payable
33,340 36,575 
Other accruals166,143 130,727 
Total accrued expenses and other liabilities$597,373 $632,250 
Schedule of Changes in Reserves A summary of the changes in reserves are as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Reserve - beginning of period$212,483 $186,948 $214,105 $184,448 
Additions to reserves26,140 21,525 41,711 42,190 
Claims paid(21,384)(28,713)(40,293)(49,906)
Changes in estimates to pre-existing reserves(1)
20,416 2,030 22,132 5,058 
Reserve - end of period$237,655 $181,790 $237,655 $181,790 
(1)Changes in estimates to pre-existing reserves for the three and six months ended June 30, 2025 includes a charge for warranty claims specific to our East region.
v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Senior Notes and Other Borrowings
Total debt consists of the following (in thousands):
As of
June 30, 2025December 31, 2024
PrincipalUnamortized
Debt Issuance (Costs)/
Premium 		Carrying
Value		PrincipalUnamortized
Debt Issuance (Costs)/
Premium 		Carrying
Value
5.875% Senior Notes due 2027
500,000 (1,499)498,501 500,000 (1,890)498,110 
6.625% Senior Notes due 2027(1)
27,070 589 27,659 27,070 733 27,803 
5.75% Senior Notes due 2028
450,000 (1,605)448,395 450,000 (1,920)448,080 
5.125% Senior Notes due 2030
500,000 (3,222)496,778 500,000 (3,539)496,461 
Senior Notes subtotal$1,477,070 $(5,737)$1,471,333 $1,477,070 $(6,616)$1,470,454 
Loans payable and other borrowings456,725 — 456,725 475,569 — 475,569 
$1 Billion Revolving Credit Facility(2)
— — — — — — 
Mortgage warehouse facilities borrowings171,319 — 171,319 174,460 — 174,460 
Total debt$2,105,114 $(5,737)$2,099,377 $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 related to the $1 billion Revolving Credit Facility are included in the Prepaid expenses and other assets, net on the unaudited Condensed consolidated balance sheets.
Schedule of Mortgage Subsidiary Borrowings
The following is a summary of our mortgage warehouse facilities borrowings (in thousands):
As of June 30, 2025
FacilityAmount
Drawn		Facility
Amount
Interest
Rate(1)
Expiration
Date
Collateral (1)
Warehouse B$— $60,000 
Term SOFR + 1.7%
on demandMortgage loans
Warehouse C68,295 125,000 
Term SOFR + 1.50%
on demandMortgage loans
Warehouse D54,422 100,000 
Term SOFR + 1.50%
September 3, 2025(3)
Mortgage loans
Warehouse E48,602 100,000 
Daily SOFR + 1.60%
on demandMortgage loans
$171,319 $385,000  
As of December 31, 2024
FacilityAmount
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 facilities borrowings outstanding as of June 30, 2025 and December 31, 2024 were collateralized by $220.2 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 Annual Report.
(3) The Company has the intent and ability to renew Warehouse D's borrowings upon expiration.
v3.25.2
FAIR VALUE DISCLOSURES (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carrying Value and Fair Value of Financial Instruments
The carrying value and fair value of our financial instruments are as follows:
June 30, 2025December 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$220,210 $220,210 $207,936 $207,936 
IRLCs3(4,388)(4,388)(5,917)(5,917)
MBSs2(6,696)(6,696)4,174 4,174 
Mortgage warehouse facilities borrowings2171,319 171,319 174,460 174,460 
Loans payable and other borrowings2456,725 456,725 475,569 475,569 
5.875% Senior Notes due 2027 (1)
2498,501 507,820 498,110 501,770 
6.625% Senior Notes due 2027 (1)
227,659 26,789 27,803 26,804 
5.75% Senior Notes due 2028 (1)
2448,395 456,084 448,080 446,679 
5.125% Senior Notes due 2030 (1)
2496,778 497,460 496,461 478,455 
(1) Carrying value for senior notes, as presented, includes unamortized debt issuance costs and premiums. Debt issuance costs are not factored into the fair value calculation for the senior notes.
v3.25.2
STOCKHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Share Repurchase Activity
The following table summarizes share repurchase activity for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
(Number of Shares)2025202420252024
Number of shares repurchased with ASR870,765720,4611,712,9821,425,804
Other share repurchases(1)
858,671983,3422,260,4491,769,484
Total amount repurchased1,729,4361,703,8033,973,4313,195,288
(1) Amount represents shares repurchased under our existing share repurchase program which are not part of ASRs.
Schedule of Spend on Share Repurchase
The following table summarizes our spend on share repurchases for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2025202420252024
Amount available for repurchase — beginning of period$775,000 $402,840 $910,093 $494,489 
Amount repurchased(100,000)(104,745)(235,093)(196,394)
Amount available for repurchase — end of period$675,000 $298,095 $675,000 $298,095 
v3.25.2
STOCK BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Arrangement Activity
The following table provides the outstanding balance of RSUs, PRSUs, and stock options as of June 30, 2025:
RSUs and PRSUsStock Options
Number of Units
Weighted Average
Grant Date Fair
Value
Number of Options
Weighted
Average Exercise
Price Per Share
Balance at June 30, 20251,258,174$47.48 1,872,690$31.16 
Schedule of Stock-Based Compensation Expense
The following table provides information regarding the amount and components of stock-based compensation expense, all of which is included in General and administrative expenses in the unaudited Condensed consolidated statements of operations (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Restricted stock units (1)
$6,761 $4,671 $13,474 $9,444 
Stock options1,254 1,401 2,327 2,111 
Total stock compensation expense$8,015 $6,072 $15,801 $11,555 
(1) Includes compensation expense related to time-based RSUs and PRSUs.
v3.25.2
OPERATING AND REPORTING SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reporting Segments
Our reporting segments are as follows:
EastAtlanta, Charlotte, Jacksonville, Naples, Orlando, Raleigh, Sarasota, and Tampa
CentralAustin, Dallas, Denver, Houston, and Indianapolis
WestBay Area, Las Vegas, Phoenix, Portland, Sacramento, Seattle, and Southern California
Financial Services
Taylor Morrison Home Funding, Inspired Title & Escrow Services, and Taylor Morrison Insurance Services
Schedule of Segment Information The segment information is consistent with the metrics reviewed by the CODM and is as follows (in thousands):
Three Months Ended June 30, 2025
East Central West Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$695,198 $481,786 $789,116 $— $1,966,100 $— $1,966,100 
All other revenue5,399 421 436 52,929 59,185 4,785 63,970 
Total revenue700,597 482,207 789,552 52,929 2,025,285 4,785 2,030,070 
Cost of home closings541,132 376,069 609,699 — 1,526,900 — 1,526,900 
All other cost of sales5,917 207 482 25,876 32,482 3,200 35,682 
Total cost of revenue547,049 376,276 610,181 25,876 1,559,382 3,200 1,562,582 
Home closings gross margin154,066 105,717 179,417 — 439,200 — 439,200 
Total gross margin153,548 105,931 179,371 27,053 465,903 1,585 467,488 
Sales, commissions and other marketing costs(2)
(44,809)(32,474)(37,565)— (114,848)(1,541)(116,389)
General and administrative expenses(13,615)(7,916)(11,412)— (32,943)(33,712)(66,655)
Net income/(loss) from unconsolidated entities— 59 (2,540)4,029 1,548 (1,222)326 
Interest and other (expense)/income, net(3)
(4,255)(4,244)(9,489)318 (17,670)(3,837)(21,507)
Income before income taxes$90,869 $61,356 $118,365 $31,400 $301,990 $(38,727)$263,263 
(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.
Three Months Ended June 30, 2024
EastCentralWestFinancial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$691,129 $480,522 $748,476 $— $1,920,127 $— $1,920,127 
All other revenue3,501 12,884 600 48,916 65,901 5,025 70,926 
Total revenue694,630 493,406 749,076 48,916 1,986,028 5,025 1,991,053 
Cost of home closings511,400 358,877 592,429 — 1,462,706 — 1,462,706 
All other cost of sales5,078 11,901 7,313 28,106 52,398 3,661 56,059 
Total cost of revenue516,478 370,778 599,742 28,106 1,515,104 3,661 1,518,765 
Home closings gross margin179,729 121,645 156,047 — 457,421 — 457,421 
Total gross margin178,152 122,628 149,334 20,810 470,924 1,364 472,288 
Sales, commissions and other marketing costs(2)
(41,714)(32,081)(36,935)— (110,730)(3,226)(113,956)
General and administrative expenses(11,348)(7,884)(11,132)— (30,364)(52,415)(82,779)
Net (loss)/income from unconsolidated entities— (28)79 3,001 3,052 (424)2,628 
Interest and other (expense)/income, net(3)
(560)(2,861)(3,109)604 (5,926)(5,038)(10,964)
Income before income taxes$124,530 $79,774 $98,237 $24,415 $326,956 $(59,739)$267,217 
(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 on terminated projects.
Six Months Ended June 30, 2025
EastCentralWestFinancial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$1,320,911 $959,280 $1,515,977 $— $3,796,168 $— $3,796,168 
All other revenue11,496 4,142 1,324 104,122 121,084 8,837 129,921 
Total revenue1,332,407 963,422 1,517,301 104,122 3,917,252 8,837 3,926,089 
Cost of home closings1,014,685 737,726 1,165,849 — 2,918,260 — 2,918,260 
All other cost of sales12,205 3,157 1,414 54,197 70,973 6,094 77,067 
Total cost of revenue1,026,890 740,883 1,167,263 54,197 2,989,233 6,094 2,995,327 
Home closings gross margin306,226 221,554 350,128 — 877,908 — 877,908 
Total gross margin305,517 222,539 350,038 49,925 928,019 2,743 930,762 
Sales, commissions and other marketing costs(2)
(84,192)(62,664)(73,617)— (220,473)(4,992)(225,465)
General and administrative expenses(25,611)(15,997)(23,349)— (64,957)(69,246)(134,203)
Net (loss)/income from unconsolidated entities— 117 (2,589)7,125 4,653 (2,352)2,301 
Interest and other (expense)/income, net(3)
(8,343)(8,081)(14,744)658 (30,510)(1,053)(31,563)
Income before income taxes$187,371 $135,914 $235,739 $57,708 $616,732 $(74,900)$541,832 
(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 on terminated projects.
Six Months Ended June 30, 2024
East Central West Financial
Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Home closings revenue, net$1,232,859 $952,554 $1,370,969 $— $3,556,382 $— $3,556,382 
All other revenue9,081 19,342 936 95,875 125,234 9,189 134,423 
Total revenue1,241,940 971,896 1,371,905 95,875 3,681,616 9,189 3,690,805 
Cost of home closings906,727 708,038 1,091,150 — 2,705,915 — 2,705,915 
All other cost of sales11,173 16,998 7,757 53,249 89,177 6,580 95,757 
Total cost of revenue917,900 725,036 1,098,907 53,249 2,795,092 6,580 2,801,672 
Home closings gross margin326,132 244,516 279,819 — 850,467 — 850,467 
Total gross margin324,040 246,860 272,998 42,626 886,524 2,609 889,133 
Sales, commissions and other marketing costs(2)
(76,772)(64,892)(71,216)— (212,880)(3,676)(216,556)
General and administrative expenses(22,491)(14,466)(21,598)— (58,555)(91,788)(150,343)
Net income/(loss) from unconsolidated entities— (69)53 5,898 5,882 (503)5,379 
Interest and other (expense)/income, net(3)
(1,387)(5,276)(6,627)1,334 (11,956)440 (11,516)
Income before income taxes$223,390 $162,157 $173,610 $49,858 $609,015 $(92,918)$516,097 
(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 on terminated projects.
Schedule of Assets by Segment
As of June 30, 2025
EastCentralWestFinancial Services
Operating and Reporting Segment Subtotal
Corporate
and
Unallocated(1)
Total
Real estate inventory and land deposits$2,566,246 $1,241,376 $3,050,635 $— $6,858,257 $— $6,858,257 
Investments in unconsolidated entities91,378 194,889 87,324 5,483 379,074 95,610 474,684 
Other assets197,505 237,208 597,561 309,984 1,342,258 775,445 2,117,703 
Total assets$2,855,129 $1,673,473 $3,735,520 $315,467 $8,579,589 $871,055 $9,450,644 
(1) Includes the assets from our Build-To-Rent and Urban Form operations.

As of December 31, 2024
EastCentralWestFinancial
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 $9,297,131 
(1) Includes the assets from our Build-To-Rent and Urban Form operations.
v3.25.2
MORTGAGE HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following summarizes derivative instrument assets/(liabilities) as of the periods presented:
As of
June 30, 2025December 31, 2024
(Dollars in thousands)Fair Value
Notional Amount (1)
Fair Value
Notional Amount (1)
IRLCs$(4,388)$302,992 $(5,917)$233,881 
MBSs(6,696)504,000 4,174 405,000 
Total$(11,084)$(1,743)
(1) The notional amounts in the table above include mandatory and best effort mortgages, that have been locked and approved.
v3.25.2
BUSINESS (Details)
 6 Months Ended
Jun. 30, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 4
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
lot
asset
Dec. 31, 2024
USD ($)
asset
lot
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
lot
asset
Jun. 30, 2024
USD ($)
Significant Accounting Policies [Line Items]          
Inventory impairments     $ 2,300,000 $ 21,632,000 $ 2,325,000
Land held for sale write-down $ 0   $ 6,800,000 $ 0 $ 6,782,000
Total controlled lots | lot 50,894 49,435   50,894  
Purchase price $ 1,300,000,000 $ 1,200,000,000   $ 1,300,000,000  
Land deposits 214,000,000 154,800,000   214,000,000  
Operating Segments          
Significant Accounting Policies [Line Items]          
Assets held for sale $ 89,700,000 89,700,000   $ 89,700,000  
Asset impairment charges   $ 5,300,000      
Land banking arrangements          
Significant Accounting Policies [Line Items]          
Total controlled lots | lot 7,694 6,895   7,694  
East          
Significant Accounting Policies [Line Items]          
Inventory impairments $ 6,800,000     $ 21,600,000  
West          
Significant Accounting Policies [Line Items]          
Build to rent asset | asset 1 1   1  
Minimum          
Significant Accounting Policies [Line Items]          
Life cycle of communities (in years)       2 years  
Maximum          
Significant Accounting Policies [Line Items]          
Life cycle of communities (in years)       5 years  
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property And Equipment, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment, net $ 268,490 $ 232,709
Urban Form    
Property, Plant and Equipment [Line Items]    
Total property and equipment, net 105,730 105,906
Build-to-Rent    
Property, Plant and Equipment [Line Items]    
Total property and equipment, net 84,310 46,696
Other    
Property, Plant and Equipment [Line Items]    
Total property and equipment, net $ 78,450 $ 80,107
v3.25.2
EARNINGS PER SHARE - Schedule of Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net income $ 193,577 $ 199,460 $ 407,043 $ 389,730
Denominator:        
Weighted average shares - basic (in shares) 99,537 105,500 100,387 105,979
Weighted average shares - diluted (in shares) 100,923 107,249 102,015 107,961
Earnings per common share – basic (in dollars per share) $ 1.94 $ 1.89 $ 4.05 $ 3.68
Earnings per common share – diluted (in dollars per share) $ 1.92 $ 1.86 $ 3.99 $ 3.61
Restricted stock units        
Denominator:        
Restricted stock units and stock options (in shares) 554 750 728 982
Stock Options        
Denominator:        
Restricted stock units and stock options (in shares) 832 999 900 1,000
v3.25.2
EARNINGS PER SHARE - Narrative (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Stock options and restricted stock units (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) 384,039 138,103 221,434 150,859
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) 163,674 192,105 336,935 367,084
v3.25.2
REAL ESTATE INVENTORY - Schedule of Inventory (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Real Estate [Abstract]            
Real estate developed and under development $ 4,554,827   $ 4,455,623      
Real estate held for development or held for sale 21,365   26,301      
Total land inventory 4,576,192   4,481,924      
Operating communities 1,675,826   1,524,352      
Capitalized interest 159,649 $ 159,708 156,613 $ 172,263 $ 177,222 $ 174,449
Total owned inventory 6,411,667   6,162,889      
Consolidated real estate not owned 94,195   71,195      
Total real estate inventory $ 6,505,862   $ 6,234,084      
v3.25.2
REAL ESTATE INVENTORY - Schedule of Development Status of Land Inventory (Details)
Jun. 30, 2025
lot
home
Dec. 31, 2024
home
lot
Inventory [Line Items]    
Total owned lots 34,157 36,718
Total controlled lots 50,894 49,435
Total owned and controlled lots 85,051 86,153
Homes in inventory | home 8,192 7,698
Undeveloped    
Inventory [Line Items]    
Total owned lots 14,820 16,345
Under development    
Inventory [Line Items]    
Total owned lots 8,377 8,774
Finished    
Inventory [Line Items]    
Total owned lots 10,960 11,599
Land option purchase contracts    
Inventory [Line Items]    
Total controlled lots 9,146 9,529
Land banking arrangements    
Inventory [Line Items]    
Total controlled lots 7,694 6,895
Other controlled lots    
Inventory [Line Items]    
Total controlled lots 34,054 33,011
v3.25.2
REAL ESTATE INVENTORY - Schedule of Interest Capitalized, Incurred, Expensed and Amortized (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Capitalized Interest Costs [Roll Forward]        
Interest capitalized - beginning of period $ 159,708 $ 177,222 $ 156,613 $ 174,449
Interest incurred and capitalized 25,714 23,344 53,582 49,742
Interest amortized to cost of home closings (25,773) (28,303) (50,546) (51,928)
Interest capitalized - end of period $ 159,649 $ 172,263 $ 159,649 $ 172,263
v3.25.2
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Summarized Balance Sheets of Unconsolidated Entities Accounted by Equity Method (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Real estate inventory $ 4,576,192 $ 4,481,924
Other assets 2,117,703 2,323,658
Total assets 9,450,644 9,297,131
Liabilities and owners’ equity:    
Debt 2,099,377 2,120,483
Total liabilities 3,392,782 3,418,951
Owners’ equity:    
Total liabilities and stockholders’ equity 9,450,644 9,297,131
Equity Method Investment, Nonconsolidated Investee or Group of Investees    
Assets:    
Real estate inventory 1,504,740 1,396,887
Other assets 284,645 226,198
Total assets 1,789,385 1,623,085
Liabilities and owners’ equity:    
Debt 678,882 576,753
Other liabilities 65,445 69,706
Total liabilities 744,327 646,459
Owners’ equity:    
TMHC 474,684 439,721
Others 570,374 536,905
Total owners’ equity 1,045,058 976,626
Total liabilities and stockholders’ equity $ 1,789,385 $ 1,623,085
v3.25.2
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Summarized Statements of Operations of Unconsolidated Entities Accounted by Equity Method (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Schedule of Equity Method Investments [Line Items]        
Revenue $ 2,030,070 $ 1,991,053 $ 3,926,089 $ 3,690,805
Costs and expenses (1,562,582) (1,518,765) (2,995,327) (2,801,672)
Net income 193,577 199,460 407,043 389,730
TMHC’s share in net income of unconsolidated entities 326 2,628 2,301 5,379
Distributions to TMHC from unconsolidated entities     7,263 9,866
Taylor Morrison Home Corporation        
Schedule of Equity Method Investments [Line Items]        
TMHC’s share in net income of unconsolidated entities 326 2,628 2,301 5,379
Distributions to TMHC from unconsolidated entities 12,779 12,130 15,875 15,027
Equity Method Investment, Nonconsolidated Investee or Group of Investees        
Schedule of Equity Method Investments [Line Items]        
Revenue 118,978 89,384 212,565 163,152
Costs and expenses (116,666) (82,713) (205,027) (149,356)
Net income $ 2,312 $ 6,671 $ 7,538 $ 13,796
v3.25.2
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Assets $ 9,450,644 $ 9,297,131
Cash and cash equivalents 130,174 487,151
Total real estate inventory 6,505,862 6,234,084
Liabilities 3,392,782 3,418,951
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Assets 98,100 98,600
Cash and cash equivalents 7,100 18,100
Total real estate inventory 83,700 79,100
Liabilities $ 51,700 $ 48,400
v3.25.2
ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]            
Real estate development costs to complete $ 42,385   $ 44,046      
Compensation and employee benefits 81,829   174,509      
Self-insurance and warranty reserves 237,655 $ 212,483 214,105 $ 181,790 $ 186,948 $ 184,448
Interest payable 36,021   32,288      
Property and sales taxes payable 33,340   36,575      
Other accruals 166,143   130,727      
Total accrued expenses and other liabilities $ 597,373   $ 632,250      
v3.25.2
ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule of Changes in Reserves (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Summary of changes in warranty reserves        
Reserve - beginning of period $ 212,483 $ 186,948 $ 214,105 $ 184,448
Additions to reserves 26,140 21,525 41,711 42,190
Claims paid (21,384) (28,713) (40,293) (49,906)
Changes in estimates to pre-existing reserves 20,416 2,030 22,132 5,058
Reserve - end of period $ 237,655 $ 181,790 $ 237,655 $ 181,790
v3.25.2
DEBT - Senior Notes and Other Borrowings (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Facility Amount $ 385,000,000 $ 410,000,000
Principal 2,105,114,000 2,127,099,000
Unamortized Debt Issuance (Costs)/ Premium (5,737,000) (6,616,000)
Carrying Value 2,099,377,000 2,120,483,000
Loans payable and other borrowings    
Debt Instrument [Line Items]    
Principal 456,725,000 475,569,000
Unamortized Debt Issuance (Costs)/ Premium 0 0
Carrying Value 456,725,000 475,569,000
Mortgage warehouse facilities borrowings    
Debt Instrument [Line Items]    
Principal 171,319,000 174,460,000
Unamortized Debt Issuance (Costs)/ Premium 0 0
Carrying Value 171,319,000 174,460,000
Senior Notes    
Debt Instrument [Line Items]    
Principal 1,477,070,000 1,477,070,000
Unamortized Debt Issuance (Costs)/ Premium (5,737,000) (6,616,000)
Carrying Value $ 1,471,333,000 1,470,454,000
Senior Notes | $5.875% Senior Notes due 2027    
Debt Instrument [Line Items]    
Stated interest rate of senior notes 5.875%  
Principal $ 500,000,000 500,000,000
Unamortized Debt Issuance (Costs)/ Premium (1,499,000) (1,890,000)
Carrying Value $ 498,501,000 498,110,000
Senior Notes | 6.625% Senior Notes Due 2027    
Debt Instrument [Line Items]    
Stated interest rate of senior notes 6.625%  
Principal $ 27,070,000 27,070,000
Unamortized Debt Issuance (Costs)/ Premium 589,000 733,000
Carrying Value $ 27,659,000 27,803,000
Senior Notes | $5.75% Senior Notes due 2028    
Debt Instrument [Line Items]    
Stated interest rate of senior notes 5.75%  
Principal $ 450,000,000 450,000,000
Unamortized Debt Issuance (Costs)/ Premium (1,605,000) (1,920,000)
Carrying Value $ 448,395,000 448,080,000
Senior Notes | $5.125% Senior Notes due 2030    
Debt Instrument [Line Items]    
Stated interest rate of senior notes 5.125%  
Principal $ 500,000,000 500,000,000
Unamortized Debt Issuance (Costs)/ Premium (3,222,000) (3,539,000)
Carrying Value 496,778,000 496,461,000
Line of Credit | $1 Billion Revolving Credit Facility | Revolving Credit Facility    
Debt Instrument [Line Items]    
Facility Amount 1,000,000,000  
Principal 0 0
Unamortized Debt Issuance (Costs)/ Premium 0 0
Carrying Value $ 0 $ 0
v3.25.2
DEBT - $1 Billion Revolving Credit Facility (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Debt Instrument [Line Items]        
Maximum borrowing capacity on line of credit $ 385,000,000 $ 385,000,000   $ 410,000,000
Credit borrowed   100,000,000 $ 0  
Repaid   100,000,000 $ 0  
Revolving credit facility borrowings 0 0   0
Letters of credit utilized 1,500,000,000 1,500,000,000   1,400,000,000
Revolving Credit Facility | $1 Billion Revolving Credit Facility | Line of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity on line of credit 1,000,000,000 1,000,000,000    
Credit borrowed 100,000,000      
Repaid 100,000,000      
Unamortized debt issuance costs 1,500,000 1,500,000   2,000,000.0
Letters of credit utilized 48,000,000.0 48,000,000.0   52,900,000
Availability under revolving credit facility $ 952,000,000.0 $ 952,000,000.0   $ 947,100,000
v3.25.2
DEBT - Schedule of Mortgage Warehouse Borrowings (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]    
Amount Drawn $ 171,319 $ 174,460
Facility Amount 385,000 410,000
Mortgage loans    
Line of Credit Facility [Line Items]    
Mortgage loans held for sale 220,200 207,900
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 $ 68,295 $ 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 $ 54,422 $ 60,176
Facility Amount $ 100,000 $ 125,000
Interest Rate 1.50% 1.50%
Secured Debt | Warehouse E    
Line of Credit Facility [Line Items]    
Amount Drawn $ 48,602 $ 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%
v3.25.2
DEBT - Loans Payable and Other Borrowings (Details) - Loans Payable and Other Borrowings
Jun. 30, 2025
Dec. 31, 2024
Minimum    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 0.00% 0.00%
Maximum    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 11.00% 11.00%
v3.25.2
FAIR VALUE DISCLOSURES - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
$5.875% Senior Notes due 2027 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Stated interest rate (as a percent) 5.875%  
6.625% Senior Notes Due 2027 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Stated interest rate (as a percent) 6.625%  
5.75% Senior Notes due 2028 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Stated interest rate (as a percent) 5.75%  
$5.125% Senior Notes due 2030 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Stated interest rate (as a percent) 5.125%  
Carrying Value | 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale $ 220,210 $ 207,936
Carrying Value | 2 | Mortgage warehouse facilities borrowings    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 171,319 174,460
Carrying Value | 2 | Loans payable and other borrowings    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 456,725 475,569
Carrying Value | 2 | $5.875% Senior Notes due 2027 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 498,501 498,110
Carrying Value | 2 | 6.625% Senior Notes Due 2027 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 27,659 27,803
Carrying Value | 2 | 5.75% Senior Notes due 2028 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 448,395 448,080
Carrying Value | 2 | $5.125% Senior Notes due 2030 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 496,778 496,461
Carrying Value | 2 | MBSs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets   4,174
Derivative liabilities (6,696)  
Carrying Value | 3 | IRLCs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities (4,388) (5,917)
Estimated Fair Value | 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 220,210 207,936
Estimated Fair Value | 2 | Mortgage warehouse facilities borrowings    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 171,319 174,460
Estimated Fair Value | 2 | Loans payable and other borrowings    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 456,725 475,569
Estimated Fair Value | 2 | $5.875% Senior Notes due 2027 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 507,820 501,770
Estimated Fair Value | 2 | 6.625% Senior Notes Due 2027 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 26,789 26,804
Estimated Fair Value | 2 | 5.75% Senior Notes due 2028 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 456,084 446,679
Estimated Fair Value | 2 | $5.125% Senior Notes due 2030 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 497,460 478,455
Estimated Fair Value | 2 | MBSs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets   4,174
Derivative liabilities (6,696)  
Estimated Fair Value | 3 | IRLCs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities $ (4,388) $ (5,917)
v3.25.2
FAIR VALUE DISCLOSURES - Summary of Assets Measure on a Nonrecurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
3 | Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of inventories $ 31.6 $ 10.6
v3.25.2
INCOME TAXES (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Effective rate 25.60% 25.20% 24.40% 24.20%  
Unrecognized tax benefits $ 0   $ 0   $ 0
v3.25.2
STOCKHOLDERS' EQUITY - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
Oct. 23, 2024
USD ($)
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   50,000,000    
Preferred stock, par value (in dollars per share) | $ / shares $ 0.00001   $ 0.00001    
Stock repurchase program, authorized amount         $ 1,000,000,000.0
Repurchase of stock $ 100,000,000 $ 104,745,000 $ 235,093,000 $ 196,394,000  
ASR Agreement          
Equity, Class of Treasury Stock [Line Items]          
Repurchase of stock     $ 50,000,000    
Initial common stock received, percentage 0.80   0.80    
Final settlement common stock, percentage 0.20   0.20    
v3.25.2
STOCKHOLDERS' EQUITY - Share Repurchase Activity (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Equity, Class of Treasury Stock [Line Items]        
Repurchase of common stock (in shares) 1,729,436 1,703,803 3,973,431 3,195,288
ASR Agreement        
Equity, Class of Treasury Stock [Line Items]        
Repurchase of common stock (in shares) 870,765 720,461 1,712,982 1,425,804
Other share repurchases        
Equity, Class of Treasury Stock [Line Items]        
Repurchase of common stock (in shares) 858,671 983,342 2,260,449 1,769,484
v3.25.2
STOCKHOLDERS' EQUITY - Treasury Stock (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Stock Repurchase Program, Increase (Decrease) [Roll Forward]        
Amount available for repurchase — beginning of period $ 775,000 $ 402,840 $ 910,093 $ 494,489
Amount repurchased (100,000) (104,745) (235,093) (196,394)
Amount available for repurchase — end of period $ 675,000 $ 298,095 $ 675,000 $ 298,095
v3.25.2
STOCK BASED COMPENSATION - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate unamortized outstanding stock based compensation $ 46.7 $ 29.2
2013 Omnibus Equity Award Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate common stock available for future grants (in shares) 4,368,625  
v3.25.2
STOCK BASED COMPENSATION - Schedule of Restricted Stock Unit, Stock Options, and Stock Warrants Activity (Details)
Jun. 30, 2025
$ / shares
shares
RSUs and PRSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Balance, Number of Units (in shares) | shares 1,258,174
Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares $ 47.48
Stock Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Balance, Number of Options (in shares) | shares 1,872,690
Balance, Weighted Average Exercise Price Per Share (in dollars per share) | $ / shares $ 31.16
v3.25.2
STOCK BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock compensation expense $ 8,015 $ 6,072 $ 15,801 $ 11,555
Stock Options        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock compensation expense 1,254 1,401 2,327 2,111
Restricted Stock Units        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock compensation expense $ 6,761 $ 4,671 $ 13,474 $ 9,444
v3.25.2
OPERATING AND REPORTING SEGMENTS - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reporting segments included in operating component 3
v3.25.2
OPERATING AND REPORTING SEGMENTS - Reconciliation to Net Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue $ 2,030,070 $ 1,991,053 $ 3,926,089 $ 3,690,805
Total cost of revenue 1,562,582 1,518,765 2,995,327 2,801,672
Total gross margin 467,488 472,288 930,762 889,133
Sales, commissions, and other marketing costs (116,389) (113,956) (225,465) (216,556)
General and administrative expenses (66,655) (82,779) (134,203) (150,343)
Net income/(loss) from unconsolidated entities 326 2,628 2,301 5,379
Interest and other (expense)/income (21,507) (10,964) (31,563) (11,516)
Income before income taxes 263,263 267,217 541,832 516,097
Home closings revenue, net        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 1,966,100 1,920,127 3,796,168 3,556,382
Total cost of revenue 1,526,900 1,462,706 2,918,260 2,705,915
Total gross margin 439,200 457,421 877,908 850,467
All other revenue        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 63,970 70,926 129,921 134,423
All other cost of sales        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total cost of revenue 35,682 56,059 77,067 95,757
Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 2,025,285 1,986,028 3,917,252 3,681,616
Total cost of revenue 1,559,382 1,515,104 2,989,233 2,795,092
Total gross margin 465,903 470,924 928,019 886,524
Sales, commissions, and other marketing costs (114,848) (110,730) (220,473) (212,880)
General and administrative expenses (32,943) (30,364) (64,957) (58,555)
Net income/(loss) from unconsolidated entities 1,548 3,052 4,653 5,882
Interest and other (expense)/income (17,670) (5,926) (30,510) (11,956)
Income before income taxes 301,990 326,956 616,732 609,015
Operating Segments | Home closings revenue, net        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 1,966,100 1,920,127 3,796,168 3,556,382
Total cost of revenue 1,526,900 1,462,706 2,918,260 2,705,915
Total gross margin 439,200 457,421 877,908 850,467
Operating Segments | All other revenue        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 59,185 65,901 121,084 125,234
Operating Segments | All other cost of sales        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total cost of revenue 32,482 52,398 70,973 89,177
Operating Segments | East        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 700,597 694,630 1,332,407 1,241,940
Total cost of revenue 547,049 516,478 1,026,890 917,900
Total gross margin 153,548 178,152 305,517 324,040
Sales, commissions, and other marketing costs (44,809) (41,714) (84,192) (76,772)
General and administrative expenses (13,615) (11,348) (25,611) (22,491)
Net income/(loss) from unconsolidated entities 0 0 0 0
Interest and other (expense)/income (4,255) (560) (8,343) (1,387)
Income before income taxes 90,869 124,530 187,371 223,390
Operating Segments | East | Home closings revenue, net        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 695,198 691,129 1,320,911 1,232,859
Total cost of revenue 541,132 511,400 1,014,685 906,727
Total gross margin 154,066 179,729 306,226 326,132
Operating Segments | East | All other revenue        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 5,399 3,501 11,496 9,081
Operating Segments | East | All other cost of sales        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total cost of revenue 5,917 5,078 12,205 11,173
Operating Segments | Central        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 482,207 493,406 963,422 971,896
Total cost of revenue 376,276 370,778 740,883 725,036
Total gross margin 105,931 122,628 222,539 246,860
Sales, commissions, and other marketing costs (32,474) (32,081) (62,664) (64,892)
General and administrative expenses (7,916) (7,884) (15,997) (14,466)
Net income/(loss) from unconsolidated entities 59 (28) 117 (69)
Interest and other (expense)/income (4,244) (2,861) (8,081) (5,276)
Income before income taxes 61,356 79,774 135,914 162,157
Operating Segments | Central | Home closings revenue, net        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 481,786 480,522 959,280 952,554
Total cost of revenue 376,069 358,877 737,726 708,038
Total gross margin 105,717 121,645 221,554 244,516
Operating Segments | Central | All other revenue        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 421 12,884 4,142 19,342
Operating Segments | Central | All other cost of sales        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total cost of revenue 207 11,901 3,157 16,998
Operating Segments | West        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 789,552 749,076 1,517,301 1,371,905
Total cost of revenue 610,181 599,742 1,167,263 1,098,907
Total gross margin 179,371 149,334 350,038 272,998
Sales, commissions, and other marketing costs (37,565) (36,935) (73,617) (71,216)
General and administrative expenses (11,412) (11,132) (23,349) (21,598)
Net income/(loss) from unconsolidated entities (2,540) 79 (2,589) 53
Interest and other (expense)/income (9,489) (3,109) (14,744) (6,627)
Income before income taxes 118,365 98,237 235,739 173,610
Operating Segments | West | Home closings revenue, net        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 789,116 748,476 1,515,977 1,370,969
Total cost of revenue 609,699 592,429 1,165,849 1,091,150
Total gross margin 179,417 156,047 350,128 279,819
Operating Segments | West | All other revenue        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 436 600 1,324 936
Operating Segments | West | All other cost of sales        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total cost of revenue 482 7,313 1,414 7,757
Operating Segments | Financial Services        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 52,929 48,916 104,122 95,875
Total cost of revenue 25,876 28,106 54,197 53,249
Total gross margin 27,053 20,810 49,925 42,626
Sales, commissions, and other marketing costs 0 0 0 0
General and administrative expenses 0 0 0 0
Net income/(loss) from unconsolidated entities 4,029 3,001 7,125 5,898
Interest and other (expense)/income 318 604 658 1,334
Income before income taxes 31,400 24,415 57,708 49,858
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 0
Total cost of revenue 0 0 0 0
Total gross margin 0 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 52,929 48,916 104,122 95,875
Operating Segments | Financial Services | All other cost of sales        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total cost of revenue 25,876 28,106 54,197 53,249
Corporate and Unallocated        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total revenue 4,785 5,025 8,837 9,189
Total cost of revenue 3,200 3,661 6,094 6,580
Total gross margin 1,585 1,364 2,743 2,609
Sales, commissions, and other marketing costs (1,541) (3,226) (4,992) (3,676)
General and administrative expenses (33,712) (52,415) (69,246) (91,788)
Net income/(loss) from unconsolidated entities (1,222) (424) (2,352) (503)
Interest and other (expense)/income (3,837) (5,038) (1,053) 440
Income before income taxes (38,727) (59,739) (74,900) (92,918)
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 0
Total cost of revenue 0 0 0 0
Total gross margin 0 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 4,785 5,025 8,837 9,189
Corporate and Unallocated | All other cost of sales        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total cost of revenue $ 3,200 $ 3,661 $ 6,094 $ 6,580
v3.25.2
OPERATING AND REPORTING SEGMENTS - Schedule of Assets by Segment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits $ 6,858,257 $ 6,533,752
Investments in unconsolidated entities 474,684 439,721
Other assets 2,117,703 2,323,658
Total assets 9,450,644 9,297,131
Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits 6,858,257 6,533,752
Investments in unconsolidated entities 379,074 351,159
Other assets 1,342,258 1,306,654
Total assets 8,579,589 8,191,565
Operating Segments | East    
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits 2,566,246 2,389,791
Investments in unconsolidated entities 91,378 86,378
Other assets 197,505 173,489
Total assets 2,855,129 2,649,658
Operating Segments | Central    
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits 1,241,376 1,296,272
Investments in unconsolidated entities 194,889 164,434
Other assets 237,208 225,846
Total assets 1,673,473 1,686,552
Operating Segments | West    
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits 3,050,635 2,847,689
Investments in unconsolidated entities 87,324 94,864
Other assets 597,561 610,212
Total assets 3,735,520 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 309,984 297,107
Total assets 315,467 302,590
Corporate and Unallocated    
Segment Reporting, Asset Reconciling Item [Line Items]    
Real estate inventory and land deposits 0 0
Investments in unconsolidated entities 95,610 88,562
Other assets 775,445 1,017,004
Total assets $ 871,055 $ 1,105,566
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Nov. 04, 2024
USD ($)
Jun. 23, 2023
opinion
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Nov. 02, 2021
USD ($)
Loss Contingencies [Line Items]                  
Letters of credit utilized     $ 1,500,000     $ 1,500,000   $ 1,400,000  
Purchase price     1,300,000     1,300,000   1,200,000  
Legal accruals     52,300     52,300   49,100  
Loss contingency, claims settled, split decision, number of separate opinions | opinion   3              
Lease liabilities     74,408     74,408   78,998  
Operating lease expense     4,700 $ 5,600   9,700 $ 11,500    
plaintiffs                  
Loss Contingencies [Line Items]                  
Payments for legal judgment         $ 64,700        
Loss contingency, damages sought, attorney fees, amount $ 22,500                
Loss contingency, damages sought, pre-judgement interest, amount 600                
Loss contingency, damages sought, reimbursement of taxable costs, amount $ 600                
Maximum                  
Loss Contingencies [Line Items]                  
Loss contingency                 $ 35,000
Land Option Purchase Contracts And Land Banking Arrangements                  
Loss Contingencies [Line Items]                  
Purchase price     $ 2,100,000     $ 2,100,000   $ 1,900,000  
v3.25.2
MORTGAGE HEDGING ACTIVITIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Fair Value $ (11,084) $ (1,743)
Total commitments to originate loans 327,700 246,100
IRLCs    
Derivative [Line Items]    
Fair Value   (5,917)
Fair Value (4,388)  
Notional amount 302,992 233,881
MBSs    
Derivative [Line Items]    
Fair Value (6,696) 4,174
Notional amount $ 504,000 $ 405,000