Taylor Morrison Home (TMHC) 10-Q 30 Apr 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2024
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		105,764,423
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001562476

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 554,287	$ 798,568
Restricted cash	3,105	8,531
Total cash	557,392	807,099
Real estate inventory:
Owned inventory	5,841,924	5,473,828
Consolidated real estate not owned	143,429	71,618
Total real estate inventory	5,985,353	5,545,446
Land deposits	199,043	203,217
Mortgage loans held for sale	216,633	193,344
Lease right of use assets	72,900	75,203
Prepaid expenses and other assets, net	287,507	290,925
Other receivables, net	189,771	184,518
Investments in unconsolidated entities	369,982	346,192
Deferred tax assets, net	67,825	67,825
Property and equipment, net	300,740	295,121
Goodwill	663,197	663,197
Total assets	8,910,343	8,672,087
Liabilities
Accounts payable	276,093	263,481
Accrued expenses and other liabilities	459,095	549,074
Lease liabilities	81,138	84,999
Income taxes payable	45,848	0
Customer deposits	357,657	326,087
Estimated development liabilities	27,416	27,440
Senior notes, net	1,469,135	1,468,695
Loans payable and other borrowings	441,190	394,943
Revolving credit facility borrowings	0	0
Mortgage warehouse borrowings	183,174	153,464
Liabilities attributable to consolidated real estate not owned	143,429	71,618
Total liabilities	3,484,175	3,339,801
COMMITMENTS AND CONTINGENCIES (Note 13)
Stockholders’ equity
Total stockholders’ equity	5,426,168	5,332,286
Total liabilities and owners’ equity	$ 8,910,343	$ 8,672,087

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total revenue	$ 1,699,752	$ 1,661,857
Total cost of revenue	1,282,907	1,262,291
Gross margin	416,845	399,566
Sales, commissions and other marketing costs	102,600	92,760
General and administrative expenses	67,564	66,261
Net income from unconsolidated entities	(2,751)	(1,929)
Interest income, net	(43)	(1,111)
Other expense/(income), net	595	(4,834)
Income/(loss) before income taxes	248,880	248,419
Income tax provision	57,719	57,191
Net income before allocation to non-controlling interests	191,161	191,228
Net income attributable to non-controlling interests	(891)	(177)
Net income	$ 190,270	$ 191,051
Earnings per common share:
Basic (in dollars per share)	$ 1.79	$ 1.76
Diluted (in dollars per share)	$ 1.75	$ 1.74
Weighted average number of shares of common stock:
Basic (in shares)	106,457	108,429
Diluted (in shares)	108,564	110,053
Home closings revenue, net
Total revenue	$ 1,636,255	$ 1,612,595
Total cost of revenue	1,243,209	1,227,513
Land closings revenue
Total revenue	7,225	4,520
Total cost of revenue	5,202	4,345
Financial services revenue
Total revenue	46,959	35,149
Total cost of revenue	25,143	22,148
Amenity and other revenue
Total revenue	9,313	9,593
Total cost of revenue	$ 9,353	$ 8,285

Condensed Consolidated Statem_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 at Dec. 31, 2022		$ 4,646,859	$ 1	$ 3,025,489	$ (1,137,138)	$ 2,741,615	$ 359	$ 16,533
Balance, beginning of period (in shares) at Dec. 31, 2022			107,995,262
Balance, beginning of period (in shares) at Dec. 31, 2022					51,396,923
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		191,228				191,051		177
Exercise of stock options and issuance of restricted stock units, net	[1]	4,493		4,493
Exercise of stock options and issuance of restricted stock units, net (shares)	[1]		1,148,175
Repurchase of common stock		$ (3,568)			$ (3,568)
Repurchase of common stock (shares)		(109,325)	(109,325)		(109,325)
Stock compensation expense		$ 7,533		7,533
Changes in non-controlling interests of consolidated joint ventures		1						1
Balance, end of period at Mar. 31, 2023		4,846,546	$ 1	3,037,515	$ (1,140,706)	2,932,666	359	16,711
Balance, end of period (in shares) at Mar. 31, 2023			109,034,112
Balance, end of period (in shares) at Mar. 31, 2023					51,506,248
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			106,917,636
Balance, beginning of period (in shares) at Dec. 31, 2023					54,211,879
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		191,161				190,270		891
Exercise of stock options and issuance of restricted stock units, net	[2]	(10,856)		(10,856)
Exercise of stock options and issuance of restricted stock units, net (shares)	[2]		633,766
Repurchase of common stock		$ (91,649)			$ (91,649)
Repurchase of common stock (shares)		(1,491,485)	(1,491,485)		(1,491,485)
Stock compensation expense		$ 5,483		5,483
Distributions to non-controlling interests of consolidated joint ventures		(257)						(257)
Balance, end of period at Mar. 31, 2024		$ 5,426,168	$ 1	$ 3,063,224	$ (1,356,746)	$ 3,700,814	$ 896	$ 17,979
Balance, end of period (in shares) at Mar. 31, 2024			106,059,917
Balance, end of period (in shares) at Mar. 31, 2024					55,703,364
[1] Dollar amount includes $13.5 million of stock options exercised netted with the value of shares withheld for taxes on the issuance of restricted stock units.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Stock options exercised	$ 4	$ 13.5

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities
Net income before allocation to non-controlling interests	$ 191,161	$ 191,228
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Net income from unconsolidated entities	(2,751)	(1,929)
Stock compensation expense	5,483	7,533
Distributions of earnings from unconsolidated entities	2,897	847
Depreciation and amortization	10,250	7,087
Operating lease expense	5,903	7,144
Debt issuance costs amortization	741	868
Changes in operating assets and liabilities:
Real estate inventory and land deposits	(363,923)	51,596
Mortgage loans held for sale, prepaid expenses and other assets	(35,783)	190,202
Customer deposits	31,570	1,993
Accounts payable, accrued expenses and other liabilities	(22,133)	(112,097)
Income taxes payable	45,848	2,977
Net cash (used in)/provided by operating activities	(130,737)	347,449
Cash Flows from Investing Activities:
Purchase of property and equipment	(9,111)	(13,807)
Distributions of capital from unconsolidated entities	0	350
Investments of capital into unconsolidated entities	(23,936)	(11,123)
Net cash used in investing activities	(33,047)	(24,580)
Cash Flows from Financing Activities
Increase in loans payable and other borrowings	0	2,425
Repayments on loans payable and other borrowings	(11,544)	(7,377)
Borrowings on mortgage warehouse facilities	713,090	634,404
Repayments on mortgage warehouse facilities	(683,380)	(794,142)
Changes in stock option exercises and issuance of restricted stock units, net	(10,856)	4,493
Payment of principal portion of finance lease	(1,327)	(1,305)
Repurchase of common stock, net	(91,649)	(3,568)
Cash and distributions to non-controlling interests of consolidated joint ventures	(257)	0
Net cash used in financing activities	(85,923)	(165,070)
Net Decrease/Increase in Cash and Cash Equivalents and Restricted Cash	(249,707)	157,799
Cash, Cash Equivalents, and Restricted Cash — Beginning of period	807,099	726,635
Cash, Cash Equivalents, and Restricted Cash — End of period	557,392	884,434
Supplemental Cash Flow Information
Income tax refunds	120	1,943
Supplemental Non-Cash Investing and Financing Activities:
Change in loans payable issued to sellers in connection with land purchase contracts	100,453	39,865
Change in inventory not owned	$ 71,811	$ (21,676)

BUSINESS

BUSINESS	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Description of the Business

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
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, 2023 (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. Joint Ventures - We consolidate certain joint ventures in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation. The income from the percentage of the joint venture not owned by us is presented as “Net income attributable to non-controlling interests” on the unaudited Condensed consolidated statement of operations. The equity from the percentage of the joint ventures not owned by us is presented as “Non-controlling interests” on the unaudited Condensed consolidated statement of stockholders’ equity. The balance of non-controlling interests will fluctuate from period to period as a result of activities within the respective joint ventures which may include the allocation of income or losses and distributions or contributions associated with the partners within the joint venture. Use of Estimates — The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the 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 from the point development begins to the point construction is completed. Changes in estimated costs to be incurred in a community are generally allocated to the remaining lots on a prospective basis. The life cycle of a typical community generally ranges from two 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 . 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, fair value can be determined through other methods, such as appraisals, contractual purchase offers, and other third party opinions of value. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions. For the three months ended March 31, 2024 and 2023, no impairment charges were recorded. In certain cases, we may elect to cease development and/or marketing of an existing community if we believe the economic performance of the community would be maximized by deferring development for a period of time to allow for market conditions to improve. We refer to such communities as long-term strategic assets. The decision may be based on financial and/or operational metrics as determined by us. For those communities that have been temporarily closed or development has been discontinued, we do not allocate 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 impairment and then cease future development and marketing activity until such a time when we believe that market conditions have improved and economic performance can be maximized. 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 March 31, 2024 and December 31, 2023, we had no long-term strategic assets. Land 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. Land is considered held for sale once it meets all criteria in accordance with ASC 360 Property, Plant and Equipment . Land held for sale is recorded at the lower of cost or fair value less costs to sell. In determining the value of land held for sale, we consider recent offers received, prices for land in recent comparable sales transactions, and other factors. For the three months ended March 31, 2024 and 2023, we had no material fair value adjustments for land held for sale. 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 immediate 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 income, net on the Condensed consolidated statements of operations. The entities grant us an option to acquire lots in staged takedowns. In consideration for this option, we make a non-significant and non-refundable cash deposit. We are not legally obligated to purchase the lots, but would forfeit any existing deposits and could be subject to financial and other penalties if the lots were not purchased. We do not have an ownership interest in these entities or title to their assets and do not guarantee their liabilities. As such, these entities are not consolidated. These land banking arrangements help us manage the financial and market risk associated with land holdings which are not included in the unaudited Condensed consolidated balance sheets. Investments in Consolidated and Unconsolidated Entities Consolidated Entities — In the ordinary course of business, we enter into land purchase contracts, lot option contracts and land banking arrangements in order to procure land or lots for the construction of homes. Such contracts enable us to control significant lot positions with a minimal initial capital investment and substantially reduce the risk associated with land ownership and development. In accordance with ASC Topic 810, Consolidation , when we enter into agreements to acquire land or lots and pay a non-refundable deposit, we evaluate if a Variable Interest Entity (“VIE”) should be created if we are deemed to have provided subordinated financial support that will absorb some or all of an entity’s expected losses if they occur. If we are the primary beneficiary of the VIE, we consolidate the VIE and reflect such assets and liabilities as Consolidated real estate not owned and Liabilities attributable to consolidated real estate not owned, respectively, in the unaudited Condensed consolidated balance sheets. Unconsolidated Joint Ventures — We use the equity method of accounting for entities which we exercise significant influence but do not have a controlling interest over the operating and financial policies of the investee. For unconsolidated entities in which we function as the managing member, we have evaluated the rights held by our joint venture partners and determined that the partners have substantive participating rights that preclude the presumption of control. Our share of net earnings or losses is included in Net income from unconsolidated entities on the unaudited Condensed consolidated statements of operations when earned and distributions are credited against our Investments in unconsolidated entities on the unaudited Condensed consolidated balance sheets when received. We evaluate our investments in unconsolidated entities for indicators of impairment semi-annually. A series of operating losses of an investee or other factors may indicate that a decrease in value of our investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized, if any, is the excess of the investment's carrying amount over its estimated fair value. Additionally, we consider various qualitative factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include age of the venture, stage in its life cycle, intent and ability for us to recover our investment in the entity, financial condition and long-term prospects of the entity, short-term liquidity needs of the unconsolidated entity, trends in the general economic environment of the land, entitlement status of the land held by the unconsolidated entity, overall projected returns on investment, defaults under contracts with third parties (including bank debt), recoverability of the investment through future cash flows and relationships among the entity's partners. If we believe that the decline in the fair value of the investment is temporary, then no impairment is recorded. We recorded no impairment charges related to the investments in unconsolidated entities for the three months ended March 31, 2024 and 2023 . Treasury Stock — We account for treasury stock, including the shares repurchased as part of our Accelerated Share Repurchase program ("ASR"), in accordance with ASC Topic 505-30, Equity—Treasury Stock. Repurchased shares are reflected as a reduction in stockholders' equity. Refer to Note 10 - Stockholders' Equity for additional discussion regarding the ASR. 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 amenities such as golf courses, clubhouses, and fitness centers, which require us to provide club members with access to the facilities in exchange for the payment of club dues. We collect club dues and other fees from club members, which are invoiced on a monthly basis. Revenue from our golf club operations is also included in amenity and other revenue. Amenity and other revenue also includes revenue from the sale of assets from our Urban Form operations and Build-to-Rent operations. 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 statements of operations in the period in which they occur. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires all public entities to report segment information in accordance with Topic 280. The guidance will be effective for the annual reporting period ending December 31, 2024 but entities may early adopt. We are currently evaluating the effect of adopting the new guidance on our consolidated financial statements and related disclosures.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income available to TMHC by the weighted average number of shares of Common Stock (as defined in Note 10) 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 2024 2023 Numerator: Net income $ 190,270 $ 191,051 Denominator: Weighted average shares – basic 106,457 108,429 Restricted stock units 1,112 913 Stock Options 995 711 Weighted average shares – diluted 108,564 110,053 Earnings per common share – basic: Net income $ 1.79 $ 1.76 Earnings per common share – diluted: Net income $ 1.75 $ 1.74 The above calculations of weighted average shares exclude 138,521 and 664,145 of anti-dilutive stock options and unvested performance and non-performance restricted stock units ("RSUs") for the three months ended March 31, 2024 and 2023, respectively. In addition, 155,757 shares relating to our ASR (refer to Note 10 - Stockholders' Equity) were also anti-dilutive and excluded from the above for the three months ended March 31, 2024. There were no ASR transactions in 2023.

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
REAL ESTATE INVENTORY	REAL ESTATE INVENTORY Inventory consists of the following: As of (Dollars in thousands) March 31, December 31, Real estate developed and under development $ 4,076,312 $ 3,855,534 Real estate held for development or held for sale (1) 46,312 29,317 Total land inventory 4,122,624 3,884,851 Operating communities (2) 1,542,078 1,414,528 Capitalized interest 177,222 174,449 Total owned inventory 5,841,924 5,473,828 Consolidated real estate not owned 143,429 71,618 Total real estate inventory $ 5,985,353 $ 5,545,446 (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. Deposits related to these lots are capitalized when paid and classified as Land deposits until the associated property is purchased. A summary of owned and controlled lots is as follows: As of (Dollars in thousands) March 31, 2024 December 31, 2023 Owned lots: Undeveloped 13,321 13,418 Under development 9,708 8,848 Finished 12,177 11,811 Total owned lots 35,206 34,077 Controlled lots: Land option purchase contracts 8,145 8,621 Land banking arrangements 5,995 5,818 Other controlled lots (1) 24,836 23,846 Total controlled lots 38,976 38,285 Total owned and controlled lots 74,182 72,362 Homes in inventory 8,578 7,867 (1) Other controlled lots include single transaction take-downs and lots from our portion of unconsolidated JVs. Lots which have started vertical construction have been excluded from total owned lots. Controlled lots represent lots in which we have a contractual right, generally through an option contract or land banking arrangement as well as paid a land deposit to a seller for an underlying real estate asset. Homes in inventory include any lots with vertical construction. Capitalized Interest — Interest capitalized, incurred and amortized is as follows (in thousands): Three Months Ended 2024 2023 Interest capitalized - beginning of period $ 174,449 $ 190,123 Interest incurred and capitalized (1) 26,398 34,133 Interest amortized to cost of home closings (23,625) (27,649) Interest capitalized - end of period $ 177,222 $ 196,607 (1)

INVESTMENTS IN CONSOLIDATED AND

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2024
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 March 31, December 31, Assets: Real estate inventory $ 1,011,378 $ 952,223 Other assets 242,828 182,517 Total assets $ 1,254,206 $ 1,134,740 Liabilities and owners’ equity: Debt $ 369,954 $ 317,224 Other liabilities 63,622 50,739 Total liabilities $ 433,576 $ 367,963 Owners’ equity: TMHC $ 369,982 $ 346,192 Others 450,648 420,585 Total owners’ equity $ 820,630 $ 766,777 Total liabilities and owners’ equity $ 1,254,206 $ 1,134,740 Three Months Ended 2024 2023 Revenues $ 73,767 $ 19,536 Costs and expenses (66,643) (14,699) Net income from unconsolidated entities $ 7,124 $ 4,837 TMHC’s share in net income of unconsolidated entities $ 2,751 $ 1,929 Distributions to TMHC from unconsolidated entities $ 2,897 $ 1,197 Consolidated Entities As of March 31, 2024, assets of the consolidated joint ventures totaled $266.8 million, of which $35.9 million was cash and cash equivalents, $66.7 million was owned real estate inventory, and $120.8 million was property and equipment, net (primarily related to Urban Form). The majority of the property and equipment, net balance is held for investment as of March 31, 2024. As of December 31, 2023, the assets of the consolidated joint ventures totaled $265.2 million, of which $29.8 million was cash and cash equivalents, $70.2 million was owned real estate inventory, and $121.3 million was property and equipment, net. The liabilities of the consolidated joint ventures totaled $124.1 million and $133.8 million as of

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 December 31, 2023 Real estate development costs to complete $ 45,723 $ 46,114 Compensation and employee benefits 77,393 149,095 Self-insurance and warranty reserves 186,948 184,448 Interest payable 26,039 31,042 Property and sales taxes payable 29,442 30,887 Other accruals 93,550 107,488 Total accrued expenses and other liabilities $ 459,095 $ 549,074 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 2024 2023 Reserve - beginning of period $ 184,448 $ 161,675 Additions to reserves 20,666 14,447 Cost of claims incurred (21,193) (20,508) Changes in estimates to pre-existing reserves 3,027 2,608 Reserve - end of period $ 186,948 $ 158,222 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.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Total debt consists of the following (in thousands): As of March 31, 2024 December 31, 2023 Principal Unamortized Carrying Principal Unamortized Carrying 5.875% Senior Notes due 2027 500,000 (2,476) 497,524 500,000 (2,672) 497,328 6.625% Senior Notes due 2027 27,070 950 28,020 27,070 1,022 28,092 5.75% Senior Notes due 2028 450,000 (2,394) 447,606 450,000 (2,551) 447,449 5.125% Senior Notes due 2030 500,000 (4,015) 495,985 500,000 (4,174) 495,826 Senior Notes subtotal $ 1,477,070 $ (7,935) $ 1,469,135 $ 1,477,070 $ (8,375) $ 1,468,695 Loans payable and other borrowings 441,190 — 441,190 394,943 — 394,943 $1 Billion Revolving Credit Facility (1)(2) — — — — — — $100 Million Revolving Credit Facility (1)(2) — — — — — — Mortgage warehouse borrowings 183,174 — 183,174 153,464 — 153,464 Total debt $ 2,101,434 $ (7,935) $ 2,093,499 $ 2,025,477 $ (8,375) $ 2,017,102 (1) Unamortized debt issuance costs are included in the Prepaid expenses and other assets, net on the Condensed consolidated balance sheets. (2) The $1 Billion Revolving Credit Facility Agreement together with the $100 Million Revolving Credit Facility Agreement, the “Revolving Credit Facilities”. 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, 2023. For information regarding such instruments, refer to Note 8 - Debt to the Consolidated Financial Statements in our Annual Report. As of March 31, 2024, 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. We had no outstanding borrowings under our $1 Billion Revolving Credit Facility as of March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, we had $2.7 million and $2.9 million, respectively, of unamortized debt issuance costs relating to our $1 Billion Revolving Credit Facility, which are included in Prepaid expenses and other assets, net, on the unaudited Condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, we had $59.9 million and $61.2 million, respectively, of utilized letters of credit, resulting in $940.1 million and $938.8 million, respectively, of availability under the $1 Billion Revolving Credit Facility. As of March 31, 2024, we were in compliance with all of the covenants under the $1 Billion Revolving Credit Facility. Mortgage Warehouse Borrowings The following is a summary of our mortgage warehouse borrowings (in thousands): As of March 31, 2024 Facility Amount Facility Interest Rate (2) Expiration Collateral (1) Warehouse A $ — $ 60,000 Term SOFR + 1.70% on Demand Mortgage Loans Warehouse C 59,603 100,000 Term SOFR + 1.50% on Demand Mortgage Loans Warehouse D 60,511 100,000 Daily SOFR + 1.50% September 4, 2024 Mortgage Loans Warehouse E 63,060 100,000 Term SOFR + 1.60% on Demand Mortgage Loans Total $ 183,174 $ 360,000 As of December 31, 2023 Facility Amount Facility Interest Rate (2) Expiration Collateral (1) Warehouse A $ 13,477 $ 60,000 Term SOFR + 1.70% on Demand Mortgage Loans Warehouse C 25,567 100,000 Term SOFR + 1.65% on Demand Mortgage Loans Warehouse D 56,745 100,000 Daily SOFR + 1.50% September 4, 2024 Mortgage Loans Warehouse E 57,675 100,000 Term SOFR + 1.60% on Demand Mortgage Loans Total $ 153,464 $ 360,000 (1) The mortgage warehouse borrowings outstanding as of March 31, 2024 and December 31, 2023 were collateralized by $216.6 million and $193.3 million, respectively, of mortgage loans held for sale. (2) Secured Overnight Financing Rate ("SOFR") Loans Payable and Other Borrowings Loans payable and other borrowings as of March 31, 2024 and December 31, 2023 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 10% and 0% to 9% at March 31, 2024 and December 31, 2023, respectively. We impute interest for loans with no stated interest rates.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2024
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. Derivative assets and liabilities include 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 borrowings, loans payable and other borrowings, and the borrowings under our Revolving Credit Facilities 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 March 31, 2024, when compared to December 31, 2023. The carrying value and fair value of our financial instruments are as follows: March 31, 2024 December 31, 2023 (Dollars in thousands) Level in Fair Carrying Estimated Carrying Estimated Description: Mortgage loans held for sale 2 $ 216,633 $ 216,633 $ 193,344 $ 193,344 IRLCs 3 (795) (795) 1,489 1,489 MBSs 2 (2,039) (2,039) (5,055) (5,055) Mortgage warehouse borrowings 2 183,174 183,174 153,464 153,464 Loans payable and other borrowings 2 441,190 441,190 394,943 394,943 5.875% Senior Notes due 2027 (1) 2 497,524 498,790 497,328 502,500 6.625% Senior Notes due 2027 (1) 2 28,020 26,393 28,092 26,529 5.75% Senior Notes due 2028 (1) 2 447,606 446,103 447,449 451,571 5.125% Senior Notes due 2030 (1) 2 495,985 475,805 495,826 483,690 (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 our inventories at March 31, 2024 and December 31, 2023 was not determined as there were no events or circumstances that indicated their carrying value was not recoverable.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective tax rate for the three months ended March 31, 2024 was 23.2%, compared to 23.0% for the same period in 2023. For the three months ended March 31, 2024, the effective tax rate differed from the U.S. federal statutory income tax rate primarily due to state income taxes, non-deductible executive compensation, excess tax benefits related to state income taxes, excess tax benefits related to stock-based compensation, and credits related to homebuilding activities. There were no unrecognized tax benefits as of March 31, 2024 or December 31, 2023.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2024
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 December 15, 2023 the Board of Directors authorized a renewal of the Company's then-existing stock repurchase program which permits the repurchase up to $500 million of the Company’s common stock through December 31, 2025. Repurchases under the program may occur from time to time through open market purchases, privately negotiated transactions or other transactions. On March 5, 2024, using the availability under our stock repurchase program, we entered into an ASR agreement and paid $50.0 million to receive an initial delivery of 705,343 shares of our common stock in accordance with the ASR agreement with a third-party financial institution. The final settlement of the ASR is expected to occur no later than the third quarter of 2024, at which time, a volume-weighted average price calculation over the term of the ASR agreement will be used to determine the final number of shares to be delivered. We accounted for the ASR as a common stock repurchase and a forward contract indexed to our own common stock. We determined that the equity classification criteria was met for the forward contract; therefore, it was not accounted for as a derivative instrument. The following table summarizes share repurchase activity for the periods presented: Three Months Ended March 31, (Dollars in thousands) 2024 2023 Amount available for repurchase — beginning of period $ 494,489 $ 279,138 Amount repurchased (1) (91,649) (3,568) Amount available for repurchase — end of period $ 402,840 $ 275,570 (1) This amount includes $50.0 million of accelerated share repurchase. We repurchased a total of 1,491,485 and 109,325 shares during the three months ended March 31, 2024 and 2023.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, we had an aggregate of 4,898,061 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 March 31, 2024: RSUs and PRSUs Stock Options Number of Units Weighted Average Number of Options Weighted Balance at March 31, 2024 1,337,595 $ 37.72 2,236,404 $ 28.44 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 2024 2023 Restricted stock units (1) $ 4,772 $ 6,675 Stock options 711 858 Total stock compensation $ 5,483 $ 7,533 (1) Includes compensation expense related to time-based RSUs and PRSUs.

OPERATING AND REPORTING SEGMENT

OPERATING AND REPORTING SEGMENTS	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
OPERATING AND REPORTING SEGMENTS	OPERATING AND REPORTING SEGMENTS We have multiple homebuilding operating components which are engaged in the business of acquiring and developing land, constructing homes, marketing and selling homes, and providing warranty and customer service. We aggregate our homebuilding operating components into three reporting segments, East, Central, and West, based on similar long-term economic characteristics. The activity from our Build-to-Rent and Urban Form operations are included in our Corporate segment. We also have a Financial Services reporting segment. Our reporting segments are as follows: East Atlanta, Charlotte, Jacksonville, Naples, Orlando, Raleigh, Sarasota, and Tampa Central Austin, Dallas, Denver, and Houston West Bay Area, Las Vegas, Phoenix, Portland, Sacramento, Seattle, and Southern California Financial Services Taylor Morrison Home Funding, Inspired Title 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. Segment information is as follows (in thousands): Three Months Ended March 31, 2024 East Central West Financial Corporate and Unallocated (1) Total Total revenue $ 547,311 $ 478,490 $ 622,829 $ 46,959 $ 4,163 $ 1,699,752 Gross margin 145,888 124,231 123,664 21,816 1,246 416,845 Selling (2) , general and administrative expenses (46,201) (39,393) (44,748) — (39,822) (170,164) Net (loss)/income from unconsolidated entities — (41) (26) 2,897 (79) 2,751 Interest and other (expense)/income, net (3) (827) (2,415) (3,518) 730 5,478 (552) Income/(loss) before income taxes $ 98,860 $ 82,382 $ 75,372 $ 25,443 $ (33,177) $ 248,880 (1) Includes the activity from our Build-To-Rent and Urban Form operations. (2) Includes sales, commissions, and other marketing costs. (3) Interest and other (expense)/income, net includes pre-acquisition write-offs on terminated projects. Three Months Ended March 31, 2023 East Central West Financial Services Corporate and Unallocated (1) Total Total revenue $ 610,813 $ 465,011 $ 547,906 $ 35,149 $ 2,978 $ 1,661,857 Gross margin 165,707 111,313 108,627 13,001 918 399,566 Selling (2) , general and administrative expenses (43,047) (36,956) (40,484) — (38,534) (159,021) Net (loss)/income from unconsolidated entities — (82) (235) 2,275 (29) 1,929 Interest and other (expense)/income, net (3) (1,212) (1,341) 3,779 — 4,719 5,945 Income/(loss) before income taxes $ 121,448 $ 72,934 $ 71,687 $ 15,276 $ (32,926) $ 248,419 (1) Includes the activity from our Build-To-Rent and Urban Form operations. (2) Includes sales, commissions, and other marketing costs. (3) Interest and other (expense)/income, net includes pre-acquisition write-offs on terminated projects. As of March 31, 2024 East Central West Financial Services Corporate and Unallocated (1) Total Real estate inventory and land deposits $ 2,172,523 $ 1,205,995 $ 2,805,878 $ — $ — $ 6,184,396 Investments in unconsolidated entities 63,628 132,007 98,491 5,483 70,373 369,982 Other assets 164,058 221,082 596,523 320,556 1,053,746 2,355,965 Total assets $ 2,400,209 $ 1,559,084 $ 3,500,892 $ 326,039 $ 1,124,119 $ 8,910,343 (1) Includes the assets from our Build-To-Rent and Urban Form operations. As of December 31, 2023 East Central West Financial Corporate and Unallocated (1) Total Real estate inventory and land deposits $ 1,909,084 $ 1,181,014 $ 2,658,565 $ — $ — $ 5,748,663 Investments in unconsolidated entities 63,628 125,610 88,219 5,483 63,252 346,192 Other assets 177,739 214,685 616,210 298,451 1,270,147 2,577,232 Total assets $ 2,150,451 $ 1,521,309 $ 3,362,994 $ 303,934 $ 1,333,399 $ 8,672,087 (1) Includes the assets from our Build-To-Rent and Urban Form operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
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 $1.3 billion as of March 31, 2024 and December 31, 2023. 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 March 31, 2024 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 conduct 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. Our obligations 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 $1.5 billion at March 31, 2024 and December 31, 2023. 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 March 31, 2024 and December 31, 2023, our legal accruals were $23.2 million and $26.2 million, respectively. We accrue for such matters based on the facts and circumstances specific to each matter and revise these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued. Predicting the ultimate resolution of the pending matters, the related timing, or the eventual loss associated with these matters is inherently difficult. Accordingly, the liability arising from the ultimate resolution of any matter may exceed the estimate reflected in the 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 violates 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 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-judgment interest and post-judgment interest. We expect to incur additional costs with respect to the plaintiff’s legal fees and costs; however, such amount cannot be reasonably estimated. Plaintiffs have also asserted claims for additional pre-judgment interest, for which we believe we have substantial defenses. Hearings on the plaintiff's pre-judgment interest and legal fees have been scheduled for the third quarter of 2024. 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 claims. 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. On February 25, 2022, the court stayed the action pending the resolution of the Solivita litigation. Following the resolution of the Solivita appeal, the court held a case management conference wherein the court scheduled a class certification hearing for the fourth quarter of 2024, but no class has been certified to date. 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 March 31, 2024. 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

MORTGAGE HEDGING ACTIVITIES

MORTGAGE HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 December 31, 2023 (Dollars in thousands) Fair Value Notional Amount (1) Fair Value Notional Amount (1) IRLCs $ (795) $ 271,291 $ 1,489 $ 219,129 MBSs (2,039) 481,000 (5,055) 285,000 Total $ (2,834) $ (3,566) (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 $291.8 million and $242.6 million as of March 31, 2024 and December 31, 2023, 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income from unconsolidated entities	$ 190,270	$ 191,051

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
William H. Lyon [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 15, 2024, Lyon Shareholder 2012, LLC and the William Harwell Lyon Separate Property Trust dated 07/28/2000 adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5‑1(c) of the Securities Exchange Act of 1934. William H. Lyon, a member of our Board of Directors, is manager of Lyon Shareholder 2012, LLC and trustee of the William Harwell Lyon Separate Property Trust dated 07/28/2000. Such trading plan provides for an aggregate sale of up to 2,735,000 shares of the Common Stock, less shares of Common Stock sold under prior 10b5-1 trading plans previously adopted by such entities, between June 14, 2024 and June 3, 2025.
Name	William Harwell Lyon
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Arrangement Duration	354 days
Aggregate Available	2,735,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2023 (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.
Joint Ventures	Joint Ventures - We consolidate certain joint ventures in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation. The income from the percentage of the joint venture not owned by us is presented as “Net income attributable to non-controlling interests” on the unaudited Condensed consolidated statement of operations. The equity from the percentage of the joint ventures not owned by us is presented as “Non-controlling interests” on the unaudited Condensed consolidated statement of stockholders’ equity. The balance of non-controlling interests will fluctuate from period to period as a result of activities within the respective joint ventures which may include the allocation of income or losses and distributions or contributions associated with the partners within the joint venture.
Use of Estimates	Use of Estimates — The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the 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 from the point development begins to the point construction is completed. Changes in estimated costs to be incurred in a community are generally allocated to the remaining lots on a prospective basis. The life cycle of a typical community generally ranges from two 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 . 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, fair value can be determined through other methods, such as appraisals, contractual purchase offers, and other third party opinions of value. Changes in these expectations may lead to a change in the outcome of our impairment analysis, and actual results may also differ from our assumptions. For the three months ended March 31, 2024 and 2023, no impairment charges were recorded. In certain cases, we may elect to cease development and/or marketing of an existing community if we believe the economic performance of the community would be maximized by deferring development for a period of time to allow for market conditions to improve. We refer to such communities as long-term strategic assets. The decision may be based on financial and/or operational metrics as determined by us. For those communities that have been temporarily closed or development has been discontinued, we do not allocate 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 impairment and then cease future development and marketing activity until such a time when we believe that market conditions have improved and economic performance can be maximized. 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 March 31, 2024 and December 31, 2023, we had no long-term strategic assets. Land 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. Land is considered held for sale once it meets all criteria in accordance with ASC 360 Property, Plant and Equipment . Land held for sale is recorded at the lower of cost or fair value less costs to sell. In determining the value of land held for sale, we consider recent offers received, prices for land in recent comparable sales transactions, and other factors. For the three months ended March 31, 2024 and 2023, we had no material fair value adjustments for land held for sale. 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 immediate 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 income, net on the Condensed consolidated statements of operations. The entities grant us an option to acquire lots in staged takedowns. In consideration for this option, we make a non-significant and non-refundable cash deposit. We are not legally obligated to purchase the lots, but would forfeit any existing deposits and could be subject to financial and other penalties if the lots were not purchased. We do not have an ownership interest in these entities or title to their assets and do not guarantee their liabilities. As such, these entities are not consolidated. These land banking arrangements help us manage the financial and market risk associated with land holdings which are not included in the unaudited Condensed consolidated balance sheets.
Investments in Consolidated and Unconsolidated Entities	Investments in Consolidated and Unconsolidated Entities Consolidated Entities — In the ordinary course of business, we enter into land purchase contracts, lot option contracts and land banking arrangements in order to procure land or lots for the construction of homes. Such contracts enable us to control significant lot positions with a minimal initial capital investment and substantially reduce the risk associated with land ownership and development. In accordance with ASC Topic 810, Consolidation , when we enter into agreements to acquire land or lots and pay a non-refundable deposit, we evaluate if a Variable Interest Entity (“VIE”) should be created if we are deemed to have provided subordinated financial support that will absorb some or all of an entity’s expected losses if they occur. If we are the primary beneficiary of the VIE, we consolidate the VIE and reflect such assets and liabilities as Consolidated real estate not owned and Liabilities attributable to consolidated real estate not owned, respectively, in the unaudited Condensed consolidated balance sheets. Unconsolidated Joint Ventures — We use the equity method of accounting for entities which we exercise significant influence but do not have a controlling interest over the operating and financial policies of the investee. For unconsolidated entities in which we function as the managing member, we have evaluated the rights held by our joint venture partners and determined that the partners have substantive participating rights that preclude the presumption of control. Our share of net earnings or losses is included in Net income from unconsolidated entities on the unaudited Condensed consolidated statements of operations when earned and distributions are credited against our Investments in unconsolidated entities on the unaudited Condensed consolidated balance sheets when received.
Treasury Stock	Treasury Stock — We account for treasury stock, including the shares repurchased as part of our Accelerated Share Repurchase program ("ASR"), in accordance with ASC Topic 505-30, Equity—Treasury Stock. Repurchased shares are reflected as a reduction in stockholders' equity. Refer to Note 10 - Stockholders' Equity for additional discussion regarding the ASR.
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 amenities such as golf courses, clubhouses, and fitness centers, which require us to provide club members with access to the facilities in exchange for the payment of club dues. We collect club dues and other fees from club members, which are invoiced on a monthly basis. Revenue from our golf club operations is also included in amenity and other revenue. Amenity and other revenue also includes revenue from the sale of assets from our Urban Form operations and Build-to-Rent operations. 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
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires all public entities to report segment information in accordance with Topic 280. The guidance will be effective for the annual reporting period ending December 31, 2024 but entities may early adopt. We are currently evaluating the effect of adopting the new guidance on our consolidated financial statements and related disclosures.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Summary of Components of Basic and Diluted Earnings Per Share	The following is a summary of the components of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended 2024 2023 Numerator: Net income $ 190,270 $ 191,051 Denominator: Weighted average shares – basic 106,457 108,429 Restricted stock units 1,112 913 Stock Options 995 711 Weighted average shares – diluted 108,564 110,053 Earnings per common share – basic: Net income $ 1.79 $ 1.76 Earnings per common share – diluted: Net income $ 1.75 $ 1.74

REAL ESTATE INVENTORY (Tables)

REAL ESTATE INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Inventory	Inventory consists of the following: As of (Dollars in thousands) March 31, December 31, Real estate developed and under development $ 4,076,312 $ 3,855,534 Real estate held for development or held for sale (1) 46,312 29,317 Total land inventory 4,122,624 3,884,851 Operating communities (2) 1,542,078 1,414,528 Capitalized interest 177,222 174,449 Total owned inventory 5,841,924 5,473,828 Consolidated real estate not owned 143,429 71,618 Total real estate inventory $ 5,985,353 $ 5,545,446 (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.
Summary of Development Status of Land Inventory	A summary of owned and controlled lots is as follows: As of (Dollars in thousands) March 31, 2024 December 31, 2023 Owned lots: Undeveloped 13,321 13,418 Under development 9,708 8,848 Finished 12,177 11,811 Total owned lots 35,206 34,077 Controlled lots: Land option purchase contracts 8,145 8,621 Land banking arrangements 5,995 5,818 Other controlled lots (1) 24,836 23,846 Total controlled lots 38,976 38,285 Total owned and controlled lots 74,182 72,362 Homes in inventory 8,578 7,867 (1) Other controlled lots include single transaction take-downs and lots from our portion of unconsolidated JVs.
Schedule of Interest Capitalized, Incurred, Expensed and Amortized	Interest capitalized, incurred and amortized is as follows (in thousands): Three Months Ended 2024 2023 Interest capitalized - beginning of period $ 174,449 $ 190,123 Interest incurred and capitalized (1) 26,398 34,133 Interest amortized to cost of home closings (23,625) (27,649) Interest capitalized - end of period $ 177,222 $ 196,607 (1)

INVESTMENTS IN CONSOLIDATED A_2

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information of Unconsolidated Entities Accounted by Equity Method	Summarized, unaudited condensed combined financial information of unconsolidated entities that are accounted for by the equity method are as follows (in thousands): As of March 31, December 31, Assets: Real estate inventory $ 1,011,378 $ 952,223 Other assets 242,828 182,517 Total assets $ 1,254,206 $ 1,134,740 Liabilities and owners’ equity: Debt $ 369,954 $ 317,224 Other liabilities 63,622 50,739 Total liabilities $ 433,576 $ 367,963 Owners’ equity: TMHC $ 369,982 $ 346,192 Others 450,648 420,585 Total owners’ equity $ 820,630 $ 766,777 Total liabilities and owners’ equity $ 1,254,206 $ 1,134,740 Three Months Ended 2024 2023 Revenues $ 73,767 $ 19,536 Costs and expenses (66,643) (14,699) Net income from unconsolidated entities $ 7,124 $ 4,837 TMHC’s share in net income of unconsolidated entities $ 2,751 $ 1,929 Distributions to TMHC from unconsolidated entities $ 2,897 $ 1,197

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following (in thousands): As of March 31, 2024 December 31, 2023 Real estate development costs to complete $ 45,723 $ 46,114 Compensation and employee benefits 77,393 149,095 Self-insurance and warranty reserves 186,948 184,448 Interest payable 26,039 31,042 Property and sales taxes payable 29,442 30,887 Other accruals 93,550 107,488 Total accrued expenses and other liabilities $ 459,095 $ 549,074
Summary of Changes in Reserves	A summary of the changes in reserves are as follows (in thousands): Three Months Ended 2024 2023 Reserve - beginning of period $ 184,448 $ 161,675 Additions to reserves 20,666 14,447 Cost of claims incurred (21,193) (20,508) Changes in estimates to pre-existing reserves 3,027 2,608 Reserve - end of period $ 186,948 $ 158,222

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Senior Notes and Other Borrowings	Total debt consists of the following (in thousands): As of March 31, 2024 December 31, 2023 Principal Unamortized Carrying Principal Unamortized Carrying 5.875% Senior Notes due 2027 500,000 (2,476) 497,524 500,000 (2,672) 497,328 6.625% Senior Notes due 2027 27,070 950 28,020 27,070 1,022 28,092 5.75% Senior Notes due 2028 450,000 (2,394) 447,606 450,000 (2,551) 447,449 5.125% Senior Notes due 2030 500,000 (4,015) 495,985 500,000 (4,174) 495,826 Senior Notes subtotal $ 1,477,070 $ (7,935) $ 1,469,135 $ 1,477,070 $ (8,375) $ 1,468,695 Loans payable and other borrowings 441,190 — 441,190 394,943 — 394,943 $1 Billion Revolving Credit Facility (1)(2) — — — — — — $100 Million Revolving Credit Facility (1)(2) — — — — — — Mortgage warehouse borrowings 183,174 — 183,174 153,464 — 153,464 Total debt $ 2,101,434 $ (7,935) $ 2,093,499 $ 2,025,477 $ (8,375) $ 2,017,102 (1) Unamortized debt issuance costs are included in the Prepaid expenses and other assets, net on the Condensed consolidated balance sheets. (2) The $1 Billion Revolving Credit Facility Agreement together with the $100 Million Revolving Credit Facility Agreement, the “Revolving Credit Facilities”.
Summary of Mortgage Subsidiary Borrowings	The following is a summary of our mortgage warehouse borrowings (in thousands): As of March 31, 2024 Facility Amount Facility Interest Rate (2) Expiration Collateral (1) Warehouse A $ — $ 60,000 Term SOFR + 1.70% on Demand Mortgage Loans Warehouse C 59,603 100,000 Term SOFR + 1.50% on Demand Mortgage Loans Warehouse D 60,511 100,000 Daily SOFR + 1.50% September 4, 2024 Mortgage Loans Warehouse E 63,060 100,000 Term SOFR + 1.60% on Demand Mortgage Loans Total $ 183,174 $ 360,000 As of December 31, 2023 Facility Amount Facility Interest Rate (2) Expiration Collateral (1) Warehouse A $ 13,477 $ 60,000 Term SOFR + 1.70% on Demand Mortgage Loans Warehouse C 25,567 100,000 Term SOFR + 1.65% on Demand Mortgage Loans Warehouse D 56,745 100,000 Daily SOFR + 1.50% September 4, 2024 Mortgage Loans Warehouse E 57,675 100,000 Term SOFR + 1.60% on Demand Mortgage Loans Total $ 153,464 $ 360,000 (1) The mortgage warehouse borrowings outstanding as of March 31, 2024 and December 31, 2023 were collateralized by $216.6 million and $193.3 million, respectively, of mortgage loans held for sale. (2) Secured Overnight Financing Rate ("SOFR")

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Carrying Value and Fair Value of Financial Instruments	The carrying value and fair value of our financial instruments are as follows: March 31, 2024 December 31, 2023 (Dollars in thousands) Level in Fair Carrying Estimated Carrying Estimated Description: Mortgage loans held for sale 2 $ 216,633 $ 216,633 $ 193,344 $ 193,344 IRLCs 3 (795) (795) 1,489 1,489 MBSs 2 (2,039) (2,039) (5,055) (5,055) Mortgage warehouse borrowings 2 183,174 183,174 153,464 153,464 Loans payable and other borrowings 2 441,190 441,190 394,943 394,943 5.875% Senior Notes due 2027 (1) 2 497,524 498,790 497,328 502,500 6.625% Senior Notes due 2027 (1) 2 28,020 26,393 28,092 26,529 5.75% Senior Notes due 2028 (1) 2 447,606 446,103 447,449 451,571 5.125% Senior Notes due 2030 (1) 2 495,985 475,805 495,826 483,690 (1)

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stock Repurchases	The following table summarizes share repurchase activity for the periods presented: Three Months Ended March 31, (Dollars in thousands) 2024 2023 Amount available for repurchase — beginning of period $ 494,489 $ 279,138 Amount repurchased (1) (91,649) (3,568) Amount available for repurchase — end of period $ 402,840 $ 275,570 (1) This amount includes $50.0 million of accelerated share repurchase.

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Share-based Payment Arrangement Activity	The following table provides the outstanding balance of RSUs, PRSUs, and stock options as of March 31, 2024: RSUs and PRSUs Stock Options Number of Units Weighted Average Number of Options Weighted Balance at March 31, 2024 1,337,595 $ 37.72 2,236,404 $ 28.44
Summary 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 2024 2023 Restricted stock units (1) $ 4,772 $ 6,675 Stock options 711 858 Total stock compensation $ 5,483 $ 7,533 (1) Includes compensation expense related to time-based RSUs and PRSUs.

OPERATING AND REPORTING SEGME_2

OPERATING AND REPORTING SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of Reporting Segments	Our reporting segments are as follows: East Atlanta, Charlotte, Jacksonville, Naples, Orlando, Raleigh, Sarasota, and Tampa Central Austin, Dallas, Denver, and Houston West Bay Area, Las Vegas, Phoenix, Portland, Sacramento, Seattle, and Southern California Financial Services Taylor Morrison Home Funding, Inspired Title Services, and Taylor Morrison Insurance Services
Summary of Segment Information	Segment information is as follows (in thousands): Three Months Ended March 31, 2024 East Central West Financial Corporate and Unallocated (1) Total Total revenue $ 547,311 $ 478,490 $ 622,829 $ 46,959 $ 4,163 $ 1,699,752 Gross margin 145,888 124,231 123,664 21,816 1,246 416,845 Selling (2) , general and administrative expenses (46,201) (39,393) (44,748) — (39,822) (170,164) Net (loss)/income from unconsolidated entities — (41) (26) 2,897 (79) 2,751 Interest and other (expense)/income, net (3) (827) (2,415) (3,518) 730 5,478 (552) Income/(loss) before income taxes $ 98,860 $ 82,382 $ 75,372 $ 25,443 $ (33,177) $ 248,880 (1) Includes the activity from our Build-To-Rent and Urban Form operations. (2) Includes sales, commissions, and other marketing costs. (3) Interest and other (expense)/income, net includes pre-acquisition write-offs on terminated projects. Three Months Ended March 31, 2023 East Central West Financial Services Corporate and Unallocated (1) Total Total revenue $ 610,813 $ 465,011 $ 547,906 $ 35,149 $ 2,978 $ 1,661,857 Gross margin 165,707 111,313 108,627 13,001 918 399,566 Selling (2) , general and administrative expenses (43,047) (36,956) (40,484) — (38,534) (159,021) Net (loss)/income from unconsolidated entities — (82) (235) 2,275 (29) 1,929 Interest and other (expense)/income, net (3) (1,212) (1,341) 3,779 — 4,719 5,945 Income/(loss) before income taxes $ 121,448 $ 72,934 $ 71,687 $ 15,276 $ (32,926) $ 248,419 (1) Includes the activity from our Build-To-Rent and Urban Form operations. (2) Includes sales, commissions, and other marketing costs. (3) Interest and other (expense)/income, net includes pre-acquisition write-offs on terminated projects.
Summary of Assets by Segment	As of March 31, 2024 East Central West Financial Services Corporate and Unallocated (1) Total Real estate inventory and land deposits $ 2,172,523 $ 1,205,995 $ 2,805,878 $ — $ — $ 6,184,396 Investments in unconsolidated entities 63,628 132,007 98,491 5,483 70,373 369,982 Other assets 164,058 221,082 596,523 320,556 1,053,746 2,355,965 Total assets $ 2,400,209 $ 1,559,084 $ 3,500,892 $ 326,039 $ 1,124,119 $ 8,910,343 (1) Includes the assets from our Build-To-Rent and Urban Form operations. As of December 31, 2023 East Central West Financial Corporate and Unallocated (1) Total Real estate inventory and land deposits $ 1,909,084 $ 1,181,014 $ 2,658,565 $ — $ — $ 5,748,663 Investments in unconsolidated entities 63,628 125,610 88,219 5,483 63,252 346,192 Other assets 177,739 214,685 616,210 298,451 1,270,147 2,577,232 Total assets $ 2,150,451 $ 1,521,309 $ 3,362,994 $ 303,934 $ 1,333,399 $ 8,672,087 (1) Includes the assets from our Build-To-Rent and Urban Form operations.

MORTGAGE HEDGING ACTIVITIES (Ta

MORTGAGE HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summaries of Derivative Instruments	The following summarizes derivative instrument assets (liabilities) as of the periods presented: As of March 31, 2024 December 31, 2023 (Dollars in thousands) Fair Value Notional Amount (1) Fair Value Notional Amount (1) IRLCs $ (795) $ 271,291 $ 1,489 $ 219,129 MBSs (2,039) 481,000 (5,055) 285,000 Total $ (2,834) $ (3,566) (1) The notional amounts in the table above include mandatory and best effort mortgages, that have been locked and approved.

BUSINESS (Details)

BUSINESS (Details)	3 Months Ended
	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Significant Accounting Policies [Line Items]
Impairment, long-lived asset, held-for-use	$ 0	$ 0
Impairment of long-lived assets to be disposed of	0	0
Equity method investment, other than temporary impairment	$ 0	$ 0
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

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 190,270	$ 191,051
Denominator:
Weighted average shares - basic (in shares)	106,457	108,429
Weighted average shares - diluted (in shares)	108,564	110,053
Earnings per common share — basic:
Net income (in dollars per share)	$ 1.79	$ 1.76
Earnings per common share — diluted:
Net income (in dollars per share)	$ 1.75	$ 1.74
Restricted stock units
Denominator:
Restricted stock units and stock options (in shares)	1,112	913
Stock Options
Denominator:
Restricted stock units and stock options (in shares)	995	711

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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)	138,521	664,145
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)	155,757

REAL ESTATE INVENTORY - Schedul

REAL ESTATE INVENTORY - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Real estate developed and under development	$ 4,076,312	$ 3,855,534
Real estate held for development or held for sale	46,312	29,317
Total land inventory	4,122,624	3,884,851
Operating communities	1,542,078	1,414,528
Capitalized interest	177,222	174,449	$ 196,607	$ 190,123
Total owned inventory	5,841,924	5,473,828
Consolidated real estate not owned	143,429	71,618
Total real estate inventory	$ 5,985,353	$ 5,545,446

REAL ESTATE INVENTORY - Sched_2

REAL ESTATE INVENTORY - Schedule of Development Status of Land Inventory (Details)	Mar. 31, 2024 lot home	Dec. 31, 2023 lot home
Inventory [Line Items]
Total owned lots	35,206	34,077
Total controlled lots	38,976	38,285
Total owned and controlled lots	74,182	72,362
Homes in inventory | home	8,578	7,867
Undeveloped
Inventory [Line Items]
Total owned lots	13,321	13,418
Under development
Inventory [Line Items]
Total owned lots	9,708	8,848
Finished
Inventory [Line Items]
Total owned lots	12,177	11,811
Land option purchase contracts
Inventory [Line Items]
Total controlled lots	8,145	8,621
Land banking arrangements
Inventory [Line Items]
Total controlled lots	5,995	5,818
Other controlled lots
Inventory [Line Items]
Total controlled lots	24,836	23,846

REAL ESTATE INVENTORY - Sched_3

REAL ESTATE INVENTORY - Schedule of Interest Capitalized, Incurred, Expensed and Amortized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capitalized Interest Costs [Roll Forward]
Interest capitalized - beginning of period	$ 174,449	$ 190,123
Interest incurred and capitalized	26,398	34,133
Interest amortized to cost of home closings	(23,625)	(27,649)
Interest capitalized - end of period	$ 177,222	$ 196,607

INVESTMENTS IN CONSOLIDATED A_3

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Summarized Balance Sheets of Unconsolidated Entities Accounted by Equity Method (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Real estate inventory	$ 4,122,624	$ 3,884,851
Other assets	2,355,965	2,577,232
Total assets	8,910,343	8,672,087
Liabilities and owners’ equity:
Debt	2,093,499	2,017,102
Total liabilities	3,484,175	3,339,801
Owners’ equity:
Total liabilities and owners’ equity	8,910,343	8,672,087
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets:
Real estate inventory	1,011,378	952,223
Other assets	242,828	182,517
Total assets	1,254,206	1,134,740
Liabilities and owners’ equity:
Debt	369,954	317,224
Other liabilities	63,622	50,739
Total liabilities	433,576	367,963
Owners’ equity:
TMHC	369,982	346,192
Others	450,648	420,585
Total owners’ equity	820,630	766,777
Total liabilities and owners’ equity	$ 1,254,206	$ 1,134,740

INVESTMENTS IN CONSOLIDATED A_4

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Summarized Statements of Operations of Unconsolidated Entities Accounted by Equity Method (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenues	$ 1,699,752	$ 1,661,857
Costs and expenses	(1,282,907)	(1,262,291)
Net income from unconsolidated entities	190,270	191,051
TMHC’s share in net income of unconsolidated entities	2,751	1,929
Distributions to TMHC from unconsolidated entities	2,897	847
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues	73,767	19,536
Costs and expenses	(66,643)	(14,699)
Net income from unconsolidated entities	7,124	4,837
Taylor Morrison Home Corporation
Schedule of Equity Method Investments [Line Items]
TMHC’s share in net income of unconsolidated entities	2,751	1,929
Distributions to TMHC from unconsolidated entities	$ 2,897	$ 1,197

INVESTMENTS IN CONSOLIDATED A_5

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets	$ 8,910,343	$ 8,672,087
Cash and cash equivalents	554,287	798,568
Total real estate inventory	5,985,353	5,545,446
Fixed assets	300,740	295,121
Liabilities	3,484,175	3,339,801
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	266,800	265,200
Cash and cash equivalents	35,900	29,800
Total real estate inventory	66,700	70,200
Fixed assets	120,800	121,300
Liabilities	$ 124,100	$ 133,800

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Real estate development costs to complete	$ 45,723	$ 46,114
Compensation and employee benefits	77,393	149,095
Self-insurance and warranty reserves	186,948	184,448	$ 158,222	$ 161,675
Interest payable	26,039	31,042
Property and sales taxes payable	29,442	30,887
Other accruals	93,550	107,488
Total accrued expenses and other liabilities	$ 459,095	$ 549,074

ACCRUED EXPENSES AND OTHER LI_4

ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Changes in Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Summary of changes in warranty reserves
Reserve - beginning of period	$ 184,448	$ 161,675
Additions to reserves	20,666	14,447
Cost of claims incurred	(21,193)	(20,508)
Changes in estimates to pre-existing reserves	3,027	2,608
Reserves — end of period	$ 186,948	$ 158,222

DEBT - Senior Notes and Other B

DEBT - Senior Notes and Other Borrowings (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Facility Amount	$ 360,000,000	$ 360,000,000
Principal	2,101,434,000	2,025,477,000
Unamortized Debt Issuance (Costs)/ Premium	(7,935,000)	(8,375,000)
Carrying Value	2,093,499,000	2,017,102,000
Loans payable and other borrowings
Debt Instrument [Line Items]
Principal	441,190,000	394,943,000
Unamortized Debt Issuance (Costs)/ Premium	0	0
Carrying Value	441,190,000	394,943,000
Mortgage warehouse borrowings
Debt Instrument [Line Items]
Principal	183,174,000	153,464,000
Unamortized Debt Issuance (Costs)/ Premium	0	0
Carrying Value	183,174,000	153,464,000
Senior Notes
Debt Instrument [Line Items]
Principal	1,477,070,000	1,477,070,000
Unamortized Debt Issuance (Costs)/ Premium	(7,935,000)	(8,375,000)
Carrying Value	$ 1,469,135,000	1,468,695,000
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	(2,476,000)	(2,672,000)
Carrying Value	$ 497,524,000	497,328,000
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	950,000	1,022,000
Carrying Value	$ 28,020,000	28,092,000
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	(2,394,000)	(2,551,000)
Carrying Value	$ 447,606,000	447,449,000
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	(4,015,000)	(4,174,000)
Carrying Value	495,985,000	495,826,000
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
Line of Credit | $100 Million Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Facility Amount	100,000,000
Principal	0	0
Unamortized Debt Issuance (Costs)/ Premium	0	0
Carrying Value	$ 0	$ 0

DEBT - Revolving Credit Facilit

DEBT - Revolving Credit Facility (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Maximum borrowing capacity on line of credit	$ 360,000,000	$ 360,000,000
Revolving credit facility borrowings	0	0
Letters of credit utilized	1,300,000,000	1,300,000,000
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
Unamortized debt issuance costs	2,700,000	2,900,000
Letters of credit utilized	59,900,000	61,200,000
Availability under revolving credit facility	$ 940,100,000	$ 938,800,000

DEBT - Summary of Mortgage Ware

DEBT - Summary of Mortgage Warehouse Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Amount Drawn	$ 183,174	$ 153,464
Facility Amount	360,000	360,000
Secured Debt | Warehouse A
Line of Credit Facility [Line Items]
Amount Drawn	0	13,477
Facility Amount	60,000	60,000
Secured Debt | Warehouse C
Line of Credit Facility [Line Items]
Amount Drawn	59,603	25,567
Facility Amount	100,000	100,000
Secured Debt | Warehouse D
Line of Credit Facility [Line Items]
Amount Drawn	60,511	56,745
Facility Amount	100,000	100,000
Secured Debt | Warehouse E
Line of Credit Facility [Line Items]
Amount Drawn	63,060	57,675
Facility Amount	$ 100,000	$ 100,000
Secured Overnight Financing Rate (SOFR) | Secured Debt | Warehouse A
Line of Credit Facility [Line Items]
Interest Rate	1.70%	1.70%
Secured Overnight Financing Rate (SOFR) | Secured Debt | Warehouse C
Line of Credit Facility [Line Items]
Interest Rate	1.50%	1.65%
Secured Overnight Financing Rate (SOFR) | Secured Debt | Warehouse D
Line of Credit Facility [Line Items]
Interest Rate	1.50%	1.50%
Secured Overnight Financing Rate (SOFR) | Secured Debt | Warehouse E
Line of Credit Facility [Line Items]
Interest Rate	1.60%	1.60%
Mortgage loans
Line of Credit Facility [Line Items]
Mortgage loans held for sale	$ 216,600	$ 193,300

DEBT - Loans Payable and Other

DEBT - Loans Payable and Other Borrowings (Details) - Loans Payable and Other Borrowings	Mar. 31, 2024	Dec. 31, 2023
Minimum
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0%	0%
Maximum
Debt Instrument [Line Items]
Stated interest rate (as a percent)	10%	9%

FAIR VALUE DISCLOSURES - Summar

FAIR VALUE DISCLOSURES - Summary of Carrying Value and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Senior Notes | $5.875% Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (as a percent)	5.875%
Senior Notes | $6.625% Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (as a percent)	6.625%
Senior Notes | 5.75% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (as a percent)	5.75%
Senior Notes | $5.125% Senior Notes due 2030
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	$ 216,633	$ 193,344
Carrying Value | 2 | MBSs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(2,039)	(5,055)
Carrying Value | 2 | Mortgage warehouse borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	183,174	153,464
Carrying Value | 2 | Loans payable and other borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	441,190	394,943
Carrying Value | 2 | Senior Notes | $5.875% Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	497,524	497,328
Carrying Value | 2 | Senior Notes | $6.625% Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	28,020	28,092
Carrying Value | 2 | Senior Notes | 5.75% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	447,606	447,449
Carrying Value | 2 | Senior Notes | $5.125% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	495,985	495,826
Carrying Value | 3 | IRLCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		1,489
Derivative liabilities	(795)
Estimated Fair Value | 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	216,633	193,344
Estimated Fair Value | 2 | MBSs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(2,039)	(5,055)
Estimated Fair Value | 2 | Mortgage warehouse borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	183,174	153,464
Estimated Fair Value | 2 | Loans payable and other borrowings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	441,190	394,943
Estimated Fair Value | 2 | Senior Notes | $5.875% Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	498,790	502,500
Estimated Fair Value | 2 | Senior Notes | $6.625% Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	26,393	26,529
Estimated Fair Value | 2 | Senior Notes | 5.75% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	446,103	451,571
Estimated Fair Value | 2 | Senior Notes | $5.125% Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	475,805	483,690
Estimated Fair Value | 3 | IRLCs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		$ 1,489
Derivative liabilities	$ (795)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective rate	23.20%	23%
Unrecognized tax benefits	$ 0		$ 0

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)			3 Months Ended
	Mar. 05, 2024	Aug. 16, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 15, 2023
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)			400,000,000
Common stock, par value (in dollars per share)			$ 0.00001
Preferred stock, shares authorized (in shares)			50,000,000
Preferred stock, par value (in dollars per share)			$ 0.00001
Stock repurchase program, authorized amount					$ 500,000,000
Repurchase of stock			$ 91,649,000	$ 3,568,000
Repurchase of common stock (in shares)			1,491,485	109,325
Percentage of execise tax on net repurchase of stock		1%
ASR Agreement
Equity, Class of Treasury Stock [Line Items]
Repurchase of stock	$ 50,000,000
Repurchase of common stock (in shares)	705,343

STOCKHOLDERS' EQUITY - Treasury

STOCKHOLDERS' EQUITY - Treasury Stock (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock Repurchase Program, Increase (Decrease) [Roll Forward]
Amount available for repurchase — beginning of period	$ 494,489	$ 279,138
Amount repurchased	(91,649)	(3,568)
Amount available for repurchase — end of period	$ 402,840	$ 275,570

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unamortized outstanding stock based compensation	$ 45.2	$ 26.5
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)	4,898,061

STOCK BASED COMPENSATION - Summ

STOCK BASED COMPENSATION - Summary of Restricted Stock Unit, Stock Options, and Stock Warrants Activity (Details)	Mar. 31, 2024 $ / shares shares
RSUs and PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, Number of Units (in shares) | shares	1,337,595
Balance, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 37.72
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, Number of Options (in shares) | shares	2,236,404
Balance, Weighted Average Exercise Price Per Share (in dollars per share) | $ / shares	$ 28.44

STOCK BASED COMPENSATION - Su_2

STOCK BASED COMPENSATION - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation	$ 5,483	$ 7,533
Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation	4,772	6,675
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation	$ 711	$ 858

OPERATING AND REPORTING SEGME_3

OPERATING AND REPORTING SEGMENTS - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reporting segments included in operating component	3

OPERATING AND REPORTING SEGME_4

OPERATING AND REPORTING SEGMENTS - Reconciliation to Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	$ 1,699,752	$ 1,661,857
Gross margin	416,845	399,566
Selling, general and administrative expense	(170,164)	(159,021)
Net (loss)/income from unconsolidated entities	2,751	1,929
Interest and other (expense)/income, net	(552)	5,945
Income/(loss) before income taxes	248,880	248,419
Operating Segments | East
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	547,311	610,813
Gross margin	145,888	165,707
Selling, general and administrative expense	(46,201)	(43,047)
Net (loss)/income from unconsolidated entities	0	0
Interest and other (expense)/income, net	(827)	(1,212)
Income/(loss) before income taxes	98,860	121,448
Operating Segments | Central
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	478,490	465,011
Gross margin	124,231	111,313
Selling, general and administrative expense	(39,393)	(36,956)
Net (loss)/income from unconsolidated entities	(41)	(82)
Interest and other (expense)/income, net	(2,415)	(1,341)
Income/(loss) before income taxes	82,382	72,934
Operating Segments | West
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	622,829	547,906
Gross margin	123,664	108,627
Selling, general and administrative expense	(44,748)	(40,484)
Net (loss)/income from unconsolidated entities	(26)	(235)
Interest and other (expense)/income, net	(3,518)	3,779
Income/(loss) before income taxes	75,372	71,687
Operating Segments | Financial Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	46,959	35,149
Gross margin	21,816	13,001
Selling, general and administrative expense	0	0
Net (loss)/income from unconsolidated entities	2,897	2,275
Interest and other (expense)/income, net	730	0
Income/(loss) before income taxes	25,443	15,276
Corporate and Unallocated
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	4,163	2,978
Gross margin	1,246	918
Selling, general and administrative expense	(39,822)	(38,534)
Net (loss)/income from unconsolidated entities	(79)	(29)
Interest and other (expense)/income, net	5,478	4,719
Income/(loss) before income taxes	$ (33,177)	$ (32,926)

OPERATING AND REPORTING SEGME_5

OPERATING AND REPORTING SEGMENTS - Summary of Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	$ 6,184,396	$ 5,748,663
Investments in unconsolidated entities	369,982	346,192
Other assets	2,355,965	2,577,232
Total assets	8,910,343	8,672,087
Operating Segments | East
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	2,172,523	1,909,084
Investments in unconsolidated entities	63,628	63,628
Other assets	164,058	177,739
Total assets	2,400,209	2,150,451
Operating Segments | Central
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	1,205,995	1,181,014
Investments in unconsolidated entities	132,007	125,610
Other assets	221,082	214,685
Total assets	1,559,084	1,521,309
Operating Segments | West
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	2,805,878	2,658,565
Investments in unconsolidated entities	98,491	88,219
Other assets	596,523	616,210
Total assets	3,500,892	3,362,994
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	320,556	298,451
Total assets	326,039	303,934
Corporate and Unallocated
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate inventory and land deposits	0	0
Investments in unconsolidated entities	70,373	63,252
Other assets	1,053,746	1,270,147
Total assets	$ 1,124,119	$ 1,333,399

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Nov. 02, 2021
Loss Contingencies [Line Items]
Outstanding letters of credit	$ 1,300,000	$ 1,300,000
Legal accruals	23,200	26,200
Loss contingency, damages paid, value		64,700
Lease liabilities	81,138	84,999
Operating lease expense	5,900		$ 7,100
Land Option Purchase Contracts And Land Banking Arrangements
Loss Contingencies [Line Items]
Purchase price	$ 1,500,000	$ 1,500,000
Maximum
Loss Contingencies [Line Items]
Loss contingency				$ 35,000

MORTGAGE HEDGING ACTIVITIES (De

MORTGAGE HEDGING ACTIVITIES (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Fair Value	$ (2,834)	$ (3,566)
Total commitments to originate loans	291,800	242,600
IRLCs
Derivative [Line Items]
Fair Value		1,489
Fair Value	(795)
Notional amount	271,291	219,129
MBSs
Derivative [Line Items]
Fair Value	(2,039)	(5,055)
Notional amount	$ 481,000	$ 285,000