Here are 1-3 brief analogies for Taylor Morrison Home (TMHC):

• Think of them as a car manufacturer like Ford or General Motors, but for houses and residential communities.
• Similar to how a major hotel chain like Marriott develops and builds new properties, Taylor Morrison develops and sells entire new home communities.
• One of the largest U.S. homebuilders, operating similarly to industry leaders like Lennar or D.R. Horton.

• New Home Construction and Sales: Taylor Morrison designs, builds, and sells single-family homes, townhomes, and condominiums across various price points and communities.
• Financial Services: The company provides mortgage lending and title insurance services to homebuyers, primarily for homes built and sold by Taylor Morrison.

Taylor Morrison Home (symbol: TMHC) primarily sells homes directly to **individuals**, not to other companies. Therefore, the company does not have major corporate customers in the traditional B2B sense.

The company serves a diverse range of individual homebuyers, which can be categorized as follows:

• First-Time and Value-Oriented Buyers: This segment includes individuals and families purchasing their first home or seeking a more affordable entry into homeownership. They typically prioritize value, essential features, and communities that offer a good balance of price and amenities.
• Move-Up Buyers: This category consists of individuals and families who are upgrading from their current home. They are often looking for more space, enhanced features, desirable locations, and communities with amenities that suit a growing family or an evolving lifestyle.
• Active Adult (55+) Buyers: A significant and growing focus for Taylor Morrison, particularly through its "Esplanade" brand, this segment comprises empty nesters or retirees. These buyers seek low-maintenance homes, resort-style amenities, and communities specifically designed for an active adult lifestyle.

Sheryl Palmer, Chairman and Chief Executive Officer

Ms. Palmer has been the Chairman and Chief Executive Officer of Taylor Morrison Home Corporation since 2007. She has over 35 years of cross-functional building experience, including leadership in land acquisition, sales and marketing, development, and operations management. Prior to Taylor Morrison, she served as Nevada Area President for Pulte and Del Webb, and as division president at Blackhawk Corporation for 10 years. Under her leadership, Taylor Morrison completed its initial public offering in 2013 and successfully oversaw the sale of its Canadian operations. Taylor Morrison became a wholly owned subsidiary of TMM Holdings Limited Partnership in 2011, which was indirectly owned by investment funds managed by TPG Capital, Oaktree Capital Management, and JH Investments, before going public in 2013.

Curt VanHyfte, Executive Vice President and Chief Financial Officer

Mr. VanHyfte was appointed Interim Chief Financial Officer effective May 1, 2023, and is currently the Executive Vice President and Chief Financial Officer. He joined Taylor Morrison in 2020 with the acquisition of William Lyon Homes (WLH). During his nearly 30-year career in homebuilding, he has held division, regional, and national roles in finance. Prior to WLH, where he served as Division President of the Arizona division from 2019 to 2020, he was Area President, Chicago Division, at M/I Homes Inc.

Erik Heuser, EVP, Chief Corporate Operations Officer

Mr. Heuser joined Taylor Morrison in 2004 as Director of Business Development. He has served as Vice President of Land Investments, Chief Strategy Officer, and was appointed Chief Corporate Operations Officer in 2019. He leads strategic direction, business development initiatives, and portfolio management. Before joining Taylor Morrison, he ran a division for Hanley Wood Market Intelligence, owned a homebuilding entity in Chicago, and held senior acquisition, institutional finance, and investment roles with PNC Mortgage, MetLife, and A.G. Edwards & Sons.

Tawn Kelley, EVP, President of Financial Services

Ms. Kelley leads Taylor Morrison's Financial Services businesses, including Taylor Morrison Home Funding, Inspired Title Services, Taylor Morrison Insurance Services, and Mortgage Funding Direct Ventures. She is responsible for the management, financial performance, and long-term growth strategies of these companies. With over 30 years of experience in the mortgage industry, her background includes leadership in new construction financing, title and homeowners' insurance, mortgage servicing, and operational management.

Dar Ahrens, EVP, West Area President

Mr. Ahrens serves as Taylor Morrison's Executive Vice President and West Area President, overseeing and driving operational excellence and growth for the Company's West Area. He previously served as Taylor Morrison's Chief Field Operations Officer from 2020 to early 2023 and has held key Division President and Regional President positions since joining the Company in September 2006. Before Taylor Morrison, Mr. Ahrens was Vice President of Operations and Vice President of Land for Pulte Homes and held senior land acquisition, forward planning, and development positions for Woodside Homes and John Laing Homes.

The key risks to Taylor Morrison Home (TMHC) primarily stem from its sensitivity to the broader economic environment and the inherent challenges within the homebuilding industry.

1. Market Sensitivity and Economic Volatility: Taylor Morrison's operations are highly sensitive to prevailing market conditions, including fluctuations in interest rates, economic downturns, and changes in consumer confidence. These factors directly impact homebuyer affordability and demand, potentially leading to reduced sales and revenue. The health of the real estate market and general economic conditions in its operating regions pose significant challenges during periods of instability.
2. Operational Risks and Supply Chain Disruptions: As a general contractor, Taylor Morrison faces operational risks related to construction and land development. The cost and availability of materials and labor are critical factors, and inflationary pressures and supply chain disruptions can hinder the company's ability to deliver projects on time and within budget, thereby affecting its financial results.
3. Order Backlog and Gross Margin Pressures: Taylor Morrison has experienced a significant slowdown in its order backlog, which is a leading indicator of future topline performance. Declining order backlogs and persistently high cancellation rates can lead to pressures on gross margins and overall financial performance.

The addressable market for Taylor Morrison Home (symbol: TMHC) primarily encompasses the U.S. residential construction market, as the company operates across 20 markets in 12 states in the United States. Taylor Morrison's main products and services include the design, construction, and sale of single-family and multi-family detached and attached homes, catering to entry-level, move-up, luxury, and resort lifestyle homebuyers and renters. Additionally, the company offers financial services related to home financing.

The U.S. residential construction market is a significant addressable market. In 2025, the U.S. residential construction market size is estimated at approximately $1.35 trillion. This market is projected to grow to $1.69 trillion by 2030, with a compound annual growth rate (CAGR) of 4.59% during this period. Another projection indicates that the residential construction market in the U.S. is expected to increase by $242.9 million between 2024 and 2029, with a CAGR of 4.5%.

The overall U.S. construction market, which includes residential construction, was valued at $2.10 trillion in 2024, and is estimated to reach $2.24 trillion in 2025. The residential construction segment constituted 54.3% of the U.S. construction market share in 2024.

Taylor Morrison Home (TMHC) is expected to drive future revenue growth over the next two to three years through several strategic initiatives:

1. Increased Home Closings and Community Count Expansion: Taylor Morrison aims for at least 10% annual home closings growth through 2028, with an ambitious target of approximately 20,000 annual closings by 2028. The company plans to launch over 100 new communities in 2026, targeting mid to high single-digit outlet growth. This expansion in the number of communities will directly contribute to higher sales volumes and, consequently, increased revenue.
2. Expansion of the Esplanade Resort Lifestyle Brand: A critical path to growth involves doubling deliveries of its Esplanade resort lifestyle brand over the next few years. Taylor Morrison is actively expanding the Esplanade footprint into new markets, including significant developments in Central Florida and the Las Vegas market. This focus on a successful, amenity-rich brand caters to specific buyer segments and is expected to boost revenue.
3. Diversified Product Portfolio and Consumer Strategy: The company's diversified portfolio across various price points, including entry-level, first move-up, second move-up, and resort lifestyle buyers, provides resilience and expands growth opportunities. Taylor Morrison also offers a balanced mix of "spec" (ready-to-move-in) and "to-be-built" homes, with spec homes primarily focused on the entry-level market and personalized homes for move-up and resort lifestyle buyers. Furthermore, they are adapting to evolving housing demands such as multi-generational living and energy-efficient homes. This broad appeal helps capture a wider customer base.
4. Technological Innovation and Enhanced Customer Engagement: Taylor Morrison is investing in technology to improve customer interaction and lead generation. This includes the launch of an AI-powered digital assistant to enhance online customer engagement. By leveraging digital tools, the company aims to streamline the home-buying process and attract more customers, thereby supporting revenue growth.
5. Strategic and Capital-Efficient Land Management: The company is focused on a disciplined land strategy, aiming to control at least 65% of its homebuilding lots rather than owning them outright. This approach allows for a flexible and capital-efficient lot supply, providing the necessary inventory for future community and home count expansion while optimizing capital allocation.

Share Repurchases

• Taylor Morrison is targeting approximately $350 million in share repurchases for the full year 2025.
• In the first quarter of 2025, the company repurchased 1.5 million shares for $92 million, with $403 million remaining under authorization at quarter end. For the second quarter of 2025, 1.7 million shares were repurchased for $100 million, leaving $675 million in remaining authorization.
• For the full year 2024, Taylor Morrison repurchased 5.6 million common shares for $348 million, and had a remaining share repurchase authorization of $910 million at year-end.

Outbound Investments

• In April 2024, Taylor Morrison acquired substantially all the assets of Pyatt Builders, an Indianapolis-based homebuilder. This acquisition primarily involved inventory for existing and future communities, including approximately 1,700 owned and controlled lots, and was not material to the company's financial results.

Capital Expenditures

• The expected homebuilding land acquisition and development investment for the full year 2025 is around $2.6 billion.
• For the full year 2024, the total homebuilding land spend was $2.4 billion, with 43% of this investment related to development activities.
• The primary focus of capital expenditures is on homebuilding land acquisition and development, with a strategic emphasis on increasing controlled lot percentage, which reached 60% in Q2 2025, to enhance capital efficiency and reduce owned lot exposure.