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TPH is like the Procter & Gamble of homebuilding, managing a portfolio of different regional home brands.

Think of TPH as a Marriott or Hilton, but for single-family homes, with different builder brands in various markets.

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• Single-family Homes: The company designs, constructs, and sells single-family attached and detached homes.
• Mortgage Financing: Tri Pointe Homes provides mortgage financing services to its homebuyers.
• Title and Escrow Services: The company offers title and escrow services as part of its financial offerings to facilitate home sales.
• Property and Casualty Insurance Agency Services: Tri Pointe Homes provides property and casualty insurance agency services to its customers.

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Tri Pointe Homes (TPH) primarily sells its homes to **individuals** rather than to other companies.

Based on the nature of its business as a homebuilder, the company serves the following categories of customers:

1. First-Time Homebuyers: Individuals or families purchasing their first home, often seeking entry-level or more affordable single-family attached or detached homes.
2. Move-Up Buyers: Individuals or families looking to purchase a larger or more amenity-rich home to accommodate changing needs, such as a growing family, or to upgrade from an existing home.
3. Empty Nesters/Active Adults: Older individuals or couples whose children have left home, often seeking smaller, low-maintenance homes, or homes in communities designed with specific amenities for their lifestyle.

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Douglas F. Bauer, Chief Executive Officer

Douglas F. Bauer serves as the Chief Executive Officer of Tri Pointe Homes and has been a Director since January 30, 2013. He co-founded TRI Pointe Homes, LLC in April 2009. Before forming Tri Pointe Homes, Mr. Bauer was the President and Chief Operating Officer for William Lyon Homes, where he also held positions as Chief Financial Officer and President of its Northern California Division. He spent seven years in various financial roles at Security Pacific National Bank. Tri Pointe Homes secured a $150 million equity commitment from Starwood Capital, which was instrumental in growing the company's balance sheet.

Glenn J. Keeler, Chief Financial Officer and Chief Accounting Officer

Glenn J. Keeler serves as the Chief Financial Officer and Chief Accounting Officer at Tri Pointe Homes. He joined the company in February 2013 as Corporate Controller before advancing to Chief Accounting Officer. Prior to Tri Pointe Homes, Mr. Keeler was the Corporate Controller of STEC, Inc., a publicly traded provider of solid-state drives, and the Director of Finance and Controller of Lantronix, Inc., a publicly traded networking and communications products company. He also spent six years at Ernst & Young, LLP, serving clients in the real estate, technology, and manufacturing industries.

Thomas J. Mitchell, President and Chief Operating Officer

Thomas J. Mitchell is the President and Chief Operating Officer of Tri Pointe Homes. He co-founded Tri Pointe Homes in 2009 alongside Doug Bauer and Mike Grubbs. Mr. Mitchell brings over 30 years of experience in the real estate development and homebuilding industry, including a tenure as Executive Vice President with William Lyon Homes. His prior experience also includes roles with The Irvine Company and Pacific Savings Bank.

David C. Lee, General Counsel and Secretary

David C. Lee serves as the General Counsel and Secretary of Tri Pointe Homes. Before joining Tri Pointe Homes, he was a partner at K&L Gates, where his practice focused on capital markets transactions, mergers and acquisitions, and general corporate and securities matters. Mr. Lee previously held positions as special counsel in the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC) and as counsel to an SEC commissioner in Washington, D.C.

Linda H. Mamet, Executive Vice President & Chief Marketing Officer

Linda H. Mamet is the Executive Vice President and Chief Marketing Officer at Tri Pointe Homes. She has more than 15 years of experience in the homebuilding industry, having held various sales and marketing roles with Pulte Group Inc across multiple brands. Additionally, Ms. Mamet served as Corporate Vice President of Sales and Marketing with John Laing Homes. She is also a California Real Estate Broker.

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The key risks to Tri Pointe Homes' business are:

1. Housing Market Volatility and Economic Downturns: Tri Pointe Homes' financial performance is highly susceptible to the cyclical nature of the homebuilding industry, general economic conditions, and unpredictable external factors. High long-term mortgage rates, economic downturns, and political instability can significantly reduce consumer sentiment and mortgage affordability, leading to a decline in homebuyer demand and sales. This can result in decreased new home deliveries, lower average selling prices, reduced margins, and increased selling, general, and administrative expenses.
2. Supply Chain and Labor Shortages leading to Increased Costs and Project Delays: The construction sector, including homebuilders like Tri Pointe Homes, faces challenges acquiring building materials and, more significantly, skilled personnel. These shortages can lead to increased costs and project delays, impacting the company's ability to complete homes efficiently and profitably. Additionally, heightened regulatory and environmental rules, particularly in key markets such as California, can further contribute to increased costs and project delays.
3. Competition and Market Saturation affecting Demand and Backlog: Tri Pointe Homes faces risks related to increased competition or market saturation, as indicated by declining backlog and new orders. Analysts' projections suggest potential revenue drops, which imply demand challenges for its products and services. This can lead to weak operating performance and reduced profitability, as the company may struggle to secure new business in a competitive environment.

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For Tri Pointe Homes (TPH), the addressable markets for their main products and services in the United States are as follows:

• Single-Family Homes (Design, Construction, and Sale): The U.S. new home sales market accounted for an estimated 679,000 new homes sold in 2025. The average sales price of new houses sold in December 2025 was $532,600. This translates to an approximate market value of $361.6 billion for new home sales in 2025. The broader United States residential real estate market is estimated at USD 3.81 trillion in 2026.
• Mortgage Financing: The total single-family mortgage origination volume in the United States is expected to increase to $2.2 trillion in 2026.
• Title and Escrow Services: The Title and Settlement Services market in the United States reached $15.4 billion in 2025.
• Property and Casualty Insurance Agency Services: The United States Property and Casualty Insurance Market is worth USD 1.14 trillion in 2026.

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For Tri Pointe Homes (TPH), the following are expected drivers of future revenue growth over the next 2-3 years:

1. Community Count Growth and Geographic Expansion: Tri Pointe Homes anticipates increasing its active selling communities by 10% to 15% by the end of 2026. This expansion is primarily targeted towards the Central and East regions. Furthermore, the company is actively investing in new markets such as Utah, Florida, and the Coastal Carolinas, with significant contributions from these regions projected to begin in 2027.
2. Focus on Premium Move-Up Homes and Innovative Design: The company strategically targets affluent move-up homebuyers, offering premium homes in desirable locations with curated finishes and elevated lifestyles. Analysts also highlight Tri Pointe Homes' emphasis on sustainable and innovative home designs, which is expected to support its growth trajectory. This strategy aims to capture a higher-value segment of the market and potentially maintain or improve average sales prices.
3. Leveraging Extensive Land Position for Increased Deliveries: Tri Pointe Homes possesses a substantial inventory of over 32,000 owned or controlled lots as of late 2025, with a significant portion secured through option agreements. This robust land pipeline provides a foundation for developing future communities, which is expected to translate into an increase in home deliveries and, consequently, revenue growth in the coming years.
4. Stabilization and Potential Growth in Average Sales Prices: The company's forward guidance indicates an expectation for stable to slightly increasing average sales prices. For the full year 2025, Tri Pointe Homes projects an average sales price of approximately $680,000, with a slightly higher range of $690,000 to $700,000 anticipated for the fourth quarter of 2025. This pricing strategy, coupled with anticipated increases in home deliveries, will contribute to overall revenue expansion.

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Share Repurchases

• Tri Pointe Homes announced a new $250 million stock repurchase program in December 2024, authorized through December 31, 2025, succeeding a previous program.
• In 2024, the company repurchased 3,964,537 shares of common stock for $146.6 million under its stock repurchase program.
• For the full year 2025, Tri Pointe Homes repurchased 8,550,822 shares of common stock for $277.2 million, which reduced outstanding shares by 8.6%.

Share Issuance

• No significant share issuances for capital raising purposes were identified within the last 3-5 years. The company has focused on share repurchases, leading to a reduction in shares outstanding.

Outbound Investments

• Effective February 1, 2024, Tri Pointe Homes acquired the minority equity interest in its Tri Pointe Connect mortgage financing joint venture, making it a wholly-owned subsidiary.

Capital Expenditures

• In Q4 2025, Tri Pointe Homes invested $7.8 million in capital expenditures, primarily funding long-term assets and infrastructure.
• The company's capital expenditures also supported strategic geographic expansions into new markets such as the greater Salt Lake City region in late 2023, and the Orlando and Coastal Carolinas regions in early 2024, with plans to open new communities in these areas in 2025 and have first deliveries in 2026.
• Capital expenditures of approximately $32.9 million were noted as absorbing a significant portion of operating cash flow in a recent period.