What changed in Taylor Morrison Home Corp's 10-K — 2024 vs 2025
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Paragraph-level year-over-year comparison of Taylor Morrison Home Corp's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.
+142 added−143 removedSource: 10-K (2026-02-18) vs 10-K (2025-02-19)
Top changes in Taylor Morrison Home Corp's 2025 10-K
142 paragraphs added · 143 removed · 130 edited across 1 sections
- Item 4. Mine Safety Disclosures+142 / −143 · 130 edited
Item 4. Mine Safety Disclosures
Mine Safety Disclosures — required of mining issuers
130 edited+12 added−13 removed235 unchanged
Item 4. Mine Safety Disclosures
Mine Safety Disclosures — required of mining issuers
130 edited+12 added−13 removed235 unchanged
2024 filing
2025 filing
Biggest changeFurther, if we were required to record a significant inventory impairment, it could negatively affect our reported earnings and negatively impact the market perception of our business. Access to capital could be hindered if land banks are not able to raise necessary investor funds or if we are unable to create and maintain relationships with land banks.
Biggest changeIn addition, inventory carrying costs can be significant and can result in reduced margins or losses in a poorly performing community or market. Further, if we were required to record a significant inventory impairment, it could negatively affect our reported earnings and negatively impact the market perception of our business.
This commitment to sustainability, our communities and our team is highlighted in our latest Sustainability and Belonging Report available on our website. This report is not considered part of this Annual Report. COMMUNITY We are committed to maintaining high standards in health and safety at all of our sites.
This commitment to sustainability, our communities and our team is highlighted in our latest Sustainability and Belonging Report available on our website. This Sustainability and Belonging Report is not considered part of this Annual Report. COMMUNITY We are committed to maintaining high standards in health and safety at all of our sites.
Any of these circumstances could give rise to delays and increased costs developing one or more of our communities and building homes. In addition, the vast majority of our work carried out on site is performed by subcontractors.
Any of these circumstances could give rise to delays and increased costs in developing one or more of our communities and building homes. In addition, the vast majority of our work carried out on site is performed by subcontractors.
See – “Homebuilding is subject to home warranty and TAYLOR MORRISON HOME CORPORATION 10-K 15 Table of Contents ITEM 1A | RISK FACTORS construction defect claims in the ordinary course of business that can lead to significant costs for us” below.
See – “Homebuilding is subject to home TAYLOR MORRISON HOME CORPORATION 10-K 15 Table of Contents ITEM 1A | RISK FACTORS warranty and construction defect claims in the ordinary course of business that can lead to significant costs for us” below.
Some of our business is in areas that are particularly vulnerable to severe weather events, such as from the increased frequency and severity of storms, flooding, wildfires, tornados, severe cold and drought. For example, in recent years, hurricanes, winter storms, and unseasonably cold weather in certain regions have left homeowners without electricity and impacted utility prices.
Some of our business is in areas that are particularly vulnerable to severe weather events, such as from the increased frequency and severity of wildfires, storms, flooding, tornados, severe cold and drought. For example, in recent years, hurricanes, winter storms and unseasonably cold weather in certain regions have left homeowners without electricity and impacted utility prices.
If our performance record or our providers’ requirements or policies change, if we cannot obtain the necessary renewals or amendments from our lenders, or if the market’s capacity to provide performance, payment and completion or warranty/ maintenance bonds or letters of credit is not sufficient, we could be unable to obtain such bonds or letters of credit from other sources when required, which could have a material adverse effect on our business, financial condition and results of operations.
If our performance record or our providers’ requirements or policies change, if we cannot obtain the necessary renewals or amendments from our lenders, or if the market’s capacity to provide performance, payment and completion of warranty/maintenance bonds or letters of credit is not sufficient, we could be unable to obtain such bonds or letters of credit from other sources when required, which could have a material adverse effect on our business, financial condition and results of operations.
In addition, as our relationships with our partners are contractual in nature and may be terminated or dissolved under the terms of the applicable joint venture agreements, including buy-sell provisions, we may not continue to own or operate the interests or assets underlying such relationship or may need to purchase additional interests or assets in the venture to continue ownership.
In addition, as our relationships with our partners are contractual in nature and may be terminated or dissolved under the terms of the applicable joint venture agreements, including buy-sell provisions, we may not continue to own or operate the interests or assets underlying such relationship or may need to purchase additional interests or assets in the joint venture to continue ownership.
Any future acquisitions, investments and/or disposals are accompanied by risks such as: • difficulties in assimilating the operations and personnel of acquired companies or businesses; • diversion of our management’s attention from ongoing business concerns; • our potential inability to maximize our financial and strategic position through the successful incorporation or disposition of operations; • significant liabilities may not be identified in due diligence or may come to light after the expiry of warranty or indemnity periods; • difficulties in the implementation of uniform standards, controls, procedures and policies; and • impairment of existing relationships with employees, contractors, suppliers and customers as a result of the integration of new management personnel and cost-saving initiatives.
Any future acquisitions and investments and/or disposals are accompanied by risks such as: • difficulties in assimilating the operations and personnel of acquired companies or businesses; • diversion of our management’s attention from ongoing business concerns; • our potential inability to maximize our financial and strategic position through the successful incorporation or disposition of operations; • significant liabilities may not be identified in due diligence or may come to light after the expiry of warranty or indemnity periods; • difficulties in the implementation of uniform standards, controls, procedures and policies; and • impairment of existing relationships with employees, contractors, suppliers and customers as a result of the integration of new management personnel and cost-saving initiatives.
We aim to manage this credit risk by selecting only counterparties that we believe to be financially strong, spreading the risk among multiple counterparties, by placing contractual limits on the amount of unsecured credit extended to any single counterparty, and by entering into netting agreements with counterparties, as appropriate.
We aim to manage this credit risk by selecting only counterparties that we believe to be financially strong, spreading the risk among multiple counterparties, placing contractual limits on the amount of unsecured credit extended to any single counterparty, and entering into netting agreements with counterparties, as appropriate.
A breach of any of the restrictive covenants under the agreement governing our Revolving Credit Facility or any of our senior notes could allow for the acceleration of the Revolving Credit Facility and all senior notes.
A breach of any of the restrictive covenants under the agreement governing our Revolving Credit Facility or any of our senior notes could allow for the acceleration of the Revolving Credit Facility and/or all senior notes.
Our IT team monitors material risks over time and updates the Company’s mitigation plans as appropriate. IT also regularly reports to the leadership team on the status of material risks, mitigation plans and incidents related to such risks.
Our IT team monitors material risks over time and updates the Company’s mitigation plans as appropriate. Our IT team also regularly reports to the leadership team on the status of material risks, mitigation plans and incidents related to such risks.
For a discussion of how risks from cybersecurity threats affect our business, see “Item 1A. Risk Factors – Risk Related to our industry, business and economic conditions– Information technology failures and data security breaches could harm our business” in this Annual Report.
For a discussion of how risks from cybersecurity threats affect our business, see “Item 1A. Risk Factors – Risks Related to our industry, business and economic conditions – Information technology failures and data security breaches could harm our business” in this Annual Report.
Additionally, increases in property tax rates by local governmental authorities can adversely affect the ability of potential customers to obtain financing or their desire to purchase new homes. Fees imposed on developers to fund schools, open spaces, road improvements and/or provide low and moderate income housing, could increase our costs and have an adverse effect on our operations.
Additionally, increases in property tax rates by local governmental authorities can adversely affect the ability of potential customers to obtain financing or their desire to purchase new homes. Fees imposed on developers to fund schools, open spaces, road improvements and/or provide low- and moderate-income housing, could increase our costs and have an adverse effect on our results of operations.
Further, the cost of labor may also be adversely affected by inflation and changes in immigration laws and trends in labor migration. We may not be able to recover increased costs by raising our home prices because the price for each home is typically set months prior to its delivery pursuant to sales contracts with our homebuyers.
Further, the cost of labor may also be adversely affected by inflation and changes in immigration laws and enforcement and trends in labor migration. We may not be able to recover increased costs by raising our home prices because the price for each home is typically set months prior to its delivery pursuant to sales contracts with our homebuyers.
Our marketing program utilizes a balanced approach of corporate support and local expertise to attract potential customers in a focused, efficient, and cost-effective manner. Our goal is to identify the preferences of our customers and demographic groups and offer them innovative, well-designed, quality homes that are affordable for our homeowners, and efficient and profitable for us to build.
Our marketing program utilizes a balanced approach of corporate support and local expertise to attract potential customers in a focused, efficient, and cost-effective manner. Our goal is to identify the preferences of our customers and demographic groups and offer them innovative, well-designed, quality homes that are affordable for them, and efficient and profitable for us to build.
Acquisitions can result in dilution to existing stockholders if we issue our common stock as consideration, or reduce our liquidity if we fund them with cash. In addition, acquisitions can expose us to valuation risks, including the risk of writing off goodwill or impairing inventory and other assets related to such acquisitions.
Acquisitions can result in dilution to existing stockholders if we issue our common stock as consideration, or reduce our liquidity if we fund them with debt or cash. In addition, acquisitions can expose us to valuation risks, including the risk of writing off goodwill or impairing inventory and other assets related to such acquisitions.
Several of the markets in which we operate have historically been subject to utility and resource shortages, including significant changes to the availability and cost of electricity and water. Shortages of utility resources in our markets, particularly of water, may make it more difficult for us to obtain regulatory approval of new developments and have other adverse implications.
Several of the markets in which we operate have historically been subject to utility and resource constraints, including significant changes to the availability and cost of electricity and water. Shortages of utility resources in our markets, particularly of water, may make it more difficult for us to obtain regulatory approval of new developments and have other adverse implications.
Interest rates continue to remain elevated compared to prior years and there is no guarantee that the Federal Reserve will take action to reduce rates. Any increases in interest rates could negatively affect mortgage rates, real estate property values, sales orders and increase cancellations, which could adversely affect our business.
However, interest rates continue to remain elevated compared to prior years and there is no guarantee that the Federal Reserve will take action to reduce rates. Any increases in interest rates could negatively affect mortgage rates, real estate property values, sales orders and increase cancellations, which could adversely affect our business.
A substantial majority of our homebuyers finance their home purchases through lenders that provide mortgage financing. The availability of mortgage financing may fluctuate due to various factors, including regulatory changes, that may cause a more conservative risk tolerance by lenders resulting in increased levels of scrutiny of a borrower’s ability to repay.
A substantial majority of our homebuyers finance their home purchases through lenders that provide mortgage financing, including TMHF. The availability of mortgage financing may fluctuate due to various factors, including regulatory changes, that may cause a more conservative risk tolerance by lenders resulting in increased levels of scrutiny of a borrower’s ability to repay.
Raw materials and building supply shortages and price fluctuations could delay or increase the cost of home construction and adversely affect our operating results. The homebuilding industry has experienced and, from time to time, may experience raw material shortages and be adversely affected by volatility in global commodity prices.
Raw materials and building supply shortages and price fluctuations could delay or increase the cost of home construction and adversely affect our operating results. The homebuilding industry has experienced and, from time to time, may in the future experience raw material shortages and be adversely affected by volatility in global commodity prices.
Such government imposed tariffs and trade regulations on imported building supplies may in the future have significant impacts on the cost to construct our homes, including by causing disruptions or shortages in our supply chain and/or negatively impacting the U.S. regional or local economies.
Such government imposed tariffs and trade regulations on imported building supplies have and may in the future continue to have significant impacts on the cost to construct our homes, including by causing disruptions or shortages in our supply chain and/or negatively impacting the U.S. regional or local economies.
Our proposed sites undergo project feasibility studies to assess the regulatory, market, environmental, social, and other risks and requirements. Considerations include accessibility to utilities, suspected threatened or endangered wildlife, significant or unusual noise levels, proper drainage infrastructure, and storm water pollution prevention.
Our proposed sites undergo project feasibility studies to assess the regulatory, market, environmental, and other risks and requirements. Considerations include accessibility to utilities, suspected threatened or endangered wildlife, significant or unusual noise levels, proper drainage infrastructure, and storm water pollution prevention.
EVALUATION We believe we have the responsibility of creating communities and neighborhoods which will have long-lasting, positive impacts on their environments and the people who live in them. As such, we are committed to integrating sustainable values into various aspects of our business.
We believe we have the responsibility of creating communities and neighborhoods which will have long-lasting, positive impacts on their environments and the people who live in them. As such, we are committed to integrating sustainable values into various aspects of our business.
Consistent with our focus on capital-efficient growth, we continue to increase the percentage of our total homebuilding lots controlled via options and other off-balance sheet arrangements. These arrangements include seller financing, joint ventures and land banking opportunities.
Consistent with our focus on capital-efficient growth, we continue to work to increase the percentage of our total homebuilding lots controlled via options and other off-balance sheet arrangements. These arrangements include seller financing, joint ventures and land banking opportunities.
(“TMHF”), title insurance and closing settlement services through our title company, Inspired Title Services, LLC (“Inspired Title”), and homeowner’s insurance policies through our insurance agency, Taylor Morrison Insurance Services, LLC (“TMIS”). • We operate a “Build-to-Rent” homebuilding business under the brand name Yardly.
(“TMHF”), title insurance and closing settlement services through our title company, Inspired Title Services, LLC (“Inspired Title”), and homeowner’s insurance policies through our insurance agency, Taylor Morrison Insurance Services, Inc.(“TMIS”). • We operate a “Build-to-Rent” homebuilding business under the brand name Yardly.
Our business can be substantially affected by adverse changes in general economic or business conditions, and other events and conditions that are outside of our control, including: • increases in short- and long-term interest rates; • high inflation; • interruptions in supply-chains and the cost or availability of building materials; • the availability of subcontractors, vendors or other third parties; • housing affordability; • the cost and availability of suitable land and lots for the development of our communities; • the availability and cost of financing for homebuyers; • federal and state income and real estate tax laws, including limitations on, or the elimination of, the deduction of mortgage interest or property tax payments; • employment levels, job and personal income growth and household debt-to-income levels; • consumer confidence generally and the confidence of potential homebuyers in particular; • the ability of homeowners to sell their existing homes at acceptable prices; • the U.S. and global financial systems and credit markets, including stock market and credit market volatility; • inclement weather and natural disasters, including risks associated with global climate change, such as increased frequency or intensity of adverse weather events; • civil unrest, acts of terrorism, other acts of violence, threats to national security, escalating global trade tensions, the adoption of trade restrictions and/or tariffs, or public health issues such as epidemics or pandemics; • mortgage financing programs and regulation of lending practices; • housing demand from population growth, household formations and demographic changes (including immigration levels and trends in urban and suburban migration); • demand from foreign buyers for our homes; • the supply of available new or existing homes and other housing alternatives; • energy prices; and • the availability of developable land in our markets and in the United States generally.
Our business can be substantially affected by adverse changes in general economic or business conditions, and other events and conditions that are outside of our control, including: • increases in short- and long-term interest rates; • high inflation; • interruptions in supply-chains and the cost or availability of building materials; • the availability of subcontractors, vendors or other third parties; • housing affordability and federal and state policies meant to address affordability; • the cost and availability of suitable land and lots for the development of our communities; • the availability and cost of financing for homebuyers; • federal and state income and real estate tax laws, including limitations on, or the elimination of, the deduction of mortgage interest or property tax payments; • employment levels, job and personal income growth and household debt-to-income levels; • consumer confidence generally and the confidence of potential homebuyers in particular; • the ability of homeowners to sell their existing homes at acceptable prices; • the U.S. and global financial systems and credit markets, including stock market and credit market volatility; • inclement weather and natural disasters, including risks associated with global climate change, such as increased frequency or intensity of adverse weather events; • civil unrest, acts of terrorism, other acts of violence, threats to national security, political instability, escalating global trade tensions, the adoption of trade restrictions and/or tariffs, or public health issues such as epidemics or pandemics; • mortgage financing programs and regulation of lending practices; • housing demand from population growth, household formations and demographic changes (including immigration levels and trends in urban and suburban migration); • demand from foreign buyers for our homes; • the supply of available new or existing homes and other housing alternatives; • energy prices; and • the availability of developable land in our markets and in the United States generally.
These adverse changes in economic and other conditions can cause mortgage rates to rise, demand and prices for our homes to fall or cause us to take longer to build our homes and make it more costly for us to do so.
These adverse changes in economic, political and other conditions can cause mortgage rates to rise, demand and prices for our homes to fall or cause us to take longer to build our homes and make it more costly for us to do so.
We may also face increased future home warranty and construction defect claims associated with substitute products or materials used in some instances to address supply shortages in certain served markets or communities.
We may also face increased future home warranty and construction defect claims associated with substitute products or materials used in some instances to address supply shortages in certain markets or communities.
As part of our land acquisition strategy, we have developed and expanded our relationships with land bank partners with a view toward using land banks to gain future access to land without taking ownership.
As part of our land acquisition strategy, we have developed and expanded our relationships with land bank partners with a view toward using land banks to gain future access to land without initially taking ownership.
To illustrate the seasonality of our business, a summary of quarterly financial data follows: Three Months Ended 2024 2023 March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 Net sales orders 30 % 25 % 23 % 22 % 26 % 28 % 24 % 22 % Home closings revenue, net 21 % 25 % 26 % 28 % 22 % 28 % 23 % 27 % Income before income taxes 22 % 23 % 29 % 26 % 25 % 31 % 22 % 22 % Net income 22 % 23 % 28 % 27 % 25 % 31 % 22 % 22 % Financial Services TMHF provides a number of finance-related services to our customers through our mortgage lending operations.
To illustrate the seasonality of our business, a summary of quarterly financial data follows: Three Months Ended 2025 2024 March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 Net sales orders 30 % 25 % 22 % 23 % 30 % 25 % 23 % 22 % Home closings revenue, net 24 % 25 % 26 % 25 % 21 % 25 % 26 % 28 % Income before income taxes 27 % 25 % 26 % 22 % 22 % 23 % 29 % 26 % Net income 27 % 25 % 26 % 22 % 22 % 23 % 28 % 27 % Financial Services TMHF provides a number of finance-related services to our customers through our mortgage lending operations.
A significant period of deflation could cause a decrease in overall spending and borrowing levels. This could lead to a further deterioration in economic conditions, including an increase in the rate of unemployment.
A significant period of deflation could cause a decrease in overall spending and borrowing levels. This could lead to a deterioration in economic conditions, including an increase in the rate of unemployment.
This capital allocation strategy is built on the following pillars: • reinvest in core homebuilding operations; • seek additional growth opportunities through mergers, acquisitions, organic growth into adjacent markets, opportunistic land investment and joint venture strategies; • optimize debt leverage; • reinvest in ancillary business opportunities within the industry; and • returning capital to shareholders (i.e. share repurchase programs).
This capital allocation strategy is built on the following pillars: • reinvest in core homebuilding operations; • seek additional growth opportunities through mergers, acquisitions, organic growth into adjacent markets, opportunistic land acquisitions/financing and joint venture strategies; • optimize debt leverage; • reinvest in ancillary business opportunities within the industry; and • returning capital to shareholders (i.e. share repurchase programs).
Additionally, governmental action and legislation related to economic stimulus, taxation, tariffs, spending levels and borrowing limits, interest rates, immigration, as well as political debate, conflicts and compromises related to such actions, may negatively impact the financial markets and consumer confidence and spending, which could adversely impact the U.S. economy and the housing market.
Additionally, governmental action and legislation related to economic stimulus, taxation, tariffs, housing affordability, spending levels and borrowing limits, interest rates, immigration and immigration enforcement, as well as political debate, conflicts and compromises related to such actions, may negatively impact the financial markets and consumer confidence and spending, which could adversely impact the U.S. economy and the housing market.
In addition, the cost of petroleum products, which are used both to deliver our materials and to transport workers to our job sites, fluctuates and may be subject to increased volatility as a result of geopolitical events, catastrophic storms, other severe weather, natural disasters or significant environmental accidents.
In addition, the cost of petroleum products, which are used both to deliver our materials and to transport workers to our job sites, fluctuates and may be subject to increased volatility as a result of geopolitical events and trade policy, catastrophic storms, other severe weather, natural disasters or significant environmental accidents.
Annually, we examine our cybersecurity program with these third parties, evaluating its effectiveness in part by considering industry standards and established frameworks, such as the National Institute of Standards and Technology ("NIST"), as guidelines. As a mortgage company, we are also associated with the Federal Financial Institutions Examination Council.
Annually, we examine our cybersecurity program with these third parties, evaluating its effectiveness in part by considering industry standards and established frameworks, such as the National Institute of Standards and Technology ("NIST"), as guidelines. As TMHF is a mortgage company, we are also associated with the Federal Financial Institutions Examination Council.
We compete with large national and regional homebuilding companies and with smaller local homebuilders for land, financing and related services, raw materials, skilled management, volume discounts, local realtor and labor resources. We also compete with the resale, or “previously owned,” home market, as well as other housing alternatives such as the rental housing market.
We compete with large national and regional homebuilding companies and with smaller local homebuilders for land, financing and related services, raw materials, skilled management, volume discounts, local realtors and labor resources. We also compete with the resale, or “previously owned,” home market, as well as other housing alternatives such as the rental housing market.
See Note 14 - Commitments and Contingencies - Legal Proceedings in the Notes to the Consolidated financial statements included in this Annual Report for additional information. We establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential loss is reasonably estimable.
See Note 13 - Commitments and Contingencies - Legal Proceedings in the Notes to the Consolidated financial statements included in this Annual Report for additional information. We establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential loss is reasonably estimable.
ITEM 3 | LEGAL PROCEEDINGS The information required with respect to this item can be found under Note 14—Commitments and Contingencies—Legal Proceedings in the Notes to the Consolidated financial statements included in this Annual Report and is incorporated by reference herein. ITEM 4 | MINE SAFETY DISCLOSURE Not applicable.
ITEM 3 | LEGAL PROCEEDINGS The information required with respect to this item can be found under Note 13—Commitments and Contingencies—Legal Proceedings in the Notes to the Consolidated financial statements included in this Annual Report and is incorporated by reference herein. ITEM 4 | MINE SAFETY DISCLOSURE Not applicable.
However, in reaction to increasing inflation, the Federal Reserve increased interest rates 11 times from 2022 to 2024, which caused buyer apprehension and affordability concerns, initially resulting in an increase in cancellations and a negative impact on our net sales orders.
Recently, in reaction to increasing inflation, the Federal Reserve increased interest rates 11 times from 2022 to 2024, which caused buyer apprehension and affordability concerns, initially resulting in an increase in cancellations and a negative impact on our net sales orders.
Although we actively monitor our warranty reserves and insurance coverage, because of the uncertainties inherent to these matters, we cannot provide assurance that our insurance coverage, our subcontractor’s indemnity and warranty arrangements and our reserves together will be adequate to address all of our warranty and construction defect claims in the future.
Although we actively monitor our warranty reserves and insurance coverage, because of the uncertainties inherent to these matters, we cannot provide assurance that our insurance coverage, our subcontractors' indemnity and warranty arrangements and our reserves together will be adequate to address all of our warranty and construction defect claims in the future.
The restrictions contained in the indentures governing all of our senior notes and the agreement governing our Revolving Credit Facility could also limit our ability to plan for or react to market conditions, meet capital needs or make acquisitions or otherwise restrict our activities or business plans.
The restrictions contained in the indentures governing our senior notes and the agreement governing our Revolving Credit Facility could also limit our ability to plan for or react to market conditions, meet capital needs or make acquisitions or otherwise restrict our activities or business plans.
HUMAN CAPITAL As of December 31, 2024 (figures presented are approximate) 3,000 Full-time equivalent employees Engaged in corporate or homebuilding operations Engaged in Financial Services As of December 31, 2024 , none of our employees were covered by collective bargaining agreements.
HUMAN CAPITAL As of December 31, 2025 (figures presented are approximate) 3,000 Full-time equivalent employees Engaged in corporate or homebuilding operations Engaged in Financial Services As of December 31, 2025, none of our employees were covered by collective bargaining agreements.
We have expanded our market footprint and product positioning through our homebuilder business acquisitions and smart organic growth. We serve a broad range of customers in the entry-level, move-up and resort lifestyle buyer groups across the country. We are also a land developer, with a portfolio of lifestyle and master-planned communities with single and multi-family detached and attached homes.
We have expanded our market footprint and product positioning through our homebuilder business acquisitions and smart organic growth. We serve a variety of customers in the entry-level, move-up and resort lifestyle buyer groups across the country. We are also a land developer, with a portfolio of lifestyle and master-planned communities with single and multi-family detached and attached homes.
New or changing government regulations and legal challenges may delay the start or completion of our communities, increase our expenses or limit our homebuilding or other activities, which could have a negative impact on our results of operations.
Legal and regulatory risks New or changing government regulations and legal challenges may delay the start or completion of our communities, increase our expenses or limit our homebuilding or other activities, which could have a negative impact on our results of operations.
In such case, amounts available under our $1 Billion Revolving Credit Facility (the "Revolving Credit Facility") and cash from operations may not be sufficient to allow TMHF to provide financing required by its business during these times, and our ability to originate and sell mortgage loans at competitive prices could be limited, which could negatively affect our business.
In such case, amounts available under our Revolving Credit Facility and cash from operations may not be sufficient to allow TMHF to provide financing required by its business during these times, and our ability to originate and sell mortgage loans at competitive prices could be limited, which could negatively affect our business.
The strategic purpose of TMHF is: • to utilize mortgage finance as a sales tool in the home sale process to ensure a consistent customer experience and assist in maintaining home production efficiency; and • to control and analyze our sales order backlog quality and to manage projected home closing and delivery dates for our customers.
The strategic purpose of TMHF is: • to utilize mortgage financing as a sales tool through finance incentives in the home sale process to ensure a consistent customer experience and assist in maintaining home production efficiency; and • to control and analyze our sales order backlog quality and to manage projected home closing and delivery dates for our customers.
In particular, shortages and fluctuations in the price of concrete, drywall, lumber or other important raw materials could result in delays in the start or completion of, or increase the cost of, developing one or more of our residential communities. Our lumber needs are particularly sensitive to shortages and related cost increases, including imposed tariffs should they occur.
In particular, shortages and fluctuations in the price of concrete, drywall, lumber or other important raw materials could result in delays in the start or completion of, or increase the cost of, developing one or more of our residential communities. Our lumber needs are particularly sensitive to shortages and related cost increases, including increases in imposed tariffs.
Factors expected to contribute to these fluctuations include, but are not limit ed to: • the timing of the introduction and start of construction of new projects; • the timing of sales; • the timing of closings of homes, lots and parcels; • the condition of the real estate market and general economic conditions in the areas in which we operate; • mix of homes closed; • construction timetables; • the timing of receipt of regulatory approvals for development and construction; • the cost and availability of materials and labor; and • weather conditions in the markets in which we build.
Factors expected to contribute to these fluctuations include, but are not limited to: • the timing of the introduction and start of construction of new projects; • the timing of sales orders; • the timing of closings of homes, lots and parcels; • the condition of the real estate market and general economic conditions in the areas in which we operate; • mix of homes closed; • construction timetables; • the timing of receipt of regulatory approvals for development and construction; • the cost and availability of materials and labor; and • weather conditions in the markets in which we build.
We are a general contractor for all of our homebuilding projects. Subcontractors perform all home construction and land development, generally under fixed-price contracts. The availability of labor, specifically as it relates to qualified tradespeople, at reasonable prices can be challenging in some markets. Yardly For-Rent Brand We operate a “Build-to-Rent” homebuilding business under the brand name Yardly.
We are a general contractor for all of our homebuilding projects. Subcontractors perform all home construction and land development, generally under fixed-price contracts. The availability of labor, specifically as it relates to qualified trades people, at reasonable prices can be challenging in some markets. Yardly Brand We operate a “Build-to-Rent” homebuilding business under the brand name Yardly.
In addition, although mortgage lenders under the mortgage warehouse facilities TMHF currently uses to finance our lending operations normally purchase our mortgages within approximately 20-30 days of origination, if such mortgage lenders default under these warehouse facilities TMHF would be required to fund the mortgages then in the pipeline.
In addition, although mortgage lenders under the mortgage warehouse facilities TMHF currently uses to finance our lending operations normally purchase our mortgages generally within 30 days of origination, if such mortgage lenders default under these warehouse facilities TMHF would be required to fund the mortgages then in the pipeline.
Taylor Morrison serves as a land acquirer, developer, and builder of these rental communities in addition to providing lease-up oversight in conjunction with professional third-party property management. Yardly has reimagined rental neighborhoods by blending function and form of both residential homes and traditional apartment living.
Taylor Morrison serves as a land acquirer, developer, and builder of these rental communities in addition to providing lease-up oversight in conjunction with professional third-party property management. Yardly has reimagined rental neighborhoods by blending function and form of both residential homes and traditional apartment living that appeal to a variety of demographics.
For the year ended December 31, 2024, our cancellation rate was 9.5%, compared to 12.1% for the year ended December 31, 2023, and 13.5% for the year ended December 31, 2022. In cases of cancellation, we remarket the home and retain any deposits we are permitted to retain.
For the year ended December 31, 2025, our cancellation rate was 13.2%, compared to 9.5% for the year ended December 31, 2024, and 12.1% for the year ended December 31, 2023. In cases of cancellation, we remarket the home and retain any deposits we are permitted to retain.
We act solely as a general contractor and all construction operations are supervised by our project managers and field superintendents who manage third party subcontractors. We use independent consultants and contractors for some architectural, engineering, advertising and legal services, and we strive to maintain good relationships with our subcontractors and independent consultants and contractors.
We act solely as a general contractor, and all construction operations are supervised by our project managers and field superintendents who manage third-party subcontractors. We also use independent consultants and contractors for some architectural, engineering, advertising and legal services. We strive to maintain strong, collaborative relationships with our subcontractors, consultants and contractors.
In addition, the Audit Committee of the Board of Directors receives quarterly cybersecurity updates, which include reports on key cybersecurity metrics, cybersecurity headlines, current risks and mitigation strategies. ITEM 2 | PROPERTIES We lease office facilities for our homebuilding and financial services operations. We lease our corporate headquarters, which is located in Scottsdale, Arizona.
In addition, the Audit Committee receives quarterly cybersecurity updates, which include reports on key cybersecurity metrics, cybersecurity headlines, current risks and mitigation strategies. ITEM 2 | PROPERTIES We lease office facilities for our homebuilding and financial services operations. We also lease our corporate headquarters, which is located in Scottsdale, Arizona.
These shortages and interruptions can result in significant cost inflation and negatively impact the timing of our closings and the pace of our sales.
These shortages and interruptions can result in significant cost inflation as well as negatively impact the timing of our closings and the pace of our sales.
Inflation can adversely affect us by increasing costs of land, materials and labor, which we have experienced from 2022 to 2024. In addition, as discussed above, inflation is often accompanied by higher interest rates, which historically has had a negative impact on housing demand, as well as increasing the interest rates we need to pay for our own capital financing.
Inflation can adversely affect us by increasing costs of land, materials and labor, which we have experienced in recent years. In addition, as discussed above, inflation is often accompanied by higher interest rates, which historically has had a negative impact on housing demand, as well as increasing the interest rates we need to pay for our own capital financing.
Additionally, increasing governmental and societal attention to sustainability matters, including expanding mandatory and voluntary reporting, diligence, and disclosure on topics such as climate change, human capital, and risk oversight, could expand the nature, scope, and complexity of matters that we are required to control, assess, monitor and report.
Additionally, increasing governmental and societal attention to sustainability matters, including expanding mandatory and voluntary reporting on topics such as climate change and risk oversight, could expand the nature, scope, and complexity of matters that we are required to control, assess, monitor and report.
Such severe weather events can delay home construction, increase costs by damaging inventories, reduce the availability of building materials, and increase transportation delays further increasing stress on our supply chain and negatively impact the demand for new homes in affected areas, as well as slow down or otherwise impair the ability of utilities and local governmental authorities to provide approvals and service to new housing communities.
Such severe weather events can delay home construction, increase costs by damaging inventories, reduce the availability of building materials, and increase transportation delays further increasing stress on our supply chain and negatively impacting the demand for new homes in affected areas, as well as slowing down or otherwise impairing the ability of utilities and local governmental authorities to provide approvals and service to new housing communities.
ENVIRONMENTAL LAWS We manage compliance with environmental laws at the division level with assistance from the corporate and regional legal departments. As part of the land acquisition due diligence process, we utilize environmental assessments to identify environmental conditions that may exist on potential acquisition properties.
ENVIRONMENTAL LAWS EVALUATION We manage compliance with environmental laws at the market level with assistance from our corporate and regional legal departments. As part of the land acquisition due diligence process, we utilize environmental assessments to identify environmental conditions that may exist on potential acquisition properties.
Our amended and restated certificate of incorporation and our amended and restated by-laws contain certain provisions that may discourage, delay or prevent a change in our management or control over us that stockholders may consider favorable, including the following: • the sole ability of the Board of Directors to fill a vacancy created by the expansion of the Board of Directors; • advance notice requirements for stockholder proposals and director nominations; • limitations on the ability of stockholders to call special meetings and to take action by written consent; • in certain cases, the approval of holders of at least three-fourths of the shares entitled to vote generally on the making, alteration, amendment or repeal of our certificate of incorporation or by-laws will be required to adopt, amend or repeal our bylaws, or amend or repeal certain provisions of our certificate of incorporation; and • the ability of our Board of Directors to designate the terms of and issue new series of preferred stock without stockholder approval, which could be used, among other things, to institute a rights plan that would have the effect TAYLOR MORRISON HOME CORPORATION 10-K 26 Table of Contents ITEM 1A | RISK FACTORS of significantly diluting the stock ownership of a potential hostile acquirer, likely preventing acquisitions that have not been approved by our Board of Directors.
Our amended and restated certificate of incorporation and our amended and restated by-laws contain certain provisions that may discourage, delay or prevent a change in our management or control over us that stockholders may consider favorable, including the following: • the sole ability of the Board of Directors to fill a vacancy created by the expansion of the Board of Directors; • advance notice requirements for stockholder proposals and director nominations; • limitations on the ability of stockholders to call special meetings and to take action by written consent; • in certain cases, the approval of holders of at least three-fourths of the shares entitled to vote generally on the making, alteration, amendment or repeal of our certificate of incorporation or by-laws will be required to adopt, amend or repeal our bylaws, or amend or repeal certain provisions of our certificate of incorporation; and • the ability of our Board of Directors to designate the terms of and issue new series of preferred stock without stockholder approval, which could be used, among other things, to institute a rights plan that would have the effect of significantly diluting the stock ownership of a potential hostile acquirer, likely preventing acquisitions that have not been approved by our Board of Directors.
Attractive one-to-three bedroom floor plans, smart home technology, low-maintenance living, and a focus on pets with private backyards allows for improved wellness and flexibility for residents. Differentiators from most traditional apartments include ground-floor primary living, limited to no wall-sharing to reduce noise, and a doggy door included in most homes for nonstop come-and-go pet access.
Attractive one-to-four bedroom floor plans, smart home technology, low-maintenance living, and a focus on pets with private backyards allow for improved wellbeing and flexibility for residents. Differentiators from most traditional apartments include ground-floor primary living, limited to no wall-sharing to reduce noise, and a doggy door included in most homes for nonstop come-and-go pet access.
Our full suite of online shopping products includes: an artificial intelligence enhanced chatbot to help provide information, engage the shopper, and generate leads; online self-service appointments to help customers schedule an appointment with ease; self-guided tours to enable customers to tour our homes privately, safely, and outside of normal business hours; and online home reservations, which allow shoppers to get an initial price based on their selection of lot, floor plan, exterior, and, in some markets, structural options, and to reserve their desired home configuration digitally.
Our full suite of online shopping products includes: online self-service appointments to help customers schedule an appointment with ease; self-guided tours to enable customers to tour our homes privately, safely, and outside of normal business hours; an all new artificial intelligence enhanced digital assistant, to help provide information, engage the shopper, and generate leads; and online home reservations, which allow shoppers to get an initial price based on their selection of lot, floor plan, structural options and exterior and to reserve their desired home configuration digitally.
A significant and extended disruption in the functioning of these resources could impair our operations, damage our reputation, expose us to significant costs to restore these networked resources and cause us to lose customers, sales and revenue. Privacy, security, and compliance concerns have continued to increase as technology has evolved.
A significant and extended disruption in the functioning of these resources could impair our operations, damage our reputation, expose us to significant costs to restore these networked resources and cause us to lose customers, sales and revenue. Privacy, security, and compliance concerns have continued to increase as technology has evolved, including through the use of artificial intelligence.
At December 31, 2024 , the lease on this facility covered a space of approximately 25,000 square feet and expires in December 2027. We have approximately 46 other leases for our other division offices and design centers.
At December 31, 2025, the lease on this facility covered a space of approximately 25,000 square feet and expires in December 2027. We have approximately 44 other leases for our other division offices and design centers.
The venture includes $850 million in equity commitments, funded 60 percent by Värde and 40 percent by the Company. The venture provides Värde with the exclusive opportunity to invest in the acquisition and development of Build-To-Rent projects identified by the Company that meet the venture’s investment guidelines. At December 31, 2024, our total investments in unconsolidated entities was $439.7 million.
The venture includes $850 million in equity commitments, funded 60 percent by Värde and 40 percent by the Company. The venture provides Värde with the exclusive opportunity to invest in the acquisition and development of Build-To-Rent projects identified by the Company that meet the venture’s investment guidelines. At December 31, 2025, our total investments in unconsolidated entities was $487.0 million.
In addition, we could decide or be required to make material expenditures related to the settlement of such issues or disputes or to modify our community development plans, which could adversely affect our results of operations. Legal and regulatory risks.
In addition, we could decide or be required to make material expenditures related to the settlement of such issues or disputes or to modify our community development plans, which could adversely affect our results of operations.
People who are not employed, are underemployed, who have left the labor force or are concerned about low wages or the loss of their jobs are less likely to purchase new homes, may be forced to try to sell the TAYLOR MORRISON HOME CORPORATION 10-K 16 Table of Contents ITEM 1A | RISK FACTORS homes they own and may face difficulties in making required mortgage payments or qualifying for new mortgage financing.
While the relatively low unemployment rate is an encouraging sign, people who are not employed, are underemployed, who have left the labor force or are concerned about low wages or the loss of their jobs are less likely to purchase new homes, may be forced to try to sell the homes they own and may face difficulties in making TAYLOR MORRISON HOME CORPORATION 10-K 16 Table of Contents ITEM 1A | RISK FACTORS required mortgage payments or qualifying for new mortgage financing.
As of December 31, 2024 and 2023 , the allocation of owned and controlled lots held in our land portfolio, by year acquired, was as follows: As of December 31, 2024 As of December 31, 2023 Acquired in 2024 49% —% Acquired in 2023 16% 24% Acquired in 2022 14% 16% Acquired in 2021 8% 20% Acquired in 2020 and prior 13% 40% Total 100% 100% TAYLOR MORRISON HOME CORPORATION 10-K 6 Table of Contents ITEM 1 | BUSINESS Community Development and Home Design We create a complete development concept for each community, beginning with an overall community layout and then determine the size, style and price range of the homes, the layout of the streets and positioning of the individual home sites.
As of December 31, 2025 and 2024, the allocation of owned and controlled lots held in our land portfolio, by year acquired, was as follows: As of December 31, 2025 As of December 31, 2024 Acquired in 2025 27% —% Acquired in 2024 36% 49% Acquired in 2023 13% 16% Acquired in 2022 11% 14% Acquired in 2021 and prior 13% 21% Total 100% 100% TAYLOR MORRISON HOME CORPORATION 10-K 6 Table of Contents ITEM 1 | BUSINESS Community Development and Home Design We create a complete development concept for each community, beginning with an overall community layout and then determine the size, style and price range of the homes, the layout of the streets and positioning of the individual home sites.
While we have implemented systems and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive, confidential and personal data, including through the use of encryption and authentication technologies, and have increased our TAYLOR MORRISON HOME CORPORATION 10-K 20 Table of Contents ITEM 1A | RISK FACTORS monitoring capabilities to enhance early detection and rapid response to potential security anomalies, and, to date, have not had a significant cybersecurity breach or attack that had, or is likely to have, a material impact on our business strategy, results of operations, or financial condition, our security measures may not be sufficient for all possible occurrences and may be vulnerable to hacking (including through the use of artificial intelligence), employee error, malfeasance (including through phishing attempts and ransomware attacks), system error, faulty password management or other irregularities.
While we have implemented systems and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive, confidential and personal data, including through the use of encryption and authentication technologies, and have increased our monitoring capabilities to enhance early detection and rapid response to potential security anomalies, and, to date, have not had a significant cybersecurity breach or attack that had, or is likely to have, a material impact on our business strategy, results of operations, or financial condition, our security measures may not be sufficient for all possible occurrences and may be vulnerable to hacking (including through the use of artificial intelligence), employee error, malfeasance (including through phishing attempts and ransomware attacks), system error, faulty password management or other irregularities.
Item 4. Mine Safety Disclosures Table of Contents ITEM 1 | BUSINESS ITEM 1 | BUSINESS General Overview Taylor Morrison Home Corporation (“TMHC”) is a leading national homebuilder and land developer in the United States and has been named America’s Most Trusted Homebuilder® for ten consecutive years (awarded by Lifestory Research).
Item 4. Mine Safety Disclosures Table of Contents ITEM 1 | BUSINESS ITEM 1 | BUSINESS General Overview Taylor Morrison Home Corporation and its consolidated subsidiaries (“TMHC” or the "Company") is a leading national homebuilder and land developer in the United States and has been named America’s Most Trusted Homebuilder® for eleven consecutive years (awarded by Lifestory Research).
To address a state mandate and their own available potable water supplies, local water agencies/suppliers could potentially: restrict, delay the issuance of, or proscribe new water connection permits for homes; TAYLOR MORRISON HOME CORPORATION 10-K 23 Table of Contents ITEM 1A | RISK FACTORS increase the costs for securing such permits, either directly or by requiring participation in impact mitigation programs; adopt higher efficiency requirements for water-using appliances or fixtures; limit or ban the use of water for construction activities; impose requirements as to the types of allowed plant vegetation or irrigation for outdoor landscaping that are less desired by consumers; and/or impose fines and penalties for noncompliance with any such measures.
To address a state mandate and their own available potable water supplies, local water agencies/suppliers could potentially: restrict, delay the issuance of, or proscribe new water connection permits for homes; increase the costs for securing such permits, either directly or by requiring participation in impact mitigation programs; adopt higher efficiency requirements for water-using appliances or fixtures; limit or ban the use of water for construction activities; impose requirements as to the types of allowed plant vegetation or irrigation for outdoor landscaping that are less desired by consumers; and/or impose fines and penalties for noncompliance with any such measures.
We have historically experienced, and expect to continue to experience, variability in our results on a quarterly basis. We may have a varying amount of homes under construction, home closings, revenue and operating income from quarter to quarter. Our results may fluctuate significantly on a quarterly basis, and we must maintain sufficient liquidity to meet short-term operating requirements.
We may have a varying amount of homes under construction, home closings, revenue and operating income from quarter to quarter. Our results may fluctuate significantly on a quarterly basis, and we must maintain sufficient liquidity to meet short-term operating requirements.
While we believe that our current commercial relationships are strong, if our relationship with any one or more of those banks deteriorates or if one or more of those banks decide to renegotiate or terminate existing agreements or otherwise exit the market, TMHF may be required to increase the price of our products, or modify the range of products TMHF offers, which could cause us to lose customers who may choose other providers based solely on price or fees, which could adversely affect our financial condition and results of operations.
While we believe that our current commercial relationships are strong, if our relationship with any one or more of those banks deteriorates or if one or more of those banks decide to renegotiate or terminate existing agreements or otherwise exit the market, TMHF may be required to increase the price of our products, or modify the range of products TMHF offers, which TAYLOR MORRISON HOME CORPORATION 10-K 24 Table of Contents ITEM 1A | RISK FACTORS could cause us to lose customers who may choose other providers based solely on price or fees, which could adversely affect our financial condition and results of operations.
Our substantial debt could adversely affect our business, financial condition or results of operations and prevent us from fulfilling our debt-related obligations. We have a substantial amount of debt. As of December 31, 2024, the total principal amount of our debt (including $174.5 million of indebtedness of TMHF) was $2.1 billion.
Our substantial debt could adversely affect our business, financial condition or results of operations and prevent us from fulfilling our debt-related obligations. We have a substantial amount of debt. As of December 31, 2025, the total principal amount of our debt (including $82.6 million of indebtedness of TMHF) was $2.3 billion.
TAYLOR MORRISON HOME CORPORATION 10-K 4 Table of Contents ITEM 1 | BUSINESS Business Strategy and Operations Our short and long-term priorities and strategies include the following: Short-term priorities • strategic land initiatives to mitigate risk, enhance capital efficiency, and improve returns on investments; • process and product optimization to promote operational effectiveness; • product innovation and standardization to drive operating efficiencies and cost reduction; • balancing sales pace and price on a community-by-community basis to maintain targeted sales volume; • balancing our inventory of homes under construction and our pace of new construction starts; • optimizing, at a community level, the intentional balance of to-be-built and quick-move-in homes; • ability to swiftly adjust our pricing, discounts/incentives, or financial services product offerings based on our customers' needs; • continuing to enhance the customer experience by providing efficient processes and building superior products; and • further scaling o ur Build-to-Rent operations to meet the need for rental households.
We operate our homebuilding business in the markets presented below: TAYLOR MORRISON HOME CORPORATION 10-K 4 Table of Contents ITEM 1 | BUSINESS Business Strategy and Operations Our short and long-term priorities and strategies include the following: Short-term priorities • strategic land initiatives to mitigate risk, enhance capital efficiency, and improve returns on investments; these include an asset light approach through financing land by way of land banking arrangements and joint ventures; • process and product optimization to promote operational effectiveness; • product innovation and standardization to drive operating efficiencies and cost reduction; • balancing sales pace and price on a community-by-community basis to maintain targeted sales volume; • balancing our inventory of homes under construction and our pace of new construction starts; • optimizing, at a community level, the intentional balance of to-be-built and quick-move-in homes; • ability to swiftly adjust our pricing, discounts/incentives, or financial services product offerings based on our customers' needs while maintaining strong margins; • continuing to enhance the customer experience by providing efficient processes and building superior products; and • further scaling our Build-to-Rent operations to meet the need for rental households.
The liquidity provided by government sponsored entities, such as Fannie Mae and Freddie Mac, as well as Ginnie Mae, the FHA and the VA, to the mortgage industry has been very important to the housing market.
The liquidity provided by government-sponsored entities, such as the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), as well as the Government National Mortgage Association ("Ginnie Mae"), the FHA and the VA, to the mortgage industry has been very important to the housing market.
Regulation, Environmental, Health and Safety Matters Regulatory We are subject to various local, state and federal statutes, ordinances, rules and regulations concerning zoning, building design, construction, safety and similar matters, including local regulations that impose restrictive zoning and density requirements in order to limit the number of homes that can eventually be built within the boundaries of a particular property or locality.
TAYLOR MORRISON HOME CORPORATION 10-K 9 Table of Contents ITEM 1 | BUSINESS Regulation, Environmental, Health and Safety Matters Regulatory We are subject to various local, state and federal statutes, ordinances, rules and regulations concerning zoning, building design, construction, safety and similar matters, including local regulations that impose restrictive zoning and density requirements in order to limit the number of homes that can eventually be built within the boundaries of a particular property or locality.
If we fail to maintain the security of the data we are required to protect, or if we were to be subject to a material successful cyber intrusion, such occurrences could result in business disruption, damage to our reputation, financial obligations to third parties, fines, penalties, regulatory proceedings and private litigation with potentially large remediation and related costs, and also in deterioration in customers’ confidence in us and other competitive disadvantages, each of which could have a material adverse effect on our business, financial condition and operating results.
If we fail to maintain the security of the data we are required to protect, or if we were to be subject to a material successful cyber intrusion, such occurrence could result in business disruption, damage to our reputation, financial obligations to third parties, fines, penalties, regulatory proceedings and private litigation with TAYLOR MORRISON HOME CORPORATION 10-K 20 Table of Contents ITEM 1A | RISK FACTORS potentially large remediation and related costs, and also in deterioration in customers’ and vendors' confidence in us and other competitive disadvantages, each of which could have a material adverse effect on our business, financial condition and operating results.
With each of our consumer groups seeking varying levels of home specification and affordability considerations, we have a dynamic and flexible operating strategy and product offering that allows us to serve each of these segments and respond quickly to changing market conditions to maximize our financial performance.
With each of our consumer groups seeking varying levels of home specification and affordability considerations, we have a dynamic and flexible operating strategy and product offering that allows us to serve each of these segments and respond quickly to changing market conditions to maximize our financial performance. Our homebuilding business operates under the Taylor Morrison and Esplanade brand names.
We operate under various brand names including Taylor Morrison, Darling Homes Collection by Taylor Morrison, and Esplanade. We also leverage our core homebuilding and land development expertise in alternative ways by operating the following strategic real estate related businesses: • We provide financial services to customers through our wholly owned mortgage subsidiary, Taylor Morrison Home Funding, Inc.
We also leverage our core homebuilding and land development expertise in alternative ways by operating the following strategic real estate related businesses: • We provide financial services to customers through our wholly owned mortgage subsidiary, Taylor Morrison Home Funding, Inc.
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