# EDGAR Filing Document

**Accession Number:** 0001562476
**File Stem:** 0001193125-26-045475
**Filing Date:** 2026-2
**Character Count:** 46710
**Document Hash:** a43b41da1ed5cd39da32d46981820bb0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-045475.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0001193125-26-045475

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260211

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Taylor Morrison Home Corp
- **CENTRAL INDEX KEY:** 0001562476
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATIVE BUILDERS [1531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 832026677
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35873
- **FILM NUMBER:** 26618273

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 N. SCOTTSDALE ROAD, SUITE 2000
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85251
- **BUSINESS PHONE:** 480-840-8100

**MAIL ADDRESS:**
- **STREET 1:** 4900 N. SCOTTSDALE ROAD, SUITE 2000
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85251

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): February 11, 2026

## Taylor Morrison Home Corporation

#### (Exact name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-35873** | **83-2026677** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **4900 N. Scottsdale Road, Suite 2000** |  |
| **Scottsdale, Arizona** | **85251** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

#### Registrant's Telephone Number, Including Area Code: (480) 840-8100

#### N/A

#### (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

#### Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, $0.00001 par value | TMHC | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

On February 11, 2026, Taylor Morrison Home Corporation (the "Company") issued a press release setting forth its financial results for its fourth quarter and fiscal year ended December 31, 2025. A copy of the Company's press release is attached as Exhibit 99.1 to this report. The Company does not intend for this Item 2.02 or Exhibit 99.1 to be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference into filings under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

*(d)* *Exhibits* 

---

| | |
|:---|:---|
| **Exhibit<br>No.** |  |
| 99.1 | [Press release issued February 11, 2026 by Taylor Morrison Home Corporation and furnished pursuant to Item 2.02, "Results of Operations and Financial Condition."](d61468dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | **Taylor Morrison Home Corporation** |
| Date: February 11, 2026 | By: | /s/ Todd Merrill |
|  |  | Todd Merrill |
|  |  | Executive Vice President, Chief Legal Officer and Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g61468page001.jpg)

**CONTACT:** 

Mackenzie Aron

Vice President, Investor Relations

(407) 906-6262

<u>investor@taylormorrison.com</u> 

**Taylor Morrison Reports Fourth Quarter and Full Year 2025 Results** 

**SCOTTSDALE, Ariz., February 11, 2026**—Taylor Morrison Home Corporation (NYSE: TMHC), a leading national land developer and homebuilder, announced results for the fourth quarter and full year ended December 31, 2025. For the fourth quarter, reported net income was $174 million, or $1.76 per diluted share, while adjusted net income was $188 million, or $1.91 per diluted share. For the full year, reported net income was $783 million, or $7.77 per diluted share, while adjusted net income was $830 million, or $8.24 per diluted share.

**Fourth quarter 2025 highlights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Home closings revenue of $1.96 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3,285 closings at an average sales price of $596,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Home closings gross margin of 21.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SG&A ratio of 9.9% of home closings revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales orders of 2,499

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 78,835 homebuilding lots owned and controlled

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 54% controlled off balance sheet

**Full year 2025 highlights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Home closings revenue of $7.76 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12,997 closings at an average sales price of $597,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Home closings gross margin of 22.5% and adjusted home closings gross margin of 23.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SG&A ratio of 9.5% of home closings revenue, down 40 basis points year over year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales orders of 11,074

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total homebuilding land spend of $2.2 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased 6.5 million common shares for $381 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total liquidity of $1.8 billion

"We are pleased to report strong fourth quarter results that met or exceeded our expectations across nearly all key operational metrics, despite continued challenging market conditions. These results concluded a solid year of performance in 2025, during which we delivered nearly 13,000 homes at an adjusted home closings gross margin of 23.0% and generated 40 basis points of SG&A expense leverage on essentially flat home closings revenue. Coupled with $381 million of share repurchases, these results drove a 13% return on equity and 14% growth in our book value per share. Our resilient performance reflects the strength of our diversified geographic and consumer portfolio and our disciplined focus on strategically balancing pace and price across our portfolio of well-located communities," said Sheryl Palmer, Taylor Morrison Chairman and CEO.

------

![LOGO](g61468page001.jpg)

Palmer continued, "Supported by strength in our resort lifestyle segment, our fourth quarter monthly absorption pace was stable sequentially at 2.4 net orders per community, defying the average high-single digit moderation we have historically experienced. This positive momentum continued into January, and we are cautiously encouraged by the early activity we are seeing as the spring selling season generally kicks off in full force this week. More so than any other factor, I believe consumer confidence will be the most important determinant of further demand recovery."

"We pride ourselves on developing thoughtfully-designed communities in prime locations, often with amenities, and offering a balanced mix of spec and to-be-built home offerings that meet the needs and aspirations of our customers. As we head into 2026, I expect these competitive strengths—our diversification, attractive product offerings and consumer-centric philosophy—to be even more critical to our success as we move forward. With competitive pricing pressures unlikely to meaningfully abate in the foreseeable future and housing fundamentals continuing to evolve, we are taking proactive steps to ensure our portfolio remains well positioned to perform regardless of the market backdrop. These steps include limiting future investments in non-core submarkets while refocusing on our core first-and-second move-up segment, leaning further into the opportunity to expand our differentiated Esplanade resort lifestyle brand and doubling down on innovation across our organization."

**<u>Business Outlook</u>**

The Company is providing the following guidance for the first quarter and full year 2026:

---

| | | |
|:---|:---|:---|
|  | **First Quarter 2026** | **Full Year 2026** |
| **Ending Community Count** | Around 360 | Between 365 to 370 |
| **Home Closings** | Approximately 2,200 | Approximately 11,000 |
| **Average Closing Price** | Approximately $580,000 | Between $580,000 to $590,000 |
| **Home Closings Gross Margin<sup>1</sup>**<br> (excluding any inventory-related charges) | Approximately 20% | Not provided |
| **SG&A as a Percentage of Home Closings Revenue** | Not provided | Mid-10% range |
| **Effective Tax Rate** | 23.0% to 23.5% | Approximately 25.0% |
| **Average Diluted Share Count** | Approximately 98 million | Approximately 95 million |
| **Homebuilding Land Investment** | Not provided | Approximately $2 billion |
| **Share Repurchases** | Not provided | Approximately $400 million |

---

(1) A reconciliation of our forward-looking adjusted home closings gross margin to the most directly comparable
GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such reconciliation that have not yet
occurred, are out of our control, or cannot be reasonably predicted.

------

![LOGO](g61468page001.jpg)

**<u>Fourth Quarter Business Highlights</u>**

All comparisons are of the current quarter to the prior-year quarter, unless indicated.

<u>Homebuilding</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Home closings revenue decreased 10% to $1.96 billion, driven by an 8% decline in closings volume to 3,285
homes and a 2% decrease in average closing price to $596,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Home closings gross margin was 21.8% on a reported basis in the fourth quarter. For the full year 2025, home
closings gross margin was 22.5% on a reported basis and 23.0% adjusted for inventory impairment and certain warranty charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales orders decreased 5% to 2,499. This was driven by a decline in the monthly absorption pace to 2.4 from
2.6 a year ago, which was partially offset by a 1% increase in ending community count to 341 outlets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a percentage of beginning backlog, cancellations equaled 9.9%, up from 7.0% a year ago. As a percentage of
gross orders, cancellations equaled 12.5%, down from 13.1% a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SG&A as a percentage of home closings revenue increased to 9.9% in the fourth quarter from 9.4% a year ago,
as a reduction in selling, general and administration expenses was partially offset by lower home closings volume.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Backlog at quarter end was 2,819 homes with a sales value of $1.9 billion. Backlog customer deposits
averaged approximately $44,000 per home.

<u>Land Portfolio</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Homebuilding land investment totaled $550 million in the fourth quarter of 2025, inclusive of
$213 million for land development, as compared to $590 million in the fourth quarter of 2024, inclusive of $297 million for land development. For the full year, homebuilding land investment totaled approximately $2.2 billion in
2025 as compared to $2.4 billion in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Homebuilding lot supply was 78,835 homesites, of which 54% was controlled off balance sheet. This compared to
total homesites of 86,153 at the end of 2024, of which 57% was controlled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Based on trailing twelve-month home closings, total homebuilding lots represented 6.1 years of supply, of which
2.8 years was owned. This compared to 6.6 years of supply and 2.8 years owned at the end of 2024.

<u>Financial Services</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The mortgage capture rate was 88%, down slightly from 89% a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Borrowers had an average credit score of 750 and average debt-to-income ratio of 40%.

<u>Balance Sheet</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At quarter end, total liquidity was approximately $1.8 billion, including $928 million of total
available capacity on the Company's revolving credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The gross homebuilding debt-to-capital ratio was 26.0%. Including $850 million of unrestricted cash on hand,
the net homebuilding debt-to-capital ratio was 17.8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company repurchased 1.2 million shares for $71 million in the fourth quarter. For the full year
2025, it repurchased a total of 6.5 million shares for $381 million, which represented approximately 6% of its diluted share count at the beginning of the year. Since 2021, the Company has repurchased a total of approximately
39 million shares for $1.5 billion, representing approximately 34% of its shares outstanding.

------

![LOGO](g61468page001.jpg)

**<u>Board of Directors Extends and Increases Stock Repurchase Program</u>**

Taylor Morrison announced today that its Board of Directors has increased the amount available for future repurchases under its stock repurchase program to $1 billion of the Company's common stock. This program expires on December 31, 2027 and replaces the Company's prior share repurchase authorization. Repurchases of the Company's common stock under the program will occur from time to time in open market purchases, privately negotiated transactions or other transactions. Future repurchases under the stock repurchase program are subject to prevailing market conditions and other considerations, including the Company's liquidity, the terms of its debt instruments, planned land investment and development spending, acquisition and other investment opportunities and ongoing capital requirements.

**<u>Earnings Webcast</u>**

Taylor Morrison will hold a webcast to discuss its results today at 8:30 a.m. ET. The <u>webcast</u> will be available on Taylor Morrison's website at <u>www.taylormorrison.com</u> on the Investor Relations portion of the site under the Events tab. At least 10 minutes prior to the webcast start time, participants are asked to <u>register for the event here</u>. The webcast will be recorded and available for replay on the Company's website.

**<u>Quarterly Financial Comparison</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(Dollars in thousands)** | **Q4 2025** | **Q4 2024** | **Q4 2025 vs. Q4 2024** |
|  Total Revenue | $2099640 | $2356489 | (10.9%) |
|  Home Closings Revenue | $1958357 | $2169703 | (9.7%) |
|  Home Closings Gross Margin | $426847 | $537700 | (20.6%) |
|  | 21.8% | 24.8% | 300 bps decrease |
|  Adjusted Home Closings Gross Margin | $426847 | $541003 | (21.1%) |
|  | 21.8% | 24.9% | 310 bps decrease |
|  SG&A | $194622 | $204258 | (4.7%) |
|  % of Home Closings Revenue | 9.9% | 9.4% | 50 bps increase |

---

**<u>Annual Financial Comparison</u>**

---

| | | | |
|:---|:---|:---|:---|
| **(Dollars in thousands)** | **2025** | **2024** | **2025 vs. 2024** |
|  Total Revenue | $8121480 | $8168136 | (0.6%) |
|  Home Closings Revenue | $7755434 | $7755219 | —% |
|  Home Closings Gross Margin | $1747427 | $1891476 | (7.6%) |
|  | 22.5% | 24.4% | 190 bps decrease |
|  Adjusted Home Closings Gross Margin | $1781844 | $1900168 | (6.2%) |
|  | 23.0% | 24.5% | 150 bps decrease |
|  SG&A | $734991 | $770498 | (4.6%) |
|  % of Home Closings Revenue | 9.5% | 9.9% | 40 bps decrease |

---

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![LOGO](g61468page001.jpg)

**<u>About Taylor Morrison</u>**

Headquartered in Scottsdale, Arizona, Taylor Morrison is one of the nation's leading homebuilders and developers. We serve a wide array of consumers from coast to coast, including first-time, move-up and resort lifestyle homebuyers and renters under our family of brands—including Taylor Morrison, Esplanade and Yardly. Taylor Morrison has been recognized as America's Most Trusted<sup>®</sup> Builder by Lifestory Research since 2016, was honored as one of Fortune's World's Most Admired Companies in 2026, and on Forbes' Most Trusted and Best Companies in America lists in 2025. Our long-standing commitment to sustainable operations is highlighted in our annual <u>Sustainability and Belonging Report</u>.

For more information about Taylor Morrison, please visit <u>www.taylormorrison.com</u>.

**<u>Forward-Looking Statements</u>**

This earnings summary includes "forward-looking statements." These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words ""anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "may," "will," "can," "could," "might," "should" and similar expressions identify forward-looking statements, including statements related to expected financial, operating and performance results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.

Such risks, uncertainties and other factors include, among other things: inflation or deflation; changes in general and local economic conditions; slowdowns or severe downturns in the housing market; homebuyers' ability to obtain suitable financing; increases in interest rates, taxes or government fees; shortages in, disruptions of and cost of labor; higher cancellation rates of existing agreements of sale; competition in our industry; any increase in unemployment or underemployment; the seasonality of our business; the physical impacts of climate change and the increased focus by third-parties on sustainability issues; our ability to obtain additional performance, payment and completion surety bonds and letters of credit; significant home warranty and construction defect claims; our reliance on subcontractors; failure to manage land acquisitions, inventory and development and construction processes; failure to develop and maintain relationships with suitable land banks; availability of land and lots at competitive prices; decreases in the market value of our land inventory; new or changing government regulations, policy initiatives and legal challenges; our compliance with environmental laws and regulations regarding climate change; our ability to sell mortgages we originate and claims on loans sold to third parties; governmental regulation applicable to our financial services and title services business; the loss of any of our important commercial lender relationships; our ability to use deferred tax assets; raw materials and building supply shortages and price fluctuations, including as a result of tariffs; our concentration of significant operations in certain geographic areas; risks associated with our unconsolidated joint venture arrangements; information technology failures and data security breaches; costs to engage in and the success of future growth or expansion of our operations or acquisitions or disposals of businesses; costs associated with our defined benefit and defined contribution pension schemes; damages associated with any major health and safety incident; our ownership, leasing or occupation of land and the use of hazardous materials; existing or future litigation, arbitration or other claims; negative publicity or poor relations with the residents of our communities; failure to recruit, retain and develop highly skilled, competent people; utility and resource shortages or rate fluctuations; constriction of the capital markets; risks related to instability in the banking system; risks associated with civil unrest, acts of terrorism, threats to national security, the conflicts in Eastern Europe and the Middle East and other geopolitical events; the scale and scope of current and future public health events, including pandemics and epidemics; any failure of lawmakers to agree on a budget or appropriation legislation to fund the federal government's operations (also known as a government shutdown), and financial markets' and businesses' reactions to any such failure; risks related to our substantial debt and the agreements governing such debt, including restrictive covenants contained in such agreements; our ability to access the capital markets; the risks associated with maintaining effective internal controls over financial reporting; provisions in our charter and bylaws that may delay or prevent an acquisition by a third party; and our ability to effectively manage our expanded operations.

In addition, other such risks and uncertainties may be found in our most recent annual report on Form 10-K and our subsequent quarterly reports filed with the Securities and Exchange Commission (SEC) as such factors may be updated from time to time in our periodic filings with the SEC. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations, except as required by applicable law.

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![LOGO](g61468page001.jpg)

**Taylor Morrison Home Corporation** 

**Condensed Consolidated Statements of Operations** 

(In thousands, except per share amounts, unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**December 31,** | **Three Months Ended**<br>**December 31,** | **Twelve Months Ended**<br>**December 31,** | **Twelve Months Ended**<br>**December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Home closings revenue, net | $1958357 | $2169703 | $7755434 | $7755219 |
|  Land closings revenue | 26529 | 33138 | 36944 | 81417 |
|  Financial services revenue | 49367 | 53930 | 209407 | 199459 |
|  Amenity and other revenue | 65387 | 99718 | 119695 | 132041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenue** | 2099640 | 2356489 | 8121480 | 8168136 |
|  Cost of home closings | 1531510 | 1632003 | 6008007 | 5863743 |
|  Cost of land closings | 25048 | 22694 | 30898 | 73609 |
|  Financial services expenses | 23851 | 28039 | 104618 | 108592 |
|  Amenity and other expenses | 56406 | 109743 | 107749 | 137980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total cost of revenue** | 1636815 | 1792479 | 6251272 | 6183924 |
|  **Gross margin** | 462825 | 564010 | 1870208 | 1984212 |
|  Sales, commissions and other marketing costs | 120594 | 121822 | 461485 | 456092 |
|  General and administrative expenses | 74028 | 82436 | 273506 | 314406 |
|  Net income from unconsolidated entities | (1313) | (261) | (4867) | (6347) |
|  Interest expense, net | 11911 | 5893 | 47003 | 13316 |
|  Other expense, net | 16465 | 46790 | 37714 | 50627 |
|  Loss on extinguishment of debt, net | 13324 |  | 13324 |  |
|  **Income before income taxes** | 227816 | 307330 | 1042043 | 1156118 |
|  Income tax provision | 50720 | 63307 | 250780 | 269548 |
|  **Net income before allocation to non-controlling interests** | 177096 | 244023 | 791263 | 886570 |
|  Net income attributable to non-controlling interests | (3080) | (1570) | (8763) | (3261) |
|  **Net income** | $174016 | $242453 | $782500 | $883309 |
|  Earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $1.79 | $2.35 | $7.90 | $8.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $1.76 | $2.30 | $7.77 | $8.27 |
|  Weighted average number of shares of common stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 97106 | 103189 | 99069 | 104813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 98656 | 105218 | 100707 | 106846 |

---

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![LOGO](g61468page001.jpg)

**Taylor Morrison Home Corporation** 

**Condensed Consolidated Balance Sheets** 

(In thousands, unaudited)

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
|  **Assets** |  |  |
|  Cash and cash equivalents | $850037 | $487151 |
|  Restricted cash | 1194 | 15 |
|  Total cash | 851231 | 487166 |
|  Owned inventory | 6046468 | 6162889 |
|  Consolidated real estate not owned | 94195 | 71195 |
|  Total real estate inventory | 6140663 | 6234084 |
|  Land deposits | 360690 | 299668 |
|  Mortgage loans held for sale | 132512 | 207936 |
|  Lease right of use assets | 60800 | 68057 |
|  Prepaid expenses and other assets, net | 566670 | 370642 |
|  Other receivables, net | 241678 | 217703 |
|  Investments in unconsolidated entities | 486978 | 439721 |
|  Deferred tax assets, net | 74363 | 76248 |
|  Property and equipment, net | 259015 | 232709 |
|  Goodwill | 663197 | 663197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $9837797 | $9297131 |
|  **Liabilities** |  |  |
|  Accounts payable | $251641 | $270266 |
|  Accrued expenses and other liabilities | 682500 | 632250 |
|  Lease liabilities | 71525 | 78998 |
|  Income taxes payable | 8146 | 2243 |
|  Customer deposits | 125029 | 239151 |
|  Estimated development liabilities | 4365 | 4365 |
|  Senior notes, net | 1463333 | 1470454 |
|  Loans payable and other borrowings | 745169 | 475569 |
|  Revolving credit facility borrowings |  |  |
|  Mortgage warehouse borrowings | 82605 | 174460 |
|  Liabilities attributable to consolidated real estate not owned | 94195 | 71195 |
|  **Total liabilities** | $3528508 | $3418951 |
|  **Stockholders' equity** |  |  |
|  **Total stockholders' equity** | 6309289 | 5878180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and stockholders' equity** | $9837797 | $9297131 |

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![LOGO](g61468page001.jpg)

**Homes Closed and Home Closings Revenue, Net:** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **Homes Closed** | **Homes Closed** | **Homes Closed** | **Home Closings Revenue, Net** | **Home Closings Revenue, Net** | **Home Closings Revenue, Net** | **Average Selling Price** | **Average Selling Price** | **Average Selling Price** |
| *(Dollars in thousands)* | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
|  East | 1376 | 1432 | (3.9%) | $755740 | $835590 | (9.6%) | $549 | $584 | (6.0%) |
|  Central | 843 | 924 | (8.8%) | 438281 | 501184 | (12.6%) | 520 | 542 | (4.1%) |
|  West | 1066 | 1215 | (12.3%) | 764336 | 832929 | (8.2%) | 717 | 686 | 4.6% |
|  Total | 3285 | 3571 | (8.0%) | $1958357 | $2169703 | (9.7%) | $596 | $608 | (1.9%) |
|  | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **Homes Closed** | **Homes Closed** | **Homes Closed** | **Home Closings Revenue, Net** | **Home Closings Revenue, Net** | **Home Closings Revenue, Net** | **Average Selling Price** | **Average Selling Price** | **Average Selling Price** |
| *(Dollars in thousands)* | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
|  East | 5172 | 4922 | 5.1% | $2816997 | $2826628 | (0.3%) | $545 | $574 | (5.1%) |
|  Central | 3400 | 3552 | (4.3%) | 1780460 | 1969381 | (9.6%) | 524 | 554 | (5.4%) |
|  West | 4425 | 4422 | 0.1% | 3157977 | 2959210 | 6.7% | 714 | 669 | 6.7% |
|  Total | 12997 | 12896 | 0.8% | $7755434 | $7755219 | —% | $597 | $601 | (0.7%) |

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**Net Sales Orders:** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **Net Sales Orders** | **Net Sales Orders** | **Net Sales Orders** | **Sales Value** | **Sales Value** | **Sales Value** | **Average Selling Price** | **Average Selling Price** | **Average Selling Price** |
| *(Dollars in thousands)* | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
|  East | 1019 | 993 | 2.6% | $537446 | $532647 | 0.9% | $527 | $536 | (1.7%) |
|  Central | 599 | 784 | (23.6%) | 301192 | 411750 | (26.9%) | 503 | 525 | (4.3%) |
|  West | 881 | 844 | 4.4% | 638753 | 587451 | 8.7% | 725 | 696 | 4.2% |
|  Total | 2499 | 2621 | (4.7%) | $1477391 | $1531848 | (3.6%) | $591 | $584 | 1.2% |
|  | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **Net Sales Orders** | **Net Sales Orders** | **Net Sales Orders** | **Sales Value** | **Sales Value** | **Sales Value** | **Average Selling Price** | **Average Selling Price** | **Average Selling Price** |
| *(Dollars in thousands)* | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
|  East | 4581 | 4588 | (0.2%) | $2373529 | $2537245 | (6.5%) | $518 | $553 | (6.3%) |
|  Central | 2799 | 3250 | (13.9%) | 1398603 | 1773792 | (21.2%) | 500 | 546 | (8.4%) |
|  West | 3694 | 4410 | (16.2%) | 2647752 | 2991700 | (11.5%) | 717 | 678 | 5.8% |
|  Total | 11074 | 12248 | (9.6%) | $6419884 | $7302737 | (12.1%) | $580 | $596 | (2.7%) |

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**Sales Order Backlog:** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **Sold Homes in Backlog** | **Sold Homes in Backlog** | **Sold Homes in Backlog** | **Sales Value** | **Sales Value** | **Sales Value** | **Average Selling Price** | **Average Selling Price** | **Average Selling Price** |
| *(Dollars in thousands)* | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
|  East | 1146 | 1737 | (34.0%) | $747416 | $1190884 | (37.2%) | $652 | $686 | (5.0%) |
|  Central | 497 | 1098 | (54.7%) | 286717 | 668574 | (57.1%) | 577 | 609 | (5.3%) |
|  West | 1176 | 1907 | (38.3%) | 822466 | 1332690 | (38.3%) | 699 | 699 | —% |
|  Total | 2819 | 4742 | (40.6%) | $1856599 | $3192148 | (41.8%) | $659 | $673 | (2.1%) |

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**Ending Active Selling Communities:** 

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| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **Change** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | |
|  East | 138 | 124 | 11.3% |
|  Central | 91 | 99 | (8.1%) |
|  West | 112 | 116 | (3.4%) |
|  Total | 341 | 339 | 0.6% |

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![LOGO](g61468page001.jpg)

**<u>Reconciliation of Non-GAAP Financial Measures</u>**

In addition to the results reported in accordance with accounting principles generally accepted in the United States ("GAAP"), we provide our investors with supplemental information relating to: (i) adjusted net income and adjusted earnings per common share, (ii) adjusted income before income taxes and related margin, (iii) adjusted home closings gross margin, (iv) EBITDA and adjusted EBITDA and (v) net homebuilding debt to capitalization ratio.

Adjusted net income, adjusted earnings per common share and adjusted income before income taxes and related margin are non-GAAP financial measures that reflect the net income/(loss) available to the Company excluding, to the extent applicable in a given period, the impact of real estate and inventory impairment charges, impairment of investment in unconsolidated entities, pre-acquisition abandonment charges, unique and unusual warranty charges, gains/losses on land transfers to joint ventures, extinguishment of debt, net, and legal reserves or settlements that the Company deems not to be in the ordinary course of business and in the case of adjusted net income and adjusted earnings per common share, the tax impact due to such items. Adjusted home closings gross margin is a non-GAAP financial measure calculated as GAAP home closings gross margin (which is inclusive of capitalized interest), excluding inventory impairment charges and unique and unusual warranty charges. EBITDA and adjusted EBITDA are non-GAAP financial measures that measure performance by adjusting net income before allocation to non-controlling interests to exclude, as applicable, interest expense/(income), net, amortization of capitalized interest, income tax provisions, depreciation and amortization (EBITDA), non-cash compensation expense, if any, real estate and inventory impairment charges, impairment of investments in unconsolidated entities, pre-acquisition abandonment charges, unique and unusual warranty charges, gains/losses on land transfers to joint ventures, extinguishment of debt, net and legal reserves or settlements that the Company deems not to be in the ordinary course of business, in each case, as applicable in a given period. Net homebuilding debt to capitalization ratio is a non-GAAP financial measure we calculate by dividing (i) total debt, plus unamortized debt issuance cost/(premium), net, and less mortgage warehouse facilities borrowings, net of unrestricted cash and cash equivalents ("net homebuilding debt"), by (ii) total capitalization (the sum of net homebuilding debt and total stockholders' equity).

Management uses these non-GAAP financial measures to evaluate our performance on a consolidated basis, as well as the performance of our segments, and to set targets for performance-based compensation. We also use the net homebuilding debt to total capitalization ratio as an indicator of overall financial leverage and to evaluate our performance against other companies in the homebuilding industry. In the future, we may include additional adjustments in the above-described non-GAAP financial measures to the extent we deem them appropriate and useful to management and investors.

We believe that adjusted net income, adjusted earnings per common share, adjusted income before income taxes and related margin, as well as EBITDA and adjusted EBITDA, are useful for investors in order to allow them to evaluate our operations without the effects of various items we do not believe are characteristic of our ongoing operations or performance and also because such metrics assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted EBITDA also provides an indicator of general economic performance that is not affected by fluctuations in interest rates or effective tax rates, levels of depreciation or amortization, or unusual items. Because we use the net homebuilding debt to total capitalization ratio to evaluate our performance against other companies in the homebuilding industry, we believe this measure is also relevant and useful to investors for that reason. We believe that adjusted home closings gross margin is useful to investors because it allows investors to evaluate the performance of our homebuilding operations without the varying effects of items or transactions we do not believe are characteristic of our ongoing operations or performance.

These non-GAAP financial measures should be considered in addition to, rather than as a substitute for, the comparable U.S. GAAP financial measures of our operating performance or liquidity. Although other companies in the homebuilding industry may report similar information, their definitions may differ. We urge investors to understand the methods used by other companies to calculate similarly-titled non-GAAP financial measures before comparing their measures to ours.

A reconciliation of (i) adjusted net income and adjusted earnings per common share, (ii) adjusted income before income taxes and related margin, (iii) adjusted home closings gross margin, (iv) EBITDA and adjusted EBITDA and (v) net homebuilding debt to capitalization ratio to the comparable GAAP measures is presented below. For purposes of our presentation of our non-GAAP financial measures for the three and twelve months ended December 31, 2024, such measures have been recast to include certain adjustments being presented in the three and twelve months ended December 31, 2025 that were previously deemed immaterial in the prior period.

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![LOGO](g61468page001.jpg)

**Adjusted Net Income and Adjusted Earnings Per Common Share** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| ***(Dollars in thousands, except per share data)*** | **2025** | **2024** | **2025** | **2024** |
|  Net income | $174016 | $242453 | $782500 | $883309 |
|  Legal reserves or settlements |  | 17392 |  | 23682 |
|  Real estate impairment charges |  | 20530 | 28821 | 29637 |
|  Pre-acquisition abandonment charges | 4905 | 6545 | 14791 | 9453 |
|  Warranty adjustment charges |  | 592 | 5596 | 3656 |
|  Loss on extinguishment of debt, net | 13324 |  | 13324 |  |
|  Tax impact due to above non-GAAP reconciling items | (4058) | (9282) | (15049) | (15488) |
|  **Adjusted net income** | $188187 | $278230 | $829983 | $934249 |
|  Basic weighted average number of shares | 97106 | 103189 | 99069 | 104813 |
|  **Adjusted earnings per common share - Basic** | $1.94 | $2.70 | $8.38 | $8.91 |
|  Diluted weighted average number of shares | 98656 | 105218 | 100707 | 106846 |
|  **Adjusted earnings per common share - Diluted** | $1.91 | $2.64 | $8.24 | $8.74 |

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**Adjusted Income Before Income Taxes and Related Margin** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| ***(Dollars in thousands)*** | **2025** | **2024** | **2025** | **2024** |
|  **Income before income taxes** | $227816 | $307330 | $1042043 | $1156118 |
|  Legal reserves or settlements |  | 17392 |  | 23682 |
|  Real estate impairment charges |  | 20530 | 28821 | 29637 |
|  Pre-acquisition abandonment charges | 4905 | 6545 | 14791 | 9453 |
|  Warranty adjustment charges |  | 592 | 5596 | 3656 |
|  Loss on extinguishment of debt, net | 13324 |  | 13324 |  |
|  **Adjusted income before income taxes** | $246045 | $352389 | $1104575 | $1222546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | $2099640 | $2356489 | $8121480 | $8168136 |
|  **Income before income taxes margin** | 10.9% | 13.0% | 12.8% | 14.2% |
|  **Adjusted income before income taxes margin** | 11.7% | 15.0% | 13.6% | 15.0% |

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![LOGO](g61468page001.jpg)

**Adjusted Home Closings Gross Margin** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| ***(Dollars in thousands)*** | **2025** | **2024** | **2025** | **2024** |
|  Home closings revenue | $1958357 | $2169703 | $7755434 | $7755219 |
|  Cost of home closings | 1531510 | 1632003 | 6008007 | 5863743 |
|  **Home closings gross margin** | $426847 | $537700 | $1747427 | $1891476 |
|  Inventory impairment charges |  | 2711 | 28821 | 5036 |
|  Warranty adjustment charges | $— | $592 | $5596 | $3656 |
|  **Adjusted home closings gross margin** | $426847 | $541003 | $1781844 | $1900168 |
|  Home closings gross margin as a percentage of home closings revenue | 21.8% | 24.8% | 22.5% | 24.4% |
|  Adjusted home closings gross margin as a percentage of home closings revenue | 21.8% | 24.9% | 23.0% | 24.5% |

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**EBITDA and Adjusted EBITDA Reconciliation** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** | **Twelve Months Ended<br>December 31,** |
| ***(Dollars in thousands)*** | **2025** | **2024** | **2025** | **2024** |
|  **Net income before allocation to non-controlling interests** | $177096 | $244023 | $791263 | $886570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 11911 | 5893 | 47003 | 13316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of capitalized interest | 26429 | 32207 | 104100 | 114199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax provision | 50720 | 63307 | 250780 | 269548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 2135 | 2279 | 7485 | 11535 |
|  **EBITDA** | $268291 | $347709 | $1200631 | $1295168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal reserves or settlements |  | 17392 |  | 23682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash compensation expense | 6712 | 5445 | 29049 | 22461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate impairment charges |  | 20530 | 28821 | 29637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-acquisition abandonment charges | 4905 | 6545 | 14791 | 9453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warranty adjustment charges |  | 592 | 5596 | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt, net | 13324 |  | 13324 |  |
|  **Adjusted EBITDA** | $293232 | $398213 | $1292212 | $1384057 |
|  **Total revenue** | $2099640 | $2356489 | $8121480 | $8168136 |
|  **Net income before allocation to non-controlling interests as a percentage of total revenue** | 8.4% | 10.4% | 9.7% | 10.9% |
|  **EBITDA as a percentage of total revenue** | 12.8% | 14.8% | 14.8% | 15.9% |
|  **Adjusted EBITDA as a percentage of total revenue** | 14.0% | 16.9% | 15.9% | 16.9% |

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![LOGO](g61468page001.jpg)

**Net Homebuilding Debt to Capitalization Ratio Reconciliation** 

---

| | | | |
|:---|:---|:---|:---|
| ***(Dollars in thousands)*** | **As of<br>December 31,<br>2025** | **As of<br>September 30,<br>2025** | **As of<br>December 31,<br>2024** |
|  Total debt | $2291107 | $2190761 | $2120483 |
|  Plus: unamortized debt issuance cost, net | 11667 | 5298 | 6616 |
|  Less: mortgage warehouse facilities borrowings | (82605) | (150176) | (174460) |
|  **Total homebuilding debt** | $2220169 | $2045883 | $1952639 |
|  Total stockholders' equity | 6309289 | 6197515 | 5878180 |
|  **Total capitalization** | $8529458 | $8243398 | $7830819 |
|  **Total homebuilding debt to capitalization ratio** | 26.0% | 24.8% | 24.9% |
|  **Total homebuilding debt** | $2220169 | 2045883 | $1952639 |
|  Less: cash and cash equivalents | (850037) | (370591) | (487151) |
|  **Net homebuilding debt** | $1370132 | $1675292 | $1465488 |
|  Total stockholders' equity | 6309289 | $6197515 | 5878180 |
|  **Total capitalization** | $7679421 | $7872807 | $7343668 |
|  Net homebuilding debt to capitalization ratio | 17.8% | 21.3% | 20.0% |

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