Taylor Morrison is a national homebuilder and land developer operating across Sun Belt, Western, and Southeast U.S. markets, including Florida, Texas, Arizona, California, and Colorado. The company builds and sells single-family detached and attached homes under two brands: Taylor Morrison for the broad market and Esplanade for premium resort lifestyle communities targeting affluent, often empty-nester buyers. Taylor Morrison serves three customer segments — entry-level, move-up, and resort lifestyle — with move-up buyers representing the largest share of orders. The core business model involves acquiring and developing land, then acting as a general contractor to build homes using third-party subcontractors, while retaining design, land development, and sales functions in-house. Homes are sold on either a to-be-built basis (buyer selects lot, floor plan, and options before construction) or as spec inventory (pre-built before a buyer contracts), with spec homes carrying lower margins. Taylor Morrison complements homebuilding with financial services — including mortgage origination, title insurance, and homeowner's insurance — achieving an 88% mortgage capture rate in FY25. The company also operates Yardly, a build-to-rent business that develops horizontal single-family rental communities and sells stabilized assets to institutional investors. On the capital side, Taylor Morrison is shifting toward off-balance sheet land control structures — seller financing, land banking, and joint ventures — targeting 65%+ of lots controlled off-balance sheet to improve capital efficiency, while also running an active share repurchase program.