Exhibit 99.1 CONTACT: Mackenzie Aron, VP Investor Relations (480) 734-2060 investor@taylormorrison.com Taylor Morrison Reports Second Quarter 2024 Results SCOTTSDALE, Ariz., Jul. 24, 2024 —Taylor Morrison Home Corporation (NYSE: TMHC), a leading national land developer and homebuilder, announced results for the second quarter ended June 30, 2024. Reported second quarter net income was $199 million, or $1.86 per diluted share, while adjusted second quarter net income was $211 million, or $1.97 per diluted share. Second quarter 2024 highlights included the following, as compared to the second quarter of 2023: • Net sales orders increased 3% to 3,111, driven by a monthly absorption pace of 3.0 per community • Home closings revenue of $1.9 billion, driven by 3,200 home closings at an average price of $600,000 • Home closings gross margin was 23.8%, or 23.9% on an adjusted basis • 80,677 homebuilding lots owned and controlled, representing 6.7 years of total supply, of which 2.9 years was owned • Repurchased 1.7 million common shares for $105 million • Homebuilding debt to capitalization of 25.4% on a gross basis and 22.8% net of $247 million of unrestricted cash • Total liquidity of $1.3 billion “In the second quarter, our team delivered solid results, highlighted by both our closings volume and home closings gross margin exceeding our expectations. Following this strength, we now expect to deliver between 12,600 to 12,800 homes this year at a home closings gross margin around 24%. Most importantly, our performance and updated outlook once again reflect the overall strength and stability of our diversified consumer and geographic strategy. By meeting the needs of well-qualified homebuyers with appropriate product offerings in prime community locations, we continue to benefit from healthy demand and pricing resiliency across our portfolio,” said Sheryl Palmer, Taylor Morrison Chairman and CEO. Palmer continued, “Our balanced and diversified approach offers improved production efficiency, enhanced gross margin and return potential, which we expect will contribute to strong results that exceed our historic performance. Our confidence in this outlook is reflected in the long-term targets that we introduced last quarter. These include: 10%-plus annual home closings growth, an annualized low-three sales pace, low-to-mid 20% home closings gross margins and mid-to-high teens returns on equity. Supported by our capital-efficient investing model, we also expect to generate sufficient cash to continue to grow our business while maintaining our strong balance sheet position and returning capital to shareholders in the form of share repurchases.” “Our long-term targets are based on the evolution of our business to a strategically diversified, well-scaled operating platform that we believe is exceptionally well positioned to take advantage of strong housing fundamentals in the years ahead. Since expanding our company’s breadth and depth through smart and accretive growth and refining our operational capabilities through product and process optimization, I am immensely proud of our team’s execution and confident in our ability to achieve these targets on a consistent go-forward basis to deliver attractive results for our shareholders. As we head into the remainder of the year and into 2025, while we are awaiting more clarity from the Federal Reserve after next week’s meeting, we are cautiously optimistic that lower interest rates and a continuation of positive housing fundamentals has set the stage for continued growth and positive momentum in our business.” Business Highlights (All comparisons are of the current quarter to the prior-year quarter, unless indicated.) Homebuilding • Home closings revenue decreased 4% to $1.9 billion, driven by a 6% decline in the average closing price to $600,000, which was partially offset by a 2% increase in closings to 3,200 homes. • The home closings gross margin was 23.8% on a reported basis and 23.9% adjusted for an inventory impairment. This compared to a reported home closings gross margin of 24.2% in the prior-year period. • Net sales orders increased 3% to 3,111, driven by a 6% increase in ending community count to 347, which was partially offset by a slight decline in the monthly absorption pace to 3.0 per community from 3.1 a year ago. The average net sales order price decreased 2% to $601,000. • SG&A as a percentage of home closings revenue increased to 10.2% from 9.2% a year ago. • Cancellations equaled 9.4% of gross orders, down from 11.2% a year ago. • Backlog at quarter end was 6,256 homes with a sales value of $4.2 billion. Backlog customer deposits averaged approximately $56,000 per home. Land Portfolio • Homebuilding land acquisition and development spend totaled $611 million, up from $397 million a year ago. Development-related spend accounted for 40% of the total versus 54% a year ago. • Homebuilding lot supply was 80,677 homesites, of which 57% was controlled and 43% was owned. This compared to a homebuilding lot supply of 74,182 homesites at the end of the first quarter, of which 53% was controlled and 47% was owned. • Based on trailing twelve-month home closings, total homebuilding lots represented 6.7 years of total supply, of which 2.9 years was owned. Financial Services • The mortgage capture rate increased to 89%, up from 86% a year ago. • Borrowers had an average credit score of 751 and debt-to-income ratio of 40%. Balance Sheet • At quarter end, total liquidity was approximately $1.3 billion, including $247 million of unrestricted cash and $1.1 billion of total capacity on the Company’s revolving credit facilities, which were undrawn outside of normal letters of credit. • The gross homebuilding debt to capital ratio was 25.4%, down from 29.7% a year ago. Including $247 million of unrestricted cash on hand, the net homebuilding debt-to-capital ratio was 22.8%, up from 15.4% a year ago. • The Company repurchased 1.7 million shares for $105 million during the quarter. At quarter end, the remaining share repurchase authorization was $298 million. Business Outlook Third Quarter 2024 • Home closings are expected to be approximately 3,200 • Average closing price is expected to be around $600,000 • Home closings gross margin is expected to be around 24% • Ending active community count is expected to be between 330 to 340 • Effective tax rate is expected to be approximately 25% • Diluted share count is expected to be approximately 106 million Full Year 2024 • Home closings are now expected to be between 12,600 to 12,800 • Average closing price is expected to be between $600,000 to $610,000 • Home closings gross margin is now expected to be around 24% • Ending active community count is expected to be between 330 to 340 • SG&A as a percentage of home closings revenue is expected to be in the high-9% range • Effective tax rate is expected to be approximately 25% • Diluted share count is now expected to be approximately 107 million • Land and development spend is expected to be between $2.3 billion to $2.5 billion • Share repurchases are expected to total approximately $300 million Quarterly Financial Comparison (Dollars in thousands) Q2 2024 Q2 2023 Q2 2024 vs. Q2 2023 Total Revenue $ 1,991,053 $ 2,060,564 (3.4 )% Home Closings Revenue, net $ 1,920,127 $ 1,996,747 (3.8 )% Home Closings Gross Margin $ 457,421 $ 482,510 (5.2 )% 23.8 % 24.2 % 40 bps decrease SG&A $ 196,735 $ 183,683 7.1 % % of Home Closings Revenue 10.2 % 9.2 % 100 bps increase Earnings Conference Call Webcast A public webcast to discuss the Company’s earnings will be held later today at 8:30 a.m. ET. A live audio webcast of the conference call will be available on Taylor Morrison’s website at www.taylormorrison.com on the Investor Relations portion of the site under the Events & Presentations tab. For call participants, the dial-in number is (833) 470-1428 and conference ID is 302287. The call will be recorded and available for replay on the Company’s website. About Taylor Morrison 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, Darling Homes Collection by Taylor Morrison and Yardly. From 2016-2024, Taylor Morrison has been recognized as America’s Most Trusted ® Builder by Lifestory Research. Our strong commitment to sustainability, our communities, and our team is highlighted on our website . Forward-Looking Statements 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; availability of land and lots at competitive prices; decreases in the market value of our land inventory; new or changing government regulations 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; 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. Taylor Morrison Home Corporation Condensed Consolidated Statements of Operations (In thousands, except per share amounts, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Home closings revenue, net $ 1,920,127 $ 1,996,747 $ 3,556,382 $ 3,609,342 Land closings revenue 13,234 12,628 20,459 17,148 Financial services revenue 48,916 41,914 95,875 77,063 Amenity and other revenue 8,776 9,275 18,089 18,868 Total revenue 1,991,053 2,060,564 3,690,805 3,722,421 Cost of home closings 1,462,706 1,514,237 2,705,915 2,741,750 Cost of land closings 18,703 12,703 23,905 17,048 Financial services expenses 28,106 25,342 53,249 47,490 Amenity and other expenses 9,250 8,597 18,603 16,882 Total cost of revenue 1,518,765 1,560,879 2,801,672 2,823,170 Gross margin 472,288 499,685 889,133 899,251 Sales, commissions and other marketing costs 113,956 113,034 216,556 205,794 General and administrative expenses 82,779 70,649 150,343 136,910 Net income from unconsolidated entities (2,628 ) (3,186 ) (5,379 ) (5,115 ) Interest expense/(income), net 4,087 (5,120 ) 4,044 (6,231 ) Other expense, net 6,877 8,549 7,472 3,715 Income before income taxes 267,217 315,759 516,097 564,178 Income tax provision 67,303 80,854 125,022 138,045 Net income before allocation to non-controlling interests 199,914 234,905 391,075 426,133 Net income attributable to non-controlling interests (454 ) (303 ) (1,345 ) (480 ) Net income $ 199,460 $ 234,602 $ 389,730 $ 425,653 Earnings per common share: Basic $ 1.89 $ 2.15 $ 3.68 $ 3.91 Diluted $ 1.86 $ 2.12 $ 3.61 $ 3.85 Weighted average number of shares of common stock: Basic 105,500 109,210 105,979 108,822 Diluted 107,249 110,856 107,961 110,466 Taylor Morrison Home Corporation Condensed Consolidated Balance Sheets (In thousands, unaudited) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 246,845 $ 798,568 Restricted cash 1,928 8,531 Total cash 248,773 807,099 Real estate inventory: Owned inventory 6,151,776 5,473,828 Consolidated real estate not owned 134,700 71,618 Total real estate inventory 6,286,476 5,545,446 Land deposits 204,551 203,217 Mortgage loans held for sale 313,026 193,344 Lease right of use assets 71,932 75,203 Prepaid expenses and other assets, net 330,093 290,925 Other receivables, net 214,919 184,518 Investments in unconsolidated entities 381,571 346,192 Deferred tax assets, net 67,825 67,825 Property and equipment, net 316,706 295,121 Goodwill 663,197 663,197 Total assets $ 9,099,069 $ 8,672,087 Liabilities Accounts payable $ 310,724 $ 263,481 Accrued expenses and other liabilities 518,541 549,074 Lease liabilities 82,059 84,999 Customer deposits 349,066 326,087 Estimated development liabilities 27,416 27,440 Senior notes, net 1,469,574 1,468,695 Loans payable and other borrowings 404,242 394,943 Revolving credit facility borrowings — — Mortgage warehouse borrowings 276,205 153,464 Liabilities attributable to consolidated real estate not owned 134,700 71,618 Total liabilities $ 3,572,527 $ 3,339,801 Stockholders’ equity Total stockholders’ equity 5,526,542 5,332,286 Total liabilities and stockholders’ equity $ 9,099,069 $ 8,672,087 Homes Closed and Home Closings Revenue, Net: Three Months Ended June 30, Homes Closed Home Closings Revenue, Net Average Selling Price (Dollars in thousands) 2024 2023 Change 2024 2023 Change 2024 2023 Change East 1,237 1,228 0.7 % $ 691,129 $ 732,279 (5.6 )% $ 559 $ 596 (6.2 %) Central 864 936 (7.7 )% 480,522 612,630 (21.6 )% 556 655 (15.1 )% West 1,099 961 14.4 % 748,476 651,838 14.8 % 681 678 0.4 % Total 3,200 3,125 2.4 % $ 1,920,127 $ 1,996,747 (3.8 )% $ 600 $ 639 (6.1 )% Six Months Ended June 30, Homes Closed Home Closings Revenue, Net Average Selling Price (Dollars in thousands) 2024 2023 Change 2024 2023 Change 2024 2023 Change East 2,170 2,232 (2.8 )% $ 1,232,859 $ 1,333,890 (7.6 )% $ 568 $ 598 (5.0 %) Central 1,696 1,667 1.7 % 952,554 1,076,025 (11.5 )% 562 645 (12.9 %) West 2,065 1,767 16.9 % 1,370,969 1,199,427 14.3 % 664 679 (2.2 )% Total 5,931 5,666 4.7 % $ 3,556,382 $ 3,609,342 (1.5 )% $ 600 $ 637 (5.8 )% Net Sales Orders: Three Months Ended June 30, Net Sales Orders Sales Value Average Selling Price (Dollars in thousands) 2024 2023 Change 2024 2023 Change 2024 2023 Change East 1,160 1,047 10.8 % $ 616,846 $ 582,944 5.8 % $ 532 $ 557 (4.5 %) Central 815 808 0.9 % 485,036 489,142 (0.8 %) 595 605 (1.7 )% West 1,136 1,168 (2.7 %) 767,925 782,046 (1.8 %) 676 670 0.9 % Total 3,111 3,023 2.9 % $ 1,869,807 $ 1,854,132 0.8 % $ 601 $ 613 (2.0 %) Six Months Ended June 30, Net Sales Orders Sales Value Average Selling Price (Dollars in thousands) 2024 2023 Change 2024 2023 Change 2024 2023 Change East 2,455 2,126 15.5 % $ 1,393,707 $ 1,227,463 13.5 % $ 568 $ 577 (1.6 )% Central 1,719 1,482 16.0 % 963,455 873,972 10.2 % 560 590 (5.1 )% West 2,623 2,269 15.6 % 1,752,408 1,538,390 13.9 % 668 678 (1.5 )% Total 6,797 5,877 15.7 % $ 4,109,570 $ 3,639,825 12.9 % $ 605 $ 619 (2.3 )% Sales Order Backlog: As of June 30, Sold Homes in Backlog Sales Value Average Selling Price (Dollars in thousands) 2024 2023 Change 2024 2023 Change 2024 2023 Change East 2,356 2,477 (4.9 )% $ 1,641,116 $ 1,626,635 0.9 % $ 697 $ 657 6.1 % Central 1,423 1,532 (7.1 )% 875,064 1,009,441 (13.3 )% 615 659 (6.7 )% West 2,477 2,156 14.9 % 1,681,639 1,458,395 15.3 % 679 676 0.4 % Total 6,256 6,165 1.5 % $ 4,197,819 $ 4,094,471 2.5 % $ 671 $ 664 1.1 % Ending Active Selling Communities: As of Change June 30, 2024 June 30, 2023 East 122 103 18.4 % Central 106 103 2.9 % West 119 121 (1.7 %) Total 347 327 6.1 % Reconciliation of Non-GAAP Financial Measures 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 inventory or land impairment charges, impairment of investment in unconsolidated entities, pre-acquisition abandonment 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 on GAAP home closings gross margin (which is inclusive of capitalized interest), excluding inventory impairment 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 taxes, depreciation and amortization (EBITDA), non-cash compensation expense, if any, inventory or land impairment charges, impairment of investment in unconsolidated entities, pre-acquisition abandonment 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 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 regions, and to set targets for performance-based compensation. We also use the ratio of net homebuilding debt to total capitalization as an indicator of overall 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 ratio of net homebuilding debt to total capitalization 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. Adjusted Net Income and Adjusted Earnings Per Common Share Three Months Ended June 30, (Dollars in thousands, except per share data) 2024 2023 Net income $ 199,460 $ 234,602 Legal reserves or settlements (1) 6,290 — Inventory impairments (2) 2,325 — Fair value adjustment for land held for sale (3) 6,782 — Tax impact due to above non-GAAP reconciling items (3,878 ) — Adjusted net income $ 210,979 $ 234,602 Basic weighted average number of shares 105,500 109,210 Adjusted earnings per common share - Basic $ 2.00 $ 2.15 Diluted weighted average number of shares 107,249 110,856 Adjusted earnings per common share - Diluted $ 1.97 $ 2.12 Adjusted Income Before Income Taxes and Related Margin Three Months Ended June 30, (Dollars in thousands) 2024 2023 Income before income taxes 267,217 315,759 Legal reserves or settlements (1) 6,290 — Inventory impairments (2) 2,325 — Fair value adjustment for land held for sale (3) 6,782 — Adjusted income before income taxes $ 282,614 $ 315,759 Total revenue 1,991,053 2,060,564 Income before income taxes margin 13.4 % 15.3 % Adjusted income before income taxes margin 14.2 % 15.3 % Adjusted Home Closings Gross Margin Three Months Ended June 30, (Dollars in thousands) 2024 2023 Home closings revenue, net $ 1,920,127 $ 1,996,747 Cost of home closings 1,462,706 1,514,237 Home closings gross margin $ 457,421 $ 482,510 Inventory impairments (2) 2,325 — Adjusted home closings gross margin $ 459,746 $ 482,510 Home closings gross margin as a percentage of home closings revenue, net 23.8 % 24.2 % Adjusted home closings gross margin as a percentage of home closings revenue, net 23.9 % 24.2 % EBITDA and Adjusted EBITDA Reconciliation Three Months Ended June 30, (Dollars in thousands) 2024 2023 Net income before allocation to non-controlling interests $ 199,914 $ 234,905 Interest expense/(income), net 4,087 (5,120 ) Amortization of capitalized interest 28,303 37,352 Income tax provision 67,303 80,854 Depreciation and amortization 3,450 1,540 EBITDA $ 303,057 $ 349,531 Non-cash compensation expense 6,072 5,271 Legal reserves or settlements (1) 6,290 — Inventory impairments (2) 2,325 — Fair value adjustment for land held for sale (3) 6,782 — Adjusted EBITDA $ 324,526 $ 354,802 Total revenue $ 1,991,053 $ 2,060,564 Net income before allocation to non-controlling interests as a percentage of total revenue 10.0 % 11.4 % EBITDA as a percentage of total revenue 15.2 % 17.0 % Adjusted EBITDA as a percentage of total revenue 16.3 % 17.2 % (1) Included in Other expense, net on the unaudited Condensed consolidated statements of operations. (2) Included in Cost of home closings on the unaudited Condensed consolidated statements of operations. (3) Included in Cost of land closings on the unaudited Condensed consolidated statements of operations. Net Homebuilding Debt to Capitalization Ratios Reconciliation (Dollars in thousands) As of June 30, 2024 As of March 31, 2024 As of June 30, 2023 Total debt $ 2,150,021 $ 2,093,499 $ 2,393,571 Plus: unamortized debt issuance cost, net 7,496 7,935 9,613 Less: mortgage warehouse borrowings (276,205 ) (183,174 ) (249,898 ) Total homebuilding debt $ 1,881,312 $ 1,918,260 $ 2,153,286 Total equity 5,526,542 5,426,168 5,095,313 Total capitalization $ 7,407,854 $ 7,344,428 $ 7,248,599 Total homebuilding debt to capitalization ratio 25.4 % 26.1 % 29.7 % Total homebuilding debt $ 1,881,312 $ 1,918,260 $ 2,153,286 Less: cash and cash equivalents (246,845 ) (554,287 ) (1,227,264 ) Net homebuilding debt $ 1,634,467 $ 1,363,973 $ 926,022 Total equity 5,526,542 5,426,168 5,095,313 Total capitalization $ 7,161,009 $ 6,790,141 $ 6,021,335 Net homebuilding debt to capitalization ratio 22.8 % 20.1 % 15.4 %

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.