INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES

Unconsolidated Entities

Summarized, unaudited condensed combined financial information of unconsolidated entities that are accounted for by the equity method are as follows (in thousands):


	As of
	March 31, 2025		December 31, 2024
Assets:
Real estate inventory	$	1,498,412	$	1,396,887
Other assets	255,103		226,198
Total assets	$	1,753,515	$	1,623,085
Liabilities and owners’ equity:
Debt	$	636,512	$	576,753
Other liabilities	67,326		69,706
Total liabilities	$	703,838	$	646,459
Owners’ equity:
TMHC	$	475,192	$	439,721
Others	574,485		536,905
Total owners’ equity	$	1,049,677	$	976,626
Total liabilities and owners’ equity	$	1,753,515	$	1,623,085


	Three Months Ended March 31,
	2025		2024
Revenue	$	93,587	$	73,767
Costs and expenses	(88,362)		(66,643)
Net income	$	5,225	$	7,124
TMHC’s share in net income of unconsolidated entities	$	1,975	$	2,751
Distributions to TMHC from unconsolidated entities	$	3,096	$	2,897

Consolidated Entities

As of March 31, 2025, the assets of the consolidated joint ventures totaled $100.7 million, of which $12.9 million was cash and cash equivalents and $82.4 million was owned real estate inventory. As of December 31, 2024, the assets of the consolidated joint ventures totaled $98.6 million, of which $18.1 million was cash and cash equivalents and $79.1 million was owned real estate inventory. The liabilities of the consolidated joint ventures totaled $51.9 million and $48.4 million as of March 31, 2025 and December 31, 2024, respectively, and were primarily comprised of accounts payable and accrued expenses and other liabilities.