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TRI POINTE HOMES, INC. Annual Report 2024 Citrine, Las Vegas Alterra, Washington Madera, Arizona
Who we are One of the largest homebuilders in the U.S., Tri Pointe Homes (NYSE: TPH) is a publicly traded company and a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities, operating in 12 states and the District of Columbia, with deep ties to the communities it serves some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. WEST CENTR AL EAST BAY AREA SAN DIEGO AUSTIN DC METRO INLAND EMPIRE ARIZONA DALLAS-FORT WORTH CHARLOTTE LAS VEGAS HOUSTON RALEIGH WASHINGTON COLORADO COASTAL CAROLINAS UTAH ORLANDO ORANGE COUNTYLOS ANGELES SACRAMENTO
F I N A N C I A L A N D O P E R AT I O N A L H I G H L I G H T S (dollars in thousands except earnings per share) K E Y I N C O M E S TAT E M E N T DATA 2024 2023 2022 $4,386,447 $3,654,035 $4,291,563 Homebuilding Gross Margin % 23.3% 22.3% 26.4% SG&A Expense as a % of Home Sales Revenue 10.8% 11.0% 9.0% Home Sales Revenue Homebuilding Income from Operations $552,584 $413,331 $746,516 Net Income Available to Common Stockholders $458,029 $343,702 $576,060 $4.83 $3.45 $5.54 1 2/ 3 1/ 2 0 2 4 1 2/ 3 1/ 2 0 2 3 1 2/ 3 1/ 2 0 2 2 Diluted Earnings per Share K E Y B A L A N C E S H E E T DATA Cash and Cash Equivalents Real Estate Inventories Total Homebuilding Debt Total Stockholders Equity $970,045 $868,953 $889,664 $3,153,459 $3,337,483 $3,173,849 $917,504 $1,382,586 $1,378,051 $3,335,710 $3,010,958 $2,832,389 Ratio of Homebuilding Debt-to-Capital 21.6% 31.5% 32.7% OT H E R DATA 2024 2023 2022 Net New Home Orders 5,657 6,122 4,377 New Homes Delivered 6,460 5,274 6,063 Average Sales Price of Homes Delivered $679 $693 $708 Backlog of Homes at Fiscal Year End 1,517 2,320 1,472 $1,164,602 $1,612,114 $1,164,678 36,490 31,960 33,794 Backlog Dollar Value at Fiscal Year End Lots Owned or Controlled 2024 % Orders by Segment 2% New Homes Delivered 1 41% active adult entry-level 5% luxury 52% move-up Book Value per Share 5,123 6,188 6,063 5,274 6,460 2020 2021 2022 2023 2024 Year-End Shares Outstanding 2 $35 $36.08 $30 $31.52 120,000 (in thousands) 121,883 109,644 100,000 $28.04 101,018 $25 95,531 80,000 $22.32 $20 $18.32 60,000 $15 40,000 $10 $5 $0 1 2 92,452 20,000 2020 2021 2022 2023 2024 2020 2021 For the years ended December 31, 2020 through 2024 Book Value per Share for each year presented is based on total stockholders equity as of year-end divided by common shares outstanding as of year-end. 2022 2023 2024
Dear Stockholder Tri Pointe Homes delivered outstanding results in 2024, with a record 6,460 new home deliveries at an average sales price of $679,000, generating home sales revenue of $4.4 billion. We continue to invest in our core market strategy, with A locations that are close to employment, good schools and lifestyle amenities. Our core land holdings, along with our differentiated premium brand and customer-focused strategy, allows us to attract a well-qualified and resilient buyer profile, who aspires to our product, reinforcing our long-term value proposition. This strategy contributed to a homebuilding gross margin of 23.3% and diluted earnings per share of $4.83. Additionally in 2024, we increased our book value per share year-over-year by 14.5%. Finally, we achieved record operating cash flows, reduced our outstanding indebtedness, and finished 2024 with the strongest balance sheet and liquidity to date. Despite sticky inflation, elevated mortgage rates, and uncertainty around the election, along with softer seasonal sales trends in the second half of 2024, our core market, A-location strategy, and measured approach to pace and price has allowed us to capitalize on increased demand to begin 2025. We ended 2024 with 145 active selling communities, and expect to open approximately 65 new communities in 2025. We anticipate further growth in our three new organic expansion markets: Salt Lake City, Orlando, and Coastal Carolinas. In Salt Lake City, for example, we own or control over 1,000 lots, have broken ground on our first project, and plan to open two new communities in 2025. We also continue to ramp up our operations in both Orlando and the Coastal Carolinas, where we expect our first deliveries in 2026. Our balance sheet remains strong, with $1.7 billion in total liquidity as of the end of 2024, including $970 million of cash and cash equivalents and an additional $694 million available under our corporate credit facility. We generated $696 million of operating cash flow during 2024 and repaid $450 million in senior notes scheduled to mature in June 2024, reducing our homebuilding debt-to-capital ratio from 31.5% to 21.6% year-over-year. Stock repurchases remain a priority as we seek to improve shareholder returns. Since 2015, we have reduced the number of outstanding shares of our common stock by 43%, while increasing book value per share by approximately 250%, representing a 15% compounded annual growth rate. In December 2024, our Board of Directors approved a new $250 million stock repurchase program, demonstrating our ongoing commitment to efficiently returning capital to our stockholders. During 2024, we repurchased approximately 4.0 million shares of common stock at an average price of $36.97 for an aggregate dollar amount of $147 million, reducing outstanding shares by approximately 3.2%. S E T T I N G T H E F O U N DAT I O N Tri Pointe Homes was formed and began operations in Southern California 2009 Opened operations in Northern California 2010 $150 million Starwood Capital Group equity commitment 2011 First initial public offering of a homebuilder in over 10 years 2012 2013 Expanded into the Colorado market This letter to stockholders contains forward-looking statements. Please refer to the Cautionary Note Concerning Forward-Looking Statements in the accompanying annual report on Form 10-K. 1 WRECO 2014 transaction Developer closes of the Year award1 2014 Launched Tri Pointe Connect and Tri Pointe Assurance for mortgage and title services 2015 Homebuilder of the Year award2 Millennial Responsive Home completed Fortune 100 Fastest-Growing Companies 2015 2016 2017 #1 Rated Local Management Teams3 Expanded into the Austin market Expanded into the Sacramento market HIVE 100 Innovators award4 Builder and Developer magazine, a national homebuilding publication, named Tri Pointe the Developer of the Year in 2014. BUILDER magazine named Tri Pointe the Builder of the Year in 2015. The Builder of the Year Award is BUILDER magazine s highest yearly honor. 3 Leading homebuilding analyst firm Zelman & Associates found Tri Pointe to have the highest-rated local management teams among public homebuilders in its 2015 survey of land developers and private homebuilders. 2
Tri Pointe Connect, now our wholly owned mortgage company, continued to integrate into our core homebuilding business in 2024. We intend to make further investments in mortgage technology systems designed to enhance the customer experience in 2025. During 2024, we leveraged financing programs through Tri Pointe Connect to provide our homebuyers with interest rate buydowns and flexible financing options, creating compelling reasons to purchase a new Tri Pointe home. management, quality of products and services, innovation, social responsibility and talent management. The company was named to the 2024 Fortune World s Most Admired Companies list and awarded 2024 Developer of the Year. Our strong culture and commitment to team member engagement was evident through multiple Best Workplaces awards from Great Place to Work and Fortune magazine. Additionally we achieved Great Places to Work-Certified status for the fourth consecutive year and were recognized as one of 2024 PEOPLE Companies that Care. Tri Pointe Homes also received over 50 awards across various categories including Product Design, Interior Merchandising, Customer Experience, Innovative Use of Technology, Marketing, and Professional Achievements. As of December 31, 2024, our total lot count was over 36,000, comprised of approximately 46% owned and 54% controlled. Our land acquisition strategy continues to emphasize capital efficiency, including the use of land bank arrangements and joint venture structures. We would like to thank our team members and trade partners for an exceptional 2024, and we deeply appreciate their efforts to deliver our homebuyers with a premium product and experience. We also want to express our gratitude to our board members and stockholders for their continued support and guidance, and we look forward to changing more lives in 2025. We remain confident in the long-term outlook on housing, driven by strong demographics of Millennial and Gen-Z homebuyers, a persistent housing shortage, and reduced competition from the resale market due to the lingering lock-in effect. In particular, the maturing Millennial generation, aged 29 to 44, represents 64% of our backlog financing with Tri Pointe Connect. We believe Tri Pointe is poised to expand upon our scale in existing markets and to target new markets through organic startup divisions or mergers and acquisitions. We increased our investments in our Central and East regions to grow community count and increase geographic diversification, which allowed us to make significant gains in Texas, where we achieved a 60% increase in deliveries in 2024, as well as the Carolinas, where we achieved an 11% increase year-over-year. Steven J. Gilbert Chairman of the Board Tri Pointe Homes earned coveted recognition in 2024 for its corporate reputation and performance, including quality of Dunhill and Nathan Carlisle Homes acquired and become the DallasFort Worth Division Best Places 2019 Builder of to Work the Year award6 Award5 4th consecutive year 2018 2019 2020 Tri Pointe Assurance expanded into escrow services Tri Pointe unified its six builder brands under the name Tri Pointe Homes Tri Pointe Advantage Insurance Services launched 4 Expanded into the Carolinas 2021-2024 Great Place to Work Certified Company 7 2021 Launched Altis, Tri Pointe Homes 55+ brand Recognizing housing s most influential innovators, real estate media firm Hanley Wood awarded Tri Pointe with a HIVE 100 Innovators award in the Business Management category. 5 Orange County Business Journal and Best Companies Group recognized Tri Pointe as one of the Best Places to Work in Orange County in 2016, 2017, 2018 and 2019. 6 Builder and Developer magazine, a national homebuilding publication, named Tri Pointe the Builder of the Year in 2019. 7 Douglas F. Bauer Chief Executive Officer Fortune Best Workplaces for Millennials , Women and in Construction 8 Announced expansion into Utah Fortune World s Most Admired CompaniesTM, Fortune Best Workplaces for WomenTM, ConstructionTM and ParentsTM, and 2024 People Companies that Care 2022 2023 2024 Fortune Best Workplaces for Women , Construction , Millennials , and 100 Best Companies to Work For 9 Announced expansion into the Orlando and Coastal Carolinas markets Updated LivingSmart features based on home shopper research Launched LiveAbility , our commitment to build homes that naturally adapt to life s changing needs Tri Pointe Homes was recognized as a Great Place to Work-Certified Company in both 2021 and 2022. Tri Pointe Homes was recognized in 2022 as a Fortune Best Workplace for Millennials , Women , and in Construction . 9 Tri Pointe Homes was recognized in 2023 as a Fortune Best Workplaces for Women , Construction , Millennials , and 100 Best Companies to Work For . 8
 • shareholder letter icon 3/6/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/9/2023 TPH Stockholder Letter
 • stockholder letter icon 3/7/2024 TPH Stockholder Letter
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TPH Shareholder/Stockholder Letter Transcript:

TRI POINTE HOMES, INC.
Annual Report 2024
Citrine,
Las Vegas
Alterra,
Washington
Madera,
Arizona

Who we are
One of the largest homebuilders in the U.S., Tri Pointe Homes (NYSE: TPH) is a publicly
traded company and a recognized leader in customer experience, innovative design,
and environmentally responsible business practices. The company builds premium
homes and communities, operating in 12 states and the District of Columbia, with deep
ties to the communities it serves   some for as long as a century.
Tri Pointe Homes combines the financial resources, technology platforms and proven
leadership of a national organization with the regional insights, longstanding
community connections and agility of empowered local teams.
WEST
CENTR AL
EAST
BAY AREA
SAN DIEGO
AUSTIN
DC METRO
INLAND EMPIRE
ARIZONA
DALLAS-FORT WORTH
CHARLOTTE
LAS VEGAS
HOUSTON
RALEIGH
WASHINGTON
COLORADO
COASTAL CAROLINAS
UTAH
ORLANDO
ORANGE COUNTYLOS ANGELES
SACRAMENTO

F I N A N C I A L A N D O P E R AT I O N A L H I G H L I G H T S
(dollars in thousands except earnings per share)
K E Y I N C O M E S TAT E M E N T DATA
2024
2023
2022
$4,386,447
$3,654,035
$4,291,563
Homebuilding Gross Margin %
23.3%
22.3%
26.4%
SG&A Expense as a % of Home Sales Revenue
10.8%
11.0%
9.0%
Home Sales Revenue
Homebuilding Income from Operations
$552,584
$413,331
$746,516
Net Income Available to Common Stockholders
$458,029
$343,702
$576,060
$4.83
$3.45
$5.54
1 2/ 3 1/ 2 0 2 4
1 2/ 3 1/ 2 0 2 3
1 2/ 3 1/ 2 0 2 2
Diluted Earnings per Share
K E Y B A L A N C E S H E E T DATA
Cash and Cash Equivalents
Real Estate Inventories
Total Homebuilding Debt
Total Stockholders    Equity
$970,045
$868,953
$889,664
$3,153,459
$3,337,483
$3,173,849
$917,504
$1,382,586
$1,378,051
$3,335,710
$3,010,958
$2,832,389
Ratio of Homebuilding Debt-to-Capital
21.6%
31.5%
32.7%
OT H E R DATA
2024
2023
2022
Net New Home Orders
5,657
6,122
4,377
New Homes Delivered
6,460
5,274
6,063
Average Sales Price of Homes Delivered
$679
$693
$708
Backlog of Homes at Fiscal Year End
1,517
2,320
1,472
$1,164,602
$1,612,114
$1,164,678
36,490
31,960
33,794
Backlog Dollar Value at Fiscal Year End
Lots Owned or Controlled
2024 % Orders by Segment
2%
New Homes Delivered
1
41%
active adult
entry-level
5%
luxury
52%
move-up
Book Value per Share
5,123
6,188
6,063
5,274
6,460
2020
2021
2022
2023
2024
Year-End Shares Outstanding
2
$35
$36.08
$30
$31.52
120,000
(in thousands)
121,883
109,644
100,000
$28.04
101,018
$25
95,531
80,000
$22.32
$20
$18.32
60,000
$15
40,000
$10
$5
$0
1
2
92,452
20,000
2020
2021
2022
2023
2024
2020
2021
For the years ended December 31, 2020 through 2024
Book Value per Share for each year presented is based on total stockholders    equity as of year-end divided by common shares outstanding as of year-end.
2022
2023
2024

Dear Stockholder
Tri Pointe Homes delivered outstanding results in 2024,
with a record 6,460 new home deliveries at an average sales
price of $679,000, generating home sales revenue of $4.4
billion. We continue to invest in our core market strategy,
with A locations that are close to employment, good schools
and lifestyle amenities. Our core land holdings, along with
our differentiated premium brand and customer-focused
strategy, allows us to attract a well-qualified and resilient
buyer profile, who aspires to our product, reinforcing our
long-term value proposition. This strategy contributed to a
homebuilding gross margin of 23.3% and diluted earnings
per share of $4.83. Additionally in 2024, we increased our
book value per share year-over-year by 14.5%. Finally, we
achieved record operating cash flows, reduced our
outstanding indebtedness, and finished 2024 with the
strongest balance sheet and liquidity to date.
Despite sticky inflation, elevated mortgage rates, and
uncertainty around the election, along with softer seasonal
sales trends in the second half of 2024, our core market,
A-location strategy, and measured approach to pace and
price has allowed us to capitalize on increased demand to
begin 2025.
We ended 2024 with 145 active selling communities, and
expect to open approximately 65 new communities in 2025.
We anticipate further growth in our three new organic
expansion markets: Salt Lake City, Orlando, and Coastal
Carolinas. In Salt Lake City, for example, we own or control
over 1,000 lots, have broken ground on our first project, and
plan to open two new communities in 2025. We also continue
to ramp up our operations in both Orlando and the Coastal
Carolinas, where we expect our first deliveries in 2026.
Our balance sheet remains strong, with $1.7 billion in total
liquidity as of the end of 2024, including $970 million of cash and
cash equivalents and an additional $694 million available under
our corporate credit facility. We generated $696 million of
operating cash flow during 2024 and repaid $450 million in senior
notes scheduled to mature in June 2024, reducing our homebuilding debt-to-capital ratio from 31.5% to 21.6% year-over-year.
Stock repurchases remain a priority as we seek to improve
shareholder returns. Since 2015, we have reduced the number
of outstanding shares of our common stock by 43%, while
increasing book value per share by approximately 250%,
representing a 15% compounded annual growth rate. In
December 2024, our Board of Directors approved a new $250
million stock repurchase program, demonstrating our ongoing
commitment to efficiently returning capital to our
stockholders. During 2024, we repurchased approximately
4.0 million shares of common stock at an average price of
$36.97 for an aggregate dollar amount of $147 million, reducing
outstanding shares by approximately 3.2%.
S E T T I N G T H E F O U N DAT I O N
Tri Pointe Homes
was formed and
began operations in
Southern California
2009
Opened operations
in Northern
California
2010
$150 million
Starwood Capital
Group equity
commitment
2011
First initial public
offering of a
homebuilder
in over 10 years
2012
2013
Expanded into
the Colorado
market
This letter to stockholders contains    forward-looking statements.   
Please refer to the Cautionary Note Concerning Forward-Looking
Statements in the accompanying
annual report on Form 10-K.
1
WRECO
2014
transaction Developer
closes
of the Year
award1
2014
Launched Tri Pointe
Connect and
Tri Pointe Assurance
for mortgage and
title services
2015
Homebuilder
of the Year
award2
Millennial
   Responsive
Home   
completed
Fortune   100
Fastest-Growing
Companies
2015
2016
2017
#1 Rated Local
Management
Teams3
Expanded into
the Austin market
Expanded
into the
Sacramento
market
HIVE 100
Innovators award4
Builder and Developer magazine, a national homebuilding publication, named Tri Pointe the Developer of the Year in 2014.
BUILDER magazine named Tri Pointe the Builder of the Year in 2015. The Builder of the Year Award is BUILDER magazine   s
highest yearly honor.
3
Leading homebuilding analyst firm Zelman & Associates found Tri Pointe to have the highest-rated local management teams
among public homebuilders in its 2015 survey of land developers and private homebuilders.
2

Tri Pointe Connect, now our wholly owned mortgage company,
continued to integrate into our core homebuilding business in
2024. We intend to make further investments in mortgage
technology systems designed to enhance the customer
experience in 2025. During 2024, we leveraged financing
programs through Tri Pointe Connect to provide our
homebuyers with interest rate buydowns and flexible financing
options, creating compelling reasons to purchase a new
Tri Pointe home.
management, quality of products and services, innovation,
social responsibility and talent management. The company
was named to the 2024 Fortune World   s Most Admired
Companies    list and awarded 2024 Developer of the Year.
Our strong culture and commitment to team member
engagement was evident through multiple Best Workplaces
awards from Great Place to Work   and Fortune magazine.
Additionally we achieved Great Places to Work-Certified   
status for the fourth consecutive year and were recognized
as one of 2024 PEOPLE   Companies that Care. Tri Pointe
Homes also received over 50 awards across various
categories including Product Design, Interior Merchandising,
Customer Experience, Innovative Use of Technology,
Marketing, and Professional Achievements.
As of December 31, 2024, our total lot count was over 36,000,
comprised of approximately 46% owned and 54% controlled.
Our land acquisition strategy continues to emphasize capital
efficiency, including the use of land bank arrangements and
joint venture structures.
We would like to thank our team members and trade
partners for an exceptional 2024, and we deeply appreciate
their efforts to deliver our homebuyers with a premium
product and experience. We also want to express our
gratitude to our board members and stockholders for their
continued support and guidance, and we look forward to
changing more lives in 2025.
We remain confident in the long-term outlook on housing,
driven by strong demographics of Millennial and Gen-Z
homebuyers, a persistent housing shortage, and reduced
competition from the resale market due to the lingering
lock-in effect. In particular, the maturing Millennial generation,
aged 29 to 44, represents 64% of our backlog financing with
Tri Pointe Connect.
We believe Tri Pointe is poised to expand upon our scale in
existing markets and to target new markets through organic
startup divisions or mergers and acquisitions. We increased
our investments in our Central and East regions to grow
community count and increase geographic diversification,
which allowed us to make significant gains in Texas, where we
achieved a 60% increase in deliveries in 2024, as well as the
Carolinas, where we achieved an 11% increase year-over-year.
Steven J. Gilbert
Chairman of the Board
Tri Pointe Homes earned coveted recognition in 2024 for its
corporate reputation and performance, including quality of
Dunhill and Nathan
Carlisle Homes acquired
and become the DallasFort Worth Division
Best Places
2019 Builder of
to Work
the Year award6
Award5 4th
consecutive year
2018
2019
2020
Tri Pointe
Assurance
expanded into
escrow services
Tri Pointe unified
its six builder brands
under the name
Tri Pointe Homes  
Tri Pointe
Advantage
Insurance
Services
launched
4
Expanded
into the
Carolinas
2021-2024
Great Place to
Work  Certified
Company 7
2021
Launched Altis,
Tri Pointe
Homes   
55+ brand
Recognizing housing   s most influential innovators, real estate media firm Hanley Wood
awarded Tri Pointe with a HIVE 100 Innovators award in the Business Management category.
5
Orange County Business Journal and Best Companies Group recognized Tri Pointe
as one of the Best Places to Work in Orange County in 2016, 2017, 2018 and 2019.
6
Builder and Developer magazine, a national homebuilding publication, named Tri Pointe
the Builder of the Year in 2019.
7
Douglas F. Bauer
Chief Executive Officer
Fortune Best
Workplaces for
Millennials   , Women   
and in Construction    8
Announced
expansion
into Utah
Fortune World   s
Most Admired
CompaniesTM, Fortune
Best Workplaces for
WomenTM, ConstructionTM
and ParentsTM, and
2024 People Companies
that Care  
2022
2023
2024
Fortune Best Workplaces
for Women   ,
Construction   ,
Millennials   , and 100 Best
Companies to Work For   9
Announced
expansion into the
Orlando and Coastal
Carolinas markets
Updated
LivingSmart  
features based
on home
shopper research
Launched LiveAbility   ,
our commitment to
build homes that
naturally adapt to
life   s changing needs
Tri Pointe Homes was recognized as a Great Place to Work-Certified    Company in both
2021 and 2022.
Tri Pointe Homes was recognized in 2022 as a Fortune Best Workplace for Millennials   ,
Women   , and in Construction   .
9
Tri Pointe Homes was recognized in 2023 as a Fortune Best Workplaces for Women   ,
Construction   , Millennials   , and 100 Best Companies to Work For  .
8



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