Dream Finders Homes (DFH) is like a "Ford or Toyota for houses," designing, building, and selling new homes on a large scale across various regions.

• Single-Family Homes: Dream Finders Homes builds and sells new detached houses, offering various floor plans and customizable options for individual families.
• Townhomes: The company constructs and sells attached housing units, providing a more compact and often more affordable homeownership option.
• Land Development: DFH engages in the acquisition and development of land, preparing sites for future residential communities by adding infrastructure like roads, utilities, and amenities.
• Financial Services (Mortgage and Title): Through affiliated companies, Dream Finders Homes offers mortgage lending and title insurance services to facilitate the home-buying process for its customers.

Dream Finders Homes (symbol: DFH) is a homebuilder, and as such, it primarily sells homes directly to **individual homebuyers**. The company does not primarily sell to other companies as its major customers.

DFH serves various categories of individual customers, which can generally be broken down into the following:

• First-time Homebuyers / Entry-Level Buyers: These customers are typically looking for their first home, often seeking more affordable options, smaller footprints (e.g., townhomes, smaller single-family homes), and communities that offer a balance of value and amenities.
• Move-Up Buyers / Family Buyers: This category includes individuals or families who are purchasing their second or subsequent home. They are often looking for larger homes, more bedrooms, enhanced features, better school districts, or specific community amenities as their needs evolve, such as accommodating a growing family.
• Active Adult / Empty Nesters: These buyers are typically older individuals or couples whose children have left home. They often seek smaller, low-maintenance homes, single-story designs, or homes within communities that offer specific lifestyle amenities like clubhouses, golf courses, or age-restricted environments.

Patrick O. Zalupski, Founder, President, Chief Executive Officer, and Chairman of the Board

Mr. Zalupski founded Dream Finders Homes in December 2008 and has served as its Chief Executive Officer since then, and as Chairman of the Board of Directors since January 2021, following the company's IPO. He graduated with a finance degree in 2003 and previously worked as a Financial Auditor for FedEx Corporation. Before founding Dream Finders Homes, he was involved in real estate, helping his mother, a realtor, and his stepfather, who flipped homes, and he managed Bay Street Condominiums, LLC from 2006 to 2008. He bought out his co-founder of Dream Finders Homes in 2013. Mr. Zalupski is also the principal shareholder and managing partner of the ownership group that acquired the Tampa Bay Rays Major League Baseball team in September 2025. Additionally, he is involved with DF Capital Management, LLC, an investment manager focused on land banks and land development joint ventures. In November 2025, he led a group of investors in a joint venture with private equity firm South Street Partners to acquire the Sawgrass Marriott Golf Resort & Spa.

Lorena Anabel Fernandez Ramsay CPA, Senior Vice President and Chief Financial Officer

Ms. Fernandez Ramsay was appointed Chief Financial Officer in April 2022, having previously served as Interim Chief Financial Officer and Treasurer since October 2021. She joined Dream Finders Homes as Treasurer and Vice President in September 2020 and held the same roles for DFH LLC since June 2018. As CFO, she is responsible for overseeing the company's accounting, finance, and treasury functions, including capital allocation, forecasting, budgeting, and compliance. Ms. Fernandez Ramsay is a Certified Public Accountant.

Doug Moran, Senior Vice President and Chief Operations Officer

Mr. Moran has served as Senior Vice President and Chief Operations Officer for Dream Finders Homes since its formation in September 2020, and for DFH LLC since January 2017. He joined Dream Finders Homes in August 2015 as the Division President in Northeast Florida, where he managed and grew the company's business in various markets. His responsibilities include sales, marketing, land acquisition and development, home construction, operations, and purchasing. Prior to his current role, he served as President at Dream Finders Homes Inc., Regional President Florida at Richmond American Homes, and Division President DC Metro at KB Home.

Robert E. Riva Jr., Esq., Vice President, General Counsel & Corporate Secretary

Mr. Riva oversees all legal affairs, regulatory compliance, and corporate governance for Dream Finders Homes. He provides critical guidance on a wide range of legal matters, including contracts, litigation, real estate transactions, and corporate compliance.

Brad Muston, Division President, Jacksonville Division

Mr. Muston is responsible for leading and managing all operational aspects of Dream Finders Homes in the Jacksonville market. He focuses on product development, sales strategies, and ensuring customer satisfaction within Northeast Florida.

The emergence of sophisticated build-to-rent (BTR) operators and communities poses a clear emerging threat. These specialized companies acquire land and construct entire neighborhoods of single-family homes specifically for rental. This model competes directly with traditional for-sale homebuilders like Dream Finders Homes in several ways:

• Competition for Land: BTR operators often have significant institutional backing, allowing them to compete aggressively for desirable land parcels, driving up costs and limiting availability for for-sale homebuilders.
• Customer Diversion: As housing affordability remains a significant challenge, a growing segment of the population, including young families and professionals, are opting for the flexibility and lower upfront costs of renting a newly built single-family home. This diverts potential customers who might otherwise purchase a home from DFH.
• Market Shift: The rapid growth and institutionalization of the BTR sector indicate a structural shift in housing demand and preferences, suggesting that a significant portion of the housing market is moving towards a rental model that traditional for-sale builders may not be fully equipped to address without adapting their business model.

Dream Finders Homes (DFH) operates primarily in the new home construction sector across various high-growth markets in the United States. Its main products include single-family residences, townhomes, and villas. The company also provides financial services such as mortgage banking and title services through its segments.

Dream Finders Homes' operations span across several U.S. regions, including the Southeast (Florida, Georgia, South Carolina), Mid-Atlantic (North Carolina, Maryland, Virginia, Washington D.C. metropolitan area), Midwest (Texas, Colorado), and more recently, Arizona.

The addressable market for Dream Finders Homes' main products, new residential homes, is the U.S. residential construction market. In 2025, this market is estimated to be approximately USD 1.35 trillion, with projections to grow to USD 1.69 trillion by 2030. Another estimate indicates the U.S. residential construction market size to be USD 1.35 trillion in 2025. The U.S. construction market as a whole was valued at USD 2.10 trillion in 2024 and is estimated to reach USD 2.24 trillion in 2025. The residential construction segment constituted 54.3% of the total U.S. construction market share in 2024. New-build activity specifically represented 69.80% of the U.S. residential construction market share in 2024.

• Increase in Home Closings and Deliveries: Dream Finders Homes anticipates continued growth in the number of homes it closes and delivers. For instance, the company reported a 5% rise in home closings in Q3 2024, contributing to a 10% year-over-year increase in homebuilding revenue. The company has provided guidance for approximately 8,250 home closings for the full year 2024, with a projection of 9,250 home closings for 2025, demonstrating a clear focus on volume growth. This expansion in deliveries directly translates to higher revenue.
• Strategic Expansion into High-Growth Markets: The company has a proven strategy of expanding into geographically diverse, high-growth markets, particularly within the Sun Belt region of the United States. Dream Finders Homes operates in areas like Florida, Texas, and the Carolinas, leveraging strong housing demand in these regions to capture market share. This strategic geographic focus allows them to capitalize on robust population growth and housing demand.
• Accretive Acquisitions: Strategic acquisitions are a significant component of DFH's growth strategy, aimed at expanding both its homebuilding capacity and its financial services offerings. The acquisition of Jet HomeLoans, for example, positively contributed $16 million to financial services revenue in Q3 2024. Additionally, the acquisition of Liberty Communities is expected to accelerate growth, particularly in the Atlanta market, by bolstering homebuilding assets.
• Growth in Financial Services Segment: Beyond home construction, Dream Finders Homes generates revenue through its financial services business, which includes mortgage financing and title services. The performance of entities like Jet HomeLoans is a notable contributor to this segment's revenue. This diversification provides an additional revenue stream that benefits from increased home sales.
• Leveraging an Asset-Light Homebuilding Model: While not a direct revenue generator, the company's asset-light operating model is crucial for enabling sustained revenue growth. This model helps minimize speculative land risks and improves operational efficiencies, allowing DFH to scale its operations with reduced capital expenditure and greater flexibility. This efficiency supports the company's ability to expand into new communities and markets while maintaining competitive pricing, thereby underpinning its overall revenue growth strategy.

Share Repurchases

• Dream Finders Homes authorized a $25 million share repurchase program in June 2023, which was subsequently doubled to $50 million in June 2025, with authorization extending through June 30, 2026.
• The company repurchased 705,404 Class A common shares for $16 million during the second quarter of 2025.
• In the third quarter of 2025, an additional 357,715 Class A common shares were repurchased for $10 million, bringing year-to-date repurchases through Q3 2025 to $32.7 million.

Share Issuance

• On January 25, 2021, Dream Finders Homes completed an initial public offering (IPO) of 11,040,000 shares of its Class A common stock.
• The total number of outstanding shares has seen a slight increase over the last five years, growing from 91.08 million in 2020 to 93.44 million as of November 2025.

Outbound Investments

• In October 2020, Dream Finders Homes acquired H&H Homes, a North Carolina-based homebuilder.
• The company expanded its operations significantly through several acquisitions, including Crescent Homes in 2024 (Charleston and Greenville, SC, and Nashville, TN), Liberty Communities in early 2025 (Atlanta, GA, and Greenville, SC), and Green River Builders in May 2025 (Atlanta, GA).
• Dream Finders Homes also strategically invested in its financial services segment by acquiring the remaining 40% equity interest in its mortgage joint venture, Jet HomeLoans, in July 2024, and Alliant National Title Insurance Company in April 2025.

Capital Expenditures

• Dream Finders Homes operates with an "asset-light lot acquisition strategy," focusing on controlling land for development rather than outright ownership.
• The company made significant investments in inventory and housing starts, which contributed to an increase in its net homebuilding debt to net capitalization ratio.
• Dream Finders Homes substantially grew its controlled lot pipeline from approximately 55,000 lots at the end of 2024 to 64,341 lots as of September 30, 2025, indicating continued investment in future development opportunities.