DFH

Record Second Quarter Net Sales of 2,232, Up 15% Record Second Quarter Closings of 2,290 JACKSONVILLE, Fla., July 30, 2026--(BUSINESS WIRE)--Dream Finders Homes, Inc. (the "Company", "Dream Finders Homes", "Dream Finders" or "DFH") (NYSE: DFH) announced its financial results for the second quarter ended June 30, 2026. Second Quarter 2026 Highlights (As Compared to Second Quarter 2025) Net sales increased 15% to 2,232 from 1,938 Homebuilding revenues of $1.0 billion compared to $1.1 billion Home closings increased 3% to 2,290 from 2,232 Homebuilding gross margin of 14.2% compared to 16.5% Adjusted homebuilding gross margin (non-GAAP) of 24.2% compared to 25.9% Pre-tax income of $37 million compared to $74 million Net income attributable to DFH of $28 million, or $0.27 per basic share, compared to $57 million, or $0.57 per basic share Financial services pre-tax income remained consistent at $12 million Controlled lot pipeline of 54,091 as of June 30, 2026 compared to 63,121 as of December 31, 2025 Total liquidity of $605 million as of June 30, 2026, comprised of cash and cash equivalents and availability under the revolving credit facility Return on participating equity of 9.6% compared to 25.0% Repurchased 1,012,621 Class A common shares for $15 million during the three months ended June 30, 2026 Management Commentary Patrick Zalupski, Dream Finders Homes Founder, Co-Chairman and CEO, said, "The home building market continues to be challenging, but our teams have worked hard to identify opportunities to improve our cost structure with the goal of delivering more affordable homes to our customers. We believe costs will need to continue to trend down, perhaps significantly, to have a meaningful impact on market-wide housing results. Positively, our team delivered second-quarter and year-to-date Company records for both net sales and home closings. The higher closing volume helped partially offset lower average sales prices, which constrained margins, consistent with challenging macroeconomic conditions. Additionally, in line with our growth initiatives, our year-over-year active community count increase of 30% — reaching 353 communities — was the strongest in the industry. In the coming quarters, we will focus on optimizing these communities by executing our planned absorption targets and margin underwriting to drive improved profitability and return on participating equity. While the environment has been difficult, DFH certainly has further opportunities to improve operationally. We are laser-focused on reducing our SG&A expense, and believe we can streamline and right-size our operations to better manage our overhead costs in the current environment. This process is well underway, and we hope to be completed by year-end. We are also continuing to find ways to add experience and talent to our executive team and Board of Directors. I’m incredibly excited about the upgrades to the Company that we announced in the second quarter. With the appointment of Clint Szubinski as Chief Operating Officer, we have added a much-needed experienced and disciplined operator. Clint was most recently COO for a larger national public homebuilder and is fully aligned with the long-term goals for DFH. He is excited about our disciplined asset-light home building model, and, just as importantly, our long-term approach to building a durable business that should produce above-market shareholder returns over time. While Clint appreciates our patient approach, he has already rolled up his sleeves and is working on numerous near-term implementations to improve operational performance. I look forward to reporting back on Clint and the teams’ progress in the coming quarters. Our Board of Directors received a significant upgrade as well with the appointments of Rick Beckwitt, who will serve alongside me as Co-Chairman, and Steve Fischer, an independent director. Rick’s extensive public homebuilding experience is second to none in the industry, having served as Co-CEO of one of the largest homebuilders, by revenue, in the world. It would be hard to over emphasize Rick’s track record of success; we are incredibly fortunate to have him join our Board. Steve Fischer comes to our Board with significant financial and leadership expertise as a former CFO and CEO in the public banking industry. These two additions bring valuable guidance and perspective as we further scale the business. As we continue to evaluate opportunities for growth, we remain focused on disciplined capital allocation, inventory turns, cash generation and maintaining the flexibility of our asset-light model. We reiterate our 2026 full-year guidance of approximately 9,250 home closings." Homebuilding Second Quarter 2026 Results Homebuilding revenues in the second quarter of 2026 were $1.0 billion, a decrease of 8% when compared to the second quarter of 2025. The decrease in revenues was driven by lower average selling prices ("ASP"), partially offset by higher home closings. Declines in ASP across all segments were due to changes in our geographic and product mix, partially offset by reduced sales incentives during the second quarter of 2026. Homebuilding gross margin percentage in the second quarter of 2026 was 14.2%, compared to 16.5% in the second quarter of 2025. The decrease in homebuilding gross margin percentage was primarily the result of higher land and financing costs, partially offset by direct cost reductions and cycle-time improvements. Adjusted homebuilding gross margin in the second quarter of 2026 was 24.2%, compared to 25.9% in the second quarter of 2025. Adjusted homebuilding gross margin is a non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures" below. Selling, general and administrative expense ("SG&A") in the second quarter of 2026 decreased 5% to $128 million, compared to $135 million in the second quarter of 2025. The decrease in SG&A was mostly due to lower compensation costs from payroll and incentive reductions in line with financial results. SG&A as a percentage of homebuilding revenues in the second quarter of 2026 increased 50 bps to 12.8%, compared to 12.3% in the second quarter of 2025 due to reduced absorption per active community, as well as increased investments in technology and growth initiatives. Contingent consideration income of $13 million during the second quarter of 2025 related to an acquisition earnout arrangement that concluded in 2025 and, therefore, did not impact earnings for the second quarter of 2026. Other income in the second quarter of 2026 included gains on equity securities of $9 million, primarily attributable to unrealized gains from stock price fluctuation. Net sales in the second quarter of 2026 were 2,232, an increase of 15% compared to 1,938 for the second quarter of 2025. The cancellation rate in the second quarter of 2026 was 11.1%, an improvement of 290 bps compared to the second quarter of 2025 cancellation rate of 14.0%. The record number of sales and low cancellation rate this quarter demonstrate our ongoing commitment to delivering high-quality homes at accessible price points, supported by targeted mortgage buydown programs and compelling sales incentives. Second Quarter 2026 Backlog As of June 30, 2026, DFH had a backlog of 2,319 homes, valued at $1.2 billion, compared to the backlog of 2,377 homes, valued at $1.1 billion as of March 31, 2026. As of June 30, 2026, the ASP in backlog was $497,716 compared to $465,237 as of March 31, 2026. As of June 30, 2026, approximately 213 homes are expected to be delivered in 2027 and beyond. The following table shows the backlog units and ASP as of June 30, 2026 by homebuilding segment: Financial Services Financial services revenues increased by $5 million, or 11%, for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, largely due to loan execution efficiency and hedging strategies of Jet HomeLoans. Income before taxes remained consistent when compared to the three months ended June 30, 2025. Full Year 2026 Outlook Dream Finders Homes maintains its guidance of approximately 9,250 home closings for the full year 2026. About Dream Finders Homes Dream Finders Homes (NYSE: DFH), headquartered in Jacksonville, Florida, was recognized as the 2025 National Builder of the Year by Builder magazine. Dream Finders Homes builds single-family homes throughout the Southeast, Mid-Atlantic and Midwest, including Florida, Texas, Tennessee, North Carolina, South Carolina, Georgia, Colorado, Arizona, and the Washington, D.C. metropolitan area, which comprises Washington D.C., Northern Virginia and Maryland. As the Official Home Builder of the PGA TOUR, the Jacksonville Jaguars and the Tampa Bay Rays, Dream Finders Homes is deeply committed to excellence beyond homebuilding and into the communities it serves. Through its wholly owned subsidiaries, DFH also provides mortgage financing as well as title agency and underwriting services to homebuyers. Dream Finders Homes achieves its growth and returns by maintaining an asset-light homebuilding model. For more information, please visit www.dreamfindershomes.com. Forward-Looking Statements This press release includes forward-looking statements regarding future events which include, but are not limited to, projected 2026 home closings and market conditions, possible or assumed future results of operations, and statements regarding the Company’s strategies and expectations as they relate to market opportunities and growth. All forward-looking statements are based on Dream Finders Homes’ beliefs as well as assumptions made by and information currently available to Dream Finders Homes. These statements reflect Dream Finders Homes’ current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in Dream Finders Homes’ Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the U.S. Securities and Exchange Commission. Dream Finders Homes undertakes no obligation to update or revise any forward-looking statement, except as may be required by applicable law. Reconciliation of Non-GAAP Financial Measures Management utilizes specific non-GAAP financial measures as supplementary tools to evaluate operating performance. These include adjusted homebuilding gross margin and net homebuilding debt to net capitalization. Other companies may not calculate non-GAAP financial measures in the same manner that we do. Accordingly, these non-GAAP financial measures should be considered only as a supplement to relevant GAAP information, as reconciled for each measure below. In the future, we may incorporate additional adjustments to these non-GAAP financial measures as we find them relevant and beneficial for both management and investors. Adjusted Homebuilding Gross Margin The following table presents a reconciliation of adjusted homebuilding gross margin to the GAAP financial measure of homebuilding gross margin for each of the periods indicated (in thousands, except percentages): We define adjusted homebuilding gross margin as homebuilding gross margin excluding the effects of capitalized interest, lot option fees, amortization included in homebuilding cost of sales (adjustments resulting from the application of purchase accounting in connection with acquisitions) and commission expense. Our management believes this information is meaningful as it isolates the impact that these excluded items have on homebuilding gross margin. We include internal and external commission expense in homebuilding cost of sales, not selling, general and administrative expense, and therefore commission expense is taken into account in homebuilding gross margin. As a result, in order to provide a meaningful comparison to the public company homebuilders that include commission expense below the homebuilding gross margin line in selling, general and administrative expense, we have excluded commission expense from adjusted homebuilding gross margin. However, because adjusted homebuilding gross margin information excludes capitalized interest, lot option fees, purchase accounting amortization and commission expense, which have real economic effects and could impact our results of operations, the utility of adjusted homebuilding gross margin information as a measure of our operating performance may be limited. Net Homebuilding Debt to Net Capitalization The following table presents a reconciliation of net homebuilding debt to net capitalization to the GAAP financial measure of total debt to total capitalization for each of the periods indicated (in thousands, except percentages): Net homebuilding debt to net capitalization is a non-GAAP financial measure calculated as homebuilding debt, less cash and cash equivalents ("net homebuilding debt"), divided by the sum of net homebuilding debt, total mezzanine equity and total equity ("net capitalization"). Net homebuilding debt excludes borrowings under our mortgage warehouse facilities, as well as any other non-homebuilding borrowings the Company may incur from time to time. Management believes the ratio of net homebuilding debt to net capitalization is meaningful as it is used to assess the performance of our homebuilding segments and is a relevant measure of our overall leverage. View source version on businesswire.com: https://www.businesswire.com/news/home/20260730582656/en/ Contacts Investor Contact: [email protected] Media Contact: [email protected]

Record Quarter Net Sales of 2,408, Up 19% JACKSONVILLE, Fla., April 30, 2026--(BUSINESS WIRE)--Dream Finders Homes, Inc. (the "Company", "Dream Finders Homes", "Dream Finders" or "DFH") (NYSE: DFH) announced its financial results for the first quarter ended March 31, 2026. First Quarter 2026 Highlights (As Compared to First Quarter 2025) Net sales increased 19% to 2,408 from 2,032 Homebuilding revenues of $837 million compared to $970 million Home closings of 1,870 compared to 1,925 Homebuilding gross margin of 14.5% compared to 19.2% Adjusted homebuilding gross margin (non-GAAP) of 24.3% compared to 27.8% Pre-tax income of $19 million compared to $71 million Net income attributable to DFH of $13 million, or $0.11 per basic share, compared to $55 million, or $0.55 per basic share Financial services pre-tax income of $9 million compared to $7 million Controlled lot pipeline of 60,629 as of March 31, 2026 compared to 63,121 as of December 31, 2025 Total liquidity of $661 million as of March 31, 2026, comprised of cash and cash equivalents and availability under the revolving credit facility Return on participating equity of 12.0% compared to 28.5% Repurchased 1,063,560 Class A common shares for $18 million during the three months ended March 31, 2026 Management Commentary Patrick Zalupski, Dream Finders Homes Chairman and CEO, said, "We continue to operate in a challenging environment as elevated mortgage rates and broader macroeconomic uncertainty have impacted affordability and consumer confidence across our markets. Despite these headwinds, I believe the team did an admirable job showing our ability to adapt pricing and incentive strategies to align with current market conditions, which enabled us to generate record net sales in the first quarter of 2,408, a 19% increase from the prior year quarter. While closings and profitability were impacted in the short term, our strong sales performance reflects continued demand for our product and the effectiveness of our approach in maintaining absorption in a competitive environment. As we have consistently stated, our focus remains on managing the business with discipline while positioning for long-term growth. We remain committed to driving operational efficiencies and delivering high-quality, affordable homes that meet the needs of our customers. Although near-term conditions remain dynamic, we believe our disciplined approach and scalable platform position us well to navigate the current environment and capitalize on opportunities over the long term. We reiterate our 2026 full year guidance of approximately 9,250 expected home closings." Homebuilding First Quarter 2026 Results Homebuilding revenues in the first quarter of 2026 were $837 million, a decrease of 14% when compared to the first quarter of 2025. The decrease in revenues was driven by lower average selling prices ("ASP") and home closings. Declines in ASP across all segments were attributable to the continued use of sales incentives during the first quarter of 2026, as well as changes in our geographic and product mix. Homebuilding gross margin percentage in the first quarter of 2026 was 14.5%, compared to 19.2% in the first quarter of 2025. The decrease in homebuilding gross margin percentage was primarily the result of higher sales incentives, as well as land and financing costs. Adjusted homebuilding gross margin in the first quarter of 2026 was 24.3%, compared to 27.8% in the first quarter of 2025. Adjusted homebuilding gross margin is a non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures" below. Selling, general and administrative expense ("SG&A") in the first quarter of 2026 decreased 5% to $111 million, compared to $117 million in the first quarter of 2025. The decrease in SG&A was primarily due to lower compensation costs from payroll and incentive reductions commensurate with operational volume and financial results. SG&A as a percentage of homebuilding revenues in the first quarter of 2026 increased 130 bps to 13.3%, compared to 12.0% in the first quarter of 2025 due to reduced absorption. Other expense, net of customary other income items in the first quarter of 2026 includes investing activities unrelated to our core homebuilding operations, which resulted in a net loss of approximately $1 million, primarily driven by an unrealized loss due to changes in fair value. Consolidated net income attributable to DFH in the first quarter of 2026 was $13 million, or $0.11 per basic share, compared to $55 million, or $0.55 per basic share, in the first quarter of 2025. Current quarter net income was negatively affected by approximately $1 million due to a higher effective tax rate, primarily as a result of decreased tax benefits from stock-based compensation. Net sales in the first quarter of 2026 were 2,408, an increase of 19% compared to 2,032 net sales for the first quarter of 2025. During the three months ended March 31, 2026, net sales included 145 sales related to a built-for-rent contract in our Mid-Atlantic segment. The cancellation rate in the first quarter of 2026 was 7.5%, an improvement of 420 bps compared with the first quarter of 2025 cancellation rate of 11.7%. The record level of sales and low cancellation rate this quarter highlight the effectiveness of our sales incentive strategies in driving traffic, as well as our continued focus on offering high-quality, affordable homes in desirable communities across our markets. First Quarter 2026 Backlog As of March 31, 2026, DFH had a backlog of 2,377 homes, valued at $1.1 billion, compared to the backlog of 1,839 homes, valued at $0.8 billion as of December 31, 2025. As of March 31, 2026, the ASP in backlog was $465,237 compared to $446,597 as of December 31, 2025. As of March 31, 2026, approximately 106 homes are expected to be delivered in 2027 and beyond. The following table shows the backlog units and ASP as of March 31, 2026 by homebuilding segment: Financial Services Financial services revenues increased by $31 million, or 159%, for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, mostly due to the April 2025 acquisition of Alliant Title. Income before taxes increased by $2 million, or 33%, during the first quarter of 2026 as compared to the same period in 2025, primarily due to execution efficiency and hedging strategies implemented by Jet HomeLoans after the first quarter of 2025. Full Year 2026 Outlook Dream Finders Homes maintains its guidance of approximately 9,250 home closings for the full year 2026. About Dream Finders Homes Dream Finders Homes (NYSE: DFH), headquartered in Jacksonville, Florida, was recognized as the 2025 National Builder of the Year by Builder magazine. Dream Finders Homes builds single-family homes throughout the Southeast, Mid-Atlantic and Midwest, including Florida, Texas, Tennessee, North Carolina, South Carolina, Georgia, Colorado, Arizona, and the Washington, D.C. metropolitan area, which comprises Washington D.C., Northern Virginia and Maryland. As the Official Home Builder of the PGA TOUR, the Jacksonville Jaguars and the Tampa Bay Rays, Dream Finders Homes is deeply committed to excellence beyond homebuilding and into the communities it serves. Through its wholly owned subsidiaries, DFH also provides mortgage financing as well as title agency and underwriting services to homebuyers. Dream Finders Homes achieves its growth and returns by maintaining an asset-light homebuilding model. For more information, please visit www.dreamfindershomes.com. Forward-Looking Statements This press release includes forward-looking statements regarding future events which include, but are not limited to, projected 2026 home closings and market conditions, possible or assumed future results of operations, and statements regarding the Company’s strategies and expectations as they relate to market opportunities and growth. All forward-looking statements are based on Dream Finders Homes’ beliefs as well as assumptions made by and information currently available to Dream Finders Homes. These statements reflect Dream Finders Homes’ current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in Dream Finders Homes’ Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the U.S. Securities and Exchange Commission. Dream Finders Homes undertakes no obligation to update or revise any forward-looking statement, except as may be required by applicable law. Reconciliation of Non-GAAP Financial Measures Management utilizes specific non-GAAP financial measures as supplementary tools to evaluate operating performance. These include adjusted homebuilding gross margin and net homebuilding debt to net capitalization. Other companies may not calculate non-GAAP financial measures in the same manner that we do. Accordingly, these non-GAAP financial measures should be considered only as a supplement to relevant GAAP information, as reconciled for each measure below. In the future, we may incorporate additional adjustments to these non-GAAP financial measures as we find them relevant and beneficial for both management and investors. Adjusted Homebuilding Gross Margin The following table presents a reconciliation of adjusted homebuilding gross margin to the GAAP financial measure of homebuilding gross margin for each of the periods indicated (in thousands, except percentages): We define adjusted homebuilding gross margin as homebuilding gross margin excluding the effects of capitalized interest, lot option fees, amortization included in homebuilding cost of sales (adjustments resulting from the application of purchase accounting in connection with acquisitions) and commission expense. Our management believes this information is meaningful as it isolates the impact that these excluded items have on homebuilding gross margin. We include internal and external commission expense in homebuilding cost of sales, not selling, general and administrative expense, and therefore commission expense is taken into account in homebuilding gross margin. As a result, in order to provide a meaningful comparison to the public company homebuilders that include commission expense below the homebuilding gross margin line in selling, general and administrative expense, we have excluded commission expense from adjusted homebuilding gross margin. However, because adjusted homebuilding gross margin information excludes capitalized interest, lot option fees, purchase accounting amortization and commission expense, which have real economic effects and could impact our results of operations, the utility of adjusted homebuilding gross margin information as a measure of our operating performance may be limited. Net Homebuilding Debt to Net Capitalization The following table presents a reconciliation of net homebuilding debt to net capitalization to the GAAP financial measure of total debt to total capitalization for each of the periods indicated (in thousands, except percentages): Net homebuilding debt to net capitalization is a non-GAAP financial measure calculated as homebuilding debt, less cash and cash equivalents ("net homebuilding debt"), divided by the sum of net homebuilding debt, total mezzanine equity and total equity ("net capitalization"). Net homebuilding debt excludes borrowings under our mortgage warehouse facilities, as well as any other non-homebuilding borrowings the Company may incur from time to time. Management believes the ratio of net homebuilding debt to net capitalization is meaningful as it is used to assess the performance of our homebuilding segments and is a relevant measure of our overall leverage. View source version on businesswire.com: https://www.businesswire.com/news/home/20260430536267/en/ Contacts Investor Contact: [email protected] Media Contact: [email protected]

Record Home Closings of 8,608 for Full Year Record Net Sales of 7,747, Up 15% for Full Year Fourth Quarter Net Sales of 1,756, Up 9% JACKSONVILLE, Fla., February 23, 2026--(BUSINESS WIRE)--Dream Finders Homes, Inc. (the "Company", "Dream Finders Homes", "Dream Finders" or "DFH") (NYSE: DFH) announced its financial results for the fourth quarter and full year ended December 31, 2025. Fourth Quarter 2025 Highlights (As Compared to Fourth Quarter 2024) Homebuilding revenues of $1.2 billion compared to $1.5 billion Home closings of 2,536 compared to 3,008 Net sales increased 9% to 1,756 from 1,611 Homebuilding gross margin of 16.7% compared to 17.7% Adjusted homebuilding gross margin (non-GAAP) of 25.7% compared to 26.9% Pre-tax income of $78 million compared to $169 million Net income attributable to DFH of $59 million, or $0.60 per basic share compared to $129 million, or $1.35 per basic share Financial services pre-tax income of $8 million compared to $11 million Full Year 2025 Highlights (As Compared to Full Year 2024) Homebuilding revenues of $4.1 billion compared to $4.4 billion Home closings of 8,608 compared to 8,583 Net sales increased 15% to 7,747 from 6,727 Homebuilding gross margin of 17.4% compared to 18.3% Adjusted homebuilding gross margin (non-GAAP) of 26.5% compared to 27.0% Pre-tax income of $284 million compared to $438 million Net income attributable to DFH of $217 million, or $2.19 per basic share, compared to $335 million, or $3.44 per basic share Financial services pre-tax income increased 12% to $35 million from $31 million Controlled lot pipeline of 63,121 as of December 31, 2025 compared to 54,698 as of December 31, 2024 Issuance of $300 million in aggregate principal amount of 6.875% senior unsecured notes used to repay a portion of the then outstanding balance under the revolving credit facility Total liquidity of $899 million as of December 31, 2025, comprised of cash and cash equivalents and availability under the revolving credit facility Return on participating equity of 15.3% compared to 29.7% Repurchased 1,832,865 Class A common shares for $41.8 million during the year ended December 31, 2025 Management Commentary Patrick Zalupski, Dream Finders Homes Chairman and CEO, said, "We pride ourselves on always being honest with our analysis of the business and the environment and clearly 2025 was a challenging year for the industry. We expect this difficult backdrop to continue for the homebuilding industry, but as we have stated previously, the best operators find a way to navigate any environment and there will always be winners and losers. Consistent with previous guidance, DFH will find a way to scale our business and I’m proud of the team’s ability to set annual Company records in both closings and net sales. Dream Finders finished the year with a positive fourth quarter, generating homebuilding revenues of $1.2 billion and delivering 2,536 closings, which allowed us to accomplish a Company record annual closings number of 8,608 homes. Our commitment to providing affordable homes was evident in our annual results. We spent over $100 million in mortgage buy-down programs, and provided homebuyers tailored sales incentives. These strategies proved effective as we increased net sales by 9% and 15% for the fourth quarter and full year, respectively, in a challenging macro-economic environment that significantly impacted consumer confidence. We plan to maintain our Company goal of delivering the highest possible value to our homebuyers and will continue to work hard to address affordability challenges that face the industry and our customers. In Q4 2025, we entered into a strategic partnership to acquire the Sawgrass Marriott Golf Resort & Spa in Ponte Vedra Beach, Florida, a 66-acre parcel adjacent to the renowned PLAYERS Stadium Course at TPC Sawgrass. This partnership provides opportunities to expand our lot pipeline and supports our future growth and profitability. This strategic venture will also benefit the local community by boosting tourism, creating jobs, and fostering a vibrant environment, positioning the Sawgrass Marriott as an important part of our future. We are very excited to own a meaningful portion of the partnership’s economics and believe this irreplaceable asset was acquired at an attractive price that will yield very successful long-term results for our shareholders. The ongoing complexity and difficulty of the housing sector persisted through 2025, yet our results demonstrate the strength and resiliency of our business, as well as the perseverance of our team in a challenging environment. I applaud the team for their effective execution amid choppy conditions and for their ongoing pursuit of new opportunities to drive value. As we look to 2026, we remain focused on further scaling our business and delivering long-term returns to our shareholders. We initiate our 2026 full year guidance of approximately 9,250 expected home closings." Homebuilding Fourth Quarter 2025 Results Homebuilding revenues in the fourth quarter of 2025 were $1.2 billion, a decrease of 24% when compared to the fourth quarter of 2024. The decrease in revenues was driven by lower home closings and average selling prices ("ASP"). Declines in ASP across all segments were attributable to the continued use of sales incentives during the fourth quarter of 2025, as well as changes in our geographic product mix. The January 2025 Liberty Communities acquisition contributed 273 home closings with an ASP of $315,784 to the fourth quarter. Homebuilding gross margin percentage in the fourth quarter of 2025 was 16.7%, compared to 17.7% in the fourth quarter of 2024. The decrease in homebuilding gross margin percentage was primarily the result of higher sales incentives and land costs, as well as changes in product mix. Adjusted homebuilding gross margin in the fourth quarter of 2025 was 25.7%, compared to 26.9% in the fourth quarter 2024. Adjusted homebuilding gross margin is a non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures" below. Selling, general and administrative expense ("SG&A") in the fourth quarter of 2025 increased 7% to $124 million, compared to $116 million in the fourth quarter of 2024. The increase in SG&A was primarily due to higher use of forward mortgage commitment programs, as well as expenses related to our increased community count, partially offset by lower compensation costs. SG&A as a percentage of homebuilding revenues in the fourth quarter of 2025 increased 310 bps to 10.7%, compared to 7.6% in the fourth quarter of 2024 due to absorption. Consolidated net income attributable to DFH in the fourth quarter of 2025 was $59 million, or $0.60 per basic share, compared to $129 million, or $1.35 per basic share in the fourth quarter of 2024. Net sales in the fourth quarter of 2025 were 1,756, an increase of 9% compared to 1,611 net sales for the fourth quarter of 2024. The cancellation rate in the fourth quarter of 2025 was 15.9%, an improvement of 290 bps compared with the fourth quarter of 2024 cancellation rate of 18.8%. The improvement in our metrics this quarter demonstrates our effective use of sales incentives and availability of high-quality, affordable homes within our markets. Fourth Quarter 2025 Backlog As of December 31, 2025, DFH had a backlog of 1,839 homes, valued at $0.8 billion, compared to the backlog of 2,619 homes, valued at $1.2 billion as of September 30, 2025. As of December 31, 2025, the ASP in backlog was $446,597 compared to $447,133 as of September 30, 2025. As of December 31, 2025, approximately 1,767 of the homes in backlog are expected to be delivered in 2026 and 72 homes are expected to be delivered in 2027 and beyond. The following table shows the backlog units and ASP as of December 31, 2025 by homebuilding segment: Financial Services Financial services revenues increased by $28 million, or 109%, for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, mostly due to the April 2025 acquisition of Alliant Title. Income before taxes decreased by $3 million, or 30%, during the fourth quarter of 2025 as compared to the same period in 2024, primarily due to a lower volume of home closings during the fourth quarter. Financial services revenues and income before taxes increased by $126 million, or 242%, and $4 million, or 12%, respectively, for the year ended December 31, 2025 as compared to the year ended December 31, 2024, mostly due to the April 2025 acquisition of Alliant Title and the consolidation of Jet HomeLoans beginning July 1, 2024. Full Year 2026 Outlook Dream Finders Homes expects approximately 9,250 home closings for the full year 2026. About Dream Finders Homes Dream Finders Homes (NYSE: DFH), headquartered in Jacksonville, Florida, was recognized as the 2025 National Builder of the Year by Builder magazine. Dream Finders Homes builds single-family homes throughout the Southeast, Mid-Atlantic and Midwest, including Florida, Texas, Tennessee, North Carolina, South Carolina, Georgia, Colorado, Arizona, and the Washington, D.C. metropolitan area, which comprises Washington D.C., Northern Virginia and Maryland. As the Official Home Builder of the PGA TOUR and the Jacksonville Jaguars, Dream Finders Homes is deeply committed to excellence beyond homebuilding and into the communities it serves. Through its wholly owned subsidiaries, DFH also provides mortgage financing as well as title agency and underwriting services to homebuyers. Dream Finders Homes achieves its growth and returns by maintaining an asset-light homebuilding model. For more information, please visit www.dreamfindershomes.com. Forward-Looking Statements This press release includes forward-looking statements regarding future events which include, but are not limited to, projected 2026 home closings and market conditions, possible or assumed future results of operations, and statements regarding the Company’s strategies and expectations as they relate to market opportunities and growth. All forward-looking statements are based on Dream Finders Homes’ beliefs as well as assumptions made by and information currently available to Dream Finders Homes. These statements reflect Dream Finders Homes’ current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in Dream Finders Homes’ Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the U.S. Securities and Exchange Commission. Dream Finders Homes undertakes no obligation to update or revise any forward-looking statement, except as may be required by applicable law. Reconciliation of Non-GAAP Financial Measures Management utilizes specific non-GAAP financial measures as supplementary tools to evaluate operating performance. These include adjusted homebuilding gross margin and net homebuilding debt to net capitalization. Other companies may not calculate non-GAAP financial measures in the same manner that we do. Accordingly, these non-GAAP financial measures should be considered only as a supplement to relevant GAAP information, as reconciled for each measure below. In the future, we may incorporate additional adjustments to these non-GAAP financial measures as we find them relevant and beneficial for both management and investors. Adjusted Homebuilding Gross Margin The following table presents a reconciliation of adjusted homebuilding gross margin to the GAAP financial measure of homebuilding gross margin for each of the periods indicated (in thousands, except percentages): We define adjusted homebuilding gross margin as homebuilding gross margin excluding the effects of capitalized interest, lot option fees, amortization included in homebuilding cost of sales (adjustments resulting from the application of purchase accounting in connection with acquisitions) and commission expense. Our management believes this information is meaningful as it isolates the impact that these excluded items have on homebuilding gross margin. We include internal and external commission expense in homebuilding cost of sales, not selling, general and administrative expense, and therefore commission expense is taken into account in homebuilding gross margin. As a result, in order to provide a meaningful comparison to the public company homebuilders that include commission expense below the homebuilding gross margin line in selling, general and administrative expense, we have excluded commission expense from adjusted homebuilding gross margin. However, because adjusted homebuilding gross margin information excludes capitalized interest, lot option fees, purchase accounting amortization and commission expense, which have real economic effects and could impact our results of operations, the utility of adjusted homebuilding gross margin information as a measure of our operating performance may be limited. Net Homebuilding Debt to Net Capitalization The following table presents a reconciliation of net homebuilding debt to net capitalization to the GAAP financial measure of total debt to total capitalization for each of the periods indicated (in thousands, except percentages): Net homebuilding debt to net capitalization is a non-GAAP financial measure calculated as homebuilding debt, less cash and cash equivalents ("net homebuilding debt"), divided by the sum of net homebuilding debt, total mezzanine equity and total equity ("net capitalization"). Net homebuilding debt excludes borrowings under our mortgage warehouse facilities, as well as any other non-homebuilding borrowings the Company may incur from time to time. Management believes the ratio of net homebuilding debt to net capitalization is meaningful as it is used to assess the performance of our homebuilding segments and is a relevant measure of our overall leverage. View source version on businesswire.com: https://www.businesswire.com/news/home/20260223924995/en/ Contacts Investor Contact: [email protected] Media Contact: [email protected]

Dream Finders Homes Inc. (DFH) came out with quarterly earnings of $0.47 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.7 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this homebuilder would post earnings of $0.65 per share when it actually produced earnings of $0.56, delivering a surprise of -13.85%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Dream Finders Homes, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $969.8 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 14.96%. This compares to year-ago revenues of $1.01 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Dream Finders Homes shares have lost about 7.1% since the beginning of the year versus the S&P 500's gain of 17.2%. While Dream Finders Homes has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Dream Finders Homes was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.82 on $1.38 billion in revenues for the coming quarter and $2.39 on $4.66 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Home Builders is currently in the bottom 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Beazer Homes (BZH), another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on November 13. This homebuilder is expected to post quarterly earnings of $0.80 per share in its upcoming report, which represents a year-over-year change of -52.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Beazer Homes' revenues are expected to be $672.93 million, down 16.5% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Dream Finders Homes, Inc. (DFH) : Free Stock Analysis Report Beazer Homes USA, Inc. (BZH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Net New Orders Increased 20% Financial Services Pre-Tax Income Increased 11% Issuance of $300 Million in Senior Notes due 2030 JACKSONVILLE, Fla., October 30, 2025--(BUSINESS WIRE)--Dream Finders Homes, Inc. (the "Company," "Dream Finders Homes," "Dream Finders" or "DFH") (NYSE: DFH) announced its financial results for the third quarter ended September 30, 2025. Third Quarter 2025 Highlights (As Compared to Third Quarter 2024) Homebuilding revenues of $917 million compared to $986 million Home closings increased 1% to 1,915 from 1,889, reflecting a third quarter Company record Net new orders increased 20% to 2,021 from 1,680, reflecting a third quarter Company record Homebuilding gross margin of 17.5% compared to 19.2% Adjusted homebuilding gross margin (non-GAAP) of 26.7% compared to 27.6% Pre-tax income of $61 million compared to $92 million Net income attributable to DFH of $47 million, or $0.47 per basic share compared to $71 million, or $0.72 per basic share Financial services pre-tax income increased 11% to $9 million from $8 million Controlled lot pipeline of 64,341 as of September 30, 2025 compared to 54,698 as of December 31, 2024 Issuance of $300 million in aggregate principal amount of 6.875% senior unsecured notes used to repay a portion of the outstanding balance under the revolving credit facility Total liquidity of $625 million as of September 30, 2025, comprised of cash and cash equivalents and availability under the revolving credit facility Return on participating equity of 22.0% compared to 30.4% Repurchased 357,715 Class A common shares for $10 million during the three months ended September 30, 2025 Management Commentary Patrick Zalupski, Dream Finders Homes Chairman and CEO, said, "Dream Finders continued to perform admirably in the third quarter, generating homebuilding revenues of $917 million and 1,915 closings. While revenue was lower year over year, we were able to achieve a modest increase in home closings, along with a meaningful rise in net sales, both of which are third quarter Company records. This performance reflects the resilience of our business strategy and the grit of our team. We continue to see a complex and challenging housing environment, though we are encouraged by the recent easing of mortgage rates. I commend our team’s ability to execute in this challenging market and continue to search for ways to add value. During the third quarter, we completed our second bond offering for $300 million in aggregate principal with a 6.875% rate. Our execution represents another milestone in our company history and serves as evidence that our business model has gained further credibility in capital markets. I am proud of the team for this achievement, along with the progress made on the integration of our acquisitions last quarter, including Alliant National Title Insurance Company, Inc. and Green River Builders, Inc. in Atlanta. While we see continued near-term challenges affecting the housing market, we remain confident that we have built the foundation to further scale our business and continue to deliver superior, long-term, returns for our shareholders. Our durable capital allocation and growth strategy is also highlighted by the repurchase of 357,715 shares of our common stock in the third quarter. Given the market challenges in the current environment impacting our initial closing goals for the year, we are revising our full-year 2025 guidance to approximately 8,500 home closings." Homebuilding Third Quarter 2025 Results Homebuilding revenues in the third quarter of 2025 of $917 million reflected a decrease of 7% when compared to the third quarter of 2024. The decrease in revenues was driven by changes in our geographic product mix and across the board decreases in average selling prices ("ASP"), attributable to the increased use of sales incentives during the third quarter of 2025. The decrease in homebuilding revenues was partially offset by 1,915 home closings for the three months ended September 30, 2025, an increase of 26 homes, or 1%, from 1,889 home closings for the three months ended September 30, 2024. The Liberty Communities acquisition contributed 185 home closings with an ASP of $329,034, 139 of which were included in the Southeast segment, which had a total increase in home closings of 117. Homebuilding gross margin percentage in the third quarter of 2025 was 17.5%, a decrease of 170 basis points ("bps"), compared to 19.2% in the third quarter of 2024. The decrease in homebuilding gross margin percentage for the third quarter of 2025 was primarily the result of changes in product mix, increased incentives, and higher land and financing costs. Adjusted homebuilding gross margin in the third quarter of 2025 was 26.7%, a decrease of 90 bps from the third quarter 2024 adjusted homebuilding gross margin of 27.6%. Adjusted homebuilding gross margin is a non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures" below. Selling, general and administrative expense ("SG&A") in the third quarter of 2025 increased 8% to $110 million, compared to $102 million in the third quarter of 2024. SG&A as a percentage of homebuilding revenues in the third quarter of 2025 increased 160 bps to 11.9%, compared to 10.3% in the third quarter of 2024. These increases were primarily attributable to the costs of the forward mortgage commitment programs, which allow homebuyers to lock in their lower mortgage interest rates at the time of sale. Consolidated net income attributable to DFH in the third quarter of 2025 was $47 million, or $0.47 per basic share, compared to $71 million, or $0.72 per basic share in the third quarter of 2024. Net new orders in the third quarter of 2025 were 2,021, an increase of 20% compared to 1,680 net new orders for the third quarter of 2024. The cancellation rate in the third quarter of 2025 was 12.5%, an improvement of 130 bps compared with the third quarter of 2024 cancellation rate of 13.8%. The Company believes the increase in net new orders and low cancellation rate are reflective of its successful sales strategies and availability of high-quality, affordable product across our markets. Third Quarter 2025 Backlog As of September 30, 2025, DFH had a backlog of 2,619 homes, valued at $1.2 billion, compared to the backlog of 2,513 homes, valued at $1.2 billion as of June 30, 2025. As of September 30, 2025, the ASP in backlog was $447,133 compared to $477,865 as of June 30, 2025. As of September 30, 2025, approximately 1,440 of the homes in backlog are expected to be delivered in 2025 and 1,179 homes are expected to be delivered in 2026 and beyond. The following table shows the backlog units and ASP as of September 30, 2025 by homebuilding segment: Financial Services Financial services revenues and income before taxes increased by $33 million and $1 million, respectively, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, which was primarily due to the April 2025 acquisition of Alliant Title. To a lesser extent, DF Title’s expansion of operations within our Tennessee market also contributed to the additional financial services revenues and income before taxes for the three months ended September 30, 2025. Full Year 2025 Outlook Based on the challenging market conditions impacting results year-to-date, Dream Finders Homes revises its guidance to approximately 8,500 home closings for the full year 2025 compared to a previous outlook of approximately 9,250 homes. About Dream Finders Homes Dream Finders Homes (NYSE: DFH), headquartered in Jacksonville, Florida, was recognized as the 2025 National Builder of the Year by Builder magazine. Dream Finders Homes builds single-family homes throughout the Southeast, Mid-Atlantic and Midwest, including Florida, Texas, Tennessee, North Carolina, South Carolina, Georgia, Colorado, Arizona, and the Washington, D.C. metropolitan area, which comprises Washington D.C., Northern Virginia and Maryland. As the Official Home Builder of the PGA TOUR and the Jacksonville Jaguars, Dream Finders Homes is deeply committed to excellence beyond homebuilding and into the communities it serves. Through its wholly owned subsidiaries, DFH also provides mortgage financing as well as title agency and underwriting services to homebuyers. Dream Finders Homes achieves its industry-leading growth and returns by maintaining an asset-light homebuilding model. For more information, please visit www.dreamfindershomes.com. Forward-Looking Statements This press release includes forward-looking statements regarding future events which include, but are not limited to, projected 2025 home closings and market conditions, possible or assumed future results of operations, benefits of recent acquisitions and statements regarding the Company’s strategies and expectations as they relate to market opportunities and growth. All forward-looking statements are based on Dream Finders Homes’ beliefs as well as assumptions made by and information currently available to Dream Finders Homes. These statements reflect Dream Finders Homes’ current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in Dream Finders Homes’ Annual Report on Form 10-K for the year ended December 31, 2024, subsequently filed Forms 10-Q and other filings with the U.S. Securities and Exchange Commission. Dream Finders Homes undertakes no obligation to update or revise any forward-looking statement, except as may be required by applicable law. Reconciliation of Non-GAAP Financial Measures Management utilizes specific non-GAAP financial measures as supplementary tools to evaluate operating performance. These include adjusted homebuilding gross margin and net homebuilding debt to net capitalization. Other companies may not calculate non-GAAP financial measures in the same manner that we do. Accordingly, these non-GAAP financial measures should be considered only as a supplement to relevant GAAP information, as reconciled for each measure below. In the future, we may incorporate additional adjustments to these non-GAAP financial measures as we find them relevant and beneficial for both management and investors. Adjusted Homebuilding Gross Margin The following table presents a reconciliation of adjusted homebuilding gross margin to the GAAP financial measure of homebuilding gross margin for each of the periods indicated (unaudited and in thousands, except percentages): We define adjusted homebuilding gross margin as homebuilding gross margin excluding the effects of capitalized interest, lot option fees, amortization included in homebuilding cost of sales (adjustments resulting from the application of purchase accounting in connection with acquisitions) and commission expense. Our management believes this information is meaningful as it isolates the impact that these excluded items have on homebuilding gross margin. We include internal and external commission expense in homebuilding cost of sales, not selling, general and administrative expense, and therefore commission expense is taken into account in homebuilding gross margin. As a result, in order to provide a meaningful comparison to the public company homebuilders that include commission expense below the homebuilding gross margin line in selling, general and administrative expense, we have excluded commission expense from adjusted homebuilding gross margin. However, because adjusted homebuilding gross margin information excludes capitalized interest, lot option fees, purchase accounting amortization and commission expense, which have real economic effects and could impact our results of operations, the utility of adjusted homebuilding gross margin information as a measure of our operating performance may be limited. Net Homebuilding Debt to Net Capitalization The following table presents a reconciliation of net homebuilding debt to net capitalization to the GAAP financial measure of total debt to total capitalization for each of the periods indicated (unaudited and in thousands, except percentages): We define net homebuilding debt to net capitalization as homebuilding debt, less cash and cash equivalents ("net homebuilding debt"), divided by the sum of net homebuilding debt, total mezzanine equity and total equity ("net capitalization"). Net homebuilding debt excludes borrowings under our mortgage warehouse facilities, as well as any other non-homebuilding borrowings the Company may incur from time to time. Management believes the ratio of net homebuilding debt to net capitalization is meaningful as it is used to assess the performance of our homebuilding segments, as well as to establish targets for performance-based compensation. We also use this ratio as a measure of overall leverage. View source version on businesswire.com: https://www.businesswire.com/news/home/20251030399619/en/ Contacts Investor Contact: [email protected] Media Contact: [email protected]