What changed in this filing

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Item 1. Business

2026-02-24 compared with 2025-02-25 · 106 added, 96 removed, 183 unchanged (52% of the section changed)

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Our primary focus is on constructing and selling single-family homes across entry-level, first-time move-up, second-time move-up and active adult homes.

Our home offerings are marketed under various brands, including Dream Finders Homes, DF Luxury, Craft Homes, and Coventry Homes.

To fully serve our homebuyers and capture ancillary business opportunities, we have financial services operations that offer title insurance primarily through DF Title, LLC, doing business as Golden Dog Title & Trust or Golden Dog Title (“DF Title”) and mortgage banking solutions primarily through our wholly owned mortgage banking business, Jet HomeLoans, LLC (“Jet HomeLoans” or “Jet”).

We also sell homes to third-party investors that intend to lease the homes (“built-for-rent contracts”).

Our home offerings are marketed under various brands, including Dream Finders Homes, DF Luxury, Reverie Active Adult Lifestyle by Dream Finders Homes, Craft Homes and Coventry Homes.

To fully serve our homebuyers and capture ancillary business opportunities, we have financial services operations that offer mortgage banking solutions primarily through our wholly owned mortgage banking business, Jet HomeLoans, LP (“Jet HomeLoans”), as well as title insurance services—inclusive of agency services primarily through DF Title, LLC, doing business as Golden Dog Title & Trust and Golden Dog Title (“DF Title”), and residential and commercial underwriting services through Alliant National Title Insurance Company, Inc.

(“Alliant Title”).

Additionally, we offer homeowners insurance and adjacent products to homebuyers.

Since breaking ground on our first home on January 1, 2009, we have closed over 46,500 homes through December 31, 2025 and have been profitable every year since inception.

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2017 – Entered the Washington D.C.

metropolitan area, with a particular focus on the Northern Virginia and Maryland markets (“DC Metro”)

metropolitan area, with a particular focus on the Northern Virginia and Maryland markets

2019 – Entered the Hilton Head and Bluffton, South Carolina markets with our acquisition of Village Park Homes, LLC

2020 – Entered the Charlotte, Fayetteville, Raleigh, Piedmont Triad (consisting of Greensboro, High Point and Winston-Salem, North Carolina), Wilmington, North Carolina and Myrtle Beach, South Carolina markets with our acquisition of the homebuilding business of H&H Constructors of Fayetteville, LLC

January 2021 – Expanded our presence in the Orlando, Florida market with our acquisition of Century Homes Florida, LLC

January 2021 – Completed our initial public offering (“IPO”) and expanded our presence in the Orlando, Florida market with our acquisition of Century Homes Florida, LLC

October 2021 – Significantly increased our operations in the Austin, Texas metropolitan area and expanded into the Houston, Dallas and San Antonio, Texas markets with our acquisition of McGuyer Homebuilders, Inc.

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January 2025 – Entered the Atlanta, Georgia market and expanded our operations in Greenville, South Carolina with our acquisition of the majority of the homebuilding assets of Liberty Communities, LLC (“Liberty Communities”).

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We select the geographic markets in which we operate our homebuilding business through local relationships and a rigorous selection process based on our evaluation of positive population and employment growth trends, favorable migration patterns, attractive housing affordability, low state and local income taxes and desirable lifestyle and weather characteristics.

Also launched an in-house customer insurance agency providing affordable homeowners insurance policies for homebuyers.

This agency targets new-home construction from top-rated providers.

March 2025 – Expanded Jet HomeLoans’ mortgage servicing capabilities through an acquired mortgage licensing platform with a Federal Home Loan Mortgage Corporation and Government National Mortgage Association-approved lender.

April 2025 – Acquired Colorado-based title insurance underwriter, Alliant Title and a related affiliate, expanding the Company’s financial service offerings.

May 2025 – Further expanded our operations in the Atlanta, Georgia market with the acquisition of the majority of the homebuilding assets of Green River Builders, Inc.

(“Green River Builders”)

We select the geographic markets in which we operate our homebuilding business through local relationships and a rigorous selection process based on our evaluation of many factors, including positive population and employment growth trends, favorable migration patterns, attractive housing affordability, low state and local income taxes and desirable lifestyle and weather characteristics.

Our homebuilding operations are organized into four reportable segments:

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Our Southeast segment consists of the homebuilding operations in Jacksonville, Orlando and Tampa, Florida, the southeast coast of Florida and southwest Florida;

Savannah, Georgia;

Hilton Head and Bluffton, South Carolina and our Active Adult and Custom Homes homebuilding operations in northeast Florida.

Our Mid-Atlantic segment consists of our operations in DC Metro;

Atlanta and Savannah, Georgia;

Hilton Head and Bluffton, South Carolina and custom homes homebuilding operations in northeast Florida.

Our Mid-Atlantic segment consists of our operations in the Washington, D.C.

metropolitan area, which comprises Washington D.C., Northern Virginia and Maryland (“DC Metro”);

Nashville, Tennessee;

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Denver, Colorado and Phoenix, Arizona.

Our Financial Services segment consists of our mortgage banking and title services operations, which primarily consist of Jet HomeLoans and Golden Dog Title and Trust.

The operations of Liberty Communities will be included in our Southeast segment as of the date of acquisition.

Our Financial Services segment consists of our mortgage banking and title services operations, which primarily consist of Jet HomeLoans, DF Title and Alliant Title.

Liberty’s Atlanta operations are included in the Southeast segment and Liberty’s Greenville operations are included in the Mid-Atlantic segment from the acquisition date.

Refer to Note 9, Segment Reporting to our consolidated financial statements for more information.

Asset-Light Business Strategy

We operate an asset-light and capital-efficient lot acquisition strategy to meet our growth objectives.

We employ an asset-light lot acquisition strategy to achieve our growth goals.

We generally seek to avoid owning land under development on our balance sheet, which requires significant capital expenditures, and can take several years to realize returns on the investment.

Our asset-light lot acquisition strategy generally enables us to purchase land in a “just-in-time” manner in both new and existing markets with reduced up-front capital commitments, and, in turn, allows us to increase our inventory turnover rate, enhance our return on equity and contributes to our growth.

Our strategy is intended to avoid the financial commitments and risks associated with direct land ownership by allowing us to increase optionality and control a significant number of lots for a relatively low capital cost.

Our strategy is intended to avoid the financial commitments and risks associated with direct land ownership providing increased optionality and control of a significant lot pipeline for a relatively low capital cost.

We believe our asset-light business model reduces our balance sheet risk relative to homebuilders that own a higher percentage of their land supply.

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Land Acquisition and Development Process

Locating and analyzing attractive land positions is a critical challenge for any homebuilder.

Securing a pipeline of attractive land positions is a critical challenge for any homebuilder.

We remain focused on controlling as many quality land positions as possible while minimizing our up-front capital outlay.

Our land selection process begins with key economic drivers, such as demographic trends and employment growth.

We typically pursue opportunities more aggressively in our markets that generate the greatest returns, while proceeding more cautiously in our markets where we have plans in process to improve our operational efficiencies.

While our land selection process is driven mainly by the local division and regional leadership, the land sourcing process, including final approval to move forward with a project, is a collaboration involving corporate leadership, including our President and Chief Executive Officer.

Our land acquisition process begins with an evaluation of key economic drivers, such as demographic trends and employment growth.

We typically pursue opportunities more aggressively in our markets that generate the greatest returns, while proceeding more cautiously in our markets where operational performance can be improved.

While our land acquisition process is driven mainly by the divisional and regional leadership, the land acquisition process, including final approval to move forward with a project, is a collaboration involving corporate leadership.

Our multi-level cooperation allows us to remain flexible to react quickly to changing markets or project-specific conditions and maximize the potential of each new land opportunity.

We believe our experience, top-down emphasis on relationship building with land market participants and collaborative involvement of local, regional and corporate management in the land sourcing and acquisition process enable us to identify the ideal developers and efficiently source and secure options to control and close acquisitions of lots to meet our growth needs while mitigating risk.

We primarily employ two variations of our asset-light strategy—finished lot option contracts and land bank option contracts—pursuant to which we secure the right to purchase finished lots at predetermined fixed contractual pricing from various land developers, land sellers and land bank partners.

We believe our experience, top-down emphasis on relationship building with land market participants and collaborative involvement of local, regional and corporate management in the land acquisition process enable us to identify the ideal opportunities and efficiently source and secure options to control and close acquisitions of lots to meet our growth goals, while minimizing risk.

We primarily employ two variations of our asset-light strategy—finished lot option contracts and land bank option contracts—pursuant to which we secure the right to purchase finished lots at predetermined contractual pricing from various land developers, land sellers and land bank partners.

When a land seller desires to sell finished lots in bulk or does not wish to develop finished lots, we often enter into land bank option contracts with land bank partners who fund any required land acquisition and development costs and sell the finished lots to us over a period of time.

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These option contracts generally allow us, at our option, to forfeit our right to purchase the lots controlled for any reason, and our sole legal obligation and economic loss as a result of such forfeitures is limited to the amount of the deposits paid pursuant to such option contracts and, in the case of land bank option contracts, our loss is limited to the related lot option fees paid to the land bank partner, and for certain land bank option contracts, any potential performance obligations, management of the land development to completion and any cost overruns relative to the project.

These option contracts generally allow us, at our option, to forfeit our right to purchase the lots controlled for any reason, and our legal obligation and economic loss as a result of such forfeitures is limited to the amount of the deposits paid and, where applicable, termination fees pursuant to such option contracts and, in the case of land bank option contracts, our loss is limited to the related lot option fees paid to the land bank partner and, for certain land bank option contracts, any potential performance obligations, management of the land development to completion and any cost overruns relative to the project.

We provide lot deposits typically averaging 10% of the land purchase price.

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In the past, we have supplemented our lot option acquisition strategies by entering into joint venture agreements with external investors to acquire, develop and control lots.

Due to the profit sharing requirements of the joint venture agreements, we have transitioned from these joint venture arrangements in favor of the option contract strategies described above.

Controlled Lot Pipeline

Due to the profit sharing terms of the joint venture agreements, we have transitioned from these arrangements in favor of the option contract strategies described above.

Controlled Lots Pipeline

The following table presents our controlled lots through option contracts by homebuilding segment as of December 31, 2025 and 2024 :

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63,121 54,698 15 %

(1) Refer to Note 9, Segment Reporting to the consolidated financial statements for further explanation of our reportable segments.

(1) Refer to Note 9, Segment Reporting to our consolidated financial statements for further explanation of our reportable segments.

(2) As of December 31, 2025 and 2024, the Company had 731 and 603 controlled lots under built-for-rent contracts, respectively.

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Once our land acquisition committee approves a transaction that requires financing and meets our internal model, we will seek a land bank partner.

Our primary operating subsidiary, Dream Finders Homes LLC, periodically enters into land bank arrangements with DF Capital Management, LLC, a Florida limited liability company (“DF Capital”).

The Company owns a 49% membership interest in DF Capital, and a non-affiliated third party owns the remaining 51% of the membership interests in DF Capital.

Refer to Note 11, Related Party Transactions to the consolidated financial statements for more information.

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Sales and Backlog

A new order (“new sale”) is reported when a customer has received preliminary mortgage approval and the sales contract has been signed by the customer, approved by us and secured by a deposit.

These deposits are typically nonrefundable, but each customer situation is evaluated individually.

Sales to third-party investors that intend to lease the homes (“built-for-rent contracts”) are reported when the Company has received a nonrefundable deposit.

Net new orders (or “net sales”) are sales of homes during the period less cancellations of existing sales contracts during the period.

Our cancellation rate for a given period is calculated as the total number of sales contracts cancelled during the period, divided by the total number of new sales contracts entered into during the period.

When a cancellation occurs, we generally retain the customer deposit and resell the home to a new customer.

Cancellations can occur for various reasons outside of our control, including customer credit issues or changes in other personal circumstances.

Our backlog of sold homes (“backlog”) consists of homes under contract that have not yet been delivered to a homebuyer or third-party investor.

Backlog represents the number of homes in backlog from the previous period, plus net sales, minus the number of home closings during the period.

Our backlog at any given time will be affected by cancellations, the number of our active communities, and changes in the percentage of spec home sales versus pre-order sales and built-for-rent contracts, which are customarily delivered over a longer period of time.

Homes in backlog are generally closed within one to nine months.

As of December 31, 2024 and 2023, our backlog was 2,599 homes and 3,978 homes, valued at approximately $1.3 billion and $1.9 billion, respectively, based on average sales price.

Homes in backlog are typically converted to closings in the subsequent year.

At present, our backlog turnover is closer to one to five months, due to a higher volume of speculative inventory sales.

Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations— Net Sales, Backlog and Closings ” for additional information.

Our primary operating subsidiary, Dream Finders Homes LLC, periodically enters into land bank arrangements with DF Capital Management, LLC (“DF Capital”).

The Company owns a 49% membership interest in DF Capital, and a non-affiliated third party owns the remaining 51% of the membership interest in DF Capital.

Refer to Note 12, Related Party Transactions to our consolidated financial statements for more information.

Products, Communities and Construction

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We offer a range of single-family homes in each of our markets, placing a primary emphasis on entry-level and first-time move-up homes.

We also provide second-time move-up and active adult homes as well as homes under built-for-rent contracts, which are available for sale to investors.

Price points are tailored to each of these levels.

We also provide second-time move-up and active adult homes as well as homes under built-for-rent contracts.

Price points are tailored to each of these levels and the relevant market.

Our homebuilding business is driven by our commitment to building high-quality homes at affordable prices in attractive locations, while delivering excellent customer service.

Our customers enjoy the flexibility of personalizing our desirable open floor plans with a wide array of finishes and upgrades to best fit their distinctive tastes and unique needs.

A community becomes active once the model is completed or the community has its fifth net new order.

Our customers enjoy the flexibility of personalizing our desirable open floor plans with a wide array of finishes and upgrades to best fit their needs when purchasing a home, and they are also able to choose from a robust selection of quick-move-in homes.

A community becomes active once the model is completed or the community has its fifth net sale.

A community becomes inactive when it has fewer than five units remaining to sell.

Active community count is an important metric to forecast future net new orders for our business.

Active community count is an important metric to forecast future net sales for our business.

As of December 31, 2025, we had 313 active communities, an increase of 71 communities, or 29%, as compared to 242 active communities as of December 31, 2024.

As of December 31, 2025, the Company had 1,527 completed quick move-in ready homes, which represents approximately 5 spec homes per active community.

Our active community count excludes communities under built-for-rent contracts, as all sales to third-party investors occur at one point in time and these communities would have no homesites remaining to sell.

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When constructing our homes, we are dependent upon building material suppliers to provide a continuous flow of raw materials.

It typically takes us between 150 and 240 days to construct a single-family home.

The construction period for our custom homes is typically longer.

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Our cycle time begins on the construction start date (when purchase orders are released) and ends upon receipt of the certificate of occupancy.

Average cycle times for homes completed during the year ended December 31, 2025 were approximately 125, 140 and 160 calendar days for our entry-level, first- and second-time move-up, and town home product lines, respectively, representing improvements of 16%, 15% and 18%, respectively, when compared to homes completed during the year ended December 31, 2024.

Cycle times for our custom homes are typically longer.

We have extensive experience managing construction processes without employing subcontractors directly.

Instead, we rely on local and regional builder associations to identify and contract with reputable tradespeople.

This approach also eliminates the need for equipment investment, as we do not employ our own construction base.

This approach eliminates the need for equipment investment, as we do not employ our own construction base.

Each division is led by a construction director, manager, or vice president who oversees area managers.

Communities have dedicated construction managers supervising the work performed by the subcontractors.

We use enterprise resource planning and integrated scheduling software for close construction progress monitoring and timely issue identification.

We use enterprise resource planning and integrated scheduling software to monitor and manage construction progress and identify related issues timely.

Our software also enables our superintendents to monitor the completion of work, which, in turn, expedites payments to the subcontractors.

Our materials procurement strategy focuses on maximizing efficiency across local, regional, and national levels through established contracts and standard products from multiple suppliers, resulting in cost savings, streamlined offerings, and pre-negotiated rebates.

We leverage our national presence and volume to secure better prices with manufacturers.

Our homebuilding cost of sales includes the acquisition and finance costs of homesites or lots, municipality fees, the costs associated with obtaining building permits, materials and labor to construct the home, interest costs for construction loans, internal and external realtor commissions and other miscellaneous closing costs.

Homesite costs range from 30-35% of the average cost of a home.

Building materials range from 30-35% of the average cost to build the home, labor ranges from 20-25% of the average cost to build the home, and interest, commissions and closing costs range from 5-10% of the average cost to build the home.

We leverage our national presence and volume to secure better prices with manufacturers and all vendors.

Our homebuilding cost of sales includes the acquisition and finance costs of homesites or lots, municipality fees, the costs associated with obtaining building permits, materials and labor to construct the home, financing costs on our homebuilding related debt, internal and external realtor commissions and other miscellaneous closing costs.

Homesite costs typically range from 30-35% of the average cost of a home.

Building materials typically range from 30-35% of the average cost to build the home, labor typically ranges from 20-25% of the average cost to build the home, and interest, commissions and closing costs typically range from 5-10% of the average cost to build the home.

Our materials are subject to price fluctuations.

Once construction of a home begins, prices for the materials utilized in the construction of that particular home are generally locked via purchase orders, but fluctuations may occur as a result of market conditions.

Once construction of a home begins, prices for the materials and labor utilized in the construction of that particular home are generally locked via purchase orders, but fluctuations may occur as a result of market conditions.

Price fluctuations may be caused by several factors, including seasonal variation in availability of materials, labor and supply chain disruptions, international trade disputes and resulting tariffs, and changes in demand for materials as a result of the housing market conditions where we operate.

The price changes that most significantly influence our operations are price increases in commodities.

Significant price increases of these materials may negatively impact our homebuilding cost of sales and, in turn, our net income.

The price changes that most significantly influence our operations are price increases in commodities and labor availability.

Customer Relations, Quality Control and Warranty Program

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We utilize customer feedback and comprehensive home tours before closing to improve quality and satisfaction, and enhance our standards.

We highly value customers' willingness to refer us, which influences our team's compensation and quality control efforts.

We provide each homeowner with product warranties covering workmanship and materials for one year from the time of home closing, and warranties covering structural systems for eight to ten years from the time of closing.

We highly value customers' willingness to refer us, which influences our teams' compensation and quality control efforts.

Where possible, we utilize our subcontractors to repair the homes in accordance with our subcontractor agreements and as required by law.

We believe our warranty program meets or exceeds terms customarily offered in the homebuilding industry.

Financial Services

By providing comprehensive mortgage and title services in markets where we operate, our Financial Services segment serves as a valuable resource to customers navigating the homebuying process and, in turn, enhances our efficiency in converting our backlog into home closings.

Our wholly owned mortgage banking subsidiary, Jet HomeLoans, offers conforming and non-conforming mortgage financing to our homebuyers.

On July 1, 2024, we acquired the remaining interest in Jet HomeLoans, which is consolidated in the Company’s financial statements as of that date.

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Our wholly owned subsidiary, DF Title, is a title insurance agency licensed in multiple states that provides closing, escrow and title insurance services.

DF Title primarily closes residential real estate transactions, including new home construction, resale and refinance, and commercial real estate transactions.

DF Title operates in Colorado, Florida, Georgia, North Carolina, South Carolina and Texas.

DF Title’s staff includes attorneys, state licensed title agents, escrow officers and experienced support staff with hundreds of years of collective closing experience.

Closing, escrow and title insurance is primarily regulated at a state level, requiring that transactions be conducted by skilled attorneys and/or licensed title insurance agents.

Expansion of title operations into our markets is ongoing and consideration of further expansion in our markets is driven by unit volume, average sales price for homes sold, state-level legal considerations and acquisitions.

Sales and Backlog

A sale is reported when a customer has received preliminary mortgage approval and the sales contract has been signed by the customer, approved by us and secured by a deposit.

These deposits are typically nonrefundable, but each customer situation is evaluated individually.

Sales under built-for-rent contracts are reported when we have received a nonrefundable deposit.

Net sales are sales of homes during the period less cancellations of existing sales contracts during the period.

Our cancellation rate for a given period is calculated as the total number of cancellations during the period, divided by the total number of gross sales contracts entered into during the period.

Cancellations can occur for various reasons outside of our control, including customer credit issues or changes in other personal circumstances.

Our backlog of sold homes (“backlog”) consists of homes under contract that have not yet been delivered to a homebuyer or third-party investor.

Backlog represents the number of homes in backlog from the previous period, plus net sales, minus the number of home closings during the period.

Homes in backlog are generally closed within one to nine months.

As of December 31, 2025 and 2024, our backlog was 1,839 homes and 2,599 homes, valued at approximately $0.8 billion and $1.3 billion, respectively, based on average sales price.

Homes in backlog are typically converted to closings in the subsequent year.

At present, our backlog turnover is closer to one to five months, due to a higher volume of speculative inventory sales.

Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations— Net Sales, Closings and Backlog ” for additional information.

Marketing and Sales

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This strategic alliance provides a national marketing footprint in regions where we operate and where high-profile, annual PGA TOUR golf tournaments are held.

Additionally, we are the Official Home Builder of Minor League Baseball where we are featured nationally during games and for different marketing events.

We sell our homes through our own sales representatives and through independent real estate brokers.

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We believe that every home is as important as the next, regardless of price point, and that everyone deserves the ability to purchase a home that suits their needs.

Accordingly, we are able to offer a range of optionality within the homebuilding process, from move-in-ready inventory homes to homes that can be tailored with additional features, including certain structural modifications.

Accordingly, we are able to offer a range of optionality within the homebuilding process, from move-in-ready inventory homes to homes that can be tailored with additional features.

While most of our customers opt for inventory homes, for those seeking more options, we are able to provide access to a diverse range of materials and upgrades to cater to their specific preferences.

Our architectural design team continually adapts floor plans in response to customer buying trends in various markets and collaborates with our land team to secure suitable lots for these customized plans.

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Financial Services

To fully serve our homebuyers and capture ancillary business opportunities, we have financial services operations that offer mortgage banking solutions and title insurance—inclusive of agency and underwriting services.

Additionally, we offer homeowners insurance and adjacent products to homebuyers.

By providing these comprehensive mortgage and title services in markets where we operate, our Financial Services segment serves as a valuable resource to customers navigating the homebuying process and, in turn, enhances our efficiency in converting our backlog and spec sales into home closings.

Our wholly owned mortgage banking subsidiary, Jet HomeLoans, offers conforming and non-conforming mortgage financing to our homebuyers.

On July 1, 2024, we acquired the remaining interest in Jet HomeLoans, which is consolidated in the Company’s consolidated financial statements as of that date.

Our wholly owned subsidiary, DF Title, is a title insurance agency licensed in multiple states that provides closing, escrow and title insurance services.

DF Title primarily closes residential real estate transactions, including new home construction, resale and refinance, and commercial real estate transactions.

DF Title operates in Colorado, Florida, Georgia, North Carolina, South Carolina, Tennessee and Texas.

DF Title’s staff includes attorneys, state licensed title agents, escrow officers and experienced support staff assisting buyers in their closing experience.

Closing, escrow and title insurance is primarily regulated at a state level, requiring that transactions be conducted by skilled attorneys and/or licensed title insurance agents.

Our wholly owned subsidiary, Alliant Title, which we acquired in April 2025, underwrites residential and commercial title insurance policies in over 30 states.

Competition and Market Factors

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In the United States, we rank among the top 14 homebuilders based on both homebuilding revenues and closings, as published in the 2025 Builder 100 List reported by Builder Magazine.

In 2025, we were named National Builder of the Year by Builder Magazine.

We compete for, among other things, homebuyers, desirable lots, financing, raw materials and skilled labor.

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and the availability and interest rates of mortgage finance programs.

Refer to “Risk Factors—Industry, Economic and Regulatory Risks” for additional information.

Refer to “Risk Factors—Homebuilding Industry, Economic and Regulatory Risks” for additional information.

We are dependent upon building material suppliers for a continuous flow of raw materials.

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Such raw materials have been generally available to us in adequate supply.

Our operations in financial services generally compete with other lenders and title companies throughout the country, from small local operations to companies with nation-wide footprints, in the forms of banks, brokers, credit unions, title agencies, insurance agencies, underwriters and other financial institutions.

The main competitive factors for our mortgage banking business are mortgage interest rates and efficiency in operations for our customers while the main factors for our title services include price and offered services.

In all of our markets, we have historically experienced similar variability in our results of operations and capital requirements from quarter to quarter due to the seasonal nature of the homebuilding industry.

Our financial services operations generally compete with other lenders and title companies throughout the country, from small, local operations to companies with nation-wide footprints, in the form of the banks, brokers, credit unions, title agencies, insurance agencies, underwriters and other financial institutions.

The main competitive factors for our mortgage banking business are mortgage interest rates and efficiency in operations for our customers, while the main competitive factors for our title services include price and the variety of services offered.

We generally sell more homes in the first and second quarters and close more homes in our third and fourth quarters.

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Governmental Regulation and Environmental Matters

We are subject to numerous local, state, federal and other statutes, ordinances, rules and regulations concerning zoning, development, building design, construction and similar matters, which impose restrictive zoning and density requirements in order to limit the number of homes that can eventually be built within the boundaries of a particular area.

We are subject to numerous local, state, federal and other statutes, ordinances, rules and regulations concerning zoning, development, building design, construction and similar matters, which impose zoning and density requirements in order to regulate the number of homes that can eventually be built within the boundaries of a particular area.

Projects that are not entitled (held by our land bank financing partners), may be subjected to periodic delays, changes in use, less intensive development or elimination of development in certain specific areas due to government regulations.

Local and state governments also have broad discretion regarding the imposition of development fees for projects in their jurisdiction.

Projects for which we have received land use and development entitlements or approvals may still require a variety of other governmental approvals and permits during the development process and can also be impacted adversely by unforeseen health, safety and welfare issues, which can further delay these projects or prevent their development.

Projects for which we have received land use and development entitlements or approvals may still require a variety of other governmental approvals and permits during the development process and can also be impacted by unforeseen health, safety and welfare issues, which can further delay these projects or delay their development.

We are also subject to a variety of local, state, federal and other statutes, ordinances, rules and regulations concerning the environment, health and safety.

Environmental requirements that apply to any given homebuilding site vary according to the location, environmental conditions, the presence or absence of endangered plants or species or sensitive habitats and the present and former uses of the site, as well as nearby or adjoining properties.

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Our operations that provide mortgage and title services within our Financial Services segment are subject to various local, state and federal laws, statutes, ordinances, administrative rules and other regulations, including requirements for participants in programs offered by FHA, VA, USDA, Government National Mortgage Association, Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”).

Our title services’ practices regarding closing, escrow and issuance of title insurance are subject to rules established, in part, by state insurance regulators and underwriter guidelines.

Our title service practices regarding closing, escrow and issuance of title insurance are subject to rules established, in part, by state insurance regulators and underwriter guidelines.

Both industries are affected by rules mandated by the Consumer Financial Protection Bureau, such as the Truth in Lending Act and the Real Estate Settlement Procedures Act Integrated Disclosure, governing matters like loan applications, disclosures and loan materials, closing, funding and issuance of title insurance policies.

Refer to “Risk Factors” for further discussion on risks related to governmental regulation and environmental matters.

Environmental, Social, and Corporate Governance (“ESG”)

During 2024, under the oversight of our Nominating and Governance Committee, we continued to prioritize our ESG initiatives.

Among other things, this included continuing to collect data from leadership within the Company regarding our home energy efficiency efforts, goals and achievements, providing increased incentives to promote home affordability and communicating regularly with our Board of Directors regarding ESG initiatives.

We made progress toward formalizing our processes to measure, monitor and report our ESG efforts, including evaluating opportunities to leverage third-party advisory services.

Human Capital Resources

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The Company has made an ethics hotline available to all associates of the Company where they are able to report any violations of the Standards of Conduct, including violations related to the harassment or discrimination of any associate.

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Sustainability and Community Impact

We are committed to constructing homes that are energy efficient and providing affordable housing in a variety of ways such as, but not limited to, the following:

• Home features include solar panels, solar-conscious building, water-conscious landscaping, electric car outlets, energy-efficient appliances and fixtures

• Focus on first-time homebuyers

• Numerous homes built for low-income residents

Available Information

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Zalupski is our President and Chief Executive Officer and has served as Chairman of the Board of Directors since January 2021.

He has served as the Chief Executive Officer of our primary operating subsidiary, Dream Finders Homes LLC, a Florida limited liability company (“DFH LLC”), since forming the company in December 2008, and as the Chief Executive Officer and a member of the board of managers of DFH LLC since its formation in 2014.

He has served as the Chief Executive Officer of our primary operating subsidiary, Dream Finders Homes LLC (“DFH LLC”), since forming the company in December 2008, and as the Chief Executive Officer and a member of the board of managers of DFH LLC since its formation in 2014.

He is responsible for our overall operations and management and is heavily involved in the origination, underwriting and structuring of all land investment activities.

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He has served on the investment committee of DF Capital Management, LLC, an investment manager focused on investments in land banks and land development joint ventures to deliver finished lots to us and other homebuilders for the construction of new homes, since April 2018.

Zalupski received a B.A in Finance from Stetson University.

Zalupski currently serves as a member of the University of Florida’s board of trustees.

In September 2025, Mr.

Zalupski further expanded his leadership in professional sports by becoming the Majority Owner, Managing Partner, and Co-Chair of the Tampa Bay Rays Major League Baseball franchise, as well as the Principal Owner of the Tampa Bay Rowdies professional soccer team, which are expected to provide opportunities to the Company, including expanding DFH’s marketing footprint.

Zalupski holds an inactive Florida Real Estate License.

Anabel Ramsay—Senior Vice President and Chief Financial Officer

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Ramsay was appointed to Interim Chief Financial Officer on October 6, 2021, and promoted to Senior Vice President and Chief Financial Officer on April 1, 2022.

Ramsay has been responsible for balance sheet management, capital allocation, cash forecasting and overall supervision of our accounting, tax and treasury functions, including overall management of our debt, compliance, and reporting for lenders, investors and shareholders.

Prior to joining the Company, Ms.

Ramsay has been responsible for balance sheet management, capital allocation, cash forecasting and overall supervision of our accounting, tax, treasury and investor relations functions, including overall management of our debt, compliance, and reporting for lenders, investors, sell-side analysts and shareholders.

Prior to joining us, Ms.

Ramsay served as the Vice President of Finance for the Americas region at Macquarie Group Limited, an Australian multinational independent investment bank and financial services company, from April 2016 to May 2018, overseeing financial and internal tax reporting for over 200 U.S.

3 unchanged sentences

Ramsay started her career at Aeroflex Incorporated, a former publicly listed aerospace and defense electronics manufacturer, where she worked from 2002 to 2014.

Ramsay is an advisory member of the Florida Institute of CFOs, is a board member of Jet HomeLoans LP and is a member of Dream Finders’ Investment Committee.

Ramsay is a Certified Public Accountant and received a B.B.A in Accounting, Financial Economics and Economics from Lincoln Memorial University.

Table Contents

Board of Directors

1 unchanged sentence

and serves as Chairman of the Board of Directors.

Radford Lovett II– Founder, Chairman and Chief Executive Officer of TowerCom, Ltd, an owner and developer of broadcast communication towers, and TowerCom Development, LP, a developer of wireless communications infrastructure.

Udelhofen– Private investor and former founder and Principal of Durant Partners, LLC, an investment fund that focuses on small-to-mid-capitalization equities.

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business