Dream Finders Homes (DFH) Acquisition presentation summary

Proposal overview

• Revised all-cash offer of $32.00 per share for Beazer Homes, representing a 70% premium to the undisturbed share price as of May 8, 2026.

• Multiple prior offers were made, each increasing in value, with the latest reflecting feedback from Beazer Homes.

• Financing is supported by highly confident letters from financial institutions, and no regulatory concerns are anticipated.

• The proposal aims for an expedited timeline with limited due diligence and immediate engagement.

• The combination would create the seventh largest U.S. homebuilder with complementary geographic and product footprints.

Strategic rationale and benefits

• The deal would deliver meaningful operational and financial synergies, including production efficiencies and purchasing leverage.

• Enhanced scale in key states and entry into new markets such as California, Nevada, and Indiana.

• Improved margin mix and reduced cycle time through complementary product positioning.

• The combined entity would offer expanded options and value to customers and greater career mobility for employees.

• The acquisition is positioned as strategically and financially transformative for all stakeholders.

Engagement history and shareholder value

• Beazer Homes has repeatedly declined to engage, conditioning any talks on a 12-month standstill.

• DFH has made five offers since February 2026, each rejected or ignored by Beazer's board.

• The latest offer represents a 70% premium to the undisturbed share price and a 56% premium to the 30-day VWAP.

• Shareholders are urged to encourage the board to engage constructively to realize immediate value.

• The all-cash deal provides liquidity and maximizes value for Beazer shareholders.