Dream Finders Homes (DFH) Acquisition presentation summary

Proposal overview

• All-cash acquisition offer of $25.75 per share for Beazer Homes, representing a 40% premium to the recent share price and 25% premium to the 30-day VWAP as of May 5, 2026.

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

• The offer is positioned as delivering immediate and compelling value to Beazer shareholders, with a commitment to expedited due diligence and closing.

• Previous higher offers were made and rejected; the current offer is now public to encourage shareholder engagement.

Strategic rationale and benefits

• Combination would create the seventh-largest U.S. homebuilder, expanding operations to 21 of the top 50 MSAs.

• Enhanced scale enables cost savings, improved margins, and a broader product offering across entry-level and move-up categories.

• Material synergies expected from production efficiencies, purchasing leverage, and expanded financial services.

• The transaction is expected to be highly accretive to unit closings, revenue, EBITDA, net income, and returns.

Value creation and operational improvements

• DFH's management has a track record of superior profitability, growth, and returns compared to Beazer.

• Proven playbook in land-light M&A, with over $1 billion deployed and 10 successful integrations in seven years.

• Enhanced returns expected through a comprehensive land-light model, faster inventory turns, and minimized land risk.

• Cross-selling opportunities and ancillary revenue expansion through integrated mortgage and insurance services.