Dream Finders Homes (DFH) Investor presentation summary

Business overview and strategy

• Operates in 353 active communities across 10 states, closing over 50,000 homes since 2008, with a focus on quality, value, and personalization.

• Employs a land-light, capital-efficient model, purchasing lots close to construction start to minimize risk and maximize asset turnover.

• Diversified product mix targets entry-level, move-up, and luxury buyers, with a strong emphasis on customer experience and design personalization.

• Expansion driven by organic growth and strategic acquisitions in high-growth, low-cost markets with strong migration trends.

• Recognized as 2025 National Builder of the Year, strengthening brand and market presence.

Financial performance and outlook

• Reported $4.45B in revenue for FY24 and $4.37B for FY25, with 8,583 and 8,608 home closings, respectively.

• Expects approximately 9,250 home closings in 2026, with a backlog of 2,319 homes valued at $1.15B as of June 30, 2026.

• Adjusted gross margin improved by 110bps since 2Q22, reaching 26.8% in 2Q25 and 24.2% in 2Q26.

• Return on participating equity was 9.6% in 2Q26, down from 29.7% in 4Q24, reflecting industry normalization.

• Inventory turnover at 1.5x in 2Q26, maintaining above-average efficiency compared to peers.

Operating model and capital structure

• Land-light model uses third-party lot purchase and land bank option contracts, reducing capital requirements and de-risking the balance sheet.

• 74% of U.S. migration is into states where the company operates, supporting growth.

• Capital allocation prioritizes growing the lot pipeline, expanding into new markets, and reducing leverage.

• Maintains diverse funding sources, including syndicated lines of credit, senior notes, and retained earnings.

• Homebuilding net debt to net capitalization was 23.3% in 2Q26, with $2.1B in committed borrowing availability.