Track market-moving stories before they get noisy

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Dream Finders Homes, Inc. (“Dream Finders”) (NYSE: DFH) announced today that, in connection with the proposed acquisition of Beazer Homes USA, Inc. (“Beazer”), it is soliciting consents (the “Consent Solicitation”) from holders of Beazer's outstanding 7.500% Senior Notes due 2031 (the “2031 Notes”) and outstanding 8.000% Senior Notes due 2032 (the “2032 Notes,” and together with the 2031 Notes, the “Notes”) to an amendment (the “Proposed Amendment”) to the i.

Dream Finders Homes Inc (DFH) Shares Surge 3.7% -- What GF Score of 76 Tells Investors

On August 25, 2026, Dream Finders Homes Inc DFH shares rose 3.7% to a current price of $15.31. The stock has fluctuated significantly over the past year, with a 52-week range of $12.20 to $31.50.

GF Value™ verdict: Current price of $15.31 vs GF Value™ of $26.18, indicating a 41.5% upside.GF Score™ of 76/100, which suggests that the company is performing above average compared to its peers.Most notable signal: Over the past 12 months, insiders sold $19.3M in shares while buying $1.3M, resulting in $18.0M net selling.Is DFH Overvalued or Undervalued?Dream Finders Homes Inc currently presents a complex valuation picture. The GF Value™ estimate stands at $26.18, which indicates that the stock is trading at a significant discount with a margin of safety of 41.5%. However, it is essential to recognize that the GF Value™ is derived from various factors including historical trading multiples, business growth, and future performance predictions. In the case of DFH, which is currently unprofitable and cash-flow-negative, relying solely on earnings-based valuation metrics like the Price-to-Earnings (P/E) ratio may not provide a clear picture of intrinsic value.

The GF Valuation label as a "Possible Value Trap" serves as a critical warning. While the current price suggests a compelling buying opportunity, potential investors should proceed with caution, as the company's financial performance has raised concerns. The earnings growth outlook remains uncertain due to the company's cash flow issues, which could hinder future profitability.

How Does DFH's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)10.7x8.9xForward P/E13.6xN/ADFH's current P/E ratio of 10.7x is notably above its 5-year median P/E of 8.9x, indicating the stock is trading at a higher valuation compared to its historical average. This analysis aligns with the GF Value™ verdict, suggesting that while the stock may seem undervalued based on price alone, the elevated P/E ratio points toward a more cautious interpretation of its valuation amidst ongoing financial challenges.

What Does DFH's GF Score™ Tell Us?The GF Score™ is an aggregated metric that evaluates a company's performance across various critical areas including financial strength, profitability, growth, valuation, and momentum. DFH's GF Score™ is 76/100, indicating above-average performance. The strongest sub-rank is in profitability, rated 8/10, while the weakest is in valuation, rated 4/10.

MetricRatingGF Score™76Financial Strength5/10Profitability8/10Growth6/10Valuation4/10Momentum5/10DFH's GF Score™ suggests a solid profitability position but indicates vulnerabilities in its valuation metrics. The 8/10 rating in profitability signifies that the company has shown strong profit generation capabilities, while the 4/10 rating in valuation raises concerns about its current market price relative to its historical performance and future growth potential.

What Are Gurus and Insiders Doing with DFH?Currently, two gurus hold shares of DFH, with two adding to their positions while one has trimmed their holdings in recent quarters. This activity reflects a mixed sentiment among institutional investors. Additionally, insider activity reveals a significant trend, as insiders have sold $19.3 million worth of shares compared to $1.3 million in purchases over the past year, resulting in a net selling of $18.0 million. This trend could be interpreted as a lack of confidence in the company's near-term prospects, suggesting that insiders may not foresee a quick turnaround in performance.

What This Means for InvestorsOverall, considering the analysis presented, Dream Finders Homes Inc appears to be undervalued based on the GF Value™ estimate, yet caution is warranted due to its unprofitability and cash flow challenges, as well as the significant insider selling. This valuation should not be viewed as a definitive buy signal but rather as a complex scenario requiring careful consideration of the underlying financial risks. For more detailed insights, visit the Dream Finders Homes Inc DFH stock page.

Frequently Asked QuestionsWhat is DFH's GF Score™?

DFH's GF Score™ is 76/100, indicating above-average performance relative to its peers.

Is DFH overvalued or undervalued?

Based on the GF Value™ verdict, DFH is currently undervalued, trading at a 41.5% discount to its estimated fair value.

What is DFH's P/E ratio?

DFH's P/E TTM is 10.7x, which is above its 5-year median of 8.9x, indicating that the stock is trading at a higher valuation compared to its historical average.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

Strategic expansion broadens the brand beyond traditional age restriction while preserving its focus on lifestyle, connection and wellness

, /PRNewswire/ -- Dream Finders Homes is expanding the vision for its Reverie brand, evolving from a portfolio focused exclusively on age-restricted active adult communities to one that includes both active adult and Resort Lifestyle communities.

The strategic move reflects a shift in how today's buyers view their next chapter. Rather than defining themselves by age or retirement, many are prioritizing wellness, social connection, flexibility, experiences and low-maintenance living.

Reverie resort living at Reverie at TrailMark in St. Augustine, Florida. "Today's buyers are increasingly focused on how they want to live, not simply the age group they belong to," said David Smith, Vice President of Active Adult for Dream Finders Homes. "Reverie is evolving to meet that shift while staying true to the lifestyle experience that has always defined the brand."

At the center of the Reverie philosophy are three lifestyle pillars: Connect. Explore. Thrive. Together, they guide the design of homes, amenities, gathering spaces and programming intended to create meaningful connection, support well-being and encourage recreation and discovery.

The expanded strategy also recognizes that buyer expectations vary by market. In some locations, a traditional active adult community remains the right fit. In others, buyers are looking for many of the same lifestyle benefits without formal age restrictions.

Reverie at Looking Glass in Parker, Colorado, represents that evolution. Following extensive market and buyer review, the community was repositioned as a Resort Lifestyle Community rather than a formally age-restricted community.

The homes remain intentionally designed for empty nesters, active adults and next-chapter buyers, with features including main-level living, owner's suites and laundry on the main floor, open entertaining spaces, low-maintenance functionality and flexible areas for guests, fitness and recreation.

The community's approximately $9 million resort-inspired amenity experience will remain a central differentiator, serving as a hub for wellness, social connection, recreation and lifestyle programming.

"This is not a move away from active adult living," Smith said. "It is an expansion of what Reverie can be. Some buyers want an age-restricted environment, while others are looking first for people who share their interests, energy and outlook on life. Reverie can now serve both."

Moving forward, Reverie will continue to focus on hospitality-driven amenities, elevated home design, curated programming, wellness, social engagement and lock-and-leave convenience across both active adult and Resort Lifestyle communities.

The positioning shifts from creating communities centered primarily around people of a similar age to creating communities for people seeking a similar lifestyle.

For more information, visit www.dreamfindershomes.com.

Media Contact:
Kristen Fuechslin, President, Digital Blueprint Agency
(770) 284-0030
[email protected]

About Reverie by Dream Finders Homes
Reverie by Dream Finders Homes offers both active adult and resort lifestyle communities designed around low-maintenance homes, resort-style amenities, and curated lifestyle programming. Built on the pillars Connect. Explore. Thrive., Reverie creates communities where residents can enjoy wellness, social connection, outdoor recreation, and everyday ease. Reverie is part of Dream Finders Homes with communities across Florida, North Carolina, Tennessee, and Colorado.

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.

SOURCE Reverie Resort Lifestyle by Dream Finders Homes

NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Beazer Homes USA, Inc. (NYSE: BZH) to Dream Finders Homes, Inc. (NYSE: DFH). Under the terms of the proposed transaction, shareholders of Beazer will receive $33.50 in cash for each share of Beazer that they own. KSF is seeking to determine whether this consideration and the process that led to it a.

Combination will create a scaled national homebuilder with complementary footprints and a clear path to accelerated growth

Expected to generate significant synergies and be double-digit percentage accretive to EPS in year one

Broadens the combined company's ability to serve buyers at every life stage – from entry-level homes to move-up communities – through an enhanced, fully integrated homebuying experience

Beazer shareholders to receive $33.50 per share in cash

Dream Finders reaffirms its full-year 2026 outlook of 9,250 homes, reflecting confidence in near-term execution and the strength of its standalone business

JACKSONVILLE, Fla. & ATLANTA--(BUSINESS WIRE)--Dream Finders Homes, Inc. (NYSE: DFH) ("Dream Finders") and Beazer Homes USA, Inc. (NYSE: BZH) ("Beazer") today announced that they have entered into a definitive agreement under which Dream Finders will acquire Beazer in an all-cash transaction at an enterprise value of approximately $2.2 billion. Under the terms of the agreement, Beazer shareholders will receive $33.50 in cash for each share of Beazer common stock, representing an implied purchase price-to-book multiple of 0.8x.

Beazer is a leading national homebuilder operating in 15 markets across 13 states. The company designs, builds and sells new homes across a range of communities and price points, specializing in personalized homebuilding, land development, and homebuyer financing to make homeownership more attainable.

Together, the two companies will form the nation's sixth-largest homebuilder,1 with highly complementary footprints, expanded product offerings, and deeper capabilities across many of the country's largest and fastest-growing housing markets. The combination also brings together two exceptional teams, deepening the combined company's bench of experienced homebuilding talent, operational expertise, and customer-focused culture that will serve as the foundation for long-term growth.

Upon closing, the combined company will operate in 26 markets and approximately 520 active communities across the Southeast, Mid-Atlantic, Texas, the West, and the Midwest – regions that represent some of the highest demand corridors in the country. With increased reach across both entry-level and move-up communities, the platform is well-positioned to serve a broader buyer base across multiple price points, while driving meaningful affordability improvements through purchasing efficiencies and a more seamless homebuying experience.

Patrick Zalupski, Founder, CEO, and Co-Chairman of Dream Finders, said, "As someone who started Dream Finders from the ground up, I know what it takes to build a culture that puts homebuyers first, and that's exactly what I see in Beazer. They have built something genuinely special – a talented team, strong communities, and a culture that puts customers at the center of everything they do. That resonates deeply with us. This combination is the next meaningful step in our journey to become a top 5 national homebuilder, expanding our geographic reach, broadening the range of buyers we can serve, and strengthening the integrated services we offer families from contract to close.”

Mr. Zalupski continued, “Together, I believe we'll build something enduring – a company with the scale to compete nationally, but always with the care and commitment that has defined both of our companies from day one. I want to recognize the incredible dedication of both the Beazer and Dream Finders teams who have worked tirelessly to reach this moment. I couldn't be prouder of what we've accomplished together, and I am genuinely excited to get this over the finish line and start building our future together.”

Rick Beckwitt, Co-Chairman of Dream Finders, said, “This transaction represents an important milestone for Dream Finders and reflects our Board's confidence in the strategic and financial merits of combining two leading companies. Patrick and the team have mapped out a detailed integration plan to maximize synergies that will drive long-term growth and profitability.”

Mr. Beckwitt added, “We have great respect for what Allan Merrill and the Beazer team have accomplished. We look forward to executing our strategy as a larger and even stronger company and welcoming a very talented group of Beazer employees to the Dream Finders family.”

Allan P. Merrill, Chairman, President and CEO of Beazer Homes, said, “Over nearly 20 years, we have transformed Beazer into one of the nation’s largest homebuilders through a strategy focused on delivering on energy efficient homes and best-in-class customer experiences. This transaction represents the culmination of a comprehensive review of opportunities to maximize value and provides Beazer shareholders with a significant and certain cash return in an uncertain market. I am proud of our people and want to thank our entire organization for their exceptional work to ensure that, together with Dream Finders, we continue providing homebuyers across the country with a high-quality product and outstanding service."

Strategic & Financial Transaction Highlights

Will establish the sixth-largest U.S. homebuilder with complementary geographic footprints spanning 26 of the top 50 MSAs2, broadening exposure to the country's highest-growth markets and unlocking a powerful platform for long-term expansion Complementary product strategies across entry-level and move-up positions, improving margin mix, reducing cycle times; anticipate the combined company will compete more effectively across a broader range of buyers and price points Enhances the homebuying experience through lower unit costs and expanded financial services, utilizing Dream Finders' in-house title insurance and mortgage banking capabilities to deliver greater value and convenience to customers Expected to generate over $100 million in annual run-rate cost synergies from production efficiencies, purchasing improvements, reduced overhead costs, elimination of duplicate public company costs, higher mortgage and title insurance capture rates, and lower insurance costs Expected to be double-digit percentage accretive to EPS in year one, underpinned by strong revenue growth, disciplined cost management, and rapid synergy realization Additional Details About the Transaction

Dream Finders expects to finance the transaction through a combination of existing capital resources and committed financing from Goldman Sachs, Bank of America, and affiliates of Kennedy Lewis Asset Management. Following transaction close, Dream Finders expects to continue executing its growth plans while maintaining its commitment to a 100% land-light strategy. Dream Finders is committed to returning to or improving current leverage metrics within 18 to 24 months, which aligns with the Company’s commitment to building scale while reducing leverage over time.

The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the fourth quarter of 2026, subject to customary closing conditions, including approval by Beazer shareholders and receipt of required regulatory approvals.

Dream Finders Homes Financial Outlook

Dream Finders also reaffirmed its full year 2026 outlook of approximately 9,250 home closings for the full year 2026, as announced in second quarter 2026 results on July 30, 2026. Such outlook does not take into account any home closings arising from Beazer’s operations that may occur after closing or any other impacts of the transaction.

Beazer Homes Fiscal Third Quarter 2026 Results

In a separate press release issued today, Beazer reports fiscal third quarter 2026 financial results. Given the pending transaction with Dream Finders Homes, Beazer is withdrawing its previously issued financial outlook and will not host its earnings conference call and webcast that was previously scheduled for Monday, August 10, 2026.

Advisors

Goldman Sachs & Co. LLC, BofA Securities, Zelman Partners and Vestra Advisors are acting as financial advisors to Dream Finders, Foley & Lardner LLP is acting as legal counsel and Edelman Smithfield is acting as strategic communications advisor.

J. P. Morgan Securities LLC and Moelis & Company LLC are acting as Beazer’s financial advisors. King & Spalding LLP is serving as legal advisor. Collected Strategies is serving as strategic communications advisor.

For more information, visit announcement.dreamfindershomes.com.

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.

About Beazer Homes

Beazer Homes (NYSE: BZH), headquartered in Atlanta, Georgia, is a leading national homebuilder in energy-efficient construction. Building on a legacy spanning nine generations, Beazer crafts homes that deliver savings and lasting value. Beazer’s trusted team of experts guide homebuyers through the building and purchasing process to deliver an industry-leading customer experience. With curated design options, buyers can personalize their homes with confidence. Beazer's exclusive Mortgage Choice program provides access to competitive loan offers from multiple lenders, helping homebuyers choose the best financing for their individual needs. Beazer builds in 13 states nationwide. For more information, visit www.beazer.com, or check out Beazer on Facebook, Instagram and Twitter.

Cautionary Statement Regarding Forward-Looking Information

The information presented herein may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 giving Dream Finders Homes’s and Beazer’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “prospects” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could” or “may”, or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. Forward-looking statements speak only as of the date they are made and neither Dream Finders Homes nor Beazer assumes any duty to update forward-looking statements other than as required by law. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

In addition to factors previously disclosed in Dream Finders Homes’s and Beazer’s reports filed with the Securities and Exchange Commission, the following factors, among others, could cause actual results to differ materially from forward-looking statements and historical performance: the occurrence of any event, change or other circumstances that could give rise to right of one or both of the parties to terminate the definitive merger agreement between Dream Finders Homes and Beazer; the outcome of any legal proceedings that may be instituted against Dream Finders Homes or Beazer; the failure of Beazer to obtain necessary stockholder and regulatory approvals or to satisfy any of the other conditions to the Transaction on a timely basis or at all; the possibility that the anticipated benefits of the Transaction are not realized when expected or at all; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Transaction; Dream Finders Homes’s ability to obtain financing and complete the acquisition and integration of Beazer successfully or fully realize cost savings and other benefits and other consequences associated with mergers, acquisitions and divestitures; negative effects of announcing the Transaction or the consummation of the Transaction on the market price of our common stock, credit ratings or operating results; and the potential impact of announcement of the Transaction or consummation thereof on relationships, including with employees, customers and competitors.

Important Information and Where to Find It

In connection with the acquisition described in this press release (the “Transaction”), Beazer intends to file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement and a definitive proxy statement (the “Proxy Statement”). The Proxy Statement (if and when available) will be mailed to stockholders of Beazer. INVESTORS AND SECURITY HOLDERS OF BEAZER ARE URGED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING DREAM FINDERS HOMES, BEAZER, THE TRANSACTION AND RELATED MATTERS. Investors may obtain free copies of these documents (when they are available) and other documents filed with the SEC at www.sec.gov. In addition, investors may obtain free copies of the documents filed with the SEC by Beazer by going to Beazer’s website at ir.beazer.com.

Participants in the Solicitation

Beazer and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Beazer in connection with the Transaction under the rules of the SEC. Information about the interests of the directors and executive officers of Beazer and other persons who may be deemed to be participants in the solicitation of stockholders of Beazer in connection with the Transaction and a description of their direct and indirect interests, by security holdings or otherwise, is set forth in Beazer’s proxy statement for its 2026 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on December 22, 2025 and any subsequent filings with the SEC. In addition, Dream Finders Homes and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Beazer in connection with the Transaction. Information about certain of Dream Finders Homes’s directors and executive officers is set forth in Dream Finders Homes’s proxy statement for its 2026 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 16, 2026, Dream Finders Homes’s Annual Report on Form 10-K filed with the SEC on February 24, 2026, and any subsequent filings with the SEC. To the extent that holdings of Beazer’s securities by the directors and executive officers of Beazer have changed from the amounts set forth in the proxy statement for its 2026 Annual Meeting of Stockholders, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the direct and indirect interests of those persons and other persons who may be deemed participants in the Transaction may be obtained by reading the Proxy Statement regarding the Transaction when it becomes available. Free copies of these documents may be obtained as described above and, with respect to the information about Dream Finders Homes’s directors and executive officers, at the Dream Finders Homes’s website at investors.dreamfindershomes.com.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to, and does not constitute or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

1 Based on CY2025A revenue within U.S. headquartered home builders.

2 Metropolitan Statistical Area Defined by The U.S. Office of Management and Budget, which are ranked by population size.

More News From Dream Finders Homes, Inc.

Dream Finders Homes inked a deal to buy Beazer Homes for about $915 million, following several months of talks.

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Transaction marks a meaningful expansion of Millrose's role as the premier strategic capital partner for homebuilder mergers and acquisitions

MIAMI--(BUSINESS WIRE)--Millrose Properties, Inc. (NYSE: MRP, "Millrose"), the homesite option platform for residential homebuilders, today announced a commitment by its manager to provide acquisition financing of up to $1.25 billion to support Dream Finders Homes, Inc.’s ("Dream Finders") publicly announced acquisition of Beazer Homes USA, Inc. The commitment represents the third instance since Millrose's founding of the company’s unique capability to provide land banking capital in support of a homebuilder acquisition.

Under the arrangement, Millrose plans to acquire homesites from the combined Dream Finders and Beazer organization, enabling Dream Finders to achieve capital-efficient growth in controlled homesites while preserving balance sheet flexibility. Dream Finders will maintain option agreements on homesites acquired from Beazer, paying option fees during the development period and purchasing finished homesites over time.

Darren Richman, Chief Executive Officer and President of Millrose Properties said, “Both Dream Finders and Beazer are valued clients, and we have partnered with Beazer across multiple market cycles. That long history gives us deep familiarity with the company, its strategy, and its land position — and the knowledge and confidence to play a meaningful role in a transaction of this significance. Builders across the sector are increasingly turning to Millrose for capital-efficient ways to fund growth, preserve balance sheet flexibility, and position themselves for the long term. Dream Finders’ acquisition of Beazer is a compelling example of the flexibility and value of our permanent capital platform, combining land banking with long-term strategic financing in support of capital-efficient consolidation at scale. We see significant opportunity ahead as consolidation continues to reshape the industry."

Akin Gump represented Millrose as corporate counsel and Cox, Castle & Nicholson, LLP represented Millrose as land banking counsel in connection with the transaction.

About Millrose Properties, Inc.

Millrose (NYSE: MRP) is the premier homesite option platform for residential homebuilders. The company specializes in the acquisition and horizontal development of land to provide a predictable, just-in-time supply of finished homesites — the most scarce and mission-critical resource in the homebuilding industry. Unlike traditional land bankers, Millrose utilizes a proprietary technology platform that provides real-time feedback and data analytics to drive acquisition decisions. Every transaction in the Millrose portfolio undergoes rigorous independent due diligence to ensure attractive yields and long-term viability. By enabling an asset-light model, Millrose provides its diverse roster of homebuilder and developer partners with the strategic flexibility to maintain production volumes and optimize balance sheet efficiency across all market environments. For more information about Millrose, please visit millroseproperties.com.

Forward-Looking Statements

This press release contains forward-looking statements, including, in particular, statements about Millrose’s businesses, plans, strategies and objectives, future earnings, expected transactions and guidance. You can generally identify forward-looking statements by our use of forward-looking terminology such as “may,” “can,” “shall,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “outlook,” “guidance” or other similar words or the negatives thereof. Assumptions relating to these statements involve judgments with respect to, among other things, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. There can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. Important factors that could cause differences between anticipated and actual results include the risks and uncertainties described in Millrose’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof and Millrose does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.

More News From Millrose Properties, Inc.

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JACKSONVILLE, Fla.--(BUSINESS WIRE)--Dream Finders Homes, Inc. (the “Company,” “Dream Finders” or “DFH”) (NYSE: DFH), announced today the appointment of Steve Fischer to the Company’s Board of Directors (the “Board of Directors” or “Board”). Mr. Fischer will serve on the Audit Committee of the Board.

Mr. Fischer brings more than thirty years of executive leadership experience in banking, financial services and public accounting to our Board of Directors. He is currently the President of The Pitney Bowes Bank, a subsidiary of Pitney Bowes Inc. (NYSE: PBI). Previously, he served as President and Chief Executive Officer of TIAA Bank after holding roles of President, Chief Operating Officer and Chief Financial Officer. Prior to that, Mr. Fischer served as Chief Financial Officer of EverBank Financial Corp. (formerly NYSE: EVER), where he played a key role in the company’s growth and public company operations. Before joining EverBank in 2011, Mr. Fischer spent more than 18 years with Deloitte & Touche LLP, ultimately serving as a Partner for a variety of clients including several Fortune 100 entities, as well as mid-sized banks and mortgage companies. Mr. Fischer adds extensive expertise in corporate finance, capital markets and risk management to our Board of Directors. Mr. Fischer earned a Bachelor of Science degree in Accounting and Finance from Florida State University and is a licensed Certified Public Accountant in Florida.

Patrick Zalupski, Founder, Chief Executive Officer and Co-Chairman of Dream Finders, commented, “Steve’s appointment represents another important step in the thoughtful evolution of our Board. His extensive financial, banking and public company expertise will bring valuable perspective to the Board as we continue pursuing our strategic priorities and evaluating opportunities for further growth.”

Mr. Fischer added, “I am honored to join Dream Finders’ Board of Directors at such an important time in the Company’s growth. Dream Finders has built an impressive platform and disciplined financial approach. I look forward to working with the Board and the management team to drive long-term value for the shareholders.”

About Dream Finders Homes, Inc.

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.

More News From Dream Finders Homes, Inc.

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July 09, 2026 09:00 ET  | Source: The Donerail Group

Urges the Board to Engage with DFH and Other Bona Fide Prospective Acquirors Following DFH's Revised $32.00 Per Share All-Cash Offer

Calls on the Board to Provide Diligence Access and Pursue a Competitive Process to Maximize Value for Stockholders

LOS ANGELES, July 09, 2026 (GLOBE NEWSWIRE) -- The Donerail Group (“Donerail”), one of the largest stockholders of Beazer Homes USA, Inc. (NYSE: BZH) (“Beazer” or the “Company”), today issued an open letter to Beazer’s Board of Directors (the “Board”) regarding Dream Finders Homes, Inc.'s (“DFH”) revised unsolicited proposal to acquire the Company for $32.00 per share in cash. In the letter, Donerail urges the Board to engage with DFH and other bona fide prospective acquirors, provide appropriate diligence access, and pursue a competitive strategic process that it believes would maximize value for stockholders.

The full text of the letter follows:

July 9, 2026

Beazer Homes USA, Inc.
2002 Summit Boulevard NE, 15th Floor
Atlanta, Georgia 30319

Attn:      Allan P. Merrill, Chairman, President and Chief Executive Officer
cc:         Board of Directors

Dear Mr. Merrill,

As you are aware, The Donerail Group (together with its affiliates, “Donerail” or “we”) is one of Beazer Homes USA, Inc.’s (“Beazer” or the “Company”) largest stockholders. We have appreciated the heightened engagement that we have had with the Company’s senior leadership team following the reports of Dream Finders Homes, Inc.’s (“DFH”) unsolicited offer to acquire the Company for $25.75 per share on May 5th and the decision made by the Company’s Board of Directors (the “Board”) to reject that offer on May 11th.1 As you know, this was a rejection that we supported.

Following the news on July 8th of DFH’s latest revised offer of $32.00 per share (“DFH Revised Offer”)2, alongside the Company’s own report that it has received interest from additional parties regarding a range of potential transactions3, we believe the situation has fundamentally shifted. In our view, rejecting these overtures is no longer warranted.

The DFH Revised Offer – alongside any potential for it to be increased further – represents what we believe is a more than sufficiently attractive offer price for the Board to grant DFH, and any other similarly credible and willing suitor, full access to requested diligence. We believe the Board's fiduciary obligations require it to seriously consider and engage with bona fide prospective acquirors, provide appropriate diligence information, and negotiate in good faith toward a transaction that would maximize value for stockholders.

While the balance of our engagement with the Company has been private thus far, we felt compelled to release this letter publicly to ensure our views as one of the Company’s largest stockholders were clear. We strongly believe that an all-cash transaction at a price at or above the DFH Revised Offer would be in the best interests of stockholders when weighed against the risk-weighted standalone plan in the current macro environment.

It has been our understanding that a central reason for the Board’s reluctance to engage with DFH was the view that DFH’s prior proposals represented too significant a discount to Beazer’s book value per share, which the Company has previously disclosed at $41.83 per share.4 In our collaborative discussion with the Company regarding this point, we highlighted our understanding and respect of that concern; book value is a legitimate reference point.

In addition to referencing book value per share, however, we also believe it is important for the Board to undertake a sober and measured view of the Company’s stand-alone risk-weighted strategy in a challenging macro environment.

As we have voiced, we have a cautious view of the Company’s ability to meaningfully grow earnings in the near- to medium-term. An all-cash sale of the Company today would, in our view, appropriately compensate stockholders for the value of the Company's land and lot position at a time of heightened macro uncertainty. It is to that end that we believe that the DFH Revised Offer – at an approximately 70% premium to Beazer’s undisturbed share price and an approximately 56% premium to its undisturbed 30-day VWAP – substantially diminishes any concern regarding a discount to book value.5

Similarly, allowing multiple prospective suitors the chance to assess the land value on Beazer’s books and undertake a competitive process would both i) help ensure that stockholders have the opportunity to receive the highest available price, and ii) help establish market value for the Company's embedded real estate assets. It should be stated that we do not believe a partial sale of the Company would be more beneficial to stockholders than a sale of the entire Company, in virtually any transaction structure that we have considered.

With such a view in hand, we were surprised and discouraged to learn that Beazer has thus far declined to offer DFH a bespoke confidentiality and standstill arrangement. We believe such an agreement could be constructed that would allow private diligence to proceed while still enabling DFH's rights as a BZH stockholder to continue; we believe significant precedent exists for arrangements that afford target companies the ability to create a sufficient confidentiality framework while still preserving stockholder rights – namely, nominating directors in a contested election.

Given the potential value creation opportunity for all Beazer stockholders that could exist with the DFH Revised Offer, we would encourage and expect Beazer to work expeditiously with DFH to resolve this matter and ensure that any standstill provisions are not applied in a manner that could unnecessarily impede a bona fide strategic process.

Further, if the Company’s governance calendar is part of what is complicating matters, we believe the Board would be reasonable to consider separate accommodation given these unique circumstances. For example, the Board could extend the Company’s nomination deadline for directors by approximately three months to allow the Company to complete a genuine strategic review, while preserving the potential for DFH to nominate directors if it so chooses for the Company’s 2027 annual meeting of stockholders. This would serve to both minimize unnecessary distractions, preserve confidentiality and alleviate potential standstill concerns.

As one of the Company’s largest stockholders, we want to be clear: we expect the Board to provide all bona fide potential acquirors access to the Company’s confidential information. Any required safeguards, such as standstill provisions, should be managed on a case-by-case basis. The Board has received what we believe to be real, credible, all-cash interest at a sufficiently attractive premium, and we expect the Board to devote its full and undivided effort to converting that interest into a transaction that maximizes value for all stockholders.

We have been encouraged by the Company’s continued assurances to us that the Board takes its fiduciary obligations to stockholders seriously, and we have not seen any indication to the contrary. To that end, we remain hopeful and expectant that immediate and productive engagement with DFH will commence, along with any other bona fide party interested in acquiring Beazer.

Respectfully,

Will Wyatt
Managing Partner
The Donerail Group

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1 Dream Finders Homes Proposes to Acquire Beazer Homes for $25.75 Per Share in Cash, BusinessWire, May 11, 2026.
2 Dream Finders Homes Submits Revised and Increased All-Cash Proposal to Acquire Beazer Homes for $32.00 Per Share, BusinessWire, July 8, 2026.
3 Beazer Homes Responds to Dream Finders Homes’ Latest Public Statements, BusinessWire, July 8, 2026.
4 Beazer Homes Announces Rejection of Unsolicited Proposals from Dream Finders Homes, BusinessWire, May 11, 2026.
5 Dream Finders Homes Submits Revised and Increased All-Cash Proposal to Acquire Beazer Homes for $32.00 Per Share, BusinessWire, July 8, 2026. Premiums calculated versus Beazer’s undisturbed share price of $18.77 and undisturbed 30-day VWAP of $20.48, each as of May 8, 2026.

ATLANTA--(BUSINESS WIRE)--Beazer Homes USA, Inc. (NYSE: BZH) (“Beazer” or the “Company”) today issued the following statement in response to a press release issued by Dream Finders Homes (NYSE: DFH) (“Dream Finders”): Following Dream Finders' proposal to acquire Beazer for $25.75 per share in cash, made public on May 11, 2026, the Company has received interest from additional parties regarding a range of potential transactions. Beazer's Board of Directors, in consultation with its financial and.

The homebuilder that it is willing to pay $32 per share in cash for Beazer, a 24% increase from a $25.75 per-share bid that was made public in May.

Dream Finders Homes (DFH +0.24%) 10% owner W. Radford “Rad” Lovett II disclosed the indirect sale of 56,590 shares through the W. Radford Lovett II GST Exempt Trust on June 24, 2026, as reported in the SEC Form 4 filing.

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Transaction summaryMetricValueContextShares sold (indirect)56,590Shares sold by the W. Radford Lovett II GST Exempt TrustTransaction value~$943,000Approximate value based on weighted average purchase price ($16.67)Post-transaction shares (direct)22,349Directly held shares after transaction completionPost-transaction shares (indirect)3,190,883Indirectly held shares after transaction completionPost-transaction value (all ownership)$52.67 millionApproximate value of holdings after transactionTransaction value based on SEC Form 4 weighted average purchase price ($16.67).

Key questionsWhat proportion of the insider’s indirect stake was affected in this transaction?
The 56,590 shares sold represent 1.74% of Lovett’s indirect holdings, minimizing the impact on overall ownership structure.Did the insider’s direct ownership change as a result of this filing?
No direct shares were sold; Lovett’s direct holdings remain at 22,349 shares, with the transaction routed entirely through the trust.How does the transaction size compare to the insider’s historical sale cadence?
This sale of 56,590 shares is below the historical average sell size of approximately 60,483 shares.Does Lovett maintain a meaningful position after this transaction?
Lovett continues to hold 3,190,883 shares indirectly and 22,349 shares directly after the transaction.Company overviewMetricValueRevenue (TTM)$4,220.8 millionNet income (TTM)$217.2 millionDividend yieldn/a1-year price change(33%)* 1-year performance calculated using June 24, 2026 as the reference date.

Company snapshotOffers single-family homes across a range of price points, mortgage origination, and insurance agency services, with revenue primarily from home sales and related financial services.Operates an integrated model combining homebuilding, mortgage brokerage, and title/escrow services to generate multiple revenue streams per customer transaction.Targets first-time and move-up homebuyers in major U.S. metropolitan markets, leveraging both internal sales teams and independent brokers.Dream Finders Homes is a national residential construction company focused on designing, building, and selling single-family homes in high-growth U.S. markets. The company leverages a vertically integrated business model, offering mortgage and insurance services alongside home sales to capture a greater share of customer spend.

What this transaction means for investorsThere are multiple reasons an insider like Lovett sells shares, some of which have nothing to do with their outlook on the company’s stock price, such as having to pay a large personal expense or doing reasonable diversification of their portfolio. However, when a significant insider like Lovett sells, investors should take notice.

Since the spring of 2024, Lovett has sold down his Dream Finders stake by 35% through this latest filing, from nearly 5 million shares. Others may disagree about what Lovett’s selling indicates, but this is bearish for Dream Finder stock.  As a person who owns 10% or more of the company’s equity, Lovett presumably knows the business inside and out.

Mitigating the bearishness of the sales is the fact that he is the only insider to have sold since October, and that studies show insider selling is predictive of a price decline less than half the time. Nevertheless, DFH is down one-third over the past year, and by two-thirds since Lovett started his sales in March 2024. That was right around when DFH stock hit its all-time high.

Investors should balance many pieces of data when deciding whether to invest in or continue holding a stock. In the case of Dream Finders, weigh Lovett’s sales in your calculations.

Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Dream Finders Homes. The Motley Fool has a disclosure policy.

PORT ST. LUCIE, Fla., April 2, 2026 /PRNewswire/ -- Reverie Active Adult by Dream Finders Homes has announced Reverie at Solaeris, a new 55+ community coming soon to Port St. Lucie, Florida, within the Solaeris master-planned community.

Dream Finders Homes (NYSE: DFH - Get Free Report) and LRR Energy (NASDAQ: LRE - Get Free Report) are both small-cap construction companies, but which is the superior investment? We will compare the two businesses based on the strength of their analyst recommendations, dividends, profitability, valuation, earnings, institutional ownership and risk. Volatility and Risk Dream Finders Homes

Shares of Dream Finders Homes, Inc. (NYSE: DFH - Get Free Report) shot up 10.5% during mid-day trading on Friday. The company traded as high as $14.45 and last traded at $15.0040. 51,475 shares traded hands during trading, a decline of 91% from the average session volume of 581,492 shares. The stock had previously closed

JACKSONVILLE, Fla.--(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 homebui.

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Dream Finders Homes, Inc. (the “Company”, “Dream Finders”) (NYSE: DFH), announced today that it has submitted a proposal to the board of directors (the “Board”) of Beazer Homes USA, Inc. (“Beazer”) to acquire all outstanding shares of Beazer in an all-cash transaction at a price of $25.75 per share, a cash premium of approximately 40% over Beazer's closing share price on May 5, 2026. The proposed transaction reflects a total equity value of approximately $70.

Dream Finders Homes submitted a bid last week to acquire Beazer Homes USA for about $704 million.

ATLANTA--(BUSINESS WIRE)--Beazer Homes USA, Inc. (NYSE: BZH) (“Beazer” or the “Company”) today confirmed that its Board of Directors (the “Beazer Board”), with the assistance of its financial and legal advisors, has evaluated and rejected multiple unsolicited, non-binding proposals from Dream Finders Homes, Inc. (NYSE: DFH) (“Dream Finders”) to acquire all of the outstanding shares of Beazer. In evaluating the proposals, the Beazer Board determined that they significantly undervalued the Compan.

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Dream Finders Homes, Inc. (“Dream Finders Homes”, “DFH”, the “Company”) (NYSE: DFH), the 2025 National Builder of the Year, today announced the appointment of Clint Szubinski as Chief Operating Officer (“COO”). Mr. Szubinski, a seasoned executive with more than two decades of homebuilding leadership experience, will work alongside our National President – formerly COO, Doug Moran to transition teams and responsibilities. Mr. Moran will continue to provide gu.