Recent Updates — DFH
Dream Finders Homes reported a net loss attributable to shareholders of $7 million, or less than one cent per basic share, for the third quarter ended September 30, 2026. This compares to a net income of $47 million in the prior-year period. The decline was driven by $23 million in non-recurring transaction costs related to its acquisition of Beazer Homes and lower homebuilding gross margins of 14.9% versus 17.5%. Despite margin pressure, the company achieved record third-quarter closings of 1,967 homes and year-to-date closings of 6,127. Homebuilding revenues increased 3% to $942 million. On October 20, 2026, Dream Finders completed its acquisition of Beazer Homes in an all-cash transaction with an enterprise value of approximately $2.2 billion. The company operates as a homebuilder and mortgage lender.
Following its completed acquisition of Beazer Homes, Dream Finders Homes is commencing a private exchange offer and consent solicitation for Beazer's outstanding debt. The company offers new notes in exchange for the $250 million aggregate principal amount of 7.500% Senior Notes due 2031 and the $400 million aggregate principal amount of 8.000% Senior Notes due 2032. Eligible holders tendering by November 4, 2026, receive an early participation premium consisting of additional principal and a $1 cash payment per $1,000 of notes. The transaction aims to simplify the capital structure and eliminate restrictive covenants. Dream Finders Homes builds single-family homes in multiple U.S. regions.
Dream Finders Homes, Inc. completed its previously announced merger with Beazer Homes USA, Inc., on October 20, 2026. Beazer shareholders received $33.50 per share in cash, resulting in aggregate consideration of approximately $878.4 million. The transaction creates the nation's sixth-largest homebuilder by revenue and expands Dream Finders' geographic footprint into California, Nevada, Indiana, Delaware, and the Washington D.C. metropolitan area. To fund the acquisition, Dream Finders sold an additional 450,000 shares of Series B Convertible Preferred Stock for $450 million and drew down $572.1 million from a land bank facility committed by Millrose Properties. Proceeds were used to pay Beazer equity holders, redeem Beazer's $350 million senior notes due 2029, and repay Beazer's credit facility. Dream Finders expects over $100 million in annual run-rate cost synergies.
On October 9, 2026, Dream Finders Homes exercised the accordion feature of its existing Credit Agreement to increase aggregate borrowing capacity by $220 million. The total committed facilities now stand at approximately $1.7 billion. All other terms and conditions of the agreement remain unchanged. This expansion provides additional liquidity for the company's residential homebuilding operations.
On September 14, 2026, Dream Finders Homes, Inc. sold 225,000 shares of newly created Series B Convertible Preferred Stock to institutional investors for an aggregate purchase price of $225.0 million at a first closing. The company used the net proceeds to redeem all outstanding shares of its existing Series A Convertible Preferred Stock at a redemption price of $1,028.50 per share, totaling approximately $154.3 million. An additional 450,000 shares are contingent on the completion of the merger with Beazer Homes USA, Inc., which is expected to close within three business days of satisfying conditions. The Series B stock carries a 12% cumulative dividend rate and converts into Class A common stock after a six-year non-convertible period at a price discounted by 20%. Dream Finders Homes operates in the residential homebuilding industry, constructing and selling single-family homes.