Dream Finders Homes (DFH) Investor Presentation summary

Company overview and growth trajectory

• Operates in 2,421 active communities across 10 states, with over 38,000 homes closed since inception in 2008.

• Achieved $4.45B in FY24 revenues, up from $3.75B in FY23, and 8,583 home closings in 2024.

• Maintains an asset-light, land-light model, focusing on high-growth, low-cost markets with strong migration trends.

• Expanded through organic growth and strategic acquisitions, including recent moves into Tennessee, Arizona, and further into Florida and the Carolinas.

• Listed on NYSE under the ticker DFH.

Financial performance and key metrics

• FY24 adjusted gross margin at 27.0%, with a 530bps improvement since 2021.

• Return on participating equity at 29.7% for FY24, consistently outperforming industry peers.

• Inventory turnover reached 2.3x in 4Q24, above the peer average.

• Controlled lot pipeline grew to 54,698 as of year-end 2024.

• Backlog of 2,599 homes valued at $1.3B as of December 31, 2024.

Business model and operational strategy

• Land-light approach minimizes capital tied up in land, using third-party lot purchase contracts and land bank options.

• Model enables nimble market adjustments, high asset turnover, and de-risked balance sheet.

• Focuses on entry-level and move-up products, with tailored offerings for active adult and luxury segments.

• Integrated financial services through Jet HomeLoans, now a wholly owned subsidiary, enhancing customer experience and conversion.

• Capital allocation prioritizes lot pipeline growth, market expansion, and shareholder returns.