Exhibit 99.1

dfhlogoforera.jpg

Dream Finders Announces First Quarter 2025 Results
First Quarter Homebuilding Revenues Increased 18%
Home Closings Up 16%; Homebuilding Gross Margin Up 140 bps to 19.2%
Return on Participating Equity of 28.5%
Jacksonville, FL. — May 6, 2025 — 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, 2025.
First Quarter 2025 Highlights (As Compared to First Quarter 2024)
•Homebuilding revenues increased 18% to $970 million from $825 million
•Home closings increased 16% to 1,925 from 1,655
•Net new orders increased 18% to 2,032 from 1,724
•Homebuilding gross margin of 19.2% compared to 17.8%
•Adjusted homebuilding gross margin (non-GAAP) of 27.8% compared to 26.3%
•Pre-tax income remained consistent at $71 million
•Net income attributable to DFH of $55 million, or $0.55 per basic share compared to $54 million, or $0.55 per basic share
•Financial services pre-tax income increased 29% to $7 million from $5 million
•Controlled lot pipeline of 60,538 as of March 31, 2025 compared to 54,698 as of December 31, 2024
•Total liquidity of $677 million as of March 31, 2025, comprised of cash and cash equivalents and availability under the revolving credit facility
•Return on participating equity of 28.5% compared to 34.9%
•Repurchased 284,564 Class A common shares for $7 million during the three months ended March 31, 2025







Management Commentary

Patrick Zalupski, Dream Finders Homes Chairman and CEO, said, “During the first quarter of 2025, Dream Finders achieved another quarter of positive results, with homebuilding revenues of $970 million, an 18% increase over the prior year quarter and another first quarter Company record. We also increased home closings and net sales by 16% and 18%, respectively, and improved gross margin by 140 bps compared to the year ago quarter. All-in-all, given the continued challenging environment from a mortgage rate and affordability perspective, I am pleased with the performance of the team and our results.

Adding to the productive quarter, we closed the Liberty Communities and Cherry Creek Mortgage acquisitions during the quarter, and Alliant National Title and Green River Builders subsequent to quarter end, for a total of ten acquisitions in six years. Liberty provides us a great opportunity to expand into the Atlanta market, which is the largest housing market in the Southeast and the only major Southeastern market where DFH was lacking a presence. We decided more is better when it comes to the Atlanta market and yesterday we announced the closing of Green River Builders. This strategic acquisition will help bolster and accelerate our growth in the Atlanta market. We are confident all of these transactions will provide significant growth opportunities in our homebuilding and financial services segments, allowing us to continue to grow our earnings and deliver above-average shareholder returns. We reiterate our 2025 full year guidance of approximately 9,250 expected home closings.”

Acquisition of Liberty Communities

On January 23, 2025, the Company acquired the majority of the homebuilding assets of Liberty Communities, LLC (“Liberty Communities”). The acquisition allowed the Company to enter the Atlanta, Georgia market and further expand its operations in Greenville, South Carolina. The operations of Liberty Communities are predominantly included in the Southeast segment as of the date of acquisition.
First Quarter 2025 Results

Homebuilding revenues in the first quarter of 2025 increased 18% to $970 million, compared to $825 million in the first quarter of 2024. Home closings increased 16% to 1,925, compared to 1,655 in the first quarter of 2024. Average sales price (“ASP”) of homes closed for the first quarter of 2025 was $498,284, an increase of 1% compared to the prior year quarter ASP of $494,995. The growth in homebuilding revenues was primarily due to the increase in home closings, largely attributable to the Midwest segment, which had an increase of 131 closings compared to the first quarter of 2024, with the highest ASP among the homebuilding segments at $580,221. The Company’s latest acquisition, Liberty Communities in January 2025, contributed 107 closings to the first quarter of 2025 with an ASP of $358,314, 90 of which were included in the Southeast segment, which had a total increase in home closings of 109. The increased use of sales incentives during the first quarter of 2025 had a partially offsetting impact on the homebuilding revenue growth.

Homebuilding gross margin percentage in the first quarter of 2025 was 19.2%, an increase of 140 basis points (“bps”), compared to 17.8% in the first quarter of 2024. The increase in homebuilding gross margin percentage for the first quarter of 2025 was mostly the result of changes in product mix and direct cost reductions, partially offset by higher land and financing costs. In addition, amortization of purchase accounting adjustments associated with home closings contributed from the Liberty Communities acquisition negatively impacted the first quarter of 2025 gross margin percentage by approximately 19 bps. Purchase accounting amortization is a temporary cost that will conclude in conjunction with closing the remaining homes in inventory acquired from Liberty Communities.

Adjusted homebuilding gross margin in the first quarter of 2025 was 27.8%, an increase of 150 bps from the first quarter 2024 adjusted homebuilding gross margin of 26.3%. Adjusted homebuilding gross margin is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” below.

Selling, general and administrative expense (“SG&A”) in the first quarter of 2025 increased 46% to $117 million, compared to $80 million in the first quarter of 2024. The increase was primarily attributable to the costs of the forward mortgage commitment programs, which allow homebuyers to lock in their mortgage interest rates at the time of sale, as well as higher compensation costs, including a one-time stock acceleration expense of approximately $4 million. SG&A as a percentage of homebuilding revenues in the first quarter of 2025 increased 230 bps to 12.0%, compared to 9.7% in the first quarter of 2024. Although the SG&A percentage of homebuilding revenues increased in the current quarter, this metric should mostly normalize for the year if anticipated quarterly closing volumes materialize.

Consolidated net income attributable to DFH in the first quarter of 2025 was $55 million, or $0.55 per basic share, remaining mostly consistent with $54 million, or $0.55 per basic share in the first quarter of 2024.



Net new orders in the first quarter of 2025 were 2,032, an increase of 18% compared to 1,724 net new orders for the first quarter of 2024. The cancellation rate in the first quarter of 2025 was 11.7%, an improvement of 930 bps compared with the first quarter of 2024 cancellation rate of 21.0%. In the first quarter of 2024, the Company had one built-for-rent contract of 229 units that was terminated based on a strategic decision to convert the controlled lots into future retail sales. Excluding the impact of all built-for-rent activity, net new orders for the first quarter of 2025 increased 10% and the cancellation rate, despite the increase of 190 bps over the prior year quarter, marks one of the lowest in the Company’s history. The Company believes the 10% increase in net new orders and low cancellation rate is reflective of its successful sales incentives and availability of quick, move-in-ready homes in its communities.

First Quarter 2025 Backlog
As of March 31, 2025, DFH had a backlog of 2,802 homes, valued at $1.4 billion, compared to the backlog of 2,599 homes, valued at $1.3 billion as of December 31, 2024. As of March 31, 2025, the ASP in backlog was $494,987 compared to $501,910 as of December 31, 2024. As of March 31, 2025, approximately 2,432 of the homes in backlog are expected to be delivered in 2025 and 370 of homes are expected to be delivered in 2026 and beyond.

The following table shows the backlog units and ASP as of March 31, 2025 by homebuilding segment:

As of March 31, 2025
(unaudited)
Backlog:UnitsAverage Sales Price
Southeast1,230$429,818 
Mid-Atlantic718444,643 
Midwest854623,088 
Total2,802$494,987 

Subsequent Events
Alliant Title
On April 18, 2025, the Company acquired Colorado-based title insurance underwriter, Alliant National Title Insurance Company, Inc. and a related affiliate (collectively, “Alliant National Title” or “Alliant Title”). The operations of Alliant Title will be included in the Financial Services segment as of the date of acquisition.
Green River Builders
On May 2, 2025, the Company acquired the majority of the homebuilding assets of Green River Builders, Inc. (“Green River Builders”) allowing us to further expand our operations in the Atlanta, Georgia market. Assets acquired include approximately 140 lots and home sites in different stages of construction. Additionally, the Company expects to control over 520 lots as a result of the transaction. The operations of Green River Builders will be included in the Southeast segment as of the date of acquisition.
Full Year 2025 Outlook

Dream Finders Homes maintains its guidance of approximately 9,250 home closings for the full year 2025, inclusive of those from the Liberty Communities acquisition.

About Dream Finders Homes, Inc.

Dream Finders Homes (NYSE: DFH) is a homebuilder based in Jacksonville, Florida. 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 Northern Virginia and Maryland. 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 industry-leading growth and returns by maintaining an asset-light homebuilding model. For more information, please visit www.dreamfindershomes.com.



Forward-Looking Statements

This press release includes forward-looking statements regarding future events which include, but are not limited to, projected 2025 home closings and market conditions, possible or assumed future results of operations, benefits of recent acquisitions and statements regarding the Company’s strategies and expectations as they relate to market opportunities and growth. All forward-looking statements are based on Dream Finders Homes’ beliefs as well as assumptions made by and information currently available to Dream Finders Homes. These statements reflect Dream Finders Homes’ current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in Dream Finders Homes’ Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the U.S. Securities and Exchange Commission. Dream Finders Homes undertakes no obligation to update or revise any forward-looking statement, except as may be required by applicable law.


Dream Finders Homes, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
March 31,
2025		December 31,
2024
Assets 
Cash and cash equivalents$297,468 $274,384 
Restricted cash50,633 65,441 
Accounts receivable30,953 34,126 
Inventories1,852,660 1,715,357 
Lot deposits517,719 458,303 
Other assets141,725 122,391 
Investments in unconsolidated entities12,119 11,454 
Mortgage loans held for sale189,442 303,393 
Property and equipment, net28,168 26,317 
Right-of-use assets21,114 17,172 
Goodwill345,991 300,313 
Total assets$3,487,992 $3,328,651 
Liabilities  
Accounts payable$142,682 $147,143 
Accrued expenses202,971 263,317 
Customer deposits103,325 125,601 
Construction lines of credit999,599 701,386 
Senior unsecured notes, net295,386 295,049 
Mortgage warehouse facilities181,457 289,617 
Lease liabilities22,074 18,148 
Contingent consideration69,130 68,030 
Total liabilities2,016,624 1,908,291 
  
Mezzanine Equity  
Redeemable preferred stock148,500 148,500 
Redeemable noncontrolling interests29,019 21,451 
Equity  
Class A common stock, $0.01 per share, 289,000,000 authorized, 36,586,161 and 36,002,077 issued as of March 31, 2025 and December 31, 2024, respectively
365 360 
Class B common stock, $0.01 per share, 61,000,000 authorized, 57,726,153 issued as of March 31, 2025 and December 31, 2024
577 577 
Additional paid-in capital284,161 281,559 
Retained earnings1,021,781 970,253 
Treasury stock, at cost, 575,793 shares of Class A common stock as of March 31, 2025 and 291,229 shares of Class A common stock as of December 31, 2024
(14,790)(7,827)
Total Dream Finders Homes, Inc. stockholders’ equity1,292,094 1,244,922 
Noncontrolling interests1,755 5,487 
Total equity1,293,849 1,250,409 
Total liabilities, mezzanine equity and equity$3,487,992 $3,328,651 




Dream Finders Homes, Inc.
Consolidated Statements of Comprehensive Income
(In thousands, except share and per share amounts)

Three Months Ended
March 31,
(unaudited)
20252024
Revenues:
Homebuilding$970,108 $825,221 
Financial services19,763 2,579 
Total revenues989,871 827,800 
Homebuilding cost of sales783,536 678,640 
Financial services expense12,866 1,684 
Selling, general and administrative expense116,694 80,109 
Income from unconsolidated entities(180)(4,903)
Contingent consideration revaluation1,100 3,207 
Other expense (income), net4,690 (1,761)
Income before taxes71,165 70,824 
Income tax expense(16,155)(15,141)
Net and comprehensive income55,010 55,683 
Net and comprehensive income attributable to noncontrolling interests(107)(1,189)
Net and comprehensive income attributable to Dream Finders Homes, Inc.$54,903 $54,494 
Earnings per share
Basic$0.55 $0.55 
Diluted$0.54 $0.55 
Weighted-average number of shares
Basic93,550,316 93,325,838 
Diluted101,360,214 99,935,524 




























Dream Finders Homes, Inc.
Other Financial and Operating Data
(Unaudited)

Three Months Ended
March 31,
20252024
Other Financial and Operating Data
Home closings1,925 1,655 
Average sales price of homes closed(1)
$498,284 $494,995 
Net new orders2,032 1,724 
Cancellation rate11.7 %21.0 %
Homebuilding gross margin (in thousands)(2)
$186,572 $146,581 
Homebuilding gross margin %(3)
19.2 %17.8 %
Adjusted homebuilding gross margin (in thousands)(4)
$270,100 $217,213 
Adjusted homebuilding gross margin %(3)(4)
27.8 %26.3 %
Active communities as of period end(5)
258 232 
Backlog as of period end - units
2,802 4,524 
Backlog as of period end - value (in thousands)
$1,386,954 $2,321,889 
Net homebuilding debt to net capitalization(4)
40.4 %39.9 %
Return on participating equity(6)
28.5 %34.9 %
(1)Average sales price of homes closed is calculated based on homebuilding revenues, adjusted for the impact of percentage of completion revenues, and excluding deposit forfeitures and land sales, over homes closed.
(2)Homebuilding gross margin is homebuilding revenues less homebuilding cost of sales.
(3)Calculated as a percentage of homebuilding revenues.
(4)Adjusted homebuilding gross margin and net homebuilding debt to net capitalization are non-GAAP financial measures. For definitions of these non-GAAP financial measures and reconciliations to our most directly comparable financial measures calculated and presented in accordance with GAAP, see “Reconciliation of Non-GAAP Financial Measures” below.
(5)A community becomes active once the model is completed or the community has its fifth net sale. A community becomes inactive when it has fewer than five homesites remaining to sell.
(6)Return on participating equity is calculated as net income attributable to DFH, less redeemable preferred stock distributions, divided by average beginning and ending total Dream Finders Homes, Inc. stockholders’ equity (“participating equity”) for the trailing twelve months.

Three Months Ended
March 31,
2025
 (unaudited)
2024
 (unaudited)
Home Closings:UnitsAverage Sales PriceUnitsAverage Sales Price
Southeast687$445,901 578$473,608 
Mid-Atlantic521454,581 491425,452 
Midwest717580,221 586574,359 
Total1,925$498,284 1,655 $494,995 



Reconciliation of Non-GAAP Financial Measures

Management utilizes specific non-GAAP financial measures as supplementary tools to evaluate operating performance. These include adjusted homebuilding gross margin and net homebuilding debt to net capitalization. Other companies may not calculate non-GAAP financial measures in the same manner that we do. Accordingly, these non-GAAP financial measures should be considered only as a supplement to relevant GAAP information, as reconciled for each measure below. In the future, we may incorporate additional adjustments to these non-GAAP financial measures as we find them relevant and beneficial for both management and investors.

Adjusted Homebuilding Gross Margin

The following table presents a reconciliation of adjusted homebuilding gross margin to the GAAP financial measure of homebuilding gross margin for each of the periods indicated (unaudited and in thousands, except percentages):

Three Months Ended
March 31,
20252024
Homebuilding gross margin(1)
$186,572 $146,581 
Interest expense in homebuilding cost of sales(2)
41,805 30,742 
Amortization in homebuilding cost of sales(3)
1,329 4,582 
Commission expense40,394 35,308 
Adjusted homebuilding gross margin$270,100 $217,213 
Homebuilding gross margin %(4)
19.2 %17.8 %
Adjusted homebuilding gross margin %(4)
27.8 %26.3 %
(1)Homebuilding gross margin is homebuilding revenues less homebuilding cost of sales.
(2)Includes interest charged to homebuilding cost of sales related to our construction lines of credit and senior unsecured notes, net, as well as lot option fees.
(3)Represents amortization of purchase accounting adjustments from our acquisitions.
(4)Calculated as a percentage of homebuilding revenues.

We define adjusted homebuilding gross margin as homebuilding gross margin excluding the effects of capitalized interest, lot option fees, amortization included in homebuilding cost of sales (adjustments resulting from the application of purchase accounting in connection with acquisitions) and commission expense. Our management believes this information is meaningful because it isolates the impact that these excluded items have on homebuilding gross margin. We include internal and external commission expense in homebuilding cost of sales, not selling, general and administrative expense, and therefore commission expense is taken into account in homebuilding gross margin.

As a result, in order to provide a meaningful comparison to the public company homebuilders that include commission expense below the homebuilding gross margin line in selling, general and administrative expense, we have excluded commission expense from adjusted homebuilding gross margin. However, because adjusted homebuilding gross margin information excludes capitalized interest, lot option fees, purchase accounting amortization and commission expense, which have real economic effects and could impact our results of operations, the utility of adjusted homebuilding gross margin information as a measure of our operating performance may be limited.















Net Homebuilding Debt to Net Capitalization

The following table presents a reconciliation of net homebuilding debt to net capitalization to the GAAP financial measure of total debt to total capitalization for each of the periods indicated (unaudited and in thousands, except percentages):

As of
March 31,
20252024
Total debt$1,476,442 $1,004,531 
Total mezzanine equity177,519 177,033 
Total equity1,293,849 974,002 
Total capitalization$2,947,810 $2,155,566 
Total debt to total capitalization50.1 %46.6 %
Total debt$1,476,442 $1,004,531 
Less: Mortgage warehouse facilities181,457 — 
Less: Cash and cash equivalents297,468 239,428 
Net homebuilding debt$997,517 $765,103 
Total mezzanine equity177,519 177,033 
Total equity1,293,849 974,002 
Net capitalization$2,468,885 $1,916,138 
Net homebuilding debt to net capitalization40.4 %39.9 %

We define net homebuilding debt to net capitalization as the sum of construction lines of credit and senior unsecured notes, net less cash and cash equivalents (“net homebuilding debt”), divided by the sum of net homebuilding debt, total mezzanine equity and total equity (“net capitalization”). Net homebuilding debt excludes borrowings under our mortgage warehouse facilities. Management believes the net homebuilding debt to net capitalization is meaningful as it is used to assess our consolidated performance and the performance of our homebuilding segments, as well as to establish targets for performance-based compensation. We also use this ratio as a measure of overall leverage.























Contacts:

Investor Contact: investors@dreamfindershomes.com
Media Contact: mediainquiries@dreamfindershomes.com