Dream Finders Homes, Inc. · NYSE:DFH
Dream Finders Homes — Merger or Acquisition (May 2026)
14 slides from Dream Finders Homes's merger presentation, May 2026
Slide 1: Proposal to Acquire Beazer Homes and Deliver Immediate, Compelling Value
May 2026 Proposal to Acquire Beazer Homes and Deliver Immediate, Compelling Value for Beazer Homes Shareholders
Slide 2: DFH Announces All-Cash Proposal to Acquire Beazer Homes for $25.75 Per Share
Dream Finders Homes Announces All-Cash Proposal to Acquire Beazer Homes for $25.75 Per Share 2
Slide 3: Dear Fellow Beazer Homes Shareholders
Dear Fellow Beazer Homes (“BZH”) Shareholders, Our proposed all-cash acquisition of BZH is a clear path to realizing significant value from your investment in BZH. We are offering to acquire BZH for $25.75 per share, a 40% premium to BZH’s recent share price as of May 5, 2026 and a 25% premium to th
Slide 4: $25.75 Per Share All-Cash Offer Reflects Substantial Value to BZH's Shareholders
$25.75 Per Share All-Cash Offer Reflects Substantial Value to BZH’s Shareholders Significant Deal Confidence Our $25.75 Offer Price Delivers an Attractive Premium Offer Price Per Share $25.75 40% Consideration All-Cash 25% ✓ Financing supported by highly confident letters ✓ No regulatory concerns an
Slide 5: A Compelling Proposal for All Stakeholders
A Compelling Proposal for All Stakeholders Combining an all-cash transaction with an attractive Combined integrated capabilities should create premium seamless buying experience for homeowners ders • Expanding reach across diverse regions and • 40% premium to BZH’s recent share price as of May ol 5,
Slide 6: BZH Has Been Unwilling to Engage With DFH on Its Value-Creating Proposal
BZH Has Been Unwilling to Engage With DFH on Its Value-Creating Proposal • In late January, DFH conducted a CEO-to-CEO call and communicated its preliminary interest in BZH • In a first letter sent to BZH in early February, DFH proposed to acquire the Company in an all-cash Rejected offer of $28.50
Slide 7: A Combination of DFH and BZH Would Create the Seventh-Largest U.S. Homebuilder
A Combination of DFH and BZH Would Create the Seventh-Largest U.S. Homebuilder1 BZH receives a compelling offer that delivers value and significant upside to current valuation Complementary product strategies across entry-level and move-up positions; combined company to compete more effectively acro
Slide 8: BZH Has Consistently Underperformed Its Peers Under Current Management
BZH Has Consistently Underperformed Its Peers Under Current Management BZH Operational Performance in Context (Last 10 Years Through 2025) Home Closings CAGR Revenue CAGR Average Adj. Net Income Margins Average Return on Equity 22 % 17 % BZH Lagged 14 % by 1,510 bps BZH Lagged by 1,340 bps 8% BZH La
Slide 9: DFH's Proven Management Team Will Enhance BZH's Operational Execution
DFH’s Proven Management Team Will Enhance BZH’s Operational Execution Track Record of Superior Profitability… …With a History of Strong Growth …While Delivering Vastly Superior Returns Average of 2023-2025 2023-2025 Home Closing CAGR Average of 2023-2025 ROE2 Homebuilding Gross Margin1 27 % 18 % 8%
Slide 10: DFH Has A Proven Playbook and Successful Track Record in Land-Light M&A
DFH Has A Proven Playbook and Successful Track Record of Creating Value in Land-Light M&A Significant Capital Deployed Integration of Financial Services Strategically deployed over $1 billion of capital into acquisitions Driving value and improved financial outcomes by seamlessly integrating to fuel
Slide 11: Significant Synergy and Value Creation Opportunities for DFH Shareholders
Significant Synergy and Value Creation Opportunities for DFH Shareholders ✓ Lower capital intensity Enhanced Returns Through a ✓ Faster inventory turns Comprehensive 100% Land-Light Model ✓ Minimized land risk exposure ✓ Higher return on equity ✓ Boost ancillary revenue Cross-selling and Ancillaries
Slide 12: BZH Shareholders Can Achieve Liquidity in an All-Cash Deal
BZH Shareholders Can Achieve Liquidity in an All-Cash Deal That Maximizes Shareholder Value Attractive Premium Financing Ready to Engage Commitment to Close $25.75 All-Cash Offer Letters from financial We urge BZH’s Board and DFH is Fully Committed to 40% Premium1 institutions confirming Management
Slide 13: About Dream Finders Homes
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
Slide 14: Additional Information And Where to Find It
Additional Information And Where to Find It Forward-Looking Statements This presentation, and other written or oral statements made from time to time by management contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate”, “believ
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