Dream Finders Homes, Inc. · NYSE:DFH
Dream Finders Homes — Merger or Acquisition (May 2026)
13 slides from Dream Finders Homes's merger presentation, May 2026
Slide 1: Our Proposal to Acquire Beazer Homes: Too Compelling to Ignore
May 2026 Our Proposal to Acquire Beazer Homes: Too Compelling to Ignore
Slide 2: Letter to Fellow Beazer Homes Shareholders
Dear Fellow Beazer Homes (“BZH”) Shareholders, We are deeply concerned that the BZH board and management continue to refuse to engage with us on our highly compelling all-cash acquisition proposal of $25.75 per BZH share, a 40% premium to BZH’s recent share price as of May 5, 2026, and a 25% premium
Slide 3: Current BZH Management Has Consistently Failed its Shareholders
Current BZH Management Has Consistently Failed its Shareholders BZH Should Engage with DFH on Its Highly-Compelling All-Cash Proposal 1 ▪ One of the worst performers across small & mid cap peers1 on LTM adjusted gross margin and pre-tax margin trailing by ~640 bps and ~1,040 bps, respectively ▪ BZH
Slide 4: BZH Has Consistently Underperformed the Last 10 Years
1 BZH Has Consistently Underperformed the Last 10 Years BZH Home Closings CAGR BZH LTM Adj. Gross Margin1 BZH LTM Pre-Tax Margin2 (Last 10 Years through 2025) Peer Average: 23% Peer Average: 9% 34% Peer Average: 14% 30% 26% 24% 22% 20% 20% 20% 19% 20% 16% 17% 11% 9% 9% 9% 8% 6% 6% 5% 5% 3% (1%) (1%)
Slide 5: BZH Has Consistently Underperformed the Last 10 Years
1 BZH Has Consistently Underperformed the Last 10 Years 1000% Performance Through 08-May-2026 Since 2011 L5Y LTM 900% BZH (30)% (26)% (13)% 800% ITB 606 21 0 XHB 489 29 6 +606% 700% 600% +489% 500% 400% 300% Indexed to prices as of January 1, 2011 (Jan 1, 2011 = 100%) 200% 100% (30)% 0% Jan-11 Jan-1
Slide 6: BZH's Flawed Strategy Has Failed Investors
2 BZH’s Flawed Strategy Has Failed Investors Inability to Reinvest into the Business Selling “Non-Strategic” Land – Repurchasing Shares with Sales Proceeds to Drive Accretive Growth A Clear Sign of Inability to Extract Value While Balance Sheet is Stressed L5Y EPS Growth LTM Net Income Margin Net De
Slide 7: BZH's Flawed Strategy Has Failed Investors
2 BZH’s Flawed Strategy Has Failed Investors Management has failed the company and shareholders in its inability to deliver returns with existing land inventory Management’s latest “plan” is to sell its land inventory to other builders who can turn a profit in order to buy back shares at what manage
Slide 8: BZH's Singular Focus on Book Value Per Share Has Been Detrimental
3 BZH’s Singular Focus on Book Value Per Share Has Been Detrimental Average Return on Equity (Last 10 Years Through 2025) Correlation¹ of ROE and P/B 1.5 x R² = 92 % 22% 1.2 x P/B (Last Quarter) BZH Lagged MHO by 1,510 bps 0.9 x MTH KBH 0.6 x CCS 7% BZH ROE: (0.6)% LGIH 0.3 x 0.0 % 2.0 % 4.0 % 6.0 %
Slide 9: A Combination with DFH Will Create a Scaled Land-Light Industry Leader
4 A Combination with DFH Will Create a Scaled Land-Light Industry Leader Combined Company Creates a Top-Tier Mid-Cap Homebuilder That Can Greatly Benefit From Scale Synergies 2025A Home Closing 15,026 13,035 12,902 10,792 8,921 8,608 4,788 4,427 3,943 MTH BZH+DFH KBH CCS MHO DFH LGIH BZH GRBK Source
Slide 10: DFH Has A Proven Playbook and Successful Track Record in Land-Light M&A
4 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 finan
Slide 11: 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 12: 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 13: 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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