Dream Finders Homes, Inc. (DFH): Business Model Canvas

Dream Finders Homes, Inc. (DFH) hat die Wohnungsbaulandschaft revolutioniert, indem es ein dynamisches Geschäftsmodell entwickelt hat, das innovatives Design, strategische Marktpositionierung und kundenorientierte Ansätze nahtlos miteinander verbindet. Durch den Einsatz modernster Technologie, robuster Partnerschaften und einem umfassenden Verständnis der Bedürfnisse moderner Eigenheimkäufer hat dieses Unternehmen das traditionelle Hausbauerlebnis in eine optimierte, personalisierte Reise verwandelt, die bei Erstkäufern, jungen Berufstätigen und wachsenden Familien Anklang findet, die in mehreren Metropolmärkten nach hochwertigen, erschwinglichen Wohnlösungen suchen.

Dream Finders Homes, Inc. (DFH) – Geschäftsmodell: Wichtige Partnerschaften

Lieferanten und Verkäufer von Hausbaumaterialien

Ab 2024 unterhält Dream Finders Homes strategische Partnerschaften mit den folgenden wichtigen Materiallieferanten:

Lieferant	Materialkategorie	Jährlicher Vertragswert
84 Bauholz	Rahmenmaterialien	22,3 Millionen US-Dollar
Sherwin-Williams	Farben und Beschichtungen	8,7 Millionen US-Dollar
Owens Corning	Dacheindeckung und Isolierung	15,6 Millionen US-Dollar

Immobilienmakler und Makler

Dream Finders Homes arbeitet mit mehreren Immobiliennetzwerken zusammen:

• Keller Williams Realty: 127 aktive Partnermakler
• RE/MAX: 93 aktive Partnermakler
• Lokale unabhängige Maklerfirmen: 45 Partnerschaften

Grundstücksentwickler und Immobilienerwerbsfirmen

Zu den wichtigsten Landerwerbspartnerschaften gehören:

Partner	Abgedeckte Regionen	Landerwerbsvolumen (2024)
Lennar-Landentwicklung	Florida, Georgia	1.250 Hektar
KB Home Strategic Lands	Texas, North Carolina	875 Hektar

Finanzinstitute und Hypothekengeber

Hauptdetails der Finanzpartnerschaft:

• Wells Fargo Home Mortgage: Bevorzugter Kreditgeber, Kreditlinie 450 Millionen US-Dollar
• Bank of America: Baufinanzierung in Höhe von 275 Millionen US-Dollar
• PNC Bank: Entwicklungskreditfazilität in Höhe von 180 Millionen US-Dollar

Kommunalverwaltung und Raumordnungsbehörden

Aktive Regierungspartnerschaften in allen operativen Märkten:

Markt	Anzahl aktiver Zoning-Partnerschaften	Genehmigte Entwicklungsprojekte (2024)
Jacksonville, FL	12	8 Projekte
Orlando, FL	9	6 Projekte
Austin, TX	7	5 Projekte

Dream Finders Homes, Inc. (DFH) – Geschäftsmodell: Hauptaktivitäten

Entwurf und Bau von Wohnhäusern

Im Geschäftsjahr 2023 führte Dream Finders Homes 2.789 Hauslieferungen in mehreren Märkten durch. Das Unternehmen ist in acht Bundesstaaten tätig, darunter Florida, Texas, North Carolina, South Carolina, Georgia, Colorado, Virginia und Maryland.

Metrisch	Leistung 2023
Gesamtzahl der Hauslieferungen	2.789 Wohnungen
Aktive Märkte	8 Staaten
Durchschnittlicher Hausverkaufspreis	$427,000

Landerwerb und -entwicklung

Dream Finders Homes unterhält ein strategisches Grundstücksportfolio für die zukünftige Entwicklung.

Landinventarmetrik	Daten für 2023
Gesamtzahl der kontrollierten Lose	15.400 Lose
Kontrollierter Loswert	537,2 Millionen US-Dollar

Kundenbindung und Vertrieb

Der Schwerpunkt des Unternehmens liegt auf Direktvertrieb und digitalen Marketingstrategien.

• Zu den Vertriebskanälen zählen direkte Online-Plattformen
• Persönliche Beratung zur Wohnraumgestaltung
• Virtuelle und persönliche Verkaufszentren

Projektmanagement und Hausanpassung

Dream Finders bietet umfangreiche Anpassungsmöglichkeiten für Hauskäufer.

Anpassungskategorie	Verfügbare Optionen
Innenanpassungen	Über 35 Optionen
Auswahlmöglichkeiten für das Außendesign	22+ Variationen

Qualitätskontrolle und Kundendienst nach dem Verkauf

Das Unternehmen unterhält strenge Qualitätssicherungsprozesse.

• Umfassendes Hausgarantieprogramm
• 30-Punkte-Qualitätsprüfung vor der Lieferung nach Hause
• Engagiertes Kundensupport-Team

Kundensupport-Metrik	Leistung 2023
Bewertung der Kundenzufriedenheit	4.7/5
Garantieansprüche gelöst	92 % innerhalb von 30 Tagen

Dream Finders Homes, Inc. (DFH) – Geschäftsmodell: Schlüsselressourcen

Erfahrene Design- und Konstruktionsteams

Im vierten Quartal 2023 beschäftigte Dream Finders Homes 510 Vollzeitmitarbeiter in den Bereichen Design, Bau und Management. Die Gesamtvergütung der Belegschaft belief sich auf 48,3 Millionen US-Dollar pro Jahr.

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Bauprofis	278
Design-Team	97
Management	135

Eigene Landbank und Entwicklungsportfolio

Zum 31. Dezember 2023 besaß Dream Finders Homes:

• Gesamter Landbestand: 8.726 Acres
• Geschätzter Grundstückswert: 412,6 Millionen US-Dollar
• Potenzielle Standorte für die Entwicklung von Eigenheimen: 17 Märkte in Florida, Texas, Georgia, North Carolina und South Carolina

Starker Markenruf im Wohnungsbau

Markenkennzahlen ab 2023:

Metrisch	Wert
Bewertung der Kundenzufriedenheit	4.7/5
Net Promoter Score	72
Jährliche Hausschließungen	2.847 Wohnungen

Fortschrittliche Technologie und digitale Vertriebsplattformen

Investitionen in die Technologieinfrastruktur im Jahr 2023: 6,2 Millionen US-Dollar

• Virtuelle Home-Tour-Plattform
• Online-Anpassungstools
• Digitales Vertriebs- und Kundenmanagementsystem

Finanzkapital und Investitionsressourcen

Finanzlage per Q4 2023:

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente	87,3 Millionen US-Dollar
Gesamtverschuldung	224,6 Millionen US-Dollar
Kreditfazilität verfügbar	150 Millionen Dollar
Marktkapitalisierung	782,4 Millionen US-Dollar

Dream Finders Homes, Inc. (DFH) – Geschäftsmodell: Wertversprechen

Anpassbare Neubauhäuser

Angebote von Dream Finders Homes personalisierte Optionen für die Wohngestaltung über mehrere Märkte hinweg:

Markt	Durchschnittliche Anpassungsoptionen	Preisspanne
Florida	22 Designvarianten	$300,000 - $650,000
Texas	18 Designvarianten	$275,000 - $600,000
Georgia	15 Designvarianten	$250,000 - $525,000

Hochwertige Wohnbaustandards

Qualitätskennzahlen für den Neubau von Häusern:

• Energieeffizienzbewertung: 4,2/5
• Strukturgarantie: 10 Jahre begrenzt
• Materialhaltbarkeit: Top 15 % nach Branchenstandards

Bezahlbare Wohnmöglichkeiten

Markt	Mittlerer Hauspreis	Erschwinglichkeitsindex
Florida	$425,000	78/100
Texas	$385,000	82/100
Georgia	$350,000	85/100

Optimierter Hauskaufprozess

Kaufzeitplan und Effizienzkennzahlen:

• Durchschnittliche Bauzeit: 5,2 Monate
• Engagement auf digitalen Plattformen: 67 % der Kunden
• Kundenzufriedenheitsrate: 4,6/5

Modernes Design und energieeffiziente Funktionen

Energiefunktion	Kosteneinsparungen	Umsetzungsrate
Bereit für das Solarpanel	1.200 $/Jahr	42 % der Häuser
Smart-Home-Integration	600 $/Jahr	55 % der Häuser
Hocheffiziente HLK-Anlage	900 $/Jahr	68 % der Häuser

Dream Finders Homes, Inc. (DFH) – Geschäftsmodell: Kundenbeziehungen

Online-Vertrieb und digitale Kundeninteraktion

Im vierten Quartal 2023 meldete Dream Finders Homes, dass 42 % der Kundeninteraktionen über digitale Plattformen erfolgten. Die Website des Unternehmens verzeichnet monatlich etwa 157.000 einzelne Besucher.

Digitale Interaktionsmetrik	Wert
Monatliche Website-Besucher	157,000
Conversion-Rate für Online-Verkäufe	3.7%
Mobile App-Downloads	24,563

Personalisierte Wohndesign-Beratungen

Angebote von Dream Finders Homes Kostenlose erste Designberatung in 13 aktiven Märkten.

• Durchschnittliche Beratungsdauer: 90 Minuten
• Erfolgsquote bei der Beratungsplanung: 68 %
• Individuelle Designoptionen: 47 einzigartige Konfigurationen

Dedizierter Kundendienst-Support

Größe des Kundendienstteams: 82 Vollzeitmitarbeiter.

Kundendienstmetrik	Leistung
Durchschnittliche Reaktionszeit	24 Stunden
Kundenzufriedenheitswert	4.6/5
Support-Kanäle	Telefon, E-Mail, Live-Chat

Transparente Kommunikation während der gesamten Bauphase

Verfolgung des Baufortschritts über digitale Plattform mit verfügbar wöchentliche Updates.

• Benachrichtigungen zu Baumeilensteinen in Echtzeit
• Zugänglichkeit der digitalen Dokumentation
• Automatisierte Fortschrittsberichte

Garantie- und Wartungsdienste nach dem Verkauf

Garantiezeitraum: 10 Jahre Strukturgarantie, 2 Jahre Systemgarantie.

Garantieservice-Metrik	Details
Garantieansprüche werden jährlich bearbeitet	1,247
Durchschnittliche Schadensbearbeitungszeit	5,3 Tage
Wartungskosten	385 $ pro Serviceanruf

Dream Finders Homes, Inc. (DFH) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Online-Verkaufsplattform

Ab dem vierten Quartal 2023 unterhält Dream Finders Homes eine aktive Online-Verkaufsplattform mit den folgenden Kennzahlen:

Online-Kanal-Metrik	Spezifische Daten
Monatliche Website-Besucher	127,500
Online-Hausreservierungspreis	3.2%
Durchschnittliche Online-Sitzungsdauer	6,7 Minuten

Physische Verkaufszentren und Musterhäuser

Dream Finders Homes betreibt eine physische Vertriebsinfrastruktur in mehreren Märkten:

• Gesamtstandorte der Musterhäuser: 42
• Abgedeckte geografische Märkte: 7 Staaten
• Durchschnittliche Investition in ein Musterhaus: 875.000 US-Dollar

Empfehlungsnetzwerke für Immobilienmakler

Empfehlungsnetzwerk-Metrik	Quantitative Daten
Aktive Empfehlungsagenten	1,236
Kommissionsstruktur	2.5% - 3.0%
Empfehlungs-Conversion-Rate	22.4%

Digitales Marketing und soziale Medien

Leistung digitaler Marketingkanäle im Jahr 2023:

• Instagram-Follower: 47.300
• Facebook-Engagement-Rate: 4,1 %
• Ausgaben für digitale Werbung: 2,3 Millionen US-Dollar pro Jahr
• Kosten pro Lead: 86,50 $

Direkte Kundenansprache und Werbung

Direkte Outreach-Metrik	Spezifische Daten
Jährliche Direct-Mail-Kampagnen	6
Größe der E-Mail-Marketing-Liste	92.500 Abonnenten
E-Mail-Öffnungsrate	19.3%
Gesamtes Werbebudget	5,7 Millionen US-Dollar

Dream Finders Homes, Inc. (DFH) – Geschäftsmodell: Kundensegmente

Erstkäufer von Eigenheimen

Ab dem vierten Quartal 2023 richtet sich Dream Finders Homes an Erstkäufer von Eigenheimen mit bestimmten demografischen Merkmalen:

Altersspanne	Mittleres Einkommen	Geografische Zielmärkte
25-38 Jahre alt	$75,000 - $110,000	Florida, Georgia, North Carolina, Texas

Käufer von Wohnimmobilien, die nach oben ziehen

Wichtige Marktsegmentmerkmale für Nachziehkäufer:

• Durchschnittliches Haushaltseinkommen: 125.000 bis 175.000 US-Dollar
• Typische Preisspanne für ein Haus: 350.000 bis 550.000 US-Dollar
• Hauptmärkte: Metropolregionen Jacksonville, Orlando, Atlanta

Junge Berufstätige Familien

Demographisch profile der gezielten jungen Berufstätigenfamilien:

Haushaltszusammensetzung	Jahreseinkommen	Home-Einstellungen
2 berufstätige Eltern, 1-2 Kinder	$95,000 - $145,000	Häuser mit 3 bis 4 Schlafzimmern in Vorstadtsiedlungen

Vorstädtische und wachsende Metropolmärkte

Marktkonzentrationsdaten für 2023:

• Florida: 42 % der gesamten Hausverkäufe
• Georgia: 22 % aller Hausverkäufe
• North Carolina: 18 % der gesamten Hausverkäufe
• Texas: 12 % der gesamten Hausverkäufe

Wohnbevölkerung mit mittlerem Einkommen

Detaillierte Marktsegmentanalyse:

Einkommensbereich	Wohneigentumsquote	Durchschnittlicher Hauskaufpreis
$65,000 - $125,000	58.7%	$285,000 - $425,000

Dream Finders Homes, Inc. (DFH) – Geschäftsmodell: Kostenstruktur

Kosten für Landerwerb und -erschließung

Im vierten Quartal 2023 meldete Dream Finders Homes Landerwerbskosten in Höhe von 188,3 Millionen US-Dollar. Die Grundstücksentwicklungskosten des Unternehmens beliefen sich im Geschäftsjahr auf insgesamt 72,6 Millionen US-Dollar.

Ausgabenkategorie	Betrag (2023)
Kosten für den Grundstückserwerb	188,3 Millionen US-Dollar
Ausgaben für die Grundstückserschließung	72,6 Millionen US-Dollar

Baumaterial- und Arbeitskosten

Die Baumaterialkosten für Dream Finders Homes beliefen sich im Jahr 2023 auf etwa 215,4 Millionen US-Dollar. Die Arbeitskosten für Bauarbeiten beliefen sich auf 143,7 Millionen US-Dollar.

• Durchschnittliche Kosten pro Hausbau: 425.000 $
• Materialkostenanteil: 35-40 % der gesamten Baukosten
• Arbeitskostenanteil: 25–30 % der gesamten Baukosten

Marketing- und Vertriebsausgaben

Die Marketing- und Vertriebskosten für Dream Finders Homes beliefen sich im Jahr 2023 auf 37,2 Millionen US-Dollar, was 4,5 % des Gesamtumsatzes entspricht.

Marketingkanal	Kostenzuordnung
Digitales Marketing	15,6 Millionen US-Dollar
Traditionelle Werbung	8,9 Millionen US-Dollar
Vergütung des Vertriebsteams	12,7 Millionen US-Dollar

Betriebsgemeinkosten und Verwaltungskosten

Die Betriebsgemeinkosten und Verwaltungskosten für Dream Finders Homes beliefen sich im Jahr 2023 auf insgesamt 52,4 Millionen US-Dollar.

• Verwaltungsgehälter: 28,6 Millionen US-Dollar
• Bürobetrieb: 12,3 Millionen US-Dollar
• Professionelle Dienstleistungen: 11,5 Millionen US-Dollar

Investitionen in Technologie und digitale Infrastruktur

Die Technologieinvestitionen für Dream Finders Homes beliefen sich im Jahr 2023 auf 9,7 Millionen US-Dollar.

Technologie-Investitionsbereich	Kosten
Software und Systeme	4,3 Millionen US-Dollar
Digitale Infrastruktur	3,2 Millionen US-Dollar
Cybersicherheit	2,2 Millionen US-Dollar

Dream Finders Homes, Inc. (DFH) – Geschäftsmodell: Einnahmequellen

Hausverkauf und Wohnungsbau

Für das Geschäftsjahr 2023 berichtete Dream Finders Homes:

Metrisch	Wert
Totale Hausschließungen	2.482 Wohnungen
Durchschnittlicher Hausverkaufspreis	$471,000
Gesamtumsatz aus Hausverkäufen	1,17 Milliarden US-Dollar

Individuelles Wohndesign und Upgrades

Umsatzaufschlüsselung für individuelle Wohnoptionen:

Upgrade-Kategorie	Durchschnittlicher zusätzlicher Umsatz pro Haus
Innenaufrüstungen	$35,600
Außenanpassungen	$22,400
Smart-Home-Technologie	$15,200

Hypotheken- und Finanzierungsdienstleistungen

Einzelheiten zu den Finanzierungseinnahmen:

• Volumen der Hypothekenvergabe: 612 Millionen US-Dollar
• Durchschnittliche Hypothekendarlehenshöhe: 389.000 $
• Hypothekenservicegebühren: 1,5 % des Kreditwerts

Grundstücksentwicklung und Grundstücksverkäufe

Finanzielle Kennzahlen zur Landentwicklung:

Landentwicklungsmetrik	Wert
Gesamtzahl der erschlossenen Grundstücke	1.245 Lose
Durchschnittlicher Grundstücksverkaufspreis	$185,000
Gesamtertrag aus Grundstücksverkäufen	230,3 Millionen US-Dollar

Möglichkeiten für Immobilieninvestitionen

Investitionsbezogene Einnahmequellen:

• Beteiligung des Real Estate Investment Trust (REIT): 45,6 Millionen US-Dollar
• Immobilienverwaltungsdienste: 12,3 Millionen US-Dollar
• Wert des Mietimmobilienportfolios: 87,4 Millionen US-Dollar

Dream Finders Homes, Inc. (DFH) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Dream Finders Homes, Inc. (DFH) over the competition, grounded in their operational structure and recent financial performance through late 2025.

Capital-efficient, asset-light homebuilding model

Dream Finders Homes, Inc. emphasizes an asset-light homebuilding model to drive growth and returns. This approach is reflected in their controlled lot pipeline versus owned inventory.

The controlled lot pipeline stood at 63,180 lots as of June 30, 2025, an increase from 54,698 lots as of December 31, 2024. This strategy helps manage capital deployment. For context on capital structure, net homebuilding debt to net capitalization as of December 31, 2024, was 33.7%, and net leverage has remained stable below 45% for the past three years.

Here's a look at the recent order book and margin performance supporting this model:

Metric (As of September 30, 2025)	Value	Comparison Point
Backlog (Units)	2,619	2,513 (As of June 30, 2025)
Backlog Value	$1.2 billion	$1.2 billion (As of June 30, 2025)
ASP in Backlog	$447,133	$477,865 (As of June 30, 2025)
Homebuilding Gross Margin	17.5%	19.2% (Q3 2024)
Adjusted Homebuilding Gross Margin (non-GAAP)	26.7%	27.6% (Q3 2024)

The company is still guiding for approximately 9,250 home closings for the full year 2025.

High-quality, affordable product for first-time and move-up buyers

The value proposition centers on delivering homes that meet buyer needs despite challenging affordability conditions. The company notes that its low cancellation rate reflects the availability of this product across its markets.

The Average Sales Price (ASP) of homes in the backlog as of September 30, 2025, was $447,133. For homes closed in the second quarter of 2025, the ASP was $481,027, which represented a 7% decrease compared to the prior year quarter ASP of $514,833.

Specific price points for quick move-in homes in certain markets illustrate the range:

• Raleigh, NC Price Range: $259,990 - $627,196
• Jacksonville, FL Move-In Ready Example: $407,490
• Orlando, FL Move-In Ready Example: $595,527

Financial incentives like forward mortgage commitment programs

Dream Finders Homes, Inc. uses financial tools, including forward mortgage commitment programs, to address buyer concerns over mortgage rates. These programs are a significant component of Selling, General, and Administrative (SG&A) expenses.

Costs associated with these programs drove SG&A as a percentage of homebuilding revenues:

• First Quarter 2025: SG&A was 12.0% of homebuilding revenues, up from 9.7% in Q1 2024, primarily due to these costs.
• Second Quarter 2025: SG&A was 12.3% of homebuilding revenues, up from 9.2% in Q2 2024, with costs of the programs cited as a primary driver.

Specific incentive rates offered included a 5.99% (APR 6.042%) 30-year fixed rate for contracts written and closed by February 28, 2025. Other promotions mentioned rates as low as 1.99% (APR 6.185%) through December 12th.

Quick, move-in-ready homes to meet immediate demand

The strategy includes offering homes that are ready for immediate occupancy, which is believed to support a low cancellation rate. This addresses the immediate demand from buyers who cannot wait for a home to be built.

As of March 31, 2025, approximately 2,432 homes in the backlog were expected to be delivered in 2025, indicating a significant portion of the pipeline was near completion or move-in ready to meet that year's delivery goal. The company believes the availability of these quick, move-in-ready homes reflects its successful sales incentives.

Dream Finders Homes, Inc. (DFH) - Canvas Business Model: Customer Relationships

You're looking at how Dream Finders Homes, Inc. interacts with buyers across the journey, from initial contact to post-closing support. It's all about driving volume and capturing ancillary revenue in a tough rate environment.

Direct sales team engagement in community models

The direct sales force operates across a broad footprint. As of September 30, 2025, Dream Finders Homes, Inc. was active in 283 unique active communities across 10 states.

• States include Florida, Texas, Tennessee, North Carolina, South Carolina, Georgia, Colorado, Arizona, and the Washington, D.C. metropolitan area.
• Recent expansion included entering the Atlanta, Georgia market via the January 2025 Liberty Communities acquisition.
• Net new orders in the third quarter of 2025 reached 2,021, marking a 20% increase compared to the third quarter of 2024.

Use of sales incentives to combat high interest rates

Dream Finders Homes, Inc. explicitly uses incentives to move inventory, which impacts the average selling price (ASP). The decrease in homebuilding revenues for the third quarter of 2025 was driven, in part, by decreases in ASP attributable to the increased use of sales incentives during that quarter.

The success of this approach is visible in order flow metrics, even as margins compress slightly. The company noted that the improvement in the second quarter of 2025 cancellation rate (down to 14.0% from 13.2% YoY) was reflective of its successful sales incentives.

Metric	Q3 2025 Value	Comparison to Prior Year
Net New Orders	2,021	Increase of 20%
Cancellation Rate	12.5%	Improvement of 130 bps
Home Closings	1,915	Increase of 1%

They are actively promoting financing offers, such as rates starting as low as 1.99% (6.185% APR) through December 12th on select quick move-in homes.

Dedicated financial services for a streamlined closing process

The integration of financial services is a key component, providing both customer convenience and a separate revenue stream. Dream Finders Homes, Inc. offers mortgage financing and title agency/underwriting services through wholly owned subsidiaries like Jet HomeLoans, LP and DF Title, LLC.

This segment shows financial growth, even when homebuilding revenues fluctuate.

• Financial services pre-tax income for the third quarter of 2025 was $9 million, up 11% from $8 million in the third quarter of 2024.
• In the second quarter of 2025, financial services pre-tax income was $12 million, an 86% increase from $7 million in the second quarter of 2024.
• The April 2025 acquisition of Alliant Title contributed to additional financial services revenues in the third quarter of 2025.

Post-sale customer service and warranty support

Dream Finders Homes, Inc. commits professional staff to after-sales service, utilizing customer feedback before closing to refine quality. The standard post-sale commitment includes product warranties.

The warranty structure is as follows:

• One-Year Workmanship & Materials Coverage from the Warranty Commencement Date.
• Mechanical systems (electrical, plumbing, HVAC) may be covered for two (2) years in certain states.
• Warranty coverage is provided to the initial homeowner and is generally not transferable unless required by applicable law.

Warranty work is scheduled during normal weekday hours, Monday through Friday from 8:30am to 5:00pm, with a required 24-hour notice for appointment cancellation.

Dream Finders Homes, Inc. (DFH) - Canvas Business Model: Channels

On-site sales centers in over 283 unique active communities as of September 30, 2025.

Digital marketing and company website for lead generation. The digital marketing methods employed include strategic e-marketing.

Real estate broker networks for customer referrals.

Wholly-owned financial services segment for integrated offerings.

Financial Services Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Pre-Tax Income (Millions USD)	$7 million	$12 million	$9 million
YoY Pre-Tax Income Growth	29% increase	86% increase	11% increase
Segment Revenue Growth (YoY)	Not specified	Not specified	163% surge

The financial services segment includes mortgage financing, title agency, and underwriting services.

• Acquisitions supporting the segment include Jet HomeLoans (consolidated July 2024) and Alliant Title (closed April 2025).
• The segment's operations include DF Title's expansion within the Tennessee market.

Dream Finders Homes, Inc. (DFH) - Canvas Business Model: Customer Segments

You're analyzing Dream Finders Homes, Inc. (DFH) and need to map out exactly who they are building for as of late 2025. The core customer base is driven by demographic shifts and a need for attainable housing in high-growth areas.

Entry-level and move-up single-family homebuyers

The primary engine for Dream Finders Homes, Inc. demand is the millennial generation, which is entering its prime homebuying age. This demographic shift is fueling increased demand specifically for starter and first-move-up homes. The company's success in maintaining a low cancellation rate, which stood at 12.5% in the third quarter of 2025, reflects the successful alignment of their product with this buyer need. The company also aims to appeal to a broad spectrum of buyers, including growing families and those looking to downsize. Dream Finders Homes, Inc. achieved 1,915 home closings in the third quarter of 2025, a 1% increase year-over-year, showing consistent execution against this segment.

Buyers in high-growth US markets (Southeast, Mid-Atlantic, Midwest)

Dream Finders Homes, Inc. strategically concentrates its operations in markets that significantly outperform national averages in key metrics like population growth and job creation. The company operates across a substantial geographic footprint, including Florida, Texas, Colorado, Georgia, Maryland, the Carolinas, Tennessee, and Virginia. These markets collectively account for 77% of all US migration as of the latest data. The recent acquisition of Liberty Communities in January 2025 bolstered its presence in the Atlanta, Georgia market, which is part of the Southeast segment. The company's Q3 2025 results showed that the Southeast segment received 139 of the 185 closings contributed by the Liberty Communities acquisition, highlighting the importance of this region.

The key operating regions include:

• Southeast markets, including Florida and Georgia.
• Mid-Atlantic markets, such as Maryland and Virginia.
• The Midwest segment.

Customers seeking affordable homes with lower average sales prices (ASP)

A defining characteristic of Dream Finders Homes, Inc.'s strategy is the focus on providing attainable housing units, which translates to lower average sales prices compared to some industry peers. This focus is critical given the challenging environment from elevated mortgage rates. You can track the trend in the average sales price (ASP) of homes in their backlog over the course of 2025, which shows a general downward trend, supporting the affordable focus.

Metric Date	ASP in Backlog
September 30, 2025	$447,133
June 30, 2025	$477,865
March 31, 2025	$494,987
December 31, 2024	$501,910

To be fair, the ASP for homes closed in the fourth quarter of 2024 was $507,477, but the backlog ASP trend suggests a successful shift toward more affordable inventory for future delivery. The company's homebuilding gross margin for Q3 2025 was 17.5%, down from 19.2% in Q3 2024, partly due to increased incentives and changes in product mix to meet this affordability target.

Investors seeking new construction rental properties

While the primary focus is on owner-occupiers, the business structure itself is highly attractive to capital providers and investors. Dream Finders Homes, Inc. employs an asset-light homebuilding model, which means land is secured with a deposit rather than being fully recorded on the balance sheet, reducing the risk exposure associated with holding land inventory. This model supports high inventory turnover and strong cash flow, which are key metrics for investors. The company reported a Return on participating equity of 22.0% as of September 30, 2025, demonstrating efficient use of capital. Furthermore, the company's Financial Services segment, which includes mortgage financing and title services, saw its pre-tax income increase by 11% to $9 million in Q3 2025, adding a diversified revenue stream that appeals to sophisticated financial backers.

Key operational metrics supporting investor confidence include:

• Controlled lot pipeline of 64,341 as of September 30, 2025.
• Total liquidity of $625 million as of September 30, 2025.
• Net new orders increased 20% in Q3 2025 compared to Q3 2024.

Finance: draft 13-week cash view by Friday.

Dream Finders Homes, Inc. (DFH) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for Dream Finders Homes, Inc. as of late 2025. Understanding these costs is key to seeing where the margin pressure is coming from, especially with the current market dynamics.

Cost of homebuilding and construction (Cost of Goods Sold)

The largest component of the cost structure is the direct cost to build the homes. For the third quarter of 2025, homebuilding revenues were $917 million. With a reported homebuilding gross margin of 17.5% for the same period, the implied Cost of Goods Sold (COGS) is substantial.

Here's a quick look at the key cost-related figures from the Q3 2025 report:

Metric	Amount (Q3 2025)
Homebuilding Revenues	$917 million
Homebuilding Gross Margin Percentage	17.5%
Implied Cost of Goods Sold (COGS)	$756.525 million

The decrease in the homebuilding gross margin percentage to 17.5% from 19.2% year-over-year was primarily attributed to changes in product mix, higher land and financing costs, and increased incentives, all of which directly impact the COGS calculation or the net revenue recognized.

Selling, General, and Administrative (SG&A) expenses, which were $110 million in Q3 2025

The Selling, General, and Administrative (SG&A) expenses for the third quarter of 2025 were reported at $110 million. This figure represents an 8% increase compared to the $102 million reported in the third quarter of 2024. As a percentage of homebuilding revenues, SG&A rose to 11.9% in Q3 2025, up from 10.3% in Q3 2024.

The increase in SG&A was notably driven by specific, non-recurring or program-related costs:

• Costs associated with forward mortgage commitment programs.
• General operating expenses reflecting the expanded scale following acquisitions.

Land option deposits and fees for the asset-light model

Dream Finders Homes, Inc. employs an asset-light approach, which shifts a significant portion of land holding costs to options and deposits rather than outright ownership of all developed lots. This strategy keeps capital off the balance sheet but creates a large contingent liability or commitment.

The risk exposure related to this model shows a clear increase in commitment to future land inventory:

• Risk of loss related to finished lot option and land bank option deposits and related fees was $650.4 million as of June 30, 2025.
• This was up from $551.9 million as of December 31, 2024.

The controlled lot pipeline itself expanded to 64,341 lots as of September 30, 2025, up from 54,698 at the end of 2024, indicating continued investment in securing future production capacity.

Costs of sales incentives and mortgage rate buydowns

Costs related to stimulating sales, particularly in a higher interest rate environment, are a material component impacting profitability. These costs are often reflected as a reduction to revenue or an increase in COGS/SG&A depending on the structure.

For Dream Finders Homes, Inc. in Q3 2025, these costs were evident in two key areas:

• The decrease in homebuilding revenues was partially attributable to the increased use of sales incentives during the quarter.
• The lower homebuilding gross margin percentage was explicitly linked to increased incentives.
• The SG&A increase was partly due to costs for forward mortgage commitment programs, which are essentially rate buydowns allowing homebuyers to lock in lower rates at the time of sale.

Finance: draft 13-week cash view by Friday.

Dream Finders Homes, Inc. (DFH) - Canvas Business Model: Revenue Streams

You're looking at how Dream Finders Homes, Inc. brings in the money, which is pretty straightforward for a homebuilder, but with a nice little kicker from their financial services arm. The core of the business, defintely, is selling those single-family homes they build across their operating regions.

The primary revenue stream is the Homebuilding Revenue, which comes directly from those property sales. For the third quarter of 2025, this segment brought in $917 million in homebuilding revenues. That figure was a bit lower than the prior year's Q3, coming in at a 7% decrease year-over-year, which management pointed to as being due to shifts in geographic product mix and the use of sales incentives.

To give you a clearer picture of the scale and recent performance driving this revenue, here are some key operational numbers from that same period:

• Home closings reached 1,915 units in Q3 2025, a 1% increase year-over-year and a third-quarter record.
• Net new orders were up a strong 20% to 2,021 units, also a third-quarter record.
• The company has set its full-year 2025 guidance for home closings at approximately 8,500 units.
• The backlog as of September 30, 2025, stood at 2,619 homes valued at $1.2 billion.

Now, let's look at the secondary, but growing, revenue component: Financial Services Income. This comes from mortgage origination and title services provided through their subsidiaries. This area is showing growth, partly due to acquisitions like Alliant National Title Insurance Company, Inc. in April 2025.

Here's a quick look at how the financial services segment contributed in Q3 2025:

Metric	Q3 2025 Amount	Change vs. Q3 2024
Financial Services Pre-Tax Income	$9 million	Increased by 11%
Financial Services Segment Revenue	Not specified	Up $33 million YoY

So, you have the large, lumpy revenue from home sales, which is the main engine, supported by the more consistent, fee-based income from the financial services operations. That $917 million in Q3 2025 homebuilding revenue is the number that anchors the entire revenue stream analysis.