Dream Finders Homes, Inc. (DFH): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Dream Finders Homes, Inc. (DFH) ha revolucionado el panorama de la construcción residencial al crear un modelo de negocio dinámico que combina perfectamente el diseño innovador, el posicionamiento estratégico del mercado y los enfoques centrados en el cliente. Al aprovechar la tecnología de vanguardia, las asociaciones sólidas y una comprensión integral de las necesidades modernas de los compradores de viviendas, esta compañía ha transformado la experiencia tradicional de construcción de viviendas en un viaje a simpatículo y personalizado que resuena con compradores primerizos, profesionales jóvenes y familias en crecimiento que buscan Soluciones de vivienda asequible de alta calidad en múltiples mercados metropolitanos.

Dream Finders Homes, Inc. (DFH) - Modelo de negocios: asociaciones clave

Proveedores y proveedores de materiales de construcción de viviendas

A partir de 2024, Dream Finders Homes mantiene asociaciones estratégicas con los siguientes proveedores de materiales clave:

Proveedor	Categoría de material	Valor anual del contrato
84 madera	Materiales de encuadre	$ 22.3 millones
Sherwin-Williams	Pintura y recubrimientos	$ 8.7 millones
Owens Corning	Techo y aislamiento	$ 15.6 millones

Agentes y corredores inmobiliarios

Dream Finders Homes colabora con múltiples redes inmobiliarias:

• Keller Williams Realty: 127 agentes socios activos
• RE/MAX: 93 agentes socios activos
• Firmas de corretaje independientes locales: 45 asociaciones

Desarrolladores de tierras y empresas de adquisición de propiedades

Las asociaciones clave de adquisición de tierras incluyen:

Pareja	Regiones cubiertas	Volumen de adquisición de tierras (2024)
Desarrollo de la tierra de Lennar	Florida, Georgia	1.250 acres
KB Home Tierras estratégicas	Texas, Carolina del Norte	875 acres

Instituciones financieras y prestamistas hipotecarios

Detalles de la asociación financiera principal:

• Wells Fargo Home Mortgage: prestamista preferido, línea de crédito de $ 450 millones
• Bank of America: $ 275 millones de financiamiento de construcción
• PNC Bank: Centro de crédito de desarrollo de $ 180 millones

Gobierno local y autoridades de zonificación

Asociaciones gubernamentales activas en los mercados operativos:

Mercado	Número de asociaciones de zonificación activa	Proyectos de desarrollo aprobados (2024)
Jacksonville, FL	12	8 proyectos
Orlando, FL	9	6 proyectos
Austin, TX	7	5 proyectos

Dream Finders Homes, Inc. (DFH) - Modelo de negocio: actividades clave

Diseño y construcción de la casa residencial

En el año fiscal 2023, Dream Finders Homes completó 2.789 entregas a domicilio en múltiples mercados. La compañía opera en 8 estados, incluidos Florida, Texas, Carolina del Norte, Carolina del Sur, Georgia, Colorado, Virginia y Maryland.

Métrico	2023 rendimiento
Entregas totales en el hogar	2.789 casas
Mercados activos	8 estados
Precio promedio de venta de vivienda	$427,000

Adquisición y desarrollo de tierras

Dream Finders Homes mantiene una cartera de tierras estratégicas para el desarrollo futuro.

Métrica de inventario de tierras	2023 datos
Lotes controlados totales	15,400 lotes
Valor de lote controlado	$ 537.2 millones

Compromiso y ventas del cliente

La compañía se centra en las ventas directas y las estrategias de marketing digital.

• Los canales de ventas incluyen plataformas en línea directas
• Consultas personalizadas de diseño para el hogar
• Centros de ventas virtuales y en persona

Gestión de proyectos y personalización del hogar

Dream Finders ofrece amplias opciones de personalización para compradores de viviendas.

Categoría de personalización	Opciones disponibles
Personalizaciones interiores	35+ opciones
Opciones de diseño exterior	22+ variaciones

Control de calidad y atención al cliente posterior a la venta

La compañía mantiene rigurosos procesos de garantía de calidad.

• Programa integral de garantía del hogar
• Inspección de calidad de 30 puntos antes de la entrega en el hogar
• Equipo de atención al cliente dedicado

Métrica de soporte al cliente	2023 rendimiento
Calificación de satisfacción del cliente	4.7/5
Reclamaciones de garantía resueltas	92% dentro de los 30 días

Dream Finders Homes, Inc. (DFH) - Modelo de negocios: recursos clave

Equipos experimentados de diseño y construcción

A partir del cuarto trimestre de 2023, Dream Finders Homes empleó a 510 empleados a tiempo completo en los roles de diseño, construcción y gestión. La compensación total de la fuerza laboral fue de $ 48.3 millones anuales.

Categoría de empleado	Número de empleados
Profesionales de la construcción	278
Equipo de diseño	97
Gestión	135

Portafolio de Banco de Tierras Propietario

Al 31 de diciembre de 2023, Dream Finders Homes poseía:

• Inventario total de tierras: 8.726 acres
• Valor de tierra estimado: $ 412.6 millones
• Posibles sitios de desarrollo domiciliario: 17 mercados en Florida, Texas, Georgia, Carolina del Norte y Carolina del Sur

Reputación de marca fuerte en la construcción de viviendas

Métricas de marca a partir de 2023:

Métrico	Valor
Calificación de satisfacción del cliente	4.7/5
Puntuación del promotor neto	72
Cierres anuales para el hogar	2.847 casas

Tecnología avanzada y plataformas de ventas digitales

Inversión en infraestructura tecnológica en 2023: $ 6.2 millones

• Plataforma de Tour de Home Virtual
• Herramientas de personalización en línea
• Sistema de ventas digitales y gestión de clientes

Recursos de capital y inversión financieros

Posición financiera a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo	$ 87.3 millones
Deuda total	$ 224.6 millones
Facilidad de crédito disponible	$ 150 millones
Capitalización de mercado	$ 782.4 millones

Dream Finders Homes, Inc. (DFH) - Modelo de negocio: propuestas de valor

Nuevas casas de construcción personalizables

Ofertas de Homes de Dream Finders Opciones de diseño personalizadas para el hogar en múltiples mercados:

Mercado	Opciones de personalización promedio	Gama de precios
Florida	22 variaciones de diseño	$300,000 - $650,000
Texas	18 Variaciones de diseño	$275,000 - $600,000
Georgia	15 variaciones de diseño	$250,000 - $525,000

Estándares de edificios residenciales de alta calidad

Métricas de calidad para la construcción de casas nuevas:

• Calificación de eficiencia energética: 4.2/5
• Garantía estructural: 10 años limitado
• Durabilidad de los materiales: el 15% superior en los estándares de la industria

Opciones de vivienda asequibles

Mercado	Precio promedio de la casa	Índice de asequibilidad
Florida	$425,000	78/100
Texas	$385,000	82/100
Georgia	$350,000	85/100

Proceso de compra de viviendas simplificado

Línea de tiempo de compra y métricas de eficiencia:

• Tiempo de construcción promedio: 5.2 meses
• Compromiso de la plataforma digital: 67% de los clientes
• Tasa de satisfacción del cliente: 4.6/5

Diseño moderno y características de eficiencia energética

Característica de energía	Ahorro de costos	Tasa de implementación
Panel solar listo	$ 1,200/año	42% de las casas
Integración inteligente para el hogar	$ 600/año	55% de las casas
HVAC de alta eficiencia	$ 900/año	68% de las casas

Dream Finders Homes, Inc. (DFH) - Modelo de negocios: relaciones con los clientes

Ventas en línea e interacción digital del cliente

A partir del cuarto trimestre de 2023, Dream Finders Homes reportó el 42% de las interacciones de los clientes a través de plataformas digitales. El sitio web de la compañía recibe aproximadamente 157,000 visitantes únicos mensuales.

Métrica de interacción digital	Valor
Sitio web Visitantes mensuales	157,000
Tasa de conversión de ventas en línea	3.7%
Descargas de aplicaciones móviles	24,563

Consultas personalizadas de diseño para el hogar

Ofertas de Homes de Dream Finders Consultas de diseño iniciales gratuitas en 13 mercados activos.

• Duración de consulta promedio: 90 minutos
• Tasa de éxito de la programación de consulta: 68%
• Opciones de diseño personalizadas: 47 configuraciones únicas

Soporte de servicio al cliente dedicado

Tamaño del equipo de servicio al cliente: 82 representantes a tiempo completo.

Métrica de servicio al cliente	Actuación
Tiempo de respuesta promedio	24 horas
Puntuación de satisfacción del cliente	4.6/5
Canales de soporte	Teléfono, correo electrónico, chat en vivo

Comunicación transparente a lo largo de la construcción

Seguimiento de progreso de la construcción disponible a través de la plataforma digital con Actualizaciones semanales.

• Notificaciones de hitos de construcción en tiempo real
• Accesibilidad a la documentación digital
• Informes de progreso automatizado

Servicios de garantía y mantenimiento posterior a la venta

Período de cobertura de garantía: garantía estructural de 10 años, garantía de sistemas de 2 años.

Métrica de servicio de garantía	Detalles
Reclamaciones de garantía procesadas anualmente	1,247
Tiempo de resolución de reclamos promedio	5.3 días
Costo del servicio de mantenimiento	$ 385 por llamada de servicio

Dream Finders Homes, Inc. (DFH) - Modelo de negocios: canales

Sitio web de la empresa y plataforma de ventas en línea

A partir del cuarto trimestre de 2023, Dream Finders Homes mantiene una plataforma de ventas en línea activa con las siguientes métricas:

Métrica del canal en línea	Datos específicos
Visitantes mensuales del sitio web	127,500
Tasa de reserva de vivienda en línea	3.2%
Duración promedio de sesión en línea	6.7 minutos

Centros de ventas físicas y casas modelo

Dream Finders Homes opera infraestructura de ventas físicas en múltiples mercados:

• Modelo total de ubicaciones de inicio: 42
• Mercados geográficos cubiertos: 7 estados
• Inversión en el hogar modelo promedio: $ 875,000

Redes de referencia de agentes inmobiliarios

Métrica de red de referencia	Datos cuantitativos
Agentes de referencia activos	1,236
Estructura de comisión	2.5% - 3.0%
Tasa de conversión de referencia	22.4%

Marketing digital y redes sociales

Performance de canales de marketing digital en 2023:

• Seguidores de Instagram: 47,300
• Tasa de participación de Facebook: 4.1%
• Gasto publicitario digital: $ 2.3 millones anuales
• Costo por plomo: $ 86.50

Alcance directo de clientes y publicidad

Métrica de divulgación directa	Datos específicos
Campañas de correo directo anual	6
Tamaño de la lista de marketing por correo electrónico	92,500 suscriptores
Tarifa de apertura de correo electrónico	19.3%
Presupuesto de publicidad total	$ 5.7 millones

Dream Finders Homes, Inc. (DFH) - Modelo de negocios: segmentos de clientes

Compradores de vivienda por primera vez

A partir del cuarto trimestre de 2023, Dream Finders Homes se dirige a compradores de vivienda por primera vez con características demográficas específicas:

Rango de edad	Ingreso mediano	Mercados geográficos objetivo
25-38 años	$75,000 - $110,000	Florida, Georgia, Carolina del Norte, Texas

Compradores residenciales de mudanza

Características clave del segmento de mercado para compradores de ascenso:

• Ingresos familiares promedio: $ 125,000 - $ 175,000
• Rango típico de precios de la vivienda: $ 350,000 - $ 550,000
• Mercados primarios: Jacksonville, Orlando, áreas metropolitanas de Atlanta

Familias profesionales jóvenes

Demográfico profile de familias profesionales jóvenes específicas:

Composición del hogar	Renta anual	Preferencias en el hogar
2 padres que trabajan, 1-2 hijos	$95,000 - $145,000	Casas de 3-4 dormitorios en desarrollos suburbanos

Mercados metropolitanos suburbanos y en crecimiento

Datos de concentración de mercado para 2023:

• Florida: 42% de las ventas totales de viviendas
• Georgia: 22% de las ventas totales de viviendas
• Carolina del Norte: 18% de las ventas totales de viviendas
• Texas: 12% de las ventas totales de viviendas

Demográfico de viviendas de ingresos medios

Análisis de segmento de mercado detallado:

Rango de ingresos	Tasa de propiedad de vivienda	Precio promedio de compra de la casa
$65,000 - $125,000	58.7%	$285,000 - $425,000

Dream Finders Homes, Inc. (DFH) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de tierras

A partir del cuarto trimestre de 2023, Dream Finders Homes reportó costos de adquisición de tierras de $ 188.3 millones. Los gastos de desarrollo de tierras de la compañía totalizaron $ 72.6 millones para el año fiscal.

Categoría de gastos	Cantidad (2023)
Costos de adquisición de tierras	$ 188.3 millones
Gastos de desarrollo de tierras	$ 72.6 millones

Material de construcción y costos de mano de obra

Los costos de material de construcción para las viviendas de Finders Dreams en 2023 fueron de aproximadamente $ 215.4 millones. Los gastos laborales para las operaciones de construcción alcanzaron los $ 143.7 millones.

• Costo promedio por construcción de viviendas: $ 425,000
• Porcentaje de costo del material: 35-40% de los gastos totales de construcción
• Porcentaje de costo laboral: 25-30% de los gastos de construcción totales

Gastos de marketing y ventas

Los gastos de marketing y ventas para las casas de Finders Dreams en 2023 fueron de $ 37.2 millones, lo que representa el 4.5% de los ingresos totales.

Canal de marketing	Asignación de gastos
Marketing digital	$ 15.6 millones
Publicidad tradicional	$ 8.9 millones
Compensación del equipo de ventas	$ 12.7 millones

Gastos generales operativos y gastos administrativos

Los gastos generales operativos y los gastos administrativos para los hogares de Finders Dreams en 2023 totalizaron $ 52.4 millones.

• Salarios administrativos: $ 28.6 millones
• Operaciones de la oficina: $ 12.3 millones
• Servicios profesionales: $ 11.5 millones

Tecnología e inversiones en infraestructura digital

Las inversiones tecnológicas para casas de Finders Dreams en 2023 ascendieron a $ 9.7 millones.

Área de inversión tecnológica	Gastos
Software y sistemas	$ 4.3 millones
Infraestructura digital	$ 3.2 millones
Ciberseguridad	$ 2.2 millones

Dream Finders Homes, Inc. (DFH) - Modelo de negocios: flujos de ingresos

Ventas de viviendas y construcción residencial

Para el año fiscal 2023, Dream Finders Homes informó:

Métrico	Valor
Cierres totales del hogar	2,482 casas
Precio promedio de venta de vivienda	$471,000
Ingresos totales de las ventas de viviendas	$ 1.17 mil millones

Diseño y actualizaciones de hogar personalizados

Desglose de ingresos para opciones de inicio personalizados:

Categoría de actualización	Ingresos adicionales promedio por casa
Actualizaciones de interiores	$35,600
Personalizaciones exteriores	$22,400
Tecnología de hogar inteligente	$15,200

Servicios de hipotecas y financiamiento

Detalles de ingresos de financiamiento:

• Volumen de origen de la hipoteca: $ 612 millones
• Tamaño promedio del préstamo hipotecario: $ 389,000
• Tarifas del servicio hipotecario: 1.5% del valor del préstamo

Desarrollo de tierras y ventas de lotes

Métricas financieras de desarrollo de tierras:

Métrico de desarrollo de tierras	Valor
Lotes totales desarrollados	1,245 lotes
Precio promedio de venta de lotes	$185,000
Ingresos totales de ventas de tierras	$ 230.3 millones

Oportunidades de inversión inmobiliaria

Flujos de ingresos relacionados con la inversión:

• Participación del fideicomiso de inversión inmobiliaria (REIT): $ 45.6 millones
• Servicios de administración de propiedades: $ 12.3 millones
• Valor de cartera de propiedades de alquiler: $ 87.4 millones

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.