Dream Finders Homes, Inc. (DFH): Business Model Canvas [Jan-2025 Mis à jour]

Dream Finders Homes, Inc. (DFH) a révolutionné le paysage de la construction résidentielle en fabriquant un modèle commercial dynamique qui mélange de manière transparente une conception innovante, un positionnement du marché stratégique et des approches centrées sur le client. En tirant parti des technologies de pointe, des partenariats robustes et une compréhension complète des besoins des acheteurs de maisons modernes, cette entreprise a transformé l'expérience traditionnelle de construction de maisons en un parcours personnalisé rationalisé qui résonne avec les acheteurs pour la première fois, les jeunes professionnels et les familles en pleine croissance à la recherche Solutions de logement abordables de haute qualité sur plusieurs marchés métropolitains.

Dream Finders Homes, Inc. (DFH) - Modèle commercial: partenariats clés

Fournisseurs et vendeurs de matériaux de construction de maison

En 2024, Dream Finders Homes maintient des partenariats stratégiques avec les principaux fournisseurs de matériel suivants:

Fournisseur	Catégorie de matériel	Valeur du contrat annuel
84 bois	Matériaux de cadrage	22,3 millions de dollars
Sherwin-williams	Peinture et revêtements	8,7 millions de dollars
Owens Corning	Toiture et isolation	15,6 millions de dollars

Agents immobiliers et courtiers

Dream Finders Homes collabore avec plusieurs réseaux immobiliers:

• Keller Williams Realty: 127 agents partenaires actifs
• RE / MAX: 93 agents partenaires actifs
• Sociétés de courtage indépendantes locales: 45 partenariats

Promoteurs fonciers et sociétés d'acquisition de biens

Les partenariats clés d'acquisition de terrains comprennent:

Partenaire	Régions couvertes	Volume d'acquisition de terres (2024)
Lennar Land Development	Floride, Géorgie	1 250 acres
Terres stratégiques de la maison KB	Texas, Caroline du Nord	875 acres

Institutions financières et prêteurs hypothécaires

Détails du partenariat financier principal:

• Hypothèque Home Wells Fargo: prêteur privilégié, ligne de crédit de 450 millions de dollars
• Bank of America: 275 millions de dollars financement de la construction
• Banque PNC: facilité de crédit de développement de 180 millions de dollars

Gouvernement local et autorités de zonage

Partenariats gouvernementaux actifs sur tous les marchés opérationnels:

Marché	Nombre de partenariats de zonage actifs	Projets de développement approuvés (2024)
Jacksonville, FL	12	8 projets
Orlando, FL	9	6 projets
Austin, TX	7	5 projets

Dream Finders Homes, Inc. (DFH) - Modèle d'entreprise: Activités clés

Conception et construction de maisons résidentielles

Au cours de l'exercice 2023, Dream Finders Homes a terminé 2 789 livraisons à domicile sur plusieurs marchés. La société opère dans 8 États, dont la Floride, le Texas, la Caroline du Nord, la Caroline du Sud, la Géorgie, le Colorado, la Virginie et le Maryland.

Métrique	Performance de 2023
Livrations à domicile total	2 789 maisons
Marchés actifs	8 États
Prix ​​de vente à domicile moyen	$427,000

Acquisition et développement des terres

Dream Finders Homes maintient un portefeuille de terres stratégiques pour le développement futur.

Métrique des stocks de terres	2023 données
Lots contrôlés totaux	15 400 lots
Valeur de lot contrôlée	537,2 millions de dollars

Engagement et ventes des clients

L'entreprise se concentre sur les stratégies directes des ventes et du marketing numérique.

• Les canaux de vente comprennent des plateformes en ligne directes
• Consultations de conception de maisons personnalisées
• Centres de vente virtuels et en personne

Gestion de projet et personnalisation de la maison

Dream Finders propose des options de personnalisation approfondies pour les acheteurs de maisons.

Catégorie de personnalisation	Options disponibles
Personnages intérieurs	35+ options
Choix de conception extérieurs	22+ variations

Contrôle de la qualité et support client post-vente

La société maintient des processus d'assurance qualité rigoureux.

• Programme complet de garantie à domicile
• Inspection de la qualité de 30 points avant la livraison à domicile
• Équipe de support client dédiée

Métrique du support client	Performance de 2023
Évaluation de satisfaction du client	4.7/5
Réclamations de garantie résolues	92% dans les 30 jours

Dream Finders Homes, Inc. (DFH) - Modèle commercial: Ressources clés

Des équipes de conception et de construction expérimentées

Depuis le quatrième trimestre 2023, Dream Finders Homes a employé 510 employés à temps plein dans les rôles de conception, de construction et de gestion. L'indemnisation totale de la main-d'œuvre était de 48,3 millions de dollars par an.

Catégorie des employés	Nombre d'employés
Professionnels de la construction	278
Équipe de conception	97
Gestion	135

Banque terrestre propriétaire et portefeuille de développement

Au 31 décembre 2023, Dream Finders Homes possédait:

• Inventaire total des terres: 8 726 acres
• Valeur des terres estimées: 412,6 millions de dollars
• Sites de développement domestiques potentiels: 17 marchés à travers la Floride, le Texas, la Géorgie, la Caroline du Nord et la Caroline du Sud

Grande réputation de marque dans la construction d'une maison

Métriques de la marque à partir de 2023:

Métrique	Valeur
Évaluation de satisfaction du client	4.7/5
Score de promoteur net	72
Fermetures à domicile annuelles	2 847 maisons

Technologie avancée et plateformes de vente numérique

Investissement dans l'infrastructure technologique en 2023: 6,2 millions de dollars

• Plateforme de visites à domicile virtuelle
• Outils de personnalisation en ligne
• Système de vente numérique et de gestion des clients

Capital financier et ressources d'investissement

Situation financière au Q4 2023:

Métrique financière	Montant
Equivalents en espèces et en espèces	87,3 millions de dollars
Dette totale	224,6 millions de dollars
Facilité de crédit disponible	150 millions de dollars
Capitalisation boursière	782,4 millions de dollars

Dream Finders Homes, Inc. (DFH) - Modèle d'entreprise: propositions de valeur

Maisons de construction personnalisables

Dream Finders Homes Offre Options de conception de maisons personnalisées sur plusieurs marchés:

Marché	Options de personnalisation moyennes	Fourchette
Floride	22 variations de conception	$300,000 - $650,000
Texas	18 variations de conception	$275,000 - $600,000
Georgia	15 variations de conception	$250,000 - $525,000

Normes de construction résidentielle de haute qualité

Métriques de qualité pour la construction de maisons neuves:

• Évaluation de l'efficacité énergétique: 4.2 / 5
• Garantie structurale: 10 ans Limite
• Durabilité des matériaux: 15% supérieurs aux normes de l'industrie

Options de logements abordables

Marché	Prix ​​médian des maisons	Indice d'abordabilité
Floride	$425,000	78/100
Texas	$385,000	82/100
Georgia	$350,000	85/100

Processus d'achat de maison rationalisé

Métriques d'achat de chronologie et d'efficacité:

• Temps de construction moyen: 5,2 mois
• Engagement de la plate-forme numérique: 67% des clients
• Taux de satisfaction client: 4.6 / 5

Conception moderne et fonctionnalités économes en énergie

Caractéristique énergétique	Économies de coûts	Taux de mise en œuvre
Panneau solaire prêt	1 200 $ / an	42% des maisons
Intégration de maison intelligente	600 $ / an	55% des maisons
CVC à haute efficacité	900 $ / an	68% des maisons

Dream Finders Homes, Inc. (DFH) - Modèle d'entreprise: Relations clients

Ventes en ligne et interaction client numérique

Depuis le quatrième trimestre 2023, Dream Finders Homes a déclaré 42% des interactions des clients sur les plates-formes numériques. Le site Web de l'entreprise reçoit environ 157 000 visiteurs uniques mensuels.

Métrique d'interaction numérique	Valeur
Visiteurs mensuels du site Web	157,000
Taux de conversion des ventes en ligne	3.7%
Téléchargements d'applications mobiles	24,563

Consultations de conception de maisons personnalisées

Dream Finders Homes Offre Consultations de conception initiales gratuites sur 13 marchés actifs.

• Durée moyenne de la consultation: 90 minutes
• Taux de réussite de la planification des consultations: 68%
• Options de conception personnalisées: 47 configurations uniques

Assistance dédiée au service client

Taille de l'équipe du service client: 82 représentants à temps plein.

Métrique du service client	Performance
Temps de réponse moyen	24 heures
Score de satisfaction du client	4.6/5
Canaux de support	Téléphone, e-mail, chat en direct

Communication transparente tout au long de la construction

Suivi de progrès de la construction disponible via la plate-forme numérique avec Mises à jour hebdomadaires.

• Notifications de jalons de construction en temps réel
• Accessibilité de la documentation numérique
• Rapports d'avancement automatisés

Services de garantie et de maintenance après la vente

Période de couverture de garantie: garantie structurelle à 10 ans, garantie des systèmes à 2 ans.

Métrique de service de garantie	Détails
Réclamations de garantie traitées chaque année	1,247
Temps de résolution moyen des réclamations	5,3 jours
Coût du service de maintenance	385 $ par appel de service

Dream Finders Homes, Inc. (DFH) - Modèle commercial: canaux

Site Web de l'entreprise et plateforme de vente en ligne

Depuis le quatrième trimestre 2023, Dream Finders Homes maintient une plate-forme de vente en ligne active avec les mesures suivantes:

Métrique de la chaîne en ligne	Données spécifiques
Visiteurs mensuels du site Web	127,500
Taux de réservation à domicile en ligne	3.2%
Durée moyenne de session en ligne	6,7 minutes

Centres de vente physiques et maisons modèles

Dream Finders Homes exploite une infrastructure de vente physique sur plusieurs marchés:

• Emplacements à domicile total du modèle: 42
• Marchés géographiques couverts: 7 États
• Investissement moyen du modèle à domicile: 875 000 $

Réseaux de référence de l'agent immobilier

Métrique du réseau de référence	Données quantitatives
Agents référencés actifs	1,236
Structure de commission	2.5% - 3.0%
Taux de conversion de référence	22.4%

Marketing numérique et médias sociaux

Digital Marketing canals Performance en 2023:

• Followers Instagram: 47 300
• Taux d'engagement Facebook: 4,1%
• Dépenses publicitaires numériques: 2,3 millions de dollars par an
• Coût par plomb: 86,50 $

Direction de la sensibilisation et de la publicité des clients

Métrique de sensibilisation directe	Données spécifiques
Campagnes de publipostage annuelles	6
Taille de la liste de marketing par e-mail	92 500 abonnés
Taux d'ouverture par e-mail	19.3%
Budget publicitaire total	5,7 millions de dollars

Dream Finders Homes, Inc. (DFH) - Modèle d'entreprise: segments de clientèle

Acheteurs de maisons pour la première fois

Depuis le quatrième trimestre 2023, Dream Finders Homes cible les acheteurs de maisons pour la première fois avec des caractéristiques démographiques spécifiques:

Tranche d'âge	Revenu médian	Cibler les marchés géographiques
25-38 ans	$75,000 - $110,000	Floride, Géorgie, Caroline du Nord, Texas

Acheteurs résidentiels de déplacement

Caractéristiques clés du segment du marché pour les acheteurs de mouvement:

• Revenu moyen des ménages: 125 000 $ - 175 000 $
• Gamme de prix typique des maisons: 350 000 $ - 550 000 $
• Marchés primaires: Jacksonville, Orlando, Atlanta Metropolitan Arees Metropolitan

Jeunes familles professionnelles

Démographique profile de jeunes familles professionnelles ciblées:

Composition des ménages	Revenu annuel	Préférences à domicile
2 parents qui travaillent, 1-2 enfants	$95,000 - $145,000	Maisons de 3 à 4 chambres dans les développements de banlieue

Marchés métropolitains de banlieue et croissants

Données de concentration du marché pour 2023:

• Floride: 42% du total des ventes de maisons
• Géorgie: 22% du total des ventes de maisons
• Caroline du Nord: 18% du total des ventes de maisons
• Texas: 12% du total des ventes de maisons

Logement à revenu intermédiaire démographique

Analyse détaillée du segment de marché:

Gamme de revenus	Taux d'accession à la propriété	Prix ​​d'achat moyen
$65,000 - $125,000	58.7%	$285,000 - $425,000

Dream Finders Homes, Inc. (DFH) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des terres

Au quatrième trimestre 2023, Dream Finders Homes a déclaré des coûts d'acquisition de terrains de 188,3 millions de dollars. Les frais de développement des terres de la société ont totalisé 72,6 millions de dollars pour l'exercice.

Catégorie de dépenses	Montant (2023)
Coûts d'acquisition de terres	188,3 millions de dollars
Frais de développement des terres	72,6 millions de dollars

Matériaux de construction et coûts de main-d'œuvre

Les coûts des matériaux de construction pour les maisons de rêveurs de rêve en 2023 étaient d'environ 215,4 millions de dollars. Les frais de main-d'œuvre pour les opérations de construction ont atteint 143,7 millions de dollars.

• Coût moyen par construction de maisons: 425 000 $
• Pourcentage de coût des matériaux: 35 à 40% du total des frais de construction
• Pourcentage de coût de la main-d'œuvre: 25 à 30% du total des dépenses de construction

Dépenses de marketing et de vente

Les frais de marketing et de vente pour Dream Finders Homes en 2023 étaient de 37,2 millions de dollars, ce qui représente 4,5% des revenus totaux.

Canal de marketing	Allocation des dépenses
Marketing numérique	15,6 millions de dollars
Publicité traditionnelle	8,9 millions de dollars
Compensation de l'équipe de vente	12,7 millions de dollars

Frais généraux et dépenses administratives opérationnelles

Les frais généraux opérationnels et les frais administratifs pour les maisons de recherche de rêve en 2023 ont totalisé 52,4 millions de dollars.

• Salaires administratifs: 28,6 millions de dollars
• Opérations de bureau: 12,3 millions de dollars
• Services professionnels: 11,5 millions de dollars

Investissements technologiques et infrastructures numériques

Les investissements technologiques pour Dream Finders Homes en 2023 s'élevaient à 9,7 millions de dollars.

Zone d'investissement technologique	Frais
Logiciels et systèmes	4,3 millions de dollars
Infrastructure numérique	3,2 millions de dollars
Cybersécurité	2,2 millions de dollars

Dream Finders Homes, Inc. (DFH) - Modèle d'entreprise: Strots de revenus

Ventes de maisons et construction résidentielle

Pour l'exercice 2023, Dream Finders Homes a rapporté:

Métrique	Valeur
Fermeture totale des maisons	2 482 maisons
Prix ​​de vente à domicile moyen	$471,000
Revenus totaux des ventes de maisons	1,17 milliard de dollars

Conception et mises à niveau personnalisées

Répartition des revenus pour les options de maison personnalisées:

Catégorie de mise à niveau	Revenus supplémentaires moyens par maison
Mises à niveau intérieure	$35,600
Personnages extérieurs	$22,400
Technologie de maison intelligente	$15,200

Services d'hypothèque et de financement

Détails des revenus de financement:

• Volume d'origine hypothécaire: 612 millions de dollars
• Taille moyenne du prêt hypothécaire: 389 000 $
• Frais de service hypothécaire: 1,5% de la valeur du prêt

Développement des terres et ventes de lots

Développement des terres Métriques financières:

Métrique de développement des terres	Valeur
Total des terrains développés	1 245 lots
Prix ​​de vente de lot moyen	$185,000
Revenu total des ventes de terrains	230,3 millions de dollars

Opportunités d'investissement immobilier

Structures de revenus liées aux investissements:

• Participation de la fiducie de placement immobilier (REIT): 45,6 millions de dollars
• Services de gestion immobilière: 12,3 millions de dollars
• Valeur du portefeuille de propriété locative: 87,4 millions de dollars

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.