Dream Finders Homes, Inc. (DFH): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Dream Finders Homes, Inc. (DFH) revolucionou o cenário de construção residencial criando um modelo de negócios dinâmico que combina perfeitamente design inovador, posicionamento estratégico do mercado e abordagens centradas no cliente. Ao alavancar a tecnologia de ponta, parcerias robustas e uma compreensão abrangente das necessidades modernas dos compradores de casas, esta empresa transformou a experiência tradicional de construção de casas em uma jornada simplificada e personalizada que ressoa com compradores iniciantes, jovens profissionais e famílias em crescimento que procuram Soluções habitacionais acessíveis e de alta qualidade em vários mercados metropolitanos.

Dream Finders Homes, Inc. (DFH) - Modelo de negócios: Parcerias -chave

Fornecedores e fornecedores de materiais de construção de casas

A partir de 2024, a Dream Finders Homes mantém parcerias estratégicas com os seguintes fornecedores de materiais importantes:

Fornecedor	Categoria de material	Valor anual do contrato
84 madeira serrada	Materiais de enquadramento	US $ 22,3 milhões
Sherwin-Williams	Tinta e revestimentos	US $ 8,7 milhões
Owens Corning	Telhado e isolamento	US $ 15,6 milhões

Agentes imobiliários e corretores

A Dream Finders Homes colabora com várias redes imobiliárias:

• Keller Williams Realty: 127 agentes parceiros ativos
• RE/MAX: 93 agentes de parceiros ativos
• Corretores independentes locais: 45 parcerias

Desenvolvedores de terras e empresas de aquisição de propriedades

As principais parcerias de aquisição de terras incluem:

Parceiro	Regiões cobertas	Volume de aquisição de terras (2024)
Desenvolvimento da Terra de Lennar	Flórida, Geórgia	1.250 acres
KB Home Strategic Lands	Texas, Carolina do Norte	875 acres

Instituições financeiras e credores hipotecários

Detalhes da Parceria Financeira Primária:

• Wells Fargo Home Hipoteca: Credor Preferido, Linha de Crédito de US $ 450 milhões
• Bank of America: financiamento de construção de US $ 275 milhões
• PNC Bank: US $ 180 milhões de crédito de desenvolvimento

O governo local e as autoridades de zoneamento

Parcerias governamentais ativas nos mercados operacionais:

Mercado	Número de parcerias de zoneamento ativas	Projetos de desenvolvimento aprovados (2024)
Jacksonville, FL	12	8 projetos
Orlando, FL	9	6 projetos
Austin, TX	7	5 projetos

Dream Finders Homes, Inc. (DFH) - Modelo de negócios: Atividades -chave

Projeto e construção residenciais de casa

No ano fiscal de 2023, a Dream Finders Homes completou 2.789 entregas domésticas em vários mercados. A empresa opera em 8 estados, incluindo Flórida, Texas, Carolina do Norte, Carolina do Sul, Geórgia, Colorado, Virgínia e Maryland.

Métrica	2023 desempenho
Entregas domésticas totais	2.789 casas
Mercados ativos	8 estados
Preço médio de venda em casa	$427,000

Aquisição e desenvolvimento de terras

A Dream Finders Homes mantém um portfólio estratégico de terras para o desenvolvimento futuro.

Métrica do inventário de terras	2023 dados
Lotes controlados totais	15.400 lotes
Valor de lote controlado	US $ 537,2 milhões

Engajamento e vendas do cliente

A empresa se concentra em estratégias diretas de vendas e marketing digital.

• Os canais de vendas incluem plataformas online diretas
• Consultas personalizadas de design de casa
• Centros de vendas virtuais e pessoais

Gerenciamento de projetos e personalização doméstica

O Dream Finders oferece extensas opções de personalização para compradores de casas.

Categoria de personalização	Opções disponíveis
Customizações de interiores	35 mais de opções
Escolhas de design externo	22+ variações

Controle de qualidade e suporte ao cliente pós-venda

A empresa mantém processos rigorosos de garantia de qualidade.

• Programa abrangente de garantia doméstica
• Inspeção de qualidade de 30 pontos antes da entrega em domicílio
• Equipe dedicada de suporte ao cliente

Métrica de suporte ao cliente	2023 desempenho
Classificação de satisfação do cliente	4.7/5
Reivindicações de garantia foram resolvidas	92% em 30 dias

Dream Finders Homes, Inc. (DFH) - Modelo de negócios: Recursos -chave

Equipes de design e construção experientes

A partir do quarto trimestre 2023, a Dream Finders Homes empregava 510 funcionários em período integral em funções de design, construção e gerenciamento. A compensação total da força de trabalho foi de US $ 48,3 milhões anualmente.

Categoria de funcionários	Número de funcionários
Profissionais de construção	278
Equipe de design	97
Gerenciamento	135

Banco de terras proprietário e portfólio de desenvolvimento

Em 31 de dezembro de 2023, a Dream Finders Homes possuía:

• Inventário Total Land: 8.726 acres
• Valor da terra estimado: US $ 412,6 milhões
• Sites de desenvolvimento em potencial: 17 mercados em toda a Flórida, Texas, Geórgia, Carolina do Norte e Carolina do Sul

Forte reputação da marca no edifício de casa

Métricas de marca a partir de 2023:

Métrica	Valor
Classificação de satisfação do cliente	4.7/5
Pontuação do promotor líquido	72
Fechamento anual da casa	2.847 casas

Plataformas avançadas de tecnologia e vendas digitais

Investimento de infraestrutura tecnológica em 2023: US $ 6,2 milhões

• Plataforma de turnê em casa virtual
• Ferramentas de personalização online
• Vendas digitais e sistema de gerenciamento de clientes

Capital financeiro e recursos de investimento

Posição financeira a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Caixa e equivalentes de dinheiro	US $ 87,3 milhões
Dívida total	US $ 224,6 milhões
Linha de crédito disponível	US $ 150 milhões
Capitalização de mercado	US $ 782,4 milhões

Dream Finders Homes, Inc. (DFH) - Modelo de negócios: proposições de valor

Novas casas de construção personalizáveis

Dream Finders Homes oferece Opções de design de casa personalizadas Em vários mercados:

Mercado	Opções médias de personalização	Faixa de preço
Flórida	22 Variações de design	$300,000 - $650,000
Texas	18 Variações de design	$275,000 - $600,000
Georgia	15 variações de design	$250,000 - $525,000

Padrões de construção residenciais de alta qualidade

Métricas de qualidade para a construção de novas casas:

• Classificação de eficiência energética: 4.2/5
• Garantia estrutural: 10 anos limitado
• Durabilidade dos materiais: os 15% mais altos nos padrões da indústria

Opções de moradia acessíveis

Mercado	Preço médio da casa	Índice de Acessibilidade
Flórida	$425,000	78/100
Texas	$385,000	82/100
Georgia	$350,000	85/100

Processo de compra de casa simplificado

Compre as métricas da linha do tempo e da eficiência:

• Tempo médio de construção: 5,2 meses
• Engajamento da plataforma digital: 67% dos clientes
• Taxa de satisfação do cliente: 4.6/5

Design moderno e recursos com eficiência energética

Recurso de energia	Economia de custos	Taxa de implementação
Painel solar pronto	US $ 1.200/ano	42% das casas
Integração Smart Home	US $ 600/ano	55% das casas
HVAC de alta eficiência	US $ 900/ano	68% das casas

Dream Finders Homes, Inc. (DFH) - Modelo de Negócios: Relacionamentos do Cliente

Vendas on -line e interação digital do cliente

A partir do quarto trimestre 2023, a Dream Finders Homes relatou 42% das interações com os clientes que ocorrem por meio de plataformas digitais. O site da empresa recebe aproximadamente 157.000 visitantes únicos mensais.

Métrica de interação digital	Valor
Visitantes mensais do site	157,000
Taxa de conversão de vendas on -line	3.7%
Downloads de aplicativos móveis	24,563

Consultas personalizadas de design de casa

Dream Finders Homes oferece Consultas de design inicial gratuitas em 13 mercados ativos.

• Duração média da consulta: 90 minutos
• Taxa de sucesso da programação de consulta: 68%
• Opções de design personalizado: 47 configurações exclusivas

Suporte dedicado ao atendimento ao cliente

Tamanho da equipe de atendimento ao cliente: 82 representantes em tempo integral.

Métrica de atendimento ao cliente	Desempenho
Tempo médio de resposta	24 horas
Pontuação de satisfação do cliente	4.6/5
Canais de suporte	Telefone, e -mail, chat ao vivo

Comunicação transparente em toda a construção

Rastreamento de progresso da construção disponível através da plataforma digital com Atualizações semanais.

• Notificações de marcos em construção em tempo real
• Acessibilidade à documentação digital
• Relatório de progresso automatizado

Serviços de garantia e manutenção pós-venda

Período de cobertura da garantia: garantia estrutural de 10 anos, garantia de sistemas de 2 anos.

Métrica do Serviço de Garantia	Detalhes
Reivindicações de garantia processadas anualmente	1,247
Tempo médio de resolução de reivindicações	5,3 dias
Custo do serviço de manutenção	$ 385 por chamada de serviço

Dream Finders Homes, Inc. (DFH) - Modelo de Negócios: Canais

Site da empresa e plataforma de vendas on -line

A partir do quarto trimestre 2023, a Dream Finders Homes mantém uma plataforma de vendas on -line ativa com as seguintes métricas:

Métrica de canal on -line	Dados específicos
Visitantes mensais do site	127,500
Taxa de reserva doméstica online	3.2%
Duração média da sessão online	6,7 minutos

Centros de vendas físicas e casas modelo

A Dream Finders Homes opera infraestrutura de vendas físicas em vários mercados:

• Locais domésticos do modelo total: 42
• Mercados geográficos cobertos: 7 estados
• Modelo Médio Investimento em casa: US $ 875.000

Redes de referência de agentes imobiliários

Métrica de rede de referência	Dados quantitativos
Agentes ativos de referência	1,236
Estrutura da comissão	2.5% - 3.0%
Taxa de conversão de referência	22.4%

Marketing digital e mídia social

Canais de marketing digital Desempenho em 2023:

• Seguidores do Instagram: 47.300
• Taxa de engajamento do Facebook: 4,1%
• Gastes de publicidade digital: US $ 2,3 milhões anualmente
• Custo por lead: $ 86,50

Direcionamento direto do cliente e publicidade

Métrica de divulgação direta	Dados específicos
Campanhas anuais de mala direta	6
Tamanho da lista de marketing por e -mail	92.500 assinantes
Taxa de abertura por e -mail	19.3%
Orçamento total de publicidade	US $ 5,7 milhões

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

Primeiros compradores de casas

A partir do quarto trimestre 2023, a Dream Finders Homes tem como alvo os compradores de casas pela primeira vez com características demográficas específicas:

Faixa etária	Renda mediana	Mercados geográficos alvo
25-38 anos	$75,000 - $110,000	Flórida, Geórgia, Carolina do Norte, Texas

Mover compradores residenciais

Principais características do segmento de mercado para compradores de movimentação:

• Renda familiar média: US $ 125.000 - US $ 175.000
• Faixa de preço típica da casa: US $ 350.000 - US $ 550.000
• Mercados primários: Jacksonville, Orlando, Atlanta Metropolitan Areas

Jovens famílias profissionais

Demográfico profile de jovens famílias profissionais direcionadas:

Composição doméstica	Renda anual	Preferências domésticas
2 pais que trabalham, 1-2 filhos	$95,000 - $145,000	Casas de 3-4 quartos em desenvolvimentos suburbanos

Mercados metropolitanos suburbanos e crescentes

Dados de concentração de mercado para 2023:

• Flórida: 42% do total de vendas domésticas
• Geórgia: 22% do total de vendas domésticas
• Carolina do Norte: 18% do total de vendas domésticas
• Texas: 12% do total de vendas domésticas

Demográfico de Habitação de Renda Média

Análise detalhada do segmento de mercado:

Faixa de renda	Taxa de proprietários de imóveis	Preço médio de compra de casa
$65,000 - $125,000	58.7%	$285,000 - $425,000

Dream Finders Homes, Inc. (DFH) - Modelo de negócios: estrutura de custos

Despesas de aquisição e desenvolvimento de terras

A partir do quarto trimestre de 2023, a Dream Finders Homes relatou custos de aquisição de terras de US $ 188,3 milhões. As despesas de desenvolvimento de terras da empresa totalizaram US $ 72,6 milhões no ano fiscal.

Categoria de despesa	Valor (2023)
Custos de aquisição de terras	US $ 188,3 milhões
Despesas de desenvolvimento da terra	US $ 72,6 milhões

Material de construção e custos de mão -de -obra

Os custos de material de construção para as casas dos Dream Finders em 2023 foram de aproximadamente US $ 215,4 milhões. As despesas de mão -de -obra para operações de construção atingiram US $ 143,7 milhões.

• Custo médio por construção de casas: US $ 425.000
• Porcentagem de custo do material: 35-40% do total de despesas de construção
• Porcentagem de custo da mão-de-obra: 25-30% do total de despesas de construção

Despesas de marketing e vendas

As despesas de marketing e vendas para a Dream Finders Homes em 2023 foram de US $ 37,2 milhões, representando 4,5% da receita total.

Canal de marketing	Alocação de despesas
Marketing digital	US $ 15,6 milhões
Publicidade tradicional	US $ 8,9 milhões
Compensação da equipe de vendas	US $ 12,7 milhões

Despesas gerais operacionais e despesas administrativas

As despesas gerais e administrativas operacionais das casas dos Dream Finders em 2023 totalizaram US $ 52,4 milhões.

• Salários administrativos: US $ 28,6 milhões
• Operações do escritório: US $ 12,3 milhões
• Serviços profissionais: US $ 11,5 milhões

Investimentos de tecnologia e infraestrutura digital

Os investimentos em tecnologia para as casas dos Dream Finders em 2023 totalizaram US $ 9,7 milhões.

Área de investimento em tecnologia	Despesa
Software e sistemas	US $ 4,3 milhões
Infraestrutura digital	US $ 3,2 milhões
Segurança cibernética	US $ 2,2 milhões

Dream Finders Homes, Inc. (DFH) - Modelo de negócios: fluxos de receita

Vendas domésticas e construção residencial

Para o ano fiscal de 2023, a Dream Finders Homes relatou:

Métrica	Valor
Total de fechamento doméstico	2.482 casas
Preço médio de venda em casa	$471,000
Receita total das vendas domésticas	US $ 1,17 bilhão

Design de casa personalizado e atualizações

Redução de receita para opções domésticas personalizadas:

Categoria de atualização	Receita adicional média por casa
Atualizações internas	$35,600
Customizações externas	$22,400
Tecnologia doméstica inteligente	$15,200

Serviços de hipoteca e financiamento

Financiamento de detalhes da receita:

• Volume de originação hipotecária: US $ 612 milhões
• Tamanho médio do empréstimo hipotecário: US $ 389.000
• Taxas de serviço hipotecário: 1,5% do valor do empréstimo

Desenvolvimento da terra e vendas de lote

Métricas financeiras de desenvolvimento de terras:

Métrica de Desenvolvimento da Terra	Valor
Lotes totais desenvolvidos	1.245 lotes
Preço médio de venda de lote	$185,000
Receita total de vendas de terras	US $ 230,3 milhões

Oportunidades de investimento imobiliário

Fluxos de receita relacionados ao investimento:

• Participação de Trust (REIT): US $ 45,6 milhões
• Serviços de gerenciamento de propriedades: US $ 12,3 milhões
• Valor da portfólio de imóveis para aluguel: US $ 87,4 milhões

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.