Dream Seeker Housing Corporation - A Quarterly Report 2025

FORM10-Q (Mark One)xQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 OR oTransition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the transition period from ________ to _________. Commission file number001-39916___________________________________________________________ DREAM FINDERS HOMES, INC. (Exact name of registrant as specified in its charter) 14701 Philips Highway,Suite 300,Jacksonville,FL32256(Address of principal executive offices)(Zip code) (904)644-7670(Registrant’s Telephone Number, Including Area Code)___________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesoNox As ofApril30, 2025, there were35,827,866shares ofthe registrant’s Class A common stock, par value $0.01 per share, outstandingand57,726,153shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding. TABLE OF CONTENTS DREAM FINDERS HOMES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS DREAM FINDERS HOMES, INC.CONDENSED CONSOLIDATED STATEMENTS OF EQUITYThree months ended March31, 2025(In thousands, except share amounts) (Unaudited) The accompanying notes are an integral part of these condensed consolidated financial statements. DREAM FINDERS HOMES, INC.CONDENSED CONSOLIDATED STATEMENTS OF EQUITYThree months ended March31, 2024(In thousands, except share amounts) (Unaudited) DREAM FINDERS HOMES, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Total noncash investing activities (1)Includes payments for purchased tax credits of $36.6million for the three months ended March31, 2025 related to 2024income tax expense andnopayments for purchased tax credits for the three months ended March31, 2024.(2)Based on the estimated acquisition date fair value of the redeemable noncontrolling interests as of the reporting period date.Refer to Note 2, Acquisitions for more information.(3)Includes $6.7million in purchase price adjustments related to the Crescent Ventures, LLC (“Crescent Homes” or “Crescent”)acquisition. Refer to Note 2, Acquisitions for more information. The accompanying notes are an integral part of these condensed consolidated financial statements. DREAM FINDERS HOMES, INC.NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1.Nature of Business and Significant Accounting Policies Nature of Business Dream Finders Homes, Inc., a Delaware corporation incorporated in 2020, (together with its subsidiaries, “Dream Finders”,“DFH, Inc.” or the “Company”) designs, builds and sells homes in markets throughout the United States. The Company also providestitle insurance and mortgage banking solutions through its wholly owned subsidiaries, DF Title, LLC doing business as Golden Dog Basisof Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accountingprinciples generally accepted in the United States of America (“GAAP”) as contained within the Financial Accounting StandardsBoard “FASB” Accounting Standard Codification (“ASC”) for interim financial information and with instructions to Form 10-Q andRegulation S-X. The condensed consolidated financial statements include the accounts of DFH, Inc., its wholly owned subsidiaries The financial statements and related notes do not include all of the information and footnotes required by GAAP for acomplete set of financial statements. As such, the accompanying statements should be read in conjunction with the financial statements Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make certain estimates, judgmentsand assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the Reclassifications Certain reclassifications have been made in the prior period condensed consolidated financial statements to conform to the2025presentation. Recent Accounting Pronouncements In November 2024, the FASB issued ASU Number 2024-03, “Income Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures” (“ASU 2024-03”). ASU 2024-03 requires disclosure of certain costs and expenses on an interimand annual basis in the notes to the financial statements. Annual disclosure requirements un