Dream Finders Homes (NYSE: DFH) amends 2025 internal controls disclosure
Rhea-AI Filing Summary
Dream Finders Homes, Inc. filed an amended 2025 Annual Report to update Item 9A and clarify that management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 2025 excluded Alliant National Title Insurance Company, Inc. and Liberty Communities, LLC, consistent with SEC staff guidance for recently acquired businesses.
Management, including the CEO and CFO, concluded that disclosure controls and procedures and internal control over financial reporting were effective as of December 31, 2025. Alliant Title contributed about 2% of 2025 revenues and represented about 2% of total assets; Liberty Communities contributed about 6% of revenues and about 4% of total assets. The company is integrating Alliant Title’s controls and reports no other material changes in internal control over financial reporting in the most recent quarter.
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Filing Explained
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Key Figures
Non-affiliate Class A market value: $478.1 million
Class A shares outstanding: 34,083,246 shares
Class B shares outstanding: 57,726,153 shares
+4 more
7 metrics
Non-affiliate Class A market value
$478.1 million
Aggregate market value of Class A common stock held by non-affiliates as of June 30, 2025
Class A shares outstanding
34,083,246 shares
Class A common stock outstanding as of February 17, 2026
Class B shares outstanding
57,726,153 shares
Class B common stock outstanding as of February 17, 2026
Alliant Title revenue contribution
2%
Approximate share of total revenues for the year ended December 31, 2025
Alliant Title asset share
2%
Approximate share of total consolidated assets as of December 31, 2025
Liberty Communities revenue contribution
6%
Approximate share of total revenues for the year ended December 31, 2025
Liberty Communities asset share
4%
Approximate share of total consolidated assets as of December 31, 2025
Key Terms
disclosure controls and procedures, internal control over financial reporting, accelerated filer, emerging growth company, +1 more
5 terms
disclosure controls and procedures regulatory
"management evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2025"
Policies, routines and internal checks a public company uses to identify, collect and verify information that must appear in its financial reports and public filings, and to make sure that material news is disclosed accurately and on time. Investors care because effective controls increase confidence that the company’s reported numbers and disclosures are reliable and reduce the risk of surprises, much like a building’s inspection and alarm system helps occupants trust the structure’s safety.
internal control over financial reporting regulatory
"our management is responsible for establishing and maintaining adequate internal control over financial reporting"
Internal control over financial reporting is a company’s system of procedures and checks designed to make sure its financial statements are accurate and complete, like a set of guardrails and verification steps that catch mistakes or fraud before numbers are published. Investors care because strong controls make reported results more trustworthy, lower the risk of surprise restatements or regulatory problems, and give greater confidence when valuing the company or comparing it to peers.
accelerated filer regulatory
"Large accelerated filer | o | Accelerated filer | x Non-accelerated filer"
An accelerated filer is a public company that meets regulatory size and reporting history thresholds and therefore must meet faster deadlines and stricter disclosure rules for periodic financial reports. For investors, that means financial statements arrive sooner and the company faces higher oversight and expectations for timely, accurate reporting—think of it as being placed in a faster highway lane that also has tighter traffic rules, which can reduce information lag and signal greater regulatory scrutiny.
emerging growth company regulatory
"Smaller reporting company | o Emerging growth company | o"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Inline XBRL technical
"Inline XBRL Instance Document and Inline XBRL Taxonomy Extension documents"
Inline XBRL is a file format for financial filings that embeds machine-readable data tags directly inside the human-readable report, so the same document can be read by people and parsed by software. For investors it makes extracting, comparing and verifying financial numbers faster and more reliable—like a grocery list where each item also has a barcode—reducing manual errors and speeding up analysis.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What does Dream Finders Homes (DFH) change in its 2025 10-K/A amendment?
Dream Finders Homes updates Item 9A to clarify that its 2025 internal control assessment excluded Alliant National Title Insurance Company, Inc. and Liberty Communities, LLC, following SEC staff guidance for recently acquired businesses and leaving all other annual report disclosures unchanged.
How effective were DFH’s controls and procedures as of December 31, 2025?
Management, including DFH’s CEO and CFO, concluded disclosure controls and procedures and internal control over financial reporting were effective as of December 31, 2025, after evaluating them under the COSO 2013 framework and with effectiveness also audited by PricewaterhouseCoopers LLP.
How significant were Alliant Title and Liberty Communities to DFH’s 2025 results?
Alliant Title contributed approximately 2% of DFH’s total revenues and about 2% of total consolidated assets in 2025, while Liberty Communities contributed about 6% of revenues and around 4% of total assets as of December 31, 2025.
Did DFH report any material changes in internal control over financial reporting?
DFH states there were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, such controls, aside from ongoing implementation work related to integrating Alliant Title’s internal controls.
How is DFH handling internal controls for its Alliant Title and Liberty Communities acquisitions?
DFH excluded Alliant Title and Liberty Communities from its 2025 internal control effectiveness assessment, consistent with SEC staff guidance. The company is implementing and integrating internal controls for Alliant Title within a year of acquisition while planning similar treatment for Liberty Communities.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
(Mark One)
| Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||
For the fiscal year ended December 31 , 2025
OR
| Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||
For the transition period from _________to_________.
Commission file number 001-39916
___________________________________________
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| (Address of principal executive offices) | (Zip code) | |||||||
( | ||
| (Registrant’s Telephone Number, Including Area Code) | ||
___________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Securities registered pursuant to Section 12(g) of the Act: None
___________________________________________
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | o | x | |||||||||
| Non-accelerated filer | o | Smaller reporting company | |||||||||
| Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The aggregate market value of the registrant’s Class A common stock held by non-affiliates of the registrant as of June 30, 2025, based on the closing stock price per share as reported by the New York Stock Exchange on such date, was approximately $478.1 million.
As of February 17, 2026, there were 34,083,246 shares of the registrant’s Class A common stock, par value $0.01 per share, outstanding and 57,726,153 shares of the registrant’s Class B common stock, par value $0.01 per share, outstanding.
Documents Incorporated by Reference
Portions of the registrant’s Proxy Statement for the 2026 Annual Meeting of Stockholders have been incorporated herein by reference in Part III of the Annual Report on Form 10-K.
EXPLANATORY NOTE
This amended report on Form 10-K/A (the “Amendment”) amends the Annual Report on Form 10-K of Dream Finders Homes, Inc. (the “Company”) for the year ended December 31, 2025, initially filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2026 (the “Original Filing”), for the purpose of updating the disclosure in Item 9A “Controls and Procedures” to clarify that management’s assessment of the effectiveness of the Company’s internal control over financial reporting for the year ended December 31, 2025 did not encompass the internal controls over financial reporting of Alliant National Title Insurance Company, Inc. and Liberty Communities, LLC. These exclusions were previously disclosed in the Original Filing in Item 9A “Controls and Procedures” under the heading “Changes in Internal Control over Financial Reporting” and are made in accordance with the SEC’s general guidance that an assessment of a recently acquired business may be omitted from the scope in the year of acquisition. This Amendment amends and replaces Item 9A “Controls and Procedures” in the Original Filing in its entirety.
Except for changes to Item 9A “Controls and Procedures”, no other changes are being made to the Original Filing, and this Amendment consists only of the facing page, this explanatory note, Item 9A “Controls and Procedures”, the signature page to the Amendment and the certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Further, except as expressly stated, this Amendment does not reflect events occurring after the filing of the Original Filing or modify or update in any way any of the other items or disclosures contained in the Original Filing, including, without limitation, the consolidated financial statements and the related footnotes. Accordingly, this Amendment should be read in conjunction with the Original Filing and the Company’s other filings with the SEC subsequent to the filing of the Original Filing. The filing of this Amendment is not an admission that the Original Filing, when filed, included any untrue statement of a material fact or omitted to state a material fact necessary to make a statement not misleading.
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PART II
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Under the supervision and with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), management evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934) as of December 31, 2025. Based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures as of December 31, 2025 were effective in providing reasonable assurance that information required to be disclosed in the reports the Company files, furnishes, submits or otherwise provides to the SEC under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that information required to be disclosed in reports filed by the Company under the Exchange Act is accumulated and communicated to the Company’s management, including the CEO and CFO, in such a manner as to allow timely decisions regarding the required disclosure.
Management’s Annual Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Management recognizes that there are inherent limitations in the effectiveness of any internal control and effective internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.
Under the supervision and with the participation of our management, including our CEO and CFO, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework, our management concluded that our internal control over financial reporting was effective as of December 31, 2025. The effectiveness of the Company’s internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report (not presented herein) that appears in the Company’s 2025 Annual Report on Form 10-K.
We completed the Alliant Title acquisition on April 18, 2025, which is discussed in detail in Note 2, Acquisitions to the consolidated financial statements. Our assessment of the effectiveness of the Company’s internal control over financial reporting for the year ended December 31, 2025 did not encompass the internal controls over financial reporting of Alliant Title. This decision aligns with the general guidance from the SEC Staff, allowing the exclusion of an assessment of a recently acquired business from management’s scope for an internal controls audit for up to one year post-acquisition. Alliant Title contributed approximately 2% to our total revenues for the year ended December 31, 2025. As of December 31, 2025, the total assets of the acquired business represented about 2% of total consolidated assets, mainly comprising investments and goodwill.
We completed the Liberty Communities acquisition on January 23, 2025, which is discussed in detail in Note 2, Acquisitions to the consolidated financial statements. Our assessment of the effectiveness of the Company’s internal control over financial reporting for the year ended December 31, 2025 did not encompass the internal controls over financial reporting of Liberty Communities. This decision aligns with the general guidance from the SEC Staff, allowing the exclusion of an assessment of a recently acquired business from management’s scope for an internal controls audit for up to one year post-acquisition. Liberty Communities contributed approximately 6% to our total revenues for the year ended December 31, 2025. As of December 31, 2025, the total assets of the acquired business represented about 4% of total consolidated assets, mainly comprising inventory and goodwill.
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Changes in Internal Control over Financial Reporting
With the completion of the Alliant Title acquisition, we are in the process of implementing internal controls over significant processes, which we consider appropriate and necessary given the integration level. As the implementation progresses, we will continuously evaluate Alliant Title’s internal controls and processes, further integrating them with those of the Company within a year of the acquisition.
There have been no other changes in internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(1)Exhibits.
The exhibits filed or furnished as part of this Annual Report on Form 10-K are listed in the Index to Exhibits, which Index includes the management contracts or compensatory plans or arrangements required to be filed as exhibits to this Annual Report on Form 10-K by Item 601(b)(10)(iii) of Regulation S-K and is incorporated in this Item by reference.
| Exhibit No. | Description | |||||||
31.1* | CEO Certification, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||
31.2* | CFO Certification, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). | |||||||
* Filed or furnished herewith.
iv
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Dream Finders Homes, Inc. | ||||||||
| Date: | July 30, 2026 | /s/ Patrick O. Zalupski | ||||||
| Patrick O. Zalupski | ||||||||
| President, Chief Executive Officer and Co-Chairman of the Board of Directors | ||||||||
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