Dream Finders sells $225M in private equity

Dream Finders Homes, Inc. discloses a large private equity raise under Rule 506(b), with $225 million sold and $450 million still available in the exempt offering.

Rhea-AI Filing Summary

Dream Finders Homes, Inc. (DFH), a Texas corporation based in Jacksonville, Florida, is conducting a private equity offering under Regulation D Rule 506(b).

The notice is a new filing, with the first sale occurring on September 14, 2026. The company reports having sold $225,000,000 of securities, with an additional $450,000,000 of securities remaining available in the offering. The issuer indicates an annual revenue range of over $100,000,000. No finders' fees are reported for this offering.

Key Figures

Total Amount Sold: $225,000,000 USD Total Remaining to be Sold: $450,000,000 USD Issuer Revenue Range: Over $100,000,000 +2 more

5 metrics

Total Amount Sold $225,000,000 USD Equity sold in the exempt offering as reported in Item 13

Total Remaining to be Sold $450,000,000 USD Additional equity available to be sold in the offering

Issuer Revenue Range Over $100,000,000 Annual revenue range selected in Issuer Size section

Finders' Fees $0 USD Reported sales commissions and finder’s fees expenses

Date of First Sale September 14, 2026 Date of first sale for this new notice Form D

Key Terms

Regulation D, Rule 506(b), accredited investors, covered securities, +1 more

5 terms

Regulation D regulatory

"Certifying that, if the issuer is claiming a Regulation D exemption"

Regulation D is a set of rules that govern how companies can raise money from investors without going through the full process required for public stock offerings. It provides simplified options for private placements, making it easier for companies to seek investments from a smaller group of investors. For investors, it offers opportunities to invest in private companies, often with fewer restrictions, but also with different levels of risk and disclosure.

Rule 506(b) regulatory

"Rule 506(b) selected in the Federal Exemption(s) section"

Rule 506(b) is a U.S. securities exemption that lets companies sell shares or debt privately without full public registration, provided sales are primarily to accredited investors, up to 35 non‑accredited but financially knowledgeable buyers, and there is no public advertising or solicitation. It matters to investors because offerings under 506(b) usually include less public disclosure than registered securities—like buying from a private seller rather than a retail store—so buyers must do more of their own fact‑checking and rely on their financial sophistication.

accredited investors regulatory

"securities in the offering have been or may be sold to persons who do not qualify as accredited investors"

Accredited investors are individuals or entities considered to have enough financial knowledge and resources to understand and handle more complex and risky investments. They are often allowed to participate in private investment opportunities that are not available to the general public, similar to how experienced players might access exclusive clubs or events. This status helps ensure that investors can manage potential risks and rewards appropriately.

covered securities regulatory

"if the securities that are the subject of this Form D are "covered securities""

Investment Company Act of 1940 regulatory

"Is the issuer registered as an investment company under the Investment Company Act of 1940?"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What type of securities is Dream Finders Homes, Inc. (DFH) offering in this Form D?

Dream Finders Homes, Inc. is offering equity securities in this exempt private offering. The filing specifies “Equity” as the type of securities offered and relies on Regulation D Rule 506(b) for the exemption from registration.

How much has DFH sold so far under this exempt offering?

Dream Finders Homes, Inc. reports a Total Amount Sold of $225,000,000 USD in this private equity offering. This figure reflects securities already placed with investors as of the date of the Form D notice.

How much remains available to be sold in DFH’s Form D offering?

The company discloses a Total Remaining to be Sold of $450,000,000 USD in the offering. This amount represents additional securities that may still be sold under the terms of the exempt offering.

What exemption is Dream Finders Homes, Inc. (DFH) using for this private offering?

Dream Finders Homes, Inc. is relying on Rule 506(b) of Regulation D as the federal exemption for this offering. The filing selects Rule 506(b) among the available Regulation D exemptions listed.

When did Dream Finders Homes, Inc. (DFH) first sell securities in this offering?

The Form D states the Date of First Sale as 2026-09-14 (September 14, 2026). The filing is marked as a New Notice, indicating this is the initial Form D submission for this offering.

What is the reported size of DFH as an issuer in this Form D?

Dream Finders Homes, Inc. indicates an issuer size with revenue over $100,000,000. In the revenue range section, the company checks the “Over $100,000,000” category, signaling it operates at a large revenue scale.

Does DFH report any finders’ fees in connection with this offering?

No. The Form D reports Finders' Fees of $0 USD. This indicates that the company has not paid, and does not report owing, any finder’s fees in connection with the securities sold in this exempt offering.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/22/2026 - 05:30 PM Accepted by SEC EDGAR 09/22/2026 - 05:30 PM Learn about SEC filing dates

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Intentional misstatements or omissions of fact constitute federal criminal violations. See 18 U.S.C. 1001.

FORM D

Notice of Exempt Offering of Securities

OMB APPROVAL

OMB Number:			3235-0076
Estimated average burden
hours per response:			4.00

1. Issuer's Identity

CIK (Filer ID Number)

Previous Names

X None

Entity Type

0001825088

X	Corporation
	Limited Partnership
	Limited Liability Company
	General Partnership
	Business Trust
	Other (Specify)

Name of Issuer

Dream Finders Homes, Inc.

Jurisdiction of Incorporation/Organization

TEXAS

Year of Incorporation/Organization

X	Over Five Years Ago
	Within Last Five Years (Specify Year)
	Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
Dream Finders Homes, Inc.
Street Address 1		Street Address 2
14701 Philips Highway		Suite 300
City	State/Province/Country	ZIP/PostalCode	Phone Number of Issuer
Jacksonville	FLORIDA	32256	904.644.7670

3. Related Persons

Last Name	First Name	Middle Name
Zalupski	Patrick	O.
Street Address 1	Street Address 2
14701 Philips Highway	Suite 300
City	State/Province/Country	ZIP/PostalCode
Jacksonville	FLORIDA	32256

Relationship: X Executive Officer X Director Promoter

Clarification of Response (if Necessary):

President, Chief Executive Officer, Co-Chairman

Last Name	First Name	Middle Name
Ramsay	Anabel
Street Address 1	Street Address 2
14701 Philips Highway	Suite 300
City	State/Province/Country	ZIP/PostalCode
Jacksonville	FLORIDA	32256

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Chief Financial Officer

Last Name	First Name	Middle Name
Szubinski	Clint
Street Address 1	Street Address 2
14701 Philips Highway	Suite 300
City	State/Province/Country	ZIP/PostalCode
Jacksonville	FLORIDA	32256

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Chief Operating Officer

Last Name	First Name	Middle Name
Beckwitt	Rick
Street Address 1	Street Address 2
14701 Philips Highway	Suite 300
City	State/Province/Country	ZIP/PostalCode
Jacksonville	FLORIDA	32256

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Co-Chairman

Last Name	First Name	Middle Name
Parekh	Megha	H.
Street Address 1	Street Address 2
14701 Philips Highway	Suite 300
City	State/Province/Country	ZIP/PostalCode
Jacksonville	FLORIDA	32256

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Director

Last Name	First Name	Middle Name
Udelhofen	Justin	W.
Street Address 1	Street Address 2
14701 Philips Highway	Suite 300
City	State/Province/Country	ZIP/PostalCode
Jacksonville	FLORIDA	32256

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Director

Last Name	First Name	Middle Name
Sturm	Leonard	M.
Street Address 1	Street Address 2
14701 Philips Highway	Suite 300
City	State/Province/Country	ZIP/PostalCode
Jacksonville	FLORIDA	32256

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Director

Last Name	First Name	Middle Name
Weatherford	William	W.
Street Address 1	Street Address 2
14701 Philips Highway	Suite 300
City	State/Province/Country	ZIP/PostalCode
Jacksonville	FLORIDA	32256

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Director

Last Name	First Name	Middle Name
Fischer	Steve
Street Address 1	Street Address 2
14701 Philips Highway	Suite 300
City	State/Province/Country	ZIP/PostalCode
Jacksonville	FLORIDA	32256

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Director

4. Industry Group

Agriculture

Banking & Financial Services

Commercial Banking

Insurance

Investing

Investment Banking

Pooled Investment Fund

Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?

Yes No

Other Banking & Financial Services

Business Services

Energy

Coal Mining

Electric Utilities

Energy Conservation

Environmental Services

Oil & Gas

Other Energy

	Health Care
	Biotechnology
	Health Insurance
	Hospitals & Physicians
	Pharmaceuticals
	Other Health Care
	Manufacturing
	Real Estate
	Commercial
	Construction
	REITS & Finance
	X Residential
	Other Real Estate

Retailing

Restaurants

Technology

Computers

Telecommunications

Other Technology

Travel

Airlines & Airports

Lodging & Conventions

Tourism & Travel Services

Other Travel

Other

5. Issuer Size

Revenue Range		OR	Aggregate Net Asset Value Range
	No Revenues			No Aggregate Net Asset Value
	$1 - $1,000,000			$1 - $5,000,000
	$1,000,001 - $5,000,000			$5,000,001 - $25,000,000
	$5,000,001 - $25,000,000			$25,000,001 - $50,000,000
	$25,000,001 - $100,000,000			$50,000,001 - $100,000,000
	Over $100,000,000			Over $100,000,000
X	Decline to Disclose			Decline to Disclose
	Not Applicable			Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

		Rule 504(b)(1) (not (i), (ii) or (iii))
		Rule 504 (b)(1)(i)
		Rule 504 (b)(1)(ii)
		Rule 504 (b)(1)(iii)
	X	Rule 506(b)
		Rule 506(c)
		Securities Act Section 4(a)(5)

Investment Company Act Section 3(c)

Section 3(c)(1) Section 3(c)(9)

Section 3(c)(2) Section 3(c)(10)

Section 3(c)(3) Section 3(c)(11)

Section 3(c)(4) Section 3(c)(12)

Section 3(c)(5) Section 3(c)(13)

Section 3(c)(6) Section 3(c)(14)

Section 3(c)(7)

7. Type of Filing

X	New Notice			Date of First Sale	2026-09-14				First Sale Yet to Occur
	Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year? Yes X No

9. Type(s) of Securities Offered (select all that apply)

X	Equity		Pooled Investment Fund Interests
	Debt		Tenant-in-Common Securities
	Option, Warrant or Other Right to Acquire Another Security		Mineral Property Securities
	Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security		Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer? Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $0 USD

12. Sales Compensation

Recipient	Recipient CRD Number X None
(Associated) Broker or Dealer X None	(Associated) Broker or Dealer CRD Number X None
Street Address 1	Street Address 2
City	State/Province/Country	ZIP/Postal Code
State(s) of Solicitation (select all that apply) Check "All States" or check individual States All States	Foreign/non-US

13. Offering and Sales Amounts

Total Offering Amount	$675,000,000	USD	or Indefinite
Total Amount Sold	$225,000,000	USD
Total Remaining to be Sold	$450,000,000	USD	or Indefinite

Clarification of Response (if Necessary):

14. Investors

Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.

Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:

13

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions	$0	USD	Estimate
Finders' Fees	$0	USD	Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$0

USD

Estimate

Clarification of Response (if Necessary):

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:

• Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*

• Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.

• Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer	Signature	Name of Signer	Title	Date
Dream Finders Homes, Inc.	/s/ Rob Riva	Rob Riva	Vice President, General Counsel and Corporate Secretary	2026-09-22

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.