Dream Finders (DFH) Insider Sale and 3M-Share Forward Pledge Disclosed

Rhea-AI Filing Summary

Patrick O. Zalupski, President, CEO and director of Dream Finders Homes, Inc. (DFH) reported planned stock sales and existing derivative obligations. On 09/15/2025 and 09/16/2025 he sold a total of 21,863 shares of Class A common stock at weighted average prices of approximately $28.54 and $28.27, leaving him with 1,905,909 Class A shares directly held. The filing shows direct ownership of 56,320,586 Class B shares and indirect holdings through POZ Holdings and a trust, and reports that an aggregate of 3,000,000 Class A shares are pledged under prepaid variable forward sale contracts entered in 2024 and 2025. Those contracts permit delivery of shares or cash at settlement depending on future volume-weighted average prices relative to specified floor and cap prices.

Positive

• Planned sales executed under a written 10b5-1 plan, indicating compliance with insider trading procedures
• Reporting person retains substantial ownership (over 56 million Class B shares plus significant direct Class A holdings), maintaining alignment with shareholders

Negative

• 3,000,000 Class A shares pledged under prepaid variable forward contracts, which could result in future share deliveries or cash settlements affecting supply
• Insider liquidity actions (sales and pledged shares) may be perceived negatively by some investors despite Rule 10b5-1 designation

Insights

Financial Analyst

TL;DR: Insider sold a small block of Class A stock and maintains a large economic stake with 3,000,000 pledged under forward contracts.

The reported disposals of 21,863 Class A shares at weighted-average prices near $28.30 are routine sales and are noted as executed pursuant to a written plan, consistent with Rule 10b5-1. More materially, the filing discloses an aggregate 3,000,000 Class A share exposure pledged in prepaid variable forward sale contracts that allow for share or cash settlement based on future VWAP ranges and defined floor and cap prices. The combination of continued sizable Class B ownership and pledged forward positions indicates retained economic exposure while providing liquidity or hedging flexibility. This is a mixed signal: liquidity-taking but ongoing large insider stake remains.

Corporate Governance Expert

TL;DR: Disclosures show Rule 10b5-1 planned sales and pledges; governance controls appear observed but large pledge warrants monitoring.

The Form 4 discloses that the sales were made pursuant to a written plan, which supports compliance with insider trading rules. The reporting person retains substantial voting and economic interests via Class B shares and indirect holdings through a trust and POZ Holdings. However, the existence of multiple prepaid variable forward contracts securing 3,000,000 shares creates potential downward pressure on future float at settlement dates and could affect governance if delivery or cash settlement alters voting alignment. From a governance perspective, continued disclosure is appropriate; stakeholders may watch settlement windows and any changes to control or voting rights.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Zalupski Patrick O.

(Last) (First) (Middle)

14701 PHILIPS HIGHWAY

SUITE 300

(Street)

JACKSONVILLE FL 32256

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Dream Finders Homes, Inc. [ DFH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A common stock, par value $0.01 per share	09/15/2025		S		10,720	D	$28.54(1)	1,917,052(2)	D
Class A common stock, par value $0.01 per share	09/16/2025		S		11,143	D	$28.27(3)	1,905,909(2)	D
Class B common stock, par value $0.01 per share(4)								56,320,586	D
Class B common stock, par value $0.01 per share(4)								809,409	I	By Trust(5)
Class B common stock, par value $0.01 per share(4)								596,158	I	See Footnote(6)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Prepaid Variable Forward Sale Contract	(7)(8)(9)							(8)	(8)	Class A Common Stock	3,000,000		3,000,000	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The prices sold ranged from $28.11 to $28.88. The reporting person will provide the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range.

2. Includes 6,141 shares held in a 401(k) account.

3. The price reported in Column 4 is a weighted average price. The prices sold ranged from $27.97 to $28.54. The reporting person will provide the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range.

4. Each share of Class B Common Stock is convertible at the option of the reporting person into one share of Class A Common Stock ("Common Stock") of Dream Finders Homes, Inc. and has no expiration date.

5. Trust established for the benefit of the reporting person's children.

6. Shares held by POZ Holdings, Inc., which is controlled by the reporting person.

7. Mr. Zalupski entered into prepaid variable forward sale contracts on August 14, 2024, December 5, 2024, and June 5, 2025, respectively, whereby Mr. Zalupski pledged an aggregate of 3,000,000 shares (the "Pledged Shares") of Class B Common Stock to secure obligations under the contracts, and retained dividend and voting rights in the Pledged Shares during the term of the pledge.

8. (Continued from footnote 7) The contracts obligate Mr. Zalupski to deliver to the buyer, on the applicable settlement date for each of the 10 components, up to one hundred percent (100%) of the number of Pledged Shares for such component or, at Mr. Zalupski's option, an equivalent amount of cash. The number of shares to be delivered to the buyer on the settlement date (or on which to base the amount of cash to be delivered to the buyer on the settlement date) is to be determined as follows: (a) if the volume-weighted average price of the Class A Common Stock on the designated valuation date for the applicable component within the period from 8/16/2027 to 8/27/2027 with respect to 1,000,000 shares, 5/15/2028 to 5/26/2028 with respect to 1,000,000 shares, and 3/20/2029 to 4/3/2029 with respect to 1,000,000 shares (each, a "Settlement Price") is less than or equal to $22.12, $24.01 or $17.27, as applicable, (the "Floor Price"),

9. (Continued from Footnote 8) Mr. Zalupski will deliver to the buyer all of the Pledged Shares for the applicable component; (b) if such Settlement Price is greater than the Floor Price but less than or equal to $55.30, $66.02 or $37.78, as applicable (the "Cap Price"), Mr. Zalupski will deliver to the buyer the number of shares equal to one hundred percent (100%) of the Pledged Shares for the applicable component multiplied by a fraction, the numerator of which is the Floor Price and the denominator of which is such Settlement Price and (c) if such Settlement Price is greater than the Cap Price, Mr. Zalupski will deliver to the buyer the number of shares equal to one hundred percent (100%) of Pledged Shares for the applicable component multiplied by a fraction, the numerator of which is the Floor Price plus the excess of such Settlement Price over the Cap Price, and the denominator of which is such Settlement Price.

	s/ Robert E. Riva by Power of Attorney	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did DFH CEO Patrick Zalupski report on Form 4?

He reported sales of 10,720 Class A shares on 09/15/2025 at a weighted average price near $28.54 and 11,143 Class A shares on 09/16/2025 at a weighted average price near $28.27.

How many shares does Patrick Zalupski beneficially own after the reported transactions?

The filing reports 1,905,909 Class A shares directly owned and 56,320,586 Class B shares directly owned, plus indirect holdings through a trust and POZ Holdings.

What are the prepaid variable forward contracts disclosed in the filing?

Aggregate of 3,000,000 Class A shares are pledged under prepaid variable forward sale contracts entered on August 14, 2024, December 5, 2024, and June 5, 2025, permitting delivery of shares or cash at settlement based on specified VWAP ranges with defined floor and cap prices.

Were the reported sales part of a Rule 10b5-1 plan?

Yes. The Form 4 indicates the transaction was made pursuant to a contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1.

Do the Class B shares convert into Class A shares?

Yes. Each Class B share is convertible at the reporting person's option into one share of Class A common stock and has no expiration date.