Dream Finders Homes insider sales and 3.0M-share PVF disclosed

Rhea-AI Filing Summary

Dream Finders Homes (DFH) insider activity: President and CEO, a director and 10% owner, reported two open‑market sales of Class A common stock. He sold 7,443 shares on 10/01/2025 at a weighted average price of $26.04 and 6,794 shares on 10/02/2025 at a weighted average price of $25.93. Following these transactions, he beneficially owned 1,891,672 Class A shares directly.

He also reports large holdings of Class B common stock, which is convertible into Class A on a 1:1 basis with no expiration date: 56,320,586 shares held directly, 809,409 shares held by a trust for his children, and 596,158 shares held by POZ Holdings, Inc., which he controls.

Separately, prepaid variable forward sale contracts covering an aggregate 3,000,000 Class B shares were previously entered, with settlement valuation periods in 2027–2029 and disclosed floor prices of $22.12, $24.01, $17.27 and cap prices of $55.30, $66.02, $37.78, respectively.

Insights

Securities law analyst

Small insider sales disclosed; large forward contracts noted.

The CEO reported selling 7,443 and 6,794 Class A shares at weighted average prices of $26.04 and $25.93. Post‑trade direct Class A holdings are 1,891,672 shares. He also reports substantial Class B stakes that are convertible 1:1 into Class A, including direct, trust, and POZ Holdings positions.

The filing lists prepaid variable forward sale contracts covering 3,000,000 Class B shares. Settlement valuation windows span Aug 2027, May 2028, and Mar–Apr 2029, with floor prices of $22.12, $24.01, $17.27 and cap prices of $55.30, $66.02, $37.78. Depending on the future settlement price, delivery may range up to 100% of pledged shares or an equivalent cash amount.

These disclosures are administrative in nature. Actual market impact depends on future prices and any settlement choices under the contracts.

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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hours per response:			0.5

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)
10/01/2025

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	10/01/2025		S		7,443	D	$26.04(1)	1,898,466(2)	D
Class A common stock, par value $0.01 per share	10/02/2025		S		6,794	D	$25.93(3)	1,891,672(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 $25.70 to $26.42. 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 $25.49 to $26.19. 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	10/03/2025
	** 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

How many DFH Class A shares did the CEO sell and at what prices?

He sold 7,443 shares on 10/01/2025 at a weighted average of $26.04 and 6,794 shares on 10/02/2025 at a weighted average of $25.93.

How many DFH Class A shares does the CEO hold after these sales?

He beneficially owned 1,891,672 Class A shares directly following the reported transactions.

What are the CEO’s DFH Class B holdings and how are they structured?

Reported Class B holdings include 56,320,586 shares directly, 809,409 by a trust, and 596,158 by POZ Holdings, Inc.; each Class B share is convertible 1:1 into Class A with no expiration.

What prepaid variable forward contracts are disclosed for DFH shares?

Contracts cover an aggregate 3,000,000 Class B shares, with settlement valuation periods in Aug 2027, May 2028, and Mar–Apr 2029.

What floor and cap prices apply to the forward contracts?

Disclosed floor prices are $22.12, $24.01, $17.27 and cap prices are $55.30, $66.02, $37.78, depending on the component.

Are the forward contracts cash- or share-settled?

On settlement, the CEO must deliver up to 100% of pledged shares for each component or, at his option, an equivalent amount of cash.