Dream Finders Homes Form 4: Director reports multi-day stock sales

Rhea-AI Filing Summary

Dream Finders Homes insider sale summary: William Radford Lovett II, a director and sole trustee of a family trust, reported multiple sales of Class A common stock on 09/04/2025 and 09/05/2025. The filing shows aggregate disposals of 122,349 shares across four transactions at weighted average prices in specified ranges, with reported per-share weighted-average prices of $28.97, $29.99 and $30.78 for dated sales. After these transactions the reporting person beneficially owns 4,040,883 shares indirectly through the W. Radford Lovett II GST Exempt Trust.

The filing includes price ranges for the sold shares and notes the trustee relationship; no options or derivative transactions are reported.

Positive

• Timely SEC disclosure of insider transactions for compliance with Section 16
• Substantial retained ownership: reporting person still beneficially owns 4,040,883 shares indirectly

Negative

• Insider sales totaling 122,349 shares over two days may raise investor questions about insider selling
• Weighted-average prices reported with ranges rather than per-lot prices limit granularity on exact sale timings

Insights

Corporate Governance Expert

TL;DR: Director executed routine open-market sales totaling 122,349 shares, retaining material indirect ownership through a family trust.

The director, filing as sole trustee, disclosed multiple Class A share dispositions on 09/04/2025 and 09/05/2025. The report provides weighted-average sale prices and ranges rather than per-lot detail, which is permitted but may prompt questions from governance-minded investors seeking granularity on timing and rationale. Indirect ownership remains substantial at 4,040,883 shares, indicating continued alignment with shareholders despite the sales.

Securities Analyst

TL;DR: Insider sales are material in size but do not eliminate significant indirect holdings; impact appears neutral absent further context.

The filing documents four dispositions with aggregate volume of 122,349 shares and weighted-average prices reported and ranges disclosed. No derivative activity was reported. From a market perspective, disclosed prices span roughly $28.70 to $31.03 across transactions. Because the report shows ongoing beneficial ownership of over 4 million shares held indirectly, these trades look like partial liquidity events rather than full divestiture.

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

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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).

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^*

Lovett William Radford II

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

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	09/04/2025		S		20,000	D	$28.97(1)	4,120,883	I	See Footnote(2)
Class A common stock, par value $0.01 per share	09/05/2025		S		38,060	D	$29.99(3)	4,082,823	I	See Footnote(2)
Class A common stock, par value $0.01 per share	09/05/2025		S		41,940	D	$30.78(4)	4,040,883	I	See Footnote(2)
Class A common stock, par value $0.01 per share								22,349	D

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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The prices sold ranged from $28.70 to $29.19. 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.

2. Such shares of Class A Common Stock are owned directly by the W. Radford Lovett II GST Exempt Trust u/a dated 12/28/2004. The reporting person is the sole trustee of the W. Radford Lovett II GST Exempt Trust u/a dated 12/28/2004.

3. The price reported in Column 4 is a weighted average price. The prices sold ranged from $29.38 to $30.38. 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. The price reported in Column 4 is a weighted average price. The prices sold ranged from $30.40 to $31.03. 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.

	/s/ Robert E. Riva, Jr. by Power of Attorney	09/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transactions did William Radford Lovett II report for DFH?

He reported four dispositions on 09/04/2025 and 09/05/2025 totaling 122,349 shares of DFH Class A common stock.

How many DFH shares does the reporting person own after the transactions?

The filing reports indirect beneficial ownership of 4,040,883 shares held by the W. Radford Lovett II GST Exempt Trust.

What prices were reported for the DFH share sales?

Weighted-average prices reported include $28.97, $29.99 and $30.78, with disclosed price ranges from $28.70 to $31.03 across transactions.

Were any derivative securities reported in this Form 4 for DFH?

No. Table II shows no derivative securities acquired, disposed of, or beneficially owned in this filing.

What is the reporting person's relationship to Dream Finders Homes (DFH)?

The reporting person is a director of Dream Finders Homes and the sole trustee of the W. Radford Lovett II GST Exempt Trust, which holds the shares indirectly.