Dream Finders (DFH) insider files Form 4 for 3,000,000-share forward pledge

Rhea-AI Filing Summary

Dream Finders Homes, Inc. (DFH) insider Patrick O. Zalupski reported multiple dispositions of Class A common stock on September 3-4, 2025, and a pledged position tied to prepaid variable forward contracts covering 3,000,000 Class A shares. The Form 4 lists weighted-average sale prices between approximately $27.14 and $29.21 for the cash sales, and reports remaining beneficial ownership in Class A shares of 1,927,772 shares (direct) and substantial Class B holdings including 56,320,586 shares (direct) plus additional indirect holdings via trust and POZ Holdings, Inc. The prepaid variable forward contracts (entered Aug 14, 2024; Dec 5, 2024; Jun 5, 2025) allow settlement in shares or cash on specified future valuation dates and preserve Mr. Zalupski’s voting and dividend rights while the Pledged Shares remain pledged.

Insights

Financial Analyst

TL;DR: Insider reported modest open-market sales plus a large prepaid variable forward pledge covering 3,000,000 shares, reducing unencumbered Class A exposure.

The filing documents small-block sales of Class A shares on 09/03/2025 and 09/04/2025 at weighted-average prices in the high-$20s, totaling 19,126 shares sold for cash. More materially, Mr. Zalupski pledged 3,000,000 Class B shares under prepaid variable forward contracts entered on three dates, which may result in delivery of up to 3,000,000 Class A shares (or cash) at settlement windows in 2027-2029 subject to floor and cap price mechanics. The filing also shows large continuing Class B ownership (56.3 million direct shares), and disclosure that dividend and voting rights remain with the reporting person during the pledge term. For investors, these are financing/liquidity actions rather than an exit of control.

Corporate Governance Expert

TL;DR: Transaction disclosures show ongoing insider control but use of structured forward sales increases potential future dilution or share delivery risk.

The Form 4 clearly states that pledged shares retain voting and dividend rights, and that the forward contracts include formulaic delivery schedules based on settlement prices with specified floors and caps. Indirect holdings through a trust and POZ Holdings, Inc. are disclosed. The filing fulfills Section 16 transparency; governance considerations include monitoring potential future share delivery dates and effects on outstanding Class A float if conversions or deliveries occur.

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)
09/03/2025

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	09/03/2025		S		6,628	D	$27.7(1)	1,940,270(2)	D
Class A common stock, par value $0.01 per share	09/03/2025		S		931	D	$28.25(3)	1,939,339(2)	D
Class A common stock, par value $0.01 per share	09/04/2025		S		11,564	D	$28.86(4)	1,927,775(2)	D
Class A common stock, par value $0.01 per share	09/04/2025		S		3	D	$29.19(5)	1,927,772(2)	D
Class B common stock, par value $0.01 per share(6)								56,320,586	D
Class B common stock, par value $0.01 per share(6)								809,409	I	By Trust(7)
Class B common stock, par value $0.01 per share(6)								596,158	I	See Footnote(8)

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	(9)(10)(11)							(9)	(9)	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 $27.14 to $27.99. 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 $28.19 to $28.32. 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 $28.16 to $29.15. 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.

5. The price reported in Column 4 is a weighted average price. The prices sold ranged from $29.17 to $29.21. 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.

6. 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.

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

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

9. 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.

10. (Continued from footnote 9) 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"),

11. (Continued from Footnote 10) 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	09/05/2025
	** 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 did DFH insider Patrick Zalupski disclose on Form 4 (DFH)?

The Form 4 shows cash sales of 19,126 Class A shares on 09/03/2025 and 09/04/2025 and a pledge under prepaid variable forward contracts covering 3,000,000 Class B shares.

How many shares remain beneficially owned by Patrick Zalupski after these transactions?

The filing reports 1,927,772 Class A shares held directly and 56,320,586 Class B shares held directly, plus additional indirect holdings via trust and POZ Holdings, Inc.

Do the prepaid variable forward contracts affect voting or dividends for the pledged shares?

No; the filing states Mr. Zalupski retained dividend and voting rights in the pledged shares during the term of the contracts.

When could the prepaid variable forward contracts settle and what determines delivery?

Settlement windows are in 2027, 2028, and 2029 for the three components; the number of shares delivered depends on the volume-weighted average Settlement Price relative to specified Floor and Cap prices.

At what prices were the cash sales executed?

Weighted-average reported sale prices ranged approximately from $27.14 to $29.21 across the reported transactions.