[Form 4] Dream Finders Homes, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Dream Finders Homes (DFH) director and CEO Patrick O. Zalupski reported multiple open-market sales of Class A common stock on August 12–13, 2025, totaling 20,832 shares at weighted average prices between $25.05 and $28.96, leaving him with 1,957,843 Class A shares. The filing shows Mr. Zalupski directly holds 56,320,586 Class B shares and indirectly holds 809,409 and 596,158 Class B shares through a trust for his children and POZ Holdings, Inc., respectively.

The filing also discloses prepaid variable forward sale contracts previously entered that pledge an aggregate of 3,000,000 Class B shares as security; the contracts preserve his dividend and voting rights and specify settlement mechanics tied to future volume-weighted average prices with defined floor and cap prices.

Positive

• Full disclosure of multiple open-market sales with weighted-average price ranges and post-transaction holdings
• Retention of dividend and voting rights for pledged shares under prepaid variable forward contracts
• Clear identification of direct and indirect holdings including trust and controlled entity disclosures

Negative

• Prepaid variable forward contracts pledge 3,000,000 Class B shares, which could lead to future share delivery and increased public float
• Insider sold 20,832 Class A shares across August 12–13, 2025, indicating insider liquidity that investors may scrutinize

Insights

Financial Analyst

TL;DR: Insider executed modest open-market sales and maintains concentrated voting power while pledging shares under forward contracts.

The transactions show routine insider liquidity: 20,832 Class A shares disposed across four sales on August 12–13, 2025, at weighted average prices reported in the filing. Post-sales, Mr. Zalupski continues to hold substantial equity via Class B shares (over 56.3 million direct) plus indirect holdings, preserving control. The prepaid variable forward contracts covering 3.0 million Class B shares create potential future share delivery or cash settlement depending on future VWAPs and floor/cap thresholds, which could affect future float if settled in shares. From an investor standpoint, these are material disclosures about share pledging and insider selling but do not by themselves change the company’s operating fundamentals.

Corporate Governance Expert

TL;DR: Significant retention of voting rights and use of pledges noted; governance implications hinge on pledged-share settlement outcomes.

Mr. Zalupski retains dividend and voting rights on the 3,000,000 pledged Class B shares under the prepaid forward contracts, which limits immediate governance dilution. However, the contracts permit delivery of up to 100% of pledged shares at settlement depending on future prices, creating a credible pathway to increased public float or reduced insider stake over time. The filing properly discloses indirect holdings through a family trust and a controlled entity, clarifying beneficial ownership structure important for governance assessment.

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
Estimated average burden
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)
08/12/2025

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	08/12/2025		S		9,980	D	$25.62(1)	1,968,695(2)	D
Class A common stock, par value $0.01 per share	08/13/2025		S		2,722	D	$27.08(3)	1,965,973(2)	D
Class A common stock, par value $0.01 per share	08/13/2025		S		5,913	D	$27.85(4)	1,960,060(2)	D
Class A common stock, par value $0.01 per share	08/13/2025		S		2,217	D	$28.59(5)	1,957,843(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)							(10)	(10)	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 $25.05 to $25.96. 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 $26.39 to $27.30. 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 $27.40 to $28.39. 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 $28.39 to $28.96. 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	08/14/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many shares did Patrick O. Zalupski sell on August 12–13, 2025 for DFH?

He sold a total of 20,832 Class A shares across transactions on August 12–13, 2025 at weighted average prices reported between $25.05 and $28.96.

How many Class A shares does Zalupski own after these transactions?

Following the reported sales, he beneficially owns 1,957,843 Class A shares.

What Class B holdings and indirect interests does the filing report?

The filing shows 56,320,586 Class B shares directly, 809,409 indirectly via a trust for his children, and 596,158 indirectly held by POZ Holdings, Inc.

What is the prepaid variable forward contract disclosed in the Form 4?

Mr. Zalupski previously entered prepaid variable forward contracts pledging an aggregate of 3,000,000 Class B shares as security; he retained dividend and voting rights and the contracts specify settlement rules tied to future VWAPs with defined floor and cap prices.

Do the pledged shares currently affect Mr. Zalupski’s voting control?

According to the filing, he retains voting rights for the pledged shares during the term of the pledge.