Nov 5, 7:15 AM ET
Dream Finders Homes said that as of 5:00 p.m. New York City time on November 4, 2026, holders had tendered 99.22% of Beazer's 7.500% notes due 2031 and 98.28% of its 8.000% notes due 2032 in an exchange for new Dream Finders notes, and it received the majority consents needed to amend the Beazer indentures. The amendments would eliminate substantially all restrictive covenants and events of default, and would bind all holders of each series once operative. The exchange offer expires November 20, 2026, with settlement expected November 23, 2026, and the filing does not include any financial results.
- 7.500% notes due 2031: $248,062,000 of $250,000,000 principal tendered (about 99.22%) as of November 4, 2026.
- 8.000% notes due 2032: $393,125,000 of $400,000,000 principal tendered (about 98.28%) as of November 4, 2026.
- Early participants receive $1,000 of new Dream Finders notes, a $50 early participation premium and $1.00 in cash per $1,000 exchanged; later tenders receive $950 of new notes per $1,000.
- Expiration is 5:00 p.m. New York City time on November 20, 2026; settlement is expected November 23, 2026.
Read the filing on SEC.gov ↗
Oct 29, 9:27 AM ET
Dream Finders Homes reported third-quarter 2026 homebuilding revenue up 3% to $942 million and home closings up 3% to 1,967, but net income attributable to the company fell to $7 million, or less than a one cent loss per basic share, from $47 million, or $0.47 per share, a year earlier. Results were hurt by $23 million of Beazer acquisition costs and a homebuilding gross margin of 14.9% versus 17.5%, and the company said it expects further deal abandonment charges in the fourth quarter after completing the $2.2 billion Beazer acquisition on October 20, 2026.
- Net income attributable to DFH was $7 million, or less than a one cent loss per basic share, versus $47 million, or $0.47 per share; excluding $23 million of Beazer acquisition costs, it was $27 million, or $0.22 per share.
- Homebuilding revenues rose 3% to $942 million; homebuilding gross margin fell to 14.9% from 17.5%, and adjusted gross margin fell to 24.1% from 26.7%.
- Beazer Homes USA acquisition was completed October 20, 2026, in an all-cash deal with an enterprise value of about $2.2 billion.
- The company reiterated its 2026 guidance of about 9,250 home closings and expects deal abandonment charges in the fourth quarter.
Read the filing on SEC.gov ↗
Oct 22, 4:23 PM ET
Dream Finders Homes is offering to exchange any and all of Beazer Homes' 7.500% notes due 2031 ($250 million) and 8.000% notes due 2032 ($400 million) for new Dream Finders notes, following its October 20, 2026 completion of the Beazer acquisition. The offer also asks noteholders to consent to amendments that would eliminate substantially all restrictive covenants and events of default on the Beazer notes, which the company says is meant to simplify its capital structure.
- Exchange offers cover $250 million of 2031 Beazer Notes and $400 million of 2032 Beazer Notes, open to eligible holders only.
- Holders who tender by 5:00 p.m. New York time on November 4, 2026 receive $1,000 principal of new Dream Finders notes plus $1.00 cash per $1,000, including a $50 early participation premium.
- Tenders after November 4 and through the November 20, 2026 expiration date receive $950 principal of new notes plus $1.00 cash per $1,000.
- Consents would remove substantially all restrictive covenants and events of default from the Beazer notes and indentures.
Read the filing on SEC.gov ↗
Oct 20, 5:29 PM ET
Dream Finders Homes completed its acquisition of Beazer Homes USA on October 20, 2026, paying $33.50 in cash per Beazer share, for aggregate consideration of approximately $878.4 million and an enterprise value of approximately $2.2 billion. The deal was funded partly by $450.0 million from a second closing of Series B Convertible Preferred Stock and $572.1 million from a land bank facility with Millrose Properties, which also repaid Beazer's $350 million 7.250% notes due 2029. The company expects over $100 million of annual run-rate cost synergies and double-digit percentage EPS accretion in year one, and it has committed to reducing leverage within 18 to 24 months.
- Beazer shareholders received $33.50 in cash per share; aggregate consideration was approximately $878.4 million.
- The company sold 450,000 Series B Convertible Preferred Stock shares for $450.0 million at the second closing, on October 20, 2026.
- Land bank facility proceeds of $572.1 million were used to redeem Beazer's $350 million 7.250% Senior Notes due 2029 and repay its credit facility.
- Beazer's common stock was delisted from the New York Stock Exchange; the company says the combination makes it the nation's sixth-largest homebuilder.
Read the filing on SEC.gov ↗
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