Dream Finders Homes, Inc.DFH
Dream Finders Homes, Inc. Segments Disclosure
Segment Reporting
The Company primarily operates in the homebuilding business and is organized and reported mainly by region. The Company’s four reportable segments consist of the three homebuilding segments—the Southeast, Mid-Atlantic and Midwest—as well as the Financial Services segment. The homebuilding segments produce the majority of their homebuilding revenues through the sale and delivery of completed homes. The Financial Services segment generates the majority of its revenues from originating and selling mortgages, and collecting premiums and fees for closing services and title insurance. The Company’s four reportable segments are comprised of the following:
•Southeast (Jacksonville, Orlando and Tampa, Florida and operations in the southeast coast of Florida and southwest Florida; Atlanta and Savannah, Georgia; Hilton Head and Bluffton, South Carolina; custom homes operations in northeast Florida)
•Mid-Atlantic (DC Metro; Nashville, Tennessee; Charlotte, Fayetteville, Raleigh and Wilmington, North Carolina; Charleston, Myrtle Beach, and Greenville, South Carolina)
•Midwest (Austin, Dallas, Houston and San Antonio, Texas; Denver, Colorado; Phoenix, Arizona)
•Financial Services (primarily Jet HomeLoans, DF Title and Alliant Title)
The corporate component, which is not considered an operating segment, is reported separately as “Corporate.” Certain corporate SG&A expenses are charged to the segments and eliminated in consolidation.
In accordance with ASC Topic 280, operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision-makers, which include the Chief Executive Officer and the National President (“CODM”), in deciding how to allocate resources and in assessing performance. The Company’s CODM primarily evaluate performance of the homebuilding segments based on the number of homes sold and closed, average sales price, and gross margin. For the Financial Services segment, mortgage banking is assessed based on funded loan volume and profitability, as well as capture rate. Segment profitability, a component of performance, is primarily measured by income before taxes. The CODM compare actual segment income before taxes to historical results and projections to assess segment profitability. Resources are allocated by the CODM during the annual budget process, primarily according to forecasted income before taxes. These allocations undergo recurring evaluation by the CODM throughout the year and are reallocated, as needed, based on actual results.
The following tables summarize revenues, significant expenses and income before taxes by segment for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Southeast(1) | Mid-Atlantic | Midwest | Financial Services | Corporate(2) | Reconciling Items(3) | Consolidated | |||||||||||||||||||||||||||||||||||
| 2025 | |||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 1,389,898 | $ | 1,062,354 | $ | 1,693,095 | $ | 177,501 | $ | — | $ | — | $ | 4,322,848 | |||||||||||||||||||||||||||
| Homebuilding cost of sales | 1,130,718 | 867,575 | 1,425,061 | — | — | — | 3,423,354 | ||||||||||||||||||||||||||||||||||
Financial services expense(4) | — | — | — | 144,727 | — | — | 144,727 | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative expense | 166,331 | 128,432 | 188,865 | — | 1,585 | — | 485,213 | ||||||||||||||||||||||||||||||||||
| Contingent consideration revaluation | — | — | (9,820) | — | — | — | (9,820) | ||||||||||||||||||||||||||||||||||
Other segment (income) expense, net(5) | (328) | 6,944 | (6) | (2,249) | (9,089) | — | (4,728) | ||||||||||||||||||||||||||||||||||
| Income before taxes | $ | 93,177 | $ | 59,403 | $ | 88,995 | $ | 35,023 | $ | 7,504 | $ | — | $ | 284,102 | |||||||||||||||||||||||||||
| 2024 | |||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 1,386,875 | $ | 1,163,000 | $ | 1,848,002 | $ | 79,319 | $ | — | $ | (27,344) | $ | 4,449,852 | |||||||||||||||||||||||||||
| Homebuilding cost of sales | 1,122,074 | 935,372 | 1,534,037 | — | — | — | 3,591,483 | ||||||||||||||||||||||||||||||||||
Financial services expense(4) | — | — | — | 44,736 | — | (14,299) | 30,437 | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative expense | 133,538 | 104,747 | 156,263 | — | 552 | — | 395,100 | ||||||||||||||||||||||||||||||||||
| Contingent consideration revaluation | — | 922 | 13,017 | — | — | — | 13,939 | ||||||||||||||||||||||||||||||||||
Other segment expense (income), net(5) | 487 | 374 | (2,737) | (1,943) | (7,315) | (7,827) | (18,961) | ||||||||||||||||||||||||||||||||||
| Income before taxes | $ | 130,776 | $ | 121,585 | $ | 147,422 | $ | 36,526 | $ | 6,763 | $ | (5,218) | $ | 437,854 | |||||||||||||||||||||||||||
| 2023 | |||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 1,521,414 | $ | 633,131 | $ | 1,584,343 | $ | 48,878 | $ | — | $ | (39,180) | $ | 3,748,586 | |||||||||||||||||||||||||||
| Homebuilding cost of sales | 1,234,014 | 519,574 | 1,258,225 | — | — | — | 3,011,813 | ||||||||||||||||||||||||||||||||||
Financial services expense(4) | — | — | — | 25,073 | — | (19,067) | 6,006 | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative expense | 109,256 | 59,247 | 133,480 | — | 806 | — | 302,789 | ||||||||||||||||||||||||||||||||||
| Contingent consideration revaluation | 432 | 2,901 | 43,257 | — | — | — | 46,590 | ||||||||||||||||||||||||||||||||||
Other segment expense (income), net(5) | 765 | 518 | (1,561) | (5,111) | (6,989) | (10,659) | (23,037) | ||||||||||||||||||||||||||||||||||
| Income before taxes | $ | 176,947 | $ | 50,891 | $ | 150,942 | $ | 28,916 | $ | 6,183 | $ | (9,454) | $ | 404,425 | |||||||||||||||||||||||||||
(1)The Southeast segment had inventory and lot deposit impairments of $5.7 million, $0.6 million and $3.0 million, respectively, for the years ended December 31, 2025, 2024 and 2023. The Southeast segment results exclude profits related to the manufacturing of panels used in homebuilding operations within the Southeast segment, which are eliminated in consolidation.
(2)Corporate includes operations and investments of the corporate component. In the first quarter of 2025, the Company retrospectively changed its expense allocation method to include corporate SG&A expenses that are homebuilding related within the respective homebuilding segment, as the Company believes this provides a more representative view of segment profitability.
(3)As of result of the Jet HomeLoans acquisition on July 1, 2024, represents reconciling items related to Jet HomeLoans prior to its consolidation. Refer to Note 2, Acquisitions for more information.
(4)Financial services expense primarily consists of salaries, commissions and benefits.
(5)Other segment items primarily consist of (income) loss from unconsolidated entities, interest income, investment income, management fees and rental income. In March 2025, other segment items for the Mid-Atlantic segment included $6.7 million of accrued expense from purchase price adjustments related to the Crescent Homes acquisition. See Note 2, Acquisitions for more information.
The following table summarizes total assets and goodwill by segment as of December 31, 2025, and 2024 (in thousands):
| Assets: | Goodwill: | |||||||||||||||||||||||||
| As of December 31, | As of December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Southeast(1) | $ | 1,010,715 | $ | 793,998 | $ | 68,467 | $ | 14,003 | ||||||||||||||||||
| Mid-Atlantic | 904,598 | 730,843 | 144,959 | 144,959 | ||||||||||||||||||||||
| Midwest | 1,086,398 | 1,024,992 | 141,071 | 141,071 | ||||||||||||||||||||||
Financial Services(2) | 347,791 | 386,326 | 22,864 | 280 | ||||||||||||||||||||||
Corporate(3) | 377,982 | 392,492 | — | — | ||||||||||||||||||||||
| Consolidated | $ | 3,727,484 | $ | 3,328,651 | $ | 377,361 | $ | 300,313 | ||||||||||||||||||
(1)As of December 31, 2025, the Liberty Communities acquisition resulted in $45.6 million of goodwill, predominantly attributable to the acquired Atlanta, Georgia operations included in the Southeast segment. Refer to Note 2, Acquisitions for more information.
(2)As of December 31, 2025, the Alliant Title acquisition resulted in $22.6 million of goodwill. Refer to Note 2, Acquisitions for more information.
(3)Corporate assets are comprised of, but are not limited to, operating and restricted cash, deferred tax assets, prepaids and other assets not directly attributable to a reportable segment.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2023 | Feb 29, 2024 | |
| 2021 | Mar 16, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.