Proposal offers clear path to superior value for Beazer shareholders

Represents immediate cash premium of approximately 40% over Beazer's closing share price on May 5, 2026

Combination would create the seventh-largest U.S. homebuilder1 with the potential scale and resources to help expand the supply of attainable housing across the country

Dream Finders urges Beazer shareholders to encourage the Board to engage constructively to pursue this compelling proposal

Investor presentation available at announcement.dreamfindershomes.com

Dream Finders Homes, Inc. (the "Company", "Dream Finders") (NYSE:DFH), announced today that it has submitted a proposal to the board of directors (the "Board") of Beazer Homes USA, Inc. ("Beazer") to acquire all outstanding shares of Beazer in an all-cash transaction at a price of $25.75per share, a cash premium of approximately 40% over Beazer's closing share price on May 5, 2026. The proposed transaction reflects a total equity value of approximately $704 million, based on the currently outstanding shares of Beazer.2

As detailed in the correspondence below, since February, Dream Finders has repeatedly tried to constructively engage with Beazer's management and Board. On May 5, 2026, Dream Finders submitted its most recent proposal to acquire Beazer for $25.75 per share, representing a premium of approximately 40% to Beazer's closing share price of $18.35 that day. The revised proposal was submitted against the backdrop of Beazer's second consecutive quarterly net loss, a 93% year-over-year quarterly decline in adjusted EBITDA, and a decrease of approximately 13% in Beazer's stock price since Dream Finders' last proposal.

In a presentation accompanying today's announcement, Dream Finders highlighted why it believes the proposal is the best path forward for Beazer's shareholders:

  • Compelling premium and value: The all-cash proposal represents an immediate cash premium of approximately 40% to Beazer's closing share price of $18.35 on May 5, 2026.
  • Transaction confidence: The proposal has been unanimously approved by the Dream Finders Board of Directors and provides strong visibility into financing, as reflected by highly confident letters for the proposed financing, along with minimal anticipated regulatory risk or delays.
  • Expedited timeline: Dream Finders is ready to begin confirmatory due diligence on an expedited basis and concurrently negotiate a definitive merger agreement.