Dream Finders Homes Proposes to Acquire Beazer Homes for $32.00 Per Share in Cash

Dream Finders Homes (DFH) Offers All-Cash Transaction Delivering Immediate, Compelling and Certain Value for Beazer Homes (BZH) Shareholders


BZH Shareholders Can Act Now to Achieve Liquidity in an All-Cash Deal that Maximizes Shareholder Value

  • Our proposed all-cash acquisition of BZH is a clear and certain path to realizing significant value from your investment in BZH.
  • We are offering to acquire BZH for $32.00 per share, a cash premium of approximately 70% over Beazer’s undisturbed share price on May 8, 2026, and a 56% premium to the undisturbed 30-trading days volume-weighted average price (VWAP) ending May 8, 2026.

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$32.00 Per Share All-Cash Offer Reflects Substantial Value to Beazer Homes’ Shareholders

Significant Deal Certainty

Offer Price Per Share: $32.00

Increase from May 5, 2026 Offer: 24%

Consideration: All-Cash

  • Financing supported by highly confident letters
  • No regulatory concerns anticipated
  • Prepared to engage immediately
  • Limited diligence required

Our $32.00 Offer Price Delivers an Attractive Premium

Source: Bloomberg; market data as of 8-May-2026
1Undisturbed price of $18.77, as of 8-May-2026.
230-trading days Volume Weighted Average Price of $20.48, as of 8-May-2026.

Despite Numerous Attempts, BZH Has Not Engaged and is Now Conditioning Any Engagement on a 12-Month Standstill

Timeline

DFH’s 1st private offer: $28.50 / 25% premium1

1Closing price of $22.81, as of 3-Feb-2026.

BZH Rejections

BZH rejected DFH’s 1st private proposal without engaging

DFH’s 2nd private offer: $29.00 / 38% premium2

2Closing price of $21.06, as of 16-Mar-2026.

BZH Rejections

BZH rejected DFH’s 2nd private proposal without engaging

DFH’s 3rd private offer: $25.75 / 40% premium3

3Closing price of $18.35, as of 5-May-2026.

BZH Rejections

DFH Public Activities

DFH made 3rd letter public; BZH rejected the offer on the same day

DFH released public presentation reaffirming its compelling proposal

DFH’s 4th private offer: $29.25 / 56% premium4

4Undisturbed price of $18.77, as of 8-May-2026.

BZH Rejections

DFH Public Activities

BZH informed DFH of its refusal to engage on the terms presented in the 4th private proposal

DFH’s 5th private offer: $32.00 / 70% premium4

4Undisturbed price of $18.77, as of 8-May-2026.

BZH Rejections

DFH Public Activities

DFH made 5th letter public after BZH insisted on stalling engagement4

4Undisturbed price of $18.77, as of 8-May-2026.

  • In early February, DFH proposed an all-cash offer of $28.50/share, which was rejected
  • In mid-March, DFH delivered an improved all-cash offer of $29.00/share, which was also rejected
  • On May 5, 2026, Dream Finders submitted a proposal for $25.75, which was also rejected
  • On June 22, 2026, DFH submitted an increased proposal at $29.25 per share in cash
  • On June 30, 2026, reflecting specific guidance provided by BZH after the $29.25 offer, we submitted an enhanced proposal of $32.00 per share in cash to the board of BZH
  • The BZH Board and management have conditioned any engagement with DFH on a 12-month standstill that would prevent DFH from offering its proposal directly to shareholders if there is not a genuine attempt to engage

We Stand Ready to Engage with BZH’s Board and Management to Pursue this Highly Compelling Proposal

Attractive Premium

All-Cash Offer
70% Premium1

Financing

Letters from Financial Institutions Confirming That They Are Highly Confident the Financing Can Be Arranged in the Capital Markets

Ready to Engage

We urge BZH’s Board and Management to have Constructive and Meaningful Engagement with DFH to Realize Value for Shareholders

Commitment to Close

DFH is Fully Committed to Completing a Transaction on an Expedited Basis

1Source: Bloomberg; Undisturbed price of $18.77, as of 8-May-2026.