DFH Has Offered a Highly Compelling Proposal to Acquire BZH

DFH is the Best Strategic Owner of BZH, with a Compelling Proposal for All Stakeholders – Providing Superior Value to Shareholders, a Larger National Platform for Employees, and Expanded Options, Selection, and Value for Customers.

BZH Shareholders Customers DFH Shareholders BZH Employees

BZH Shareholders

Combining an All-cash Transaction with an Attractive Premium

  • 70% premium to BZH’s unaffected share price as of May 8, 2026
  • 56% premium to BZH’s 30-trading days VWAP1

BZH Employees

Empowering Growth and Excellence as a Top-tier National Homebuilder

  • Creates top 10 national builder with compelling growth opportunity
  • Driving efficiency through shared best practices
  • Expanding career mobility via a scaled platform

Customers

Combined Integrated Capabilities Should Create Seamless Buying Experience for Homeowners

  • Expanding reach across diverse regions and products
  • Driving affordability through large-scale cost savings
  • Integrating ancillary services for a frictionless experience

DFH Shareholders

Strategically and Financially Transformative Acquisition to Further Improve Value Proposition

  • Enhances scale in several states including Texas, Florida, South Carolina, North Carolina, Georgia and Arizona
  • Delivers scaled entry into California, Nevada and Indiana via a proven, established footprint
  • Leading the entry-level and move-up categories

Source: Bloomberg; market data as of 8-May-2026.

130-trading days Volume Weighted Average Price of $20.48, as of 8-May-2026.

Significant Synergy and Value Creation Opportunities for DFH Shareholders

Opportunity

  • Enhanced Returns Through a Comprehensive 100% Land-Light Model

    • Lower capital intensity
    • Faster inventory turns
    • Minimized land risk exposure
    • Higher return on equity

  • Cross-selling and Ancillaries Capture

    • Boost ancillary revenue
    • Expand mortgage and insurance capture
    • Deliver a seamless one-stop-shop experience

  • SG&A / Corporate

    • Scale enables greater tech investment
    • Shared services efficiencies
    • Stronger capabilities and cost savings
    • Lowers required capital deployments to support growth in short-term

The transaction is expected to have a minimal impact on the Company’s leverage through the use of land-banking and mezzanine equity capital sources, consistent with DFH’s commitment to building scale while reducing leverage over time.