Dream Finders closes $2.2 billion Beazer deal as sixth-largest U.S. homebuilder

Dream Finders Homes closed its all-cash acquisition of Beazer Homes USA on October 20, 2026, paying $33.50 for each Beazer share in a transaction the company values at approximately $2.2 billion of enterprise value. Beazer's common stock stopped trading on the New York Stock Exchange, and Dream Finders said the combination makes it the sixth-largest U.S. homebuilder, measured on 2025 revenue among U.S.-headquartered builders. The same filing supplies the combined arithmetic: $6.69 billion of pro forma 2025 revenue and $5.79 billion of pro forma assets at June 30, 2026, alongside a preferred dividend that leaves pro forma basic earnings per share at $1.30 against $2.19 standalone.

Beazer's shrinking baseline

Beazer's own statements, filed as exhibits to the same Form 8-K, show the business Dream Finders bought. Revenue for the nine months ended June 30, 2026 was $1.29 billion, down 18.36% from $1.58 billion a year earlier, and that period produced a net loss of $37.73 million. The audited statements for the fiscal year ended September 30, 2025 show revenue of $2.37 billion and net income of $45.59 million, less than a third of the $140.18 million earned in fiscal 2024, a decline of 67.48%. Beazer's total debt rose to $1.41 billion at June 30, 2026 from $1.03 billion nine months earlier. Patrick Zalupski, Dream Finders' founder and chief executive, did not describe an easy backdrop: “We are closing this transaction in a challenging housing environment, and we are clear-eyed about that.”

Cash from preferred stock, land banking and the revolver

Dream Finders assembled the purchase price rather than paying it out of existing cash. A first closing on September 14, 2026 sold 225,000 shares of new Series B convertible preferred stock for $225.0 million, and $154.3 million of that redeemed the existing Series A issue. A second closing on October 20 sold another 450,000 shares for $450.0 million. Millrose Properties supplied $572.1 million of net land banking capital proceeds for Beazer homesites it will hold under option. On October 9 the company used an accordion feature to raise revolving commitments to $1.7 billion, and the balance came from cash and revolver borrowings. The pro forma balance sheet shows $658.13 million of redeemable preferred stock and $88.33 million of cash.

Scale in revenue, dilution in earnings per share

The pro forma statements put 2025 revenue at $6.69 billion against $4.32 billion for Dream Finders alone, an increase of 54.78%. For the six months ended June 30, 2026 the combined figure is $2.87 billion, 47.25% above the standalone $1.95 billion. Pro forma total assets at June 30, 2026 are $5.79 billion and total equity $2.04 billion. Per-share results run the other way: 2025 pro forma basic EPS is $1.30 against $2.19 standalone, 40.64% lower, because the Series B shares carry a 12.00% dividend. That preference dividend absorbs $81 million a year, equal to 40.02% of the $202.38 million of 2025 pro forma net income attributable to Dream Finders. For the first half of 2026, pro forma basic EPS is $0.06 against $0.37. The pro forma notes say conversion of the preferred was excluded from diluted EPS as anti-dilutive.

Promises the board still has to deliver

Co-chairman Rick Beckwitt framed the case around targets that are not in the pro forma tables: “We continue to expect over $100 million of annual run-rate cost synergies and double-digit percentage EPS accretion in year one”. He added that the board remains “committed to returning to and improving our current leverage metrics within 18 to 24 months”. The filing does not supply a baseline for the accretion claim, a phasing schedule for the synergies, combined 2026 guidance, or a closing-date balance sheet; purchase accounting is provisional, with pro forma goodwill of $421.31 million that the notes say may be revised.

The next dated evidence

This Form 8-K is a closing release with pro forma and target-company financial statements, not a quarterly earnings report, and it does not carry Dream Finders' own third-quarter results. The next hard evidence is the quarterly report covering the period in which the deal closed, which should show the acquired balance sheet at completion rather than at June 30. Creditors will read that report against Beckwitt's leverage timetable, with pro forma borrowings of $1.44 billion under revolving facilities and other borrowings and $1.25 billion of senior unsecured notes, and with the Millrose option structure determining how much land stays on the balance sheet.