Dream Finders Announces Third Quarter 2024 Results
Dream Finders Homes (DFH) reported Q3 2024 results with homebuilding revenues up 10% to $986 million and home closings increasing 5% to 1,889 units. Net new orders rose 9% to 1,680, while the average sales price increased 3% to $518,553. However, homebuilding gross margin decreased to 19.2% from 20.6%, and net income declined 7% to $71 million ($0.72 per basic share). The company completed its acquisition of Jet HomeLoans on July 1, 2024, contributing $16 million in revenue and $7 million in pre-tax profit. DFH maintains its guidance of 8,250 home closings for full-year 2024.
Dream Finders Homes (DFH) ha riportato i risultati del terzo trimestre 2024, con ricavi dalle costruzioni di abitazioni in aumento del 10% a $986 milioni e chiusure di abitazioni aumentate del 5% a 1.889 unità. Gli ordini netti nuovi sono aumentati del 9% a 1.680, mentre il prezzo medio di vendita è aumentato del 3% a $518.553. Tuttavia, il margine lordo delle costruzioni di abitazioni è diminuito al 19,2% rispetto al 20,6% precedente, e l'utile netto è calato del 7% a $71 milioni ($0,72 per azione ordinaria). L'azienda ha completato l'acquisizione di Jet HomeLoans il 1° luglio 2024, con un contributo di $16 milioni in ricavi e $7 milioni in profitto ante imposte. DFH conferma la sua previsione di 8.250 chiusure di abitazioni per l'intero anno 2024.
Dream Finders Homes (DFH) reportó los resultados del tercer trimestre de 2024, con ingresos de construcción de viviendas en aumento del 10% a $986 millones y cierres de viviendas incrementados en un 5% a 1,889 unidades. Los nuevos pedidos netos aumentaron un 9% a 1,680, mientras que el precio medio de venta aumentó un 3% a $518,553. Sin embargo, el margen bruto de construcción de viviendas disminuyó al 19.2% desde el 20.6% anterior, y el ingreso neto cayó un 7% a $71 millones ($0.72 por acción básica). La empresa completó la adquisición de Jet HomeLoans el 1 de julio de 2024, aportando $16 millones en ingresos y $7 millones en ganancias antes de impuestos. DFH mantiene su guía de 8,250 cierres de viviendas para todo el año 2024.
드림 파인더스 홈즈 (DFH)는 2024년 3분기 실적을 보고했으며, 주택 건설 수익이 10% 증가하여 9억 8,600만 달러에 달하고, 주택 거래가 5% 증가하여 1,889세대에 이르렀습니다. 순 신규 주문은 9% 증가한 1,680건으로, 평균 판매 가격은 3% 상승해 518,553달러에 달했습니다. 그러나 주택 건설 총 매출 이익률은 20.6%에서 19.2%로 감소하였고, 순이익은 7% 줄어들어 7,100만 달러 ($0.72 per basic share)로 기록되었습니다. 이 회사는 2024년 7월 1일 제트 홈 론스를 인수하였고, 이는 수익 1,600만 달러와 세전 이익 700만 달러를 기여했습니다. DFH는 2024년 전체 연도의 주택 거래 예상치를 8,250건으로 유지합니다.
Dream Finders Homes (DFH) a publié ses résultats du troisième trimestre 2024, avec des revenus de construction de maisons en hausse de 10% à 986 millions de dollars et des ventes de maisons augmentant de 5% à 1.889 unités. Les nouvelles commandes nettes ont augmenté de 9% pour atteindre 1.680, tandis que le prix de vente moyen a augmenté de 3% à 518.553 dollars. Cependant, la marge brute de construction de maisons a diminué à 19,2% contre 20,6%, et le revenu net a chuté de 7% à 71 millions de dollars (0,72 $ par action ordinaire). L'entreprise a complété l'acquisition de Jet HomeLoans le 1er juillet 2024, contribuant 16 millions de dollars de revenus et 7 millions de dollars de bénéfice avant impôts. DFH maintient ses prévisions de 8.250 ventes de maisons pour l'année 2024.
Dream Finders Homes (DFH) berichtete über die Ergebnisse des dritten Quartals 2024, wobei Umsätze im Hausbau um 10% auf 986 Millionen Dollar gestiegen sind und Hausabschlüsse um 5% auf 1.889 Einheiten zugenommen haben. Die Netto-Neuaufträge stiegen um 9% auf 1.680, während der durchschnittliche Verkaufspreis um 3% auf 518.553 Dollar anstieg. Allerdings sank die Bruttomarge im Hausbau auf 19,2% von zuvor 20,6%, und der Nettogewinn fiel um 7% auf 71 Millionen Dollar (0,72 Dollar pro Stammaktie). Das Unternehmen schloss am 1. Juli 2024 die Übernahme von Jet HomeLoans ab, die 16 Millionen Dollar Umsatz und 7 Millionen Dollar Gewinn vor Steuern beitrug. DFH hält an seiner Prognose von 8.250 Hausabschlüssen für das Gesamtjahr 2024 fest.
- Homebuilding revenues increased 10% to $986 million
- Home closings up 5% to 1,889 units
- Net new orders increased 9% to 1,680
- Average sales price rose 3% to $518,553
- Jet HomeLoans acquisition contributed $16M revenue and $7M pre-tax profit
- Controlled lot pipeline increased to 44,825 from 30,614 YoY
- Total liquidity of $493 million as of Q3 2024
- Homebuilding gross margin declined to 19.2% from 20.6%
- Pre-tax income decreased 11% to $92 million
- Net income declined 7% to $71 million
- SG&A expenses increased 30% to $102 million
- Net homebuilding debt to net capitalization increased to 45.6% from 34.5% YoY
- Return on participating equity decreased to 30.4% from 38.9% YoY
Insights
Dream Finders Homes delivered a mixed Q3 2024 performance with some concerning signals. While homebuilding revenues grew 10% to
The acquisition of Jet HomeLoans appears strategic, contributing
The housing market dynamics are reflected in DFH's operational metrics. The
The controlled lot pipeline expansion to 44,825 from 30,614 YoY positions the company for growth but requires careful monitoring given the current interest rate environment. The share buyback program, while modest at
Third Quarter Revenues of
Homebuilding Revenues Up
Return on Participating Equity of
Third Quarter 2024 Highlights (As Compared to Third Quarter 2023, unless otherwise noted)
-
Homebuilding revenues increased
10% to from$986 million $894 million -
Home closings increased
5% to 1,889 from 1,798 -
Net new orders increased
9% to 1,680 from 1,535 -
Average sales price of homes closed increased
3% to from$518,553 $501,536 -
Homebuilding gross margin of
19.2% compared to20.6% -
Adjusted homebuilding gross margin (non-GAAP) of
27.6% compared to28.4% -
Pre-tax income decreased
11% to from$92 million $104 million -
Net income attributable to DFH decreased
7% to , or$71 million per basic share, from$0.72 , or$76 million per basic share$0.79 - Active community count of 235 as of September 30, 2024
-
Backlog of 3,996 sold homes as of September 30, 2024, valued at
$2.0 billion - Controlled lot pipeline of 44,825 as of September 30, 2024, compared to 30,614 as of September 30, 2023
-
Total liquidity, comprised of cash and cash equivalents and availability under the revolving credit facility, of
as of September 30, 2024$493 million -
Net homebuilding debt to net capitalization (non-GAAP) of
45.6% as of September 30, 2024, compared to34.5% as of September 30, 2023 -
Return on participating equity of
30.4% for the trailing twelve months ended September 30, 2024, compared to38.9% for the trailing twelve months ended September 30, 2023 -
Repurchased 180,164 Class A common shares for
during the three months ended September 30, 2024$5 million
Management Commentary
Patrick Zalupski, Dream Finders Homes Chairman and CEO, said, “In the third quarter, Dream Finders continued to demonstrate our focus on long-term growth objectives. We delivered homebuilding revenue growth of
We completed our acquisition of Jet HomeLoans on July 1, 2024, our sixth acquisition in five years. This deal was immediately accretive, contributing revenues of
During the third quarter, we repurchased 180,164 shares of our class A common stock under our approved buyback program. In addition to investing in the growth and scale of our business, we remain committed to our capital allocation strategy, which includes buying back shares when we believe there is an attractive disconnect between the market price and the intrinsic value of the shares. We will remain opportunistic in all facets of growing the per share returns of DFH.
We are focused on closing out another successful year in 2024 while also hard at work building long-term value for 2025 and beyond. We reiterate our guidance of 8,250 closings for the full year 2024.”
Acquisition of Jet HomeLoans
On July 1, 2024, we acquired the remaining
Third Quarter 2024 Results
Homebuilding revenues in the third quarter of 2024 increased
Homebuilding gross margin in the third quarter of 2024 was
Adjusted homebuilding gross margin in the third quarter of 2024 was
Selling, general and administrative expense (“SG&A”) in the third quarter of 2024 increased
Net income attributable to DFH in the third quarter of 2024 decreased
Net new orders in the third quarter of 2024 were 1,680, an increase of
Our total available liquidity as of September 30, 2024 was
Third Quarter 2024 Backlog
As of September 30, 2024, DFH had a backlog of 3,996 homes, valued at
The following table shows the backlog units and ASP as of September 30, 2024 by homebuilding segment:
|
As of September 30, 2024
|
|||
Backlog: |
Units |
|
Average Sales Price |
|
Southeast |
1,645 |
|
$ |
409,100 |
Mid-Atlantic |
1,109 |
|
|
461,822 |
Midwest |
1,242 |
|
|
659,389 |
Total |
3,996 |
|
$ |
501,524 |
Full Year 2024 Outlook
Dream Finders Homes maintains its guidance of approximately 8,250 home closings for the full year 2024.
About Dream Finders Homes, Inc.
Dream Finders Homes (NYSE: DFH) is a homebuilder based in
Forward-Looking Statements
This press release includes forward-looking statements regarding future events, including projected 2024 home closings and market conditions, possible or assumed future results of operations and statements regarding the Company’s strategies and expectations as they relate to market opportunities and growth. All forward-looking statements are based on Dream Finders Homes’ beliefs as well as assumptions made by and information currently available to Dream Finders Homes. These statements reflect Dream Finders Homes’ current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in Dream Finders Homes’ Annual Report on Form 10-K for the year ended December 31, 2023, subsequently filed Form 10-Qs and other filings with the
Dream Finders Homes, Inc. Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts) (Unaudited) |
|||||||
|
|
September 30,
|
|
December 31,
|
|||
Assets |
|
|
|
|
|||
Cash and cash equivalents |
|
$ |
204,906 |
|
|
$ |
494,145 |
Restricted cash |
|
|
27,942 |
|
|
|
54,311 |
Accounts receivable |
|
|
30,202 |
|
|
|
30,874 |
Inventories |
|
|
2,060,168 |
|
|
|
1,440,249 |
Lot deposits |
|
|
367,893 |
|
|
|
247,207 |
Other assets |
|
|
105,578 |
|
|
|
80,759 |
Investments in unconsolidated entities |
|
|
6,558 |
|
|
|
15,364 |
Mortgage loans held for sale |
|
|
177,610 |
|
|
|
— |
Property and equipment, net |
|
|
24,898 |
|
|
|
7,043 |
Right-of-use assets |
|
|
18,592 |
|
|
|
20,280 |
Goodwill |
|
|
300,313 |
|
|
|
172,207 |
Total assets |
|
$ |
3,324,660 |
|
|
$ |
2,562,439 |
|
|
|
|
|
|||
Liabilities |
|
|
|
|
|||
Accounts payable |
|
$ |
168,982 |
|
|
$ |
134,115 |
Accrued expenses |
|
|
186,667 |
|
|
|
207,389 |
Customer deposits |
|
|
130,199 |
|
|
|
172,574 |
Construction lines of credit |
|
|
991,208 |
|
|
|
530,384 |
Senior unsecured notes, net |
|
|
294,713 |
|
|
|
293,918 |
Mortgage warehouse facilities |
|
|
170,167 |
|
|
|
— |
Lease liabilities |
|
|
19,515 |
|
|
|
21,114 |
Contingent consideration |
|
|
73,497 |
|
|
|
116,795 |
Total liabilities |
|
$ |
2,034,948 |
|
|
$ |
1,476,289 |
Mezzanine Equity |
|
|
|
|
|||
Redeemable preferred stock |
|
|
148,500 |
|
|
|
148,500 |
Redeemable noncontrolling interest |
|
|
21,451 |
|
|
|
— |
Equity |
|
|
|
|
|||
Class A common stock, |
|
|
345 |
|
|
|
329 |
Class B common stock, |
|
|
592 |
|
|
|
602 |
Additional paid-in capital |
|
|
276,431 |
|
|
|
275,241 |
Retained earnings |
|
|
844,375 |
|
|
|
648,412 |
Treasury stock, at cost, 251,997 shares of Class A common stock as of September 30, 2024 |
|
|
(6,670 |
) |
|
|
— |
Total Dream Finders Homes, Inc. stockholders’ equity |
|
|
1,115,073 |
|
|
|
924,584 |
Noncontrolling interests |
|
|
4,688 |
|
|
|
13,066 |
Total equity |
|
|
1,119,761 |
|
|
|
937,650 |
Total liabilities, mezzanine equity and equity |
|
$ |
3,324,660 |
|
|
$ |
2,562,439 |
Dream Finders Homes, Inc. Condensed Consolidated Statements of Comprehensive Income (In thousands, except share and per share amounts) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Homebuilding |
|
$ |
986,257 |
|
|
$ |
893,502 |
|
|
$ |
2,863,714 |
|
|
$ |
2,603,858 |
|
Financial services |
|
|
20,612 |
|
|
|
2,328 |
|
|
|
27,140 |
|
|
|
6,731 |
|
Total revenues |
|
|
1,006,869 |
|
|
|
895,830 |
|
|
|
2,890,854 |
|
|
|
2,610,589 |
|
Homebuilding cost of sales |
|
|
797,110 |
|
|
|
709,286 |
|
|
|
2,328,587 |
|
|
|
2,109,485 |
|
Financial services expenses |
|
|
12,156 |
|
|
|
1,449 |
|
|
|
16,254 |
|
|
|
3,885 |
|
Selling, general and administrative expense |
|
|
101,886 |
|
|
|
78,514 |
|
|
|
278,945 |
|
|
|
210,548 |
|
Income from unconsolidated entities |
|
|
(99 |
) |
|
|
(4,557 |
) |
|
|
(10,301 |
) |
|
|
(12,219 |
) |
Contingent consideration revaluation |
|
|
5,948 |
|
|
|
9,026 |
|
|
|
13,793 |
|
|
|
32,608 |
|
Other income, net |
|
|
(2,556 |
) |
|
|
(1,646 |
) |
|
|
(5,680 |
) |
|
|
(2,711 |
) |
Income before taxes |
|
|
92,424 |
|
|
|
103,758 |
|
|
|
269,256 |
|
|
|
268,993 |
|
Income tax expense |
|
|
(20,780 |
) |
|
|
(24,158 |
) |
|
|
(59,166 |
) |
|
|
(66,000 |
) |
Net and comprehensive income |
|
|
71,644 |
|
|
|
79,600 |
|
|
|
210,090 |
|
|
|
202,993 |
|
Net and comprehensive income attributable to noncontrolling interests |
|
|
(993 |
) |
|
|
(3,503 |
) |
|
|
(4,002 |
) |
|
|
(9,043 |
) |
Net and comprehensive income attributable to Dream Finders Homes, Inc. |
|
$ |
70,651 |
|
|
$ |
76,097 |
|
|
$ |
206,088 |
|
|
$ |
193,950 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.72 |
|
|
$ |
0.79 |
|
|
$ |
2.10 |
|
|
$ |
1.98 |
|
Diluted |
|
$ |
0.70 |
|
|
$ |
0.75 |
|
|
$ |
2.06 |
|
|
$ |
1.83 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of shares |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
93,527,205 |
|
|
|
93,108,277 |
|
|
|
93,399,681 |
|
|
|
93,052,507 |
|
Diluted |
|
|
100,736,148 |
|
|
|
102,052,181 |
|
|
|
100,140,134 |
|
|
|
105,819,964 |
|
Dream Finders Homes, Inc. Other Financial and Operating Data (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Other Financial and Operating Data |
|
|
|
|
|
|
|
|
||||||||
Home closings |
|
|
1,889 |
|
|
|
1,798 |
|
|
|
5,575 |
|
|
|
5,161 |
|
Average sales price of homes closed(1) |
|
$ |
518,553 |
|
|
$ |
501,536 |
|
|
$ |
510,204 |
|
|
$ |
499,433 |
|
Net new orders |
|
|
1,680 |
|
|
|
1,535 |
|
|
|
5,116 |
|
|
|
4,638 |
|
Cancellation rate |
|
|
13.8 |
% |
|
|
14.9 |
% |
|
|
15.8 |
% |
|
|
17.1 |
% |
Homebuilding gross margin (in thousands)(2) |
|
$ |
189,147 |
|
|
$ |
184,216 |
|
|
$ |
535,127 |
|
|
$ |
494,373 |
|
Homebuilding gross margin %(3) |
|
|
19.2 |
% |
|
|
20.6 |
% |
|
|
18.7 |
% |
|
|
19.0 |
% |
Adjusted homebuilding gross margin (in thousands)(4) |
|
$ |
272,117 |
|
|
$ |
254,172 |
|
|
$ |
773,901 |
|
|
$ |
696,276 |
|
Adjusted homebuilding gross margin %(3)(4) |
|
|
27.6 |
% |
|
|
28.4 |
% |
|
|
27.0 |
% |
|
|
26.7 |
% |
Active communities as of period end(5) |
|
|
|
|
|
|
235 |
|
|
|
219 |
|
||||
Backlog - units |
|
|
|
|
|
|
3,996 |
|
|
|
5,025 |
|
||||
Backlog - value (in thousands) |
|
|
|
|
|
$ |
2,004,091 |
|
|
$ |
2,410,182 |
|
||||
Net homebuilding debt to net capitalization(4) |
|
|
|
|
|
|
45.6 |
% |
|
|
34.5 |
% |
||||
Return on participating equity(6) |
|
|
|
|
|
|
30.4 |
% |
|
|
38.9 |
% |
(1) | Average sales price of homes closed is calculated based on homebuilding revenues, adjusted for the impact of percentage of completion revenues, and excluding deposit forfeitures and land sales, over homes closed. |
|
(2) | Homebuilding gross margin is homebuilding revenues less homebuilding cost of sales. |
|
(3) | Calculated as a percentage of homebuilding revenues. |
|
(4) | Adjusted homebuilding gross margin and net homebuilding debt to net capitalization are non-GAAP financial measures. For definitions of these non-GAAP financial measures and reconciliations to our most directly comparable financial measures calculated and presented in accordance with GAAP, see “Reconciliation of Non-GAAP Financial Measures.” |
|
(5) | A community becomes active once the model is completed or the community has its fifth net sale. A community becomes inactive when it has fewer than five homesites remaining to sell. |
|
(6) | Return on participating equity is calculated as net income attributable to DFH, less redeemable preferred stock distributions, divided by average beginning and ending total Dream Finders Homes, Inc. stockholders’ equity (“participating equity”) for the trailing twelve months. |
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
|
2024
|
|
2023
|
|
2024
|
|
2023
|
||||||||||||
Home Closings: |
Units |
|
Average
|
|
Units |
|
Average
|
|
Units |
|
Average
|
|
Units |
|
Average
|
||||
Southeast |
592 |
|
$ |
494,163 |
|
828 |
|
$ |
467,896 |
|
1,838 |
|
$ |
492,913 |
|
2,261 |
|
$ |
460,524 |
Mid-Atlantic |
603 |
|
|
461,320 |
|
388 |
|
|
407,798 |
|
1,704 |
|
|
441,184 |
|
1,144 |
|
|
386,114 |
Midwest |
694 |
|
|
589,087 |
|
582 |
|
|
611,886 |
|
2,033 |
|
|
583,688 |
|
1,756 |
|
|
623,358 |
Total |
1,889 |
|
$ |
518,553 |
|
1,798 |
|
$ |
501,536 |
|
5,575 |
|
$ |
510,204 |
|
5,161 |
|
$ |
499,433 |
Reconciliation of Non-GAAP Financial Measures
Management utilizes specific non-GAAP financial measures as supplementary tools to evaluate operating performance. These include adjusted homebuilding gross margin and net homebuilding debt to net capitalization. Other companies may not calculate non-GAAP financial measures in the same manner that we do. Accordingly, these non-GAAP financial measures should be considered only as a supplement to relevant GAAP information, as reconciled for each measure below. In the future, we may incorporate additional adjustments to these non-GAAP financial measures as we find them relevant and beneficial for both management and investors.
Adjusted Homebuilding Gross Margin
The following table presents a reconciliation of adjusted homebuilding gross margin to the GAAP financial measure of homebuilding gross margin for each of the periods indicated (unaudited and in thousands, except percentages):
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Homebuilding gross margin(1) |
$ |
189,147 |
|
|
$ |
184,216 |
|
|
$ |
535,127 |
|
|
$ |
494,373 |
|
Interest expense in homebuilding cost of sales(2) |
|
41,818 |
|
|
|
30,369 |
|
|
|
114,222 |
|
|
|
85,586 |
|
Amortization in homebuilding cost of sales(3) |
|
(1,186 |
) |
|
|
— |
|
|
|
5,914 |
|
|
|
— |
|
Commission expense |
|
42,338 |
|
|
|
39,587 |
|
|
|
118,638 |
|
|
|
116,317 |
|
Adjusted homebuilding gross margin |
$ |
272,117 |
|
|
$ |
254,172 |
|
|
$ |
773,901 |
|
|
$ |
696,276 |
|
Homebuilding gross margin %(4) |
|
19.2 |
% |
|
|
20.6 |
% |
|
|
18.7 |
% |
|
|
19.0 |
% |
Adjusted homebuilding gross margin %(4) |
|
27.6 |
% |
|
|
28.4 |
% |
|
|
27.0 |
% |
|
|
26.7 |
% |
(1) | Homebuilding gross margin is homebuilding revenues less homebuilding cost of sales. |
|
(2) | Includes interest charged to homebuilding cost of sales related to our construction lines of credit and senior unsecured notes, net, as well as lot option fees. |
|
(3) | Represents amortization of purchase accounting adjustments from the Crescent Homes acquisition. |
|
(4) | Calculated as a percentage of homebuilding revenues. |
We define adjusted homebuilding gross margin as homebuilding gross margin excluding the effects of capitalized interest, lot option fees, amortization included in homebuilding cost of sales (adjustments resulting from the application of purchase accounting in connection with acquisitions) and commission expense. Our management believes this information is meaningful because it isolates the impact that these excluded items have on homebuilding gross margin. We include internal and external commission expense in homebuilding cost of sales, not selling, general and administrative expense, and therefore commission expense is taken into account in homebuilding gross margin.
As a result, in order to provide a meaningful comparison to the public company homebuilders that include commission expense below the homebuilding gross margin line in selling, general and administrative expense, we have excluded commission expense from adjusted homebuilding gross margin. However, because adjusted homebuilding gross margin information excludes capitalized interest, lot option fees, purchase accounting amortization and commission expense, which have real economic effects and could impact our results of operations, the utility of adjusted homebuilding gross margin information as a measure of our operating performance may be limited.
Net Homebuilding Debt to Net Capitalization
The following table presents a reconciliation of net homebuilding debt to net capitalization to the GAAP financial measure of total debt to total capitalization for each of the periods indicated (unaudited and in thousands, except percentages):
|
As of September 30, |
||||||
|
2024 |
|
2023 |
||||
Total debt |
$ |
1,456,088 |
|
|
$ |
849,116 |
|
Total mezzanine equity |
|
169,951 |
|
|
|
148,500 |
|
Total equity |
|
1,119,761 |
|
|
|
837,572 |
|
Total capitalization |
$ |
2,745,800 |
|
|
$ |
1,835,188 |
|
Total debt to total capitalization |
|
53.0 |
% |
|
|
46.3 |
% |
|
|
|
|
||||
Total debt |
$ |
1,456,088 |
|
|
$ |
849,116 |
|
Less: mortgage warehouse facilities |
|
170,167 |
|
|
|
— |
|
Less: cash and cash equivalents |
|
204,906 |
|
|
|
330,129 |
|
Net homebuilding debt |
$ |
1,081,015 |
|
|
$ |
518,987 |
|
Total mezzanine equity |
|
169,951 |
|
|
|
148,500 |
|
Total equity |
|
1,119,761 |
|
|
|
837,572 |
|
Net capitalization |
$ |
2,370,727 |
|
|
$ |
1,505,059 |
|
Net homebuilding debt to net capitalization |
|
45.6 |
% |
|
|
34.5 |
% |
We define net homebuilding debt to net capitalization as the sum of construction lines of credit and senior unsecured notes, net less cash and cash equivalents (“net homebuilding debt”), divided by the sum of net homebuilding debt, total mezzanine equity and total equity (“net capitalization”). Net homebuilding debt excludes borrowings under our mortgage warehouse facilities. Management believes the net homebuilding debt to net capitalization is meaningful as it is used to assess our consolidated performance and the performance of our homebuilding segments, as well as to establish targets for performance-based compensation. We also use this ratio as a measure of overall leverage.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031911839/en/
Investor Contact: investors@dreamfindershomes.com
Media Contact: mediainquiries@dreamfindershomes.com
Source: Dream Finders Homes, Inc.
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