# EDGAR Filing Document

**Accession Number:** 0001841163
**File Stem:** 0000897069-25-001350
**Filing Date:** 2025-8
**Character Count:** 10520
**Document Hash:** 845c9f65ff549e2b77b2e847352f1229
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897069-25-001350.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000897069-25-001350

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250812

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Zalupski Patrick O.
- **CENTRAL INDEX KEY:** 0001841163

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39916
- **FILM NUMBER:** 251220491

**MAIL ADDRESS:**
- **STREET 1:** 14701 PHILIPS HIGHWAY
- **STREET 2:** SUITE 300
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32256
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dream Finders Homes, Inc.
- **CENTRAL INDEX KEY:** 0001825088
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATIVE BUILDERS [1531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 852983036
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 14701 PHILIPS HIGHWAY
- **STREET 2:** SUITE 300
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32256
- **BUSINESS PHONE:** 904.505.4242

**MAIL ADDRESS:**
- **STREET 1:** 14701 PHILIPS HIGHWAY
- **STREET 2:** SUITE 300
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32256

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[x] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Zalupski Patrick O.<br><sub>(Last) (First) (Middle)</sub><br>14701 PHILIPS HIGHWAY<br>SUITE 300<br><sub>(Street)</sub><br>JACKSONVILLE, FL 32256<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-08-12 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_President and CEO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Dream Finders Homes, Inc. [ DFH ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Class A common stock, par value $0.01 per share | 2025-08-12 |  | S |  | 9980 | D | 25.62<sup>(1)</sup> | 1968695<sup>(2)</sup> | D |  |
| Class A common stock, par value $0.01 per share | 2025-08-13 |  | S |  | 2722 | D | 27.08<sup>(3)</sup> | 1965973<sup>(2)</sup> | D |  |
| Class A common stock, par value $0.01 per share | 2025-08-13 |  | S |  | 5913 | D | 27.85<sup>(4)</sup> | 1960060<sup>(2)</sup> | D |  |
| Class A common stock, par value $0.01 per share | 2025-08-13 |  | S |  | 2217 | D | 28.59<sup>(5)</sup> | 1957843<sup>(2)</sup> | D |  |
| Class B common stock, par value $0.01 per share<sup>(6)</sup> |  |  |  |  |  |  |  | 56320586 | D |  |
| Class B common stock, par value $0.01 per share<sup>(6)</sup> |  |  |  |  |  |  |  | 809409 | I | By Trust<sup>(7)</sup> |
| Class B common stock, par value $0.01 per share<sup>(6)</sup> |  |  |  |  |  |  |  | 596158 | I | See Footnote<sup>(8)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Prepaid Variable Forward Sale Contract | <sup>(9)(10)(11)</sup> |  |  |  |  |  |  | <sup>(10)</sup> | <sup>(10)</sup> | Class A Common Stock | 3000000 |  | 3000000 | D |  |

---

### Footnotes:

(1) The price reported in Column 4 is a weighted average price. The prices sold ranged from $25.05 to $25.96. The reporting person will provide the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range.

(2) Includes 6,141 shares held in a 401(k) account.

(3) The price reported in Column 4 is a weighted average price. The prices sold ranged from $26.39 to $27.30. The reporting person will provide the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range.

(4) The price reported in Column 4 is a weighted average price. The prices sold ranged from $27.40 to $28.39. The reporting person will provide the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range.

(5) The price reported in Column 4 is a weighted average price. The prices sold ranged from $28.39 to $28.96. The reporting person will provide the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range.

(6) Each share of Class B Common Stock is convertible at the option of the reporting person into one share of Class A Common Stock ("Common Stock") of Dream Finders Homes, Inc. and has no expiration date.

(7) Trust established for the benefit of the reporting person's children.

(8) Shares held by POZ Holdings, Inc., which is controlled by the reporting person.

(9) Mr. Zalupski entered into prepaid variable forward sale contracts on August 14, 2024, December 5, 2024, and June 5, 2025, respectively, whereby Mr. Zalupski pledged an aggregate of 3,000,000 shares (the "Pledged Shares") of Class B Common Stock to secure obligations under the contracts, and retained dividend and voting rights in the Pledged Shares during the term of the pledge.

(10) (Continued from footnote 9) The contracts obligate Mr. Zalupski to deliver to the buyer, on the applicable settlement date for each of the 10 components, up to one hundred percent (100%) of the number of Pledged Shares for such component or, at Mr. Zalupski's option, an equivalent amount of cash. The number of shares to be delivered to the buyer on the settlement date (or on which to base the amount of cash to be delivered to the buyer on the settlement date) is to be determined as follows: (a) if the volume-weighted average price of the Class A Common Stock on the designated valuation date for the applicable component within the period from 8/16/2027 to 8/27/2027 with respect to 1,000,000 shares, 5/15/2028 to 5/26/2028 with respect to 1,000,000 shares, and 3/20/2029 to 4/3/2029 with respect to 1,000,000 shares (each, a "Settlement Price") is less than or equal to $22.12, $24.01 or $17.27, as applicable, (the "Floor Price"),

(11) (Continued from Footnote 10) Mr. Zalupski will deliver to the buyer all of the Pledged Shares for the applicable component; (b) if such Settlement Price is greater than the Floor Price but less than or equal to $55.30, $66.02 or $37.78, as applicable (the "Cap Price"), Mr. Zalupski will deliver to the buyer the number of shares equal to one hundred percent (100%) of the Pledged Shares for the applicable component multiplied by a fraction, the numerator of which is the Floor Price and the denominator of which is such Settlement Price and (c) if such Settlement Price is greater than the Cap Price, Mr. Zalupski will deliver to the buyer the number of shares equal to one hundred percent (100%) of Pledged Shares for the applicable component multiplied by a fraction, the numerator of which is the Floor Price plus the excess of such Settlement Price over the Cap Price, and the denominator of which is such Settlement Price.

**Signature:** s/ Robert E. Riva by Power of Attorney  
**Date:** 2025-08-14

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**