Dream Finders Homes, Inc. has completed its acquisition of Beazer Homes USA, Inc. in an all-cash transaction valued at approximately $2.2 billion in enterprise value. The merger was executed on October 20, 2026, with Beazer surviving as a wholly owned subsidiary of Dream Finders.
Under the terms of the Agreement and Plan of Merger, dated August 6, 2026, each share of Beazer common stock was converted into the right to receive $33.50 in cash. This consideration was applied to all issued and outstanding shares, with the exception of those cancelled or converted prior to the effective time. Additionally, outstanding options, restricted stock awards, and performance-based awards were cancelled and converted into cash based on the difference between the merger consideration and the exercise price, subject to applicable tax withholdings.
The total aggregate consideration paid for the merger was approximately $878.4 million. Dream Finders utilized a combination of financing sources to fund the transaction. These included the sale of 225,000 shares of newly-created Series B Convertible Preferred Stock for $225.0 million in a first closing on September 14, 2026, and an additional 450,000 shares for $450.0 million in a second closing on October 20, 2026.
Furthermore, the company received $572.1 million from a land bank facility committed by Millrose Properties and its affiliates. These proceeds were used to redeem Beazer’s $350 million aggregate principal amount of 7.250% Senior Notes due 2029 and to repay Beazer’s unsecured credit facility and related fees.
Following the completion of the merger, Beazer’s common stock ceased trading on and was delisted from the New York Stock Exchange. Dream Finders stated that the combination creates the nation’s sixth-largest homebuilder and expands its geographic footprint into California, Nevada, Indiana, and Delaware.
