Dream Finders closes its $2.2bn purchase of Beazer Homes, paying $33.50 a share in cash

Beazer Homes no longer trades. Dream Finders Homes completed its all-cash purchase of the homebuilder on October 20, at an enterprise value the company puts at about $2.2 billion, and each Beazer share was converted into the right to receive $33.50 in cash. The two companies signed the merger agreement on August 6.

The filing sets out how it was paid for. Dream Finders sold 450,000 more shares of its Series B convertible preferred stock for $450.0 million at closing, on top of the 225,000 shares it sold for $225.0 million on September 14, and drew $572.1 million from a land bank facility committed by Millrose Properties. That money redeemed Beazer's $350 million of 7.250 percent senior notes due 2029 and repaid Beazer's unsecured credit facility.

Dream Finders says the deal makes it the sixth-largest homebuilder in the United States by 2025 revenue and takes it into California, Nevada, Indiana and Delaware. Rick Beckwitt, its co-chairman, said the company still expects more than $100 million a year of cost savings and double-digit growth in earnings per share in the first year, and to bring its leverage back to current levels or better within 18 to 24 months.

The document: Dream Finders Homes, Form 8-K, October 20, 2026.