Dream Finders Homes, Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net income | $158,605 | $210,090 |
| Adjustments to reconcile net income to net cash used in operating activities | ||
| Depreciation and amortization | 10,756 | 6,948 |
| Amortization of lease right-of-use assets | 10,682 | 5,270 |
| Stock-based compensation | 20,026 | 13,660 |
| Deferred income tax expense | 15,865 | 10,643 |
| Contingent consideration revaluation | (9,820) | 13,793 |
| Payments of contingent consideration | (20,263) | (29,259) |
| Other, net | 1,601 | (3,516) |
| Changes in operating assets and liabilities, net of effects of acquisitions | ||
| Accounts receivable | (14,853) | 1,291 |
| Inventories | (323,718) | (494,240) |
| Lot deposits | (86,543) | (119,077) |
| Other assets | (43,607) | (8,094) |
| Mortgage loans held for sale | 189,094 | (62,880) |
| Accounts payable and accrued liabilities | (114,303) | (56,553) |
| Customer deposits | (37,702) | (51,179) |
| Net cash used in operating activities | (244,180) | (563,103) |
| Cash flows from investing activities | ||
| Purchase of property and equipment | (18,218) | (21,444) |
| Proceeds from disposals of property and equipment | 210 | 88 |
| Investments in unconsolidated entities | (1,937) | (2,351) |
| Return of investments from unconsolidated entities | 1,621 | 573 |
| Payments for acquisitions, net of cash acquired | (184,460) | (174,403) |
| Purchase of investment securities | (5,495) | — |
| Proceeds from sales and maturities of investment securities | 6,360 | — |
| Net cash used in investing activities | (201,919) | (197,537) |
| Cash flows from financing activities | ||
| Proceeds from senior unsecured notes | 300,000 | — |
| Proceeds from revolving credit facility and other borrowings | 1,213,667 | 666,176 |
| Repayments on revolving credit facility and other borrowings | (847,664) | (205,352) |
| Proceeds from mortgage warehouse facilities | 114,931 | 544,784 |
| Repayments on mortgage warehouse facilities | (296,326) | (483,761) |
| Payments of debt issuance costs | (10,924) | (7,344) |
| Payments of preferred stock dividends | (10,125) | (10,125) |
| Payments for common stock withheld for taxes | (7,883) | (12,464) |
| Repurchases of common stock | (32,693) | (6,670) |
| Distributions to noncontrolling interests | (4,262) | (12,380) |
| Payments of contingent consideration | (22,270) | (27,832) |
| Net cash provided by financing activities | 396,451 | 445,032 |
| Net decrease in cash, cash equivalents and restricted cash | (49,648) | (315,608) |
| Cash, cash equivalents and restricted cash at beginning of period | 339,825 | 548,456 |
| Cash, cash equivalents and restricted cash at end of period | $290,177 | $232,848 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Reconciliation of cash, cash equivalents and restricted cash | ||
| Cash and cash equivalents | $251,044 | $204,906 |
| Restricted cash | 39,133 | 27,942 |
| Total cash, cash equivalents and restricted cash | $290,177 | $232,848 |
| Supplemental disclosures of cash payments: | ||
| Cash paid for interest | $211,169 | $143,956 |
| Cash paid for income taxes, net of refunds(1) | 107,669 | 113,419 |
| Supplemental disclosures of noncash activities: | ||
| Noncash investing activities | ||
| Noncontrolling interest issued in business combinations(2) | 8,088 | 21,451 |
| Accrued cash consideration for business combinations(3) | 6,712 | 26,126 |
| Noncash financing activities | ||
| Dividends accrued on preferred stock | 231 | — |
| Total noncash investing and financing activities | $15,031 | $47,577 |
(1)Includes payments for purchased tax credits of $10.7 million and $36.6 million related to 2025 and 2024 income tax expense, respectively, for the nine months ended September 30, 2025. Includes payments for purchased tax credits of $2.1 million related to 2024 income tax expense for the nine months ended September 30, 2024.
(2)Based on the estimated acquisition date fair value of the redeemable noncontrolling interests as of the reporting period date. Refer to Note 2, Acquisitions for more information.
(3)Represents amounts related to the Crescent Ventures, LLC (“Crescent Homes” or “Crescent) acquisition for the nine months ended September 30, 2025 and 2024. Refer to Note 2, Acquisitions for more information.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.