Dream Finders Closes $2.2 Billion Beazer Deal, Becoming the No. 6 U.S. Homebuilder as Its Stock Hovers Near $10

JACKSONVILLE, Fla. - Jacksonville-based Dream Finders Homes said Oct. 20 that it completed its acquisition of Atlanta-based Beazer Homes USA, a deal valued at $2.2 billion. The company says the purchase makes it the nation's sixth-largest homebuilder. It is Dream Finders' ninth acquisition since its initial public offering and by far its largest, according to the Jacksonville Daily Record.

The price includes $915 million in cash for Beazer's shares and the assumption of Beazer's debt. Beazer agreed in August to a $33.50-per-share all-cash offer, which Beazer said was 78.5% above its trading price when Dream Finders publicly revealed its pursuit in May. Dream Finders first made an offer in February, and Beazer resisted for months.

Where the company is growing

The deal expands Dream Finders into California, Delaware, Indiana and Nevada. The company says it now has a presence in 26 of the nation's 50 largest metro areas. The article did not report how many homes or employees come with Beazer.

CEO Patrick Zalupski said the first priority is to shift homes built in Beazer's communities to Dream Finders' floor plans, which he says better match what buyers can afford. He also said the company will use its greater scale to lower construction costs and shorten build times. "We are closing this transaction in a challenging housing environment, and we are clear-eyed about that," Zalupski said.

A stock that hit a record low

The housing environment is visible in the company's share price. Dream Finders stock hit a record low of $7.30 on Oct. 14, according to a Jacksonville Daily Record column published Oct. 29. The stock peaked at $44.38 in March 2024 and went public at $13 in January 2021. It recovered to about $10 after the Beazer closing, which puts the company's market value near $900 million.

Earnings were $41.4 million in the first half of 2026, which is 63% lower than a year earlier. The company remains profitable, and the column did not report revenue. The column also noted that the NAHB/Wells Fargo Housing Market Index fell to a 14-year low in October, reported Oct. 19. It cited high mortgage rates, elevated construction costs and weaker consumer confidence.

Who controls the company

Zalupski holds about 59.4 million shares across two classes, which gives him 84% voting control, the column reported. The column valued his stake at about $2.6 billion at the March 2024 peak and $433 million at the Oct. 14 low. At $10 a share it is worth about $594 million.

The column also reported that Zalupski's group bought the Tampa Bay Rays for $1.7 billion a year ago. The Rays reached the World Series, so the franchise's value is likely rising, though the exact increase is impossible to know. The column said his baseball holdings now likely exceed his homebuilding stake.

Source: Jacksonville Daily Record, Oct. 20 and Oct. 29, 2026; reviewed by Jax Times.