Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-26

Dream Finders Homes, Inc. (DFH)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$10,227,930
Patrick Zalupski total, FY2025
80th
CEO pay percentile vs peers
97:1
CEO-to-median pay ratio
99.48%
Say-on-pay support, latest vote
Companies that benchmark against DFH
8 companies name DFH as a compensation peer

Each company listed discloses DFH in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named DFH in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Patrick Zalupski$1,276,923$0$4,836,763$0$3,746,000$0$368,244$10,227,930
President, Chief Executive Officer and Chairman of the Board
L. Patrick Ramsay738,462900,000910,46200027,9012,576,825
Senior Vice President and Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Patrick Zalupski$10,227,930$12,879,808$11,367,502−2,651,878
L. Patrick Ramsay2,576,8252,834,0502,202,038−257,225

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
W. Radford Lovett IIGreater-than-10% holder2026-05-19D32,146$13$414,362CommonForm 4 ↗
W. Radford Lovett IIGreater-than-10% holder2026-05-19D117,854131,490,853CommonForm 4 ↗
W. Radford Lovett IIGreater-than-10% holder2026-06-11D76,428151,159,413CommonForm 4 ↗
W. Radford Lovett IIGreater-than-10% holder2026-06-11D60,82815885,656CommonForm 4 ↗
W. Radford Lovett IIGreater-than-10% holder2026-06-15D53,32515808,407CommonForm 4 ↗
W. Radford Lovett IIGreater-than-10% holder2026-06-15D50,26615753,487CommonForm 4 ↗
W. Radford Lovett IIGreater-than-10% holder2026-06-17D45,54415692,724CommonForm 4 ↗
W. Radford Lovett IIGreater-than-10% holder2026-06-17D85,057161,320,085CommonForm 4 ↗
W. Radford Lovett IIGreater-than-10% holder2026-06-22D21,96215329,430CommonForm 4 ↗
W. Radford Lovett IIGreater-than-10% holder2026-06-24D2,4501639,200CommonForm 4 ↗
W. Radford Lovett IIGreater-than-10% holder2026-06-24D54,14017904,138CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
L. Patrick RamsayRSU2025-03-0537,314$910,462
Patrick ZalupskiRSU2025-03-05198,2284,836,763
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
L. Patrick Ramsay$910,462$0$00.0%
Patrick Zalupski4,836,763000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Patrick ZalupskiRSU409,661$7,005,203
L. Patrick RamsayRSU115,9661,983,019
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to motivate, reward, attract and retain the talent necessary to ensure our continued success as the Company evolves. The program seeks to align executive compensation with our short- and long-term objectives, business strategy, financial performance and long-term value creation for our stockholders.

CEO STI target (% of salary)427%
CEO LTI target (% of salary)
Independent consultantCompensation Advisory Partners (CAP)
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-08185,113,740947,41313,43899.48%Passed
20252025-06-09190,102,298682,49616,58599.64%Passed
20242024-06-10191,957,9051,004,26623,40099.48%Passed
20232023-05-22194,404,9151,711,47215,94899.13%Passed
20222022-06-09195,336,24265,33010,61099.96%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0899.48%a
20252025-06-0999.64%b
20242024-06-1099.48%c

a. Approved under the standard stated in the filing — “However, an abstention is deemed not to have been voted on such matter and will have no effect on any of the proposals other than the Reincorporation Proposal (which will have the effect of a vote against such proposal).”.

b. Approved under the standard stated in the filing — “However, an abstention is deemed not to have been voted on such matter and will have no effect on any of the proposals.”.

c. Approved under the standard stated in the filing — “However, an abstention is deemed not to have been voted on such matter and will have no effect on any of the proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)97 : 1
CEO total compensation$10,227,930
Median employee compensation$105,331
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Leonard M. SturmIndependent · Audit (Chair) · Compensation (Chair) · Nominating and Governance · Audit Committee (Chair) · Compensation Committee (Chair)$125,833$113,826$0$0$239,659
Justin W. UdelhofenIndependent · Audit · Compensation · Nominating and Governance80,000113,82600193,826
Megha H. ParekhIndependent · Audit · Nominating and Governance70,000113,82600183,826
William W. WeatherfordIndependent · Nominating and Governance (Chair) · Nominating and Governance Committee (Chair)172,30700172,307
W. Radford Lovett IIIndependent · Compensation · Nominating and Governance · Departed during FY50,000113,82600163,826
Patrick O. ZalupskiEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$125,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)50,000 / 20,000 / 20,000
Stock ownership guideline5x annual cash retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$325,833
Equity awards (grant-date value)$627,611
All other compensation$0
Total cost of the board$953,444

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Dream Finders Homes, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Dream Finders Homes, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Hovnanian Enterprises2025Ara Hovnanian$1,154,423$7,093,554$0$4,885,147$13,654,756
2Green Brick Partners2025James Brickman1,600,0007,643,09604,145,04913,400,745
3Dream Finders Homes, Inc.2025Patrick Zalupski1,276,9234,836,76303,746,00010,227,930
4Taylor Morrison2025Sheryl Palmer1,075,0005,599,9571,399,9871,548,00010,075,397
5M/I Homes2025Robert Schottenstein1,100,0004,945,34303,506,2509,914,773
6TRI Pointe Homes2025Douglas Bauer1,000,0005,999,98101,635,0008,677,081
7Century Communities2025Robert J. Francescon1,000,0004,622,11902,784,0038,510,773
8KB Home2025Robert McGibney912,5003,499,97502,826,8397,311,553
9LGI Homes2025Eric Lipar975,0004,143,842005,182,051
10Smith-Douglas Homes2025Gregory Bennett1,000,0001,627,361087,4283,335,083
11NVR2025Eugene Bredow1,437,50000287,4271,748,227

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Dream Finders Homes, Inc.67%RSU 100not disclosedCompensation Advisory Partners (CAP)
Century Communities94%PSU 100NoWealthPoint
Green Brick Partnersnot disclosedPSU 67 · RSU 33Yes — Relative TSR during a 3-Year PeriodF.W. Cook & Co., Inc.
Hovnanian Enterprisesnot disclosednot disclosedNoFW Cook
KB Homenot disclosedPSU 100NoFW Cook
LGI Homesnot disclosedPSU 80 · RSU 20NoMeridian Compensation Partners LLC
M/I Homes94%not disclosedNoWillis Towers Watson (WTW)
NVR20%Options 100not disclosedMercer Consulting
Smith-Douglas Homesnot disclosednot disclosedYes — total shareholder return (TSR) compared to the TSR of the companies in the selected peer groupSemler Brossy
Taylor Morrison183%PSU 40 · RSU 40 · Options 20NoSemler Brossy Consulting Group, LLC
TRI Pointe Homes65.4%PSU 60 · RSU 40NoExequity

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Patrick ZalupskiDEF 14A2026-04-160001628280-26-025557Section “Summary Compensation Table”. As printed: 10,227,930. Filing ↗machine: r2 · c42 · span 850530–850540
2Section 01, L. Patrick RamsayDEF 14A2026-04-160001628280-26-025557Section “Summary Compensation Table”. As printed: 2,576,825. Filing ↗machine: r5 · c42 · span 857662–857671
3Section 03, L. Patrick Ramsay RSUDEF 14A2026-04-160001628280-26-025557Section “Grants of Plan-Based Awards During 2025” · grants of plan-based awards table. Filing ↗machine: t68 · r5 · c12 · span 976724–976731
4Section 03, Patrick Zalupski RSUDEF 14A2026-04-160001628280-26-025557Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t64 · r2 · c8 · span 849551–849560
5Section 07, pay ratioDEF 14A2026-04-160001628280-26-025557Section “CEO Pay Ratio”. As printed: 97 : 1. Filing ↗machine: span 870972–870974
6Section 08, Leonard M. SturmDEF 14A2026-04-160001628280-26-025557Section “Director Compensation”. As printed: 239,659. Filing ↗machine: t51 · r4 · c6 · span 655547–655554
7Section 08, Justin W. UdelhofenDEF 14A2026-04-160001628280-26-025557Section “Director Compensation”. As printed: 193,826. Filing ↗machine: t51 · r2 · c6 · span 653245–653252
8Section 08, Megha H. ParekhDEF 14A2026-04-160001628280-26-025557Section “Director Compensation”. As printed: 183,826. Filing ↗machine: t51 · r3 · c6 · span 654395–654402
9Section 08, William W. WeatherfordDEF 14A2026-04-160001628280-26-025557Section “Director Compensation”. As printed: 172,307. Filing ↗machine: t51 · r5 · c4 · span 656592–656599
10Section 08, W. Radford Lovett IIDEF 14A2026-04-160001628280-26-025557Section “Director Compensation”. As printed: 163,826. Filing ↗machine: t51 · r6 · c6 · span 658234–658241
11Section 08, Patrick O. ZalupskiDEF 14A2026-04-160001628280-26-025557Section “Director Compensation”. As printed: 0. Filing ↗
12Section 02, W. Radford Lovett II 2026-05-19Form 42026-05-210000897069-26-001218Insider equity transaction reported since the proxy statement. Filing ↗
13Section 02, W. Radford Lovett II 2026-05-19Form 42026-05-210000897069-26-001218Insider equity transaction reported since the proxy statement. Filing ↗
14Section 02, W. Radford Lovett II 2026-06-11Form 42026-06-150000897069-26-001399Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, W. Radford Lovett II 2026-06-11Form 42026-06-150000897069-26-001399Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, W. Radford Lovett II 2026-06-15Form 42026-06-170000897069-26-001431Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, W. Radford Lovett II 2026-06-15Form 42026-06-170000897069-26-001431Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, W. Radford Lovett II 2026-06-17Form 42026-06-220000897069-26-001437Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, W. Radford Lovett II 2026-06-17Form 42026-06-220000897069-26-001437Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, W. Radford Lovett II 2026-06-22Form 42026-06-240000897069-26-001445Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, W. Radford Lovett II 2026-06-24Form 42026-06-260000897069-26-001453Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, W. Radford Lovett II 2026-06-24Form 42026-06-260000897069-26-001453Insider equity transaction reported since the proxy statement. Filing ↗
23Section 06, 2026 voteForm 8-K2026-06-100001628280-26-042289Item 5.07 · say-on-pay result. As reported: 99.48% (votes for as printed: 185,113,740). Filing ↗
24Section 06, 2025 voteForm 8-K2025-06-120001825088-25-000042Item 5.07 · say-on-pay result. As reported: 99.64% (votes for as printed: 190,102,298). Filing ↗
25Section 06, 2024 voteForm 8-K2024-06-140001825088-24-000047Item 5.07 · say-on-pay result. As reported: 99.48% (votes for as printed: 191,957,905). Filing ↗
26Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
27Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
28Section 09b board cost (computed)ComputedcomputedCash 325,833 + equity 627,611 + all other 0 = 953,444, summed across the director compensation table rows.machine: formula: Σ = 953,444
29Hovnanian Enterprises, Section 10b CEO totalDEF 14A2026-02-090001140361-26-004409CEO total compensation as printed in Hovnanian Enterprises's own proxy. As printed: 13,654,756. Filing ↗machine: r4 · c9 · span 793663–793673
30Green Brick Partners, Section 10b CEO totalDEF 14A2026-05-220001628280-26-037542CEO total compensation as printed in Green Brick Partners's own proxy. As printed: 13,400,745. Filing ↗machine: r2 · c8 · span 1044362–1044372
31Dream Finders Homes, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-160001628280-26-025557CEO total compensation as printed in Dream Finders Homes, Inc.'s own proxy. As printed: 10,227,930. Filing ↗machine: r2 · c42 · span 850530–850540
32Taylor Morrison, Section 10b CEO totalDEF 14A2026-04-100001140361-26-014261CEO total compensation as printed in Taylor Morrison's own proxy. As printed: 10,075,397. Filing ↗machine: t176 · r2 · c27 · span 1133718–1133728
33M/I Homes, Section 10b CEO totalDEF 14A2026-04-100001193125-26-150356CEO total compensation as printed in M/I Homes's own proxy. As printed: 9,914,773. Filing ↗machine: t145 · r2 · c31 · span 415984–415993
34TRI Pointe Homes, Section 10b CEO totalDEF 14A2026-03-060001561680-26-000013CEO total compensation as printed in TRI Pointe Homes's own proxy. As printed: 8,677,081. Filing ↗machine: r2 · c48 · span 551025–551034
35Century Communities, Section 10b CEO totalDEF 14A2026-03-250001140361-26-011011CEO total compensation as printed in Century Communities's own proxy. As printed: 8,510,773. Filing ↗machine: t194 · r4 · c14 · span 1089521–1089530
36KB Home, Section 10b CEO totalDEF 14A2026-03-130001308179-26-000068CEO total compensation as printed in KB Home's own proxy. As printed: 7,311,553. Filing ↗machine: t157 · r7 · c14 · span 1740061–1740070
37LGI Homes, Section 10b CEO totalDEF 14A2026-03-130001580670-26-000030CEO total compensation as printed in LGI Homes's own proxy. As printed: 5,182,051. Filing ↗machine: span 563461–563470
38Smith-Douglas Homes, Section 10b CEO totalDEF 14A2026-04-220001628280-26-026561CEO total compensation as printed in Smith-Douglas Homes's own proxy. As printed: 3,335,083. Filing ↗machine: r2 · c42 · span 236441–236450
39NVR, Section 10b CEO totalDEF 14A2026-03-170000906163-26-000029CEO total compensation as printed in NVR's own proxy. As printed: 1,748,227. Filing ↗machine: span 499110–499119
40Section 10a, Taylor Morrison reciprocityDEF 14A0001140361-26-014261Taylor Morrison's most recent proxy was read; its disclosed peer group does not include Dream Finders Homes, Inc.. Filing ↗
41Section 10a, Century Communities reciprocityDEF 14A0001140361-26-011011Century Communities names Dream Finders Homes, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, Hovnanian Enterprises reciprocityDEF 14A0001140361-26-004409Hovnanian Enterprises names Dream Finders Homes, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Green Brick Partners reciprocityDEF 14A0001628280-26-037542Green Brick Partners names Dream Finders Homes, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, NVR reciprocityDEF 14A0000906163-26-000029NVR's most recent proxy was read; its disclosed peer group does not include Dream Finders Homes, Inc.. Filing ↗
45Section 10a, KB Home reciprocityDEF 14A0001308179-26-000068KB Home's most recent proxy was read; its disclosed peer group does not include Dream Finders Homes, Inc.. Filing ↗
46Section 10a, M/I Homes reciprocityDEF 14A0001193125-26-150356M/I Homes's most recent proxy was read; its disclosed peer group does not include Dream Finders Homes, Inc.. Filing ↗
47Section 10a, TRI Pointe Homes reciprocityDEF 14A0001561680-26-000013TRI Pointe Homes's most recent proxy was read; its disclosed peer group does not include Dream Finders Homes, Inc.. Filing ↗
48Section 10a, LGI Homes reciprocityDEF 14A0001580670-26-000030LGI Homes names Dream Finders Homes, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, Smith-Douglas Homes reciprocityDEF 14A0001628280-26-026561Smith-Douglas Homes names Dream Finders Homes, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗