Dream Finders Homes, Inc. (DFH) — Reincorporation detail

Why this firm matters

Vote scheduled for 2026-06-08; results pending.

Controller & ownership

CONTROLLED COMPANYFounder Majority Dual Class

Patrick Zalupski (Founder/CEO, via Class B 3:1 supervoting) holds approximately 84.4% of voting power. This firm meets the strict listing-rule controlled-company threshold (controller holds >50% of voting power per NYSE Rule 303A.00 / Nasdaq Rule 5615(c)).

Source: DFH 2026 DEF 14A — Patrick O. Zalupski beneficially owns 1,629,265 Class A shares (4.8% of Class A) plus 57,726,153 Class B shares (100.0% of Class B); Class B carries 3 votes/share; combined voting power 174,807,724 / total = 84.4%. Pledged-share note: 35.5M Class B pledged as margin-loan security + 4M Class B pledged for other obligations; Zalupski retains voting + dividend rights during pledge term. Controlled company under NYSE Rule 303A.00 (>50% voting power). Path B initial entry of 65.3% understated by 19pp; corrected 2026-05-19 via Tier-3 overnight reviewer dispatch + Tier-2 primary-source verification.

Vote outcome — reincorporation proposal

Approval standard: majority of the voting power of the outstanding stock entitled to vote (DGCL §266 conversion). Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Visual evidence — event study around the announcement

Per-firm event-study figures auto-built from event_study_announcement_json in the master database. Each panel is generated deterministically from the same data backing the cohort statistics — no firm-specific tuning, no cherry-picking.

Dream Finders Homes' announcement-day move was a non-event

**Bottom line.** All four ways of looking at Dream Finders Homes' stock that day point to roughly the same answer: barely moved by about 0.3%, and the move was statistically indistinguishable from a normal trading day (p = 0.91).

This chart shows four different statistical lenses on what Dream Finders Homes' stock did on the day the reincorporation was announced. Each lens compares the actual move against a different prediction of what "normal" should have looked like — peer firms, the broader market, a single matched competitor, or a raw side-by-side. The gold-edged bar marks the lens used in the cohort summary.

Method

Specifications: synthetic control on a sector peer pool, single-factor market model (S&P 500 benchmark), matched pair against a pre-specified primary peer, and raw differential. Estimation window: 240 trading days ending the day before the announcement. Standard errors via Patell-z (1976).

Dream Finders Homes sits near the middle of the 36-firm cohort

**Bottom line.** Dream Finders Homes' announcement-day reading is close to the cohort-wide mean of +0.69%. Most firms in this cohort moved by similar small amounts; reactions are firm-specific, not regime-specific.

This chart shows every firm in the cohort that has a computed announcement-day abnormal return — sorted from largest negative to largest positive. Dream Finders Homes is highlighted in gold. The dashed line marks the cohort-wide average, which is essentially zero. Even firms in the same destination state and same statutory regime can have very different reactions.

Method

Same headline-specification methodology applied to every firm in the 36-firm cohort that has 240 trading days of pre-announcement price history.

Data integrity. All figures generated by the same script (perfirm_gallery.py) on every release; SHA-256 verified at deploy time. See also: Cohort-wide event study →.

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2026-04-02 · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	+0.34%	Patell-z p-value = 0.908

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

Vote window CARs not yet computed (vote on 2026-06-08).

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

No long-run / pooled estimates available for this firm yet — run phase5z_compute_longrun.py on Windows to populate (requires effective date ≥ 3 months ago).

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.908, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Texas Statutory Adoptions

Status: N/A pending reincorporation.

The Texas opt-in statutory regimes (TBOC §21.552 / SB 29 derivative threshold; TBOC §21.373 / SB 1057 shareholder-proposal threshold) are available only to firms that are nationally listed Texas corporations. Dream Finders Homes, Inc. is not yet Texas-incorporated; the move is pending shareholder vote with a proposed effective date of TBD. These adoptions can be elected only on or after the firm's TX effective date.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

No source filings linked for this firm.

Classification & audit trail

Bucket

D

Panel eligibility

PANEL_E_DE_baseline

Audit status

EDGAR_LOOKUP_NEEDED

Source confidence

—

Transaction status

COMPLETED

Audit notes

Effective date present but no Accession URL in v6 rev78; retrieve from EDGAR. [2026-04-29] phase5x: bucket 'A' -> 'D' (post-SB29 future-vote firm; future meeting date in dataset; should be pending until vote completes); Decision #2 per Shane 2026-04-29
[2026-04-29] v3.83: ENABLED — flag 0→1. Annual meeting June 8, 2026 10am ET; Class A 34M (1-vote) + Class B 57.7M (3-vote). DGCL §266 conversion. Bundled with Series A preferred conversion proposal.