Liberty Communities Acquired by Dream Finders Homes (NYSE:DFH)

Dream Finders Homes acquired Liberty’s homebuilding operations in Atlanta and Greenville, along with its pre-engineered panel, truss, and building-component import businesses. The partnership gave Dream Finders an immediate entry into the Atlanta market, expanded its community count and land supply in Greenville, and added an offsite manufacturing platform with the potential to generate broader cost and operating efficiencies. For Liberty, the transaction achieved ownership’s strategic and financial objectives while preserving employment and creating new growth opportunities for its team.

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^{Zelman Partners LLC ("Zelman"), a registered broker-dealer and a member of FINRA/SIPC, served as Exclusive Sell-Side Advisor to Liberty Communities on the transaction described above. This case study is provided for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, nor does it constitute investment, legal, or tax advice. Zelman & Associate’s equity research department maintains independent research coverage on Dream Finders Homes (NYSE:DFH). This case study was prepared by Zelman's investment banking personnel, not by research analysts, and does not represent the views, ratings, or price targets of Zelman's research department. Zelman maintains information barriers between its research and investment banking functions designed to prevent investment banking activities from influencing research content, consistent with FINRA Rule 2241. Past transactions are not indicative of future results. This case study reflects publicly available information as of the date of the transaction.}