Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 10, 2021 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 001-39916 | |
Entity Registrant Name | DREAM FINDERS HOMES, INC. | |
Entity Central Index Key | 0001825088 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-2983036 | |
Entity Address, Address Line One | 14701 Philips Highway | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32256 | |
City Area Code | 904 | |
Local Phone Number | 644-7670 | |
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share | |
Trading Symbol | DFH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class A [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 32,295,329 | |
Common Class B [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 60,226,153 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 6,154,320 | $ 35,495,595 |
Restricted cash (VIE amounts of $5,946,424 and $8,793,201) | 46,936,952 | 49,715,553 |
Accounts receivable | 51,021,302 | 24,927,903 |
Inventories: | ||
Construction in process and finished homes | 537,758,853 | 396,630,945 |
Joint venture owned land and lots (VIE amounts of $18,151,982 and $40,900,552) | 18,152,136 | 40,900,552 |
Company owned land and lots | 75,083,602 | 46,839,616 |
Lot deposits | 107,717,122 | 66,272,347 |
Equity method investments | 7,453,783 | 4,545,349 |
Property and equipment, net | 4,228,857 | 4,309,071 |
Operating lease right-of-use assets | 12,788,540 | 14,219,248 |
Finance lease right-of-use assets | 256,612 | 335,791 |
Intangible assets, net of amortization | 2,161,250 | 2,660,003 |
Goodwill | 30,360,997 | 28,566,232 |
Deferred tax asset | 3,312,736 | 0 |
Other assets (VIE amounts of $2,159,645 and $1,288,359) | 28,894,891 | 18,262,036 |
Total assets | 932,281,953 | 733,680,241 |
Liabilities | ||
Accounts payable (VIE amounts of $0 and $1,315,582) | 34,204,013 | 37,418,693 |
Accrued expenses (VIE amounts of $8,571,439 and $9,977,268) | 65,908,878 | 67,401,055 |
Customer deposits | 93,275,468 | 59,392,135 |
Construction lines of credit | 365,000,000 | 289,878,716 |
Notes payable (VIE amounts of $2,992,531 and $8,821,282) | 4,048,531 | 29,653,282 |
Operating lease liabilities | 13,064,645 | 14,410,560 |
Finance lease liabilities | 267,198 | 345,062 |
Contingent consideration | 27,110,480 | 23,157,524 |
Total liabilities | 602,879,213 | 521,657,027 |
Commitments and contingencies (Note 6) | ||
Mezzanine Equity | ||
Total mezzanine equity | 6,703,460 | 76,231,451 |
Members' Equity | ||
Common members' equity | 103,852,646 | |
Total members' equity | 103,852,646 | |
Stockholders' Equity - Dream Finders Homes, Inc. | ||
Additional paid-in capital | 255,289,812 | |
Retained earnings | 45,610,738 | |
Non-controlling interests | 20,873,515 | 31,939,117 |
Total stockholders' and members' equity | 329,402,740 | 212,023,214 |
Total liabilities, mezzanine equity, members' equity and stockholders' equity | 932,281,953 | 733,680,241 |
Common Class A [Member] | ||
Stockholders' Equity - Dream Finders Homes, Inc. | ||
Common stock, value | 322,953 | |
Common Class B [Member] | ||
Stockholders' Equity - Dream Finders Homes, Inc. | ||
Common stock, value | 602,262 | |
Preferred Mezzanine Equity [Member] | ||
Mezzanine Equity | ||
Total mezzanine equity | 6,703,460 | 55,638,450 |
Common Mezzanine Equity [Member] | ||
Mezzanine Equity | ||
Total mezzanine equity | $ 0 | $ 20,593,001 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Restricted cash, VIE amounts | $ 46,936,952 | $ 49,715,553 |
Joint venture owned land and lots, VIE amounts | 18,152,136 | 40,900,552 |
Other assets, VIE amounts | 28,894,891 | 18,262,036 |
Liabilities | ||
Accounts payable, VIE amounts | 34,204,013 | 37,418,693 |
Accrued expenses, VIE amounts | 65,908,878 | 67,401,055 |
Notes payable | $ 4,048,531 | $ 29,653,282 |
Common Class A [Member] | ||
Stockholders' Equity - Dream Finders Homes, Inc. | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 289,000,000 | 289,000,000 |
Common stock shares outstanding (in shares) | 32,295,329 | 32,295,329 |
Common Class B [Member] | ||
Stockholders' Equity - Dream Finders Homes, Inc. | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 61,000,000 | 61,000,000 |
Common stock shares outstanding (in shares) | 60,226,153 | 60,226,153 |
Variable Interest Entity [Member] | ||
Assets | ||
Restricted cash, VIE amounts | $ 5,946,424 | $ 8,793,201 |
Joint venture owned land and lots, VIE amounts | 18,151,982 | 40,900,552 |
Other assets, VIE amounts | 2,159,645 | 1,288,359 |
Liabilities | ||
Accounts payable, VIE amounts | 0 | 1,315,582 |
Accrued expenses, VIE amounts | 8,571,439 | 9,977,268 |
Notes payable | $ 2,992,531 | $ 8,821,282 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||||
Revenues | $ 365,276,101 | $ 199,801,128 | $ 708,836,466 | $ 388,539,561 | |
Cost of sales | 303,589,420 | 171,236,637 | 594,626,181 | 334,982,320 | |
Selling, general and administrative expense | 28,686,162 | 17,062,297 | 55,652,375 | 34,581,082 | |
Income from equity in earnings of unconsolidated entities | (1,125,001) | (1,926,702) | (2,857,394) | (3,286,090) | |
Loss/(Gain) on sale of assets | 48,034 | (200) | (17,483) | (34,295) | |
Loss on extinguishment of debt | 0 | 0 | 697,423 | 0 | |
Other Income | |||||
Other | (1,668,263) | (785,153) | (2,150,482) | (919,214) | |
Paycheck Protection Program forgiveness | (7,219,794) | 0 | (7,219,794) | 0 | |
Other Expense | |||||
Other | 2,434,780 | 1,360,526 | 5,337,828 | 2,555,837 | |
Contingent consideration revaluation | 3,976,980 | 316,772 | 5,159,725 | 316,772 | |
Interest expense | 15,796 | 45,948 | 657,657 | 81,653 | |
Income before taxes | 36,537,987 | 12,491,003 | 58,950,430 | 20,261,496 | |
Income tax expense | (4,478,317) | 0 | (9,294,799) | 0 | |
Comprehensive income tax benefit (expense) | (4,478,317) | 0 | (9,294,799) | 0 | |
Net income | 32,059,670 | 12,491,003 | 49,655,631 | 20,261,496 | |
Comprehensive income | 32,059,670 | 12,491,003 | 49,655,631 | 20,261,496 | |
Net income attributable to non-controlling interests | (3,485,789) | (766,902) | (4,961,107) | (1,957,361) | |
Comprehensive income attributable to non-controlling interests | (3,485,789) | (766,902) | (4,961,107) | (1,957,361) | |
Net income attributable to Dream Finders Homes, Inc. | 28,573,881 | 11,724,101 | 44,694,524 | 18,304,135 | |
Comprehensive income attributable to Dream Finders Homes, Inc. | $ 28,573,881 | $ 11,724,101 | $ 44,694,524 | $ 18,304,135 | |
Earnings per share | |||||
Basic (in dollars per share) | [1] | $ 0.31 | $ 0 | $ 0.49 | $ 0 |
Diluted (in dollars per share) | [1] | $ 0.31 | $ 0 | $ 0.49 | $ 0 |
Weighted-average number of share | |||||
Basic (in shares) | 92,521,482 | 0 | 92,521,482 | 0 | |
Diluted (in shares) | 92,670,727 | 0 | 92,641,222 | 0 | |
[1] | The Company calculated earnings per share (“EPS”) based on net income attributable to common stockholders for the period January 21, 2021 through June 30, 2021 over the weighted average diluted shares outstanding for the same period. EPS was calculated prospectively for the period subsequent to the Company’s initial public offering and corporate reorganization as described in Note 1 – Nature of Business and Significant Accounting Policies, resulting in 92,521,482 shares of common stock outstanding as of the closing of the initial public offering. The total outstanding shares of common stock are made up of Class A common stock and Class B common stock, which participate equally in their ratable ownership share of the Company. For the six months ended June 30, 2021, the diluted shares of common stock outstanding were 92,641,222. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY - USD ($) | Redeemable Preferred Units Mezzanine [Member] | Redeemable Common Units Mezzanine [Member] | Common Units Members' [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total | Common Stock - Class A [Member] | Common Stock - Class B [Member] |
Beginning balance at Dec. 31, 2019 | $ 58,269,166 | $ 16,248,246 | |||||||
Beginning balance (in shares) at Dec. 31, 2019 | 49,555 | 5,774 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Contributions | $ 0 | $ 0 | |||||||
Contributions (in shares) | 0 | 1,236 | |||||||
Redemptions | $ (7,000,000) | $ 0 | |||||||
Redemptions (in shares) | (1,006) | 0 | |||||||
Distributions | $ (344,591) | $ 0 | |||||||
Net income (loss) | 3,109,904 | 1,270,891 | |||||||
Ending balance at Jun. 30, 2020 | $ 54,034,479 | $ 17,519,137 | |||||||
Ending balance (in shares) at Jun. 30, 2020 | 48,549 | 7,010 | |||||||
Balance at Dec. 31, 2019 | $ 56,502,464 | $ 30,471,371 | $ 161,491,247 | ||||||
Balance (in shares) at Dec. 31, 2019 | 76,655 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Unit compensation | $ 447,500 | 0 | 447,500 | ||||||
Contributions from non-controlling interests | 0 | 3,558,328 | 3,558,328 | ||||||
Conversion of units | 0 | 0 | 0 | ||||||
Redemptions | $ 0 | 0 | (7,000,000) | ||||||
Redemptions (in shares) | 0 | ||||||||
Distributions | $ (2,019,207) | (4,577,137) | (6,940,935) | ||||||
Net income | 13,923,340 | 1,957,361 | 20,261,496 | ||||||
Balance at Jun. 30, 2020 | $ 68,854,097 | 31,409,923 | 171,817,636 | ||||||
Balance (in shares) at Jun. 30, 2020 | 76,655 | ||||||||
Beginning balance at Mar. 31, 2020 | $ 53,435,881 | $ 16,701,798 | |||||||
Beginning balance (in shares) at Mar. 31, 2020 | 49,549 | 7,010 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Contributions | $ 0 | $ 0 | |||||||
Contributions (in shares) | 0 | 0 | |||||||
Redemptions | $ (1,000,000) | $ 0 | |||||||
Redemptions (in shares) | (1,000) | 0 | |||||||
Distributions | $ (344,592) | $ 0 | |||||||
Net income (loss) | 1,943,190 | 817,339 | |||||||
Ending balance at Jun. 30, 2020 | $ 54,034,479 | $ 17,519,137 | |||||||
Ending balance (in shares) at Jun. 30, 2020 | 48,549 | 7,010 | |||||||
Balance at Mar. 31, 2020 | $ 61,476,244 | 30,091,204 | 161,705,127 | ||||||
Balance (in shares) at Mar. 31, 2020 | 76,655 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Unit compensation | $ 223,750 | 0 | 223,750 | ||||||
Contributions | $ 0 | 1,789,482 | 1,789,482 | ||||||
Contributions (in shares) | 0 | ||||||||
Contributions from non-controlling interests | $ 0 | 0 | 0 | ||||||
Conversion of units | 0 | 0 | 0 | ||||||
Redemptions | $ 0 | 0 | (1,000,000) | ||||||
Redemptions (in shares) | 0 | ||||||||
Distributions | $ (1,809,469) | (1,237,665) | (3,391,726) | ||||||
Net income | 8,963,572 | 766,902 | 12,491,003 | ||||||
Balance at Jun. 30, 2020 | $ 68,854,097 | 31,409,923 | 171,817,636 | ||||||
Balance (in shares) at Jun. 30, 2020 | 76,655 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 55,638,450 | $ 20,593,001 | |||||||
Beginning balance (in shares) at Dec. 31, 2020 | 48,543 | 7,010 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Contributions | $ 0 | $ 0 | |||||||
Contributions (in shares) | 0 | 0 | |||||||
Redemptions | $ 0 | $ 0 | |||||||
Redemptions (in shares) | 0 | 0 | |||||||
Distributions | $ (3,617,390) | $ (1,274,690) | |||||||
Net income (loss) | (157,451) | (91,043) | |||||||
Ending balance at Jan. 20, 2021 | $ 51,863,609 | $ 19,227,268 | |||||||
Ending balance (in shares) at Jan. 20, 2021 | 48,543 | 7,010 | |||||||
Balance at Dec. 31, 2020 | $ 103,852,646 | $ 0 | $ 0 | 31,939,117 | 212,023,214 | $ 0 | $ 0 | ||
Balance (in shares) at Dec. 31, 2020 | 76,655 | 0 | 0 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Unit compensation | $ 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | ||
Contributions | $ 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | ||
Contributions (in shares) | 0 | 0 | 0 | ||||||
Contributions from non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | ||
Conversion of units | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Redemptions | $ 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | ||
Redemptions (in shares) | 0 | 0 | 0 | ||||||
Distributions | $ (18,384,243) | 0 | 0 | (3,476,258) | (26,752,581) | $ 0 | $ 0 | ||
Net income | (995,588) | 0 | 0 | 210,340 | (1,033,742) | 0 | 0 | ||
Balance at Jan. 20, 2021 | $ 84,472,815 | 0 | 0 | 28,673,199 | 184,236,891 | $ 0 | $ 0 | ||
Balance (in shares) at Jan. 20, 2021 | 76,655 | 0 | 0 | ||||||
Beginning balance at Dec. 31, 2020 | $ 55,638,450 | $ 20,593,001 | |||||||
Beginning balance (in shares) at Dec. 31, 2020 | 48,543 | 7,010 | |||||||
Ending balance at Jun. 30, 2021 | $ 6,703,460 | $ 0 | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 7,143 | 0 | |||||||
Balance at Dec. 31, 2020 | $ 103,852,646 | 0 | 0 | 31,939,117 | 212,023,214 | $ 0 | $ 0 | ||
Balance (in shares) at Dec. 31, 2020 | 76,655 | 0 | 0 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net income | 49,655,631 | ||||||||
Balance at Jun. 30, 2021 | $ 0 | 255,289,812 | 45,610,738 | 20,873,515 | 329,402,740 | $ 322,953 | $ 602,262 | ||
Balance (in shares) at Jun. 30, 2021 | 0 | 32,295,329 | 60,226,153 | ||||||
Beginning balance at Jan. 20, 2021 | $ 51,863,609 | $ 19,227,268 | |||||||
Beginning balance (in shares) at Jan. 20, 2021 | 48,543 | 7,010 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Reorganization transactions | $ (19,957,513) | $ (19,227,268) | |||||||
Reorganization transactions (in shares) | (15,400) | (7,010) | |||||||
Contributions | $ 0 | $ 0 | |||||||
Contributions (in shares) | 0 | 0 | |||||||
Redemptions | $ (25,530,504) | $ 0 | |||||||
Redemptions (in shares) | (26,000) | 0 | |||||||
Distributions | $ 0 | $ 0 | |||||||
Net income (loss) | 327,868 | 0 | |||||||
Ending balance at Jun. 30, 2021 | $ 6,703,460 | $ 0 | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 7,143 | 0 | |||||||
Balance at Jan. 20, 2021 | $ 84,472,815 | 0 | 0 | 28,673,199 | 184,236,891 | $ 0 | $ 0 | ||
Balance (in shares) at Jan. 20, 2021 | 76,655 | 0 | 0 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Reorganization transactions | $ (84,472,815) | 122,842,781 | 0 | 0 | 0 | $ 212,553 | $ 602,262 | ||
Reorganization transactions (in shares) | (76,655) | 21,255,329 | 60,226,153 | ||||||
Issuance of common stock in IPO | $ 0 | 129,886,962 | 0 | 0 | 129,997,362 | $ 110,400 | $ 0 | ||
Issuance of common stock in IPO (in shares) | 0 | 11,040,000 | 0 | ||||||
Unit compensation | $ 0 | 2,560,069 | 0 | 0 | 2,560,069 | $ 0 | $ 0 | ||
Contributions | $ 0 | 0 | 0 | 0 | 0 | $ 0 | |||
Contributions (in shares) | 0 | 0 | 0 | ||||||
Contributions from non-controlling interests | $ 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | ||
Conversion of units | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Redemptions | $ 0 | 0 | 0 | 0 | (25,530,504) | $ 0 | $ 0 | ||
Redemptions (in shares) | 0 | 0 | 0 | ||||||
Distributions | $ 0 | 0 | 0 | (12,550,451) | (12,550,451) | $ 0 | $ 0 | ||
Net income | 0 | 0 | 45,610,738 | 4,750,767 | 50,689,373 | 0 | 0 | ||
Balance at Jun. 30, 2021 | $ 0 | 255,289,812 | 45,610,738 | 20,873,515 | 329,402,740 | $ 322,953 | $ 602,262 | ||
Balance (in shares) at Jun. 30, 2021 | 0 | 32,295,329 | 60,226,153 | ||||||
Beginning balance at Mar. 31, 2021 | $ 6,515,415 | $ 0 | |||||||
Beginning balance (in shares) at Mar. 31, 2021 | 7,143 | 0 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Contributions | $ 0 | $ 0 | |||||||
Contributions (in shares) | 0 | 0 | |||||||
Distributions | $ 0 | $ 0 | |||||||
Net income (loss) | 188,045 | 0 | |||||||
Ending balance at Jun. 30, 2021 | $ 6,703,460 | $ 0 | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 7,143 | 0 | |||||||
Balance at Mar. 31, 2021 | $ 0 | 253,837,981 | 17,224,902 | 21,696,487 | 300,200,000 | $ 322,953 | $ 602,262 | ||
Balance (in shares) at Mar. 31, 2021 | 0 | 32,295,329 | 60,226,153 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Unit compensation | $ 0 | 1,451,831 | 0 | 0 | 1,451,831 | $ 0 | $ 0 | ||
Contributions | $ 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | ||
Contributions (in shares) | 0 | 0 | 0 | ||||||
Contributions from non-controlling interests | $ 0 | $ 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | |
Conversion of units | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Distributions | 0 | 0 | 0 | (4,308,761) | (4,308,761) | 0 | 0 | ||
Net income | 0 | 0 | 28,385,836 | 3,485,789 | 32,059,670 | 0 | 0 | ||
Balance at Jun. 30, 2021 | $ 0 | $ 255,289,812 | $ 45,610,738 | $ 20,873,515 | $ 329,402,740 | $ 322,953 | $ 602,262 | ||
Balance (in shares) at Jun. 30, 2021 | 0 | 32,295,329 | 60,226,153 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 49,655,631 | $ 20,261,496 |
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | ||
Depreciation | 1,927,248 | 1,644,234 |
Loss on sale of property and equipment | 17,483 | (34,295) |
Amortization of debt issuance costs | 1,429,135 | 1,007,022 |
Amortization of right-of-use operating lease | 1,694,652 | 1,652,188 |
Amortization of right-of-use financing lease | 79,179 | 79,179 |
Payments of operating leases | (263,945) | 0 |
Stock compensation expense | 2,560,069 | 447,500 |
Income from Paycheck Protection Program | 7,219,794 | 0 |
Income tax expense | 9,294,799 | 0 |
Income from equity method investments, net of distributions received | (2,857,394) | (1,153,868) |
Remeasurement of contingent consideration | 5,159,725 | 316,772 |
Changes in Operating Assets and Liabilities | ||
Inventories | (117,314,953) | (44,451,745) |
Lot deposits | (41,001,451) | (153,617) |
Deferred tax asset | (3,312,736) | 0 |
Other assets | (33,087,440) | (1,863,186) |
Accounts payable and accrued expenses | (30,082,584) | (5,997,441) |
Customer deposits | 28,941,611 | 1,788,697 |
Operating lease liabilities | (1,345,915) | (1,542,667) |
Net cash used in operating activities | (121,287,092) | (27,999,731) |
Cash Flows from Investing Activities | ||
Purchase of property and equipment | (1,277,667) | (1,899,210) |
Proceeds from disposal of property and equipment | 460,456 | 0 |
Investments in equity method investments | (600,000) | (1,151,330) |
Return of investments from equity method investments | 548,961 | 3,892,354 |
Business combinations, net of cash acquired | (22,616,862) | 0 |
Net cash used in investing activities | (23,485,112) | 841,814 |
Cash Flows from Financing Activities | ||
Proceeds from construction lines of credit | 1,001,317,365 | 290,977,833 |
Principal payments on construction lines of credit | (926,702,546) | (261,002,424) |
Proceeds from notes payable | 2,420,323 | 3,963,930 |
Principal payments on notes payable | (24,378,019) | (7,610,584) |
Payment of debt issue costs | (3,883,992) | (514,695) |
Payments of equity issuance costs | (12,571,671) | 0 |
Payments on financing leases | (77,864) | (75,873) |
Payments on contingent consideration | (1,206,769) | |
Contributions from non-controlling interests | 0 | 3,558,328 |
Distributions to non-controlling interests | (16,026,705) | (4,577,137) |
Proceeds from stock issuance | 142,569,035 | 0 |
Distributions | (23,276,323) | (2,233,849) |
Redemptions | (25,530,506) | (7,000,000) |
Contribution from conversion of converted LLC units | 123,657,596 | 0 |
Conversion of LLC units | (123,657,596) | 0 |
Net cash provided by (used in) financing activities | 112,652,328 | 15,485,529 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (32,119,876) | (11,672,388) |
Cash, cash equivalents and restricted cash at beginning of period | 85,211,148 | 68,728,414 |
Cash, cash equivalents and restricted cash at end of period | 53,091,272 | 57,056,026 |
Non-cash Financing Activities | ||
Financed land payments to seller | 8,916,211 | 0 |
Leased assets obtained in exchange for new operating lease liabilities | 0 | 133,202 |
Accrued distributions | 0 | 129,948 |
Equity issuance costs incurred | 905,965 | 0 |
Non-cash Investing Activities | ||
Investment capital reallocation | (3,468,731) | 0 |
Total non-cash financing and investing activities | 6,353,445 | 263,150 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | ||
Cash and cash equivalents | 6,154,320 | 35,057,235 |
Restricted cash | 46,936,952 | 21,998,791 |
Cash, cash equivalents and restricted cash at end of period | $ 53,091,272 | $ 57,056,026 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Nature of Business and Significant Accounting Policies [Abstract] | |
Nature of Business and Significant Accounting Policies | 1. Nature of Business and Significant Accounting Policies Nature of Business Dream Finders Homes, Inc. (the “Company” or “DFH, Inc.”) was incorporated in the State of Delaware on September 11, 2020. The Company was formed for the purpose of completing an initial public offering (“IPO”) of its common stock and related transactions in order to carry on the business of Dream Finders Holdings LLC, a Florida limited liability company (“DFH LLC”), as a publicly-traded entity. Pursuant to a corporate reorganization and completion of the IPO on January 25, 2021, the Company became a holding company for DFH LLC and its subsidiaries. In connection with the IPO, and pursuant to the terms of the Agreement and Plan of Merger by and among DFH, Inc., DFH LLC and DFH Merger Sub LLC, a Delaware limited liability company and direct, wholly owned subsidiary of DFH, Inc., DFH Merger Sub LLC merged with and into DFH LLC with DFH LLC as the surviving entity (the “Merger”). As a result of the Merger, all of the outstanding non-voting common units and Series A Preferred Units of DFH LLC converted into 21,255,329 shares of Class A common stock of DFH, Inc., all of the outstanding common units of DFH LLC converted into 60,226,153 shares of Class B common stock of DFH, Inc. and all of the outstanding Series B Preferred Units and Series C Preferred Units of DFH LLC remained outstanding as Series B Preferred Units and Series C Preferred Units of DFH LLC, as the surviving entity in the Merger. We refer to this and certain other related events and transactions, as the “Corporate Reorganization”. DFH, Inc. successfully completed its IPO of 11,040,000 shares of Class A common stock (which included full exercise of the over-allotment option) at an IPO price of $13.00 per share. Shares of the Company’s Class A common stock began trading on the NASDAQ Global Select Market under the ticker symbol “DFH” on January 21, 2021, and the IPO closed on January 25, 2021. The Company is the sole manager of DFH LLC and owns 100% of the voting membership interest in DFH LLC. The accompanying statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for a complete set of financial statements. As such, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the Securities and Exchange Commission on March 30, 2021. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of DFH LLC, its wholly owned subsidiaries and the Company’s investments that qualify for consolidation treatment (see Note 9). All intercompany accounts and transactions have been eliminated in consolidation. There are no other components of comprehensive income not already reflected in net and comprehensive income on our Condensed Consolidated Statements of Comprehensive Income. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include all adjustments that are of a normal recurring nature and necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the valuation and impairment of goodwill, impairment of inventories and business combination estimates. Actual results could differ materially from those estimates. Accounts Receivable Accounts receivable are included on the Condensed Consolidated Balance Sheets and consist primarily of closing proceeds in transit. Of the total $51,021,302 balance, $32,273,654 is related to proceeds in transit from various title companies. The accounts receivable balance is typically received in the first week of the subsequent month. Other Assets Other assets are included on the Condensed Consolidated Balance Sheets, and primarily consist of prepaid expenses, debt issuance costs and contract assets . Contingent Consideration In connection with the acquisition of Village Park Homes, LLC (“VPH”) in May 2019, the Company recorded contingent consideration based on estimated pre-tax income of the acquired entity for fiscal years 2019, 2020, 2021 and 2022. In connection with the acquisition H&H Constructors of Fayetteville, LLC (“H&H”) in October 2020 (Note 2), the Company recorded contingent consideration based on estimated pre-tax income of the acquired entity for the fourth quarter of 2020, fiscal years 2021, 2022, 2023 and the fourth quarter of 2024. The measurement of contingent consideration was based on projected cash flows such as revenues, gross margin, overhead expenses and pre-tax income and discounted back using the discounted cash flow method. The Company recorded the fair value of the contingent consideration as a liability on the respective acquisition dates. The estimated earn-out payments are subsequently remeasured to fair value at each reporting date based on the estimated future earnings of the acquired entities. The contingent consideration for each acquisition is scheduled to be paid out each year subsequent to the anniversary of the respective acquisition closing date. As of June 30 of expense of expense The Company measured contingent consideration related to the acquisition of H&H on October 5, 2020, which approximated the value at December 31, 2020. As of June 30 June 30 and $4,698,485 and $0 of expense for the six months ended June 30, 2021 and 2020, Maximum potential exposure for contingent consideration is not estimable based on the contractual terms of the contingent consideration agreements, which allow for a percentage payout based on a potentially unlimited range of pre-tax income. In April 2021, the Company paid $1,206,769 in contingent consideration to H&H. Variable Interest Entities The Company participates in joint ventures that conduct land acquisition, land development and/or other homebuilding activities in various markets where the Company’s homebuilding operations are located. The Company’s investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. Additionally, the Company, in the ordinary course of business, enters into contracts with third parties and unconsolidated entities for the ability to acquire rights to land for the construction of homes. Under these contracts, the Company typically makes a specified payment or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. Consideration paid for these contracts is recorded as lot deposits on the Consolidated Balance Sheets. Pursuant to Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 810 and subtopics related to the consolidation of variable interest entities, the Company analyzes its joint ventures under the variable interest model to determine if such are required to be consolidated in the Company’s condensed consolidated financial statements. The accounting standard requires a VIE to be consolidated by a company if that company is determined to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: 1) the power to direct the activities that most significantly impact the VIE’s performance, and 2) the obligation to absorb losses and rights to receive the returns from the VIE that would be potentially significant to the VIE. See Note 9 for a description of the Company’s joint ventures, including those that were determined to be VIEs, and the related accounting treatment. Management determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion continually. To make this determination, management considers factors such as whether the Company should direct finance, determine or limit the scope of the entity, sell or transfer property, direct development or direct other operating decisions. Joint ventures for which the Company is not identified as the primary beneficiary are accounted for as equity method investments. The Company and its unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures, typically on a pro rata basis, according to each party’s respective equity interests. The obligations to make capital contributions are governed by each such unconsolidated joint venture’s respective operating agreement and related governing documents. Partners in these unconsolidated joint ventures are unrelated homebuilders, land developers or other real estate entities. For distributions received from these unconsolidated joint ventures, the Company has elected to use the cumulative earnings approach for the Condensed Consolidated Statements of Cash Flows. Under the cumulative earnings approach, distributions up to the amount of cumulative equity in earnings recognized are treated as returns on investment within operating cash flows and those in excess of that amount are treated as returns of investment within investing cash flows. The Company typically has obtained options to acquire portions of the land held by the unconsolidated joint ventures in which the Company currently participates. When an unconsolidated joint venture sells land to the Company, the Company defers recognition of its share of such unconsolidated joint venture’s earnings (losses) until the Company recognizes revenues on the corresponding home sale. At that time, the Company accounts for the earnings (losses) as a reduction (increase) to the cost of purchasing the land from the unconsolidated joint venture. The Company shares in the earnings (losses) of these unconsolidated joint ventures generally in accordance with its respective equity interests. In some instances, the Company recognizes earnings (losses) that differ from its equity interest in the unconsolidated joint venture. This typically arises from the Company’s deferral of the unconsolidated joint venture’s earnings (losses) from land sales to the Company. Non-Controlling Interests The equity interests in DFH Leyden LLC, DFH Amelia LLC, DFH Clover LLC, DFH Leyden II LLC, DFH MOF Eagle Landing LLC, DCE DFH JV LLC, DFH Capitol LLC, DFC Mandarin Estates LLC, DFC East Village LLC, DFC Wilford LLC, DFC Amelia Phase III LLC, DFC Sterling Ranch LLC and DFC Grand Landings LLC have been reflected as non-controlling interests in the Consolidated Balance Sheets. Income attributable to these non-controlling interests are presented in the Condensed Consolidated Statements of Comprehensive Income as net income attributable to non-controlling interests. Income Taxes We are a corporation subject to income taxes in the United States. Our proportional share of the Company’s subsidiaries’ provisions are included in our condensed consolidated financial statements. Our deferred income tax assets and liabilities are computed for differences between the asset and liability method and financial statement amounts that will result in taxable or deductible amounts in the future. We compute deferred balances based on enacted tax laws and applicable rates for the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized for deferred tax assets if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine we would be able to realize our deferred tax assets for which a valuation allowance had been recorded, then we would adjust the deferred tax asset valuation allowance, which would reduce our provision for income taxes. We evaluate the tax positions taken on income tax returns that remain open and positions expected to be taken on the current year tax returns to identify uncertain tax positions. Unrecognized tax benefits on uncertain tax positions are recorded on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is more than 50 percent likely to be realized is recognized. Interest and penalties related to unrecognized tax benefits are recorded in income tax benefit. We have no uncertain tax positions that qualify for inclusion in our condensed consolidated financial statements. See “Note 10—Income Taxes.” Equity-Based Compensation Certain individuals on our executive-level management team are eligible for equity-based compensation, which is awarded according to the terms of individual contracts with those managers. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Report (Topic 848) |
Business Acquisition
Business Acquisition | 6 Months Ended |
Jun. 30, 2021 | |
Business Acquisition [Abstract] | |
Business Acquisition | 2. Business Acquisition On October 5, 2020, the Company acquired 100% of the issued and outstanding membership interests in H&H, an operative homebuilder, for a purchase price of $44,096,448, net of $1,710,275 in purchase price reduction related to customary closing adjustments. To fund the acquisition, the Company obtained a $20,000,000 bridge loan from Boston Omaha Corporation, LLC, with an interest rate of 14% per annum maturing on May 1, 2021, paid cash of $9,496,723 and agreed to pay contingent consideration estimated in the amount of $16,310,000 if H&H met certain financial metrics. Accordingly, the Company recognized the excess purchase price over the fair value of the net assets acquired as goodwill of $16,357,450. The goodwill arising from the acquisition consists largely of synergies and economies of scale from H&H’s operating footprint, which includes owned properties, increased future revenue and earnings from organic growth, new business opportunities and strategic initiatives. Transaction costs were not material and were expensed as incurred. The business combination was accounted for under the acquisition method, and the acquisition has been included in the Company’s consolidated results of operations since the date of acquisition. The fair value of assets acquired includes cash of $10,956,359, other assets of $8,253,966, tradename of $2,660,000, inventories of $143,817,075 and liabilities assumed of $137,949,737, including $116,894,907 of construction lines of credit. On January 31, 2021, the Company completed the acquisition of Century Homes from Tavistock Development Company. The Company paid $35,500,000 to acquire 134 units under construction and 229 finished lots on which the Company expects to begin construction during The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and have been presented as if the H&H and Century Homes acquisitions had occurred on January 1, 2020. This unaudited pro forma information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisition had occurred on that date, nor of the results that may be obtained in the future. For the Three Months Ended June 30, For the Six Months Ended June 30 Unaudited Pro Forma 2021 2020 2021 2020 Total revenue $ 365,276,101 $ 275,723,212 715,419,060 $ 522,924,452 Net and comprehensive income attributable to Dream Finders Homes, Inc. $ 28,573,881 $ 15,034,154 45,016,495 $ 22,312,843 |
Construction Lines of Credit
Construction Lines of Credit | 6 Months Ended |
Jun. 30, 2021 | |
Construction Lines of Credit [Abstract] | |
Construction Lines of Credit | 3. Construction Lines of Credit On January 25, 2021, the Company entered into a $450,000,000 syndicated credit facility with Bank of America, N.A. (the “Credit Agreement”), and subsequently repaid $340,000,000 in outstanding debt, including the $20,000,000 bridge loan with Boston Omaha Corporation, LLC, and terminated all then-existing construction lines of credit. Under the Credit Agreement, the Company has the option to enter into Base Rate or LIBOR Rate contracts. The interest is payable based on the contract terms and is variable dependent on the Company’s debt to capitalization ratio, and applicable interest rates in the market (LIBOR Rate, Prime Rate, etc.). As of June 30, 2021, the cumulative maximum availability under the Credit Agreement was $450,000,000, and the aggregate outstanding balance was $365,000,000. As of December 31, 2020, the Company had 34 lines of credit with cumulative maximum availability of $762,979,000, and an aggregate outstanding balance of $289,878,716. Our indebtedness as of December 31, 2020, was fully collateralized by homes under construction and, to a much smaller extent, finished lots. Under the Credit Agreement, the funds available are unsecured and availability under the borrowing base is calculated based on work-in-progress inventory. The Credit Agreement and the Company’s construction lines of credit consist of the following: As of June 30, As of December 31, Renewal Date Payment Terms 2021 2021 Effective Rate 2020 2020 Effective Rate January 25, 2024 Interest is payable 365,000,000 3.97 % - - November 30, 2019 Interest is payable - - 545,350 4.25 % November 30, 2019 Interest is payable - - 540,565 5.50 % February 9, 2021 Interest is payable - - 390,000 4.06 % March 31, 2021 Interest is payable - - 269,030 10.33 % April 30, 2021 Interest is payable - - 11,923,342 6.53 % April 30, 2021 Interest is payable - - 3,521,203 3.93 % May 10, 2021 Interest is payable - - 7,391,080 6.39 % June 12, 2021 Interest is payable - - 14,457,573 3.96 % June 30, 2021 Interest is payable - - 17,290,107 4.80 % June 30, 2021 Interest is payable - - 13,318,374 4.37 % August 25, 2021 Interest is payable - - 1,486,800 3.81 % September 30, 2021 Interest is payable - - 62,127,292 3.91 % October 1, 2021 Interest is payable - - 11,863,043 6.42 % October 2, 2021 Interest is payable - - 4,361,201 7.75 % October 2, 2021 Interest is payable - - 14,525,422 5.00 % October 5, 2021 Interest is payable - - 11,227,212 5.03 % October 25, 2021 Interest is payable - - 861,909 4.77 % November 2, 2021 Interest is payable - - 8,034,458 6.01 % December 15, 2021 Interest is payable - - 2,205,715 4.24 % December 18, 2021 Interest is payable - - 8,468,565 4.17 % December 18, 2021 Interest is payable - - 9,558,836 6.00 % December 31, 2021 Interest is payable - - 1,821,515 10.33 % December 31, 2021 Interest is payable - - 259,157 10.33 % April 1, 2022 Interest is payable - - 2,925,686 10.33 % April 20, 2022 Interest is payable - - 639,437 10.33 % April 30, 2022 Interest is payable - - 1,028,131 10.33 % October 5, 2022 Interest is payable - - 5,828,931 4.00 % October 20, 2022 Interest is payable - - 11,289,202 4.51 % October 20, 2022 Interest is payable - - 13,408,970 6.62 % June 19, 2023 Interest is payable - - 8,790,640 4.15 % June 19, 2023 Interest is payable - - 23,737,991 4.92 % November 6, 2023 Interest is payable - - 4,043,089 4.64 % December 31, 2023 Interest is payable - - 894,300 4.00 % Various Interest is payable - - 11,351,056 5.02 % Total lines of credit outstanding $ 365,000,000 $ 290,385,182 Less: Debt issuance costs from lines of credit (3,883,992 ) (506,466 ) Lines of credit, net $ 361,116,008 $ 289,878,716 The vertical lines of credit that were paid in full during 2021 (in connection with the Company entering into the Credit Agreement), are no longer active and the Company does not intend to renew these facilities. The outstanding balance in the vertical lines of credit were payable upon the delivery of the collateralized individual homes to end-home buyers. The Company capitalized $4,806,661 and $2,249,683 as of June 30, 2021 and December 31, 2020, respectively, and amortized $518,388 and $463,717 of debt issuance costs for the three months ended June 30, 2021 and 2020, and $1,429,135 and $1,007,022 of debt issuance costs for the six months ended June 30 The Credit Agreement contains restrictive covenants and financial covenants. The Company was in compliance with all debt covenants as of June 30, 2021 and December 31, 2020. The Company expects to remain in compliance with all debt covenants over the next twelve months. |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2021 | |
Notes Payable [Abstract] | |
Notes Payable | 4. Notes Payable Notes payable consisted of the following as of June 30, 2021 and December 31, 2020: As of June 30, As of December 31, Maturity Date Payment Terms 2021 2021 Effective Rate 2020 2020 Effective Rate May 1, 2021 Interest is payable $ - - $ 20,000,000 14.00 % February 28, 2022 (1 ) Non-interest bearing 1,056,000 0.00 % 832,000 0.00 % April 1, 2022 (1 ) Interest is payable 717,642 12.50 % 1,735,161 12.50 % July 31, 2022 (1 ) Interest is payable 2,274,889 9.25 % 3,984,174 9.25 % March 25, 2023 (1 ) Interest is payable - - 3,101,947 5.00 % Total notes payable $ 4,048,531 $ 29,653,282 Less: Debt issuance costs from notes payable - (15,444 ) Notes payable, net of discount $ 4,048,531 $ 29,637,838 (1) These notes payable relate to our consolidated joint ventures and are non-recourse to the Company. Included within notes payable as of December 31, 2020, is a $20,000,000 bridge loan from Boston Omaha Corporation, LLC, which was utilized to fund a portion of the purchase price of the H&H Homes acquisition (Note 2). This note was paid off in January 2021. The principal balance on all notes payable is payable upon the sale of project specific collateral, and is collateralized by a real estate mortgage and a limited guarantee ensuring project completeness and the nonexistence of fraudulent acts. During the six months ended June 30, 2021 and 2020, there were no material changes in the contractual maturities of our notes payable. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventories [Abstract] | |
Inventories | 5. Inventories Inventories consist of entitled raw land, finished lots, and construction in process (“CIP”), including capitalized interest. Raw land is purchased with the intent to develop such land into finished lots. Finished lots are held with the intent of building and selling a home. The asset is owned by the Company either as a result of developing purchased raw land or purchasing developed lots. CIP represents the homebuilding activity associated with both homes to be sold and speculative homes. CIP includes the cost of the developed lot as well as all of the direct costs incurred to build the home. The cost of the home is expensed on a specific identification basis when the home is closed to the end customer. As mentioned in Note 9, the Company consolidated several joint ventures that own land and finished lots. The Company owns a percentage of these joint ventures but does not own the underlying assets. The table below shows the Company’s owned real estate inventory and real estate inventory owned by the joint ventures. As of June 30, As of December 31, 2021 2020 Construction in process $ 537,758,853 $ 396,630,945 Finished lots and land 75,083,602 46,839,616 Inventories owned by the Company 612,842,455 443,470,561 Inventories owned by consolidated joint ventures 18,152,136 40,900,552 Total inventories $ 630,994,591 $ 484,371,113 Percentage of inventories owned by the Company Construction in process 88 % 89 % Finished lots and land 12 % 11 % Interest is capitalized and included within each inventory category above. Capitalized interest activity is summarized in the table below for the three months ended June 30, 2021 and 2020 and for the six months ended June 30, 2021 and 2020. For the Three Months Ended June 30, For the Six Months Ended June 30 2021 2020 2021 2020 Capitalized interest at the beginning of the period $ 18,841,743 $ 26,348,739 $ 21,091,298 $ 25,335,924 Interest incurred 7,329,308 6,597,679 13,997,297 13,638,385 Interest expensed (15,796 ) (45,948 ) (657,657 ) (81,653 ) Interest charged to cost of contract revenues earned (7,364,594 ) (5,806,327 ) (15,640,277 ) (11,798,513 ) Capitalized interest at the end of the period $ 18,790,661 $ 27,094,143 $ 18,790,661 $ 27,094,143 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies In April 2020, the Company received proceeds from the Paycheck Protection Program (“PPP”) in the amount $7,220,207, which was classified in accrued expenses on the Consolidated Balance Sheets and accounted for as an in-substance grant as of March 31, 2021. The Company utilized all of the PPP proceeds to pay payroll and permissible operating expenses. On June 16, 2021, approximately the total amount of the PPP proceeds were forgiven by the Small Business Association (“SBA”). As such, the Company has included the PPP proceeds as other income on the condensed Consolidated Statements of Comprehensive Income for the six months ended June 30, 2021. |
Members' Equity, Mezzanine Equi
Members' Equity, Mezzanine Equity and Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Members' Equity, Mezzanine Equity and Shareholders' Equity [Abstract] | |
Members' Equity, Mezzanine Equity and Shareholders' Equity | 7. Members’ Equity, Mezzanine Equity and Shareholders’ Equity Redeemable Common Units, Redeemable Preferred Units and Common Units All of the Company’s outstanding preferred units are classified in mezzanine equity as they can be redeemed in a deemed liquidation of the Company outside of the Company’s control. Additionally, prior to the Corporate Reorganization, the Company had certain non-voting common units that could have been redeemed outside the Company’s control, and therefore, were classified in mezzanine equity (the “Redeemable Common Units Mezzanine”). Pursuant to the Corporate Reorganization effective January 25, 2021, the Company is authorized to issue 350,000,000 shares of common stock, par value of $0.01 per share, consisting of 289,000,000 shares of Class A common stock and 61,000,000 shares of Class B common stock. The Board of Directors of the Company (the “Board of Directors”) has the authority to issue one or more series of preferred stock, par value $0.01 per share, without stockholder approval. As a result of the Corporate Reorganization, all of the outstanding non-voting common units and Series A Preferred Units of DFH LLC converted into 21,255,329 shares of the Company’s Class A common stock, all of the outstanding common units of DFH LLC converted into 60,266,153 shares of the Company’s Class B common stock and all of the outstanding Series B Preferred Units and Series C Preferred Units of DFH LLC remained outstanding as Series B Preferred Units and Series C Preferred Units of DFH LLC, as the surviving entity in the Merger. Redeemable Series A Preferred Units As a result of the Corporate Reorganization, all of the outstanding Series A Preferred Units of DFH LLC were converted into a total of 21,255,329 shares of the Company’s Class A common stock. Redeemable Series B Preferred Units As of June 30, 2021 and December 31, 2020, the Company had 7,143 and 7,143, respectively, of Redeemable Series B Preferred Units (“Series B Preferred Units”) issued and outstanding with a carrying value of $6,703,460 and $6,333,036, respectively. In the event of a liquidation, dissolution or winding up of DFH LLC, the Series B Preferred Units have a liquidation preference of $1,000 per unit and are senior to common units. The Series B Preferred Units have an 8% annual cumulative preferred distribution on the liquidation preference that is payable if and when distributions are declared. The Series B Preferred units do not participate in discretionary distributions, and each unit has the right to one vote on any matter presented for a vote of the members of DFH LLC. As of June 30, 2021 and December 31, 2020, these units have an aggregate unpaid amount of cumulative preferred distributions of $2,473,118 and $2,102,692, respectively, which is $346.23 and $294.37, respectively, per unit. The Series B Preferred Units can be redeemed at DFH LLC’s option for $1,000 per unit plus any accrued and unpaid preferred distributions per unit at any time prior to December 31, 2022. The units may also be redeemed at the option of the holder upon a sale of DFH LLC for $1,000 per unit plus any accrued and unpaid preferred distributions. As the units are not currently probable of becoming redeemable outside the Company’s control, no accretion has been recorded. Redeemable Convertible Series C Preferred Units In April 2020, the Company redeemed 1,000 Series C Preferred Units for $1,000,000 plus accrued unpaid preferred distributions of $62,500. On January 27, 2021, the Company redeemed all of the outstanding Series C Preferred Units for $26,000,000, including $500,000 of discounted costs, plus accrued unpaid preferred distributions of $ |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Equity-Based Compensation [Abstract] | |
Equity-Based Compensation | 8. Equity-Based Compensation Dream Finders Homes, Inc. On January 20, 2021, the Board of Directors approved and adopted the DFH, Inc. 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan is administered by the Compensation Committee of the Board of Directors, and authorizes the Company to grant incentive stock-based awards. The Company granted 759,709 restricted stock grants to certain executives and directors, which had a weighted-average grant date fair value of $23.15 per share, in conjunction with the adoption of the 2021 Plan. These stock grants vest over a period of three years of continuous service, commencing on the date of the grant and vesting ratably in one third Dream Finders Holdings LLC In January 2021, certain common non-voting units in DFH LLC were converted into shares of the Company’s Class A common stock and Class B common stock. As a result, DFH LLC expensed the remaining unrecognized stock compensation expense associated with these units in the amount of $0 for the three months ended June 30, 2021.and $1,240,309 for the six months ended June 30, 2021.Expense related to equity-based compensation was $447,500 for the six months ended June 30, 2020. As of December 31, 2020, the Company had 3,532 non-vesting, non-common units issued to employees, valued at $4,741,657, which converted into shares of the Company’s Class A common stock on January 21, 2021. |
Variable Interest Entities and
Variable Interest Entities and Investments in Other Entities | 6 Months Ended |
Jun. 30, 2021 | |
Variable Interest Entities and Investments in Other Entities [Abstract] | |
Variable Interest Entities and Investments in Other Entities | 9. Variable Interest Entities and Investments in Other Entities The Company holds investments in certain limited partnerships and similar entities that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. The Company also has an interest in one unconsolidated VIE, Jet Home Loans LLC, where the primary activities include underwriting, originating and selling home mortgages. The Company’s VIEs are funded by initial capital contributions from the Company, as well as its other partners and generally do not have significant debt. The primary risk of loss associated with the Company’s involvement in these VIEs is limited to the Company’s initial capital contributions due to bankruptcy or insolvency of the VIE; however, management has deemed the likelihood of this to be remote. The maximum exposure to loss related to the VIEs is disclosed below for both consolidated and unconsolidated VIEs, which equals the Company’s capital investment in each entity. In some cases, an unrelated third party is the general partner or managing member and in others, the general partner or managing member is a related party. Management analyzed the Company’s investments first under the variable interest model to determine if they are VIEs and, if so, whether the Company is the primary beneficiary. Management consolidates the entity if the Company is the primary beneficiary or if a standalone primary beneficiary does not exist and the Company and its related parties collectively meet the definition of a primary beneficiary. If the joint venture does not qualify as a VIE under the variable interest model, management then evaluates the entity under the voting interest model to assess if consolidation is appropriate. The assets of a VIE can only be used to satisfy the obligations of that specific VIE, even for assets that are included within the Consolidated Balance Sheets. The Company and its partners do not have an obligation to make capital contributions to the VIEs and there are no liquidity arrangements or other agreements that could require the Company to provide financial support to the VIEs. Furthermore, the creditors of the VIEs have no recourse to the Company’s general credit. Consolidated VIEs For VIEs that the Company does consolidate, management has the power to direct the activities that most significantly impact the VIE’s economic performance. The Company typically serves as the party with homebuilding expertise in the VIE. The Company does not guarantee the debts of the VIEs, and creditors of the VIEs have no recourse against the Company. There were no new consolidated VIEs during the six months ended June 30, 2021 or 2020. The table below displays the carrying amounts of the assets and liabilities related to the consolidated VIEs: As of June 30, As of December 31, Consolidated 2021 2020 Assets $ 26,258,051 $ 50,982,111 Liabilities $ 11,563,970 $ 20,114,132 Unconsolidated VIEs and Other Equity Method Investments For VIEs that the Company does not consolidate, the power to direct the activities that most significantly impact the VIE’s economic performance is held by a third party. These entities are accounted for as equity method investments. The Company’s maximum exposure to loss is limited to its investment in the entities because the Company is not obligated to provide any additional capital to or guarantee any of the unconsolidated VIEs’ debt. The table below shows the Company’s investment in the unconsolidated VIEs: As of June 30, As of December 31, Unconsolidated 2021 2020 Jet Home Loans 6,729,483 3,872,089 Total investment in unconsolidated VIEs $ 6,729,483 $ 3,872,089 Other equity method investments 724,300 673,260 Total equity method investments $ 7,453,783 $ 4,545,349 Lot Option Contracts The Company generally does not engage in the land development business. Instead, we employ an asset-light land financing strategy, providing us optionality to purchase lots on a ‘‘just-in-time’’ basis for construction and affording us flexibility to acquire lots at a rate that matches the expected sales pace in a given community at predetermined market prices from various land bank entities. We typically execute this strategy through the purchase of finished lot option and land bank option contracts, which require deposits in the form of cash or letters of credit. We primarily employ two variations of our asset-light land financing strategy, finished lot option contracts and land bank option contracts, pursuant to which we secure the right to purchase finished lots at market prices from various land sellers and land bank partners, by paying deposits based on the aggregate purchase price of the finished lots (typically 10% or less in the case of finished lot option contracts and 15% or less in the case of land bank option contracts). These option contracts generally allow us, at our option, to forfeit our right to purchase the lots controlled for any reason, and our sole legal obligation and economic loss as a result of such forfeitures is limited to the amount of the deposits paid pursuant to such option contracts and, in the case of land bank option contracts, any related fees paid to the land bank partner. None of the creditors of any of the land bank entities with which we enter into lot option contracts have recourse to our general credit. We generally do not have any specific performance obligations to purchase a certain number or any of the lots or guarantee any of the land bankers’ financial or other liabilities. We are not involved in the design or creation of the land bank entities from which we purchase lots under lot option contracts. The land bankers’ equity holders have the power to direct 100% of the operating activities of the land bank entity. We have no voting rights in any of the land bank entities. The sole purpose of the land bank entity’s activities is to generate positive cash flow returns for such entity’s equity holders. Further, we do not share in any of the profit or loss generated by the project’s development. The profits and losses are passed directly to the land banker’s equity holders. The deposit placed by us pursuant to the lot option contracts is deemed to be a variable interest in the respective land bank entities. Certain of those land bank entities are deemed to be VIEs. Therefore, the land bank entities with which we enter into lot option contracts are evaluated for possible consolidation by the Company. We believe the activities that most significantly impact a land bank entity’s economic performance are the operating activities of the land bank entity. In the case of development projects, unless and until a land bank entity delivers finished lots for sale, the land bank entity’s equity investors bear the risk of land ownership and do not earn any revenues. The operating development activities are managed by the land bank entity’s equity investors. We possess no more than limited protective legal rights through the lot option contracts in the specific finished lots that we are purchasing, and we possess no participative rights in the land bank entities. Accordingly, we do not have the power to direct the activities of a land bank entity that most significantly impact its economic performance. For the aforementioned reasons, the Company concluded that it is not the primary beneficiary of the land bank entities with which it enters into lot option contracts, and therefore the Company does not consolidate any of these VIEs. The Company’s total risk of loss related to lot option contracts was $107,717,122 and $66,272,347 as of June 30, 2021 and December 31, 2020, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 10. Income Taxes As a result of the IPO and the Corporate Reorganization completed in January 2021, we own all of the Common Units of DFH LLC, which is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, DFH LLC is generally not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by DFH LLC is passed through to and included in the taxable income or loss of its member, Dream Finders Homes, Inc., in accordance with the terms of the Operating Agreement. The Company is a corporation subject to U.S. federal income taxes, in addition to state and local income taxes, based on our share of DFH LLC’s pass-through taxable income Deferred tax assets arise principally as a result of various accruals required for financial reporting purposes which are not currently deductible for tax return purposes. Management believes that we will have sufficient future taxable income to make it more likely than not that the net deferred tax assets will be realized. As of June 30, 2021, the Company had no valuation allowance recorded against deferred tax assets. Taxable income is estimated to be approximately $33,052,198 and $0 for the three months ended June 30, 2021 and 2020, and $53,989,325 and $0 for the six months ended June 30 2021 and 2020, as the Company did not exist at such time and DFH LLC was treated as a partnership for U.S. federal and most applicable state and local income tax purposes. The Company’s for the three months ended June 30, . The Company’s effective tax rate for the six months ended June 30, 2021 and 2020 is estimated to be Prior to the IPO, The income tax provision for the three and six months ended June 30, 2021 was different than the U.S. federal statutory income tax rate of 21% primarily attributable to the inclusion of the PPP income as a permanent difference which is not subject to taxation. We file a consolidated U.S. federal income tax return, as well as state and local tax returns in all jurisdictions where we maintain operations. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 11. Segment Reporting The Company operates in the homebuilding business and is organized and reported by division. There are twelve operating segments and seven reportable segments: the Carolinas (H&H), Jacksonville, Orlando, Denver and Washington DC (“DC Metro”), the Company’s homebuilding operations, and Jet Home Loans LLC (“Jet”), the Company’s mortgage operations. The Company includes Century Homes data acquired within the Orlando segment. The revenues of each remaining operating segment are not material and will be combined into an “Other” category for the purposes of segment reporting. The corporate component of the Company’s operations, which is not considered an operating segment, is also combined into the “Other” category. In accordance with ASC Topic 280, Segment Reporting, operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision-makers (“CODMs”) in deciding how to allocate resources and in assessing performance. The Company’s CODM primarily evaluates performance based on the number of homes closed, average sales price, and financial results. Segment profitability is measured by net and comprehensive income. The Company’s homebuilding operations employ an asset-light business model with a focus on the design, construction and sale of single-family entry-level and first-time move-up homes. The Company’s mortgage operations are conducted through Jet, which is a licensed home mortgage broker that underwrites, originates and sells mortgages to FBC Mortgage LLC, an Orlando-based mortgage lender. The Company owns 49% of Jet, and FBC Mortgage, LLC owns the remaining 51%. Jet is accounted for as an equity method investment. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. The following tables summarize home sale revenues and net and comprehensive income by segment for the three months ended June 30, 2021 and 2020, and the six months ended June 30, For the Three Months Ended June 30, For the Six Months Ended June 30, Revenues: 2021 2020 2021 2020 The Carolinas (H&H) 94,829,329 - 193,332,768 - Jacksonville 93,937,144 75,610,386 190,518,300 153,936,021 Orlando 60,181,690 27,725,351 124,617,284 35,567,171 Colorado 24,797,393 22,224,544 40,007,523 43,885,900 DC Metro 23,898,300 20,330,163 37,846,485 47,850,218 Jet Home Loans 5,825,841 8,595,000 12,845,294 15,362,000 Other 67,632,245 53,910,684 122,514,105 107,300,251 Total segment revenues $ 371,101,942 $ 208,396,128 $ 721,681,759 $ 403,901,561 Reconciling items from equity method investments (5,825,841 ) (8,595,000 ) (12,845,293 ) (15,362,000 ) Consolidated revenues $ 365,276,101 $ 199,801,128 $ 708,836,466 $ 388,539,561 For the Three Months Ended June 30, For the Six June 30 Net and comprehensive income: 2021 2020 2021 2020 The Carolinas (H&H) 1,073,553 - 5,223,943 - Jacksonville 11,277,050 3,080,209 19,485,975 9,452,780 Orlando 5,111,017 2,005,808 10,439,504 1,379,160 Colorado 2,385,181 2,204,392 2,840,011 4,195,431 DC Metro 1,609,360 572,280 1,998,839 636,339 Jet Home Loans 2,215,732 3,932,023 5,048,017 6,706,150 Other 9,558,216 2,701,612 7,592,889 1,311,696 Total segment net and comprehensive income $ 33,230,109 $ 14,496,324 $ 52,629,178 $ 23,681,556 Reconciling items from equity method investments (1,170,439 ) (2,005,321 ) (2,973,547 ) (3,420,060 ) Consolidated net and comprehensive income $ 32,059,670 $ 12,491,003 $ 49,655,631 $ 20,261,496 The following table summarizes Company assets by segment as of June 30, 2021 and December 31, 2020: As of June 30, As of December 31, Assets: 2021 2020 The Carolinas (H&H) 188,548,107 161,242,384 Jacksonville 201,579,367 162,668,740 Orlando 121,424,408 77,299,028 Colorado 82,016,330 51,605,969 DC Metro 68,087,920 41,327,694 Jet Home Loans 59,901,657 38,696,793 Other (1) 263,584,401 235,664,336 Total segment assets $ 985,142,190 $ 768,504,944 Reconciling items from equity method investments (52,860,237 ) (34,824,703 ) Consolidated assets $ 932,281,953 $ 733,680,241 (1) Other includes the Company’s title operations, homebuilding operations in non-reportable segments, operations of the corporate component, and corporate assets such as cash and cash equivalents, cash held in trust, prepaid insurance, operating and financing leases, lot deposits, goodwill, as well as property and equipment. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 12. Fair Value Disclosures ASC 820, Fair Value Measurement, defines fair value as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities to be carried at fair value. GAAP assigns a fair value hierarchy to the inputs used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs. Fair value measurements may be utilized on a nonrecurring basis, such as for purchase accounting, inventory, and the impairment of long-lived assets and goodwill. The fair value of financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and construction lines of credit, approximate their carrying amounts due to the short-term nature of these instruments. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions During the six months ended June 30, 2021 and 2020, the Company entered into or participated in related party transactions. The majority of these transactions were entered into to control finished lots for homebuilding. Consolidated Joint Ventures The Company has entered into joint venture arrangements to acquire land, finished lots and build homes. Certain stockholders of DFH, Inc. and directors and members of management of the Company, have invested in these joint ventures and some are limited partners in these joint ventures. DFH Investors LLC (which owned 15,400 Series A Preferred Units, representing 11.65% of the membership interest in DFH LLC, prior to the Corporate Reorganization) is the managing member of certain of these joint ventures. The joint ventures are consolidated for accounting purposes. Details of each are included in Note 1. DF Residential I, LP DF Residential I, LP (Fund I) is a real estate investment vehicle, organized for the purpose of acquiring and developing finished lots. Dream Finders Homes, LLC, has entered into six joint ventures and ten land bank projects with Fund I since its formation in January 2017. DF Capital Management, LLC (“DF Capital”) is the investment manager in Fund I. The Company owns a 49% membership interest in DF Capital. DF Capital is controlled by unaffiliated parties. Certain directors and executive officers have made investments in Fund I as limited partners. In addition, certain members of management have made investments in Fund I. The total committed capital in Fund I was $36,706,163 as of June 30, 2021 and December 31, 2020. Collectively, the Company’s directors, executive officers and members of management have invested $8,725,000 or 23.77% of the total committed capital of Fund I as of June 30, 2021 and December 31, 2020. The general partner of Fund I is DF Management GP, LLC (“DF Management”). Dream Finders Homes LLC is one of four members of DF Management with a 26.13% membership interest. Certain members of DFH Investors LLC, including one of the Company’s directors, have a 65.33% membership interest. Collectively, Dream Finders Homes LLC and DFH Investors LLC have invested $1,400,000 in Fund I as of June 30, 2021 and December 31, 2020. This investment represents 3.81% of the total committed capital in Fund I of $36,706,163. DF Residential II, LP DF Residential II, LP, a Delaware limited partnership (“Fund II”) initiated its first close on March 11, 2021. DF Management GP II, LLC, a Florida limited liability company, serves as the general partner of Fund II (the “General Partner”). Fund II has raised capital commitments of approximately $149 million to date, and will remain open for a period of at least three months, seeking to raise a total of at least $200 million in capital commitments. DF Capital is the investment manager of Fund II. The Company indirectly owns 72% of the membership interests in the General Partner and receives 72% of the economic interests. The General Partner is controlled by unaffiliated parties. The Company’s investment commitment in Fund II is $3 million or 1.5% of the total expected capital commitment of Fund II. On March 11, 2021, the Company entered into land bank financing arrangements and a Memorandum of Right of First Offer with Fund II, under which Fund II has an exclusive right of first offer on any land bank financing projects up to $20 million that meet its investment criteria and are undertaken by the Company during Fund II’s investment period. Certain directors, executive officers and other officers have made investment commitments as limited partners in Fund II in an aggregate amount $30.9 million and $0 or 15.5% and 0.0%, as of June 30, 2021 and December 31, 2020, respectively, of the total expected capital commitment of Fund II. Land Bank Transactions with DF Capital After Fund I was fully committed, DF Capital provided land bank financing in a total of seven further projects and subsequently raised additional commitments from limited partners in Fund I as well as other parties. One of the Company’s officers, invested $180,000 in one of these funds managed by DF Capital as a limited partner in 2019. As of June 30, 2021, funds managed by DF Capital (other than Fund I and Fund II) controlled an additional 411 lots as a result of these transactions outside of Fund I and Fund II. As of December 31, 2020, funds managed by DF Capital (other than Fund I and Fund II) controlled an additional 595 lots as a result of these transactions outside of Fund I and Fund II. During the three months ended June 30, 2021, the Company purchased 57 of these lots and the outstanding lot deposit balance in relation to these projects was $3,970,286. During the six months ended June 30, 2021, the Company purchased 184 of these lots and the outstanding lot deposit balance in relation to these projects was $3,970,286. Varde Capital Certain DF Capital joint ventures in which the Company is a member have entered into lending arrangements with the holders of the Series C Preferred Units in DFH LLC. The Varde Private Debt Opportunities Fund (On Shore), L.P. (Varde Capital) has a loan with a principal amount of $18,000,000, whose borrowers are DFC East Village, LLC, DFC Seminole Crossing, LLC and DFC Sterling Ranch, LLC. These joint ventures are between Fund I and the Company. As of June 30, 2021 and December 31, 2020, the outstanding loan balance was $717,642 and $1,700,000, respectively. In addition, DFH LLC and DF Capital are, individually and collectively, the “Guarantor” in favor of the Varde Private Debt Opportunities Fund (On Shore), L.P. in connection with this loan agreement. The DFH LLC guarantee provides additional assurance to Varde Capital, as they have recourse to the assets of the Company beyond the pledged collateral in the joint ventures to be made whole in instances of default. The Company believes an event of default is unlikely. Jet Home Loans Jet performs mortgage origination activities for the Company. Jet underwrites and originates home mortgages for Company customers and non-Company customers. The Company owns 49% of Jet, but is not the primary beneficiary. Jet is accounted for under the equity method and is a related party of the Company. Guarantees Dream Finders Homes LLC is a limited Guarantor in favor of Flagstar Bank (Lender), in connection with a loan of $5,670,000 to DFC Seminole Crossing, LLC (Borrower) as of June 30, 2021 and December 31, 2020. The latter is a landbank between the Company and DF Capital. The guaranty is a Limited Recourse Carve-out (Guaranty). There was no consideration provided by DF Capital to the Company for this guaranty. The Dream Finders Holdings LLC guarantee provides additional assurance to Flagstar Bank, as they have recourse to the assets of the Company beyond the pledged collateral in the joint venture to be made whole in instances of default. The Company believes an event of default is unlikely. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings per Share [Abstract] | |
Earnings per Share | 14. Earnings per Share The following weighted-average shares and share equivalents were used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2021: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2021 Net and comprehensive income attributable to Dream Finders Homes, Inc. 28,573,881 44,694,524 Less: Preferred dividends 188,045 1,003,197 Add: Loss prior to reorganization attributable to DFH LLC members - (1,244,083 ) Net and comprehensive income attributable to common stockholders 28,385,836 44,935,410 Weighted-average number of shares outstanding used to calculate basic EPS 92,521,482 92,521,482 Dilutive securities: Restricted stock 149,245 119,740 Weighted-average number of shares and share equivalents outstanding used to calculate diluted EPS 92,670,727 92,641,222 The Corporate Reorganization created the current capital structure of DFH, Inc. Therefore, the net income per share for DFH, Inc. is not shown for the fiscal years ended December 31, 2020. In addition, the basic and diluted net income per share only includes earnings subsequent to January 21, 2021, the date of the Corporate Reorganization. Basic net income per share is calculated by dividing net income attributable to DFH, Inc. for the period subsequent to the Corporate Reorganization, by the weighted-average number of shares of Class A common stock and Class B common stock outstanding for the period. The total outstanding shares of common stock are made up of Class A common stock and Class B common stock, which participate equally in their ratable ownership share of the Company. Diluted net income per share has been calculated in a manner consistent with that of basic net income per share while giving effect to shares of potentially dilutive restricted stock grants outstanding during the period. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events The Company has evaluated subsequent events through August 10, 2021, the date the financial statements were issued, and no additional matters were identified requiring recognition or disclosure in the financial statements. |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Nature of Business and Significant Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Dream Finders Homes, Inc. (the “Company” or “DFH, Inc.”) was incorporated in the State of Delaware on September 11, 2020. The Company was formed for the purpose of completing an initial public offering (“IPO”) of its common stock and related transactions in order to carry on the business of Dream Finders Holdings LLC, a Florida limited liability company (“DFH LLC”), as a publicly-traded entity. Pursuant to a corporate reorganization and completion of the IPO on January 25, 2021, the Company became a holding company for DFH LLC and its subsidiaries. In connection with the IPO, and pursuant to the terms of the Agreement and Plan of Merger by and among DFH, Inc., DFH LLC and DFH Merger Sub LLC, a Delaware limited liability company and direct, wholly owned subsidiary of DFH, Inc., DFH Merger Sub LLC merged with and into DFH LLC with DFH LLC as the surviving entity (the “Merger”). As a result of the Merger, all of the outstanding non-voting common units and Series A Preferred Units of DFH LLC converted into 21,255,329 shares of Class A common stock of DFH, Inc., all of the outstanding common units of DFH LLC converted into 60,226,153 shares of Class B common stock of DFH, Inc. and all of the outstanding Series B Preferred Units and Series C Preferred Units of DFH LLC remained outstanding as Series B Preferred Units and Series C Preferred Units of DFH LLC, as the surviving entity in the Merger. We refer to this and certain other related events and transactions, as the “Corporate Reorganization”. DFH, Inc. successfully completed its IPO of 11,040,000 shares of Class A common stock (which included full exercise of the over-allotment option) at an IPO price of $13.00 per share. Shares of the Company’s Class A common stock began trading on the NASDAQ Global Select Market under the ticker symbol “DFH” on January 21, 2021, and the IPO closed on January 25, 2021. The Company is the sole manager of DFH LLC and owns 100% of the voting membership interest in DFH LLC. The accompanying statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for a complete set of financial statements. As such, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the Securities and Exchange Commission on March 30, 2021. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of DFH LLC, its wholly owned subsidiaries and the Company’s investments that qualify for consolidation treatment (see Note 9). All intercompany accounts and transactions have been eliminated in consolidation. There are no other components of comprehensive income not already reflected in net and comprehensive income on our Condensed Consolidated Statements of Comprehensive Income. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include all adjustments that are of a normal recurring nature and necessary for the fair presentation of our results for the interim periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the valuation and impairment of goodwill, impairment of inventories and business combination estimates. Actual results could differ materially from those estimates. |
Accounts Receivable | Accounts Receivable Accounts receivable are included on the Condensed Consolidated Balance Sheets and consist primarily of closing proceeds in transit. Of the total $51,021,302 balance, $32,273,654 is related to proceeds in transit from various title companies. The accounts receivable balance is typically received in the first week of the subsequent month. |
Other Assets | Other Assets Other assets are included on the Condensed Consolidated Balance Sheets, and primarily consist of prepaid expenses, debt issuance costs and contract assets . |
Contingent Consideration | Contingent Consideration In connection with the acquisition of Village Park Homes, LLC (“VPH”) in May 2019, the Company recorded contingent consideration based on estimated pre-tax income of the acquired entity for fiscal years 2019, 2020, 2021 and 2022. In connection with the acquisition H&H Constructors of Fayetteville, LLC (“H&H”) in October 2020 (Note 2), the Company recorded contingent consideration based on estimated pre-tax income of the acquired entity for the fourth quarter of 2020, fiscal years 2021, 2022, 2023 and the fourth quarter of 2024. The measurement of contingent consideration was based on projected cash flows such as revenues, gross margin, overhead expenses and pre-tax income and discounted back using the discounted cash flow method. The Company recorded the fair value of the contingent consideration as a liability on the respective acquisition dates. The estimated earn-out payments are subsequently remeasured to fair value at each reporting date based on the estimated future earnings of the acquired entities. The contingent consideration for each acquisition is scheduled to be paid out each year subsequent to the anniversary of the respective acquisition closing date. As of June 30 of expense of expense The Company measured contingent consideration related to the acquisition of H&H on October 5, 2020, which approximated the value at December 31, 2020. As of June 30 June 30 and $4,698,485 and $0 of expense for the six months ended June 30, 2021 and 2020, Maximum potential exposure for contingent consideration is not estimable based on the contractual terms of the contingent consideration agreements, which allow for a percentage payout based on a potentially unlimited range of pre-tax income. In April 2021, the Company paid $1,206,769 in contingent consideration to H&H. |
Variable Interest Entities | Variable Interest Entities The Company participates in joint ventures that conduct land acquisition, land development and/or other homebuilding activities in various markets where the Company’s homebuilding operations are located. The Company’s investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. Additionally, the Company, in the ordinary course of business, enters into contracts with third parties and unconsolidated entities for the ability to acquire rights to land for the construction of homes. Under these contracts, the Company typically makes a specified payment or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. Consideration paid for these contracts is recorded as lot deposits on the Consolidated Balance Sheets. Pursuant to Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 810 and subtopics related to the consolidation of variable interest entities, the Company analyzes its joint ventures under the variable interest model to determine if such are required to be consolidated in the Company’s condensed consolidated financial statements. The accounting standard requires a VIE to be consolidated by a company if that company is determined to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: 1) the power to direct the activities that most significantly impact the VIE’s performance, and 2) the obligation to absorb losses and rights to receive the returns from the VIE that would be potentially significant to the VIE. See Note 9 for a description of the Company’s joint ventures, including those that were determined to be VIEs, and the related accounting treatment. Management determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion continually. To make this determination, management considers factors such as whether the Company should direct finance, determine or limit the scope of the entity, sell or transfer property, direct development or direct other operating decisions. Joint ventures for which the Company is not identified as the primary beneficiary are accounted for as equity method investments. The Company and its unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures, typically on a pro rata basis, according to each party’s respective equity interests. The obligations to make capital contributions are governed by each such unconsolidated joint venture’s respective operating agreement and related governing documents. Partners in these unconsolidated joint ventures are unrelated homebuilders, land developers or other real estate entities. For distributions received from these unconsolidated joint ventures, the Company has elected to use the cumulative earnings approach for the Condensed Consolidated Statements of Cash Flows. Under the cumulative earnings approach, distributions up to the amount of cumulative equity in earnings recognized are treated as returns on investment within operating cash flows and those in excess of that amount are treated as returns of investment within investing cash flows. The Company typically has obtained options to acquire portions of the land held by the unconsolidated joint ventures in which the Company currently participates. When an unconsolidated joint venture sells land to the Company, the Company defers recognition of its share of such unconsolidated joint venture’s earnings (losses) until the Company recognizes revenues on the corresponding home sale. At that time, the Company accounts for the earnings (losses) as a reduction (increase) to the cost of purchasing the land from the unconsolidated joint venture. The Company shares in the earnings (losses) of these unconsolidated joint ventures generally in accordance with its respective equity interests. In some instances, the Company recognizes earnings (losses) that differ from its equity interest in the unconsolidated joint venture. This typically arises from the Company’s deferral of the unconsolidated joint venture’s earnings (losses) from land sales to the Company. |
Non-Controlling Interests | Non-Controlling Interests The equity interests in DFH Leyden LLC, DFH Amelia LLC, DFH Clover LLC, DFH Leyden II LLC, DFH MOF Eagle Landing LLC, DCE DFH JV LLC, DFH Capitol LLC, DFC Mandarin Estates LLC, DFC East Village LLC, DFC Wilford LLC, DFC Amelia Phase III LLC, DFC Sterling Ranch LLC and DFC Grand Landings LLC have been reflected as non-controlling interests in the Consolidated Balance Sheets. Income attributable to these non-controlling interests are presented in the Condensed Consolidated Statements of Comprehensive Income as net income attributable to non-controlling interests. |
Income Taxes | Income Taxes We are a corporation subject to income taxes in the United States. Our proportional share of the Company’s subsidiaries’ provisions are included in our condensed consolidated financial statements. Our deferred income tax assets and liabilities are computed for differences between the asset and liability method and financial statement amounts that will result in taxable or deductible amounts in the future. We compute deferred balances based on enacted tax laws and applicable rates for the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized for deferred tax assets if it is more likely than not that some portion or all of the net deferred tax assets will not be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine we would be able to realize our deferred tax assets for which a valuation allowance had been recorded, then we would adjust the deferred tax asset valuation allowance, which would reduce our provision for income taxes. We evaluate the tax positions taken on income tax returns that remain open and positions expected to be taken on the current year tax returns to identify uncertain tax positions. Unrecognized tax benefits on uncertain tax positions are recorded on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is more than 50 percent likely to be realized is recognized. Interest and penalties related to unrecognized tax benefits are recorded in income tax benefit. We have no uncertain tax positions that qualify for inclusion in our condensed consolidated financial statements. See “Note 10—Income Taxes.” |
Equity-Based Compensation | Equity-Based Compensation Certain individuals on our executive-level management team are eligible for equity-based compensation, which is awarded according to the terms of individual contracts with those managers. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Report (Topic 848) |
Business Acquisition (Tables)
Business Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Acquisition [Abstract] | |
Pro Forma Information | The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and have been presented as if the H&H and Century Homes acquisitions had occurred on January 1, 2020. This unaudited pro forma information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisition had occurred on that date, nor of the results that may be obtained in the future. For the Three Months Ended June 30, For the Six Months Ended June 30 Unaudited Pro Forma 2021 2020 2021 2020 Total revenue $ 365,276,101 $ 275,723,212 715,419,060 $ 522,924,452 Net and comprehensive income attributable to Dream Finders Homes, Inc. $ 28,573,881 $ 15,034,154 45,016,495 $ 22,312,843 |
Construction Lines of Credit (T
Construction Lines of Credit (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Construction Lines of Credit [Abstract] | |
Construction Lines of Credit | The Credit Agreement and the Company’s construction lines of credit consist of the following: As of June 30, As of December 31, Renewal Date Payment Terms 2021 2021 Effective Rate 2020 2020 Effective Rate January 25, 2024 Interest is payable 365,000,000 3.97 % - - November 30, 2019 Interest is payable - - 545,350 4.25 % November 30, 2019 Interest is payable - - 540,565 5.50 % February 9, 2021 Interest is payable - - 390,000 4.06 % March 31, 2021 Interest is payable - - 269,030 10.33 % April 30, 2021 Interest is payable - - 11,923,342 6.53 % April 30, 2021 Interest is payable - - 3,521,203 3.93 % May 10, 2021 Interest is payable - - 7,391,080 6.39 % June 12, 2021 Interest is payable - - 14,457,573 3.96 % June 30, 2021 Interest is payable - - 17,290,107 4.80 % June 30, 2021 Interest is payable - - 13,318,374 4.37 % August 25, 2021 Interest is payable - - 1,486,800 3.81 % September 30, 2021 Interest is payable - - 62,127,292 3.91 % October 1, 2021 Interest is payable - - 11,863,043 6.42 % October 2, 2021 Interest is payable - - 4,361,201 7.75 % October 2, 2021 Interest is payable - - 14,525,422 5.00 % October 5, 2021 Interest is payable - - 11,227,212 5.03 % October 25, 2021 Interest is payable - - 861,909 4.77 % November 2, 2021 Interest is payable - - 8,034,458 6.01 % December 15, 2021 Interest is payable - - 2,205,715 4.24 % December 18, 2021 Interest is payable - - 8,468,565 4.17 % December 18, 2021 Interest is payable - - 9,558,836 6.00 % December 31, 2021 Interest is payable - - 1,821,515 10.33 % December 31, 2021 Interest is payable - - 259,157 10.33 % April 1, 2022 Interest is payable - - 2,925,686 10.33 % April 20, 2022 Interest is payable - - 639,437 10.33 % April 30, 2022 Interest is payable - - 1,028,131 10.33 % October 5, 2022 Interest is payable - - 5,828,931 4.00 % October 20, 2022 Interest is payable - - 11,289,202 4.51 % October 20, 2022 Interest is payable - - 13,408,970 6.62 % June 19, 2023 Interest is payable - - 8,790,640 4.15 % June 19, 2023 Interest is payable - - 23,737,991 4.92 % November 6, 2023 Interest is payable - - 4,043,089 4.64 % December 31, 2023 Interest is payable - - 894,300 4.00 % Various Interest is payable - - 11,351,056 5.02 % Total lines of credit outstanding $ 365,000,000 $ 290,385,182 Less: Debt issuance costs from lines of credit (3,883,992 ) (506,466 ) Lines of credit, net $ 361,116,008 $ 289,878,716 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Payable [Abstract] | |
Notes Payable | Notes payable consisted of the following as of June 30, 2021 and December 31, 2020: As of June 30, As of December 31, Maturity Date Payment Terms 2021 2021 Effective Rate 2020 2020 Effective Rate May 1, 2021 Interest is payable $ - - $ 20,000,000 14.00 % February 28, 2022 (1 ) Non-interest bearing 1,056,000 0.00 % 832,000 0.00 % April 1, 2022 (1 ) Interest is payable 717,642 12.50 % 1,735,161 12.50 % July 31, 2022 (1 ) Interest is payable 2,274,889 9.25 % 3,984,174 9.25 % March 25, 2023 (1 ) Interest is payable - - 3,101,947 5.00 % Total notes payable $ 4,048,531 $ 29,653,282 Less: Debt issuance costs from notes payable - (15,444 ) Notes payable, net of discount $ 4,048,531 $ 29,637,838 (1) These notes payable relate to our consolidated joint ventures and are non-recourse to the Company. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventories [Abstract] | |
Inventories Owned by Company as a Percentage of Total Inventories | The table below shows the Company’s owned real estate inventory and real estate inventory owned by the joint ventures. As of June 30, As of December 31, 2021 2020 Construction in process $ 537,758,853 $ 396,630,945 Finished lots and land 75,083,602 46,839,616 Inventories owned by the Company 612,842,455 443,470,561 Inventories owned by consolidated joint ventures 18,152,136 40,900,552 Total inventories $ 630,994,591 $ 484,371,113 Percentage of inventories owned by the Company Construction in process 88 % 89 % Finished lots and land 12 % 11 % |
Capitalized Inventory | Interest is capitalized and included within each inventory category above. Capitalized interest activity is summarized in the table below for the three months ended June 30, 2021 and 2020 and for the six months ended June 30, 2021 and 2020. For the Three Months Ended June 30, For the Six Months Ended June 30 2021 2020 2021 2020 Capitalized interest at the beginning of the period $ 18,841,743 $ 26,348,739 $ 21,091,298 $ 25,335,924 Interest incurred 7,329,308 6,597,679 13,997,297 13,638,385 Interest expensed (15,796 ) (45,948 ) (657,657 ) (81,653 ) Interest charged to cost of contract revenues earned (7,364,594 ) (5,806,327 ) (15,640,277 ) (11,798,513 ) Capitalized interest at the end of the period $ 18,790,661 $ 27,094,143 $ 18,790,661 $ 27,094,143 |
Variable Interest Entities an_2
Variable Interest Entities and Investments in Other Entities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Variable Interest Entities and Investments in Other Entities [Abstract] | |
Carrying Amounts of Assets and Liabilities Related to Consolidated VIEs | The table below displays the carrying amounts of the assets and liabilities related to the consolidated VIEs: As of June 30, As of December 31, Consolidated 2021 2020 Assets $ 26,258,051 $ 50,982,111 Liabilities $ 11,563,970 $ 20,114,132 |
Investment in Unconsolidated VIEs | The table below shows the Company’s investment in the unconsolidated VIEs: As of June 30, As of December 31, Unconsolidated 2021 2020 Jet Home Loans 6,729,483 3,872,089 Total investment in unconsolidated VIEs $ 6,729,483 $ 3,872,089 Other equity method investments 724,300 673,260 Total equity method investments $ 7,453,783 $ 4,545,349 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Segments | The following tables summarize home sale revenues and net and comprehensive income by segment for the three months ended June 30, 2021 and 2020, and the six months ended June 30, For the Three Months Ended June 30, For the Six Months Ended June 30, Revenues: 2021 2020 2021 2020 The Carolinas (H&H) 94,829,329 - 193,332,768 - Jacksonville 93,937,144 75,610,386 190,518,300 153,936,021 Orlando 60,181,690 27,725,351 124,617,284 35,567,171 Colorado 24,797,393 22,224,544 40,007,523 43,885,900 DC Metro 23,898,300 20,330,163 37,846,485 47,850,218 Jet Home Loans 5,825,841 8,595,000 12,845,294 15,362,000 Other 67,632,245 53,910,684 122,514,105 107,300,251 Total segment revenues $ 371,101,942 $ 208,396,128 $ 721,681,759 $ 403,901,561 Reconciling items from equity method investments (5,825,841 ) (8,595,000 ) (12,845,293 ) (15,362,000 ) Consolidated revenues $ 365,276,101 $ 199,801,128 $ 708,836,466 $ 388,539,561 For the Three Months Ended June 30, For the Six June 30 Net and comprehensive income: 2021 2020 2021 2020 The Carolinas (H&H) 1,073,553 - 5,223,943 - Jacksonville 11,277,050 3,080,209 19,485,975 9,452,780 Orlando 5,111,017 2,005,808 10,439,504 1,379,160 Colorado 2,385,181 2,204,392 2,840,011 4,195,431 DC Metro 1,609,360 572,280 1,998,839 636,339 Jet Home Loans 2,215,732 3,932,023 5,048,017 6,706,150 Other 9,558,216 2,701,612 7,592,889 1,311,696 Total segment net and comprehensive income $ 33,230,109 $ 14,496,324 $ 52,629,178 $ 23,681,556 Reconciling items from equity method investments (1,170,439 ) (2,005,321 ) (2,973,547 ) (3,420,060 ) Consolidated net and comprehensive income $ 32,059,670 $ 12,491,003 $ 49,655,631 $ 20,261,496 The following table summarizes Company assets by segment as of June 30, 2021 and December 31, 2020: As of June 30, As of December 31, Assets: 2021 2020 The Carolinas (H&H) 188,548,107 161,242,384 Jacksonville 201,579,367 162,668,740 Orlando 121,424,408 77,299,028 Colorado 82,016,330 51,605,969 DC Metro 68,087,920 41,327,694 Jet Home Loans 59,901,657 38,696,793 Other (1) 263,584,401 235,664,336 Total segment assets $ 985,142,190 $ 768,504,944 Reconciling items from equity method investments (52,860,237 ) (34,824,703 ) Consolidated assets $ 932,281,953 $ 733,680,241 (1) Other includes the Company’s title operations, homebuilding operations in non-reportable segments, operations of the corporate component, and corporate assets such as cash and cash equivalents, cash held in trust, prepaid insurance, operating and financing leases, lot deposits, goodwill, as well as property and equipment. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings per Share [Abstract] | |
Schedule of Basic and Diluted Net Earnings Per Share | The following weighted-average shares and share equivalents were used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2021: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2021 Net and comprehensive income attributable to Dream Finders Homes, Inc. 28,573,881 44,694,524 Less: Preferred dividends 188,045 1,003,197 Add: Loss prior to reorganization attributable to DFH LLC members - (1,244,083 ) Net and comprehensive income attributable to common stockholders 28,385,836 44,935,410 Weighted-average number of shares outstanding used to calculate basic EPS 92,521,482 92,521,482 Dilutive securities: Restricted stock 149,245 119,740 Weighted-average number of shares and share equivalents outstanding used to calculate diluted EPS 92,670,727 92,641,222 |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies, Nature of Business (Details) - $ / shares | Jan. 25, 2021 | Jun. 30, 2021 |
Class A Common Stock [Member] | ||
Nature of Business [Abstract] | ||
Stock issued in offering (in shares) | 11,040,000 | |
Class B Common Stock [Member] | ||
Nature of Business [Abstract] | ||
Units converted to common stock (in shares) | 60,226,153 | |
Stock issued in offering (in shares) | 0 | |
IPO [Member] | Class A Common Stock [Member] | ||
Nature of Business [Abstract] | ||
Units converted to common stock (in shares) | 21,255,329 | |
Stock issued in offering (in shares) | 11,040,000 | |
Share price (in dollars per share) | $ 13 | |
IPO [Member] | Class B Common Stock [Member] | ||
Nature of Business [Abstract] | ||
Units converted to common stock (in shares) | 60,266,153 | |
DFH LLC [Member] | ||
Nature of Business [Abstract] | ||
Ownership percentage | 100.00% |
Nature of Business and Signif_4
Nature of Business and Significant Accounting Policies, Accounts Receivable (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Nature of Business and Significant Accounting Policies [Abstract] | ||
Accounts receivable | $ 51,021,302 | $ 24,927,903 |
Accounts receivable, proceeds in transit | $ 32,273,654 |
Nature of Business and Signif_5
Nature of Business and Significant Accounting Policies, Contingent Consideration (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Contingent Consideration [Abstract] | ||||||
Contingent consideration | $ 27,110,480 | $ 27,110,480 | $ 23,157,524 | |||
Contingent consideration adjustments, expense (income) | 3,900,048 | $ 0 | 4,698,485 | $ 0 | ||
Payments of contingent consideration | 1,206,769 | |||||
Other payments of contingent consideration | 0 | 0 | ||||
VPH [Member] | ||||||
Contingent Consideration [Abstract] | ||||||
Contingent consideration | 7,308,764 | 7,308,764 | 6,847,524 | |||
H&H [Member] | ||||||
Contingent Consideration [Abstract] | ||||||
Contingent consideration | 19,801,716 | 19,801,716 | $ 16,310,000 | |||
Payments of contingent consideration | $ 1,206,769 | |||||
Other Expenses [Member] | VPH [Member] | ||||||
Contingent Consideration [Abstract] | ||||||
Contingent consideration adjustments, expense (income) | $ 76,932 | $ (316,772) | $ 461,240 | $ (316,772) |
Nature of Business and Signif_6
Nature of Business and Significant Accounting Policies, Income Taxes (Details) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Income Taxes [Abstract] | |
Uncertain tax positions | $ 0 |
Business Acquisition (Details)
Business Acquisition (Details) | Jan. 31, 2021USD ($)UnitLot | Oct. 05, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Business Acquisition [Abstract] | |||||||
Bridge loan amount | $ 4,048,531 | $ 4,048,531 | $ 29,653,282 | ||||
Goodwill | 30,360,997 | 30,360,997 | $ 28,566,232 | ||||
Unaudited Pro Forma [Abstract] | |||||||
Total revenue | 365,276,101 | $ 275,723,212 | 715,419,060 | $ 522,924,452 | |||
Net income attributable to Dream Finders Homes, Inc. | 28,573,881 | 15,034,154 | 45,016,495 | 22,312,843 | |||
Comprehensive income attributable to Dream Finders Homes, Inc. | $ 28,573,881 | $ 15,034,154 | $ 45,016,495 | $ 22,312,843 | |||
H&H Constructors of Fayetteville, LLC ("H&H'') [Member] | |||||||
Business Acquisition [Abstract] | |||||||
Percentage of membership interest | 100.00% | ||||||
Purchase price | $ 44,096,448 | ||||||
Net of purchase price reduction related to customary closing adjustments | 1,710,275 | ||||||
Bridge loan amount | $ 20,000,000 | ||||||
Annual interest rate | 14.00% | ||||||
Debt Instrument, Maturity Date | May 1, 2021 | ||||||
Cash paid for business acquisition | $ 9,496,723 | ||||||
Contingent consideration | 16,310,000 | ||||||
Goodwill | 16,357,450 | ||||||
Fair Value of Assets Acquired and Liabilities Assumed [Abstract] | |||||||
Cash | 10,956,359 | ||||||
Other assets | 8,253,966 | ||||||
Tradename | 2,660,000 | ||||||
Inventories | 143,817,075 | ||||||
Liabilities assumed | 137,949,737 | ||||||
Construction lines of credit | $ 116,894,907 | ||||||
Century Homes Florida Acquisition [Member] | |||||||
Business Acquisition [Abstract] | |||||||
Cash paid for business acquisition | $ 35,500,000 | ||||||
Number of acquired units under construction | Unit | 134 | ||||||
Number of finished lots | Lot | 229 |
Construction Lines of Credit (D
Construction Lines of Credit (Details) | Jan. 25, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)CreditFacility |
Construction Line of Credit [Abstract] | ||||||
Line of credit maximum borrowing base | $ 450,000,000 | $ 450,000,000 | $ 762,979,000 | |||
Line of credit aggregate outstanding balance | 365,000,000 | 365,000,000 | $ 289,878,716 | |||
Number of line of credit facilities available | CreditFacility | 34 | |||||
Less: Debt issuance costs from lines of credit | (3,883,992) | (3,883,992) | $ (506,466) | |||
Lines of credit, net | 361,116,008 | 361,116,008 | 289,878,716 | |||
Debt issuance costs capitalized | 4,806,661 | 4,806,661 | 2,249,683 | |||
Debt issuance costs amortized | 518,388 | $ 463,717 | 1,429,135 | $ 1,007,022 | ||
Line of Credit and Notes Payable [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Debt issuance costs, net of amortization | 3,883,992 | 3,883,992 | 506,466 | |||
Line of Credit [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Lines of credit outstanding | 365,000,000 | $ 365,000,000 | 290,385,182 | |||
Construction Line of Credit, Renewal Date January 25, 2024 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Jan. 25, 2024 | |||||
Payment Terms | Interest is payable based on the Applicable Rate per the Credit Agreement | |||||
Lines of credit outstanding | $ 365,000,000 | $ 365,000,000 | $ 0 | |||
Effective Rate | 3.97% | 3.97% | 0.00% | |||
Construction Line of Credit, Renewal Date November 30, 2019 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Nov. 30, 2019 | |||||
Payment Terms | Interest is payable monthly, at the greater of Prime rate or 4.25% | |||||
Interest rate | 4.25% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 545,350 | |||
Effective Rate | 0.00% | 0.00% | 4.25% | |||
Construction Line of Credit, Renewal Date November 30, 2019, [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Nov. 30, 2019 | |||||
Payment Terms | Interest is payable monthly at the greater of the Prime rate plus 1.00% or 5.50% | |||||
Interest rate | 5.50% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 540,565 | |||
Effective Rate | 0.00% | 0.00% | 5.50% | |||
Construction Line of Credit, Renewal Date November 30, 2019, [Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 1.00% | |||||
Construction Line of Credit, Renewal Date February 9, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Feb. 9, 2021 | |||||
Payment Terms | Interest is payable monthly at 3.40% plus 30-day LIBOR | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 390,000 | |||
Effective Rate | 0.00% | 0.00% | 4.06% | |||
Construction Line of Credit, Renewal Date February 9, 2021 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 3.40% | |||||
Term of variable rate basis | 30 days | |||||
Construction Line of Credit, Renewal Date March 31, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Mar. 31, 2021 | |||||
Payment Terms | Interest is payable monthly at 9.50% | |||||
Interest rate | 9.50% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 269,030 | |||
Effective Rate | 0.00% | 0.00% | 10.33% | |||
Construction Line of Credit, Renewal Date April 30, 2021 Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Apr. 30, 2021 | |||||
Payment Terms | Interest is payable monthly at the greater of the Prime rate plus 0.50% or 3.75% | |||||
Interest rate | 3.75% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 11,923,342 | |||
Effective Rate | 0.00% | 0.00% | 6.53% | |||
Construction Line of Credit, Renewal Date April 30, 2021 Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 0.50% | |||||
Construction Line of Credit, Renewal Date April 30, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Apr. 30, 2021 | |||||
Payment Terms | Interest is payable monthly at the Prime rate plus 0.50% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 3,521,203 | |||
Effective Rate | 0.00% | 0.00% | 3.93% | |||
Construction Line of Credit, Renewal Date April 30, 2021 [Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 0.50% | |||||
Construction Line of Credit, Renewal Date May 10, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | May 10, 2021 | |||||
Payment Terms | Interest is payable monthly at the greater of Prime rate plus 0.50% or 4.25% | |||||
Interest rate | 4.25% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 7,391,080 | |||
Effective Rate | 0.00% | 0.00% | 6.39% | |||
Construction Line of Credit, Renewal Date May 10, 2021 [Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 0.50% | |||||
Construction Line of Credit, Renewal Date June 12, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Jun. 12, 2021 | |||||
Payment Terms | Interest is payable monthly at 3.00% plus 3-month LIBOR | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 14,457,573 | |||
Effective Rate | 0.00% | 0.00% | 3.96% | |||
Construction Line of Credit, Renewal Date June 12, 2021 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 3.00% | |||||
Term of variable rate basis | 3 months | |||||
Construction Line of Credit, Renewal Date June 30, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Jun. 30, 2021 | |||||
Payment Terms | Interest is payable monthly at the greater of 3.50% plus 30-day LIBOR or 4.50% | |||||
Interest rate | 4.50% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 17,290,107 | |||
Effective Rate | 0.00% | 0.00% | 4.80% | |||
Construction Line of Credit, Renewal Date June 30, 2021 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 3.50% | |||||
Term of variable rate basis | 30 days | |||||
Construction Line of Credit, Renewal Date June 30, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Jun. 30, 2021 | |||||
Payment Terms | Interest is payable monthly at 3.75% + 1-month LIBOR | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 13,318,374 | |||
Effective Rate | 0.00% | 0.00% | 4.37% | |||
Construction Line of Credit, Renewal Date June 30, 2021 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 3.75% | |||||
Term of variable rate basis | 1 month | |||||
Construction Line of Credit, Renewal Date August 25, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Aug. 25, 2021 | |||||
Payment Terms | Interest is payable monthly at the Prime rate plus 0.75% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 1,486,800 | |||
Effective Rate | 0.00% | 0.00% | 3.81% | |||
Construction Line of Credit, Renewal Date August 25, 2021 [Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 0.75% | |||||
Construction Line of Credit, Renewal Date September 30, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Sep. 30, 2021 | |||||
Payment Terms | Interest is payable monthly at 3.00% plus 3-month LIBOR. | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 62,127,292 | |||
Effective Rate | 0.00% | 0.00% | 3.91% | |||
Construction Line of Credit, Renewal Date September 30, 2021 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 3.00% | |||||
Term of variable rate basis | 3 months | |||||
Construction Line of Credit, Renewal Date October 1, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Oct. 1, 2021 | |||||
Payment Terms | Interest is payable monthly at the greater of 4.50% or 3.90% plus 1-month LIBOR. | |||||
Interest rate | 4.50% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 11,863,043 | |||
Effective Rate | 0.00% | 0.00% | 6.42% | |||
Construction Line of Credit, Renewal Date October 1, 2021 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 3.90% | |||||
Term of variable rate basis | 1 month | |||||
Construction Line of Credit, Renewal Date October 2, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Oct. 2, 2021 | |||||
Payment Terms | Interest is payable monthly at the greater of 4.00% or 3.75% plus 1-month LIBOR | |||||
Interest rate | 4.00% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 4,361,201 | |||
Effective Rate | 0.00% | 0.00% | 7.75% | |||
Construction Line of Credit, Renewal Date October 2, 2021 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 3.75% | |||||
Term of variable rate basis | 1 month | |||||
Construction Line of Credit, Renewal Date October 2, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Oct. 2, 2021 | |||||
Payment Terms | Interest is payable monthly at the greater of the Prime rate plus 1.00% or 5.00% | |||||
Interest rate | 5.00% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 14,525,422 | |||
Effective Rate | 0.00% | 0.00% | 5.00% | |||
Construction Line of Credit, Renewal Date October 2, 2021 [Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 1.00% | |||||
Construction Line of Credit, Renewal Date October 5, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Oct. 5, 2021 | |||||
Payment Terms | Interest is payable monthly at 4.50% plus 1-month LIBOR | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 11,227,212 | |||
Effective Rate | 0.00% | 0.00% | 5.03% | |||
Construction Line of Credit, Renewal Date October 5, 2021 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 4.50% | |||||
Term of variable rate basis | 1 month | |||||
Construction Line of Credit, Renewal Date October 25, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Oct. 25, 2021 | |||||
Payment Terms | Interest is payable monthly at the Prime rate plus 0.50% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 861,909 | |||
Effective Rate | 0.00% | 0.00% | 4.77% | |||
Construction Line of Credit, Renewal Date October 25, 2021 [Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 0.50% | |||||
Construction Line of Credit, Renewal Date November 2, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Nov. 2, 2021 | |||||
Payment Terms | Interest is payable monthly at the greater of the Prime rate plus 0.75% or 4.50% | |||||
Interest rate | 4.50% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 8,034,458 | |||
Effective Rate | 0.00% | 0.00% | 6.01% | |||
Construction Line of Credit, Renewal Date November 2, 2021 [Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 0.75% | |||||
Construction Line of Credit, Renewal Date December 15, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Dec. 15, 2021 | |||||
Payment Terms | Interest is payable monthly at the greater of the Prime rate plus 0.50% or 5.00% | |||||
Interest rate | 5.00% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 2,205,715 | |||
Effective Rate | 0.00% | 0.00% | 4.24% | |||
Construction Line of Credit, Renewal Date December 15, 2021 [Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 0.50% | |||||
Construction Line of Credit, Renewal Date December 18, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Dec. 18, 2021 | |||||
Payment Terms | Interest is payable monthly at 3.00% plus 30-day LIBOR | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 8,468,565 | |||
Effective Rate | 0.00% | 0.00% | 4.17% | |||
Construction Line of Credit, Renewal Date December 18, 2021 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 3.00% | |||||
Term of variable rate basis | 30 months | |||||
Construction Line of Credit, Renewal Date December 18, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Dec. 18, 2021 | |||||
Payment Terms | Interest is payable monthly at 3.95% plus 1-month LIBOR | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 9,558,836 | |||
Effective Rate | 0.00% | 0.00% | 6.00% | |||
Construction Line of Credit, Renewal Date December 18, 2021 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 3.95% | |||||
Term of variable rate basis | 1 month | |||||
Construction Line of Credit, Renewal Date December 31, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Dec. 31, 2021 | |||||
Payment Terms | Interest is payable monthly at 9.00% | |||||
Interest rate | 9.00% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 1,821,515 | |||
Effective Rate | 0.00% | 0.00% | 10.33% | |||
Construction Line of Credit, Renewal Date December 31, 2021 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Dec. 31, 2021 | |||||
Payment Terms | Interest is payable monthly at 9.50% | |||||
Interest rate | 9.50% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 259,157 | |||
Effective Rate | 0.00% | 0.00% | 10.33% | |||
Construction Line of Credit, Renewal Date April 1, 2022 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Apr. 1, 2022 | |||||
Payment Terms | Interest is payable monthly at 9.50%. | |||||
Interest rate | 9.50% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 2,925,686 | |||
Effective Rate | 0.00% | 0.00% | 10.33% | |||
Construction Line of Credit, Renewal Date April 20, 2022 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Apr. 20, 2022 | |||||
Payment Terms | Interest is payable monthly at 9.50% | |||||
Interest rate | 9.50% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 639,437 | |||
Effective Rate | 0.00% | 0.00% | 10.33% | |||
Construction Line of Credit, Renewal Date April 30, 2022 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Apr. 30, 2022 | |||||
Payment Terms | Interest is payable monthly at 9.50%. | |||||
Interest rate | 9.50% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 1,028,131 | |||
Effective Rate | 0.00% | 0.00% | 10.33% | |||
Construction Line of Credit, Renewal Date October 5, 2022 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Oct. 5, 2022 | |||||
Payment Terms | Interest is payable monthly at the greater of the Prime rate plus 0.50% or 4.00% | |||||
Interest rate | 4.00% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 5,828,931 | |||
Effective Rate | 0.00% | 0.00% | 4.00% | |||
Construction Line of Credit, Renewal Date October 5, 2022 [Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 0.50% | |||||
Construction Line of Credit, Renewal Date October 20, 2022 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Oct. 20, 2022 | |||||
Payment Terms | Interest is payable monthly at the greater of 4.00% or 2.75% plus 3-month LIBOR | |||||
Interest rate | 4.00% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 11,289,202 | |||
Effective Rate | 0.00% | 0.00% | 4.51% | |||
Construction Line of Credit, Renewal Date October 20, 2022 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 2.75% | |||||
Term of variable rate basis | 3 months | |||||
Construction Line of Credit, Renewal Date October 20, 2022 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Oct. 20, 2022 | |||||
Payment Terms | Interest is payable monthly at the greater of 4.50% or 3.90% plus 3-month LIBOR | |||||
Interest rate | 4.50% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 13,408,970 | |||
Effective Rate | 0.00% | 0.00% | 6.62% | |||
Construction Line of Credit, Renewal Date October 20, 2022 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 3.90% | |||||
Term of variable rate basis | 3 months | |||||
Construction Line of Credit, Renewal Date June 19, 2023 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Jun. 19, 2023 | |||||
Payment Terms | Interest is payable monthly at the greater of 4.00% or 2.75% plus 3-month LIBOR. | |||||
Interest rate | 4.00% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 8,790,640 | |||
Effective Rate | 0.00% | 0.00% | 4.15% | |||
Construction Line of Credit, Renewal Date June 19, 2023 [Member] | LIBOR [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 2.75% | |||||
Term of variable rate basis | 3 months | |||||
Construction Line of Credit, Renewal Date June 19, 2023 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Jun. 19, 2023 | |||||
Payment Terms | Interest is payable monthly at the greater of 4.00% or the Prime rate plus 0.50%. | |||||
Interest rate | 4.00% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 23,737,991 | |||
Effective Rate | 0.00% | 0.00% | 4.92% | |||
Construction Line of Credit, Renewal Date June 19, 2023 [Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 0.50% | |||||
Construction Line of Credit, Renewal Date November 6, 2023 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Nov. 6, 2023 | |||||
Payment Terms | Interest is payable monthly at the greater of the Prime rate plus 0.38% or 3.65% | |||||
Interest rate | 3.65% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 4,043,089 | |||
Effective Rate | 0.00% | 0.00% | 4.64% | |||
Construction Line of Credit, Renewal Date November 6, 2023 [Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 0.38% | |||||
Construction Line of Credit, Renewal Date December 31, 2023 [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Renewal Date | Dec. 31, 2023 | |||||
Payment Terms | Interest is payable monthly at the greater of the Prime rate plus 0.50% or 4.00% | |||||
Interest rate | 4.00% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 894,300 | |||
Effective Rate | 0.00% | 0.00% | 4.00% | |||
Construction Line of Credit, Renewal Date December 31, 2023 [Member] | Prime Rate [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Spread on variable rate | 0.50% | |||||
Construction Line of Credit, Various [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Payment Terms | Interest is payable monthly at the greater of the Prime rate or 5.00%. | |||||
Interest rate | 5.00% | |||||
Lines of credit outstanding | $ 0 | $ 0 | $ 11,351,056 | |||
Effective Rate | 0.00% | 0.00% | 5.02% | |||
Bank of America, N.A. and Other Lenders [Member] | Unsecured Syndicated Credit Facility [Member] | IPO [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Line of credit current borrowing base | $ 450,000,000 | |||||
Repayment of debt | 340,000,000 | |||||
Boston Omaha Corporation, LLC [Member] | Bridge Loan [Member] | ||||||
Construction Line of Credit [Abstract] | ||||||
Repayment of debt | $ 20,000,000 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Oct. 05, 2020 | Jan. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Instruments [Abstract] | ||||||
Notes payable | $ 4,048,531 | $ 29,653,282 | ||||
Notes payable, net of discount | 4,048,531 | 29,637,838 | ||||
Repayments of notes payable | 24,378,019 | $ 7,610,584 | ||||
H&H Constructors of Fayetteville, LLC ("H&H'') [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Maturity date | May 1, 2021 | |||||
Notes payable | $ 20,000,000 | |||||
Repayments of notes payable | $ 20,000,000 | |||||
Notes Payable [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Notes payable | 4,048,531 | 29,653,282 | ||||
Less: Debt issuance costs from notes payable | $ 0 | $ (15,444) | ||||
May 1, 2021 [Member] | Notes Payable [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Maturity date | May 1, 2021 | |||||
Payment Terms | Interest is payable monthly at 14.00% | |||||
Effective rate | 0.00% | 14.00% | ||||
Notes payable | $ 0 | $ 20,000,000 | ||||
February 28, 2022 [Member] | Notes Payable [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Maturity date | [1] | Feb. 28, 2022 | ||||
Payment Terms | Non-interest bearing | |||||
Effective rate | [1] | 0.00% | 0.00% | |||
Notes payable | [1] | $ 1,056,000 | $ 832,000 | |||
April 1, 2022 Notes [Member] | Notes Payable [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Maturity date | [1] | Apr. 1, 2022 | ||||
Payment Terms | Interest is payable monthly at 12.50% | |||||
Effective rate | [1] | 12.50% | 12.50% | |||
Notes payable | [1] | $ 717,642 | $ 1,735,161 | |||
July 31, 2022 Notes [Member] | Notes Payable [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Maturity date | [1] | Jul. 31, 2022 | ||||
Payment Terms | Interest is payable monthly at 9.25% | |||||
Effective rate | [1] | 9.25% | 9.25% | |||
Notes payable | [1] | $ 2,274,889 | $ 3,984,174 | |||
March 25, 2023 Notes [Member] | Notes Payable [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Maturity date | [1] | Mar. 25, 2023 | ||||
Payment Terms | Interest is payable monthly at 5.00% | |||||
Effective rate | [1] | 0.00% | 5.00% | |||
Notes payable | [1] | $ 0 | $ 3,101,947 | |||
[1] | These notes payable relate to our consolidated joint ventures and are non-recourse to the Company. |
Inventories (Details)
Inventories (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Inventory, Net [Abstract] | |||||
Construction in process | $ 537,758,853 | $ 537,758,853 | $ 396,630,945 | ||
Finished lots and land | 75,083,602 | 75,083,602 | 46,839,616 | ||
Inventories owned by the Company | 612,842,455 | 612,842,455 | 443,470,561 | ||
Inventories owned by consolidated joint ventures | 18,152,136 | 18,152,136 | 40,900,552 | ||
Total inventories | $ 630,994,591 | $ 630,994,591 | $ 484,371,113 | ||
Percentage of inventories owned by the Company [Abstract] | |||||
Construction in process | 88.00% | 88.00% | 89.00% | ||
Finished lots and land | 12.00% | 12.00% | 11.00% | ||
Real Estate Inventory, Capitalized Interest Costs [Roll Forward] | |||||
Capitalized interest at the beginning of the period | $ 18,841,743 | $ 26,348,739 | $ 21,091,298 | $ 25,335,924 | |
Interest incurred | 7,329,308 | 6,597,679 | 13,997,297 | 13,638,385 | |
Interest expensed | (15,796) | (45,948) | (657,657) | (81,653) | |
Interest charged to cost of contract revenues earned | (7,364,594) | (5,806,327) | (15,640,277) | (11,798,513) | |
Capitalized interest at the end of the period | $ 18,790,661 | $ 27,094,143 | $ 18,790,661 | $ 27,094,143 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended |
Apr. 30, 2020USD ($) | |
Commitments and Contingencies [Abstract] | |
Proceeds from PPP | $ 7,220,207 |
Members' Equity, Mezzanine Eq_2
Members' Equity, Mezzanine Equity and Shareholders' Equity (Details) | Jan. 27, 2021USD ($) | Jan. 25, 2021$ / sharesshares | Apr. 30, 2020USD ($)shares | Jun. 30, 2021USD ($)Vote$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares |
IPO [Member] | |||||
Stockholders' Equity [Abstract] | |||||
Common stock shares authorized (in shares) | 350,000,000 | ||||
Common stock par value (in dollars per share) | $ / shares | $ 0.01 | ||||
Class A Common Stock [Member] | |||||
Stockholders' Equity [Abstract] | |||||
Common stock shares authorized (in shares) | 289,000,000 | 289,000,000 | |||
Common stock par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Class A Common Stock [Member] | IPO [Member] | |||||
Stockholders' Equity [Abstract] | |||||
Common stock shares authorized (in shares) | 289,000,000 | ||||
Common stock par value (in dollars per share) | $ / shares | $ 0.01 | ||||
Units converted to common stock (in shares) | 21,255,329 | ||||
Class B Common Stock [Member] | |||||
Stockholders' Equity [Abstract] | |||||
Common stock shares authorized (in shares) | 61,000,000 | 61,000,000 | |||
Common stock par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Units converted to common stock (in shares) | 60,226,153 | ||||
Class B Common Stock [Member] | IPO [Member] | |||||
Stockholders' Equity [Abstract] | |||||
Common stock shares authorized (in shares) | 61,000,000 | ||||
Common stock par value (in dollars per share) | $ / shares | $ 0.01 | ||||
Units converted to common stock (in shares) | 60,266,153 | ||||
Redeemable Series B Preferred Units [Member] | |||||
Mezzanine Equity [Abstract] | |||||
Temporary equity, shares issued (in shares) | 7,143 | 7,143 | |||
Temporary equity, shares outstanding (in shares) | 7,143 | 7,143 | |||
Temporary equity units issued and outstanding, carrying value | $ | $ 6,703,460 | $ 6,333,036 | |||
Temporary equity, liquidation preference value per unit (in dollars per share) | $ / shares | $ 1,000 | ||||
Liquidation preference, annual cumulative preference distribution percentage | 8.00% | ||||
Voting rights per each unit | Vote | 1 | ||||
Cumulative preferred distributions, unpaid amount | $ | $ 2,473,118 | $ 2,102,692 | |||
Cumulative preferred distributions, per unit (in dollars per share) | $ / shares | $ 346.23 | $ 294.37 | |||
Redemption price per unit (in dollars per share) | $ / shares | $ 1,000 | ||||
Cumulative preferred distributions in arrears | $ | $ 0 | ||||
Redeemable Convertible Series C Preferred Units [Member] | |||||
Mezzanine Equity [Abstract] | |||||
Cumulative preferred distributions, unpaid amount | $ | $ 200,000 | $ 62,500 | |||
Preferred stock redemption (in shares) | 1,000 | ||||
Preferred stock redemption value | $ | 26,000,000 | $ 1,000,000 | |||
Preferred stock discount cost | $ | $ 500,000 |
Equity-Based Compensation (Deta
Equity-Based Compensation (Details) - USD ($) | Jan. 20, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Equity-Based Compensation [Abstract] | ||||||
Unrecognized compensation expense | $ 0 | |||||
Weighted-average period | 2 years 9 months 18 days | |||||
Dream Finders Holdings LLC [Member] | ||||||
Equity-Based Compensation [Abstract] | ||||||
Equity-based compensation expense | $ 0 | $ 1,240,309 | $ 447,500 | |||
2021 Plan [Member] | ||||||
Equity-Based Compensation [Abstract] | ||||||
Equity-based compensation expense | 1,451,831 | $ 0 | 2,560,069 | $ 0 | ||
Unrecognized compensation expense | $ 14,960,406 | $ 14,960,406 | ||||
Weighted-average period | 2 years 9 months 18 days | |||||
Restricted Stock [Member] | 2021 Plan [Member] | ||||||
Equity-Based Compensation [Abstract] | ||||||
Vesting period | 3 years | |||||
Restricted Stock [Member] | 2021 Plan [Member] | Certain Executives and Directors [Member] | ||||||
Equity-Based Compensation [Abstract] | ||||||
Number of shares granted (in shares) | 759,709 | |||||
Weighted-average grant date fair value (in dollars per share) | $ 23.15 | |||||
Restricted Stock [Member] | 2021 Plan [Member] | First Increment at Quarter End [Member] | ||||||
Equity-Based Compensation [Abstract] | ||||||
Vesting ratably increments at end of each quarter | 33.00% | |||||
Non-vested, Non-voting Common Units [Member] | Employees [Member] | ||||||
Equity-Based Compensation [Abstract] | ||||||
Number of non-vesting, non-common units (in shares) | 3,532 | |||||
Non-vesting, non-common units, value | $ 4,741,657 |
Variable Interest Entities an_3
Variable Interest Entities and Investments in Other Entities (Details) | 6 Months Ended | ||
Jun. 30, 2021USD ($)EntityVoteVariation | Jun. 30, 2020Entity | Dec. 31, 2020USD ($) | |
Consolidated [Abstract] | |||
Assets | $ 932,281,953 | $ 733,680,241 | |
Liabilities | 602,879,213 | 521,657,027 | |
Investment in Unconsolidated VIEs [Abstract] | |||
Investment in unconsolidated VIEs | 6,729,483 | 3,872,089 | |
Other equity method investments | 724,300 | 673,260 | |
Total equity method investments | $ 7,453,783 | 4,545,349 | |
Lot Option Contracts [Abstract] | |||
Number of variations of asset-light land financing strategy | Variation | 2 | ||
Percentage of deposit payments on the aggregate purchase price of finished lot option contracts | 10.00% | ||
Percentage of deposit payments on the aggregate purchase price of land bank option contracts | 15.00% | ||
Land bankers equity holders power to direct , Percentage of operating activities of land bank entity | 100.00% | ||
Number of voting rights of land bank entities | Vote | 0 | ||
Total risk of loss related to lot option contracts | $ 107,717,122 | 66,272,347 | |
Unconsolidated VIEs [Member] | |||
Variable Interest Entity or Potential VIE, Information Unavailability, Disclosures [Abstract] | |||
Number of variable interest entities | Entity | 1 | ||
Consolidated VIEs [Member] | |||
Consolidated [Abstract] | |||
Assets | $ 26,258,051 | 50,982,111 | |
Liabilities | $ 11,563,970 | 20,114,132 | |
Unconsolidated VIEs and Other Equity Method Investments [Abstract] | |||
Number of deconsolidated entities | Entity | 0 | ||
Number of new consolidated entities | Entity | 0 | 0 | |
Jet Home Loans [Member] | |||
Investment in Unconsolidated VIEs [Abstract] | |||
Investment in unconsolidated VIEs | $ 6,729,483 | $ 3,872,089 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Taxes [Abstract] | ||||
Effective tax rate benefit/expense | 14.00% | 0.00% | 17.00% | 0.00% |
Valuation allowance | $ 0 | $ 0 | ||
Taxable income | $ 33,052,198 | $ 0 | $ 53,989,325 | $ 0 |
U.S. federal statutory income tax rate | 21.00% | 21.00% |
Segment Reporting (Details)
Segment Reporting (Details) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | ||||
Jan. 20, 2021USD ($) | Jun. 30, 2021USD ($)Segment | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | ||
Segment Reporting [Abstract] | ||||||||
Number of operating segments | Segment | 12 | |||||||
Number of reportable segments | Segment | 7 | |||||||
Revenues [Abstract] | ||||||||
Revenues | $ 365,276,101 | $ 199,801,128 | $ 708,836,466 | $ 388,539,561 | ||||
Net Income [Abstract] | ||||||||
Consolidated net income | $ (1,033,742) | 32,059,670 | 12,491,003 | $ 50,689,373 | 49,655,631 | 20,261,496 | ||
Comprehensive Income [Abstract] | ||||||||
Comprehensive income | 32,059,670 | 12,491,003 | 49,655,631 | 20,261,496 | ||||
Assets [Abstract] | ||||||||
Assets | $ 932,281,953 | $ 932,281,953 | $ 932,281,953 | $ 733,680,241 | ||||
FBC Mortgage, LLC [Member] | ||||||||
Segment Reporting [Abstract] | ||||||||
Remaining ownership percentage | 51.00% | 51.00% | 51.00% | |||||
Jet Home Loans [Member] | ||||||||
Segment Reporting [Abstract] | ||||||||
Percentage of ownership interest | 49.00% | 49.00% | 49.00% | |||||
Operating Segments [Member] | ||||||||
Revenues [Abstract] | ||||||||
Revenues | $ 371,101,942 | 208,396,128 | $ 721,681,759 | 403,901,561 | ||||
Net Income [Abstract] | ||||||||
Consolidated net income | 33,230,109 | 14,496,324 | 52,629,178 | 23,681,556 | ||||
Comprehensive Income [Abstract] | ||||||||
Comprehensive income | 33,230,109 | 14,496,324 | 52,629,178 | 23,681,556 | ||||
Assets [Abstract] | ||||||||
Assets | 985,142,190 | $ 985,142,190 | 985,142,190 | 768,504,944 | ||||
Operating Segments [Member] | The Carolinas (H&H) [Member] | ||||||||
Revenues [Abstract] | ||||||||
Revenues | 94,829,329 | 0 | 193,332,768 | 0 | ||||
Net Income [Abstract] | ||||||||
Consolidated net income | 1,073,553 | 0 | 5,223,943 | 0 | ||||
Comprehensive Income [Abstract] | ||||||||
Comprehensive income | 1,073,553 | 0 | 5,223,943 | 0 | ||||
Assets [Abstract] | ||||||||
Assets | 188,548,107 | 188,548,107 | 188,548,107 | 161,242,384 | ||||
Operating Segments [Member] | Jacksonville [Member] | ||||||||
Revenues [Abstract] | ||||||||
Revenues | 93,937,144 | 75,610,386 | 190,518,300 | 153,936,021 | ||||
Net Income [Abstract] | ||||||||
Consolidated net income | 11,277,050 | 3,080,209 | 19,485,975 | 9,452,780 | ||||
Comprehensive Income [Abstract] | ||||||||
Comprehensive income | 11,277,050 | 3,080,209 | 19,485,975 | 9,452,780 | ||||
Assets [Abstract] | ||||||||
Assets | 201,579,367 | 201,579,367 | 201,579,367 | 162,668,740 | ||||
Operating Segments [Member] | Orlando [Member] | ||||||||
Revenues [Abstract] | ||||||||
Revenues | 60,181,690 | 27,725,351 | 124,617,284 | 35,567,171 | ||||
Net Income [Abstract] | ||||||||
Consolidated net income | 5,111,017 | 2,005,808 | 10,439,504 | 1,379,160 | ||||
Comprehensive Income [Abstract] | ||||||||
Comprehensive income | 5,111,017 | 2,005,808 | 10,439,504 | 1,379,160 | ||||
Assets [Abstract] | ||||||||
Assets | 121,424,408 | 121,424,408 | 121,424,408 | 77,299,028 | ||||
Operating Segments [Member] | Colorado [Member] | ||||||||
Revenues [Abstract] | ||||||||
Revenues | 24,797,393 | 22,224,544 | 40,007,523 | 43,885,900 | ||||
Net Income [Abstract] | ||||||||
Consolidated net income | 2,385,181 | 2,204,392 | 2,840,011 | 4,195,431 | ||||
Comprehensive Income [Abstract] | ||||||||
Comprehensive income | 2,385,181 | 2,204,392 | 2,840,011 | 4,195,431 | ||||
Assets [Abstract] | ||||||||
Assets | 82,016,330 | 82,016,330 | 82,016,330 | 51,605,969 | ||||
Operating Segments [Member] | DC Metro [Member] | ||||||||
Revenues [Abstract] | ||||||||
Revenues | 23,898,300 | 20,330,163 | 37,846,485 | 47,850,218 | ||||
Net Income [Abstract] | ||||||||
Consolidated net income | 1,609,360 | 572,280 | 1,998,839 | 636,339 | ||||
Comprehensive Income [Abstract] | ||||||||
Comprehensive income | 1,609,360 | 572,280 | 1,998,839 | 636,339 | ||||
Assets [Abstract] | ||||||||
Assets | 68,087,920 | 68,087,920 | 68,087,920 | 41,327,694 | ||||
Operating Segments [Member] | Jet Home Loans [Member] | ||||||||
Revenues [Abstract] | ||||||||
Revenues | 5,825,841 | 8,595,000 | 12,845,294 | 15,362,000 | ||||
Net Income [Abstract] | ||||||||
Consolidated net income | 2,215,732 | 3,932,023 | 5,048,017 | 6,706,150 | ||||
Comprehensive Income [Abstract] | ||||||||
Comprehensive income | 2,215,732 | 3,932,023 | 5,048,017 | 6,706,150 | ||||
Assets [Abstract] | ||||||||
Assets | 59,901,657 | 59,901,657 | 59,901,657 | 38,696,793 | ||||
Operating Segments [Member] | Other [Member] | ||||||||
Revenues [Abstract] | ||||||||
Revenues | 67,632,245 | 53,910,684 | 122,514,105 | 107,300,251 | ||||
Net Income [Abstract] | ||||||||
Consolidated net income | 9,558,216 | 2,701,612 | 7,592,889 | 1,311,696 | ||||
Comprehensive Income [Abstract] | ||||||||
Comprehensive income | 9,558,216 | 2,701,612 | 7,592,889 | 1,311,696 | ||||
Assets [Abstract] | ||||||||
Assets | [1] | 263,584,401 | 263,584,401 | 263,584,401 | 235,664,336 | |||
Reconciling Items from Equity Method Investments [Member] | ||||||||
Revenues [Abstract] | ||||||||
Revenues | (5,825,841) | (8,595,000) | (12,845,293) | (15,362,000) | ||||
Net Income [Abstract] | ||||||||
Consolidated net income | (1,170,439) | (2,005,321) | (2,973,547) | (3,420,060) | ||||
Comprehensive Income [Abstract] | ||||||||
Comprehensive income | (1,170,439) | $ (2,005,321) | (2,973,547) | $ (3,420,060) | ||||
Assets [Abstract] | ||||||||
Assets | $ (52,860,237) | $ (52,860,237) | $ (52,860,237) | $ (34,824,703) | ||||
[1] | Other includes the Company’s title operations, homebuilding operations in non-reportable segments, operations of the corporate component, and corporate assets such as cash and cash equivalents, cash held in trust, prepaid insurance, operating and financing leases, lot deposits, goodwill, as well as property and equipment. |
Related Party Transactions (Det
Related Party Transactions (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021USD ($)LotProjectJointVentureshares | Jun. 30, 2021USD ($)LotProjectJointVentureshares | Dec. 31, 2020USD ($)Lot | Dec. 31, 2019USD ($) | |
DFH Investors LLC [Member] | Series A Preferred Units [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Number of preferred shares owned (in shares) | shares | 15,400 | 15,400 | ||
Percentage of ownership interest | 11.65% | 11.65% | ||
Dream Finders Homes LLC and DFH Investors LLC [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Total committed capital | $ 1,400,000 | $ 1,400,000 | ||
Fund I [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Number of joint ventures entered | JointVenture | 6 | 6 | ||
Number of land bank projects | Project | 10 | 10 | ||
Total committed capital | $ 36,706,163 | 36,706,163 | ||
Percentage of total committed capital invested | 3.81% | |||
Fund I [Member] | Directors Executive Officers and Management [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Total committed capital | $ 8,725,000 | $ 8,725,000 | ||
Percentage of total committed capital invested | 23.77% | 23.77% | ||
Fund II [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Percentage of ownership interest | 72.00% | 72.00% | ||
Total committed capital | $ 3,000,000 | |||
Percentage of total committed capital invested | 1.50% | |||
Fund II [Member] | Directors Executive Officers and Management [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Total committed capital | $ 30,900,000 | $ 0 | ||
Percentage of total committed capital invested | 15.50% | 0.00% | ||
Fund II [Member] | Maximum [Member] | Memorandum of Right of First Offer [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Total committed capital | $ 20,000,000 | |||
DF Management GP II, LLC [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Total committed capital | 149,000,000 | |||
DF Management GP II, LLC [Member] | Minimum [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Total committed capital | $ 200,000,000 | |||
DF Capital [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Percentage of ownership interest | 49.00% | 49.00% | ||
Amount invested in funds | $ 180,000 | |||
Number of additional lots controlled | Lot | 411 | 595 | ||
Number of lots purchased in transaction | Lot | 57 | 184 | ||
Outstanding lot deposit balance | $ 3,970,286 | $ 3,970,286 | ||
Lot option fees paid related to transactions | 67,636 | 246,416 | ||
Varde Capital [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Principal amount | 18,000,000 | 18,000,000 | ||
Outstanding loan balance | $ 717,642 | $ 717,642 | $ 1,700,000 | |
Jet Home Loans [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Percentage of ownership interest | 49.00% | 49.00% | ||
DFC Seminole Crossing, LLC [Member] | ||||
Consolidated Joint Ventures [Abstract] | ||||
Guarantees in connection with loan | $ 5,670,000 | $ 5,670,000 | $ 5,670,000 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings per Share [Abstract] | ||||
Net income attributable to Dream Finders Homes, Inc. | $ 28,573,881 | $ 11,724,101 | $ 44,694,524 | $ 18,304,135 |
Comprehensive income attributable to Dream Finders Homes, Inc. | 28,573,881 | $ 11,724,101 | 44,694,524 | $ 18,304,135 |
Less: Preferred dividends | 188,045 | 1,003,197 | ||
Add: Loss prior to reorganization attributable to DFH LLC members | 0 | (1,244,083) | ||
Net and comprehensive income attributable to common stockholders | $ 28,385,836 | $ 44,935,410 | ||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted-average number of shares outstanding used to calculate basic EPS (in shares) | 92,521,482 | 0 | 92,521,482 | 0 |
Dilutive securities: | ||||
Restricted stock (in shares) | 149,245 | 119,740 | ||
Weighted-average number of shares and share equivalents outstanding used to calculate diluted EPS (in shares) | 92,670,727 | 0 | 92,641,222 | 0 |