The following weighted-average shares and share equivalents were used to calculate basic and diluted earnings per share (“EPS”) for the periods indicated (in thousands, except share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator
Net income attributable to Dream Finders Homes, Inc.	$	27,721	$	56,580	$	40,977	$	111,483
Less: Preferred dividends	3,375		3,375		6,750		6,750
Net income available to common stockholders(1)	$	24,346	$	53,205	$	34,227	$	104,733
Denominator
Weighted-average number of common shares outstanding - basic	91,299,188		93,444,326		91,657,686		93,495,455
Add: Common stock equivalent shares(2)	42,729		8,469,562		225,878		8,139,730
Weighted-average number of shares outstanding - diluted	91,341,917		101,913,888		91,883,564		101,635,185

(1)For the three and six months ended June 30, 2026, represents the numerator used in the diluted earnings per share calculation as preferred dividends presented above are associated with the redeemable preferred stock that was deemed to be antidilutive and, therefore, not assumed to be converted. For the three and six months ended June 30, 2025, preferred dividends are added back to the numerator for the diluted earnings per share calculation, as the redeemable preferred stock was dilutive and assumed to be converted.

(2)The redeemable preferred stock and stock-based compensation awards are excluded from the calculation of diluted EPS in the event they are antidilutive. There were 12.4 million and 11.4 million of antidilutive common stock equivalent shares associated with the redeemable preferred stock that were excluded from the diluted earnings per share calculation for the three and six months ended June 30, 2026, respectively, and none for the three and six months ended June 30, 2025. There were 1.9 million and 1.1 million of antidilutive common stock equivalent shares associated with stock-based compensation that were excluded from the diluted earnings per share calculation for the three and six months ended June 30, 2026, respectively, and 1.3 million and 0.9 million for the three and six months ended June 30, 2025, respectively.