<SEC-DOCUMENT>0001104659-26-092756.txt : 20260807
<SEC-HEADER>0001104659-26-092756.hdr.sgml : 20260807
<ACCEPTANCE-DATETIME>20260807164941
ACCESSION NUMBER:		0001104659-26-092756
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260807
DATE AS OF CHANGE:		20260807

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES USA INC
		CENTRAL INDEX KEY:			0000915840
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				582086934
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12822
		FILM NUMBER:		261255092

	BUSINESS ADDRESS:	
		STREET 1:		2002 SUMMIT BLVD NE
		STREET 2:		15TH FLOOR
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319
		BUSINESS PHONE:		7708293916

	MAIL ADDRESS:	
		STREET 1:		2002 SUMMIT BLVD NE
		STREET 2:		15TH FLOOR
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319
</SEC-HEADER>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>BEAZER HOMES USA, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Name of Registrant as
Specified In Its Charter) </B></P>

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Proxy Statement, if other than the Registrant) </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>On August 7, 2026, the
following script was used by certain executive officers of Beazer Homes USA, Inc., at a meeting with its employees:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Town Hall Remarks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Good morning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">I know
today&#8217;s news is, in some ways, shocking. As you can imagine, today is an emotional day for me too, so I have taken the time to
write down what I wanted to say &#8211; and I hope you will excuse me for reading it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B><U>Background</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">First,
the facts. We have agreed to sell the Company for $33.50 per share. While that is certainly below book value, it is a very high multiple
of earnings this year and of Wall Street&#8217;s expectations for earnings next year. It is also a big premium to where our stock was
trading before a public offer was made, and a much higher price than the original $25.75 public offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">As you
all know very well, that initial offer in May generated publicity. A lot of it. It also generated quite a few inbound inquiries from
other builders and from our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B><I>The
Board&#8217;s response was exactly right.</I></B> They listened. They sought advice from independent legal counsel and financial advisors,
and, as I have said before, they had the legal and fiduciary right to consider more options, including our standalone plan and transactions
that would not have resulted in a sale of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">That process
has been exhaustive, and I am grateful to our Board for the time and effort they put into their deliberations. Today we are announcing
the conclusion of that review with our agreement to sell the Company to Dream Finders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B><U>Board&#8217;s
Deliberations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">While
I obviously can&#8217;t provide every detail of the Board&#8217;s deliberations, I can give you some of the key considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B><I>First</I></B>,
our industry is in the middle of a significant wave of consolidation. Just in the last couple of years, Richmond, Tri-Pointe, and Taylor
Morrison all agreed to sell their companies. One of the common threads in these deals has been the belief that scale, at a corporate
and division level, creates better returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B><I>Second</I></B>,
the macro environment has been much tougher this year than any of us anticipated. Rates have moved back up and consumer confidence has
been very low.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B><I>Third</I></B>,
many of our shareholders have been very vocal that they would prefer a near-term cash premium rather than waiting for our differentiated
product proposition to generate outsized sales paces and margins. Not that they don&#8217;t think we can do it, but they have expressed
a preference to receive a cash premium now because it is less risky.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">And we
have to remember, shareholders, in fact, own the Company. For these reasons and others, our Board concluded that Dream Finders&#8217;
revised proposal was in the best interest of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B><U>Dream
Finders </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Now, I&#8217;d
like to take a moment to comment on Dream Finders. As they have said publicly, they have had an interest in combining our businesses
for a long time. They have been consistent in that view, and they have increased their offer many times to get this deal done. To arrive
at their revised offer, their team conducted thorough due diligence. They were intelligent, efficient, and highly respectful during that
process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">They have
rapidly and successfully grown their Company over the past decade, and the Senior Leadership Team and I have pledged to help them make
this transition and integration successful as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B><U>Context
for Transaction</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">I&#8217;d
like you to indulge me for a few minutes as I try to put this transaction in context.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Many of
you have been here as long, or longer, than I have. For me, that&#8217;s 19 years. But my history with the Company goes back much further.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">In the
early 1990s, the firm I worked for was hired to sell Beazer&#8217;s U.S. homebuilding assets by the U.K.-based conglomerate &#8211; Hanson
plc - that had just won a hostile takeover for the global Beazer company called Beazer plc. The value of those U.S. assets was about
$50 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">I didn&#8217;t
think it was a great time to sell a homebuilder, so I made the case to Mr. Beazer and his new corporate parent company that they should
get bigger through an acquisition and then go public. And that&#8217;s exactly what we did. In February of 1994, I was at the NYSE when
this Company completed an IPO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Jump forward
to 2007, when I formally joined the Company as CFO. We were in all sorts of trouble, and the Great Housing Crisis was just starting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">By 2011,
when I was privileged to be named CEO, we had navigated a series of legal and regulatory challenges that would have made Odysseus tired.
But we still had a daunting list of competitive problems:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in">&nbsp;</TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">Employee
                                            morale was poor.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">We
                                            didn&#8217;t have any competitive differentiation.</TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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<TD STYLE="text-align: left; width: 0.5in">&nbsp;</TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">Our
                                            customers didn&#8217;t like us very much, so warranty spending was spiking.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">And
                                            we had a terrible, debt-laden balance sheet. In fact, one analyst published a report with
                                            a zero-dollar price target for our stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">It was
all pretty bleak, and no one was rooting for us or even confident we would survive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Considering that as a starting
point I think we should take a moment to reflect on what we have done together since then, because it&#8217;s amazing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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<TD STYLE="text-align: left; width: 0.5in">&nbsp;</TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">We
                                            took on the challenge of building the best, most energy-efficient homes in the country.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">We
                                            became the number one rated builder on TrustBuilder, the only verified-owner ratings site
                                            for homebuilders.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">We
                                            built a mortgage choice platform that introduced real competition and rate savings for homebuyers.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">We
                                            fixed our balance sheet, paying off hundreds of millions of dollars in debt.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">We
                                            created and implemented a growth path that will see us reach 200 communities next year.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">And
                                            while doing all that, we launched Charity title and home insurance companies that allowed
                                            us to create the ground-breaking Beazer Charity Foundation. Three months ago, we were presented
                                            with the prestigious Hearthstone Humanitarian Award, recognizing the creativity and massive
                                            scale of our philanthropic efforts with Fisher House and many local partners.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">And do
you know <B><I>how</I></B> we did all that? As a team, with an extraordinary culture that you built.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Our employee
engagement scores nearly broke the measurement system of Culture Amp, our survey provider. They had never seen the level of participation
in a survey like ours, nor had they seen the pride in product and in each other that our surveys reflected.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>You</B>
did that. And nothing will ever diminish the magnitude of your product, customer, and culture achievements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We also
created a lot of value for our bondholders and shareholders over the years. I don&#8217;t have all the calculations at my fingertips,
but when you add the value of today&#8217;s transaction, over $2 billion, plus the hundreds of millions of dollars of debt we repaid
and the shares we repurchased, it&#8217;s got to be pushing $3 billion. Not bad for a Company that nearly got sold for $50 million in
1992 and that had a zero-dollar price target in 2011.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B><U>What&#8217;s
Next</U></B></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Today
is bittersweet, for sure. As with any combination of this sort, things will change. But things always change in life and in business.
In this case, we can take enormous pride in what we built and be optimistic about what we can do next.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Being
CEO of this Company has been the greatest privilege of my life. The relationships we have formed are my most cherished accomplishments.
But now I am committed to helping Dream Finders with this transition and to each of you, as you continue to progress in your careers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Thank
you for your confidence, your efforts, your achievements, and, mostly, for your support.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B><U>Logistics</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">I know
you all have questions. And, in time, we will be able to answer them. Here&#8217;s what I know so far:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">In the
coming days Dream Finders&#8217; will be collaborating with our team on integration plans, but this is still Day One and much planning
is still to come. Dream Finders is active in many of the same areas we are, but there are also some areas where our divisions will be
their starting point. In either instance, I know they will need much of our talent to continue to deliver exceptional value for customers.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">In terms
of timing&#8230;this transaction is subject to shareholder and regulatory approval. In the meantime, we need to keep selling and building
great homes. We will be running the business as we normally do, including completing land acquisitions and sales. And we will work with
Dream Finders as they roll out their integration plans, which will take effect upon closing, which we anticipate will take place in the
fourth quarter of 2026.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Thank
you for listening to me this morning. And remember, in the midst of all the emotions we are feeling today &#8211; please be proud of
what we have accomplished. Together.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">* * *</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING INFORMATION</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The information
presented herein may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 giving
Dream Finders Homes&#8217;s and Beazer&#8217;s expectations or predictions of future financial or business performance or conditions.
Forward-looking statements are typically identified by words such as &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221;
&#8220;intend,&#8221; &#8220;target,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;positions,&#8221; &#8220;prospects&#8221;
or &#8220;potential,&#8221; by future conditional verbs such as &#8220;will,&#8221; &#8220;would,&#8221; &#8220;should,&#8221; &#8220;could&#8221;
or &#8220;may&#8221;, or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous
assumptions, risks and uncertainties which change over time. Forward-looking statements speak only as of the date they are made and neither
Dream Finders Homes nor Beazer assumes any duty to update forward-looking statements other than as required by law. As forward-looking
statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">In addition
to factors previously disclosed in Dream Finders Homes&#8217;s and Beazer&#8217;s reports filed with the Securities and Exchange Commission,
the following factors, among others, could cause actual results to differ materially from forward-looking statements and historical performance:
the occurrence of any event, change or other circumstances that could give rise to right of one or both of the parties to terminate the
definitive merger agreement between Dream Finders Homes and Beazer; the outcome of any legal proceedings that may be instituted against
Dream Finders Homes or Beazer; the failure of Beazer to obtain necessary stockholder and regulatory approvals or to satisfy any of the
other conditions to the Transaction on a timely basis or at all; the possibility that the anticipated benefits of the Transaction are
not realized when expected or at all; the possibility that the Transaction may be more expensive to complete than anticipated, including
as a result of unexpected factors or events; diversion of management&#8217;s attention from ongoing business operations and opportunities;
potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion
of the Transaction; Dream Finders Homes&#8217;s ability to obtain financing and complete the acquisition and integration of Beazer successfully
or fully realize cost savings and other benefits and other consequences associated with mergers, acquisitions and divestitures; negative
effects of announcing the Transaction or the consummation of the Transaction on the market price of our common stock, credit ratings
or operating results; and the potential impact of announcement of the Transaction or consummation thereof on relationships, including
with employees, customers and competitors.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>IMPORTANT INFORMATION
AND WHERE TO FIND IT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">In connection
with the acquisition described in this communication (the &#8220;Transaction&#8221;), Beazer intends to file with the Securities and
Exchange Commission (the &#8220;SEC&#8221;) a preliminary proxy statement and a definitive proxy statement (the &#8220;Proxy Statement&#8221;).
The Proxy Statement (if and when available) will be mailed to stockholders of Beazer. INVESTORS AND SECURITY HOLDERS OF BEAZER ARE URGED
TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH
THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION REGARDING DREAM FINDERS HOMES, BEAZER, THE TRANSACTION AND RELATED MATTERS. Investors may obtain free
copies of these documents (when they are available) and other documents filed with the SEC at www.sec.gov. In addition, investors may
obtain free copies of the documents filed with the SEC by Beazer by going to Beazer&#8217;s website at ir.beazer.com.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Participants
in Solicitation </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Beazer
and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders
of Beazer in connection with the Transaction under the rules of the SEC. Information about the interests of the directors and executive
officers of Beazer and other persons who may be deemed to be participants in the solicitation of stockholders of Beazer in connection
with the Transaction and a description of their direct and indirect interests, by security holdings or otherwise, is set forth in Beazer&#8217;s
proxy statement for its 2026 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on December 22, 2025 and any subsequent
filings with the SEC. In addition, Dream Finders Homes and certain of its directors and executive officers may be deemed to be participants
in the solicitation of proxies from the stockholders of Beazer in connection with the Transaction. Information about certain of Dream
Finders Homes&#8217;s directors and executive officers is set forth in Dream Finders Homes&#8217;s proxy statement for its 2026 Annual
Meeting of Stockholders on Schedule 14A filed with the SEC on April 16, 2026, Dream Finders Homes&#8217;s Annual Report on Form 10-K
filed with the SEC on February 24, 2026, and any subsequent filings with the SEC. To the extent that holdings of Beazer&#8217;s securities
by the directors and executive officers of Beazer have changed from the amounts set forth in the proxy statement for its 2026 Annual
Meeting of Stockholders, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed
with the SEC. Additional information regarding the direct and indirect interests of those persons and other persons who may be deemed
participants in the Transaction may be obtained by reading the Proxy Statement regarding the Transaction when it becomes available. Free
copies of these documents may be obtained as described above and, with respect to the information about Dream Finders Homes&#8217;s directors
and executive officers, at the Dream Finders Homes&#8217;s website at investors.dreamfindershomes.com.</P>

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