Q4 2025 improved-lot sales: On October 3, 2025, the company sold 18 improved building pads to a national builder—10 at Berkeley Terrace (Bayville, NJ; 70-unit townhome project) and 8 at Lacey Pines (Lacey Township, NJ; 68-unit townhome project, of which 4 were market-rate and 4 affordable units). As of December 31, 2025, 25 improved pads remained at Lacey Pines, scheduled to close within the following 12 months.
Q4 2025 development milestones: Clearing operations on the Freedom Estates (formerly Autumn Run) 62-unit age-restricted manufactured-home community in Gloucester County began in November 2025 and were substantially completed in Q4. On November 7, 2025, the company received preliminary approval from the Little Egg Harbor planning board for the 96-unit Southern Ocean 1 townhome property (80 market-rate, 16 affordable), which is pre-sold on an as-improved basis to a national builder; acquisition is targeted for Q4 2026.
Annual 2025 revenue (annual context, not Q4-only): Full-year revenue doubled to $10.07 million from $4.97 million in 2024, driven by a greater concentration on land development and sale of improved building lots to national builders. Gross profit declined modestly to $2.10 million from $2.26 million; net income attributable to Dream Homes was $418,271 versus $375,985 in 2024.
Annual 2025 strategic pivot (annual context): The company shifted its multi-family developments from Build For Sale to Build for Lease and Improved Lots for Sale, designating these as new operating divisions alongside custom single-family homes and renovation/elevation. The filing cites 5 developments totaling 357 units in title or under contract (Item 1) or 303 units (Plan of Operation). The forward pipeline under contract includes Southern Ocean 2 (98 units, pre-sold to a national builder, closing targeted late 2026/early 2027) and Gloucester County 1 (130-unit manufactured-home community, use variance planned for Q2 2026). Total outstanding construction/development contracts stood at $22.21 million as of year-end, with approximately 95% expected to complete by early 2028.
Annual 2025 financing (Q3 close, annual context): On August 14, 2025, the company closed a $13.6 million asset-based lending facility for the Freedom Estates manufactured-home development, which refinanced the prior $750,000 Lynx Assets mortgage and funds infrastructure and vertical construction; the new line carries a 10.50% interest rate with a two-year term. $1,229,100 had been advanced under the facility as of September 30, 2025. Total mortgages payable on development properties decreased to $2.08 million at year-end from $3.96 million a year earlier.
(Filed on November 13, 2025)
+37.7%
79.1%
$463.1K
In Q3 2025 the Company completed two improved-building-pad sales to a national builder: 12 pads at Berkeley Terrace (Cedar Creek Towns, Bayville, NJ) on July 3 for $1,536,429 and 7 pads at Lacey Pines (Lacey Township, NJ) on July 11 for $893,473. Subsequent to quarter-end, 10 additional Berkeley Terrace pads and 8 Lacey Pines pads (4 market-rate, 4 affordable) closed on October 3, 2025. As of September 30, 42 Berkeley Terrace pads and 47 Lacey Pines pads remain scheduled to close within the next 12 months; the final 8-unit Berkeley Terrace pad is expected to sell in January 2026.
On August 14, 2025 the Company closed a $13,600,000 asset-based lending facility for the Autumn Run manufactured-housing development (62 age-restricted units, Gloucester County, NJ), covering land-debt refinance, infrastructure/site development, and vertical construction at 10.50% over 2 years. The existing $750,000 Lynx Assets mortgage was retired; $1,229,100 had been advanced by September 30. Autumn Run clearing is scheduled for November 2025, site work in Q4 2025/early 2026, first model homes in early Q2 2026, with all homes targeted for sale by mid-2027 and ongoing land-lease income thereafter.
Q3 2025 construction-contract revenue was $3,005,870 (up 38% from $2,182,258 in Q3 2024) and gross profit was $2,378,334 (up 67% from $1,421,346). Outstanding construction contracts with homeowners and wholesale buyers totaled $17,143,062 at September 30, 2025. The Company reported five developments totaling 357 units in title, under contract, or in development; 79 of those units (across two multi-family developments) are being converted from Build-For-Sale to Build-to-Lease, which management describes as a new fourth business division. Net cash used in operating activities for the nine-month period was $4.4 million, while $3.0 million in distributions was paid to stockholders.
Subsequent events disclosed in the filing include: (a) preliminary approvals received November 7, 2025 in Little Egg Harbor for the Mathistown Commons 96-unit townhome project (80 market-rate, 16 affordable), pre-sold as-improved to a national builder with initial land closing in 2026 and improved-pad sales expected late 2026/early 2027; (b) an MOU signed in October 2025 with a private company to acquire steel-panel and building-system manufacturing assets, intended to complement existing operations, with a target close in early 2026 subject to due diligence; and (c) a Southern Ocean 2 project (120 units, 100 market-rate, 20 affordable) under LOI/contract with initial closing in 2027 and improved-pad sales in late 2027.
Two non-binding arbitration awards were assessed against subsidiary Shore Custom Homes Corp.; management characterizes the claims as frivolous, states it is defending in court, and asserts no material consequence to the Company. The Company also identified two customers representing 12% and 10% of accounts receivable at September 30, 2025 (down from a 50%/23%/12% three-customer concentration at December 31, 2024).
(Filed on August 27, 2025)
+181.7%
41.1%
$341.2K
Q2 2025 construction contract revenue reached $1.85M (vs. $0.66M in Q2 2024), producing gross profit of $762K versus a prior-year gross loss of $482K; management attributes the improvement to ongoing property development and sale of property held for development. Six-month revenue totaled $3.96M (vs. $2.13M in the prior year period).
Berkeley Terrace (70 approved townhome units, Bayville NJ) closed Building Pad 1 (12 improved building pads) to a national builder on 4/24/25 and is now debt-free; 42 improved pads remain scheduled to close over the next 12 months. Lacey Pines (68 approved townhomes, Lacey Township NJ) closed Building Pad 1 (6 pads) on 1/24/25 with 41 pads remaining. Post-quarter, the company sold an additional 12 Berkeley Terrace pads for $1.54M (7/3/25) and 7 Lacey Pines pads for $893K (7/11/25), both to be recognized in Q3 income.
The company has three new developments under contract or letter of intent: Southern Ocean 1 (96-unit townhome project, pre-sold to a national builder, public hearing set for September 2025, initial land closing expected 2026); Southern Ocean 2 (120-unit townhome project, pre-sold, initial closing expected 2027); and a Gloucester County 70-unit manufactured home community. Combined with existing projects in title, the company reports 5 developments totaling 357 units in its pipeline.
Management announced a strategic shift to convert two multi-family developments representing 79 units from Build-For-Sale to Build-for-Lease, creating a fourth operating division focused on long-term rental income. The company cites rental housing shortages and lender preference for Build-to-Lease and improved-lot structures as drivers; this strategy is described as intended to become a significant and ongoing revenue stream.
Outstanding construction contracts with homeowners and investors totaled $17.1M as of June 30, 2025, all expected to complete within one year of commencement. As a subsequent event, the company closed a $13.6M asset-based lending facility on August 14, 2025, to fund the Autumn Run 62-unit manufactured home development (infrastructure plus vertical construction), retiring the prior $750K Lynx Assets mortgage; clearing and site work on Autumn Run and the 17-unit Louis Avenue project are both scheduled to begin in Q4 2025.
(Filed on May 19, 2025)
+43.3%
22.7%
$334.7K
Completed pad closings: Building Pad 6 at Berkeley Terrace (8 improved townhome pads) and Building Pad 1 at Lacey Pines (6 improved townhome pads) both sold and closed title to a national builder on 1/24/25, at which point all underlying mortgage debt for those pads was retired. As a subsequent event, Berkeley Terrace Building Pad 1 (12 improved pads) closed title on 4/24/25. A further 42 Berkeley Terrace pads and 48 Lacey Pines pads are scheduled to close over the next 12 months.
Strategic pivot to Build-to-Lease: The company announced it will convert 79 units across two multi-family developments (out of a 303-unit total pipeline in title or under contract) from Build-for-Sale to Build-for-Lease, with the intent to hold and lease the completed properties for an indeterminate period, creating a fourth operating division alongside finished-lot sales, custom homes, and renovation/elevation work.
Expanded development pipeline: The company signed contracts and letters of intent for three additional developments pre-sold on an as-improved basis to national builders: Southern Ocean 1 (96 townhome units, initial land closing expected 2026, pad sales late 2026/early 2027), Southern Ocean 2 (120 townhome units, land closing expected 2027), and a 70-unit manufactured-home community in Gloucester County. Management states this pipeline plus existing title properties will drive earnings over the next 3-4 years.
Q1 2025 operating results: Construction-contract revenue rose to $2.11 million (vs. $1.47 million in Q1 2024), attributed to ongoing property development and pad sales; operating income turned positive at $227,000 versus a prior-year loss of $98,000. Inventories declined $1.31 million to $6.06 million, reflecting the Berkeley Terrace and Lacey Pines pad closings. Total mortgage debt fell from $3.96 million to $2.46 million as pad-sale proceeds retired associated secured debt, while cash dropped to $335,000 from $1.05 million due to $1.51 million in mortgage payments and a $237,000 distribution.
In March 2025 the company entered a consulting contract, running through mid-2027, to manage approvals and ultimately perform site work and construction for a day spa in central Ocean County, New Jersey; in January 2025 it issued 1.15 million restricted shares (valued at $25,300) for services.
