L. Anabel Ramsay
Senior Vice President and Chief Financial Officer at DFH
Executive
About L. Anabel Ramsay
Senior Vice President and Chief Financial Officer of Dream Finders Homes (DFH). Age 43. Joined DFH in 2018 (VP & Treasurer), appointed Interim CFO on Oct 6, 2021, and promoted to SVP & CFO on Apr 1, 2022. Certified Public Accountant; B.B.A. in Accounting, Financial Economics and Economics from Lincoln Memorial University. External roles include advisory member of the Florida Institute of CFOs, board member of Jet HomeLoans LP, and member of DFH’s Asset Management/Investment Committees overseeing capital allocation for land and lots. Under DFH’s 2024 performance, revenue grew 18% to $4.4B with net income of $335M and ROPE of 29.7%; DFH’s TSR value in Pay-versus-Performance reporting equaled 111 for 2024 (IPO base = 100). These outcomes frame CFO incentive metrics (e.g., net debt to capitalization) and compensation realizations.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DFH | Vice President & Treasurer; Asset Management Committee member | 2018–2021 | Built IR function post-IPO; balance sheet and capital allocation leadership |
| Macquarie Group Ltd. (Americas) | Vice President of Finance | 2016–2018 | Oversaw financial/internal tax reporting for 200+ U.S. entities; aircraft leasing audit process leadership |
| Fidelity National Financial | Corporate Accounting Manager | 2014–2016 | Title insurance segment financial management |
| Aeroflex Incorporated | Various roles | 2002–2014 | Public company accounting/finance foundation |
External Roles
| Organization | Role | Scope/Notes |
|---|---|---|
| Jet HomeLoans LP | Board member | Governance of wholly owned mortgage subsidiary |
| Florida Institute of CFOs | Advisory member | Executive network and best practices advisory |
| DFH Investment/Asset Mgmt Committees | Member | Capital allocation for land and lots |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 469,231 | 631,538 | 686,539 |
| All Other Compensation ($) | 9,692 | 22,770 | 27,510 (401k $13,800; perqs $13,710) |
Notes:
- CFO’s current employment agreement minimum base salary: $650,000 (agreement terms summarized below; actual 2024 salary was $686,539).
Performance Compensation
Annual Cash Incentive
| Year | Target ($) | Structure | Key Metrics/Targets | Actual Performance | Payout |
|---|---|---|---|---|---|
| 2023 | 500,000 | Discretionary qualitative + max net debt/cap 45% | Net debt/cap target max 45% | Net debt/cap 25.3%; qualitative goals met | 100% of target ($0.5M) |
| 2024 | 750,000 | Discretionary qualitative + max net debt/cap 38.9% | Net debt/cap target max 38.9% | Net debt/cap 36.1%; qualitative goals met | 100% of target ($0.8M) |
Context: CEO/COO short-term bonuses are formulaic vs adjusted pre-tax income and secondary hurdles; CFO uses risk/controls, balance sheet management, reporting, integration quality, plus a leverage cap.
Long-Term Equity Awards (RSUs)
| Grant Date | Vehicle | Grant Value ($) | Shares Granted | Vesting |
|---|---|---|---|---|
| 3/6/2024 | RSUs | 1,369,969 | 35,428 | 17,714 vest equally over 3 years; 17,714 vest equally over 5 years; first vest 3/6/2025 |
| 3/5/2025 (for 2024 performance) | RSUs | 1,000,000 | — | 50% 3-year RSUs; 50% 5-year RSUs |
Vesting outcomes/realized:
- Shares vested in 2024: 34,266; value realized $1,330,971
Outstanding unvested (12/31/2024):
- 119,162 RSUs; fair value $2,772,900 (based on $23.27 closing price)
Company equity award design: no stock options granted to date; annual RSUs generally granted in March after 10-K filing; CEO/COO 3-year vesting; CFO split between 3- and 5-year for retention.
Equity Ownership & Alignment
| Date/Type | Detail |
|---|---|
| Beneficial Ownership (4/11/2025) | 64,405 Class A shares; <1% voting power as individual NEO |
| Shares Outstanding for % calc (4/11/2025) | 35,985,243 Class A outstanding |
| Ownership as % of Class A (approx) | 0.18% (64,405 / 35,985,243) |
| Unvested RSUs (12/31/2024) | 119,162 RSUs; $2,772,900 value |
| Shares Vested During 2024 | 34,266 shares; $1,330,971 value |
| Stock Ownership Guidelines | 3x base salary for CFO; all continuing NEOs in compliance as of 4/11/2025 |
| Pledging/Hedging | Insider policy permits pledging under 30% collateral cap with pre-clearance; hedging/monetization transactions allowed with pre-clearance and Board approval; no pledge disclosed for CFO |
| DF Capital Fund Investments | Commitments: Fund II $390,000; Fund III $250,000 (alignment with land banking; related-party governance in place) |
Detailed vesting schedule disclosed (unvested as of record):
- 11,717 RSUs vesting on Apr 1, 2026 and Apr 1, 2027 (equal installments)
- 11,467 RSUs vesting on Mar 8, 2026
- 29,488 RSUs vesting on Mar 8, 2026/2027/2028 (equal installments)
- 11,809 RSUs vesting on Mar 6, 2026 and Mar 6, 2027 (equal installments)
- 14,171 RSUs vesting on Mar 6, 2026/2027/2028/2029 (equal installments)
- 18,657 RSUs vesting on Mar 5, 2026/2027/2028 (equal installments)
- 18,657 RSUs vesting on Mar 5, 2026/2027/2028/2029/2030 (equal installments)
Deferred compensation:
- 2024 executive contributions $14,808; aggregate year-end balance $15,632
Employment Terms
| Provision | Terms |
|---|---|
| Employment Agreement (CFO) | Minimum base salary $650,000; perquisites per policy; compensation subject to clawback |
| Severance (no CoC) | 12 months of base salary + 12 months COBRA if terminated without Cause |
| Change-in-Control (single-trigger) | If CoC where CEO does not retain control: all unvested RSUs immediately vest |
| CoC + Termination (double-trigger) | If CoC where CEO retains control and CFO terminated without Cause within 24 months: 24 months base salary + 24 months COBRA; all unvested RSUs vest |
| Death/Disability | Unvested RSUs fully vest |
| Clawback | Company compensation recovery policy adopted; filed with 2024 10-K |
| 12/31/2024 Illustrative Payments | Involuntary termination: $700,000 salary + $12,123 benefits; CoC acceleration: $2,772,900 equity; CoC+termination: $1,400,000 salary + $24,247 benefits + $2,772,900 equity; death/disability: $2,772,900 equity |
Compensation Structure Analysis
- Mix shift: 2024 vs 2023 saw higher fixed and variable pay (salary $686.5k vs $631.5k; cash bonus $0.8M vs $0.5M; stock awards $1.37M vs $1.05M), reflecting growth/retention and leverage targets achieved (net debt to cap) .
- Risk calibration: CFO annual cash incentive emphasizes qualitative control/finance execution and a hard leverage cap (38.9% in 2024), avoiding volume/profit-only incentives; payout at 100% when within cap and goals achieved .
- Tenure/retention: Meaningful unvested RSUs with 3- and 5-year schedules create multi-year retention; no stock options outstanding at DFH (lower asymmetric risk) .
- Governance shifts: Insider policy evolved—2024 proxy prohibited hedging; 2025 policy allows hedging/monetization with pre-clearance and board approval, elevating potential alignment risk if broadly used (CFO-specific use not disclosed) .
Say‑on‑Pay & Shareholder Feedback
| Meeting | Proposal | For | Against | Abstain | Broker Non‑Votes |
|---|---|---|---|---|---|
| 2025 Annual Meeting | 2024 Executive Compensation | 190,102,298 | 682,496 | 16,585 | 8,818,315 |
| 2024 Annual Meeting | 2023 Executive Compensation | More than 99% support (summary disclosed) | — | — | — |
Compensation Committee and consultant:
- Committee: Chair W. Radford Lovett; members Leonard M. Sturm and Justin W. Udelhofen .
- Independent consultant: Compensation Advisory Partners (CAP); peer benchmarking updated in 2024/2025 reviews .
Peer group (latest review):
- Century Communities, Green Brick Partners, Hovnanian, KB Home, LGI Homes, M/I Homes, NVR, Smith-Douglas, Taylor Morrison, TRI Pointe Homes (updates reflect M&A and size/strategy alignment) .
Risk Indicators & Red Flags
- Hedging/Pledging Policy: 2025 policy allows hedging and monetization transactions with approvals; pledging permitted under a cap. While no CFO pledging is disclosed, this policy change increases potential misalignment risk if used by executives (CEO has disclosed pledges and prepaid forwards; CFO not disclosed) .
- Related-Party Exposure: CFO commits capital to DF Capital funds (land banking partner in which DFH holds 49% interest), which may raise perceived conflicts though transactions are governed by a related-party policy and preapproved criteria .
- Clawback Present: Mitigates risk of erroneous incentive payouts .
Multi‑Year Compensation Summary (CFO)
| Year | Salary ($) | Bonus/Non‑Equity ($) | Stock Awards ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|
| 2022 | 469,231 | 350,000 | 700,000 | 9,692 | 1,528,923 |
| 2023 | 631,538 | 500,000 | 1,047,730 | 22,770 | 2,202,038 |
| 2024 | 686,539 | 750,000 | 1,370,001 | 27,510 | 2,834,050 |
Ownership Trend (CFO)
| Date | Beneficial Shares | Unvested RSUs | Notes |
|---|---|---|---|
| 4/12/2024 | 36,330 | 118,000 (12/31/2023) | 2024 record date; excludes unvested |
| 4/11/2025 | 64,405 | 119,162 (12/31/2024) | 2025 record date; excludes unvested |
Performance & Track Record (select company metrics shaping CFO incentives)
- 2024: Revenues $4.4B (+18% YoY); full‑year pretax income $438M; net income attributable to DFH $335M; home closings 8,583 (+17% YoY); return on participating equity 29.7% .
- Leverage discipline: Net debt to capitalization 36.1% in 2024 (vs CFO bonus cap 38.9%) .
Investment Implications
- Alignment and retention: CFO holds meaningful unvested RSUs with staggered 3- and 5‑year schedules, is in compliance with 3x salary ownership guidelines, and participates in DF Capital funds—together indicating significant long‑term alignment and retention hooks. No CFO share pledging disclosed.
- Incentive quality: CFO annual cash incentives emphasize qualitative finance execution with a hard leverage ceiling, reducing risk of pro‑cyclical behavior; strong 2024 execution delivered a full‑target payout while maintaining leverage below cap.
- Change‑in‑control economics: Salary‑multiple severance only (1x/2x) with equity acceleration subject to CoC structure and termination conditions. Terms are competitive but not excessive; dual/single trigger mechanics tied to CEO control may introduce idiosyncratic outcomes.
- Governance watch items: DFH’s 2025 shift to allow hedging/monetization (with approvals) raises a governance risk flag; continued strong say‑on‑pay support offsets near‑term concern, but monitoring of any executive hedging/pledging (esp. beyond CEO) is warranted.
- Execution risk: CFO scope spans balance sheet, capital allocation, lender and investor relations—key levers in DFH’s asset‑light model. Performance to date (liquidity, leverage discipline) supports confidence in stewardship; retention risk appears low given unvested equity and ownership guideline compliance.