Dream Homes & Development Corp. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
Liquid Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
Operating Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-2.73M | $-0.06 |
| Liquid Liquidation Value | $-2.58M | $-0.05 |
| Operating Liquidation Value | $2.33M | $0.05 |
Key Components (as of 2025-12-31)
| Cash & Equivalents | $899,408 |
| Accounts Receivable | $149,855 |
| Inventory | $4.91M |
| Current Liabilities | $3.68M |
| Long-term Debt (?) | $841,960 |
| Op. Lease Liability (?) | N/A |
| Finance Lease (?) | N/A |
| Shares Outstanding | 48.6M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | $899,408 | $149,855 | $4.91M | N/A | $3.68M | $841,960 | N/A | N/A |
| 2025-09-30 | $463,087 | $192,479 | $5.46M | N/A | $3.99M | $921,960 | N/A | N/A |
| 2025-06-30 | $341,222 | $159,682 | $5.51M | N/A | $4.50M | $921,960 | N/A | N/A |
| 2025-03-31 | $334,726 | $164,960 | $6.06M | N/A | $4.27M | $921,960 | N/A | N/A |
| 2024-12-31 | $1.05M | $142,595 | $7.37M | N/A | $5.69M | $921,960 | N/A | N/A |
| 2024-09-30 | $1.81M | $155,119 | N/A | N/A | $5.04M | $921,960 | N/A | N/A |
| 2024-06-30 | $1.87M | $144,917 | N/A | N/A | $3.78M | $921,960 | N/A | N/A |
| 2024-03-31 | $2.45M | $165,403 | N/A | N/A | $3.18M | $950,990 | N/A | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2025-12-31 | 10-K | 2026-04-17 | View |
| 2025-09-30 | 10-Q | 2025-11-13 | View |
| 2025-06-30 | 10-Q | 2025-08-27 | View |
| 2025-03-31 | 10-Q | 2025-05-19 | View |
| 2024-12-31 | 10-K | 2025-04-15 | View |
| 2024-09-30 | 10-Q | 2024-11-25 | View |
| 2024-06-30 | 10-Q | 2024-11-04 | View |
| 2024-03-31 | 10-Q | 2024-10-15 | View |
AI Insights
Dream Homes & Development Corp. (DREM) is a small New Jersey-based operative builder operating across custom homes, manufactured home communities, and improved lot sales to national builders. Under a liquidation lens at December 31, 2025, the company shows a negative recovery to equity on a cash/liquid basis (MFFAIS CLV -$2.7M, LLV -$2.6M) and a marginal positive on an operating basis ($2.3M OLV), consistent with the asset composition.
Total assets are $7.2M against total liabilities of $5.5M, producing GAAP equity including NCI of $1.7M. However, liquidation haircuts invert this: inventory at $4.9M is the dominant asset (68% of total assets) and receives a 60% recovery haircut, destroying approximately $2.0M of book value. The company carries no goodwill or identifiable intangibles, so that risk is absent. PP&E net book value of $118K is immaterial.
The liability stack at face value totals $5.5M: current liabilities of $3.7M include accrued interest of $415K, taxes payable of $460K, deposits held of $363K, and related-party loans of $927K. Non-current liabilities are dominated by $1.8M in long-term mortgage principal (net of $243K unamortized discount, so gross face value is $2.1M). A $842K line of credit at 12% adds further fixed-rate pressure. Total mortgage debt (gross) is $2.1M across ABL RPC, Anchor Loans, and AVB Development. Subsequent Event 2 confirms Anchor Loans was retired March 26, 2026 ($493K), reducing the debt stack post-period.
The pending $13.6M Freedom Estates (Gloucester County) ABL facility is a material off-balance-sheet commitment: at December 31, 2025 only $1.0M of the ABL RPC tranche appears on the balance sheet. As draw-downs occur through 2026, the liability side grows materially against inventory that will not be monetized until homes deliver in Q3-Q4 2026 at earliest. This creates a growing liability-to-recoverable-asset mismatch during the construction phase.
Deposits and costs coincident to land acquisition collapsed from $2.8M (12/31/24) to $944K (12/31/25), reflecting conversion of land-phase costs into inventory (Freedom Estates reclassification) and monetization of other deposits. The Berkeley Terrace inventory nearly liquidated ($285K vs. $2.7M prior year) as building pads closed. Lacey Pines inventory declined from $4.4M to $2.5M. Inventories overall fell $2.5M YoY from $7.4M to $4.9M due to lot sales, but the Freedom Estates project added $1.9M of new inventory.
Distributions of $1.97M in 2025 (vs. $628K in 2024) drew down equity despite positive net income, reducing the equity cushion available to absorb liquidation haircuts. The filing notes material internal control weaknesses including lack of a functioning audit committee and insufficient GAAP expertise, which introduces financial reporting risk but does not alter the balance sheet values directly. The filing does not separately XBRL-tag construction contract backlog ($22.2M at 12/31/25) or the Freedom Estates facility commitment beyond the initial draw; both are disclosed in MD&A prose only.
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