[Form 4] DILLARD'S, INC. Insider Trading Activity

Rhea-AI Filing Summary

Denise Dillard Mahaffy, a director and Senior Vice President of Dillard's, Inc. (DDS), reported an open-market acquisition of 12 shares of Class A common stock on 09/29/2025 at a price showing $622.5 (per the form entry). After the transaction she is reported to beneficially own 163,496 shares directly and 7,300 shares indirectly via a GST trust for which she is the trustee. The filing is a Form 4 statement of changes in beneficial ownership required under Section 16.

Positive

• Insider acquisition disclosed: Reporting person purchased 12 Class A shares on 09/29/2025.
• Substantial direct ownership: Holds 163,496 shares directly, demonstrating meaningful ongoing exposure to DDS equity.
• Clear disclosure of indirect holdings: 7,300 shares reported as held indirectly via a GST trust with the reporting person as trustee.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider reported a small purchase and maintains substantial direct ownership, indicating continued ownership exposure without material position change.

The Form 4 discloses a purchase of 12 Class A shares on 09/29/2025 and shows total direct beneficial ownership of 163,496 shares plus 7,300 shares held indirectly via a GST trust. The reporting person is both a director and Senior Vice President, which makes Section 16 reporting routine for her transactions. The filing contains a trustee footnote identifying the nature of the indirect holdings. The disclosed amounts are explicit on the form and imply internal compliance with filing requirements.

Corporate Governance Expert

TL;DR: The disclosure is standard Section 16 reporting: an insider purchase plus clear identification of indirect holdings through a trust.

The Form 4 cleanly reports the transaction date, quantity purchased (12 shares), the reported price entry, and the reporting person's roles (director and Senior Vice President). A footnote clarifies that 7,300 shares are held in a GST trust for which she is trustee, satisfying the requirement to disclose indirect ownership. There are no amendments or multiple filers noted; signature dated 10/01/2025 is provided.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Mahaffy Denise Dillard

(Last) (First) (Middle)

1600 CANTRELL RD

(Street)

LITTLE ROCK AR 72201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DILLARD'S, INC. [ DDS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SENIOR VICE PRESIDENT

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Class A	09/29/2025		A		12	A	$622.5	163,496	D
Common Class A								7,300(1)	I	See Footnote(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Trustee of GST Trust

	/s/ Denise Dillard Mahaffy	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Denise Dillard Mahaffy report for DDS?

The Form 4 reports an acquisition of 12 Class A shares on 09/29/2025.

How many Dillard's (DDS) shares does the reporting person own after the transaction?

The filing shows 163,496 shares directly and 7,300 shares indirectly via a GST trust.

What is the relationship of the reporting person to DDS?

The form lists Denise Dillard Mahaffy as a Director and Senior Vice President of DDS.

How is the indirect ownership held according to the filing?

A footnote states the indirect holdings are through a GST Trust, for which the reporting person is the trustee.

When was the Form 4 signed by the reporting person?

The signature block shows the reporting person signed the form on 10/01/2025.