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

Rhea-AI Filing Summary

Dillard's, Inc. (DDS) insider Denise Dillard Mahaffy, a director and Senior Vice President, reported a small open-market purchase of company stock. On 11/24/2025, she acquired 9 shares of Dillard's Class A common stock at a price of $614.41 per share.

Following this transaction, she beneficially owns 163,514 Class A shares directly. She is also listed as trustee of the GST Trust, which holds an additional 7,300 shares reported as indirectly owned. The filing is a routine Form 4 disclosing insider activity and confirms her status as both a director and senior executive at the company.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
11/24/2025

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	11/24/2025		A		9	A	$614.41	163,514	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	11/26/2025
	** 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 insider transaction did DDS report in this Form 4?

The Form 4 reports that Denise Dillard Mahaffy, a director and Senior Vice President of Dillard's, Inc. (DDS), acquired 9 shares of Class A common stock on 11/24/2025 at $614.41 per share.

How many DDS shares does the reporting person own after the transaction?

After the reported transaction, Denise Dillard Mahaffy beneficially owns 163,514 Class A shares directly, plus 7,300 shares indirectly through a trust relationship.

What is the role of the reporting person at Dillard's, Inc. (DDS)?

The reporting person is identified as both a Director and an Officer of Dillard's, Inc., holding the title of Senior Vice President.

What does the GST Trust reference mean in the DDS Form 4?

The explanation of responses states that the reporting person is Trustee of GST Trust, which is associated with the 7,300 indirectly owned shares listed in the filing.

Were any derivative securities reported in this DDS Form 4?

The Form 4 includes a section for Derivative Securities, but no derivative transactions or holdings are shown in the provided table.

Is this DDS Form 4 filed for one reporting person or a group?

The filing indicates that it is a Form filed by one reporting person, specifically Denise Dillard Mahaffy.