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

Rhea-AI Filing Summary

Alex Dillard, President, Director and 10% owner of Dillard's, Inc. (DDS), reported an open-market acquisition on 09/29/2025 of 18 shares of Class A Common Stock at $622.50 per share. After the transaction he beneficially owns 1,018,853 shares directly and additional indirect holdings of 41,496, 7,300, and 36,560 Class A shares through entities described in the footnotes. Footnotes state indirect holdings include shares held by W.D. Company, Inc. (27.9% owned by the reporting person) and shares held by a GST trust and spouse. The reporting person disclaims direct beneficial ownership of the indirectly held shares except for pecuniary interest.

Insights

Securities Analyst

TL;DR: Insider purchased a small number of DDS Class A shares and disclosed substantial direct and indirect holdings.

The Form 4 documents a purchase of 18 Class A shares at $622.50 each by Alex Dillard on 09/29/2025. The filing confirms large existing positions: 1,018,853 shares directly and multiple indirect holdings via W.D. Company, Inc., a GST trust, and spouse-related ownership. The disclosure is routine and aligns with Section 16 reporting requirements; it provides transparency into capital ownership and control structure but does not by itself indicate a material change to company control or capital structure.

Corporate Governance Expert

TL;DR: Timely Form 4 filing shows officer/director's small acquisition and clarifies indirect ownership through related entities.

The report appropriately identifies the reporting person as President, Director and 10% owner and details indirect ownership channels, including W.D. Company, Inc. (with convertibility of Class B to Class A noted in the footnote). The filing's explanatory footnotes help clarify beneficial ownership attribution, which is important for governance and voting control assessment. The transaction itself is minor; the filing's value is in reaffirming ownership links and disclosure compliance.

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

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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^*

DILLARD ALEX

(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	X	10% Owner
X	Officer (give title below)		Other (specify below)
	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		18	A	$622.5	1,018,853	D
Common Class A								41,496	I	See Footnote(1)
Common Class A								7,300	I	See Footnote(2)
Common Class A								36,560	I	See Footnote(3)

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. These shares are held by W.D. Company, Inc. The reporting person owns 27.9% of W.D. Company, Inc. and is one of its directors and officers. W. D. Company, Inc. also holds 3,985,776 shares of Class B Common Stock, which are convertible into shares of Class A Common Stock on a one-for-one basis.

2. Trustee of GST Trust

3. Owned by Spouse.

Remarks:

The reporting person disclaims beneficial ownership of the shares reported herein as indirectly beneficially owned, except to the extent of his pecuniary interest therein.

	/s/ Alex Dillard	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 Alex Dillard report on Form 4 for DDS?

The Form 4 reports an acquisition on 09/29/2025 of 18 Class A shares at $622.50 per share.

How many DDS shares does Alex Dillard beneficially own after the reported transaction?

He directly beneficially owns 1,018,853 Class A shares after the transaction, plus indirect holdings of 41,496, 7,300, and 36,560 Class A shares as noted.

What entities hold indirect shares for Alex Dillard according to the filing?

Footnotes identify W.D. Company, Inc. (27.9% owned by the reporting person), a GST trust (trustee), and shares owned by the spouse as indirect holdings.

Does the filing state whether Class B shares are convertible to Class A?

Yes. The filing notes W.D. Company, Inc. holds 3,985,776 Class B shares which are convertible into Class A on a one-for-one basis.

When was the Form 4 signed by the reporting person?

The Form 4 is signed by Alex Dillard on 10/01/2025.