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

Rhea-AI Filing Summary

Dillard's, Inc. (DDS) CEO and Chairman William T. Dillard II reported a small open-market purchase of company stock. On 11/24/2025, he acquired 15 shares of Class A Common Stock at a price of $614.41 per share.

Following this transaction, he directly owns 897,001 shares of Class A Common Stock. In addition, 41,496 shares are indirectly owned through W.D. Company, Inc., where he owns 27.4% and serves as a director and officer, and 7,300 shares are indirectly owned as trustee of the GST Trust. W.D. Company, Inc. also holds 3,985,776 shares of Class B Common Stock that are convertible into Class A on a one-for-one basis. He disclaims beneficial ownership of indirectly held shares except to the extent of his economic interest.

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^*

DILLARD WILLIAM T II

(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)
	CEO, CHAIRMAN OF BOARD

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		15	A	$614.41	897,001	D
Common Class A - Retirement Plan								0	D
Common Class A								41,496(1)	I	See Footnote(1)
Common Class A								7,300(2)	I	See Footnote(2)

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 27.4% 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

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/ William T. Dillard II	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 Dillard's (DDS) report for William T. Dillard II?

William T. Dillard II, the CEO and Chairman of Dillard's, Inc. (DDS), reported buying 15 shares of Class A Common Stock on 11/24/2025.

At what price were the DDS shares purchased in the latest insider trade?

The 15 Class A shares of Dillard's were acquired at a price of $614.41 per share.

How many Dillard's (DDS) shares does William T. Dillard II own after this transaction?

After the reported transaction, William T. Dillard II directly owns 897,001 shares of Dillard's Class A Common Stock, with additional shares held indirectly.

What indirect ownership in Dillard's (DDS) shares is reported for William T. Dillard II?

He has indirect ownership of 41,496 Class A shares through W.D. Company, Inc., where he owns 27.4%, and 7,300 shares as trustee of the GST Trust.

How many Dillard's Class B shares does W.D. Company, Inc. hold and what is their conversion right?

W.D. Company, Inc. holds 3,985,776 shares of Class B Common Stock of Dillard's, which are convertible into Class A Common Stock on a one-for-one basis.

Does William T. Dillard II claim full beneficial ownership of all indirectly held DDS shares?

No. He disclaims beneficial ownership of the indirectly held shares reported, except to the extent of his pecuniary (economic) interest in them.