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

Rhea-AI Filing Summary

Drue Matheny, Executive Vice President and director of Dillard's, Inc. (DDS), reported an acquisition and updated beneficial ownership on Form 4. The filing shows a transaction dated 09/29/2025 recording the acquisition of 13 Class A shares at a price listed as $622.5. After the reported transactions, the Form 4 reports 403,941 Class A shares held directly, 36,648 Class A shares held in a retirement plan, 7,300 Class A shares held indirectly as trustee of a GST trust, and 2,521 Class A shares owned indirectly by spouse. The document is signed by Drue Matheny on 10/01/2025.

Positive

• Insider acquisition reported: Drue Matheny acquired 13 Class A shares, aligning executive interests with shareholders.
• Comprehensive ownership disclosure: The filing lists direct, retirement plan, trust, and spouse holdings totaling clearly reported balances.

Negative

• Transaction size appears immaterial relative to total reported holdings, suggesting limited economic impact from the acquisition.

Insights

Corporate Governance Expert

TL;DR: A senior executive and director reported a small open-market acquisition and updated total beneficial ownership across direct and indirect holdings.

The Form 4 documents an insider acquisition by Drue Matheny, who serves as Executive Vice President and a director. Reporting an acquisition of 13 Class A shares increases insider alignment with shareholders, though the transaction size is immaterial relative to the total reported holdings. The filing also clarifies ownership breakdown: substantial direct holdings (403,941 shares) plus retirement plan and indirect holdings through a trust and spouse. This consolidation of disclosed ownership may be relevant for governance transparency but does not indicate major change in control or material capital commitment.

Securities Compliance Analyst

TL;DR: The filing appears routine and compliant, reporting required details and signature without amendments.

The Form 4 contains required items: reporting person identity and address, issuer and ticker, transaction date, code indicating acquisition, number of shares acquired, price, and post-transaction beneficial ownership with direct and indirect allocations and explanatory footnotes. The signature and date are present. There are no indications of corrective amendments or omitted mandatory fields in the provided content. From a compliance perspective, this is a standard Section 16 disclosure of insider activity.

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^*

MATHENY DRUE

(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)
	EXECUTIVE 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		13	A	$622.5	403,941	D
Common Class A - Retirement Plan								36,648	D
Common Class A								7,300	I(1)	See Footnote(1)
Common Class A								2,521	I(2)	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. Trustee of GST Trust

2. Owned by spouse

	/s/ Drue Matheny	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 Drue Matheny report on Form 4 for DDS?

The filing reports an acquisition on 09/29/2025 of 13 Class A shares at a price listed as $622.5.

How many Dillard's (DDS) Class A shares does Drue Matheny beneficially own after the transaction?

The Form 4 reports 403,941 Class A shares held directly plus 36,648 in a retirement plan, 7,300 indirectly as trustee, and 2,521 indirectly owned by spouse.

What roles does the reporting person hold at Dillard's (DDS)?

Drue Matheny is reported as a Director and an Executive Vice President of Dillard's, Inc.

When was the Form 4 signed and filed by the reporting person?

The signature block shows Drue Matheny signed the form on 10/01/2025.

Are any indirect ownerships explained on the Form 4?

Yes. Footnotes state 7,300 shares are held as trustee of a GST trust and 2,521 shares are owned by spouse.