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

Rhea-AI Filing Summary

Brant Musgrave, Corporate VP Stores at Dillard's (DDS), reported an acquisition on 09/29/2025. He purchased 9 shares of Dillard's Class A common stock at a reported price of $622.50 per share, increasing his direct holdings to 3,631 shares. The filing also shows 8,461 Class A shares held indirectly in a retirement plan. The Form 4 is signed on 10/01/2025 and discloses no derivative transactions.

Positive

• Insider purchase reported, indicating the officer acquired additional shares
• Direct ownership increased to 3,631 Class A shares following the transaction
• Indirect retirement plan holdings disclosed (8,461 Class A shares), providing transparency
• Form properly signed and filed with a dated signature, indicating compliance

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider purchase is small but aligns manager ownership with shareholder interests.

The reported acquisition of 9 Class A shares by Brant Musgrave is a routine insider purchase disclosed on Form 4. The transaction increases his direct ownership to 3,631 shares while 8,461 shares are held indirectly in a retirement plan. The purchase price is shown as $622.50 per share. There are no derivative instruments disclosed. For investors, this is a modest, affirmative signal of insider ownership but not material in size relative to typical institutional holdings.

Corporate Governance Expert

TL;DR: Filing is a standard, compliant disclosure of a small insider share purchase.

The Form 4 is properly executed and signed, naming the reporting person and relationship to the issuer (Corporate VP Stores). It reports a straightforward open-market acquisition (code A) of 9 Class A shares on 09/29/2025 and lists indirect holdings in a retirement plan. No amendments or derivative positions are shown. The disclosure meets Section 16 reporting requirements and presents no governance concerns.

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

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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^*

MUSGRAVE BRANT

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CORPORATE VP STORES

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		9	A	$622.5	3,631	D
Common Class A - Retirement Plan								8,461	D

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:

	/s/ Brant Musgrave	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 Brant Musgrave report on Form 4 for DDS?

He reported an acquisition of 9 Class A shares of Dillard's on 09/29/2025.

At what price were the DDS shares acquired by the reporting person?

The Form 4 lists a price of $622.50 per share for the reported acquisition.

How many DDS shares does Brant Musgrave directly and indirectly own after the transaction?

Following the transaction he directly owns 3,631 Class A shares and indirectly holds 8,461 Class A shares in a retirement plan.

Were any derivative securities reported by Brant Musgrave in this filing?

No. The filing shows no derivative securities transactions or holdings.

When was the Form 4 signed by the reporting person?

The Form 4 bears the signature dated 10/01/2025.