[Form 4] Dillards Inc. Insider Trading Activity

Rhea-AI Filing Summary

Brant Musgrave, Corporate VP Stores of Dillard's, filed a Form 4 reporting transactions on 08/21/2025. The filing shows a Code G disposition of 10 Class A shares (a gift) and indicates beneficial ownership of 3,614 Class A shares directly and 8,461 Class A shares via a retirement plan. No derivative securities are reported.

Positive

• Transaction type disclosed: The filing explicitly shows a Code G disposition (gift) of 10 Class A shares on 08/21/2025.
• Ownership totals provided: The report lists 3,614 Class A shares held directly and 8,461 held via a retirement plan.
• No derivatives reported: Table II contains no derivative securities, indicating only non-derivative holdings were disclosed.

Negative

• None.

Insights

Corporate Governance Analyst

TL;DR: Small, non-economic transfer reported; unlikely to be material to investors.

The Form 4 discloses a Code G disposition of 10 Class A shares by Brant Musgrave and shows post-transaction beneficial ownership of 3,614 direct shares and 8,461 shares in a retirement plan. The report contains no derivative holdings. Given the small absolute size of the transferred shares relative to typical institutional holdings, this filing appears routine and not material to company control or capital structure.

Securities Compliance Specialist

TL;DR: Filing meets standard disclosure elements and includes a manual signature.

The Form 4 lists the reporting person, relationship to the issuer (Corporate VP Stores), the transaction date (08/21/2025), transaction code (G), and resulting ownership figures. Table II for derivatives is empty. The document is signed (/s/ Brant Musgrave) with a signature date of 08/22/2025. The filing appears to follow Section 16 reporting format with no additional conditions disclosed.

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^*

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)
08/21/2025

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	08/21/2025		G		10	D	$0	3,614	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	08/22/2025
	** 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 did Brant Musgrave report on the Form 4 for Dillard's (DDS)?

The Form 4 reports a Code G disposition of 10 Class A shares on 08/21/2025 and shows beneficial ownership of 3,614 direct shares and 8,461 via a retirement plan.

What does transaction code G mean on this Form 4?

The filing lists Code G for the 10-share disposition. The document itself labels the transaction with code G but does not provide further explanation beyond the code and the $0 price shown.

Were any derivative securities reported by the insider?

No. Table II (derivative securities) is empty in this Form 4, indicating no derivative holdings were disclosed.

Who signed the Form 4 and when?

The Form 4 is signed /s/ Brant Musgrave with a signature date of 08/22/2025 as shown in the filing.

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

The filing identifies the reporting person as Corporate VP Stores and checks the officer and director relationship boxes where applicable.