DDS Form 4: Brant Musgrave Reports Acquisition of 8 Class A Shares

Rhea-AI Filing Summary

Brant Musgrave, Corporate VP Stores at Dillard's, reported a small open-market purchase of Dillard's Class A common stock. The Form 4 shows an acquisition of 8 shares of Class A stock at a reported price of $533.45 per share, resulting in 3,622 shares held directly after the transaction. The filing also reports 8,461 shares held in a retirement plan account.

Positive

• Timely Section 16 disclosure by an officer showing compliance with insider reporting rules
• Clear separation of direct holdings (3,622 shares) and retirement plan holdings (8,461 shares)

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider purchased a negligible number of shares; holdings remain modest and the transaction is immaterial to valuation.

The reported acquisition of 8 Class A shares at $533.45 is de minimis relative to typical institutional or executive holdings. The filing documents 3,622 shares held directly and 8,461 shares in a retirement plan, indicating limited insider exposure through direct ownership. For investors, this disclosure is routine compliance with Section 16 and does not indicate a material change in insider alignment with shareholders.

Corporate Governance Expert

TL;DR: Routine Section 16 disclosure by an officer; transaction appears administrative and non-material.

The Form 4 properly identifies the reporting person as an officer (Corporate VP Stores) and records a small acquisition of Class A shares. The separation of direct holdings and retirement plan holdings is clear in the disclosure. There are no derivative transactions or dispositions reported, and no indications of unusual trading patterns from this single entry.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider MUSGRAVE BRANT

Role CORPORATE VP STORES

Type	Security	Shares	Price	Value
Grant/Award	Common Class A	8	$533.45	$4K
holding	Common Class A - Retirement Plan	--	--	--

Holdings After Transaction: Common Class A — 3,622 shares (Direct); Common Class A - Retirement Plan — 8,461 shares (Direct)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

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)
08/25/2025

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	08/25/2025		A		8	A	$533.45	3,622	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	08/27/2025
	** 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

Who filed the Form 4 for Dillard's (DDS)?

Brant Musgrave, Corporate VP Stores, is the reporting person on the Form 4.

What transaction was reported on the DDS Form 4?

An acquisition of 8 shares of Class A common stock was reported.

At what price were the DDS shares acquired?

The reported purchase price was $533.45 per share.

How many DDS shares does the reporting person hold after the transaction?

The filing reports 3,622 shares held directly after the transaction and 8,461 shares in a retirement plan.

Were any derivative securities or dispositions reported in this Form 4 for DDS?

No derivative securities or dispositions are shown in the provided content.