[Form 4] Dillards Inc. Insider Trading Activity

Rhea-AI Filing Summary

Alex Dillard, president, director and 10% owner of Dillard's, Inc. (DDS), reported an insider purchase of 17 shares of Class A common stock at $533.45 per share, increasing his direct holdings to 1,018,835 shares. The filing also discloses substantial indirect holdings: W.D. Company, Inc. (of which he owns 27.9% and serves as director/officer) holds 3,985,776 Class B shares convertible one-for-one into Class A shares, plus additional shares held via a GST trust and by his spouse. The reporting person disclaims beneficial ownership except to the extent of pecuniary interest.

Positive

• Insider purchase reported: Alex Dillard acquired 17 Class A shares at $533.45, showing continued insider participation in the stock
• Substantial aggregate ownership disclosed: Direct holdings of 1,018,835 Class A shares plus indirect holdings via W.D. Company, Inc., a GST trust, and spouse, indicating concentrated control
• Transparency on indirect holdings: Filing explains that W.D. Company, Inc. holds 3,985,776 Class B shares convertible one-for-one to Class A

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider bought a small number of Class A shares while retaining large direct and indirect ownership positions, signaling concentrated family control.

Alex Dillard's reported acquisition of 17 Class A shares at $533.45 is modest in size but occurs against a backdrop of concentrated ownership: direct holdings exceed one million shares and substantial indirect holdings are held through W.D. Company, Inc., which itself controls nearly 4 million Class B shares convertible into Class A. For investors, the key takeaway is the continuity of controlling ownership and the mechanisms (convertible Class B shares and family trusts) that maintain influence over voting and equity conversion economics.

Corporate Governance Expert

TL;DR: The disclosure highlights concentrated, multi-layered insider ownership rather than a material change from the transaction itself.

The Form 4 confirms layered ownership structures common in family-controlled public companies: direct ownership, ownership through a private holding company (W.D. Company, Inc.) and family trusts/spouse holdings. The small open-market purchase does not materially alter control but is important for transparency and SEC Section 16 reporting compliance. The disclaimer of indirect beneficial ownership except for pecuniary interest is standard and clarifies legal exposure.

08/27/2025 - 05:13 PM

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
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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).

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 ALEX

(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	X	10% Owner
X	Officer (give title below)		Other (specify below)
	PRESIDENT

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		17	A	$533.45	1,018,835	D
Common Class A								41,496	I	See Footnote(1)
Common Class A								7,300	I	See Footnote(2)
Common Class A								36,560	I	See Footnote(3)

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 27.9% 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

3. Owned by Spouse.

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/ Alex Dillard	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

What transaction did Alex Dillard report on the Form 4 for DDS?

The Form 4 reports that Alex Dillard acquired 17 shares of Class A common stock at a price of $533.45 per share.

How many Class A shares does Alex Dillard directly own after the reported transaction?

Following the reported transaction, Alex Dillard directly beneficially owns 1,018,835 Class A shares.

What indirect holdings affecting DDS control were disclosed?

The filing discloses that W.D. Company, Inc. (27.9% owned by the reporting person) holds 3,985,776 Class B shares that are convertible one-for-one into Class A shares; additional shares are held via a GST trust and by the reporting person’s spouse.

Does the reporting person claim full beneficial ownership of the indirectly held shares?

No. The reporting person disclaims beneficial ownership

What roles does Alex Dillard hold at Dillard's, Inc. according to the filing?

The Form 4 lists Alex Dillard as President, a Director, and a 10% owner of Dillard's, Inc.