[Form 4] Dillards Inc. Insider Trading Activity

Rhea-AI Filing Summary

Denise Dillard Mahaffy, listed as Senior Vice President and a director of Dillard's, Inc. (DDS), reported an insider purchase on 08/25/2025. The Form 4 shows an acquisition of 11 shares of Class A common stock at $533.45 per share and reports 163,484 shares beneficially owned following the transaction in a direct capacity. The filing also discloses 7,300 additional Class A shares held indirectly as trustee of a GST Trust. The Form 4 is signed and dated 08/27/2025 and contains no other transactions or derivative positions.

Positive

• Insider purchase disclosed: Acquisition of 11 Class A shares reported, showing continued insider participation in equity ownership
• Transparent reporting: Form 4 discloses both direct (163,484 shares) and indirect (7,300 shares) beneficial ownership and includes a manual signature

Negative

• None.

Insights

Financial Analyst

TL;DR Insider SVP purchased a small number of Class A shares, increasing direct holdings to 163,484 shares; indirect holdings of 7,300 noted.

The reported purchase of 11 Class A shares at $533.45 is a minor open-market acquisition relative to the total direct holding of 163,484 shares. This transaction signals a routine insider purchase rather than a material change in ownership. No derivatives or dispositions were reported, and the indirect holding via a GST Trust (7,300 shares) is disclosed separately, consistent with standard trustee-held beneficial ownership reporting.

Corporate Governance Expert

TL;DR Director/officer reported a routine, small purchase and properly disclosed indirect trust holdings; filing appears compliant.

The Form 4 correctly identifies the reporting persons roles (director and Senior Vice President) and discloses both direct and indirect beneficial ownership. The transaction is reported with price and post-transaction holdings, and the signature date is present. There are no indications of amendments or 10b5-1 plan markings on this form, and the disclosure format aligns with Section 16 reporting requirements.

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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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^*

Mahaffy Denise Dillard

(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)
	SENIOR VICE 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		11	A	$533.45	163,484	D
Common Class A								7,300(1)	I	See Footnote(1)

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

	/s/ Denise Dillard Mahaffy	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 Denise Dillard Mahaffy report on the DDS Form 4?

She reported an acquisition of 11 Class A shares of Dillard's on 08/25/2025 at a reported price of $533.45 per share.

How many Dillard's shares does Denise Dillard Mahaffy beneficially own after the reported transaction?

The filing shows 163,484 shares owned directly following the transaction and 7,300 shares held indirectly as trustee of a GST Trust.

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

The Form 4 lists Denise Dillard Mahaffy as both a Director and Senior Vice President of Dillard's, Inc.

When was the Form 4 signed and filed?

The Form 4 is signed by Denise Dillard Mahaffy on 08/27/2025 and reports the transaction dated 08/25/2025.

Does the Form 4 report any derivative transactions or dispositions?

No. The filing contains only the reported non-derivative acquisition and lists no derivative securities or dispositions.