[Form 4] Dillards Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider purchase reported by William T. Dillard III at Dillard's, Inc. (DDS). The filing shows a non-derivative acquisition on 08/25/2025 of 17 Class A shares at a reported price of $533.45 per share, bringing his direct holdings to 34,990 Class A shares. Additional holdings disclosed include 15,763 Class A shares held in a retirement plan, 185,765 Class A shares held in trust for his benefit and family, and 13,655 Class A shares owned by his spouse. The filing identifies Mr. Dillard as a director and Senior Vice President. The signature date on the Form 4 is 08/27/2025.

Positive

• Accurate Section 16 disclosure filed showing direct and indirect holdings
• Reporting person holds diversified ownership forms (direct, retirement plan, trust, spouse)

Negative

• None.

Insights

Securities Analyst

TL;DR: Small insider purchase increases direct stake modestly; holdings remain concentrated within family and trust.

The 17-share purchase at $533.45 is immaterial relative to total disclosed holdings but signals a personal acquisition by an executive-director. The breakdown shows ownership across direct holdings, a retirement plan, a family trust (where he is trustee), and spousal ownership. For investors, the transaction is routine and does not by itself alter control or materially affect outstanding share distribution.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 reporting; structure highlights potential concentrated insider influence via trust and family holdings.

The Form 4 properly discloses both direct and indirect beneficial ownership, including trust-held shares and spousal ownership, and identifies the reporting person’s corporate roles. While the reported acquisition is small, the aggregated positions held directly and indirectly remain large and concentrated. The filing meets routine governance transparency expectations.

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^*

Dillard William T. III

(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		17	A	$533.45	34,990	D
Common Class A - Retirement Plan								15,763	D
Common Class A								185,765(1)	I	See Footnote(1)
Common Class A								13,655(2)	I	See Footnote(2)

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 on shares held in trust for the benefit of the reporting person and his family.

2. Owned by Spouse

	/s/ William T. Dillard III	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 William T. Dillard III report on Form 4 for DDS?

He reported acquiring 17 Class A shares on 08/25/2025 at a price of $533.45 per share.

How many Class A shares does William T. Dillard III beneficially own after the transaction?

Directly owns 34,990 Class A shares, plus 15,763 in a retirement plan, 185,765 in a trust, and 13,655 owned by spouse.

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

He is a Director and Senior Vice President, as indicated on the Form 4.

When was the Form 4 signed and filed?

The signature date on the form is 08/27/2025 and the earliest transaction date reported is 08/25/2025.

Does the filing disclose indirect ownership and its nature?

Yes. It discloses indirect ownership via a trust (trustee for family) and ownership by spouse.