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[8-K] HORTON D R INC /DE/ Reports Material Event

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

D.R. Horton, Inc. reports that its wholly owned subsidiary DHI Mortgage Company entered into a Fifth Amendment to its Fourth Amended and Restated Master Repurchase Agreement with U.S. Bank and other buyers. The amendment increases the Maximum Aggregate Commitment to $1.925 billion and extends the facility’s maturity to May 4, 2029, with additional extension options. The parties also adjusted certain pricing terms, fees, and financial covenants. Amounts outstanding under this repurchase facility are not guaranteed by D.R. Horton or the subsidiaries that guarantee the company’s homebuilding, rental or Forestar debt. The facility provides financing and liquidity to DHI Mortgage by funding eligible loans through purchase transactions.

Positive

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Negative

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Insights

D.R. Horton’s mortgage arm expands and extends its loan funding line.

The amendment raises DHI Mortgage’s Master Repurchase Agreement capacity to $1.925 billion and pushes final maturity to May 4, 2029. This warehouse-style facility finances eligible mortgage loans through sale-and-repurchase transactions with U.S. Bank and other buyers.

Amounts under the repurchase facility are explicitly not guaranteed by D.R. Horton, Inc. or subsidiaries that back its homebuilding, rental or Forestar debt, which helps ring‑fence this mortgage financing exposure. The amendment also modifies pricing, fees and financial covenants, though exact changes are not detailed in the excerpt.

The larger, longer‑dated facility may support DHI Mortgage’s loan origination and sale activity over the period to 2029. Subsequent company filings may provide more color on utilization levels and how the revised covenants interact with broader capital structure management.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Maximum Aggregate Commitment $1.925 billion Capacity under Amended Repurchase Facility
Maturity date May 4, 2029 Amended Repurchase Facility term end, with extension options
Senior Notes coupon 5.000% Texas 5.000% Senior Notes due 2034 listed on NYSE
Senior Notes maturity 2034 Texas 5.000% Senior Notes due 2034
Master Repurchase Agreement financial
"entered into the Fifth Amendment (the "Amendment") to the Fourth Amended and Restated Master Repurchase Agreement"
A master repurchase agreement is a standardized legal contract that governs repurchase (repo) transactions, where one party sells a security to another with a promise to buy it back later at a set price. Think of it like a short-term, collateralized loan or pawning an item: the security reduces the lender’s risk and the agreement sets the rules, including margin and default procedures. Investors care because these deals affect market liquidity, short-term funding costs and counterparty risk, which can influence asset prices and a firm’s ability to borrow.
Maximum Aggregate Commitment financial
"increase the Maximum Aggregate Commitment amount to $1.925 billion"
financial covenants financial
"modify certain pricing terms and fees, and (iv) modify certain financial covenants"
Financial covenants are rules written into loan or bond agreements that require a company to keep certain financial measures within agreed limits—examples include minimum cash, maximum debt levels, or minimum profit margins. They act like guardrails for lenders: breaking a covenant can force renegotiation, trigger penalties or default, and quickly affect a company’s available cash and stock value, so investors watch them as early warning signs of financial stress.
off-balance sheet arrangement financial
"Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant"
An off-balance sheet arrangement is a financial commitment or asset that a company keeps out of its main financial statements so it does not show up as a direct asset or liability. Think of it like renting equipment or using a separate storage locker instead of putting the item in your home: the economic effects exist, but they aren’t listed on the company’s primary balance sheet. Investors care because these arrangements can hide risks, obligations or sources of cash flow that affect a company’s true financial strength and future performance.
Custody Agreement financial
"Second Amendment to the Second Amended and Restated Custody Agreement, dated May 6, 2026"
Understanding 8-K Material Events →
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ______________________________
FORM 8-K
 __________________________________________________
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026
 ______________________________
D.R. Horton, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware 1-14122 75-2386963
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
1341 Horton Circle, Arlington, Texas 76011
(Address of principal executive offices)
(817) 390-8200
(Registrant’s telephone number, including area code)
 ______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $.01 per shareDHINew York Stock Exchange
NYSE Texas
5.000% Senior Notes due 2034DHI 34New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Item 1.01.    Entry into a Material Definitive Agreement.

Effective May 6, 2026, DHI Mortgage Company, Ltd. ("DHI Mortgage"), a wholly-owned subsidiary of D.R. Horton, Inc., U.S. Bank National Association, as a buyer, and as administrative agent ("U.S. Bank" or "Administrative Agent") and other buyers listed as a buyer (collectively, the "Buyers") hereto entered into the Fifth Amendment (the "Amendment") to the Fourth Amended and Restated Master Repurchase Agreement dated as of February 18, 2022 as amended prior to the date hereof (as so amended, the "Amended Repurchase Facility").

Pursuant to the terms of the Amendment, the parties agreed to, among other things, (i) increase the Maximum Aggregate Commitment amount to $1.925 billion, (ii) extend the maturity date to May 4, 2029, subject to additional extension options, (iii) modify certain pricing terms and fees, and (iv) modify certain financial covenants. Amounts outstanding under the Amended Repurchase Facility are not guaranteed by D.R. Horton, Inc. or any of the subsidiaries that guarantee the debt of its homebuilding, rental or Forestar operations.

The Amended Repurchase Facility provides financing and liquidity to DHI Mortgage by facilitating purchase transactions in which DHI Mortgage transfers eligible loans to Buyers against the transfer of funds by Buyers (thereby becoming purchased loans). The purchase transactions are based on the terms and conditions in the Amended Repurchase Facility and the ancillary or operative agreements attached thereto or referred to therein, including the Second Amendment to the Second Amended and Restated Custody Agreement, dated May 6, 2026, by and between DHI Mortgage and U.S. Bank.

The Amendment is filed herewith as Exhibit 10.1 and is incorporated by reference into this Item 1.01. Capitalized terms not defined herein are defined in the Amended Repurchase Facility or as provided therein.

Item 2.03.    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth above under Item 1.01. "Entry into a Material Definitive Agreement" is hereby incorporated by reference into this Item 2.03.

Item 9.01.    Financial Statements and Exhibits.

(d)Exhibits
10.1
Fifth Amendment to Fourth Amended and Restated Master Repurchase Agreement, dated May 6, 2026, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Joint Book Runner, Joint Lead Arranger, and a Buyer, and all other Buyers.
104Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101).
2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

D.R. Horton, Inc.
 
 
Date:		May 12, 2026By:
/S/ BILL W. WHEAT
 Bill W. Wheat
 Executive Vice President and
 Chief Financial Officer

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Source: View Original Filing on SEC EDGAR

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