[Form 4] D.R. Horton Inc. Insider Trading Activity

Rhea-AI Filing Summary

Michael J. Murray, EVP and COO of D.R. Horton, reported a gift disposition of 5,500 shares of DHI common stock on 08/27/2025. The Form 4 states the transaction was coded "G(1)" indicating a gift to outside entities and Mr. Murray disclaims beneficial ownership of the gifted shares. After the reported transactions, he directly owns 83,466 shares, indirectly beneficially owns 249,825 shares held by a limited partnership he controls with his wife, and indirectly holds 31,630 shares held by a foundation controlled by him and immediate family members.

Positive

• Clear disclosure of a gift transaction with explicit post-transaction share counts
• Separation of direct and indirect holdings is provided, improving transparency

Negative

• Disposition of 5,500 shares reduced the reporting person’s direct holdings
• Gift to outside entities means the reporting person disclaims beneficial ownership of those shares

Insights

Corporate Governance Expert

TL;DR: Insider reported a small gift of shares; disclosure clarifies direct and indirect holdings.

The Form 4 documents a non-sale disposition coded as a gift of 5,500 DHI shares on 08/27/2025. The filing distinguishes between direct ownership and two forms of indirect ownership: a limited partnership and a family-controlled foundation. This separation of holdings is useful for governance transparency because it clarifies the reporting person’s voting and economic interest across different entities. The report includes explicit post-transaction balances for each ownership category, reducing ambiguity about his aggregate position.

Securities Analyst

TL;DR: Gift reduces direct shares by 5,500; overall disclosed beneficial position remains substantial.

The entry shows a deemed disposition by gift rather than a market sale, coded G(1), with no sales proceeds reported. Post-transaction, Mr. Murray’s direct holding is 83,466 shares and indirect holdings total 281,455 shares across the partnership and foundation. For investors tracking insider activity, this filing signals a non-market transfer; the filing provides clear numeric holdings which allow calculation of total reported exposure to DHI without introducing valuation data or transaction proceeds.

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

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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^*

Murray Michael J

(Last) (First) (Middle)

1341 HORTON CIRCLE

(Street)

ARLINGTON TX 76011

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HORTON D R INC /DE/ [ DHI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and COO

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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 Stock	08/27/2025		G(1)		5,500	D	$0	83,466(2)	D
Common Stock								249,825(2)	I	Held by Limited Partnership controlled by Mr. Murray and his wife.
Common Stock								31,630(2)	I	Held by Foundation controlled by Mr. Murray and members of his immediate family.

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. This transaction involved a gift of securities to five outside entities. Mr. Murray disclaims beneficial ownership of the shares gifted.

2. Following all transactions on this Form 4, Mr. Murray owns directly 83,466 shares of DHI common stock, indirectly beneficially owns 249,825 shares of DHI common stock and indirectly holds 31,630 shares of DHI common stock.

	/s/ Michael J. Murray	08/28/2025
	** 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 Michael J. Murray report on Form 4 for DHI?

He reported a gift disposition of 5,500 shares of DHI common stock on 08/27/2025, coded G(1).

How many DHI shares does Michael J. Murray own after the reported transactions?

After the transactions he directly owns 83,466 shares, indirectly beneficially owns 249,825 shares via a limited partnership, and indirectly holds 31,630 shares via a foundation.

What does transaction code G(1) mean in this Form 4?

In this filing the code G(1) is used to indicate a gift of securities; the form states Mr. Murray disclaims beneficial ownership of the gifted shares.

Did the Form 4 report any sale proceeds or price for the transaction?

No sale proceeds are reported; the transaction shows a price of $0 consistent with a gift disposition.

Who signed the Form 4 and when?

The Form 4 is signed by /s/ Michael J. Murray with signature date 08/28/2025.