D.R. Horton insider filing: 264 RSUs vested for director Elaine Crowley

Rhea-AI Filing Summary

Elaine D. Crowley, a director of D.R. Horton, reported the conversion of restricted stock units into common shares on 08/26/2025. A tranche of 264 restricted stock units converted into 264 shares of DHI common stock at no cash price, increasing her directly held shares by 264 to reflect the vested portion. Following this transaction she beneficially owns 1,056 restricted stock units that remain unvested. The RSUs were originally granted on 08/26/2024 as 1,320 units vesting in five annual installments beginning 08/26/2025. The Form 4 was signed by an attorney-in-fact.

Positive

• Scheduled RSU vesting converts equity to direct ownership, aligning the director's interests with shareholders

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine annual vesting of director RSUs; governance signal of retention, not a material change to ownership.

The reported entry is a standard vesting event: 264 RSUs converted to 264 shares, leaving 1,056 unvested units from the original 1,320 grant. For governance, such scheduled vesting aligns director incentives with long-term shareholder value without indicating opportunistic trading. The transaction uses direct ownership and shows no sale or disposition, which reduces near-term liquidity concerns but slightly increases share count outstanding. This is a routine disclosure and unlikely to be materially impactful to investors.

Executive Compensation Analyst

TL;DR: Vesting follows the stated award schedule; the magnitude is small relative to a large-cap issuer and reflects normal compensation delivery.

The award structure—1,320 RSUs granted with five annual vesting installments—is consistent with standard director equity compensation. The conversion of 264 units to shares at $0 indicates standard settlement on vesting rather than a sale or exercise. Remaining unvested RSUs (1,056) continue to provide retention value. Given the size of the grant and the single-tranche vesting, this is a routine compensation event with limited valuation impact.

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

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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^*

CROWLEY ELAINE D

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2025

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	08/26/2025		M		264	A	(1)	264	D

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
Restricted Stock Unit	(1)	08/26/2025		M			264	(2)	(2)	Common Stock	264	$0	1,056	D

Explanation of Responses:

1. Each restricted stock unit converts into one share of DHI common stock.

2. On August 26, 2024, the reporting person was granted 1,320 restricted stock units, vesting in five annual installments beginning August 26, 2025.

	/s/ Thomas B. Montano, Attorney-in-Fact	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 did Elaine D. Crowley report on Form 4 for DHI?

She reported conversion of 264 restricted stock units into 264 shares of D.R. Horton common stock on 08/26/2025.

How many RSUs remain unvested for the reporting person?

1,056 restricted stock units remain unvested following the reported conversion.

When were the original RSUs granted and what was the grant size?

1,320 RSUs were granted on 08/26/2024, vesting in five annual installments beginning 08/26/2025.

Was there any cash paid for the converted RSUs?

No cash price was reported; the conversion shows a $0 price on vesting settlement.

Did the Form 4 report any sale or disposition of shares?

No sale or disposition was reported; the filing shows only vesting and conversion to ownership.