DHI Form 4: David Auld Sells 30k Shares, Retains 815k Direct Holdings

Rhea-AI Filing Summary

David V. Auld, Executive Chairman and director of D.R. Horton, reported changes in his beneficial ownership on Form 4 covering transactions dated 09/05/2025. He gifted 20,000 shares (reported as a disposition at $0) to an outside entity and sold 30,000 shares at a weighted average price of $182.2137 (actual sale prices ranged from $182.20 to $182.35). After these transactions, Mr. Auld directly owns 815,672 shares and indirectly holds 233,700 shares through trusts for his children. The filer disclaims beneficial ownership of the gifted shares and will provide breakdown of the sale prices by request.

Positive

• Substantial retained ownership: After the transactions, Mr. Auld still directly holds 815,672 shares and indirectly holds 233,700, indicating continued alignment with shareholders
• Clear disclosure: The Form 4 provides price range details for the sale and an explanation that the gift involved an outside entity and that the reporting person disclaims beneficial ownership of gifted shares

Negative

• Insider sale: Mr. Auld sold 30,000 shares at an average of $182.2137, representing insider liquidity which some investors may view negatively
• Gift of shares: A gift of 20,000 shares was made to an outside entity; while disclosed, transfers outside the household reduce the reporting person’s direct economic stake

Insights

Corporate Governance Expert

TL;DR: Insider sold 30,000 shares and made a 20,000-share gift; holdings remain substantial, with indirect holdings in family trusts.

These Form 4 disclosures show routine insider liquidity and estate planning activity rather than an abrupt change in control. The sale of 30,000 shares at about $182.21 represents a modest reduction relative to the reporting person’s overall direct stake of 815,672 shares. The 20,000-share gift was to an outside entity and the reporting person explicitly disclaims beneficial ownership of those gifted shares. For governance monitoring, the continued large direct and indirect holdings imply ongoing alignment with shareholders while allowing personal portfolio or estate adjustments.

Securities Analyst

TL;DR: Transactions are material in dollar terms but small relative to total insider holdings; no new derivative activity reported.

The sale generated proceeds near $5.47 million (30,000 shares x ~$182.21), indicating meaningful but not transformative insider liquidity. No options, conversions, or other derivative transactions were reported in Table II. Indirect ownership of 233,700 shares held in trusts should be tracked for potential future dispositions but is disclosed here as an existing holding rather than a new transfer. Transaction codes and explanations comply with Section 16 reporting norms.

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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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^*

Auld David V

(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
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

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	09/05/2025		G(1)		20,000	D	$0	845,672	D
Common Stock	09/05/2025		S		30,000	D	$182.2137(2)	815,672(3)	D
Common Stock								233,700(3)	I	Held by Trusts of Mr. Auld's children.

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 an outside entity. Mr. Auld disclaims beneficial ownership of the shares gifted.

2. The price reported in Column 4 is a weighted average price. The prices actually received ranged from $182.20 to $182.35. The reporting person has provided to the issuer and will provide any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

3. Following all transactions listed on this Form 4, Mr. Auld owns directly 815,672 shares of DHI common stock and indirectly holds 233,700 shares of DHI common stock.

	/s/ David V. Auld	09/09/2025
	** 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 transactions did DHI insider David V. Auld report on Form 4?

On 09/05/2025 Mr. Auld reported a gift of 20,000 shares (disposition at $0) and a sale of 30,000 shares at a weighted average price of $182.2137.

How many DHI shares does David V. Auld own after the reported transactions?

Following the transactions Mr. Auld directly owns 815,672 shares and indirectly holds 233,700 shares through trusts for his children.

What does the Form 4 say about the gifted shares?

The filing states the 20,000-share transaction was a gift to an outside entity and Mr. Auld disclaims beneficial ownership of those gifted shares.

Were there any derivative transactions reported by David V. Auld?

No. Table II for derivative securities shows no derivative transactions reported on this Form 4.

What price range did the sale of DHI shares occur at?

The filing reports a weighted average sale price of $182.2137, with actual sale prices ranging from $182.20 to $182.35.