HORTON D R INC /DE/ 8-K

What Happened
D.R. Horton, Inc. (through its wholly owned subsidiary DHI Mortgage Company, Ltd.) announced a fifth amendment to its master repurchase agreement with U.S. Bank National Association and other buyers, effective May 6, 2026. The amendment increases the facility's maximum aggregate commitment to $1.925 billion, extends the maturity date to May 4, 2029 (with further extension options), and modifies pricing, fees and certain financial covenants. The amendment also includes a related amendment to the custody agreement between DHI Mortgage and U.S. Bank.

Key Details

• Effective date: May 6, 2026; amended maturity: May 4, 2029 (subject to additional extension options).
• New Maximum Aggregate Commitment: $1.925 billion.
• Changes include modified pricing, fees and certain financial covenants; ancillary Second Amendment to the Custody Agreement was also executed.
• Amounts outstanding under the amended repurchase facility are not guaranteed by D.R. Horton, Inc. or the subsidiaries that guarantee its homebuilding, rental or Forestar operations.

Why It Matters
The amended repurchase facility provides financing and liquidity to DHI Mortgage by allowing buyers to purchase qualifying loans (transferring cash to DHI Mortgage). The increase in capacity and extended maturity support mortgage lending and liquidity for DHI Mortgage operations. For investors, the filing shows enhanced funding capacity but also confirms that obligations under this facility are non‑recourse to the parent and certain subsidiaries, which limits direct credit exposure of D.R. Horton’s operating guarantors.