D.R. Horton Enters Material Agreement, Creates New Financial Obligation

TL;DR

**DHI just took on a new material financial obligation, watch for details on what it is!**

AI Summary

D.R. Horton, Inc. (NYSE: DHI) filed an 8-K on February 21, 2024, reporting an event that occurred on February 16, 2024. The filing indicates the company entered into a material definitive agreement and created a direct financial obligation or an obligation under an off-balance sheet arrangement. This suggests a significant financial transaction or commitment by the homebuilder.

Why It Matters

This filing signals a new financial commitment or agreement for D.R. Horton, which could impact its balance sheet, future operations, and overall financial health.

Risk Assessment

Risk Level: medium — The filing indicates a new financial obligation without specifying its nature or amount, introducing uncertainty about its potential impact on the company.

Key Players & Entities

• D.R. Horton, Inc. (company) — Registrant
• February 16, 2024 (date) — Date of earliest event reported
• February 21, 2024 (date) — Filing date
• Delaware (company) — State of incorporation
• 1-14122 (dollar_amount) — Commission File Number

FAQ

Key Financial Figures

• $1.6 b — Maximum Aggregate Commitment amount of $1.6 billion, with an accordion feature that a
• $2.0 b — um Aggregate Commitment amount of up to $2.0 billion, based on the Administrative Agen

Filing Documents

• dhi-20240216.htm (8-K) — 34KB
• mortrepurchexh101-feb2024.htm (EX-10.1) — 55KB
• 0000882184-24-000018.txt ( ) — 255KB
• dhi-20240216.xsd (EX-101.SCH) — 2KB
• dhi-20240216_def.xml (EX-101.DEF) — 15KB
• dhi-20240216_lab.xml (EX-101.LAB) — 29KB
• dhi-20240216_pre.xml (EX-101.PRE) — 16KB
• dhi-20240216_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Effective February 16, 2024, DHI Mortgage Company, Ltd., a Texas limited partnership ("DHI Mortgage"), and a wholly-owned subsidiary of D.R. Horton, Inc., a Delaware corporation, U.S. Bank National Association, as a buyer, and as administrative agent ("Administrative Agent") and other buyers listed as a buyer (collectively, the "Buyers") hereto entered into the Second 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") . 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. The Amended Repurchase Facility includes a Maximum Aggregate Commitment amount of $1.6 billion, with an accordion feature that allows for a Maximum Aggregate Commitment amount of up to $2.0 billion, based on the Administrative Agent obtaining increased committed sums from existing Buyers or through the addition of new buyers. 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 term of the Amended Repurchase Facility extends through the earlier of (i) February 13, 2025 or (ii) the date when the Buyers' commitments are terminated pursuant to the Amended Repurchase Facility, by order of any governmental authority or by operation of law. DHI Mortgage effectively pays interest on each advance under the Amended Repurchase Facility at a per annum rate equal to the P

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits 10.1 Second Amendment to Fourth Amended and Restated Master Repurchase Agreement, dated February 16, 2024, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other Buye rs. 104 Cover 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: February 21, 2024 By: / S / B ILL W. W HEAT Bill W. Wheat Executive Vice President and Chief Financial Officer 3