HORTON D R INC /DE/ (DHI) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that HORTON D R INC /DE/ surfaced in its latest filing.

• Homebuilding operations utilize a $2.305 billion senior unsecured revolving credit facility with bank commitments of $2.04 billion maturing on December 18, 2029 and $265 million maturing on October 28, 2027.
• Forestar had a $640 million senior unsecured revolving credit facility; in October 2025, Forestar increased the facility to $665 million. Bank commitments include $600 million maturing on December 18, 2029 and $65 million maturing on October 28, 2026.October 2025
• DRH Rental has a $1.05 billion senior unsecured revolving credit facility maturing on October 10, 2027.
• DHI Mortgage utilizes a $1.4 billion committed mortgage repurchase facility maturing on May 6, 2026 and an uncommitted facility with $500 million capacity as of September 30, 2025.September 30, 2025
• D.R. Horton, Inc. has an automatically effective universal shelf registration statement filed with the SEC in July 2024.July 2024
• Forestar has an effective shelf registration statement filed with the SEC in September 2024, registering $750 million of equity securities, with $300 million reserved for an at-the-market equity offering program entered into in November 2024.September 2024
• The Company is subject to the California Privacy Rights Act and the Colorado Privacy Act.
• In March 2024, the SEC adopted new rules regarding climate-related disclosures; these rules were stayed pending judicial review, and in March 2025 the SEC terminated its defense of the rules.March 2025
• The State of California has enacted legislation requiring extensive climate-related disclosures for companies doing business in California.
• The homebuilding senior notes indenture does not restrict the incurrence of future unsecured debt by the company or its homebuilding subsidiaries.
• Homebuilding senior unsecured debt is currently rated investment grade by all three major rating agencies.
• Under homebuilding senior notes, a change of control and ratings downgrade requires an offer to repurchase at 101% of principal plus accrued interest.
• Forestar's notes require a repurchase offer at 101% of principal plus accrued interest upon a change of control triggering event.