D.R. Horton (NYSE: DHI) extends and revises $4.0B credit lines

Rhea-AI Filing Summary

D.R. Horton, Inc. amended its primary credit arrangements, increasing its Aggregate Revolving Credit Commitment to $3.295 billion and its Aggregate Credit Facility Limit to $4.0 billion across multiple maturity tranches. The revolving commitments now include Series C maturing on October 28, 2027, Series D maturing on March 27, 2029 and Series E maturing on March 27, 2031.

Subsidiary DRH Rental, Inc. amended its $1.050 billion senior unsecured revolving credit facility to extend the Termination Date to March 27, 2030, reduce undrawn fees, modify interest rate margins and refresh extension options. Both amendments were executed with Mizuho Bank, Ltd. as Administrative Agent and a syndicate of lenders.

Insights

Corporate credit analyst

D.R. Horton extends and enlarges key credit lines, keeping terms flexible.

D.R. Horton increased its Aggregate Revolving Credit Commitment to $3.295 billion and its Aggregate Credit Facility Limit to $4.0 billion, spreading maturities across 2027, 2029 and 2031. This consolidates significant liquidity under an amended syndicated structure with Mizuho as Administrative Agent.

The $1.050 billion DRH Rental senior unsecured revolving facility now runs to March 27, 2030 with reduced undrawn fees and updated interest rate margins. These changes shape borrowing costs and availability; their ultimate effect depends on future utilization and rate environments disclosed in later filings.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Aggregate Revolving Credit Commitment: $3.295 billion Aggregate Credit Facility Limit: $4.0 billion DRH Rental revolver size: $1.050 billion +4 more

7 metrics

Aggregate Revolving Credit Commitment $3.295 billion D.R. Horton Credit Agreement after Amendment No. 13

Aggregate Credit Facility Limit $4.0 billion D.R. Horton Credit Agreement after Amendment No. 13

DRH Rental revolver size $1.050 billion Senior unsecured revolving credit facility under DRH Rental Credit Agreement

Series C maturity October 28, 2027 Series C Revolving Credit Commitments maturity date

Series D maturity March 27, 2029 Series D Revolving Credit Commitments maturity date

Series E maturity March 27, 2031 Series E Revolving Credit Commitments maturity date

DRH Rental Termination Date March 27, 2030 Termination Date of DRH Rental Credit Agreement after Amendment No. 2

Key Terms

Material Definitive Agreement, Aggregate Revolving Credit Commitment, Aggregate Credit Facility Limit, senior unsecured revolving credit facility, +2 more

6 terms

Material Definitive Agreement regulatory

"Item 1.01. Entry into a Material Definitive Agreement."

A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.

Aggregate Revolving Credit Commitment financial

"increase the Aggregate Revolving Credit Commitment to $3.295 billion"

Aggregate Credit Facility Limit financial

"increase the Aggregate Credit Facility Limit to $4.0 billion"

senior unsecured revolving credit facility financial

"with respect to its $1.050 billion senior unsecured revolving credit facility"

A senior unsecured revolving credit facility is a bank loan line that a company can draw, repay and redraw up to an agreed limit, similar to a company credit card. It is “senior” because lenders are paid before other creditors if the company fails, and “unsecured” because it isn’t backed by specific assets; investors watch it for signals about a company’s short-term cash flexibility, borrowing cost and financial risk.

Termination Date financial

"extend the Termination Date to March 27, 2030"

Termination date is the specific calendar day when a contract, agreement, option or other legal arrangement stops being in effect and any remaining rights or obligations expire. For investors it matters because that date sets deadlines for exercising rights, receiving payments, closing positions or avoiding penalties—similar to the day a lease or warranty ends, after which parties no longer have the same protections or claims.

interest rate margins financial

"modify the applicable interest rate margins"

Understanding 8-K Material Events →

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 ______________________________

FORM 8-K

 ______________________________

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 27, 2026

 ______________________________

D.R. Horton, Inc.

(Exact name of registrant as specified in its charter)

Delaware

1-14122

75-2386963

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1341 Horton Circle, Arlington, Texas 76011

(Address of principal executive offices)

(817) 390-8200

(Registrant’s telephone number, including area code)

 ______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, par value $.01 per share

DHI

New York Stock Exchange

NYSE Texas

5.000% Senior Notes due 2034

DHI 34

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 1.01.    Entry into a Material Definitive Agreement.

D.R. Horton, Inc. Credit Agreement

Effective March 27, 2026, D.R. Horton, Inc. (“D.R. Horton”), Mizuho Bank, Ltd., as successor Administrative Agent, an Issuing Bank and a Lender (“Mizuho” or “Administrative Agent”) and certain other Lenders entered into Amendment No. 13 (“Amendment No. 13”) to the Credit Agreement dated as of September 7, 2012, as amended prior to the date hereof (as so amended, the “D.R. Horton Credit Agreement”).

Pursuant to the terms of Amendment No. 13, the Administrative Agent and the Lenders party thereto agreed to, among other things, (i) increase the Aggregate Revolving Credit Commitment to $3.295 billion across multiple maturity tranches, including Series C Revolving Credit Commitments maturing on October 28, 2027, Series D Revolving Credit Commitments maturing on March 27, 2029 and Series E Revolving Credit Commitments maturing on March 27, 2031, (ii) increase the Aggregate Credit Facility Limit to $4.0 billion, (iii) modify the applicable interest rate margins and (iv) refresh the extension options available to D.R. Horton.

DRH Rental, Inc. Credit Agreement

Effective March 27, 2026, DRH Rental, Inc. (“DRH Rental”), a wholly-owned subsidiary of D.R. Horton, Mizuho, as Administrative Agent, and the Lenders named therein entered into Amendment No. 2 (“Amendment No. 2”) to the Credit Agreement dated as of March 4, 2022, as amended prior to the date hereof (as so amended, the “DRH Rental Credit Agreement”) with respect to its $1.050 billion senior unsecured revolving credit facility.

Pursuant to the terms of Amendment No. 2, the Administrative Agent and the Lenders party thereto agreed to, among other things, (i) extend the Termination Date to March 27, 2030, (ii) reduce the applicable undrawn fees, (iii) modify the applicable interest rate margins and (iv) refresh the extension options available to DRH Rental.

The descriptions and terms of Amendment No. 13 and Amendment No. 2 provided herein are qualified in their entirety by reference to the full and complete terms contained in Amendment No. 13 and Amendment No. 2, which are attached to this Form 8-K as Exhibit 10.1 and Exhibit 10.2, respectively, and incorporated by reference herein. Capitalized terms not defined herein are defined in Amendment No. 13 or Amendment No. 2, as applicable, or as provided therein.

Certain of the Lenders under the D.R. Horton Credit Agreement and the DRH Rental Credit Agreement, and their affiliates, have various relationships with D.R. Horton and its affiliates and have in the past provided, and may in the future provide, investment banking, commercial banking and financial advisory services to D.R. Horton and its affiliates in the ordinary course of business for which they have received and may continue to receive fees and commissions.

Item 2.03.    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

All the information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.

Item 9.01.    Financial Statements and Exhibits.

(d)			Exhibits
			10.1						Amendment No. 13 to Credit Agreement, dated March 27, 2026, by and among D.R. Horton, Inc., Mizuho Bank, Ltd., as successor Administrative Agent, and the Lenders named therein.
			10.2						Amendment No. 2 to Credit Agreement, dated March 27, 2026, among DRH Rental, Inc., Mizuho Bank, Ltd., as Administrative Agent, and the Lenders party thereto.
			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:

March 31, 2026

By:

/S/ BILL W. WHEAT

Bill W. Wheat

Executive Vice President and

Chief Financial Officer

3

FAQ

What did D.R. Horton (DHI) change in its main credit agreement?

D.R. Horton increased its Aggregate Revolving Credit Commitment to $3.295 billion and its Aggregate Credit Facility Limit to $4.0 billion. The amended facility now includes Series C, D and E revolving tranches with staggered maturities in 2027, 2029 and 2031.

How does the DRH Rental, Inc. credit amendment affect D.R. Horton (DHI)?

DRH Rental, a wholly owned subsidiary, amended its $1.050 billion senior unsecured revolving facility to extend the Termination Date to March 27, 2030. The amendment also reduces applicable undrawn fees and modifies interest rate margins, influencing future borrowing costs for rental activities.

What are the new maturity dates for D.R. Horton’s revolving credit tranches?

The Series C Revolving Credit Commitments now mature on October 28, 2027, Series D on March 27, 2029 and Series E on March 27, 2031. These staggered maturities spread refinancing risk over several future dates instead of concentrating it in a single year.

Who is the administrative agent under D.R. Horton’s amended credit facilities?

Mizuho Bank, Ltd. acts as successor Administrative Agent, Issuing Bank and a Lender under the amended D.R. Horton Credit Agreement. Mizuho is also Administrative Agent under the DRH Rental Credit Agreement, coordinating lender actions and day-to-day administration of both syndicated facilities.

Did the D.R. Horton (DHI) amendments change fees or interest margins?

Yes. For D.R. Horton, the amendments modify applicable interest rate margins. For DRH Rental, they both modify interest rate margins and reduce applicable undrawn fees. These adjustments affect the overall cost of maintaining and drawing on the revolving credit facilities over time.

How large is DRH Rental, Inc.’s revolving credit facility after the amendment?

The DRH Rental Credit Agreement continues to provide a $1.050 billion senior unsecured revolving credit facility. Amendment No. 2 focuses on extending the Termination Date to March 27, 2030 and updating fees and interest rate margins rather than changing the stated facility size.

Filing Exhibits & Attachments

6 documents

Agreements & Contracts

• EX-10.1 EX-10.1 1.2 MB
• EX-10.2 EX-10.2 1.0 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.3 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 18.6 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 31.2 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 18.7 KB