Form 4: D.R. Horton COO Exercises RSUs, Sells Shares for Tax

D.R. Horton's EVP and COO, Michael J. Murray, exercised restricted stock units and sold a portion of the resulting shares to cover tax obligations.

Summary

• Michael J. Murray, Executive Vice President and Chief Operating Officer of D.R. Horton Inc. (DHI), reported transactions on November 20, 2025.
• Murray acquired 1,564 shares of DHI common stock through the vesting and conversion of restricted stock units (RSUs).
• Concurrently, 616 shares were disposed of at a price of $137.32 per share to cover tax obligations associated with the RSU vesting.
• Following these transactions, Murray directly owns 129,675 shares of DHI common stock.
• He also indirectly beneficially owns 249,825 shares through a limited partnership controlled by him and his wife, and 32,340 shares through a foundation controlled by him and his immediate family members, bringing his total beneficial ownership to 411,840 shares.
• Murray holds 6,256 remaining restricted stock units, which are part of an original grant of 7,820 units awarded on November 20, 2024, vesting in five annual installments beginning November 20, 2025.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction involving the vesting of restricted stock units and a tax-related sale, which is a neutral event and does not indicate new positive or negative developments for the company.

Positives

• The vesting of restricted stock units represents a component of executive compensation, indicating continued alignment of management interests with shareholder value.

Negatives

• A portion of the vested shares (616 shares) was sold to cover tax obligations, resulting in a reduction of direct shareholding.

Future Outlook

Michael J. Murray has 6,256 restricted stock units remaining from an original grant, which are scheduled to vest in annual installments beginning November 20, 2025.

Industry Context

This filing reports a routine insider transaction related to executive compensation and does not provide broader industry context or trends.

Related Party Transactions

• Michael J. Murray indirectly beneficially owns 249,825 shares through a Limited Partnership controlled by him and his wife.
• Michael J. Murray indirectly beneficially owns 32,340 shares through a Foundation controlled by him and members of his immediate family.

Stakeholder Impact

• Shareholders: The transaction is a routine executive compensation event and is unlikely to have a significant direct impact on shareholders. It reflects the ongoing compensation structure for key management.
• Employees: No direct impact on employees is indicated by this filing.

Next Steps

• Future annual vesting installments of the remaining 6,256 restricted stock units will occur as per the original grant schedule.

Key Dates

Keywords

DHI, D.R. Horton, Insider Transaction, Form 4, Restricted Stock Units, Executive Compensation, Stock Sale, Beneficial Ownership