DHI · D.R. Horton, Inc.

This amendment materially strengthens DHI Mortgage’s funding infrastructure by expanding capacity and extending tenor, directly supporting its role as the company’s captive mortgage originator. The $1.925 billion commitment provides scalable liquidity to fund loan purchases—critical for maintaining origination volume amid shifting interest rate environments and secondary market dynamics. The May 2029 maturity, coupled with structured extension options (requiring majority buyer consent and clean covenant compliance), balances flexibility with disciplined renewal oversight—reducing refinancing risk without granting automatic rollovers. The introduction of a 0.20% Non-Usage Fee incentivizes efficient capital deployment and signals lenders’ expectation of active utilization, while the 1.90% Applicable Margin reflects current SOFR-based pricing terms. Importantly, the explicit non-guarantee clause isolates this obligation at the subsidiary level, preserving D.R. Horton, Inc.’s consolidated credit profile and avoiding cross-default contagion to its core homebuilding operations. Given DHI Mortgage’s integral function in enabling buyer financing—and thus home sale velocity—this enhanced facility supports revenue continuity, margin stability in the mortgage segment, and overall balance sheet resilience. No financial covenants were disclosed in full, but the amendment confirms modifications were made, implying ongoing lender scrutiny of DHI Mortgage’s operational and credit performance.