D.R. Horton (DHI): what its 10-K says it depends on

Customers

Fannie Mae, Freddie Mac and Ginnie Mae

earns from · approximately 71% of our mortgage loansnamed as a risk

During fiscal 2025, approximately 71% of our mortgage loans were sold directly to Fannie Mae, Freddie Mac or into securities backed by Ginnie Mae, and 27% were sold to one other major financial entity.Risk factors (Item 1A)

Unnamed major mortgage loan purchaser

earns from · 27%named as a risk

During fiscal 2025, approximately 71% of our mortgage loans were sold directly to Fannie Mae, Freddie Mac or into securities backed by Ginnie Mae, and 27% were sold to one other major financial entity.Risk factors (Item 1A)

Suppliers

Forestar Group Inc.

depends on · 83%

For the year ended September 30, 2025, Forestar sold 14,240 lots, of which 83% were sold to D.R. Horton.Business (Item 1)

Partners and platforms

DHI Mortgage committed mortgage repurchase facility

depends on · $1.4 billionnamed as a risk

Our mortgage subsidiary, DHI Mortgage, utilizes a $1.4 billion committed mortgage repurchase facility to finance the majority of the loans it originates.Risk factors (Item 1A)

Homebuilding revolving credit facility

depends on · $2.305 billionnamed as a risk

Our homebuilding operations utilize a $2.305 billion senior unsecured revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to $3.0 billion, subject to certain conditions and availability of additional bank commitments.Risk factors (Item 1A)

Other companies

Mortgage-backed securities (MBS) forward sales hedging

exposed to its price · notional amount of $4.2 billionnamed as a risk

At September 30, 2025, hedging instruments used to mitigate interest rate risk related to uncommitted mortgage loans held for sale and uncommitted IRLCs totaled a notional amount of $4.2 billion.Market risk (Item 7A)

DHI Mortgage

81% of the homes closed

During fiscal 2025, DHI Mortgage provided mortgage financing services for 81% of the homes closed by our homebuilding operations, and those loans accounted for substantially all of DHI Mortgage’s total loan volume.Business (Item 1)

Places

Florida

concentrated innamed as a risk

The climates and geology of many of the states in which we operate, including California, Florida, Texas and other coastal areas where we have some of our larger operations, present increased risks of adverse weather or natural disasters, such as wildfires and hurricanes.Risk factors (Item 1A)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

Texas

concentrated innamed as a risk

The climates and geology of many of the states in which we operate, including California, Florida, Texas and other coastal areas where we have some of our larger operations, present increased risks of adverse weather or natural disasters, such as wildfires and hurricanes.Risk factors (Item 1A)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

California

concentrated innamed as a risk

The climates and geology of many of the states in which we operate, including California, Florida, Texas and other coastal areas where we have some of our larger operations, present increased risks of adverse weather or natural disasters, such as wildfires and hurricanes.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Western United States

operates innamed as a risk

This is a particular concern in the western United States, where some of the most extensive and stringent environmental laws and residential building construction standards in the country have been enacted, and where we have business operations.Risk factors (Item 1A)

Also named by LEN, RRGB, TOL, TRIN, TSLX

Hazards

Hurricanes

concentrated innamed as a risk

The climates and geology of many of the states in which we operate, including California, Florida, Texas and other coastal areas where we have some of our larger operations, present increased risks of adverse weather or natural disasters, such as wildfires and hurricanes.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Wildfires

concentrated innamed as a risk

The climates and geology of many of the states in which we operate, including California, Florida, Texas and other coastal areas where we have some of our larger operations, present increased risks of adverse weather or natural disasters, such as wildfires and hurricanes.Risk factors (Item 1A)

Also named by AAON, AMRC, AZO, BRK/B, CCI, CDNS, CINF, CNP and 17 more

Commodities and inputs

Surety bonds

depends on · $3.5 billion of outstanding surety bondsnamed as a risk

At September 30, 2025, we had $3.5 billion of outstanding surety bonds.Risk factors (Item 1A)

Also named by ARLP, ECG, EME, FIX, LEN, PRIM, PWR, WCN

Lumber

exposed to its pricenamed as a risk

significant increases in the cost of materials, particularly increases in the price of lumber, drywall and cement, which are significant components of home construction costs.Risk factors (Item 1A)

Also named by BLDR, GHC, HD, HHH, KIM, LEN, LOW, MGRC and 11 more

Cement

exposed to its pricenamed as a risk

significant increases in the cost of materials, particularly increases in the price of lumber, drywall and cement, which are significant components of home construction costs.Risk factors (Item 1A)

Also named by GVA, MLM, NWPX, VMC

Drywall

exposed to its pricenamed as a risk

significant increases in the cost of materials, particularly increases in the price of lumber, drywall and cement, which are significant components of home construction costs.Risk factors (Item 1A)

Regulators

Consumer Financial Protection Bureau

subject tonamed as a risk

Our financial services operations are subject to extensive state and federal laws and regulations, which are administered by numerous agencies, including but not limited to the Consumer Financial Protection Bureau, Federal Housing Finance Agency, U.S. Department of Housing and Urban Development, FHA, VA, USDA, Fannie Mae, Freddie Mac and Ginnie Mae.Risk factors (Item 1A)

Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more

Federal Housing Finance Agency

subject tonamed as a risk

Our financial services operations are subject to extensive state and federal laws and regulations, which are administered by numerous agencies, including but not limited to the Consumer Financial Protection Bureau, Federal Housing Finance Agency, U.S. Department of Housing and Urban Development, FHA, VA, USDA, Fannie Mae, Freddie Mac and Ginnie Mae.Risk factors (Item 1A)

Also named by ABR, AGNC, DX, ELS, FICO, NLY, RITM, RKT and 1 more

U.S. Department of Housing and Urban Development

subject tonamed as a risk

Our financial services operations are subject to extensive state and federal laws and regulations, which are administered by numerous agencies, including but not limited to the Consumer Financial Protection Bureau, Federal Housing Finance Agency, U.S. Department of Housing and Urban Development, FHA, VA, USDA, Fannie Mae, Freddie Mac and Ginnie Mae.Risk factors (Item 1A)

Also named by ABR, BLDR, ENSG, NLY, PATK, STWD

Laws and programs

California Privacy Rights Act

subject tonamed as a risk

The European Union and other international regulators, as well as state governments, have enacted or enhanced privacy, data protection, and artificial intelligence regulations, such as the California Privacy Rights Act and the Colorado Privacy Act, and other governments are considering establishing similar or stronger protections.Risk factors (Item 1A)

Also named by AXON, CDW, CSCO, DPZ, NFLX, SFM

Federal Housing Administration (FHA)

depends onnamed as a risk

The FHA insures mortgage loans that generally have lower credit requirements and is an important source for financing the sale of our homes.Risk factors (Item 1A)

Also named by ABR, NVR, PHM, RITM

U.S. Department of Veterans Affairs (VA) and USDA financing programs

depends onnamed as a risk

Some of our customers may qualify for 100% financing through programs offered by the VA and the USDA and certain other housing finance agencies.Risk factors (Item 1A)

U.S. tariffs on imported steel, aluminum and lumber

subject tonamed as a risk

In addition, newly imposed or increased tariffs, duties and/or trade restrictions, such as those imposed by the current administration, on imported materials and goods that are used in connection with the construction and delivery of our homes, including steel, aluminum and lumber, may raise our costs for these items or for the products made with them.Risk factors (Item 1A)

California climate-related disclosure legislation

subject tonamed as a risk

Similarly, the State of California has enacted its own legislation requiring extensive climate-related disclosures for companies deemed to be doing business in California, and other states are considering similar laws.Risk factors (Item 1A)

Tax Cuts and Jobs Act of 2017

subject tonamed as a risk

The Tax Cuts and Jobs Act of 2017 established new limits on these federal tax deductions.Risk factors (Item 1A)