Summary
D.R. Horton, Inc. (DHI) announced through its wholly-owned subsidiary, DHI Mortgage Company, Ltd., the execution of the Fourth Amendment to its Master Repurchase Agreement (the "Amended Repurchase Facility") with U.S. Bank National Association as Administrative Agent and other Buyers. This amendment, effective May 8, 2025, primarily extends the facility's term and adjusts its commitment structure, ensuring continued financing and liquidity for DHI Mortgage's operations. The facility allows DHI Mortgage to transfer eligible loans to buyers in exchange for funds, supporting its purchase transactions. The Amended Repurchase Facility has a maximum aggregate commitment of $1.4 billion, with an accordion feature allowing it to increase up to $2.0 billion under certain conditions, such as obtaining additional commitments from existing or new buyers. Notably, amounts outstanding under this facility are not guaranteed by the parent company, D.R. Horton, Inc., or its other subsidiaries involved in homebuilding, rental, or Forestar operations. The extended term runs until May 6, 2026, or earlier termination events, providing a stable financing runway for the subsidiary.
Key Highlights
- 1DHI Mortgage Company, Ltd. entered into a Fourth Amendment to its Master Repurchase Agreement, extending financing availability.
- 2The Amended Repurchase Facility has a base commitment of $1.4 billion, with an accordion feature to increase up to $2.0 billion.
- 3The facility's term has been extended to May 6, 2026, or earlier termination events.
- 4This agreement provides DHI Mortgage with liquidity by facilitating the transfer of eligible loans for funds.
- 5Obligations under the Amended Repurchase Facility are not guaranteed by the parent company, D.R. Horton, Inc., or its other major subsidiaries.
- 6The amendment ensures continued operational support for DHI Mortgage's purchase transactions.