This is a routine warehouse facility amendment for DHI Mortgage, providing continued mortgage origination funding. No direct read-through for D.R. Horton equity. Monitor upcoming quarterly filings for mortgage segment performance and any changes in repurchase facility utilization.
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Executive Summary
D.R. Horton's wholly-owned mortgage subsidiary, DHI Mortgage, amended its master repurchase facility, increasing the maximum aggregate commitment to $1.925 billion and extending the maturity to May 4, 2029. The amendment also added two new lenders (Customers Bank and The Bank of Nova Scotia) and modified pricing and financial covenants. This is a routine refinancing and capacity expansion for the mortgage warehouse line, with no material financial impact on D.R. Horton itself as the parent does not guarantee the facility.
Key Financial Metrics
Key Facts
- Maximum Aggregate Commitment increased to $1.925 billion.
- Maturity extended to May 4, 2029, with up to three additional one-year extension options (max 6th anniversary of May 6, 2026).
- Two new lenders joined: Customers Bank and The Bank of Nova Scotia, Houston Branch.
- Applicable Margin set at 1.90%.
- Non-Usage Fee set at 0.20% per annum.
- Consolidated Tangible Net Worth covenant set at minimum $200 million.
- Consolidated Tangible Net Worth Ratio covenant set at maximum 8.0 to 1.0.
- Obligations under the facility are NOT guaranteed by D.R. Horton, Inc. or its homebuilding/rental/Forestar subsidiaries.
Financial Impact
The amendment increases the repurchase facility capacity by an undisclosed amount to $1.925 billion and extends the maturity by approximately 3 years. No parent guarantee means no direct balance sheet impact on D.R. Horton.
Risk Factors
- Interest rate environment could impact mortgage origination volumes and facility usage.
- Housing market downturn could strain DHI Mortgage's ability to meet financial covenants.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000882184-26-000087 |
| Document: dhi-20260506.htm | 0000882184-26-000087 |
| Document: 0000882184-26-000087-index-headers.html | 0000882184-26-000087 |
| Document: 0000882184-26-000087-index.html | 0000882184-26-000087 |
| Document: 0000882184-26-000087.txt | 0000882184-26-000087 |
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Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 21, 2026 10w ago | 8-K | $143.52 $145.68 | ▼ −1.50% | ▲ +1.06% | $135.58 (+5.53%) |
May 12, 2026 20w ago | 8-K | $143.25 $146.71 | ▲ +2.42% | ▲ +4.14% | $135.58 (−5.35%) |
Apr 21, 2026 23w ago | 8-K | $161.87 $137.49 | ▲ +15.06% | ▲ +19.97% | $135.58 (+16.24%) |
Apr 20, 2026 23w ago | Court Ruling | $153.16 $137.39 | ▼ −10.30% | ▼ −14.50% | $135.58 (−11.48%) |
Feb 28, 2026 30w ago | Institutional Cluster | $154.26 $132.53 | ▼ −14.08% | ▼ −6.15% | $135.58 (−12.11%) |
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