Consolidating Balance Sheet

March 31, 2019



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	405.4	$	104.3	$	189.1	$	—		$	698.8
Restricted cash	7.6		1.8		23.0		—			32.4
Investment in subsidiaries	6,739.8		—		—		(6,739.8		)	—
Inventories	4,458.3		6,527.4		955.2		(20.6		)	11,920.3
Mortgage loans held for sale	—		—		796.5		—			796.5
Deferred income taxes, net	52.1		92.3		24.6		2.9			171.9
Property and equipment, net	112.2		76.8		253.3		(4.4		)	437.9
Other assets	328.7		402.5		129.6		(75.1		)	785.7
Goodwill	—		134.3		29.2		—			163.5
Intercompany receivables	596.9		—		—		(596.9		)	—
Total Assets	$	12,701.0	$	7,339.4	$	2,400.5	$	(7,433.9	)	$	15,007.0
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	625.2	$	1,034.1	$	272.1	$	(80.8	)	$	1,850.6
Intercompany payables	—		298.9		298.0		(596.9		)	—
Notes payable	2,697.8		1.9		922.7		—			3,622.4
Total Liabilities	3,323.0		1,334.9		1,492.8		(677.7		)	5,473.0
Stockholders’ equity	9,378.0		6,004.5		735.7		(6,757.9		)	9,360.3
Noncontrolling interests	—		—		172.0		1.7			173.7
Total Equity	9,378.0		6,004.5		907.7		(6,756.2		)	9,534.0
Total Liabilities & Equity	$	12,701.0	$	7,339.4	$	2,400.5	$	(7,433.9	)	$	15,007.0

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Balance Sheet

September 30, 2018



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	908.1	$	158.7	$	406.3	$	—		$	1,473.1
Restricted cash	6.6		2.0		24.3		—			32.9
Investment in subsidiaries	6,344.9		—		—		(6,344.9		)	—
Inventories	4,037.1		5,824.1		545.0		(11.2		)	10,395.0
Mortgage loans held for sale	—		—		796.4		—			796.4
Deferred income taxes, net	69.2		105.0		17.3		2.5			194.0
Property and equipment, net	111.2		66.1		230.7		(6.9		)	401.1
Other assets	306.6		361.3		90.2		(45.2		)	712.9
Goodwill	—		80.0		29.2		—			109.2
Intercompany receivables	246.2		27.3		—		(273.5		)	—
Total Assets	$	12,029.9	$	6,624.5	$	2,139.4	$	(6,679.2	)	$	14,114.6
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	590.8	$	1,000.4	$	210.1	$	(49.1	)	$	1,752.2
Intercompany payables	—		—		273.5		(273.5		)	—
Notes payable	2,443.9		2.1		757.5		—			3,203.5
Total Liabilities	3,034.7		1,002.5		1,241.1		(322.6		)	4,955.7
Stockholders’ equity	8,995.2		5,622.0		722.8		(6,355.6		)	8,984.4
Noncontrolling interests	—		—		175.5		(1.0		)	174.5
Total Equity	8,995.2		5,622.0		898.3		(6,356.6		)	9,158.9
Total Liabilities & Equity	$	12,029.9	$	6,624.5	$	2,139.4	$	(6,679.2	)	$	14,114.6

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Three Months Ended March 31, 2019



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	1,575.2		$	2,419.7		$	173.5		$	(39.7	)	$	4,128.7
Cost of sales	1,249.8			1,989.5			52.4			(35.0		)	3,256.7
Selling, general and administrative expense	193.3			164.9			86.0			—			444.2
Gain on sale of assets	—			—			(26.8		)	(2.5		)	(29.3		)
Other (income) expense	(1.1		)	(0.4		)	(4.2		)	—			(5.7		)
Income before income taxes	133.2			265.7			66.1			(2.2		)	462.8
Income tax expense	31.4			62.3			15.2			(0.5		)	108.4
Equity in net income of subsidiaries, net of tax	253.5			—			—			(253.5		)	—
Net income	355.3			203.4			50.9			(255.2		)	354.4
Net income attributable to noncontrolling interests	—			—			0.6			2.5			3.1
Net income attributable to D.R. Horton, Inc.	$	355.3		$	203.4		$	50.3		$	(257.7	)	$	351.3

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Six Months Ended March 31, 2019



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	2,910.9		$	4,501.4		$	304.1		$	(68.7	)	$	7,647.7
Cost of sales	2,307.0			3,670.9			90.4			(60.5		)	6,007.8
Selling, general and administrative expense	351.2			330.8			165.0			—			847.0
Gain on sale of assets	(2.0		)	—			(26.8		)	(2.5		)	(31.3		)
Other (income) expense	(2.0		)	(0.8		)	(11.5		)	—			(14.3		)
Income before income taxes	256.7			500.5			87.0			(5.7		)	838.5
Income tax expense	60.6			118.1			20.0			(1.3		)	197.4
Equity in net income of subsidiaries, net of tax	449.4			—			—			(449.4		)	—
Net income	645.5			382.4			67.0			(453.8		)	641.1
Net income attributable to noncontrolling interests	—			—			—			2.7			2.7
Net income attributable to D.R. Horton, Inc.	$	645.5		$	382.4		$	67.0		$	(456.5	)	$	638.4

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Three Months Ended March 31, 2018



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	1,288.0		$	2,402.7		$	117.5		$	(13.5	)	$	3,794.7
Cost of sales	1,026.2			1,926.9			19.4			(10.9		)	2,961.6
Selling, general and administrative expense	156.9			164.8			79.2			—			400.9
Gain on sale of assets	—			—			(1.1		)	—			(1.1		)
Other (income) expense	(1.7		)	(0.7		)	(9.1		)	—			(11.5		)
Income before income taxes	106.6			311.7			29.1			(2.6		)	444.8
Income tax expense	20.7			67.4			5.9			—			94.0
Equity in net income of subsidiaries, net of tax	267.5			—			—			(267.5		)	—
Net income	353.4			244.3			23.2			(270.1		)	350.8
Net loss attributable to noncontrolling interests	—			—			(0.2		)	—			(0.2		)
Net income attributable to D.R. Horton, Inc.	$	353.4		$	244.3		$	23.4		$	(270.1	)	$	351.0

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Six Months Ended March 31, 2018



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	2,451.9		$	4,455.1		$	234.1		$	(13.5	)	$	7,127.6
Cost of sales	1,941.6			3,567.0			44.1			(10.9		)	5,541.8
Selling, general and administrative expense	309.1			316.4			159.6			—			785.1
Gain on sale of assets	—			—			(14.5		)	—			(14.5		)
Other (income) expense	(2.1		)	(0.7		)	(18.1		)	—			(20.9		)
Income before income taxes	203.3			572.4			63.0			(2.6		)	836.1
Income tax expense	71.8			205.3			19.3			—			296.4
Equity in net income of subsidiaries, net of tax	410.8			—			—			(410.8		)	—
Net income	$	542.3		$	367.1		$	43.7		$	(413.4	)	$	539.7
Net loss attributable to noncontrolling interests	—			—			(0.6		)	—			(0.6		)
Net income attributable to D.R. Horton, Inc.	$	542.3		$	367.1		$	44.3		$	(413.4	)	$	540.3

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Six Months Ended March 31, 2019



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash used in operating activities	$	(76.5	)	$	(61.5	)	$	(245.0	)	$	(78.7	)	$	(461.7	)
INVESTING ACTIVITIES
Expenditures for property and equipment	(16.7		)	(16.9		)	(36.2		)	—			(69.8		)
Proceeds from sale of assets	10.4			—			73.4			—			83.8
Expenditures related to multi-family rental properties	—			—			(28.3		)	—			(28.3		)
Return of investment in unconsolidated entities	—			—			4.4			—			4.4
Net principal increase of other mortgage loans and real estate owned	—			—			(1.6		)	—			(1.6		)
Intercompany advances	(42.4		)	—			—			42.4			—
Payments related to business acquisitions	(301.3		)	—			(8.3		)	—			(309.6		)
Net cash (used in) provided by investing activities	(350.0		)	(16.9		)	3.4			42.4			(321.1		)
FINANCING ACTIVITIES
Proceeds from notes payable	1,775.0			—			40.0			—			1,815.0
Repayment of notes payable	(1,524.9		)	(1.1		)	(5.0		)	—			(1,531.0		)
Advances on mortgage repurchase facility, net	—			—			53.0			—			53.0
Intercompany advances	—			24.9			17.5			(42.4		)	—
Proceeds from stock associated with certain employee benefit plans	22.3			—			—			—			22.3
Cash paid for shares withheld for taxes	(19.5		)	—			—			—			(19.5		)
Cash dividends paid	(111.9		)	—			(78.7		)	78.7			(111.9		)
Repurchases of common stock	(216.2		)	—			—			—			(216.2		)
Distributions to noncontrolling interests, net	—			—			(3.7		)	—			(3.7		)
Net cash (used in) provided by financing activities	(75.2		)	23.8			23.1			36.3			8.0
Decrease in cash, cash equivalents and restricted cash	(501.7		)	(54.6		)	(218.5		)	—			(774.8		)
Cash, cash equivalents and restricted cash at beginning of period	914.7			160.7			430.6			—			1,506.0
Cash, cash equivalents and restricted cash at end of period	$	413.0		$	106.1		$	212.1		$	—		$	731.2

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Six Months Ended March 31, 2018



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(147.3	)	$	269.9		$	(184.4	)	$	(37.0	)	$	(98.8	)
INVESTING ACTIVITIES
Expenditures for property and equipment	(21.4		)	(15.0		)	(3.1		)	—			(39.5		)
Proceeds from sale of assets	—			—			253.4			—			253.4
Expenditures related to multi-family rental properties	—			—			(44.5		)	5.0			(39.5		)
Return of investment in unconsolidated entities	—			—			15.1			—			15.1
Intercompany advances	266.3			—			—			(266.3		)	—
Payments related to business acquisitions, net of cash acquired	(560.0		)	—			401.9			—			(158.1		)
Net cash (used in) provided by investing activities	(315.1		)	(15.0		)	622.8			(261.3		)	31.4
FINANCING ACTIVITIES
Proceeds from notes payable	1,912.3			—			1.3			—			1,913.6
Repayment of notes payable	(1,740.2		)	(2.3		)	(10.0		)	—			(1,752.5		)
Advances on mortgage repurchase facility, net	—			—			69.8			—			69.8
Intercompany advances	—			(291.0		)	24.7			266.3			—
Proceeds from stock associated with certain employee benefit plans	32.7			—			—			—			32.7
Cash paid for shares withheld for taxes	(10.3		)	—			—			—			(10.3		)
Cash dividends paid	(94.1		)	—			(32.0		)	32.0			(94.1		)
Repurchases of common stock	(47.9		)	—			—			—			(47.9		)
Distributions to noncontrolling interests, net	—			—			(2.0		)	—			(2.0		)
Net cash provided by (used in) financing activities	52.5			(293.3		)	51.8			298.3			109.3
(Decrease) increase in cash, cash equivalents and restricted cash	(409.9		)	(38.4		)	490.2			—			41.9
Cash, cash equivalents and restricted cash at beginning of period	788.7			156.0			79.6			—			1,024.3
Cash, cash equivalents and restricted cash at end of period	$	378.8		$	117.6		$	569.8		$	—		$	1,066.2