Consolidating Balance Sheet

December 31, 2018



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	458.8	$	32.8	$	245.4	$	—		$	737.0
Restricted cash	6.8		1.9		22.6		—			31.3
Investment in subsidiaries	6,540.2		—		—		(6,540.2		)	—
Inventories	4,368.0		6,516.3		729.3		(18.0		)	11,595.6
Mortgage loans held for sale	—		—		622.2		—			622.2
Deferred income taxes, net	64.2		98.3		17.1		1.8			181.4
Property and equipment, net	112.6		82.2		203.2		(6.9		)	391.1
Other assets	322.7		390.7		168.3		(62.9		)	818.8
Goodwill	—		129.2		29.2		—			158.4
Intercompany receivables	676.1		—		—		(676.1		)	—
Total Assets	$	12,549.4	$	7,251.4	$	2,037.3	$	(7,302.3	)	$	14,535.8
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	663.5	$	1,057.8	$	245.5	$	(71.5	)	$	1,895.3
Intercompany payables	—		391.2		284.9		(676.1		)	—
Notes payable	2,747.6		1.1		593.6		—			3,342.3
Total Liabilities	3,411.1		1,450.1		1,124.0		(747.6		)	5,237.6
Stockholders’ equity	9,138.3		5,801.3		738.9		(6,553.8		)	9,124.7
Noncontrolling interests	—		—		174.4		(0.9		)	173.5
Total Equity	9,138.3		5,801.3		913.3		(6,554.7		)	9,298.2
Total Liabilities & Equity	$	12,549.4	$	7,251.4	$	2,037.3	$	(7,302.3	)	$	14,535.8

NOTE N – 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 N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Three Months Ended December 31, 2018



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	1,335.7		$	2,081.7		$	130.6		$	(29.0	)	$	3,519.0
Cost of sales	1,057.2			1,681.4			38.0			(25.5		)	2,751.1
Selling, general and administrative expense	157.9			165.9			79.0			—			402.8
Gain on sale of assets	(2.0		)	—			—			—			(2.0		)
Other (income) expense	(0.8		)	(0.4		)	(7.4		)	—			(8.6		)
Income before income taxes	123.4			234.8			21.0			(3.5		)	375.7
Income tax expense	29.2			55.8			4.8			(0.8		)	89.0
Equity in net income of subsidiaries, net of tax	195.9			—			—			(195.9		)	—
Net income	290.1			179.0			16.2			(198.6		)	286.7
Net loss attributable to noncontrolling interests	—			—			(0.7		)	0.2			(0.5		)
Net income attributable to D.R. Horton, Inc.	$	290.1		$	179.0		$	16.9		$	(198.8	)	$	287.2

NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Three Months Ended December 31, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	1,163.8		$	2,052.4	$	116.5		$	—		$	3,332.7
Cost of sales	915.4			1,640.0		24.7			—			2,580.1
Selling, general and administrative expense	152.2			151.5		80.5			—			384.2
Gain on sale of assets	—			—		(13.4		)	—			(13.4		)
Other (income) expense	(0.4		)	—		(9.0		)	—			(9.4		)
Income before income taxes	96.6			260.9		33.7			—			391.2
Income tax expense	51.1			137.9		13.4			—			202.4
Equity in net income of subsidiaries, net of tax	143.3			—		—			(143.3		)	—
Net income	188.8			123.0		20.3			(143.3		)	188.8
Net loss attributable to noncontrolling interests	—			—		(0.5		)	—			(0.5		)
Net income attributable to D.R. Horton, Inc.	$	188.8		$	123.0	$	20.8		$	(143.3	)	$	189.3

NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Three Months Ended December 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	$	(137.6	)	$	(244.2	)	$	33.7		$	(25.0	)	$	(373.1	)
INVESTING ACTIVITIES
Expenditures for property and equipment	(10.2		)	(6.4		)	(3.6		)	—			(20.2		)
Proceeds from sale of assets	10.4			—			—			—			10.4
Expenditures related to multi-family rental properties	—			—			(11.4		)	—			(11.4		)
Return of investment in unconsolidated entities	—			—			4.4			—			4.4
Net principal increase of other mortgage loans and real estate owned	—			—			(0.6		)	—			(0.6		)
Intercompany advances	(129.9		)	—			—			129.9			—
Payments related to business acquisitions	(293.0		)	—			—			—			(293.0		)
Net cash used in investing activities	(422.7		)	(6.4		)	(11.2		)	129.9			(310.4		)
FINANCING ACTIVITIES
Proceeds from notes payable	578.3			—			—			—			578.3
Repayment of notes payable	(275.0		)	(1.1		)	—			—			(276.1		)
Payments on mortgage repurchase facility, net	—			—			(163.8		)	—			(163.8		)
Intercompany advances	—			125.7			4.2			(129.9		)	—
Proceeds from stock associated with certain employee benefit plans	8.6			—			—			—			8.6
Cash paid for shares withheld for taxes	(4.1		)	—			—			—			(4.1		)
Cash dividends paid	(56.0		)	—			(25.0		)	25.0			(56.0		)
Repurchases of common stock	(140.6		)	—			—			—			(140.6		)
Distributions to noncontrolling interests, net	—			—			(0.5		)	—			(0.5		)
Net cash provided by (used in) financing activities	111.2			124.6			(185.1		)	(104.9		)	(54.2		)
Decrease in cash, cash equivalents and restricted cash	(449.1		)	(126.0		)	(162.6		)	—			(737.7		)
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	$	465.6		$	34.7		$	268.0		$	—		$	768.3

NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Three Months Ended December 31, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(3.0	)	$	(61.6	)	$	21.6		$	(32.0	)	$	(75.0	)
INVESTING ACTIVITIES
Expenditures for property and equipment	(15.1		)	(7.8		)	(2.4		)	—			(25.3		)
Proceeds from sale of assets	—			—			24.8			—			24.8
Expenditures related to multi-family rental properties	—			—			(19.1		)	—			(19.1		)
Return of investment in unconsolidated entities	—			—			14.9			—			14.9
Net principal decrease of other mortgage loans and real estate owned	—			—			0.1			—			0.1
Intercompany advances	2.7			—			—			(2.7		)	—
Payments related to business acquisitions, net of cash acquired	(558.3		)	—			401.9			—			(156.4		)
Net cash (used in) provided by investing activities	(570.7		)	(7.8		)	420.2			(2.7		)	(161.0		)
FINANCING ACTIVITIES
Proceeds from notes payable	1,112.8			—			1.1			—			1,113.9
Repayment of notes payable	(815.2		)	(0.6		)	(10.0		)	—			(825.8		)
Payments on mortgage repurchase facility, net	—			—			(32.6		)	—			(32.6		)
Intercompany advances	—			(4.5		)	1.8			2.7			—
Proceeds from stock associated with certain employee benefit plans	14.6			—			—			—			14.6
Cash paid for shares withheld for taxes	(10.3		)	—			—			—			(10.3		)
Cash dividends paid	(47.0		)	—			(32.0		)	32.0			(47.0		)
Repurchases of common stock	(25.4		)	—			—			—			(25.4		)
Distributions to noncontrolling interests, net	—			—			(1.7		)	—			(1.7		)
Net cash provided by (used in) financing activities	229.5			(5.1		)	(73.4		)	34.7			185.7
(Decrease) increase in cash, cash equivalents and restricted cash	(344.2		)	(74.5		)	368.4			—			(50.3		)
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	$	444.5		$	81.5		$	448.0		$	—		$	974.0