Exhibit 25.2
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
| ☐ | CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b) (2) |
Truist Bank
(Exact name of trustee as specified in its charter)
| North Carolina | 56-0149200 | |
(Jurisdiction of incorporation if not a U.S. national bank) | (I.R.S. Employer Identification Number) | |
223 West Nash Street Wilson, NC 27893 | 27893 | |
| (Address of principal executive offices) | (Zip Code) | |
Patrick Giordano
Vice President
223 West Nash Street
Wilson, NC 27893
(904) 463-6762
(Name, address and telephone number of agent for service)
D.R. HORTON, INC.
Co-obligors are listed on the following pages.
(Exact name of obligor as specified in its charter)
| Delaware | 75-2386963 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
1341 Horton Circle
Arlington, Texas 76011
(817) 390-8200
(Address, including zip code, and telephone number, including area code, of obligor’s principal executive offices)
Senior Subordinated Debt Securities and Related Guarantees
(Title of the indenture securities)
TABLE OF ADDITIONAL CO-OBLIGORS
The following direct and indirect subsidiaries of D.R. Horton, Inc. may guarantee the D.R. Horton Inc. senior subordinated debt securities. The address, including zip code, and telephone number, including area code, for each of the co-registrants is c/o D.R. Horton, Inc., 1341 Horton Circle, Arlington, Texas 76011, (817) 390-8200.
Name of Co-Obligor | Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification | ||
| C. Richard Dobson Builders, Inc. | Virginia | 54-1082672 | ||
| CH Investments of Texas, Inc. | Delaware | 86-0831611 | ||
| CHTEX of Texas, Inc. | Delaware | 74-2791268 | ||
| Continental Homes, Inc. | Delaware | 86-0515339 | ||
| Continental Homes of Texas, L.P. | Texas | 74-2791904 | ||
| Continental Residential, Inc. | California | 86-0596757 | ||
| D.R. Horton – CHAustin, LLC | Delaware | 47-4632353 | ||
| D.R. Horton – Colorado, LLC | Delaware | 47-4670290 | ||
| D.R. Horton – Corpus Christi, LLC | Delaware | 83-1226448 | ||
| D.R. Horton – Crown, LLC | Delaware | 46-1022394 | ||
| D.R. Horton – Emerald, Ltd. | Texas | 75-2926873 | ||
| D.R. Horton – Georgia, LLC | Delaware | 46-1040657 | ||
| D.R. Horton – Highland, LLC | Delaware | 47-4659972 | ||
| D.R. Horton – Houston, LLC | Delaware | 83-1336183 | ||
| D.R. Horton – Indiana, LLC | Delaware | 47-4681214 | ||
| D.R. Horton – Iowa, LLC | Delaware | 47-4670415 | ||
| D.R. Horton – Nebraska, LLC | Delaware | 83-1257652 | ||
| D.R. Horton – NW Arkansas, LLC | Delaware | 83-1275508 | ||
| D.R. Horton – Pensacola, LLC | Delaware | 83-1286376 | ||
| D.R. Horton – Permian, LLC | Delaware | 47-4645825 | ||
| D.R. Horton – Regent, LLC | Delaware | 46-1018273 | ||
| D.R. Horton – Springfield, LLC | Delaware | 83-1321463 | ||
| D.R. Horton – Terramor, LLC | Delaware | 47-4654463 | ||
| D.R. Horton – Texas, Ltd. | Texas | 75-2491320 | ||
| D.R. Horton – WPA, LLC | Delaware | 83-1352262 | ||
| D.R. Horton – WPH, LLC | Delaware | 46-1038842 | ||
| D.R. Horton – Wyoming, LLC | Delaware | 83-1246812 | ||
| D.R. Horton, Inc. – Birmingham | Alabama | 62-1666398 | ||
| D.R. Horton, Inc. – Chicago | Delaware | 75-2795240 | ||
| D.R. Horton, Inc. – Dietz-Crane | Delaware | 75-2926868 | ||
| D.R. Horton, Inc. – Greensboro | Delaware | 75-2599897 | ||
| D.R. Horton, Inc. – Gulf Coast | Delaware | 75-2926872 | ||
| D.R. Horton, Inc. – Huntsville | Delaware | 20-4973832 | ||
| D.R. Horton, Inc. – Jacksonville | Delaware | 75-2460269 | ||
| D.R. Horton, Inc. – Louisville | Delaware | 75-2636512 | ||
| D.R. Horton, Inc. – Midwest | California | 75-2589359 | ||
| D.R. Horton, Inc. – Minnesota | Delaware | 75-2527442 | ||
| D.R. Horton, Inc. – New Jersey | Delaware | 75-2665362 | ||
| D.R. Horton, Inc. – Portland | Delaware | 75-2763765 | ||
| D.R. Horton, Inc. – Torrey | Delaware | 75-2689997 | ||
| D.R. Horton BAY, Inc. | Delaware | 65-1218940 | ||
| D.R. Horton CA2, Inc. | California | 75-2569592 | ||
| D.R. Horton CA3, Inc. | Delaware | 75-2926871 | ||
| D.R. Horton CA4, LLC | Delaware | 47-4619674 |
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Name of Co-Obligor | Jurisdiction of | I.R.S. | ||
| D.R. Horton CA5, Inc. | Delaware | 20-4974035 | ||
| D.R. Horton Cruces Construction, Inc. | Delaware | 65-1218942 | ||
| D.R. Horton Hawaii LLC | Delaware | 02-0548194 | ||
| D.R. Horton LA North, Inc. | Delaware | 65-1218941 | ||
| D.R. Horton Los Angeles Holding Company, Inc. | California | 75-2589298 | ||
| D.R. Horton Management Company, Ltd. | Texas | 75-2436079 | ||
| D.R. Horton Materials, Inc. | Delaware | 75-2926870 | ||
| D.R. Horton Serenity Construction, LLC | Delaware | 75-2926876 | ||
| D.R. Horton VEN, Inc. | California | 75-2589293 | ||
| DRH – HWY 114, LLC | Delaware | 83-1219778 | ||
| DRH Cambridge Homes, LLC | Delaware | 75-2797879 | ||
| DRH Construction, Inc. | Delaware | 75-2633738 | ||
| DRH Phoenix East Construction, Inc. | Arizona | 86-0533370 | ||
| DRH Regrem VII, LP | Texas | 75-2926874 | ||
| DRH Regrem XII, LP | Texas | 65-1218943 | ||
| DRH Regrem XV, Inc. | Delaware | 20-4974123 | ||
| DRH Regrem XVI, Inc. | Delaware | 20-4974218 | ||
| DRH Regrem XVII, Inc. | Delaware | 20-4974283 | ||
| DRH Regrem XVIII, Inc. | Delaware | 20-4974344 | ||
| DRH Regrem XIX, Inc. | Delaware | 20-4974420 | ||
| DRH Regrem XX, Inc. | Delaware | 20-4974895 | ||
| DRH Regrem XXI, Inc. | Delaware | 20-4975007 | ||
| DRH Regrem XXII, Inc. | Delaware | 20-4975092 | ||
| DRH Regrem XXIII, Inc. | Delaware | 20-4975165 | ||
| DRH Regrem XXIV, Inc. | Delaware | 20-4975234 | ||
| DRH Regrem XXV, Inc. | Delaware | 75-2440439 | ||
| DRH Regrem LI, LLC | Delaware | 83-1368494 | ||
| DRH Regrem LII, LLC | Delaware | 83-1383774 | ||
| DRH Regrem LIII, LLC | Delaware | 83-1401560 | ||
| DRH Regrem LIV, LLC | Delaware | 83-1421468 | ||
| DRH Regrem LV, LLC | Delaware | 83-1433653 | ||
| DRH Regrem LVI, LLC | Delaware | 87-1699563 | ||
| DRH Regrem LVII, LLC | Delaware | 87-1700384 | ||
| DRH Regrem LVIII, LLC | Delaware | 87-1710999 | ||
| DRH Regrem LIX, LLC | Delaware | 87-1711418 | ||
| DRH Regrem LX, LLC | Delaware | 87-1731583 | ||
| DRH Regrem LXI, LLC | Delaware | 87-1732212 | ||
| DRH Regrem LXII, LLC | Delaware | 87-1757426 | ||
| DRH Regrem LXIII, LLC | Delaware | 87-1758028 | ||
| DRH Regrem LXIV, LLC | Delaware | 87-1779564 | ||
| DRH Regrem LXV, LLC | Delaware | 87-1779977 | ||
| DRH Southwest Construction, Inc. | California | 75-2589289 | ||
| DRH Tucson Construction, Inc. | Delaware | 75-2709796 | ||
| HPH Homebuilders 2000 L.P. | California | 68-0368156 | ||
| KDB Homes, Inc. | Delaware | 86-0565376 | ||
| Lexington Homes - DRH, LLC | Delaware | 47-4659801 | ||
| Meadows I, Ltd. | Delaware | 75-2436082 | ||
| Meadows II, Ltd. | Delaware | 51-0342206 | ||
| Meadows VIII, Ltd. | Delaware | 75-2824511 | ||
| Meadows IX, Inc. | New Jersey | 75-2684821 |
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Name of Co-Obligor | Jurisdiction of | I.R.S. | ||
| Meadows X, Inc. | New Jersey | 75-2684823 | ||
| Melody Homes, Inc. | Delaware | 88-0309544 | ||
| Pacific Ridge – DRH, LLC | Delaware | 46-1030683 | ||
| Pensacola Land Company, LLC | Delaware | 83-1310784 | ||
| Schuler Homes of Arizona LLC | Delaware | 99-0350555 | ||
| Schuler Homes of California, Inc. | California | 99-0328127 | ||
| Schuler Homes of Oregon, Inc. | Oregon | 99-0330791 | ||
| Schuler Homes of Washington, Inc. | Washington | 99-0329483 | ||
| SGS Communities at Grande Quay L.L.C. | New Jersey | 22-3481784 | ||
| SHA Construction LLC | Delaware | 86-1002579 | ||
| SHLR of California, Inc. | California | 99-0350554 | ||
| SHLR of Nevada, Inc. | Nevada | 99-0343628 | ||
| SHLR of Washington, Inc. | Washington | 99-0334375 | ||
| SRHI LLC | Delaware | 99-0343629 | ||
| SSHI LLC | Delaware | 91-1842222 | ||
| Vertical Construction Corporation | Delaware | 22-3216488 | ||
| Walker Drive, LLC | Delaware | 47-4681366 | ||
| Western Pacific Housing-Antigua, LLC | Delaware | 95-4750872 | ||
| Western Pacific Housing-Broadway, LLC | Delaware | 95-4850687 | ||
| Western Pacific Housing-Canyon Park, LLC | Delaware | 95-4716219 | ||
| Western Pacific Housing-Carrillo, LLC | Delaware | 95-4815705 | ||
| Western Pacific Housing-Communications Hill, LLC | Delaware | 95-4637162 | ||
| Western Pacific Housing-Copper Canyon, LLC | Delaware | 95-4817406 | ||
| Western Pacific Housing-Creekside, LLC | Delaware | 95-4769848 | ||
| Western Pacific Housing-Lomas Verdes, LLC | Delaware | 95-4783214 | ||
| Western Pacific Housing-McGonigle Canyon, LLC | Delaware | 95-4735759 | ||
| Western Pacific Housing-Mountaingate, L.P. | California | 95-4539564 | ||
| Western Pacific Housing-Norco Estates, LLC | Delaware | 95-4686652 | ||
| Western Pacific Housing-Pacific Park II, LLC | Delaware | 95-4636584 | ||
| Western Pacific Housing-Park Avenue East, LLC | Delaware | 52-2350169 | ||
| Western Pacific Housing-Park Avenue West, LLC | Delaware | 95-4888647 | ||
| Western Pacific Housing-Playa Vista, LLC | Delaware | 95-4879655 | ||
| Western Pacific Housing-River Ridge, LLC | Delaware | 95-4870837 | ||
| Western Pacific Housing-Terra Bay Duets, LLC | Delaware | 95-4878114 | ||
| Western Pacific Housing-Torrey Meadows, LLC | Delaware | 95-4878113 | ||
| Western Pacific Housing-Torrey Village Center, LLC | Delaware | 95-4837541 | ||
| Western Pacific Housing-Windemere, LLC | Delaware | 95-4879656 | ||
| Western Pacific Housing, Inc. | Delaware | 95-4887164 | ||
| Western Pacific Housing Management, Inc. | California | 95-4692688 | ||
| WPH-Camino Ruiz, LLC | Delaware | 95-4802985 |
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| Item 1. | General Information. Furnish the following information as to the trustee: |
| (a) | Name and address of each examining or supervising authority to which it is subject. |
State of North Carolina – Commissioner of Banks
State of North Carolina
Raleigh, North Carolina
Federal Reserve Bank of Richmond
Post Office Box 27622
Richmond, VA 23261
Federal Deposit Insurance Corporation
Washington, D.C.
| (b) | Whether it is authorized to exercise corporate trust powers. |
Yes.
| Item 2. | Affiliations with Obligor. |
If the obligor is an affiliate of the trustee, describe each such affiliation.
Based upon an examination of the books and records of the trustee and upon information furnished by the obligors, none of the obligors are affiliates of the trustee.
| Items 3-15 | No responses are included for Items 3-15. Responses to those items are not required because, as provided in General Instruction B, the obligors are not in default on any securities issued under indentures under which Truist Bank is a trustee and Truist Bank is not a foreign trustee. |
| Item 16. | List of Exhibits. |
List below all exhibits filed as a part of this statement of eligibility; exhibits identified in parentheses are filed with the Commission and are incorporated herein by reference as exhibits hereto pursuant to Rule 7a-29 under the Trust Indenture Act of 1939, as amended, and Rule 24 of the Commission’s Rules of Practice.
| Exhibit 1. | A copy of the Articles of Incorporation for Truist Bank. (See Exhibit 1 to Form T-1 filed with Registration Statement No. 333-267664). | |||
| Exhibit 2. | The authority of Truist Bank to commence business was granted under the Articles of Incorporation for Truist Bank. (See Exhibit 2 to Form T-1 filed with Registration Statement No. 333-267664). | |||
| Exhibit 3. | The authorization to exercise corporate trust powers was granted by the State of North Carolina Commissioner of Banks in the Authority to Act as Fiduciary without Bond Certificate. (See Exhibit 3 to Form T-1 filed with Registration Statement No. 333-267664). | |||
| Exhibit 4. | A copy of the existing By-Laws of Truist Bank. (See Exhibit 4 to Form T-1 filed with Registration Statement No. 333-267664). | |||
| Exhibit 5. | Not applicable. | |||
| Exhibit 6. | The consent of Trustee as required by Section 321(b) of the Trust Indenture Act of 1939. (See Exhibit 4 to Form T-1 filed with Registration Statement No. 333-267664). | |||
| Exhibit 7. | The Current Report of the Condition of Trustee, published pursuant to law or the requirements of its supervising or examining authority, is attached as Exhibit 7. | |||
| Exhibit 8. | Not applicable. | |||
| Exhibit 9. | Not applicable. | |||
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939 the trustee, Truist Bank, a banking corporation organized and existing under the laws of the State of North Carolina, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Jacksonville and the State of Florida, on the 24th day of July, 2024.
| TRUIST BANK | ||
| By: | /s/ Patrick Giordano | |
| Name: | Patrick Giordano | |
| Title: | Vice President |
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Exhibit 7
CONSOLIDATED BALANCE SHEETS
TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES
(Dollars in millions, except per share data, shares in thousands) | Dec 31, 2023 | Dec 31, 2022 | ||||||
Assets | ||||||||
Cash and due from banks | $ | 5,072 | $ | 5,379 | ||||
Interest-bearing deposits with banks | 25,572 | 16,042 | ||||||
Securities borrowed or purchased under agreements to resell | 2,378 | 3,181 | ||||||
Trading assets at fair value | 4,332 | 4,905 | ||||||
AFS securities at fair value | 67,366 | 71,801 | ||||||
HTM securities (fair value of $44,630 and $47,791, respectively) | 54,107 | 57,713 | ||||||
LHFS (including $852 and $1,065 at fair value, respectively) | 1,280 | 1,444 | ||||||
Loans and leases (including $15 and $18 at fair value, respectively) | 312,061 | 325,991 | ||||||
ALLL | (4,798 | ) | (4,377 | ) | ||||
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Loans and leases, net of ALLL | 307,263 | 321,614 | ||||||
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Premises and equipment | 3,370 | 3,605 | ||||||
Goodwill | 20,901 | 27,013 | ||||||
CDI and other intangible assets | 3,160 | 3,672 | ||||||
Loan servicing rights at fair value | 3,378 | 3,758 | ||||||
Other assets (including $1,311 and $1,582 at fair value, respectively) | 37,170 | 35,128 | ||||||
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Total assets | $ | 535,349 | $ | 555,255 | ||||
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Liabilities | ||||||||
Noninterest-bearing deposits | $ | 111,624 | $ | 135,742 | ||||
Interest-bearing deposits | 284,241 | 277,753 | ||||||
Short-term borrowings (including $1,625 and $1,551 at fair value, respectively) | 24,828 | 23,422 | ||||||
Long-term debt | 38,918 | 43,203 | ||||||
Other liabilities (including $2,597 and $2,971 at fair value, respectively) | 16,485 | 14,598 | ||||||
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Total liabilities | 476,096 | 494,718 | ||||||
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Shareholders’ Equity | ||||||||
Preferred stock | 6,673 | 6,673 | ||||||
Common stock, $5 par value | 6,669 | 6,634 | ||||||
Additional paid-in capital | 36,177 | 34,544 | ||||||
Retained earnings | 22,088 | 26,264 | ||||||
AOCI, net of deferred income taxes | (12,506 | ) | (13,601 | ) | ||||
Noncontrolling interests | 152 | 23 | ||||||
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Total shareholders’ equity | 59,253 | 60,537 | ||||||
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Total liabilities and shareholders’ equity | $ | 535,349 | $ | 555,255 | ||||
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Common shares outstanding | 1,333,743 | 1,326,829 | ||||||
Common shares authorized | 2,000,000 | 2,000,000 | ||||||
Preferred shares outstanding | 223 | 223 | ||||||
Preferred shares authorized | 5,000 | 5,000 | ||||||
