The coalition · family-controlled two-class structure
A family two-class structure and the Texas threshold math.
Bottom line. Dillard's has a two-class capital structure: Class A (public common) and Class B (Dillard-family-held, super-voting). The Dillard family in aggregate holds 27.18% of insider economic stake; Class B concentrates voting power above that economic share. Alex Dillard holds 7.60% (top individual); William T. Dillard holds 5.79%. Dillard's is not technically a "controlled company" under NYSE rules but is family-controlled in substance. For Texas's elective opt-in thresholds, institutional-coalition arithmetic is pending the 13F snapshot.
The Dillard family two-class structure
Ownership snapshot (S&P Capital IQ as of 2026-04-25)
- Alex Dillard — top individual holder: 7.60% economic stake.
- William T. Dillard — second-largest individual holder: 5.79% economic stake.
- Insiders aggregate: 27.18% economic (Dillard family + officers/directors).
- Class B super-voting structure concentrates family voting power above family economic stake. Exact Class B voting percentage: [DATA PENDING: verify Class B share count + voting rights].
- Is Dillard's a "controlled company" under NYSE Rule 303A.00? No — family does not hold > 50% of voting power in a single concentrated entity. The two-class structure achieves family control without triggering "controlled" status.
The two-class structure shapes the post-conversion governance narrative differently from Tesla's founder-CEO single-class control: at Dillard's, the family is multi-generational and the controlling block is dispersed across family members and trusts. Coalition formation against the family is correspondingly harder than against a single-individual controller, but institutional pathways still exist via the elective TBOC thresholds (if Dillard's has opted in; see /statutes).
The institutional coalition — pending 13F snapshot
Pending verification — 13F-family ownership snapshot for Dillard's. Standard fields below show [DATA PENDING].
| Measure | Dillard's value |
|---|---|
| 13F-family filers in the universe | [DATA PENDING] |
| Filers individually exceeding §21.373 $1M threshold | [DATA PENDING] |
| Two-holder combinations clearing §21.552(a)(3) 3% threshold | [DATA PENDING] |
| Vanguard + BlackRock + State Street combined % | [DATA PENDING] |
| Dillard family aggregate | 27.18% (insiders) |
Primary sources
Ownership + governance
- S&P Capital IQ Public Ownership Detailed — ticker Dillard's, snapshot 2026-04-25
- Dillard's DEF 14A filings on EDGAR (Beneficial Ownership tables)
- Dillard's 13D/G filings on EDGAR
Full Bluebook citations in SOURCES.md.