Forestar Group Inc.

Forestar Group Inc. (NYSE: FOR) is a national residential lot development company focused on acquiring, entitling, and developing land into finished single-family residential lots for sale to homebuilders. The company operates through a single real estate segment and maintains its corporate headquarters and investor relations information at www.forestar.com.

The company's business model centers on purchasing land, securing development entitlements, and installing infrastructure to create finished lots that are sold primarily to local, regional, and national homebuilders. Forestar targets entry-level, first-time move-up, and active adult housing segments, which represent the largest portions of the new home market. The company also engages in strategic short-term investments in finished lots and undeveloped land to optimize capital deployment. As of September 30, 2025, Forestar's lot position consisted of 99,800 residential lots, of which approximately 65,100 were owned and 34,700 were controlled through purchase contracts. During fiscal 2025, the company sold 14,240 lots at an average sales price of $108,400.

Forestar operates across a geographically diversified platform spanning 64 markets in 23 states, including major markets in Texas, Florida, California, North Carolina, Arizona, and other regions. This geographic diversification is designed to mitigate operational risks and enhance earnings potential by reducing exposure to local and regional economic cycles.

The company traces its real estate origins to 1954 through Lumbermen's Investment Corporation and became an independent publicly-traded company in 2007 following a tax-free distribution by Temple-Inland Inc. In October 2017, D.R. Horton, Inc., a major homebuilder, acquired a controlling interest in Forestar through a merger. As of September 30, 2025, D.R. Horton owned approximately 62 percent of Forestar's outstanding common stock. The company maintains strategic agreements with D.R. Horton, including a Master Supply Agreement for lot development opportunities and a Shared Services Agreement for administrative and operational support.

At September 30, 2025, Forestar employed 433 people, with 340 working in regional and divisional offices and 93 at the corporate office. The company's total employee compensation and benefits cost for fiscal 2025 was $105.3 million.