Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Commission File Numbe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To Commission File Number: 001-33662 Forestar Group Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of ...

Financial Data and Key Metrics Changes - In the fourth quarter, net income increased 43% to $72.4 million or $1.44 per diluted share compared to $50.8 million or $1.02 per diluted share in the prior year quarter [34] - Revenues for the fourth quarter increased 44% to $549.7 million compared to $381.4 million in the prior year quarter [34] - For fiscal 2023, net income decreased 7% to $166.9 million or $3.33 per diluted share compared to $178.8 million or $3.59 per diluted share in the prior year [35] - Revenue for fiscal 2023 totaled $1.4 billion, which includes $132.2 million of tract sales and other revenue [35] - The company maintained a strong pre-tax profit margin of 15.4% for the year [24] Business Line Data and Key Metrics Changes - Lots sold during the fourth quarter increased 27% to 4,986 lots with an average sales price of $97,400 [34] - For fiscal 2023, lots sold decreased 21% to 14,040 lots with an average sales price of $91,000 [35] - The gross profit margin for the fourth quarter was 21%, down 200 basis points sequentially and 240 basis points from a year ago [28] Market Data and Key Metrics Changes - The supply of new and existing homes at affordable price points remains limited, but demographics supporting housing demand remain favorable despite higher mortgage rates [7] - The supply of vacant developed lots, particularly at affordable price points, continues to be constrained across the company's footprint [8] - The company is uniquely positioned to take advantage of the shortage of finished lots, focusing on developing lots for homes at affordable price points [8] Company Strategy and Development Direction - The company aims to double its market share to 5% over the intermediate term while maintaining a disciplined approach in investing capital [17] - The company plans to invest approximately $1.5 billion to $1.6 billion in land acquisition and development in fiscal 2024 [31] - The capital structure is viewed as a competitive advantage, allowing the company to navigate a challenging market environment [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to capitalize on builder demand for finished lots, despite the current interest rate environment [25] - The company expects to deliver between 14,500 and 15,500 lots and generate $1.4 billion to $1.5 billion of revenue in fiscal 2024 [16] - Management noted that the current market conditions create a challenging backdrop but also present opportunities due to competitors facing financing difficulties [51] Other Important Information - The company ended the quarter with approximately $1 billion of liquidity, including an unrestricted cash balance of $620 million [13] - The company recorded $19.4 million of noncash real estate impairment charges during fiscal 2023, impacting profit margins [29] Q&A Session Summary Question: What is the company's strategy regarding market share? - The company plans to focus on building market share in existing markets rather than entering new ones [41] Question: What are the expected fluctuations in average sales price for lots? - The average sales price is expected to fluctuate based on geographic location and lot size mix, with a historical increase of about 5% to 6% year-over-year [42][60] Question: How does the company view the current interest rate environment? - Management noted that builder sales remain strong despite high mortgage rates, indicating a more consistent market than expected [67] Question: What is the expected cadence of deliveries for fiscal 2024? - The company indicated that while the fourth quarter has historically been stronger, it is difficult to predict specific quarterly deliveries due to market variability [77]

Forestar Group Inc. (NYSE:FOR) Q3 2023 Earnings Conference Call July 20, 2023 5:00 PM ET Company Participants Katie Smith - Director of Finance & IR Dan Bartok - CEO Jim Allen - CFO Mark Walker - COO Conference Call Participants Truman Patterson - Wolfe Research Carl Reichardt - BTIG Asher Sohnen - Citigroup Doug Wardlaw - JPMorgan Operator Good afternoon, and welcome to Forestar's Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Table of Contents FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To Commission File Number: 001-33662 FORESTAR GROUP INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To Commission File Number: 001-33662 FORESTAR GROUP INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction ...

Forestar Group Inc. (NYSE:FOR) Q2 2023 Earnings Conference Call April 20, 2023 5:00 PM ET Company Participants Ashley Dagley - Corporate and Securities Counsel Dan Bartok - Chief Executive Officer Jim Allen - Chief Financial Officer Mark Walker - Chief Operating Officer Conference Call Participants Carl Reichardt - BTIG Truman Patterson - Wolfe Research Asher Sohnen - Citigroup Douglas Wardlaw - J.P. Morgan Operator Good afternoon, and welcome to Forestar's Second Quarter 2023 Earnings Conference Call. At t ...

Forestar Group Inc. (NYSE:FOR) Q1 2023 Earnings Conference Call January 24, 2023 5:00 PM ET Company Participants Katie Smith - Director of Finance and Investor Relations Dan Bartok - Chief Executive Officer Jim Allen - Chief Financial Officer Mark Walker - Chief Operating Officer Conference Call Participants Truman Patterson - Wolfe Research Carl Reichardt - BTIG Asher Sohnen - Citigroup Doug Wardlaw - JPMorgan Operator Good afternoon, and welcome to Forestar’s First Quarter 2023 Earnings Conference Call. A ...

Investor Presentation Q1 |23 FORESTAR This presentation may include "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Although Forestar believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Factors that may cause the actual results to be materially different from the future results expressed by the forward-looking statements include, but are not limited to: the effect of D. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To Commission File Number: 001-33662 FORESTAR GROUP INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdict ...