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, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 2221 E. Lamar Blvd., Suite 790 Arlington, Texas 76006 (Address of Principal Executive Of ices, including Zip Code) (817) 769-1860 (Registrant's Telephone Number, Including Are ...

Financial Data and Key Metrics Changes - Pre-tax income for Q4 increased 13% to $66.4 million, with consolidated revenues of $381.4 million, reflecting a pre-tax profit margin improvement of 340 basis points to 17.4% compared to the previous year [11][15] - For the full fiscal year, pre-tax income rose 61% to $235.8 million, with consolidated revenues increasing 15% to $1.5 billion, and an 11% increase in lot deliveries to 17,691 lots [11][16] - Gross profit margin improved to 23.4% in Q4 and 21.3% for the year, representing increases of 530 and 400 basis points, respectively [17] Business Line Data and Key Metrics Changes - 35% of lots sold in Q4 were Forestar-sourced, up from 24% in the prior year quarter, indicating a significant increase in self-sourced lots [19] - The average sales price (ASP) for lots sold in Q4 was $88,800, with fluctuations expected based on geographic location and lot size [15] Market Data and Key Metrics Changes - 31% of owned lots are under contract to sell, representing approximately $1.5 billion in future revenue, with $136 million in hard earnest money deposits [24] - The lot position decreased by 6,900 lots or 7% year-over-year, with 55% of owned lots sourced by Forestar, up from 52% a year ago [23] Company Strategy and Development Direction - The company aims to increase the percentage of lots sold to customers other than D.R. Horton to 30% over the intermediate term [20] - Forestar's capital structure is viewed as a competitive advantage, allowing for flexibility in navigating market conditions [29] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism for the future, starting fiscal 2023 from a position of strength with over $620 million in liquidity [13] - The company anticipates a moderation in demand for residential lots as homebuilders adjust to new sales paces, but remains focused on managing development to match market demand [24][31] Other Important Information - Investments in land and land development totaled approximately $1.4 billion in fiscal 2022, with a focus on land development [21] - The company ended the year with a net debt to capital ratio of 26.9%, down from 35.2% the previous year, indicating improved capital management [28] Q&A Session Summary Question: Are peers on the development side beginning to drop deals? - Management noted that they are starting to see some opportunities as other developers face issues with loans, but the deals are not yet extremely attractive [36] Question: Are frontend contractors becoming easier to find? - Management confirmed that frontend contractors are loosening up, particularly in dirt moving, but other areas like utilities are still facing delays [37] Question: How is the growth of the non-D.R. Horton business progressing? - Management indicated progress is being made, with a goal to increase non-D.R. Horton business to 30% over the next two to three years [41] Question: What is the outlook for gross margins in 2023? - Management expects some margin compression due to renegotiations with builders, but it is too early to determine the extent [42][43] Question: What is the risk of impairments in the current market? - Management stated that margins remain strong and they are a long way from widespread impairments, with only isolated incidents noted [46][47] Question: Are there levers to drive greater affordability for home prices? - Management emphasized a focus on affordable segments and controlling inventory flow to maintain capital efficiency [50]

Investor Presentation Q3 22 FORWARD-LOOKING STATEMENTS 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: ...

Forestar Group Inc. (NYSE:FOR) Q3 2022 Earnings Conference Call July 19, 2022 5:00 PM ET Company Participants Katie Smith - Director, Finance and Investor Relations Dan Bartok - Chief Executive Officer Jim Allen - Chief Financial Officer Conference Call Participants Deepa Raghavan - Wells Fargo Truman Patterson - Wolfe Research Max Downey - BTIG Asher Sohnen - Citigroup Mike Rehaut - JPMorgan Operator Good afternoon. And welcome to Forestar’s Third Quarter 2022 Earnings Conference Call. At this time, all pa ...

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 June 30, 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 Jurisdiction ...

Financial Data and Key Metrics Changes - Net income increased 68% year-over-year to $47.8 million, or $0.96 per diluted share, compared to $28.4 million, or $0.59 per diluted share in the prior year quarter [6][10] - Revenue increased 47% to $421.6 million, primarily driven by a 61% increase in lot deliveries to 5,788 lots sold [6][10] - Pretax income rose 68% to $63.2 million, with a pretax profit margin expanding 190 basis points year-over-year to 15% [6][11] - Gross profit margin expanded 220 basis points to 20.8%, with a non-cash real estate impairment charge of $3.8 million reducing the margin by 90 basis points [11][12] Business Line Data and Key Metrics Changes - Lots sold increased 61% year-over-year to 5,788 lots, with an average sales price of $81,900 [10] - Excluding lot sales from deferred development projects, lots sold increased 39% to 5,001 lots [10] - 39% of lots sold in the quarter were sourced by Forestar, up from 23% in the same quarter of 2021 [10][14] - 82% of second quarter lot deliveries were sold to D.R. Horton, down from 94% in the second quarter of fiscal 2021 [10] Market Data and Key Metrics Changes - Forestar's lot position at March 31 was 96,500 lots, with 64,200 lots owned and 32,300 lots controlled through purchase contracts [13] - 30% of owned lots are under contract to sell to D.R. Horton, representing approximately $1.5 billion of future revenue [15] - The market remains strong with significant demand for lots from home builders, despite supply chain constraints and rising material costs [12][19] Company Strategy and Development Direction - Forestar aims to maintain a strong balance sheet with ample liquidity and modest leverage, with approximately $580 million of liquidity at quarter end [16] - The company plans to invest approximately $1.75 billion in land and land development during fiscal 2022, subject to market conditions [15] - The strategy focuses on capital efficiency and high turnover, with a minimum 15% annual pretax return on inventory [13][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing supply chain disruptions and rising material costs but remains optimistic about demand for finished lots [17][19] - The company affirms guidance for fiscal 2022 lot deliveries of between 19,500 to 20,000 lots, generating approximately $1.7 billion of revenue [18] - Management expects pretax profit margin to be between 14% and 14.5% for the year, an increase from prior guidance [18] Other Important Information - Moody's and Standard and Poor's upgraded Forestar's corporate credit rating and senior unsecured notes rating during the quarter [16] - The company recorded a non-cash real estate impairment charge of $3.8 million, which was an isolated issue related to cost overruns in one project [11] Q&A Session Summary Question: Additional details on the SFR transaction and its scalability - Management views the SFR transaction as a successful experiment that provided insights into market demand and capital efficiency, with favorable margins compared to traditional lot sales [21][22] Question: Impact of higher interest rates on the land market - Management has not observed a fall-off in demand for lots despite rising interest rates, although there are some indications of builders potentially not closing on deals [23] Question: Scalability of the SFR business - Management believes there are opportunities to capitalize on the learnings from the SFR transaction, but it is too early to determine if it will become a trend [26] Question: Competition with land bankers - Management does not see land bankers as direct competitors, emphasizing that Forestar's efficiency in delivering lots provides a different value proposition [28] Question: Defensive measures to protect margins and ROE - Management focuses on pricing lots accurately based on known costs to protect margins, while maintaining a strong land position and customer relationships [34] Question: Deferred lot sales accounting in guidance - The 787 lots from the deferred development projects are included in the quarter's sales, with future revenues and margins recognized over time [35] Question: Supply chain constraints and their impact - Management noted that supply chain issues vary by market, with electrical transformers being a significant challenge, but overall demand remains strong [39]

Table of Contents For the Quarterly Period Ended March 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 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 FORESTAR GROUP INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction ...

Financial Highlights - Forestar delivered 4,516 residential lots in Q1 FY 2022, a 27% increase compared to the prior year period[8] - Net income increased 84% to $41 million in Q1 FY 2022[8] - Pre-tax income increased 83% to $54 million in Q1 FY 2022, with pre-tax profit margin increasing by 360 bps to 131%[8] - Diluted EPS increased 76% to $081 in Q1 FY 2022[8] Growth and Strategy - Forestar expects to grow its lot deliveries 23% to 26% in fiscal year 2022, generating approximately $17 billion in revenue with a pre-tax profit margin between 135% and 140%[15] - The company aims to capture 5% market share within the US single-family residential lot industry, targeting approximately 50,000 annual lot deliveries[17] - Forestar is increasing its focus on Forestar-sourced lots, which have risen to 54% of total owned lots, up from 46% a year ago[47] Relationship with D.R. Horton - D.R Horton owns 63% of Forestar as of December 31, 2021[28] - Forestar aims to supply approximately one-third of DHI's annual lot needs[32] - DHI has the right of first offer (ROFO) to purchase up to 100% of the lots from DHI-sourced projects at market prices[76] Land and Liquidity - Forestar expects to invest at least $175 billion in land acquisition and development in fiscal year 2022[33] - The company has a strong liquidity position of approximately $500 million as of December 31, 2021[53] - Net debt to capital is 339% as of December 31, 2021[53]

Forestar Group Inc. (NYSE:FOR) Q1 2022 Earnings Conference Call January 27, 2022 5:00 PM ET Company Participants Katie Smith - Director, Finance and Investor Relations Dan Bartok - Chief Executive Officer Jim Allen - Chief Financial Officer Conference Call Participants Carl Reichardt - BTIG Deepa Raghavan - Wells Fargo Truman Patterson - Wolfe Research Doug Wardlaw - JPMorgan Asher Sohnen - Citigroup Operator Good afternoon and welcome to Forestar's First Quarter 2022 Earnings Conference Call. At this time, ...

(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, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 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 ...