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, 2021 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. (Registrant's Telephone Number, Including Area Code) Securities registered pursuant to ...

Forestar Group Inc. (NYSE:FOR) Q4 2021 Earnings Conference Call November 4, 2021 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 Paul Przybylski – Wolfe Research Asher Sohnen – Citigroup Deepa Raghavan – Wells Fargo Securities Mike Rehaut – JPMorgan Max Downey – BTIG Operator Good afternoon, and welcome to Forestar’s Fourth Quarter 2021 Earnings Conference Call. I will ...

1 Investor Presentation Q4 21 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 t ...

Table of Contents Commission File Number: 001-33662 FORESTAR GROUP INC. 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, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction ...

HARRINGTON TRAILS FORESTAR Investor Presentation 3Q | 2021 FORESTAR ' FORWARD‐LOOKING STATEMENTS 2 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 ...

Financial Data and Key Metrics Changes - Forestar's net income increased by 56% to $15.8 million or $0.32 per diluted share compared to $10.1 million or $0.21 per diluted share in the prior year quarter [11] - Revenues increased by 76% from the prior year to $312.9 million [11] - Gross profit margin increased by 610 basis points year-over-year to 17.8% from 11.7% in the prior year quarter [14] - Return on equity (ROE) improved by 390 basis points year-over-year to 10% for the trailing 12 months ended June 30, 2021 [10] Business Line Data and Key Metrics Changes - Sold 3,858 residential lots during the quarter, an increase of 91% year-over-year [11] - Average lot sales price for the quarter was $80,700, with 86% of lots sold from development projects, up from 77% in the same quarter in 2020 [12] - Lots sold to D.R. Horton represented 96% of total lots sold, down from 98% in the third quarter of fiscal 2020 [12] Market Data and Key Metrics Changes - Forestar's lot position at June 30th increased by 91% from a year ago to 96,600 lots [17] - 51% of the company's owned lot position at June 30th were sourced by Forestar, up from 34% a year ago [18] Company Strategy and Development Direction - Forestar is focused on developing lots for the affordably priced housing market and has a unique lot manufacturing business model [22] - The company aims to maintain a strong balance sheet with ample liquidity and modest leverage, ending the quarter with $470 million of liquidity [18] - The strategic relationship with D.R. Horton allows Forestar to expand its platform nationally while minimizing risk [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook for the business, citing favorable market conditions and strong demand for finished lots [19] - The company expects to deliver between 15,500 and 16,000 lots, generating approximately $1.3 billion of revenue in fiscal 2021 [20] - Management noted that they are not seeing a lack of demand from homebuilders and expect a record-breaking fourth quarter [28] Other Important Information - Investments in lots, land, and development totaled $400 million for the quarter, with expectations to invest at least $1.6 billion for the full year of fiscal 2021 [16] - The company refinanced its senior notes, resulting in substantial interest savings despite recognizing a loss on extinguishment of debt of $18.1 million [13] Q&A Session Summary Question: Demand from homebuilders - Management indicated that there is strong demand from homebuilders for lots, with no signs of demand leveling off [27][28] Question: Growth expectations for 2022 - Management maintained a 20% sustainable growth rate expectation for 2022, based on current development projects [30] Question: Lot pricing and market conditions - Management noted that pricing power is present, and they are carefully managing pricing to maintain affordability [33][54] Question: Challenges in operations - Management reported that they have been staffing up to manage growth and are not currently experiencing significant delays in project completion [45][47] Question: Balance sheet and investment strategy - Management is comfortable managing net debt to total capital around 40% and will be selective in lot acquisitions [61] Question: Market dynamics and investment allocation - Management indicated a shift in investment focus away from the Pacific Northwest towards markets with stronger demand and less regulatory burden [70]

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, 2021 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 ...

Company Overview - Forestar is a residential lot developer focused on short duration, fully-entitled projects, operating in 54 markets across 22 states[3,4] - The company has a strategic relationship with D.R Horton, with D.R Horton currently owning 64% of Forestar[3] - Forestar's owned and controlled lot position is 84,500[5] Financial Highlights - Forestar's revenues are approximately $1.12 billion[5] - The company's liquidity is approximately $500 million[5] - The equity market capitalization is approximately $1.25 billion[5] - Forestar anticipates a 40% to 45% growth in lot deliveries in fiscal year 2021, projecting revenues between $1.20 to $1.25 billion with a pre-tax profit margin of 10.0% to 10.5%[19] Strategic Advantages - Forestar's business model focuses on return-driven residential lot development with a high-turnover, lower-risk strategy[7] - The company is increasing its sourced lots to 48% of total owned lots, up from 31% a year ago[28] - Forestar expects to invest over $1.5 billion in land acquisition and development in fiscal year 2021[23]

Forestar Group Inc. (NYSE:FOR) Q2 2021 Earnings Conference Call April 20, 2021 5:00 PM ET Company Participants Jessica Hansen - Vice President, Investor Relations Dan Bartok - Chief Executive Officer Katie Smith - Director of Finance and Investor Relations Jim Allen - Chief Financial Officer Conference Call Participants John Lovallo - Bank of America Ryan Gilbert - BTIG Anthony Pettinari - Citi Truman Patterson - Wolfe Research Elad Hillman - J.P. Morgan Deepa Raghavan - Wells Fargo Securities Alex Barron ...

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, 2020 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 ...