2025-07-22 15:00Q2 2025 Highlights - Lots Contracted for Sale increased by 41% from Q2 FY 2024 to 25,400 lots[14] - Lot Position increased by 11% from Q2 FY 2024 to 105,900 lots[14] - Book Value Per Share increased by 10% from Q2 FY 2024 to $3236[14] - Revenues increased 5% to $351 million on 3,411 lots sold[17] - Real estate book value increased 30% year-over-year to $28 billion at March 31, 2025[17] Financial Position - Earnings per diluted share of $062 on net income of $316 million[17] - Pre-tax income of $407 million[17] - Net debt to capital of 298%, with total liquidity of $792 million[17] - The company issued $500 million of 650% senior unsecured notes due 2033[17] - The company completed a tender offer to purchase $3294 million of existing 385% senior unsecured notes due 2026[17] Strategic Goals and Market Position - Forestar targets a return on average inventory of >15% and return of phase 1 investment within 36 months[21] - Pre-tax profit margin of 151% for Q2 TTM FY 2025[22] - Forestar is targeting 5% market share within the US single-family residential lot development industry[49] - Owned lots under contract to sell increased 41% year-over-year to 25,400 lots, representing 37% of the owned lot position[84]