What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-11-19 compared with 2024-11-19 · 35 added, 34 removed, 237 unchanged (23% of the section changed)

1 unchanged sentence

is a national, well-capitalized residential lot development company focused primarily on making investments in land acquisition and development to sell finished single-family residential lots to homebuilders.

Our common stock is listed on the New York Stock Exchange (NYSE) under the ticker symbol "FOR." The terms "Forestar," the "Company," "we" and "our" used herein refer to Forestar Group Inc., a Delaware corporation, and its predecessors and subsidiaries.

Our common stock is listed on the New York Stock Exchange (NYSE) and the NYSE Texas under the ticker symbol "FOR." The listing and trading of the Common Stock on the NYSE Texas commenced on July 1, 2025.

The terms "Forestar," the "Company," "we" and "our" used herein refer to Forestar Group Inc., a Delaware corporation, and its predecessors and subsidiaries.

We conduct a wide range of project planning and management activities related to the entitlement, acquisition, community development and sale of residential lots.

14 unchanged sentences

We also market some of our communities towards build-to-rent operators.

We may engage in the development of multifamily sites as market opportunities arise.

Our real estate origins date back to the 1954 incorporation of Lumbermen’s Investment Corporation, which became a wholly-owned subsidiary of the predecessor to Temple-Inland Inc.

18 unchanged sentences

State Market State Market

Alabama Baldwin County

Alabama Baldwin

Nevada Las Vegas

Birmingham Reno

New Jersey Southern New Jersey

Huntsville New Mexico Albuquerque

Tuscaloosa North Carolina Asheville

Arizona Phoenix Greensboro

Tucson Greenville

Raleigh-Durham

California Riverside County Wilmington

Ohio Columbus

Colorado Denver

Fort Collins Oregon Bend

New Mexico Albuquerque

Arizona Phoenix

Tucson North Carolina Asheville

California Bay Area

Greensboro/Winston-Salem

Modesto/Merced/Stockton

Riverside County Raleigh-Durham

Colorado Denver Ohio Cincinnati/Dayton

Fort Collins Columbus

Florida Fort Myers/Naples Pennsylvania Philadelphia

2 unchanged sentences

Melbourne Hilton Head

Miami/Fort Lauderdale Myrtle Beach

Orlando Tennessee Nashville

Lucie Texas Austin

Orlando Tennessee Knoxville

Tampa/Sarasota Dallas

1 unchanged sentence

Georgia Atlanta San Antonio

Savannah Utah Salt Lake City

Savannah Utah Salt Lake City/Provo/Ogden

Illinois Chicago Virginia

Northern Virginia

Indiana Indianapolis Virginia Beach

Indiana Indianapolis Virginia Beach/Williamsburg

Maryland Suburban Washington, D.C.

Washington Seattle/Tacoma/Everett

Washington Vancouver

Seattle/Tacoma/Everett

Minnesota Minneapolis/St.

Paul West Virginia Eastern West Virginia

Nevada Las Vegas

West Virginia Eastern West Virginia

When evaluating new or existing markets for purposes of capital allocation, we consider local, market-specific factors, including, among others:

94 unchanged sentences

The cost and availability of certain materials, especially steel, transformers, concrete, and petroleum-based materials, is influenced by changes in local and global commodity prices and capacity as well as government regulation, such as government-imposed tariffs or trade restrictions on supplies such as steel.

The ability to consistently source qualified labor at reasonable prices remains challenging as labor supply growth has not kept pace with construction demand.

Construction time for our lots depends on the availability of labor, materials and supplies, the weather, and other factors.

We are subject to governmental regulations that affect our land development operations.

12 unchanged sentences

We face significant competition for the acquisition, development and sale of real estate in our markets.

Our major competitors include numerous national, regional and local developers, including homebuilders.

In addition, we compete with other development projects offering similar amenities, products and/or locations.

Our major competitors include numerous local, regional, and national developers, including home builders.

Competition also exists for investment opportunities, financing, available land, raw materials and labor.

27 unchanged sentences

Recruitment, Development and Retention

We are committed to hiring, developing and supporting an energetic, diverse workforce and maintaining a productive, positive and inclusive workplace.

We believe diversity in the workplace produces unique perspectives and fresh ideas and helps us better serve our customers.

We have an active recruiting team that partners with college campuses and external organizations to identify strong new hires and experienced professionals.

Our paid internship program provides college students and recent graduates an opportunity to work alongside some of the most experienced professionals in the land development industry.

We are committed to hiring, developing and supporting an energetic workforce and maintaining a productive, positive and inclusive workplace.

We believe that when people feel included and have ample opportunities for professional growth, they bring forward a variety of perspectives and ideas that strengthen our company.

Through our Shared Services Agreement, with D.R.

Horton, we leverage their recruiting team that partners with college campuses and external organizations to identify promising new talent and established professionals.

Through our paid internship program, college students and recent graduates gain valuable experience working alongside some of the most experienced professionals in the land development industry.

Management is committed to supporting the development of our employees in many ways including onboarding programs, training and providing employees exposure to senior management.

16 unchanged sentences

Our organization strives for a zero-incident safety culture and full compliance with safety regulations.

We provide certification training to our field personnel through an Occupational Safety and Health Administration authorized third-party vendor.

We also provide our teams with many safety resources, including safety checklists, policies, procedures, and best practices, and we communicate with all of our employees through a monthly safety newsletter to inform and reinforce our commitment to and concern for their well-being.

We also require personal protective equipment, such as hard hats, high visibility safety wear and hearing and eye protection to be worn in certain circumstances at our active development sites.

Additionally, because substantially all of our land development work is performed by subcontractors, we require that our subcontractors maintain safety programs as well.

We provide certification training to our field personnel through an Occupational Safety and Health Administration (OSHA) authorized third-party vendor.

We also provide our teams with many safety resources, including safety checklists, policies, procedures, best practices, and communicate with our employees through a monthly safety newsletter to inform and reinforce our commitment to and concern for their well-being.

We also require personal protective equipment, such as hard hats, high-visibility safety wear and hearing and eye protection be worn as necessary to meet OSHA requirements.

Additionally, because substantially all of our land development work is performed by subcontractors, we require that they maintain their own safety programs as well.

Governmental Regulation and Environmental Matters

Our operations are subject to extensive and complex regulations.

We, and the subcontractors we use, must comply with many federal, state and local laws and regulations.

These include zoning, permitting, density and development requirements, and building, environmental, advertising, labor and real estate sales rules and regulations.

We, and our subcontractors, must comply with many federal, state and local laws and regulations including, but not limited to, zoning, permitting, density and development, building, environmental, advertising, labor and real estate sales.

These regulations and requirements affect substantially all aspects of our land development and sales processes in varying degrees across our markets.

2 unchanged sentences

Our land development activities are also subject to an extensive array of local, state and federal statutes, ordinances, rules and regulations concerning the protection of health, safety and the environment.

The particular compliance requirements for each site vary greatly according to location, environmental condition and the present and former uses of the site and adjoining properties.

Compliance requirements for each site vary greatly according to location, environmental condition and the present and former uses of the site and adjoining properties.

We believe that we are in compliance in all material respects with existing environmental regulations applicable to our business.

Additionally, our compliance with such regulations has not had, nor is it expected to have, a material adverse effect on our consolidated financial position, results of operations or cash flows.

However, changes in regulations, such as the climate-related disclosure legislation recently enacted by the State of California and the climate-related disclosure rules adopted by the SEC, which are currently under judicial review, could increase our costs to comply with such regulations, as discussed in "Item 1A.

However, changes in regulations, such as the climate-related disclosure legislation recently enacted by the State of California could increase our costs to comply with such regulations, as discussed in "Item 1A.

Risk Factors."

21 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business