Forestar Group (FOR) Proxy Filing summary

Executive summary

• Fiscal 2024 saw consolidated revenues of $1.5 billion, a 5% increase, with 15,068 lots sold and net income up 22% to $203.4 million; return on equity reached 13.8%.

• Book value per share rose 15% to $31.47, and the company expanded to 59 markets in 24 states, investing $1.6 billion in land acquisition and development.

• D.R. Horton remains the majority owner with 62% of outstanding shares; 13,267 lots were sold to D.R. Horton in 2024 for $1.3 billion.

Voting matters and shareholder proposals

• Stockholders will vote on: (1) election of six directors, (2) advisory approval of executive compensation, (3) amendment to the certificate of incorporation to raise transaction approval thresholds, and (4) ratification of Ernst & Young LLP as auditor.

• The board recommends voting FOR all proposals.

Board of directors and corporate governance

• The board consists of six directors, five of whom are independent; three are women, and diversity is emphasized in recruitment.

• Two new independent directors were added in October 2024.

• Board committees (Audit, Compensation, Nominating and Governance) are fully independent; committee sizes increased to five members in 2024.

• The board separates the roles of Executive Chairman and CEO and conducts annual performance reviews.

• D.R. Horton has significant board and committee appointment rights under the Stockholder's Agreement.