Forestar Group (FOR) Proxy Filing summary

Executive summary

• Fiscal 2025 revenues reached $1.7 billion, up 10% from the prior year, with 14,240 lots sold and pre-tax income of $219.3 million, reflecting a 13.2% pre-tax profit margin and 11% increase in book value per share to $34.78.

• Over the last five years, revenues increased nearly 80%, pre-tax income rose by more than 180%, and earnings per diluted share grew 161%.

• D.R. Horton remains the majority shareholder with 62% ownership as of September 30, 2025.

• The 2026 Annual Meeting will be held on January 19, 2026, with proposals for director elections, advisory vote on executive compensation, and auditor ratification.

Voting matters and shareholder proposals

• Stockholders will vote on electing seven directors, an advisory say-on-pay for executive compensation, and ratification of Ernst & Young LLP as independent auditor for fiscal 2026.

• Board recommends voting FOR all proposals.

• Only stockholders of record as of November 24, 2025, are eligible to vote.

Board of directors and corporate governance

• Board consists of seven directors, five of whom are independent; two new independent directors were added in October 2024.

• Board leadership is separated between Executive Chairman and CEO; all standing committees are composed of independent directors.

• Annual board and committee performance reviews are conducted; diversity is emphasized with three women and four men on the board.

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