\nForestar Group Inc. (\u201cForestar\u201d) (NYSE: FOR), a leading national residential lot developer, today reported financial results for its first fiscal quarter ended December 31, 2025.<\/p>\n
Fiscal 2026 First Quarter Highlights Financial Results<\/b><\/p>\n \nNet income for the first quarter of fiscal 2026 decreased 7% to $15.4 million, or $0.30 per diluted share, compared to $16.5 million, or $0.32 per diluted share, in the same quarter of fiscal 2025. Pre-tax income for the quarter decreased 5% to $20.8 million from $21.9 million in the same quarter of fiscal 2025. Revenues for the first quarter increased 9% to $273.0 million from $250.4 million in the same quarter of fiscal 2025.<\/p>\n \nThe Company\u2019s return on equity was 9.8% for the trailing twelve months ended December 31, 2025. Return on equity is calculated as net income for the trailing twelve months divided by average stockholders\u2019 equity, where average stockholders\u2019 equity is the sum of ending stockholders\u2019 equity balances of the trailing five quarters divided by five.<\/p>\n Operational Results<\/b><\/p>\n \nLots sold during the first quarter decreased 17% to 1,944 lots compared to 2,333 lots in the same quarter of fiscal 2025. During the first quarter of fiscal 2026, Forestar sold 317 lots to customers other than D.R. Horton, Inc. (\u201cD.R. Horton\u201d) compared to 221 lots in the prior year quarter. Lots sold to customers other than D.R. Horton in the current year quarter included 146 lots that were sold to a lot banker who expects to sell those lots to D.R. Horton at a future date.<\/p>\n \nThe Company\u2019s lot position at December 31, 2025 was 101,000 lots, of which 65,600 were owned and 35,400 were controlled through land and lot purchase contracts. Lots owned at December 31, 2025 included 10,400 that were fully developed. Of the Company\u2019s owned lot position at December 31, 2025, 24,100 lots, or 37%, were under contract to be sold, representing approximately $2.2 billion of future revenue. Another 18,100 lots, or 28%, of the Company\u2019s owned lots were subject to a right of first offer to D.R. Horton based on executed purchase and sale agreements at December 31, 2025.<\/p>\n Capital Structure, Leverage and Liquidity<\/b><\/p>\n \nForestar ended the quarter with $211.7 million of unrestricted cash and $607.6 million of available borrowing capacity on its senior unsecured revolving credit facility for total liquidity of $819.3 million. Debt at December 31, 2025 totaled $793.2 million, with no senior note maturities in the next twelve months. The Company\u2019s net debt to total capital ratio at the end of the quarter was 24.6%. Net debt to total capital consists of debt net of unrestricted cash divided by stockholders\u2019 equity plus debt net of unrestricted cash.<\/p>\n Outlook<\/b><\/p>\n \nDonald J. Tomnitz, Chairman of the Board, said, \u201cThe Forestar team delivered increased revenues compared to the prior year quarter and maintained strong liquidity through disciplined inventory investment amid ongoing affordability constraints and cautious consumer sentiment that continue to impact the pace of new home sales. We are focused on maximizing returns in each of our projects by aligning the pace and price of lot sales with the timing of our investments to meet demand. In fiscal 2026, we still expect to deliver between 14,000 and 15,000 lots, generating $1.6 billion to $1.7 billion of revenue.<\/p>\n \n\u201cForestar is uniquely positioned to consistently supply finished lots that are essential to the homebuilding industry. Our strong balance sheet and liquidity allow us to remain agile and resilient through changing market conditions. We expect to continue aggregating market share, supported by our financial strength, substantial operating platform, strategic relationship with D.R. Horton and $2.2 billion of contracted future revenue. We plan to maintain our disciplined approach to capital allocation while positioning Forestar for growth and driving long-term value for our shareholders.\u201d<\/p>\n Conference Call and Webcast Details<\/b><\/p>\n \nThe Company will host a conference call today (Tuesday, January 20) at 11:00 a.m. Eastern Time. The dial-in number is 888-506-0062, the entry code is 401294, and the call will also be webcast from the Company\u2019s website at investor.forestar.com.<\/p>\n Second Quarter Conference Call<\/b><\/p>\n \nThe Company plans to release financial results for its second quarter ended March 31, 2026 on April 21, 2026 before the market opens. The Company will host a conference call that morning at 11:00 a.m. Eastern Time. Details on how to access the conference call will be available at a later date.<\/p>\n About Forestar Group Inc.<\/b><\/p>\n \nForestar Group Inc. is a residential lot development company with operations in 64 markets and 23 states. Based in Arlington, Texas, the Company delivered more than 13,800 residential lots during the twelve-month period ended December 31, 2025. Forestar is a majority-owned subsidiary of D.R. Horton, the largest homebuilder by volume in the United States since 2002.<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nPortions of this document may constitute \u201cforward-looking statements\u201d 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. All forward-looking statements are based upon information available to Forestar on the date this release was issued. Forestar does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements in this release include we still expect to deliver between 14,000 and 15,000 lots, generating $1.6 billion to $1.7 billion of revenue; Forestar is uniquely positioned to consistently supply finished lots that are essential to the homebuilding industry; our strong balance sheet and liquidity allow us to remain agile and resilient through changing market conditions; we expect to continue aggregating market share, supported by our financial strength, substantial operating platform, strategic relationship with D.R. Horton and $2.2 billion of contracted future revenue; and we plan to maintain our disciplined approach to capital allocation while positioning Forestar for growth and driving long-term value for our shareholders.<\/p>\n \nFactors 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 to: the effect of D.R. Horton\u2019s controlling level of ownership on us and the holders of our securities; our ability to realize the potential benefits of the strategic relationship with D.R. Horton; the effect of our strategic relationship with D.R. Horton on our ability to maintain relationships with our customers; the cyclical nature of the homebuilding and lot development industries and changes in economic, real estate and other conditions; the impact of significant inflation, higher interest rates or deflation; supply shortages and other risks of acquiring land, construction materials and skilled labor; the effects of public health issues such as a major epidemic or pandemic on the economy and our business; the impacts of weather conditions and natural disasters; health and safety incidents relating to our operations; our ability to obtain or the availability of surety bonds to secure our performance related to construction and development activities and the pricing of bonds; the effect of information technology failures and the risk of cybersecurity incidents and the failure to satisfy privacy and data protection laws and regulations; the impact of governmental policies, laws or regulations and actions or restrictions of regulatory agencies; the effects of changes in income tax and securities law; our ability to achieve our strategic initiatives; continuing liabilities related to assets that have been sold; the cost and availability of property suitable for residential lot development; general economic, market or business conditions where our real estate activities are concentrated; our dependence on relationships with national, regional and local homebuilders; competitive conditions in our industry; obtaining reimbursements and other payments from governmental districts and other agencies and timing of such payments; our ability to succeed in new markets; the conditions of the capital markets and our ability to raise capital to fund expected growth; our ability to manage and service our debt and comply with our debt covenants, restrictions and limitations; the volatility of the market price and trading volume of our common stock; and our ability to hire and retain key personnel. Additional information about issues that could lead to material changes in performance is contained in Forestar\u2019s annual report on Form 10-K which is filed with the Securities and Exchange Commission.<\/p>\n FORESTAR GROUP INC.<\/b><\/p>\n Consolidated Balance Sheets<\/b><\/p>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n December 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n September 30, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In millions, except share data)<\/b><\/p>\n<\/td>\n<\/tr>\n ASSETS<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 211.7<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n379.2<\/p>\n<\/td>\n<\/tr>\n \nReal estate<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2,850.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,645.1<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 7.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.1<\/p>\n<\/td>\n<\/tr>\n \nOther assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 106.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n104.6<\/p>\n<\/td>\n<\/tr>\n \nTotal assets<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3,176.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,137.0<\/p>\n<\/td>\n<\/tr>\n LIABILITIES<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 80.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n71.0<\/p>\n<\/td>\n<\/tr>\n \nAccrued development costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 131.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n131.8<\/p>\n<\/td>\n<\/tr>\n \nEarnest money on sales contracts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 210.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n193.3<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax liability, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 87.4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86.2<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses and other liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 87.3<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n83.1<\/p>\n<\/td>\n<\/tr>\n \nDebt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 793.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n802.7<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,389.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,368.1<\/p>\n<\/td>\n<\/tr>\n EQUITY<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommon stock, par value $1.00 per share, 200,000,000 authorized shares, 50,885,325 and 50,833,171 shares issued and outstanding at December 31, 2025 and September 30, 2025, respectively<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 50.9<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n50.8<\/p>\n<\/td>\n<\/tr>\n \nAdditional paid-in capital<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 673.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n671.0<\/p>\n<\/td>\n<\/tr>\n \nRetained earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,061.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,046.1<\/p>\n<\/td>\n<\/tr>\n \nStockholders’ equity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,786.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,767.9<\/p>\n<\/td>\n<\/tr>\n \nNoncontrolling interests<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.0<\/p>\n<\/td>\n<\/tr>\n \nTotal equity.<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,787.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,768.9<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and equity<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 3,176.6<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,137.0<\/p>\n<\/td>\n<\/tr>\n FORESTAR GROUP INC.<\/b><\/p>\n Consolidated Statements of Operations<\/b><\/p>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In millions, except per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenues<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 273.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n250.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCost of sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 218.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n195.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 36.5<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEquity in earnings of unconsolidated ventures<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.6<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nInterest and other income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (2.3<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.3<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nIncome before income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 20.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5.4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 15.4<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n16.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic net income per common share<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 0.30<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWeighted average number of common shares<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 51.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n50.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted net income per common share<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 0.30<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted weighted average number of common shares<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 51.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n FORESTAR GROUP INC.<\/b><\/p>\n Revenues, Residential Lots Sold and Lot Position<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n REVENUES<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In millions)<\/b><\/p>\n<\/td>\n<\/tr>\n \nResidential lot sales:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDevelopment projects<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 231.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n241.0<\/p>\n<\/td>\n<\/tr>\n \nLot banking projects<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4.1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.2<\/p>\n<\/td>\n<\/tr>\n \nDecrease in contract liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.2<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 235.2<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n247.4<\/p>\n<\/td>\n<\/tr>\n \nTract sales and other<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 37.8<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.0<\/p>\n<\/td>\n<\/tr>\n \nTotal revenues<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 273.0<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n250.4<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n RESIDENTIAL LOTS SOLD<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nDevelopment projects<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,900<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,291<\/p>\n<\/td>\n<\/tr>\n \nLot banking projects<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 44<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,944<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,333<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAverage sales price per lot (1)<\/sup><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 121,000<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n105,500<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n LOT POSITION<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n December 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n September 30, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \nLots owned<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 65,600<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65,100<\/p>\n<\/td>\n<\/tr>\n \nLots controlled under land and lot purchase contracts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 35,400<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n34,700<\/p>\n<\/td>\n<\/tr>\n \nTotal lots owned and controlled<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 101,000<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n99,800<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOwned lots under contract to sell to D.R. Horton<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 22,600<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,800<\/p>\n<\/td>\n<\/tr>\n \nOwned lots under contract to customers other than D.R. Horton<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 1,500<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,000<\/p>\n<\/td>\n<\/tr>\n \nTotal owned lots under contract<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 24,100<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23,800<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOwned lots subject to right of first offer with D.R. Horton based on executed purchase and sale agreements<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 18,100<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,600<\/p>\n<\/td>\n<\/tr>\n \nOwned lots fully developed<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 10,400<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,900<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
<\/b>As of or for the quarter ended December 31, 2025, unless otherwise noted
\n
<\/i>All comparisons to the prior year quarter<\/i><\/p>\n\n
\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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