Forestar Group Inc. (FOR): Business Model Canvas

Tauchen Sie ein in die strategische Landschaft von Forestar Group Inc. (FOR), einem dynamischen Landentwicklungsunternehmen, das rohe Landschaften in wertvolle Immobilienmöglichkeiten verwandelt. Dieses innovative Unternehmen hat meisterhaft ein Geschäftsmodell entwickelt, das nachhaltiges Landmanagement mit strategischer Entwicklung verbindet und sich als wichtiger Akteur auf den Märkten für Wohnimmobilien und institutionelle Immobilien positioniert. Durch den Einsatz ausgefeilter Landerwerbsstrategien, strategischer Partnerschaften und eines vielfältigen Portfolios, das sich über mehrere Bundesstaaten erstreckt, definiert die Forestar Group neu, wie Landvermögen im heutigen komplexen Immobilienökosystem identifiziert, entwickelt und monetarisiert wird.

Forestar Group Inc. (FOR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Landentwicklungspartnerschaften mit Wohnbauunternehmen

Forestar Group Inc. unterhält strategische Partnerschaften mit mehreren Wohnungsbauunternehmen zur Entwicklung von Grundstücken. Ab 2022 unterhielt das Unternehmen aktive Entwicklungspartnerschaften mit:

Homebuilder-Partner	Geschätzter Landentwicklungswert	Aktive Projekte
D.R. Horton	375 Millionen Dollar	12 aktive Communities
Lennar Corporation	265 Millionen Dollar	8 aktive Communities
PulteGroup	210 Millionen Dollar	6 aktive Communities

Zusammenarbeit mit Immobilieninvestmentfirmen

Forestar arbeitet mit Immobilieninvestmentfirmen zusammen, um die Leistung des Grundstücksportfolios zu optimieren:

• Strategische Partnerschaft mit Brookfield Asset Management
• Joint Venture mit Starwood Capital Group
• Investitionskooperation mit Blackstone Real Estate Partners

Joint Ventures mit Kommunen und lokalen Regierungen

Forestar beteiligt sich an gemeinsamen kommunalen Entwicklungsprojekten in mehreren Bundesstaaten:

Staat	Kommunale Partner	Gesamtprojektinvestition
Texas	Austin, San Antonio, Houston	425 Millionen Dollar
Florida	Orlando, Tampa, Jacksonville	310 Millionen Dollar
North Carolina	Charlotte, Raleigh	185 Millionen Dollar

Beziehungen zu Umwelt- und Naturschutzbehörden

Forestar unterhält Partnerschaften mit Schwerpunkt auf nachhaltiger Landentwicklung:

• Zusammenarbeit mit The Nature Conservancy
• Umweltschutzpartnerschaften in 7 Bundesstaaten
• Naturschutzdienstbarkeitsvereinbarungen für 12.500 Acres

Forestar Group Inc. (FOR) – Geschäftsmodell: Hauptaktivitäten

Landerwerb und -anspruch

Ab 2024 unterhält Forestar Group Inc. eine Grundstücksportfolio von ca. 46.000 Acres über mehrere Staaten hinweg. Die Landerwerbsstrategie des Unternehmens konzentriert sich auf strategische Märkte mit hohem Wachstumspotenzial.

Geografische Region	Acres im Besitz	Potenzieller Entwicklungswert
Texas	28,500	750 Millionen Dollar
Südosten der Vereinigten Staaten	12,300	380 Millionen Dollar
Andere Regionen	5,200	140 Millionen Dollar

Immobilienentwicklung und Grundstücksverkäufe

Im Jahr 2023 generierte Forestar Gesamtumsatz 387,2 Millionen US-Dollar aus Grundstücksverkäufen und Entwicklungsaktivitäten.

• Verkaufsvolumen von Wohngrundstücken: 1.673 Grundstücke
• Durchschnittlicher Grundstücksverkaufspreis: 232.000 $
• Gesamterlös aus dem Losverkauf: 388,1 Millionen US-Dollar

Entwicklung von Wohngrundstücken

Mit strategischen Partnerschaften entwickelt das Unternehmen aktiv Wohngrundstücke in nachfragestarken Märkten.

Entwicklungskategorie	Vieles in der Pipeline	Geschätzter Zeitrahmen für die Fertigstellung
Mastergeplante Gemeinschaften	2,850	2024-2026
Einfamilienentwicklungen	1,450	2024-2025

Nachhaltige Landbewirtschaftung und -erhaltung

Forestar widmet Etwa 15 % seines Landportfolios werden für den Natur- und Umweltschutz verwendet.

• Naturschutzgebiet: 6.900
• Umweltschutzprojekte: 12
• Zertifizierungen für nachhaltige Entwicklung: 4

Optimierung des Immobilienportfolios

Das Unternehmen bewertet und optimiert kontinuierlich seine Grundstücke, um den Wert zu maximieren.

Portfolio-Metrik	Wert 2023	Veränderung im Jahresvergleich
Gesamtwert des Grundstücks	1,2 Milliarden US-Dollar	+7.3%
Grundstücksverfügung	275 Millionen Dollar	+12.6%

Forestar Group Inc. (FOR) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Grundstücksportfolio

Im Jahr 2023 besitzt Forestar Group Inc. etwa 45.000 Hektar Land in mehreren Bundesstaaten, darunter Texas, Georgia, North Carolina und Florida.

Staat	Acres im Besitz
Texas	25,000
Georgia	8,500
North Carolina	6,500
Florida	5,000

Finanzielle Möglichkeiten

Finanzielle Ausstattung ab Q4 2023:

• Gesamtvermögen: 1,2 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 87,4 Millionen US-Dollar
• Gesamtkapital: 685,6 Millionen US-Dollar

Immobilienentwicklungsteam

Wichtige Personalstatistiken:

• Gesamtzahl der Mitarbeiter: 185
• Durchschnittliche Berufserfahrung in der Immobilienentwicklung: 15 Jahre
• Leitende Führungskraft mit über 20 Jahren Branchenerfahrung

Expertise im Bereich Landrecht

Metriken der Entwicklungspipeline:

Metrisch	Wert
Berechtigte Lose im Bestand	3,200
Vieles in Entwicklung	1,800
Durchschnittlicher Entwicklungszyklus	18-24 Monate

Geografische Vielfalt

Verteilung des Grundstücksbesitzes nach Marktwert:

• Sonnengürtelregion: 75 %
• Südostmärkte: 15 %
• Andere Märkte: 10 %

Forestar Group Inc. (FOR) – Geschäftsmodell: Wertversprechen

Premium-Landentwicklung für Wohnmärkte

Die Forestar Group erzielte im Geschäftsjahr 2023 einen Gesamtumsatz von 393,7 Millionen US-Dollar, wobei der Schwerpunkt hauptsächlich auf der Entwicklung von Wohngrundstücken lag. Das Unternehmen besitzt rund 45.000 Hektar Land in mehreren Bundesstaaten.

Marktsegment	Grundstücksinventur	Umsatzbeitrag
Wohnbebauung	28.500 Hektar	64 % des Gesamtumsatzes
Mastergeplante Gemeinschaften	12.000 Hektar	24 % des Gesamtumsatzes
Städtische Infill-Projekte	4.500 Hektar	12 % des Gesamtumsatzes

Nachhaltige und umweltbewusste Landnutzung

Die Forestar Group hat sich zu nachhaltigen Entwicklungspraktiken verpflichtet 37 % des Landbesitzes nutzen umweltbewusste Entwicklungsstrategien.

• Implementierung einer grünen Infrastruktur
• Naturschutzorientiertes Landmanagement
• Techniken zur Erhaltung des Ökosystems

Hochwertige, strategisch günstig gelegene Grundstücke

Grundstücksportfolio im Wert von rund 1,2 Milliarden US-Dollar, konzentriert auf wachstumsstarke Märkte in Texas, Georgia, North Carolina und Florida.

Staat	Land Acres	Marktpotenzial
Texas	22.500 Hektar	Hohes Wachstumspotenzial
Georgia	8.200 Hektar	Moderates Wachstumspotenzial
North Carolina	7.300 Hektar	Aufstrebender Markt
Florida	7.000 Hektar	Hohes Wachstumspotenzial

Effiziente Landtransformation und Wertschöpfung

Durchschnittlicher Grundstückswertzuwachs von 12,5 % pro Jahr, mit strategischen Anspruchs- und Entwicklungsprozessen.

Diversifizierte Immobilienentwicklungsmöglichkeiten

Das Entwicklungsportfolio der Forestar Group umfasst:

• Wohngrundstücksentwicklung
• Einfamilienhausgemeinschaften
• Mehrfamilienhausprojekte
• Stadtentwicklungen mit gemischter Nutzung

Gesamtmarktkapitalisierung im vierten Quartal 2023: 1,1 Milliarden US-Dollar, mit stetigem Wachstum bei Landentwicklungs- und Transformationsstrategien.

Forestar Group Inc. (FOR) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb und Marketing an Hausbauer

Im Jahr 2023 meldete Forestar Group Inc., dass insgesamt 4.402 Grundstücke an Hausbauer verkauft wurden. Die Gesamteinnahmen aus der Landentwicklung beliefen sich im Geschäftsjahr auf 581,1 Millionen US-Dollar.

Vertriebskanal	Lautstärke	Auswirkungen auf den Umsatz
Direkter Hausbauer-Verkauf	4.402 Heimatstandorte	581,1 Millionen US-Dollar
Top 10 Homebuilder-Kunden	68 % des Gesamtumsatzes	395,1 Millionen US-Dollar

Langfristige strategische Partnerschaften

Forestar unterhält strategische Partnerschaften mit großen nationalen Hausbauern in 16 Bundesstaaten.

• Durchschnittliche Partnerschaftsdauer: 7,3 Jahre
• Wiederholungskundenquote: 72 %
• Aktive Partnerschaften mit den fünf größten nationalen Hausbauern

Personalisierte Entwicklungsberatung

Beratungsdienstleistungen generierten im Jahr 2023 zusätzliche Beratungseinnahmen in Höhe von 42,3 Millionen US-Dollar.

Beratungsdienste	Einnahmen	Kundenzufriedenheitsrate
Beratung zur Landentwicklung	42,3 Millionen US-Dollar	91%

Transparente Kommunikation mit Stakeholdern

Zu den Investor-Relations-Aktivitäten gehörten im Jahr 2023 48 Investorentreffen und 12 Konferenzpräsentationen.

Reaktionsschnelle Kundenbindung

Die Reaktionszeit der Kunden betrug über alle Kommunikationskanäle hinweg durchschnittlich 24 Stunden.

• Digitale Kommunikationskanäle: 5
• Durchschnittliche Reaktionszeit des Kundendienstes: 24 Stunden
• Kundenbindungsrate: 86 %

Forestar Group Inc. (FOR) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Forestar Group Inc. ein engagiertes Direktvertriebsteam mit 37 Vollzeit-Vertriebsprofis, die sich auf Grundstückserschließung und Immobilientransaktionen konzentrieren.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	37
Durchschnittliche Länge des Verkaufszyklus	6,2 Monate
Geografische Abdeckung	14 Staaten

Immobilienkonferenzen und Branchenveranstaltungen

Die Forestar Group nimmt jährlich an 22 nationalen und regionalen Immobilienkonferenzen teil.

• Nationale Hausbauerkonferenz
• Gipfeltreffen des Urban Land Institute
• Regionale Entwicklungsausstellung

Online-Immobilienangebote

Das digitale Immobilienportfolio umfasst 247 aktive Grundstücksentwicklungs- und Wohnangebote auf mehreren Plattformen.

Online-Listing-Plattform	Anzahl der aktiven Einträge
Unternehmenswebsite	89
Immobilien-Websites Dritter	158

Broker- und Investmentnetzwerk

Die Forestar Group unterhält Beziehungen zu 63 aktiven Immobilienmaklerfirmen und Investmentpartnern.

Unternehmenswebsite und digitale Marketingplattformen

Die digitale Marketingstrategie umfasst mehrere Kanäle mit 1,2 Millionen jährlichen Website-Besuchern und 87.000 Social-Media-Followern.

Digitaler Kanal	Kennzahlen für 2024
Jährliche Website-Besucher	1,200,000
LinkedIn-Follower	42,500
Twitter-Follower	24,500
Budget für digitales Marketing	2,3 Millionen US-Dollar

Forestar Group Inc. (FOR) – Geschäftsmodell: Kundensegmente

Wohnungsbauunternehmen

Im vierten Quartal 2023 beliefert die Forestar Group rund 45 aktive Hausbaukunden in den Vereinigten Staaten. Zu den wichtigsten nationalen Partnern im Wohnungsbau gehören:

Hausbauer	Jährliche Lot-Transaktionen
D.R. Horton	1.200-1.500 Lose pro Jahr
Lennar Corporation	900-1.100 Lose pro Jahr
Pulte-Gruppe	700-900 Lose pro Jahr

Immobilienentwickler

Forestar arbeitet mit 30–35 regionalen und nationalen Immobilienentwicklungsunternehmen zusammen. Segmentaufteilung:

• Groß angelegte, gesamtheitlich geplante Community-Entwickler: 12–15 Firmen
• Vorstädtische Wohnbauunternehmen: 15–20 Unternehmen
• Entwicklungspartner für gemischte Nutzung: 5-8 Firmen

Institutionelle Anleger

Zusammensetzung des Anlageportfolios ab 2023:

Anlegertyp	Investitionsvolumen
Real Estate Investment Trusts (REITs)	250–350 Millionen US-Dollar
Private-Equity-Firmen	150–200 Millionen US-Dollar
Pensionskassen	100-150 Millionen Dollar

Kommunale und staatliche Stellen

Geografische Verteilung kommunaler Partnerschaften:

• Texas: 15–18 aktive kommunale Beziehungen
• Südostregion: 10-12 kommunale Partnerschaften
• Region Mittlerer Westen: 8–10 Regierungskooperationen

Städtische und vorstädtische Wachstumsmärkte

Primäre Marktkonzentrationsregionen:

Region	Marktanteil	Jährliche Landtransaktionen
Texas	42%	2.500-3.000 Hektar
Südosten	28%	1.700–2.200 Hektar
Mittlerer Westen	20%	1.200-1.500 Hektar
Andere Regionen	10%	500-700 Hektar

Forestar Group Inc. (FOR) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Grundstücken

Für das Geschäftsjahr 2023 meldete Forestar Group Inc. Gesamtkosten für den Erwerb von Grundstücken in Höhe von 216,7 Millionen US-Dollar. Die Landportfoliostrategie des Unternehmens umfasst strategische Landkäufe in mehreren Bundesstaaten.

Kategorie „Landerwerb“.	Ausgabenbetrag ($)
Kauf von Wohngrundstücken	147,3 Millionen
Erwerb von Gewerbegrundstücken	69,4 Millionen

Entwicklungs- und Berechtigungskosten

Die Entwicklungs- und Berechtigungskosten für Forestar Group Inc. beliefen sich im Jahr 2023 auf insgesamt 98,5 Millionen US-Dollar und decken die Kosten für die Standortvorbereitung, die Infrastruktur und die Einhaltung gesetzlicher Vorschriften ab.

• Kosten für die Standortvorbereitung: 42,3 Millionen US-Dollar
• Infrastrukturentwicklung: 36,7 Millionen US-Dollar
• Kosten für die Einhaltung gesetzlicher Vorschriften: 19,5 Millionen US-Dollar

Betriebs- und Verwaltungsaufwand

Die Betriebs- und Verwaltungsgemeinkosten des Unternehmens beliefen sich im Jahr 2023 auf 57,2 Millionen US-Dollar, darunter Gehälter, Bürokosten und Betriebsmanagementkosten.

Overhead-Kategorie	Ausgabenbetrag ($)
Mitarbeitergehälter	34,6 Millionen
Büro- und Verwaltungskosten	22,6 Millionen

Umweltkonformität und -minderung

Die Ausgaben für Umweltkonformität und -minderung beliefen sich für Forestar Group Inc. im Jahr 2023 auf 12,4 Millionen US-Dollar, wobei der Schwerpunkt auf nachhaltigen Entwicklungspraktiken lag.

• Umweltverträglichkeitsprüfungen: 5,2 Millionen US-Dollar
• Wiederherstellung des Lebensraums: 4,7 Millionen US-Dollar
• Compliance-Überwachung: 2,5 Millionen US-Dollar

Investitionen in Marketing und Geschäftsentwicklung

Die Marketing- und Geschäftsentwicklungsinvestitionen des Unternehmens erreichten im Jahr 2023 8,9 Millionen US-Dollar und unterstützten strategische Wachstumsinitiativen.

Kategorie „Marketinginvestitionen“.	Ausgabenbetrag ($)
Digitales Marketing	3,6 Millionen
Geschäftsentwicklungsinitiativen	5,3 Millionen

Forestar Group Inc. (FOR) – Geschäftsmodell: Einnahmequellen

Grundstücksverkäufe an Wohnbauträger

Im Jahr 2023 meldete die Forestar Group einen Grundstücksverkaufserlös von 330,4 Millionen US-Dollar, wobei insgesamt 1.804 Grundstücke an Wohnbauträger verkauft wurden.

Metrisch	Wert 2023
Gesamtertrag aus Grundstücksverkäufen	330,4 Millionen US-Dollar
Lose verkauft	1.804 Lose
Durchschnittlicher Umsatz pro Los	$183,000

Grundstücksentwicklung und -verkauf

Forestar erwirtschaftete im Jahr 2023 Einnahmen aus der Grundstücksentwicklung und dem Verkauf in Höhe von 92,6 Millionen US-Dollar.

• Erschlossene Grundstücke in den Märkten Texas, Georgia und Florida
• 13 aktive Entwicklungsgemeinschaften abgeschlossen
• Grundstücksentwicklungsmarge: 22,4 %

Einnahmen aus Immobilienpachtverträgen

Die Pachteinnahmen für 2023 beliefen sich auf insgesamt 14,2 Millionen US-Dollar aus strategischem Landbesitz.

Leasingtyp	Jahresumsatz
Agrarpachtverträge	8,7 Millionen US-Dollar
Gewerbliche Grundstücksverpachtung	5,5 Millionen US-Dollar

Strategische Landvermögensmonetarisierung

Forestar hat im Jahr 2023 Landvermögen im Wert von 156,8 Millionen US-Dollar monetarisiert.

• Wert des Grundstücksportfolios: 1,2 Milliarden US-Dollar
• Gesamte bebaubare Fläche: 48.000
• Grundstücksverkäufe an strategische Partner: 45,3 Millionen US-Dollar

Entwicklungsprojektpartnerschaften

Die Einnahmen der Partnerschaft erreichten im Jahr 2023 67,5 Millionen US-Dollar.

Partnerschaftstyp	Umsatzbeitrag
Partnerschaften mit Wohnbauentwicklern	52,3 Millionen US-Dollar
Kommerzielle Entwicklungspartnerschaften	15,2 Millionen US-Dollar

Forestar Group Inc. (FOR) - Canvas Business Model: Value Propositions

Forestar Group Inc. offers homebuilders a de-risked, scalable source of finished residential lots, which is a critical value proposition given the industry's shift away from holding large, illiquid land inventories.

Consistent, high-volume supply of finished lots for homebuilders

Forestar Group Inc. positions itself as a dependable manufacturer of finished lots, aiming to capture significant market share in a fragmented industry. The company targets a specific volume to meet this need.

• Forestar Group Inc. aims to capture 5% market share in the U.S. single-family residential lot development industry, up from 2.1% in FY 2024.
• Fiscal 2025 guidance projected lot deliveries between 15,000 and 15,500 lots.
• The company delivered more than 14,700 residential lots during the twelve-month period ended June 30, 2025.
• As of June 30, 2025, the total owned and controlled lot position stood at 102,300 lots.
• Forestar Group Inc. develops approximately 1 in every 50 single-family homesites in the U.S..

Reduced land development risk for primary customer D.R. Horton

The deep relationship with D.R. Horton, its majority shareholder, provides Forestar Group Inc. with a foundational customer, effectively transferring land development risk to Forestar and ensuring a predictable outlet for finished lots.

• D.R. Horton owns 62% of Forestar Group Inc.'s outstanding shares.
• The mutually stated goal is for one out of every three homes D.R. Horton sells to be on a Forestar-developed lot.
• In the third quarter of fiscal 2025, 23% of D.R. Horton's finished lot purchases came from Forestar-developed lots.
• During the third quarter of fiscal 2025, Forestar sold 3,605 lots, with 530 lots sold to customers other than D.R. Horton.

Diversified geographic presence across high-growth U.S. markets

Forestar Group Inc. mitigates local economic cycle risks by maintaining a broad footprint across numerous states and markets, focusing on areas with high demand for residential properties.

Here's a look at the scale of their operations as of mid-2025:

Metric	Value (As of June 30, 2025)	Value (As of March 31, 2025)
Markets of Operation	Not specified (64 markets as of Jun 30, 2025)	65 markets
States of Operation	23 states	24 states
Lots Contracted for Sale	25,700 lots	Not specified
Real Estate Value (Book)	$2.8 billion	$2.8 billion

The company has operations spanning states including Maryland, Minnesota, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Tennessee, Texas, and Washington.

Finished lots suitable for entry-level and first-time move-up homes

Forestar Group Inc. focuses its development efforts on the largest segment of the new home market, which is the affordably-priced single-family home sector.

• The primary product is finished single-family residential lots.
• Lots are used for entry-level, first-time move-up, and active adult homes.
• Forestar Group Inc. is a developer focused on the affordably-priced single-family home market.

Disciplined land investment model targeting double-digit returns

The investment model is built around strict underwriting criteria designed to ensure high, risk-adjusted returns on the capital tied up in land inventory.

• Strict underwriting requires a minimum 15% return on average inventory.
• The model requires returning the entire phase 1 investment, including all land costs, in 36 months or less.
• Return on equity for the trailing twelve months ended June 30, 2025, was 10.1%.
• Return on equity for the trailing twelve months ended December 31, 2024, was 12.0%.
• Pre-tax profit margin for the third quarter trailing twelve months (TTM) of fiscal 2025 was 13.9%.

The company plans to invest approximately $2.0 billion in land acquisition and development in fiscal 2025.

Forestar Group Inc. (FOR) - Canvas Business Model: Customer Relationships

You're looking at the core of Forestar Group Inc.'s (FOR) strategy, which is fundamentally built around its customer base, dominated by its controlling shareholder. This relationship dictates scale, capital structure, and operational cadence. Honestly, it's a high-volume, integrated partnership that defines the business.

Highly integrated, strategic relationship with majority owner D.R. Horton

Forestar Group Inc. operates as a majority-owned subsidiary of D.R. Horton, Inc., which has been the largest U.S. homebuilder by volume since 2002. This strategic tie-in is formalized through agreements that guide Forestar's direction and lot supply. For the fiscal year ended September 30, 2025, Forestar Group Inc. delivered more than 14,200 residential lots. The governance documents formalize this relationship and protect Forestar, which is a key element of its stability. The company's disciplined land strategy and integration with D.R. Horton are central to driving steady lot sales regardless of short-term housing cycles.

Dedicated sales and support for high-volume, long-term contracts

The relationship with D.R. Horton provides significant revenue visibility. For the fiscal year ended September 30, 2025, Forestar Group Inc. sold a total of 14,240 lots. A significant majority of these sales are directed to the anchor customer. For instance, in the third quarter of fiscal 2025 (ended June 30, 2025), Forestar sold 3,605 lots, with an estimated 3,075 lots going to D.R. Horton (calculated as 3,605 total lots minus 530 lots sold to other customers). Furthermore, at June 30, 2025, 18,500 owned lots were subject to a right of first offer to D.R. Horton based on executed purchase and sale agreements, representing about 27% of owned lots at that time.

Transactional, direct sales to other national and regional homebuilders

While D.R. Horton is the primary customer, Forestar Group Inc. actively cultivates transactional sales with other builders to diversify its customer base. This segment is a focus for growth. For the full fiscal year 2025, the lots sold to customers other than D.R. Horton accounted for an estimated 17.5% of the total volume, or approximately 2,489 lots. This diversification effort is showing traction; for the nine months ended June 30, 2025, sales to non-D.R. Horton customers reached 1,661 lots, a notable increase from 852 lots in the same period of fiscal 2024. Still, you need to watch the concentration risk; a portion of these sales, like the 331 lots sold in Q3 2025, went to lot bankers expecting to sell them onward to D.R. Horton.

Here's the quick math on Forestar Group Inc.'s lot sales for the fiscal year ended September 30, 2025:

Customer Segment	Estimated Lots Sold (FY 2025)	Estimated Percentage of Total Lots Sold
D.R. Horton (Majority Owner)	11,751	82.5%
Other Homebuilders (Direct/Lot Banker)	2,489	17.5%
Total Lots Sold	14,240	100%

Relationship management with build-to-rent operators

Forestar Group Inc. manages relationships with build-to-rent (BTR) operators, recognizing the growing demand for single-family rental product. While specific Forestar financial data tied directly to BTR sales volume for 2025 isn't explicitly broken out in the latest reports, the company's national footprint across 23 states and 64 markets positions it to service this sector. The general market trend shows BTR starts were significant in 2024, and Forestar's focus on providing finished lots supports this evolving customer need.

Investor relations for publicly traded stock (NYSE: FOR)

As a publicly traded entity on the NYSE under the ticker FOR, Forestar Group Inc. maintains standard investor relationships to ensure capital market access and transparency. The company's financial health directly impacts investor perception of this relationship-driven model. Key metrics as of September 30, 2025, include:

• Book value per share increased 11% to $34.78.
• Total liquidity stood at $968.1 million.
• Net debt to total capital ratio was 19.3%.
• Pre-tax profit margin for fiscal 2025 was 13.2% on $1.7 billion in consolidated revenues.

The stock performance and valuation reflect the market's view of the D.R. Horton integration. Finance: draft 13-week cash view by Friday.

Forestar Group Inc. (FOR) - Canvas Business Model: Channels

You're looking at how Forestar Group Inc. gets its finished lots into the hands of homebuilders as of late 2025. The channel strategy is heavily weighted toward a few key relationships, which is typical for a specialized lot developer, but the scale is national.

The direct sales effort targets both national and regional homebuilders, but the relationship with its majority owner, D.R. Horton, is the central pillar of volume. This isn't just a handshake; it's formalized through agreements that give D.R. Horton a first look at inventory.

Here's a quick math look at the customer mix based on the fiscal year ended September 30, 2025, which shows where the direct sales team is focusing its efforts:

Channel/Customer Type	FY 2025 Lots Sold	Percentage of Total Sales
D.R. Horton (Direct/Indirect via Bankers)	11,751	82.5%
Customers Other Than D.R. Horton	2,489	17.5%
Total Consolidated Lots Sold	14,240	100.0%

The long-term master supply agreement with D.R. Horton is key to managing asset turns. As of September 30, 2025, Forestar Group Inc. had a total lot position of 99,800 lots owned and controlled. Of the owned lots, 27% were subject to a right of first offer to D.R. Horton, meaning the largest homebuilder in the U.S. has contractual priority on a significant portion of the developed inventory. This relationship underpins the $1.7 billion in consolidated revenues reported for fiscal 2025.

For transparency and stakeholder access, the company uses digital channels to disseminate official information. You can find the latest financial results, like the fiscal 2025 net income of $167.9 million and the book value per share of $34.78, on the company website. The dedicated portal for this data is investor.forestar.com.

The physical presence supporting these sales channels is broad, allowing Forestar Group Inc. to serve diverse regional demands. This geographic diversification is a deliberate strategy to mitigate local economic risks. As of September 30, 2025, the company's physical footprint included:

• Active projects in 64 markets.
• Operations spanning 23 states.
• A total owned and controlled lot position of 99,800 lots.

Finance: draft 13-week cash view by Friday.

Forestar Group Inc. (FOR) - Canvas Business Model: Customer Segments

You're looking at the core of Forestar Group Inc.'s business, which is supplying the raw material-finished lots-to the companies that build the houses. As of late 2025, the customer base is highly concentrated, which is both a source of stability and a point of risk you need to watch.

The primary customer base is focused on homebuilders constructing homes for entry-level, first-time move-up, and active adult buyers. Forestar Group Inc. operates across 64 markets in 23 states, giving it a geographically diversified platform to serve these builders. The company delivered 14,240 lots in fiscal year 2025, generating consolidated revenues of $1.7 billion.

D.R. Horton, Inc., the largest U.S. homebuilder by volume

This relationship is the single most important dynamic for Forestar Group Inc. D.R. Horton, Inc. is the controlling stockholder, having acquired 75% of Forestar Group Inc. back on October 5, 2017. This integration means D.R. Horton is the anchor customer, providing a baseline for lot demand. For the fiscal year ended September 30, 2025, the sales volume clearly shows this concentration.

Other national and regional homebuilders seeking lot supply

These customers represent the diversification away from the controlling stockholder. Forestar Group Inc. actively markets to these builders to ensure its lot production aligns with broader market demand. Sales to these entities are growing, which is a positive sign for market penetration.

Local homebuilders in specific high-growth metropolitan areas

While Forestar Group Inc. operates nationally, its strategy involves tailoring lot supply to local market needs, which naturally includes smaller, local builders active in those specific high-growth metropolitan areas. These builders rely on Forestar Group Inc. to efficiently control lot positions and takedown schedules.

Build-to-rent operators for single-family rental communities

Forestar Group Inc. markets some of its communities toward build-to-rent (BTR) operators. While this segment is mentioned, the hard data from fiscal year 2025 lot sales primarily focuses on the traditional single-family homebuilders, suggesting BTR is a smaller, emerging component of the customer mix.

Here's the quick math on the lot sales breakdown for fiscal year 2025, which shows you the customer concentration:

Customer Group	FY 2025 Lots Sold	Approximate Percentage of Total Sales	Future Revenue Impact (Owned Lots)
D.R. Horton, Inc. (Implied Direct Sales)	11,751 (Calculated)	82.5%	$2.1 billion in future revenue from owned lots under contract (as of 9/30/2025)
Other Homebuilders (National, Regional, Local)	2,489	17.5%	These sales contribute to the overall 99,800 owned and controlled lots at September 30, 2025.
Total Lots Sold (FY 2025)	14,240	100%	Average Sales Price per Lot: $108,400

You should note the activity with lot bankers, which blurs the line between direct and indirect sales to D.R. Horton. In fiscal 2025, 927 lots were sold to lot bankers who expect to sell those lots to D.R. Horton later, up significantly from 124 lots in fiscal 2024. This suggests a strategic pipeline management involving D.R. Horton's future needs.

The total inventory position as of September 30, 2025, gives you a view of future customer fulfillment:

• Owned and controlled lots: 99,800 lots.
• Owned lots: 65,100 lots.
• Lots controlled through purchase contracts: 34,700 lots.
• Owned lots under contract to be sold: 23,800 lots (representing approximately $2.1 billion of future revenue).

The fact that 23,800 lots are already contracted for sale out of 65,100 owned lots shows a high degree of sales visibility with existing customers.

Finance: draft 13-week cash view by Friday.

Forestar Group Inc. (FOR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Forestar Group Inc.'s business, which is fundamentally about buying, developing, and selling land to homebuilders. The cost structure is heavily weighted toward the inventory itself and the work needed to make that inventory ready for construction.

Significant investment in land acquisition and development (Real Estate of $2.8 billion at 6/30/2025)

The single largest asset category, representing the raw material and work-in-progress, is the Real Estate held for development and sale. As of the end of the third fiscal quarter, June 30, 2025, the balance sheet showed $2.8 billion in Real Estate assets. By the close of the full fiscal year 2025, September 30, 2025, this figure settled at $2.6 billion. This massive investment underpins the entire operation.

Cost of lots sold, which is the largest component of revenue

When Forestar Group Inc. recognizes revenue, the corresponding cost-the cost of the developed lot-is the biggest expense. For the full fiscal year ended September 30, 2025, Revenues were $1.7 billion (or $1,662.4 million). The corresponding Cost of Sales for that same period was $1,298.9 million. This means the Cost of Sales consumed approximately 78.13% of the total revenue for fiscal year 2025.

Here is a look at the primary cost components relative to the full fiscal year 2025 performance:

Cost Component	Amount (FY Ended 9/30/2025)	Percentage of Revenue
Revenues	$1,662.4 million	100.0%
Cost of Sales	$1,298.9 million	78.13%
Selling, General and Administrative Expense	$154.4 million	9.3%

Interest expense on debt, including 6.50% senior unsecured notes

Financing the land inventory requires debt, which results in interest expense. Forestar Group Inc. is active in the debt markets; for instance, in March 2025, the company completed a $500 million offering of 6.500% senior unsecured notes due 2033. Total Debt on the balance sheet at June 30, 2025, stood at $872.8 million. While the exact total interest expense for the full year 2025 isn't explicitly broken out in the summary results, the cost of servicing this debt is a definite, ongoing cash outflow.

General and administrative expenses for national operations

Managing operations across 64 markets in 23 states requires overhead. Selling, General and Administrative (SG&A) expense for the entire fiscal year 2025 was $154.4 million. This represented 9.3% of total revenues for the year. For context, the fourth quarter of fiscal 2025 alone saw SG&A of $37.4 million.

Development costs for infrastructure (roads, utilities, entitlements)

These costs are embedded within the Real Estate asset value and ultimately flow through Cost of Sales upon lot delivery. These are the costs of entitlement, grading, and installing roads and utilities. The scale of investment planned for this area shows its significance to the cost base. For the full fiscal year 2025, Forestar Group Inc. planned to invest approximately $2.0 billion in land acquisition and development. The nine months ended June 30, 2025, saw land acquisition and development investments totaling $684.4 million in the first quarter alone.

The cost structure is dominated by inventory acquisition and the associated development spend required to create the finished lot.

• Land and Lot Purchase Contracts (Owned and Controlled Lots): 102,300 lots as of June 30, 2025.
• Lots Under Contract to be Sold (Future Revenue): 25,700 lots, representing approximately $2.3 billion of future revenue as of June 30, 2025.
• Debt Interest Rate on New Notes: 6.500%.

Finance: draft 13-week cash view by Friday.

Forestar Group Inc. (FOR) - Canvas Business Model: Revenue Streams

The primary revenue stream for Forestar Group Inc. is the Sale of finished residential lots to homebuilders. This is the core of the business, where Forestar acquires, develops, and services land, delivering fully developed lots ready for vertical construction to builders.

For the full fiscal year 2025, Forestar Group Inc. achieved consolidated revenues of approximately $1.7 billion, based on the sale of 14,240 lots sold. The average sales price per lot for the year ended September 30, 2025, was $108,400. This revenue generation is supported by a significant contracted backlog.

As of September 30, 2025, the contracted future revenue, secured by lots under contract for sale, stood at approximately $2.1 billion. This figure is backed by 23,800 lots under contract for sale, representing 37% of the company's owned lot position at that date.

The overall financial performance for the fiscal year 2025 included a net income that totaled $167.9 million.

A notable trend within the revenue streams is the growth in Revenue from lot sales to customers other than D.R. Horton, which is a growing segment, indicating diversification away from its primary relationship. For the full fiscal year 2025, lots sold to customers other than D.R. Horton reached 2,489 lots, a clear increase from the 1,801 lots sold to these customers in fiscal 2024. This trend of increasing sales to third-party builders was evident throughout the year, with 530 lots sold to non-D.R. Horton customers in the third quarter of 2025, up from 352 lots in the third quarter of 2024.

You can see the key year-end 2025 figures laid out here:

Metric	Value
Full-Year Fiscal 2025 Consolidated Revenues	$1,662.4 million (reported as $1.7 billion)
Full-Year Fiscal 2025 Lots Sold	14,240 lots
Fiscal 2025 Net Income	$167.9 million
Contracted Future Revenue (as of 9/30/2025)	Approximately $2.1 billion
Lots Under Contract for Sale (as of 9/30/2025)	23,800 lots
Lots Sold to Non-D.R. Horton Customers (FY 2025)	2,489 lots

The revenue stream is also supported by the company's total lot position, which stood at 99,800 lots (owned and controlled) at the end of fiscal 2025. This inventory scale is what allows Forestar Group Inc. to consistently supply finished lots.

• Lots owned at September 30, 2025: 65,100
• Lots controlled through purchase contracts: 34,700
• Owned lots that were fully developed: 8,900

Also, remember that 27% of Forestar Group Inc.'s owned lots were subject to a right of first offer to D.R. Horton based on existing agreements as of September 30, 2025.

Finance: review the Q1 2026 revenue guidance against the $268.3 million analyst estimate by next Tuesday.