Forestar Group Inc
(NYSE:FOR)

Forestar Group Inc. operates as a residential lot development company in the United States. It engages in the acquisition, entitlement, and development of infrastructure for single-family residential communities. Forestar Group Inc. sells residential lots primarily to homebuilders. The company was i...

Website: http://www.forestar.com

Founded: 2007

Full Time Employees: 143

Sector: Real Estate

Industry: Real Estate-Development

Real Estate

Share this website to your friends

• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

• Current ast per Share:

• P/E ttm:

• P/E forward:

• P/E ttm high:

• P/E ttm low:

• P/S ttm:

• P/B ttm:

• P/FCF ttm:

• PEG ratio:

• Cash Ratio ttm:

• Quick Ratio ttm:

• Current Ratio ttm:

• Gross Mgn ttm:

• EBITDA Mgn ttm:

• Operating Mgn ttm:

• Net Income Mgn ttm:

• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-29

revenues	273,000,000	670,500,000	390,500,000	351,000,000	250,400,000	551,400,000	318,400,000	333,800,000	305,900,000	549,800,000	368,900,000	301,500,000	216,700,000	381,400,000	308,500,000	421,600,000	407,600,000	418,700,000	312,900,000	287,100,000	307,100,000	347,500,000	177,900,000	159,100,000	247,200,000	236,300,000	88,200,000	65.3	38.5
cost of sales	218,000,000	520,900,000	310,800,000	271,800,000	195,400,000	419,500,000	246,900,000	250,700,000	233,000,000	434,100,000	283,900,000	245,600,000	169,200,000	292,200,000	234,600,000	334,100,000	334,200,000	342,800,000	257,100,000	233,800,000	262,900,000	303,400,000	157,100,000	136,600,000	216,600,000	213,100,000	75,300,000	43.6	30.7
selling, general and administrative expense	36,500,000	42,600,000	37,400,000	38,400,000	36,000,000	32,000,000	29,300,000	29,200,000	28,000,000	26,400,000	26,400,000	22,000,000	22,900,000	23,700,000	24,100,000	24,300,000	21,500,000	19,700,000	16,900,000	16,300,000	15,500,000	12,900,000	11,200,000	11,200,000	10,500,000	9,100,000	7,900,000	6.2	5.7
equity in earnings of unconsolidated ventures					-600,000									-100,000			-1,100,000			-100,000	-200,000			-300,000	-500,000				-0.6	1,000,000	1,529,000	7,026,000	1,764,000	2,747,000	6,362,000	2,251,000	3,637,000	188,000	47,000	4,470,000	2,909,000	5,584,000	3,045,000	4,720,000	2,016,000	958,000	991,000	2,133,000	3,125,000	2,566,000	913,000	12,297,000	680,000		724,000	-30,841,000	648,000	402,000	582,000	3,961,000	82,000	287,000	371,000	-708,000	-2,443,000	-4,048,000	-572,000	-346,000	1,436,000	2,018,000	1,534,000
interest and other income	-2,300,000	-1,700,000	-1,300,000	-1,000,000	-2,300,000	-4,100,000	-4,400,000	-5,000,000	-6,300,000	-6,100,000	-3,800,000	-2,000,000	-1,700,000	-800,000	-200,000				-300,000	-500,000	-300,000	-700,000	-800,000	-1,800,000	-1,700,000	-1,400,000	-1,900,000	-0.9	-1.3	2,627,000	1,652,000
income before income taxes	20,800,000	113,100,000	43,600,000	40,700,000	21,900,000	108,500,000	51,600,000	58,900,000	51,200,000	95,400,000	62,400,000	35,900,000	27,900,000	66,400,000	52,700,000	63,200,000	53,500,000	58,700,000	21,100,000	37,600,000	29,200,000	32,000,000	10,300,000	13,700,000	22,200,000
income tax expense	5,400,000	26,200,000	10,700,000	9,100,000	5,400,000	26,900,000	12,900,000	13,900,000	13,000,000	23,000,000	15,600,000	9,000,000	7,100,000	15,600,000	13,000,000	15,400,000	13,000,000	14,600,000	5,200,000	9,200,000	7,100,000	7,500,000	200,000	3,300,000	5,400,000	3,400,000	1,500,000			-149,000	-66,000			-11,928,000	-16,211,000											-8,051,000	-4,658,000			-911,000	-1,993,000					13,048,000	-19,609,000			-963,000	-2,860,000			4,128,000	-10,956,000	-31,120,000		-249,000	-320,000	-4,811,000
net income	15,400,000	86,900,000	32,900,000	31,600,000	16,500,000	81,600,000	38,700,000	45,000,000	38,200,000	72,400,000	46,800,000	26,900,000	20,800,000	50,800,000	39,700,000	47,800,000	40,500,000	44,100,000	15,900,000	28,400,000	22,100,000	24,500,000	10,100,000	10,400,000	16,800,000																																											1,744,000	872,000	9,596,000	-238,000
yoy	-6.67%	6.50%	-14.99%	-29.78%	-56.81%	12.71%	-17.31%	67.29%	83.65%	42.52%	17.88%	-43.72%	-48.64%	15.19%	149.69%	68.31%	83.26%	80.00%	57.43%	173.08%	31.55%
qoq	-82.28%	164.13%	4.11%	91.52%	-79.78%	110.85%	-14.00%	17.80%	-47.24%	54.70%	73.98%	29.33%	-59.06%	27.96%	-16.95%	18.02%	-8.16%	177.36%	-44.01%	28.51%	-9.80%	142.57%	-2.88%	-38.10%																																												100.00%	-90.91%	-4131.93%
basic net income per common share	300,000	1,710,000	650,000	620,000	320,000	1,610,000	760,000	900,000	760,000	1,450,000	940,000
weighted-average number of common shares	51,000,000	50,900,000	50,900,000	50,800,000	50,800,000	50,400,000	50,800,000	50,100,000	50,100,000	50,000,000	50,100,000	49,900,000	49,900,000	49,800,000	49,900,000	49,800,000	49,700,000	48,900,000	49,400,000	48,400,000	48,100,000	48,000,000	48,100,000	48,000,000	48,000,000
diluted net income per common share	300,000	1,700,000	650,000	620,000	320,000	1,600,000	760,000	890,000	760,000	1,440,000	930,000
adjusted weighted-average number of common shares	51,200,000	51,100,000	51,000,000	51,000,000	51,100,000	50,800,000	51,100,000	50,600,000	50,500,000	50,100,000	50,200,000	50,000,000	49,900,000	49,800,000	49,900,000	49,900,000	49,700,000	49,000,000	49,500,000	48,500,000	48,200,000	48,100,000	48,100,000	48,100,000	48,100,000
gain on sale of assets						-4,500,000	-5,000,000						-1,600,000		-2,700,000		-500,000							-300,000		-600,000	-1,500,000		-0.9	1,318,000	2,746,000		9,690,000	29,506,000	74,215,000	45,015,000	501,000	107,650,000	2,604,000	614,000	-1,749,000	838,000	1,176,000									477,000	10,196,000	3,401,000			61,784,000			13,166,000	15,441,000				24,833,000	79,214,000
loss on extinguishment of debt		100,000		1,100,000															18,100,000																			-35,766,000
net income attributable to noncontrolling interests																		100,000	100,000		100,000	200,000		800,000	-100,000
net income attributable to forestar group inc.												26,900,000	20,800,000	50,800,000	39,700,000	47,800,000	40,500,000	44,000,000	15,800,000	28,400,000	22,000,000	24,300,000	10,100,000	9,600,000	16,900,000	12,700,000	6,900,000		3.3	9,421,000	4,534,000	-17,574,000	45,202,000	-2,579,000	25,205,000	43,745,000	9,665,000	9,614,000	-4,376,000	-6,166,000	-164,216,000	-34,507,000	-8,158,000	-11,800,000	5,227,000	14,822,000	8,334,000	12,999,000	11,830,000	541,000	3,951,000	10,032,000	-703,000	811,000	2,802,000	-22,880,000	36,428,000	-3,921,000		2,448,000	8,922,000	-3,273,000		-7,394,000	19,476,000	50,917,000
basic net income per common share attributable to forestar group inc.												540,000	420,000	1,020,000	800,000	960,000	810,000	890,000	320,000	590,000	460,000	500,000	210,000	200,000	350,000
diluted net income per common share attributable to forestar group inc.												540,000	420,000	1,020,000	800,000	960,000	810,000	890,000	320,000	590,000	460,000	500,000	210,000	200,000	350,000
equity in loss (earnings) of unconsolidated ventures																		-50,000				-150,000	100,000
loss on sale of assets																									100,000
interest expense																														-1,605,000	-2,136,000	-2,093,000	-2,038,000	-2,166,000	-2,235,000	-2,059,000	-3,369,000	-6,918,000	-7,639,000	-8,215,000	-8,315,000	-8,715,000	-8,821,000	-8,779,000	-8,634,000	-7,370,000	-5,503,000	-5,112,000	-5,231,000	-5,122,000	-4,539,000	-3,714,000	-8,094,000	-3,664,000	-3,891,000	-4,079,000	-4,271,000	-4,653,000	-4,009,000	-3,884,000	-3,913,000	-4,103,000	-4,546,000	-4,806,000	-5,440,000	-5,047,000	-5,166,000	-5,536,000	-5,079,000	-5,002,000	-5,666,000
income from continuing operations before taxes																										16,100,000	8,400,000	16.4	4.9	10,435,000	4,646,000	-10,332,000	13,247,000	8,168,000	41,038,000	51,270,000	7,773,000	27,231,000
net income from continuing operations																										12,700,000	6,900,000	12.8	3.9	10,286,000	4,580,000	-22,799,000	8,033,000	-3,760,000	24,827,000	43,383,000	17,439,000	12,302,000
income from discontinued operations, net of taxes																																7,191,000	37,193,000	1,229,000	418,000
consolidated net income																										5,900,000	6,900,000			10,286,000	4,580,000	-15,608,000	45,226,000	-2,531,000	25,245,000	43,946,000	10,275,000	10,254,000	-4,296,000	-5,485,000	-164,331,000	-34,318,000	-8,237,000	7,248,500	5,239,000	14,748,000	9,007,000	4,784,250	12,897,000	1,198,000	5,042,000	13,288,000	-380,000	1,471,000	3,497,000	-21,694,000	36,965,000	-4,326,000		2,829,000	9,086,000	-3,048,000		-6,690,000	20,201,000	51,112,000	-3,049,000
less: net income attributable to noncontrolling interests																										825,000				-865,000	-46,000							-640,000										-703,750	-1,067,000	-657,000	-1,091,000				-695,000	-1,186,000	-537,000			-381,000	-164,000	-225,000		-704,000	-725,000	-195,000	-843,000
weighted-average common shares outstanding
basic																										42,000,000	42,000,000			41,939,000	41,939,000	42,143,000	42,270,000	42,259,000	42,097,000	34,546,000	34,099,000	34,302,000	34,302,000	34,266,000	34,299,000	34,278,000	34,168,000	35,317,000	35,498,000	35,458,000	35,576,000	35,365,000	35,410,000	35,351,000	35,259,000	35,214,000	35,233,000	35,235,000	34,855,000	35,413,000	35,514,000			35,815,000	35,858,000	36,155,000		35,805,000	35,817,000	35,808,000	35,681,000	35,455,000	35,518,000	35,422,000
diluted																										42,000,000	42,000,000			41,966,000	41,966,000	42,381,000	42,626,000	42,259,000	42,406,000	42,334,000	42,260,000	42,423,000	34,302,000	34,266,000	34,299,000	34,278,000	34,168,000	43,596,000	43,868,000	43,688,000	43,913,000	36,813,000	36,072,000	36,052,000	35,722,000	35,482,000	35,233,000	35,425,000	35,169,000	35,781,000	35,796,000			36,377,000	36,379,000	36,155,000		36,102,000	36,173,000	36,037,000	35,681,000	35,892,000	35,828,000	36,117,000
net income per basic share																										310,000	160,000			220	110	-420	1,070	-60	600	1,050	230	230
continuing operations																										310,000	160,000			220	110	-590	190	-90	590	1,030	400	280
discontinued operations																																170	880	30	10	20	-170	-50
net income per diluted share																										310,000	160,000			220	110	-400	1,060	-60	590	1,030	230	230
numerator:
less: net income attributable to noncontrolling interest																												2.7	0.6
net income from continuing operations attributable to forestar group inc.																												10.1
net income from discontinued operations available for diluted earnings per share
denominator:
weighted-average common shares outstanding — basic																												41,959,866	41,952,493																													35,448,000	35,330,000				36,078,000
dilutive effect of share based compensation																												6,233	6,206
total weighted-average shares outstanding — diluted																												41,966,099	41,958,699
anti-dilutive awards excluded from diluted weighted-average shares
real estate																														23,565,000		30,866,000	33,136,000	27,992,000	20,752,000	62,497,000	45,297,000	46,381,000	36,098,000	102,634,000	27,957,000	39,409,000	32,830,000	60,014,000	32,445,000	55,173,000	65,480,000	77,747,000	50,356,000	41,219,000	78,689,000	48,431,000	27,115,000	26,647,000	17,922,000	46,354,000	19,060,000	19,615,000	21,139,000	14,333,000	15,139,000	21,549,000	17,248,000	24,281,000	22,921,000	28,447,000	18,787,000	25,368,000	20,930,000	24,118,000	28,443,000
other																															24,000			18,000	56,000	766,000	487,000	274,000
revenues - sum																														23,565,000	22,599,000
costs and expenses
cost of real estate																														-9,950,000
cost of other																														-34,000	-536,000	-5,932,000	-109,000	-108,000	-301,000	-4,208,000	-363,000	-119,000
other operating expenses																														-2,968,000	-1,888,000	-3,476,250	-3,220,000	-5,728,000	-4,957,000	-6,719,750	-6,471,000	-8,317,000
general and administrative																														-3,518,000	-3,745,000	-18,128,000	-5,340,000	-28,372,000	-4,691,000	-5,089,000	-5,177,000	-4,852,000	-6,479,000	-4,743,000	-9,467,000	-4,901,000	-8,142,000	-5,089,000	-5,140,000	-6,856,000	-5,145,000	-6,131,000	-5,945,000	-5,830,000	-10,470,000	-7,310,000	-11,298,000	-6,749,000	-6,963,000	-7,736,000	-2,770,000	-6,849,000	-5,971,000	-6,088,000	-4,797,000	-6,120,000	-5,576,000	-7,168,000	-8,000,000	-5,943,000	-8,815,000	-4,207,000	-5,237,000	-5,947,000	-6,837,000
costs and expenses - sum																														-16,470,000	-21,744,000	-35,321,500	-30,445,000	-50,556,000	-60,285,000	-41,293,750	-41,452,000	-86,114,000	-43,896,000	-75,967,500	-136,170,000	-110,982,000	-56,718,000	-49,723,500	-57,234,000	-72,938,000	-68,722,000	-52,242,750	-64,495,000	-56,525,000	-87,951,000	-28,124,500	-45,963,000	-31,353,000
operating income																														8,413,000	3,601,000	-15,816,000	12,381,000	6,965,000	36,235,000	50,980,000	6,256,000	69,528,000	596,000	-9,482,000	-94,751,000	-52,714,000	-7,737,000	-16,783,000	12,716,000	26,942,000	15,883,000	22,891,000	10,612,000	3,554,000	9,520,000	10,143,000	4,843,000	3,959,000	8,220,000	-113,000	60,171,000	-2,927,000	984,000	3,241,000	15,531,000	684,000	-571,000	-5,297,000	38,753,000	91,283,000	323,000	8,189,000	5,601,000	17,849,000	4,167,000
yoy																														20.79%	-90.06%	-131.02%	97.91%	-89.98%	5979.70%	-637.65%	-106.60%	-231.90%	-107.70%	-43.50%	-845.13%	-295.66%	-148.71%	-173.32%	19.83%	658.08%	66.84%	125.68%	119.12%	-10.23%	15.82%	-9076.11%	-91.95%	-235.26%	735.37%	-103.49%	287.43%	-527.92%	-272.33%	-161.19%	-59.92%	-99.25%	-276.78%	-164.68%	591.89%	411.42%	-92.25%
qoq																														133.63%	-122.77%	-227.74%	77.76%	-80.78%	-28.92%	714.90%	-91.00%	11565.77%	-106.29%	-89.99%	79.75%	581.32%	-53.90%	-231.98%	-52.80%	69.63%	-30.61%	115.71%	198.59%	-62.67%	-6.14%	109.44%	22.33%	-51.84%	-7374.34%	-100.19%	-2155.72%	-397.46%	-69.64%	-79.13%	2170.61%	-219.79%	-89.22%	-113.67%	-57.55%	28160.99%	-96.06%	46.21%	-68.62%	328.34%
real estate sales																															22,575,000																									39,504,000	11,802,000	12,576,000	13,957,000	8,108,000	10,000,000	16,145,000	10,750,000	19,663,000	18,259,000	23,069,000	14,059,000	19,172,000	14,532,000	17,061,000	22,790,000
cost of real estate sales																															-15,575,000																									-25,517,000	-7,760,000	-5,991,000	-5,645,000	-10,176,000	-4,183,000	-7,462,000	-5,667,000	-9,529,000	-8,356,000	-7,836,000	-4,742,000	-9,476,000	-6,933,000	-8,479,000	-13,507,000
real estate sales and other																																30,866,000	33,136,000	27,901,000	20,752,000	61,824,000	45,285,000	43,018,000	26,408,000	51,392,000	18,369,000	28,300,000	21,961,000	48,934,000	23,067,000	44,124,000	55,547,000	67,807,000	37,001,000	23,358,000	24,518,000	33,156,000	18,310,000	19,349,000	10,644,000
commercial and income producing properties																																		91,000		673,000	12,000	3,363,000	9,690,000	51,242,000	9,588,000	11,109,000	10,869,000	11,080,000	9,378,000	11,049,000	9,933,000	9,940,000	13,355,000	17,861,000	54,171,000	15,275,000	8,805,000	7,298,000	7,278,000
mineral resources																																		5,000	1,497,000	1,234,000	1,423,000	1,337,000														17,167,000	10,479,000	7,148,000	9,426,000	6,800,000	5,871,000	4,580,000	7,333,000	6,403,000	6,654,000	4,606,000	7,127,000	4,489,000	18,828,000	7,018,000	5,921,000	7,478,000	9,539,000	24,386,000	6,268,000
cost of real estate sales and other																																-14,870,000	-21,762,000	-16,348,000	-12,032,000	-42,630,000	-24,884,000	-66,877,000	-13,262,000	-18,800,000	-9,588,000	-13,890,000	-10,362,000	-26,287,000	-10,662,000	-23,419,000	-26,064,000	-33,516,000	-18,603,000	-12,414,000	-12,095,000	-13,242,000	-10,806,000	-10,578,000	-5,774,000
cost of commercial and income producing properties																																1,000	-14,000		11,000	-116,000	-4,375,000	-5,789,000	-5,162,000	-39,231,000	-6,780,000	-7,548,000	-7,692,000	-9,215,000	-9,391,000	-8,606,000	-10,120,000	-10,015,000	-13,352,000	-15,848,000	-40,951,000	-13,711,000	-6,733,000	-4,638,000	-4,557,000
cost of mineral resources																																			-38,315,000	-191,000	-182,000	-160,000														-7,958,000	-1,865,000	-978,000	-1,375,000	-1,089,000	-597,000	-438,000	-794,000	-245,000	-223,000	-307,000	-322,000	-423,000	-221,000	-2,000	-76,000
other non-operating income																																1,162,000	1,140,000	622,000	676,000	98,000	1,249,000	199,000	74,000	1,244,000	62,000	783,000	917,000	2,129,000	1,896,000	2,269,000	2,294,000	3,248,000	1,459,000	1,111,000	1,141,000	1,304,000	1,113,000	1,140,000	64,000	291,000	26,000	24,000	27,000	474,000	246,000	246,000	198,000	-7,000	287,000	44,000	51,000	46,000	79,000	72,000	82,000
income tax benefit																																-8,338,250	-5,214,000			-1,853,750	9,666,000	-14,929,000	2,626,000	-9,783,250	-64,236,000	20,744,000	4,359,000	-3,866,000	-2,755,000			7,000	2,932,000			-318,500	1,078,000	-732,000	-1,620,000			2,828,000	712,000			-162,000	1,515,000				2,315,000				145,000
less: net (income) attributable to noncontrolling interests																																-1,966,000	-24,000	-48,000										106,000	-12,000		-673,000					-3,256,000	-323,000
total comprehensive income																																16,957,000	45,202,000	-2,579,000	25,205,000	3,725,750	9,665,000	9,614,000	-4,376,000	-51,720,250	-164,216,000	-34,507,000	-8,158,000	7,095,750	5,227,000	14,822,000	8,334,000	4,080,500	11,830,000	541,000	3,951,000
less: net loss attributable to noncontrolling interests																																			-40,000	-332,500	-610,000		-80,000	1,250	115,000	-189,000	79,000			74,000								-660,000				405,000					61,000
loss from discontinued operations, net of taxes																																				563,000	-7,164,000	-2,048,000
oil and gas																																							5,352,000	10,104,000	13,485,000	16,165,000	13,185,000	18,224,000	24,145,000	24,377,000	17,554,000	18,883,000	22,095,000	15,831,000	15,504,000
other natural resources																																							438,000	1,280,000	1,726,000	1,856,000	1,790,000	2,078,000	2,250,000	3,463,000	1,571,000	1,758,000	2,656,000	3,029,000	3,278,000
cost of oil and gas producing activities																																							-5,194,000	-47,164,000	-95,553,000	-70,141,000	-11,542,000	-50,355,000	-18,470,000	-16,926,000	-12,620,000	-15,305,000	-10,090,000	-8,838,000	-7,834,000
cost of other natural resources																																							-385,000	-482,000	-819,000	-860,000	-920,000	-718,000	-711,000	-801,000	-776,000	-371,000	-454,000	-516,000	-692,000
other operating																																							-13,414,000	-13,694,000	-13,963,000	-13,642,000	-18,060,000	-15,496,000	-12,860,000	-16,330,000	-13,997,000	-15,320,000	-16,051,000	-13,079,000	-15,909,000	-16,097,000	-14,691,000	-11,441,000	-12,750,000	-15,023,000	-11,771,000	-10,483,000	-11,674,000	-10,336,000	-10,163,000	-9,029,000	-10,011,000	-14,968,000	-9,923,000	-9,522,000	-10,472,000	-9,928,000	-11,138,000	-13,833,000	-8,301,000
income before taxes																																							-6,922,000	-11,983,000	-100,095,000	-55,062,000	-12,596,000	-18,713,000	7,994,000	22,799,000	13,665,000	23,160,000	9,965,000	2,109,000	7,035,000	20,030,000	-1,458,000	2,203,000	5,117,000	-34,742,000	56,574,000	-7,154,000		3,792,000	11,946,000	-2,886,000		-10,818,000	31,157,000	82,232,000	-5,364,000	1,993,000	1,192,000	14,407,000	-383,000
net income per common share
basic																																							-130	-180	-4,790	-1,010	-240	-280	120	340	200	350	330	20	110	290	-20	20	80	-650	1,030			70	250	-90		-210	540	1,420		50	20	270
diluted																																							-130	-180	-4,790	-1,010	-240	-270	120	340	190	350	330	20	110	280	-20	20	80	-640	1,020			70	250	-90		-210	540	1,410		50	20	270
gain on asset purchase, exchange and sales																																												6,994,250	11,110,000
gain on asset exchange and sales																																														16,867,000
fiber resources and other																																																				2,979,000	3,016,000	1,517,000	744,000	853,000	1,310,000	1,290,000	1,368,000	2,116,000	2,220,000	1,982,000	1,983,000	2,631,000	3,558,000	5,001,000	4,369,000	4,113,000	3,474,000	3,093,000	2,512,000
cost of fiber resources and other																																																				-593,000	-570,000	-370,000	-128,000	-220,250	-349,000	-285,000		-302,000	-466,000	-391,000						-604,500	-947,000	-925,000	-546,000
comprehensive income																																																				727,500	-703,000	811,000
equtiy in earnings of unconsolidated ventures																																																						768,000
gain on sale																																																							11,675,000
other comprehensive income																																																							2,802,000
income producing properties and other																																																								6,850,000	7,258,000	7,039,000	7,182,000
cost of income producing properties and other																																																								-4,564,000	-4,607,000	-4,366,000	-4,525,000
net income per common share — basic																																																										-110
expenses
cost of fiber resources																																																											-247,000				-351,000	-580,000	-880,000	-1,103,000	-833,000
loss before taxes																																																											-2,416,000				-4,548,000
consolidated net incomes																																																											-1,704,000				-3,033,000
net loss attributable to noncontrolling interests																																																											-769,000
net loss attributable to forestar group inc.																																																											-2,473,000				-2,972,000				-3,892,000
net loss per common share — basic																																																											-70				-80
commercial operating properties and other																																																												4,260,250	5,139,000	5,404,000	6,498,000	4,618,000	4,662,000	5,378,000	4,728,000	6,196,000	6,398,000	7,057,000	5,653,000
cost of commercial operating properties and other																																																												-3,309,250	-4,091,000	-4,144,000	-5,002,000	-4,030,000	-4,007,000	-3,991,000	-3,816,000	-4,220,000	-4,087,000	-4,564,000	-3,865,000
net loss per common share
basic																																																																			-110
diluted																																																																			-110
minority interest in consolidated ventures																																																																				-360,000	-845,000	-530,000	-500,000
net income per common share — basic and diluted																																																																							-10
weighted-average common shares outstanding — basic and diluted																																																																							35,537,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-29

assets
cash and cash equivalents	211,700,000	379,200,000	189,200,000	174,300,000	132,000,000	481,200,000	359,200,000	416,200,000	458,900,000	616,000,000	401,000,000	286,700,000	216,400,000	264,800,000	146,300,000	233,700,000	162,500,000	153,600,000	116,000,000	167,200,000	237,400,000	394,300,000	355,600,000	438,200,000	373,300,000	382,800,000	223,000,000	66,400,000	154,200,000	367,756,000	436,401,000	321,783,000	395,359,000	381,390,000	337,432,000	265,798,000	122,130,000	107,421,000	142,646,000	96,442,000	92,640,000	98,761,000	126,262,000	170,127,000	170,606,000	184,168,000	147,979,000	192,307,000	54,769,000	69,138,000	86,653,000	10,361,000	10,279,000	45,474,000	6,801,000	18,283,000	29,121,000	5,715,000	5,608,000	5,366,000	4,483,000	6,359,000	6,590,000	21,051,000	43,542,000	17,053,000	8,464,000	8,127,000	7,254,000	7,762,000	8,353,000	7,520,000
real estate	2,850,500,000	2,645,100,000	2,823,500,000	2,759,400,000	2,736,800,000	2,266,200,000	2,238,700,000	2,115,900,000	2,009,800,000	1,790,300,000	1,909,100,000	1,988,000,000	2,067,700,000	2,022,400,000	2,054,300,000	1,960,500,000	1,960,100,000	1,905,200,000	1,861,400,000	1,698,600,000	1,540,500,000	1,309,700,000	1,287,100,000	1,199,200,000	1,066,800,000	1,028,900,000	1,049,500,000	851,500,000	693,200,000	360,875,000	261,707,000	130,380,000	267,251,000	282,034,000	289,909,000	293,003,000	387,074,000	419,060,000	471,353,000	586,715,000	620,813,000	603,525,000	596,284,000	575,756,000	591,805,000	538,493,000	526,810,000	519,464,000	509,467,000	498,483,000	493,104,000	517,150,000	508,603,000	541,238,000	605,283,000	565,367,000	587,226,000	568,139,000	569,891,000	562,192,000	526,044,000	525,833,000	528,790,000	542,812,000	549,458,000	561,738,000	559,588,000	610,586,000	598,659,000	582,800,000	561,492,000	552,210,000
property and equipment	7,800,000	8,100,000	7,600,000	7,100,000	6,800,000	7,100,000	6,500,000	6,100,000	5,800,000	5,900,000	5,700,000	5,600,000	5,600,000	5,700,000	5,500,000	5,000,000	4,200,000	2,900,000	2,200,000	2,000,000	1,900,000	1,100,000	1,200,000	1,000,000	900,000	2,400,000	2,400,000	2,400,000	1,800,000	1,792,000	1,828,000	2,003,000	1,046,000	1,144,000	2,621,000	3,116,000	9,686,000	10,003,000	10,195,000	10,732,000	10,727,000	10,850,000	11,104,000	11,627,000	11,547,000	10,539,000	6,275,000	6,112,000	5,905,000	4,628,000	4,682,000	4,859,000	4,777,000	4,906,000	5,080,000	5,178,000	5,362,000	5,423,000	5,799,000	5,895,000	5,300,000	5,324,000	5,158,000	5,234,000	5,890,000	6,048,000	6,103,000	6,211,000	2,033,000	1,835,000	1,626,000	1,568,000
other assets	106,600,000	104,600,000	100,100,000	101,900,000	85,000,000	85,300,000	70,300,000	60,000,000	58,800,000	58,000,000	59,100,000	55,500,000	50,900,000	49,600,000	61,300,000	31,900,000	35,200,000	39,100,000	34,700,000	30,200,000	26,300,000	24,900,000	27,100,000	21,000,000	17,400,000	13,700,000	18,500,000	16,100,000	16,000,000	2,882,000	2,924,000	2,968,000	2,772,000	2,841,000	3,257,000	3,268,000	3,047,000	4,365,000	4,756,000	13,822,000	17,254,000	16,684,000	17,826,000	19,029,000	19,478,000	23,122,000	15,706,000	18,102,000	16,836,000	15,782,000	17,145,000	15,104,000	15,411,000	15,658,000	17,380,000	18,400,000	16,870,000	15,844,000	16,177,000	17,043,000	12,060,000	6,860,000	8,246,000	9,790,000	11,232,000	14,469,000	16,240,000	17,238,000	19,046,000	20,014,000	19,936,000	20,008,000
total assets	3,176,600,000	3,137,000,000	3,120,400,000	3,042,700,000	2,960,600,000	2,840,100,000	2,675,000,000	2,598,700,000	2,533,800,000	2,470,700,000	2,375,400,000	2,336,300,000	2,341,100,000	2,343,000,000	2,267,800,000	2,231,600,000	2,162,500,000	2,101,700,000	2,015,000,000	1,898,900,000	1,809,200,000	1,739,900,000	1,685,400,000	1,675,600,000	1,479,900,000	1,455,700,000	1,325,200,000	984,900,000	918,700,000	810,859,000	781,098,000	761,912,000	793,533,000	768,119,000	763,594,000	733,208,000	692,077,000	681,833,000	948,052,000	980,513,000	1,041,216,000	1,192,319,000	1,236,971,000	1,258,199,000	1,268,239,000	1,222,352,000	1,143,244,000	1,172,152,000	1,003,487,000	979,552,000	972,678,000	918,434,000	889,939,000	777,980,000	797,771,000	794,857,000	846,696,000	825,155,000	794,613,000	789,324,000	777,023,000	762,012,000	763,610,000	784,734,000	816,869,000	809,529,000	834,439,000	834,576,000	815,021,000	792,843,000	763,066,000	748,726,000
liabilities
accounts payable	80,100,000	71,000,000	67,200,000	70,000,000	78,600,000	85,900,000	70,900,000	61,700,000	65,300,000	68,400,000	68,600,000	67,700,000	73,000,000	72,200,000	63,800,000	55,600,000	53,500,000	47,400,000	45,600,000	39,800,000	42,200,000	29,200,000	26,000,000	23,100,000	19,800,000	16,800,000	18,800,000	14,500,000	7,400,000	4,240,000	2,073,000	2,382,000	3,972,000	5,633,000	5,615,000	4,804,000	6,535,000	7,208,000	8,576,000	11,959,000	13,976,000	9,903,000	11,123,000	20,400,000	17,667,000	18,601,000	15,839,000	21,409,000	13,921,000	12,618,000	22,445,000	25,800,000	29,863,000	4,955,000	5,721,000	5,044,000	5,733,000	4,281,000	3,782,000	4,214,000	2,953,000	2,934,000	2,452,000	4,573,000	3,881,000	4,847,000	4,945,000	7,438,000	10,325,000	8,288,000	7,782,000	8,002,000
accrued development costs	131,600,000	131,800,000	129,100,000	122,900,000	131,400,000	144,600,000	112,500,000	107,300,000	99,900,000	104,100,000	91,100,000	99,100,000	98,000,000	122,300,000	111,000,000	120,600,000	116,700,000	104,500,000
earnest money on sales contracts	210,000,000	193,300,000	229,600,000	212,100,000	206,700,000	172,300,000	163,800,000	144,500,000	140,900,000	121,400,000	123,800,000	130,100,000	147,800,000	136,200,000	146,400,000	141,900,000	141,900,000	148,300,000	146,900,000	140,200,000	118,500,000	98,300,000	98,900,000
deferred tax liability	87,400,000	86,200,000	77,900,000	74,900,000	66,600,000	67,500,000	52,800,000	50,800,000	50,200,000	50,700,000	34,100,000	35,700,000	34,700,000	36,900,000	25,600,000	23,000,000	24,200,000	24,400,000	9,800,000	7,400,000	7,900,000	5,700,000															1,021,000	992,000	1,037,000	1,037,000
accrued expenses and other liabilities	87,300,000	83,100,000	63,500,000	44,400,000	56,400,000	68,300,000	56,000,000	55,800,000	63,400,000	61,200,000	54,100,000	48,100,000	60,600,000	70,100,000	67,500,000	77,800,000	62,900,000	56,700,000	138,200,000	112,400,000	92,400,000	93,800,000	73,000,000	75,000,000	82,700,000	79,600,000	67,400,000	54,500,000	52,200,000
debt	793,200,000	802,700,000	872,800,000	872,500,000	806,800,000	706,400,000	706,100,000	705,700,000	705,300,000	695,000,000	707,200,000	706,800,000	706,400,000	706,000,000	705,600,000	705,300,000	704,900,000	704,500,000	704,100,000	654,600,000	654,100,000	641,100,000	640,600,000	640,100,000	462,100,000	460,500,000	458,900,000	149,200,000	112,900,000	110,515,000	109,825,000	108,429,000	115,505,000	113,368,000	111,783,000	110,358,000	112,348,000	114,185,000	372,759,000	389,782,000	435,295,000	434,840,000	434,413,000	432,744,000	429,295,000	400,328,000	345,412,000	357,407,000	335,171,000	331,647,000	328,620,000	294,063,000	276,651,000	201,943,000	227,865,000	221,587,000	223,697,000	260,825,000	230,600,000	221,589,000	217,566,000	202,196,000	204,406,000	216,626,000	224,966,000	237,766,000	349,183,000	337,402,000	314,586,000	297,024,000	284,890,000	266,015,000
total liabilities	1,389,600,000	1,368,100,000	1,440,100,000	1,396,800,000	1,346,500,000	1,245,000,000	1,162,100,000	1,125,800,000	1,125,000,000	1,100,800,000	1,078,900,000	1,087,500,000	1,120,500,000	1,143,700,000	1,119,900,000	1,124,200,000	1,104,100,000	1,085,800,000	1,044,600,000	954,400,000	915,100,000	868,100,000	838,500,000	838,800,000	654,300,000	646,800,000	629,900,000	297,100,000	240,700,000	190,672,000	171,092,000	156,280,000	162,270,000	182,358,000	176,266,000	171,090,000	174,897,000	174,803,000	447,584,000	476,398,000	532,811,000	521,938,000	533,582,000	548,457,000	522,808,000	484,476,000	421,113,000	456,755,000	423,336,000	414,058,000	411,392,000	384,887,000	368,678,000	258,385,000	280,854,000	283,645,000	302,045,000	316,204,000	282,040,000	275,045,000	265,803,000	245,961,000	246,071,000	266,399,000	292,665,000	306,973,000	383,968,000	380,624,000	361,519,000	339,931,000	321,639,000	306,896,000
commitments and contingencies
equity
common stock	50,900,000	50,800,000	50,800,000	50,800,000	50,700,000	50,700,000	50,600,000	50,600,000	49,900,000	49,900,000	49,900,000	49,900,000	49,800,000	49,800,000	49,800,000	49,700,000	49,700,000	49,600,000	49,500,000	49,100,000	48,100,000	48,100,000	48,100,000	48,000,000	48,000,000	48,000,000	42,000,000	42,000,000	42,000,000	41,939,000	41,939,000	41,939,000	44,804,000	44,804,000	44,804,000	44,804,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,947,000	36,943,000	36,836,000	36,793,000	36,773,000	36,700,000	36,667,000	36,640,000	36,639,000	36,615,000	36,255,000	36,002,000	35,953,000	35,950,000	35,839,000	35,786,000	35,708,000	35,697,000	35,380,000
additional paid-in capital	673,600,000	671,000,000	669,300,000	667,800,000	667,700,000	665,200,000	664,600,000	663,300,000	644,900,000	644,200,000	643,200,000	642,300,000	641,100,000	640,600,000	640,000,000	639,300,000	638,100,000	636,200,000	634,900,000	625,300,000	604,100,000	603,900,000	603,500,000	603,300,000	602,500,000	602,200,000	507,300,000	506,400,000	506,300,000	506,183,000	506,071,000	505,977,000	549,382,000	548,871,000	549,926,000	553,005,000	560,248,000	560,641,000	559,859,000	561,850,000	562,591,000	560,264,000	558,600,000	558,945,000	558,165,000	556,395,000	554,415,000	556,676,000	434,960,000	433,313,000	430,841,000	407,206,000	405,692,000	403,990,000	402,237,000	398,517,000	396,898,000	395,573,000	393,505,000	391,352,000	389,763,000	388,362,000	386,582,000	384,795,000	381,004,000	379,561,000	378,628,000	377,810,000	377,007,000	376,240,000	375,395,000	373,026,000
retained earnings	1,061,500,000	1,046,100,000	959,200,000	926,300,000	894,700,000	878,200,000	796,700,000	758,000,000	713,000,000	674,800,000	602,400,000	555,600,000	528,700,000	507,900,000	457,100,000	417,400,000	369,600,000	329,100,000	285,100,000	269,300,000	240,900,000	218,900,000	194,700,000	184,600,000	175,000,000	158,100,000	145,400,000	138,500,000	128,400,000	70,251,000	60,830,000	56,296,000	80,430,000	35,228,000	37,807,000	12,602,000			-50,422,000	-46,046,000	-39,880,000	124,335,000	158,843,000	167,001,000	178,801,000	173,574,000	158,752,000	150,418,000	137,419,000	125,589,000	125,048,000	121,097,000	111,065,000	111,768,000	110,957,000	108,155,000	131,035,000	94,607,000	98,528,000	101,001,000	98,553,000	89,631,000	92,904,000	95,876,000	103,270,000	83,794,000	32,877,000	36,769,000	35,025,000	34,153,000	24,557,000	24,795,000
stockholders' equity	1,786,000,000	1,767,900,000	1,679,300,000	1,644,900,000	1,613,100,000	1,594,100,000	1,511,900,000	1,471,900,000	1,407,800,000	1,368,900,000	1,295,500,000	1,247,800,000	1,219,600,000	1,198,300,000	1,146,900,000	1,106,400,000	1,057,400,000	1,014,900,000	969,500,000	943,700,000	893,100,000	870,900,000	846,300,000	835,900,000	825,500,000	808,300,000
noncontrolling interests	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	900,000	800,000	1,000,000	900,000	600,000	900,000	100,000	600,000	600,000	900,000	1,300,000	1,814,000	1,166,000	1,420,000	1,179,000	1,455,000	1,507,000	1,467,000	1,467,000	2,127,000	2,424,000	2,515,000	1,832,000	1,963,000	2,123,000	2,540,000	2,672,000	2,832,000	3,796,000	5,552,000	5,313,000	4,406,000	4,344,000	4,059,000	2,285,000	2,023,000	1,910,000	1,686,000	2,798,000	2,670,000	4,486,000	4,715,000	5,708,000	5,685,000	5,704,000	5,879,000	6,471,000	6,038,000	5,999,000
total equity	1,787,000,000	1,768,900,000	1,680,300,000	1,645,900,000	1,614,100,000	1,595,100,000	1,512,900,000	1,472,900,000	1,408,800,000	1,369,900,000	1,296,500,000	1,248,800,000	1,220,600,000	1,199,300,000	1,147,900,000	1,107,400,000	1,058,400,000	1,015,900,000	970,400,000	944,500,000	894,100,000	871,800,000	846,900,000	836,800,000	825,600,000	808,900,000	695,300,000	687,800,000	678,000,000	620,187,000	610,006,000	605,632,000	631,263,000	585,761,000	587,328,000	562,118,000	517,180,000	507,030,000	500,468,000	504,115,000	508,405,000	670,381,000	703,389,000	709,742,000	745,431,000	737,876,000	722,131,000	715,397,000	580,151,000	565,494,000	561,286,000	533,547,000									511,220,000	516,051,000	517,539,000	518,335,000	524,204,000	502,556,000	450,471,000
total liabilities and equity	3,176,600,000	3,137,000,000	3,120,400,000	3,042,700,000	2,960,600,000	2,840,100,000	2,675,000,000	2,598,700,000	2,533,800,000	2,470,700,000	2,375,400,000	2,336,300,000	2,341,100,000	2,343,000,000	2,267,800,000	2,231,600,000	2,162,500,000	2,101,700,000	2,015,000,000	1,898,900,000	1,809,200,000	1,739,900,000	1,685,400,000	1,675,600,000	1,479,900,000	1,455,700,000	1,325,200,000	984,900,000	918,700,000	810,859,000	781,098,000	761,912,000	793,533,000	768,119,000	763,594,000	733,208,000	692,077,000	681,833,000	948,052,000	980,513,000	1,041,216,000	1,192,319,000	1,236,971,000	1,258,199,000	1,268,239,000	1,222,352,000	1,143,244,000	1,172,152,000	1,003,487,000	979,552,000	972,678,000	918,434,000									777,023,000	762,012,000	763,610,000	784,734,000	816,869,000	809,529,000	834,439,000
investment in unconsolidated ventures						300,000	300,000	500,000	500,000	500,000	500,000	500,000	500,000	500,000	400,000	500,000	500,000	900,000	700,000	900,000	1,000,000	3,600,000	5,500,000	5,700,000	5,900,000	7,300,000	7,300,000	7,400,000	7,400,000	17,965,000	17,284,000	64,579,000	72,920,000	74,674,000	79,262,000	77,611,000	79,564,000	79,730,000	79,013,000	82,453,000	85,325,000	76,722,000	65,381,000	65,005,000	53,709,000	50,804,000	50,459,000	41,147,000	46,691,000	44,090,000	41,889,000	41,546,000	43,041,000	42,327,000	35,260,000	64,223,000	98,089,000	98,909,000	99,371,000	101,166,000	105,954,000	106,528,000	107,950,000	109,597,000	110,386,000	112,089,000	116,107,000	117,554,000	115,029,000	112,178,000	104,608,000	101,687,000
income taxes receivable																					2,100,000	6,300,000	8,900,000	2,500,000	3,800,000	3,200,000	3,300,000	2,500,000	4,500,000	6,907,000	7,244,000	6,674,000	23,818,000			10,867,000	23,068,000	3,228,000	14,359,000	12,056,000	3,878,000	3,930,000	2,092,000	7,503,000	2,837,000	452,000			1,569,000	2,352,000								790,000			5,411,000	2,709,000
deferred tax asset																								8,000,000	11,800,000	17,400,000	21,000,000	22,900,000	25,500,000	1,311,000	1,367,000	2,028,000	269,000	278,000	294,000	323,000					1,118,000	65,327,000	44,583,000	40,624,000	30,932,000	34,519,000	39,164,000	40,398,000	41,832,000	43,809,000	43,602,000	54,748,000	49,637,000	75,851,000	74,406,000	72,942,000	58,154,000	54,141,000	48,637,000	47,141,000	42,084,000	47,564,000	45,608,000	40,751,000	37,999,000	28,849,000	20,913,000	17,184,000	12,142,000	8,193,000	5,280,000	5,106,000
earnest money deposits on sales contracts																								100,600,000	89,700,000	89,900,000	84,800,000	78,900,000	68,200,000	41,623,000
restricted cash																											200,000	15,700,000	16,100,000	40,000,000	40,013,000	40,017,000
total cash, cash equivalents and restricted cash																										382,800,000	223,200,000	82,100,000	170,300,000
forestar group inc. shareholders’ equity:
total forestar group inc. shareholders’ equity																											694,700,000	686,900,000	676,700,000	618,373,000	608,840,000	604,212,000	630,084,000	584,306,000	585,821,000	560,651,000	515,713,000	504,903,000	498,044,000	501,600,000	506,573,000	668,418,000	701,266,000	707,202,000	742,759,000	735,044,000	718,335,000	709,845,000	574,838,000	561,088,000	556,942,000	529,488,000	518,976,000	517,572,000	515,007,000	509,526,000	541,853,000	506,281,000	508,087,000	509,564,000	505,512,000	510,366,000	511,835,000	512,456,000	517,733,000	496,518,000	444,472,000
assets held for sale																														1,360,000	1,360,000	181,607,000	14,453,000	14,599,000	29,867,000	30,377,000	14,394,000		106,548,000																			25,588,000	21,111,000	21,122,000	21,365,000	27,979,000	27,976,000	31,226,000	31,592,000	41,011,000	76,139,000
receivables																														3,013,000	4,560,000	6,307,000	13,004,000	8,705,000	18,535,000	8,931,000	1,300,000	3,473,000	9,677,000	23,656,000	13,212,000	14,610,000	15,785,000	24,589,000	46,301,000	46,311,000	31,937,000	39,252,000	34,770,000	36,163,000	34,090,000	33,623,000	33,205,000	23,580,000	24,456,000		24,376,000	23,382,000	2,115,000		33,884,000	11,423,000	11,542,000		3,967,000	3,926,000	3,730,000		3,835,000	4,439,000	4,830,000
prepaid expenses																														3,080,000	5,962,000	3,118,000	2,641,000	2,453,000	2,412,000	2,000,000	1,606,000	2,070,000	3,570,000	3,213,000	2,714,000	3,502,000	3,379,000	6,000,000	4,613,000	5,062,000	5,611,000	5,136,000	5,836,000	6,519,000	7,012,000	6,455,000	3,009,000	3,340,000	3,358,000	2,931,000	2,409,000	2,824,000	2,248,000	2,038,000	2,074,000	2,448,000
land purchase contract deposits																														3,470,000
intangible assets																														448,000	448,000
liabilities and equity
accrued employee compensation and benefits																														5,374,000	4,674,000	8,994,000	2,556,000	1,866,000	1,713,000	4,126,000	4,360,000	2,918,000	1,705,000	5,547,000	8,532,000	3,801,000	2,807,000	8,323,000	6,852,000	4,568,000	2,284,000	5,814,000	3,350,000	1,446,000	930,000	5,667,000	2,955,000	1,295,000	691,000	1,421,000	784,000	463,000	328,000	994,000	847,000	471,000	245,000	4,025,000	3,431,000	1,955,000	1,034,000	3,389,000	2,812,000	1,963,000	898,000	3,857,000
accrued property taxes																														1,509,000	653,000	2,153,000	2,280,000	1,983,000	910,000	2,008,000	4,197,000	3,406,000	2,507,000	4,788,000	7,839,000	5,599,000	3,092,000	5,966,000	7,044,000	4,343,000	2,351,000	3,822,000	6,643,000	4,634,000	2,483,000	4,231,000	6,215,000	4,993,000	2,659,000	4,986,000	6,996,000	5,112,000	2,900,000	3,662,000	7,025,000	5,000,000	2,794,000	4,302,000	8,838,000	6,181,000	3,203,000	6,808,000	8,790,000	5,822,000	3,191,000	4,459,000
accrued interest																														1,489,000	376,000	1,489,000	533,000	1,543,000	529,000	1,585,000	569,000	1,585,000	6,774,000	3,267,000	7,607,000	3,458,000	7,551,000	3,451,000	8,695,000	4,501,000	1,143,000	2,343,000	1,270,000	2,396,000	1,472,000	1,168,000	845,000	844,000	1,152,000	1,086,000	946,000	1,293,000	1,261,000	1,061,000	1,011,000	756,000	970,000	546,000	612,000	781,000	1,033,000	1,199,000	1,319,000	1,250,000	1,362,000	896,000
other accrued expenses																														12,610,000	12,166,000	5,942,000	7,203,000	7,792,000	7,238,000	12,598,000	10,488,000	10,980,000	17,718,000	23,481,000	21,573,000	27,433,000	33,964,000	35,729,000	27,371,000	24,145,000	33,182,000	32,927,000	34,843,000	28,354,000	17,324,000	15,168,000	15,835,000	11,673,000	7,652,000	7,716,000	10,713,000	9,176,000	7,293,000	8,168,000	8,183,000	7,375,000	7,050,000	8,269,000	6,249,000	6,659,000	10,569,000	11,448,000	12,802,000	15,023,000	12,364,000	15,318,000
liabilities held for sale																																1,017,000			459,000	103,000			751,000
other liabilities																														13,312,000	14,907,000	13,934,000	18,275,000	28,821,000	28,986,000	19,702,000	20,372,000	22,147,000	24,748,000	26,323,000	27,817,000	27,907,000	30,519,000	31,799,000	17,418,000	19,530,000	19,194,000	29,157,000	28,138,000	32,963,000	36,698,000	38,203,000	34,991,000	30,260,000	32,407,000	33,304,000	30,753,000	35,054,000	35,144,000	32,064,000	28,218,000	27,229,000	26,904,000	25,249,000	21,299,000	18,852,000	14,001,000	12,940,000	10,885,000	10,561,000	11,152,000	8,349,000
earnest money deposits																															26,418,000	11,940,000	11,946,000	12,436,000	13,304,000	10,511,000	11,370,000	8,266,000	11,009,000	10,214,000	10,172,000	8,997,000	10,113,000	10,045,000	8,466,000	8,460,000
assets of discontinued operations																																		1,000	5,000	14,000	124,000	1,845,000
goodwill and other intangible assets																																448,000				37,900,000	43,455,000	43,455,000	55,861,000	63,128,000	63,440,000	65,583,000	65,891,000	66,131,000	67,440,000	66,599,000	66,622,000	66,646,000	66,656,000	65,552,000	64,142,000	63,868,000	61,406,000	5,451,000	5,451,000	5,451,000	5,720,000	5,989,000	6,258,000	6,527,000
liabilities of discontinued operations																																		157,000	1,163,000	5,295,000	3,637,000	3,116,000
treasury stock																																	-44,532,000	-44,597,000	-46,716,000	-49,760,000	-50,339,000	-51,877,000	-48,340,000	-51,151,000	-53,085,000	-53,128,000	-53,124,000	-55,691,000	-31,154,000	-31,872,000	-31,779,000	-34,196,000	-34,488,000	-34,761,000	-35,894,000	-35,762,000	-34,728,000	-35,133,000	-35,130,000	-33,982,000	-22,873,000	-20,672,000	-20,646,000	-19,456,000	-19,444,000	-4,266,000	-4,266,000	-4,214,000	-1,912,000	-1,899,000	-1,884,000	-1,866,000	-1,846,000	-1,838,000	-1,822,000
goodwill
preferred stock, par value 0.01 per share...
income taxes payable																																		8,759,000	4,566,000												1,708,000	3,876,000			1,420,000	587,000	1,323,000	2,422,000	2,707,000	8,501,000	22,423,000		732,000	3,293,000			1,250,000	2,809,000	23,389,000	29,932,000
timber																																					6,629,000	7,183,000	7,694,000	7,683,000	8,320,000	8,360,000	8,430,000	8,315,000	9,216,000	9,053,000	10,227,000	10,947,000	11,324,000	11,545,000	11,966,000	12,293,000	13,303,000	13,806,000	14,078,000	14,240,000	15,656,000	15,998,000	17,398,000	17,959,000	18,364,000	18,985,000	19,448,000	19,845,000	20,686,000	21,810,000	25,194,000	50,989,000	52,004,000	53,201,000	53,842,000	54,593,000
accumulated deficit																																					-31,143,000	-40,808,000
oil and gas properties and equipment																																							42,380,000	80,613,000	121,775,000	224,465,000	279,954,000	263,493,000	259,755,000	253,230,000	242,454,000	232,641,000	207,832,000	181,491,000	168,393,000						3,713,000	2,413,000
oil and natural gas properties and equipment, net of accumulated depletion of 4,657 in 2012 and 155 in 2011																																																				158,427,000
shareholders’ equity
oil and natural gas properties and equipment																																																					147,268,000	6,349,000	6,218,000
liabilities and shareholders’ equity
total shareholders’ equity																																																					521,261,000	519,595,000	516,917,000	511,212,000	544,651,000	508,951,000	512,573,000	514,279,000
total liabilities and shareholders’ equity																																																					889,939,000	777,980,000	797,771,000	794,857,000	846,696,000	825,155,000	794,613,000	789,324,000
accounts receivable																																																								23,281,000				2,875,000				1,841,000				4,262,000				3,767,000
oil and natural gas properties and equipment, net of accumulated depletion of 155 in 2011 and 134 in 2010																																																								4,561,000
accumulated other comprehensive loss																																																																-256,000	-631,000	-891,000	-1,099,000				-330,000
prepaid expense																																																															2,302,000	2,587,000	2,117,000	2,536,000	1,961,000	2,425,000	5,019,000	2,421,000	3,099,000	2,267,000
liabilities and stockholders’ equity
minority interest in consolidated ventures																																																																				6,660,000	7,067,000	7,985,000	7,930,000	8,629,000
stockholders’ equity
accumulated other comprehensive income																																																																				-1,260,000	463,000	664,000
total stockholders’ equity																																																																				447,292,000	446,435,000	444,927,000	433,497,000
total liabilities and stockholders’ equity																																																																				834,576,000	815,021,000	792,843,000	763,066,000
liabilities and stockholders’/parent’s equity
note payable to temple-inland
stockholders’/parent’s equity
temple-inland’s net investment
total stockholders’/parent’s equity																																																																								433,201,000
total liabilities and stockholders’/parent’s equity																																																																								748,726,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31	2016-06-30	2016-03-31	2015-12-31	2015-06-30	2015-03-31	2014-12-31	2014-06-30	2014-03-31	2013-12-31	2013-06-30	2013-03-31	2012-12-31	2012-06-30	2012-03-31	2011-12-31	2011-06-30	2011-03-31	2010-12-31	2010-06-30	2010-03-31	2009-12-31	2009-06-30	2009-03-31	2008-12-31	2008-06-30	2008-03-31

operating activities
net income	15,400,000	86,900,000	32,900,000	31,600,000	16,500,000	81,600,000	38,600,000	45,000,000	38,200,000	72,400,000	46,800,000	26,900,000	20,800,000	50,800,000	39,700,000	47,800,000	40,500,000	44,100,000	15,900,000	28,400,000	22,100,000	24,500,000	10,100,000	10,300,000	16,800,000																																		1,744,000	9,358,000	-238,000
adjustments:
depreciation and amortization	900,000	900,000	800,000	1,000,000	800,000	700,000	900,000	600,000	800,000	700,000	800,000	800,000	700,000	700,000	700,000	500,000	800,000	600,000	600,000	700,000	800,000	700,000	800,000	1,500,000	1,900,000	1,900,000	1,800,000	1,600,000	1,400,000	1,278,000	1,296,000																	4,511,000	2,267,000		4,864,000	2,294,000	1,783,000	5,293,000	2,788,000	2,396,000	4,234,000	2,111,000	2,415,000	3,467,000	1,793,000
deferred income taxes	1,200,000	8,300,000	3,000,000	8,300,000	-900,000	14,700,000	2,000,000	600,000	-500,000	16,600,000	-1,600,000	1,000,000	-2,200,000	11,300,000	2,600,000	-1,200,000	-200,000	14,600,000	2,400,000	0	2,200,000	5,600,000	8,100,000	3,800,000	5,600,000	3,600,000	2,000,000	2,500,000	1,400,000																1,492,000	649,000	-3,535,000	-2,909,000	-1,464,000	-16,164,000	-7,000,000	-1,496,000	-5,057,000	-6,950,000	-4,994,000	-1,581,000	-11,864,000	-3,816,000	-4,114,000	-3,443,000	3,000
equity in earnings of unconsolidated ventures		0	0	0	-600,000									-100,000	0	0	-1,100,000	0	100,000	-100,000	-200,000	-100,000	200,000	-300,000	-500,000	0	100,000	0	-600,000	-1,000,000	-1,529,000	-7,026,000	-9,109,000	-6,362,000	-2,251,000	-235,000	-47,000	-4,470,000	-8,629,000	-3,045,000		-1,949,000	-991,000		-3,479,000	-913,000						-582,000							346,000	-3,552,000	-1,534,000
stock-based compensation expense	3,100,000	1,500,000	1,500,000	1,700,000	2,600,000	1,200,000	1,400,000	1,800,000	900,000	900,000	900,000	1,900,000	600,000	500,000	800,000	1,600,000	400,000	600,000	800,000	900,000	300,000	400,000	300,000	800,000	500,000
impairments and land option charges	800,000	3,300,000	1,900,000	900,000	1,100,000	3,100,000	600,000	200,000	200,000	400,000	900,000
changes in operating assets and liabilities:
increase in real estate	-206,200,000		-65,800,000	-23,600,000	-471,600,000				-209,800,000				-49,900,000	28,000,000	-109,200,000	-5,600,000	-55,500,000	-45,200,000	-163,400,000	-158,700,000	-218,600,000	-22,900,000	-88,100,000	-132,500,000	-38,200,000	19,800,000	-198,000,000	-158,300,000	-195,200,000
decrease in other assets	-1,200,000				100,000				-900,000			-4,800,000	1,800,000			1,200,000	2,600,000												-1,300,000
increase in accounts payable and other accrued liabilities	12,500,000									6,900,000	6,900,000	-17,900,000	-8,600,000	11,100,000	400,000	17,200,000	12,200,000	-32,800,000	31,600,000	17,600,000	11,600,000	24,200,000	800,000	-4,400,000	3,400,000	11,700,000	17,600,000	9,500,000	3,100,000
decrease in accrued development costs	-200,000				-13,200,000				-4,200,000
increase in earnest money deposits on sales contracts	16,700,000	-36,300,000	17,500,000	5,400,000	34,400,000	8,500,000	19,300,000	3,600,000	19,500,000				10,500,000	-10,300,000	5,000,000	0	-6,200,000					1,000,000	-8,100,000	11,200,000	-200,000	5,100,000	5,900,000	10,700,000	18,800,000
net cash from operating activities	-157,000,000	256,300,000	15,800,000	-19,800,000	-450,000,000	119,200,000	-61,700,000	-59,200,000	-156,700,000	227,900,000	114,900,000	71,100,000	-49,800,000	118,900,000	-86,800,000	70,800,000	5,800,000	37,500,000	-91,100,000	-90,800,000	-158,700,000	37,300,000	-81,900,000	-112,200,000	-11,600,000	58,900,000	-166,600,000	-119,400,000	-164,100,000	-68,212,000	-113,999,000	-17,209,000	-11,357,000	-2,379,000	37,070,000	12,539,000	5,009,000	50,166,000	-17,513,000	-18,766,000	70,696,000	18,995,000	5,543,000	43,694,000	34,873,000	32,447,000	-5,238,000	-11,993,000	-47,514,000	2,176,000	-33,930,000		27,252,000	-18,873,000	-19,836,000	-13,989,000	112,437,000	-10,509,000		-20,716,000	-14,050,000
capital expenditures	-100,000	-700,000	-800,000	0		-800,000	-600,000	-600,000	-200,000	-500,000	-500,000	-200,000	-100,000	-300,000	-700,000	-1,000,000	-1,500,000	0	-300,000	0	-100,000	0	-400,000	0		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0	0	0	0	0	0		0	0
free cash flows	-157,100,000	255,600,000	15,000,000	-19,800,000		118,400,000	-62,300,000	-59,800,000	-156,900,000	227,400,000	114,400,000	70,900,000	-49,900,000	118,600,000	-87,500,000	69,800,000	4,300,000	37,500,000	-91,400,000	-90,800,000	-158,800,000	37,300,000	-82,300,000	-112,200,000		58,900,000	-166,600,000	-119,400,000	-164,100,000	-68,212,000	-113,999,000	-17,209,000	-11,357,000	-2,379,000	37,070,000	12,539,000	5,009,000	50,166,000	-17,513,000	-18,766,000	70,696,000	18,995,000	5,543,000	43,694,000	34,873,000	32,447,000	-5,238,000	-11,993,000	-47,514,000	2,176,000	-33,930,000		27,252,000	-18,873,000	-19,836,000	-13,989,000	112,437,000	-10,509,000		-20,716,000	-14,050,000
investing activities
expenditures for property, equipment, software and other	-100,000	-700,000	-800,000			-800,000	-600,000	-600,000	-200,000	-500,000	-500,000	-200,000	-100,000	-300,000	-700,000	-1,000,000	-1,500,000				-100,000	0	-400,000
return of investment in unconsolidated ventures		0	0	0	900,000									0	100,000	0	1,500,000	400,000	0	100,000	2,100,000	1,900,000	0	600,000	1,800,000	0	0	0	100,000	281,000	187,000	6,946,000	2,906,000	1,511,000	1,752,000	1,914,000	1,567,000	4,385,000	1,960,000	655,000	196,000	155,000	155,000	2,223,000	1,370,000	1,065,000	11,669,000	736,000	266,000	2,379,000	252,000	9,000	10,059,000	4,784,000	2,634,000	1,126,000	2,263,000	1,614,000	0	4,375,000	2,650,000
net cash from investing activities	-100,000	3,800,000	-800,000	-700,000	900,000	3,600,000	4,500,000	-600,000	-200,000	-500,000	-500,000	-200,000	1,500,000	-300,000	-600,000	-1,000,000	3,200,000	-700,000	-300,000	0	2,000,000	1,900,000	-400,000	400,000	3,100,000	0	-100,000			269,000	228,706,000	6,854,000	126,859,000	74,689,000	109,540,000	309,530,000	51,449,000		-52,449,000	-24,703,000		-47,708,000	-28,194,000		-35,065,000	-13,501,000		27,796,000	29,413,000		-3,501,000	-1,171,000		4,955,000	4,205,000		-3,737,000	-773,000	-6,031,000	-8,332,000	-2,142,000
financing activities
borrowings under revolving credit facility					100,000,000
repayment of debt	-9,900,000	-70,600,000	-35,000,000																				0
cash paid for shares withheld for taxes	-500,000	-100,000	-100,000	-1,500,000	-100,000	-800,000	200,000	-2,600,000	-200,000	100,000	-100,000	-600,000	-100,000	-100,000	0	-300,000	-100,000	-100,000	-100,000	-300,000	-100,000	-100,000	0	0	-200,000
net cash from financing activities	-10,400,000	-70,100,000	-100,000	62,800,000	99,900,000	-800,000	200,000	17,100,000	-200,000	-12,400,000	-100,000	-600,000	-100,000	-100,000	0	1,400,000	-100,000	800,000	40,200,000	20,600,000	-200,000	-500,000	-300,000	176,700,000	-1,000,000	100,700,000	307,800,000	31,900,000	-600,000	-702,000	-89,000	-63,221,000	90,000	-676,000	-2,942,000	-311,090,000	-10,254,000	-46,515,000	-1,404,000	-396,000	-24,373,000	20,574,000	-21,677,000	135,455,000	58,969,000	57,346,000	14,865,000	11,388,000	6,619,000	-13,268,000	37,780,000	7,819,000	3,800,000	-774,000	1,170,000	-7,691,000	-99,774,000	11,619,000	22,424,000	29,290,000	17,025,000
decrease in cash and cash equivalents	-167,500,000		14,900,000	42,300,000	-349,200,000				-157,100,000
cash and cash equivalents at beginning of period	379,200,000		0	0	481,200,000		0	0	616,000,000		0	0	264,800,000		0	0	153,600,000		0	0	394,300,000	0	0	0	382,800,000					0	321,783,000		265,798,000	265,798,000		96,442,000	96,442,000		170,127,000	170,127,000		192,307,000	192,307,000		10,361,000	10,361,000		18,283,000	18,283,000		5,366,000	5,366,000		21,051,000			8,127,000	8,127,000		7,520,000	7,520,000
cash and cash equivalents at end of period	211,700,000		14,900,000	42,300,000	132,000,000		-57,000,000	-42,700,000	458,900,000		114,300,000	70,300,000	216,400,000		-87,400,000	71,200,000	162,500,000		-51,200,000	-70,200,000	237,400,000	38,700,000	-82,600,000	64,900,000	373,300,000					-68,645,000	436,401,000		381,390,000	337,432,000		107,421,000	142,646,000		98,761,000	126,262,000		184,168,000	147,979,000		69,138,000	86,653,000		45,474,000	6,801,000		5,715,000	5,608,000		6,359,000	6,590,000		17,053,000	8,464,000		7,762,000	8,353,000
gain on sale of assets						-4,500,000				0	0	0	-1,600,000	0	-2,700,000	0	-500,000					0	0			-600,000	-1,500,000	0	-900,000	-1,318,000	-2,746,000	0	-103,821,000	-74,215,000	-44,969,000	-106,658,000	-2,604,000	-614,000	-2,014,000	-1,176,000							-477,000	-15,076,000
loss on extinguishment of debt		100,000	0															0
decrease in real estate						-30,500,000	-123,300,000			118,600,000	78,100,000
increase in other assets		8,000,000	1,400,000			-15,100,000	-10,500,000			-300,000				10,100,000					-6,900,000	-3,900,000	-2,600,000		300,000	-3,800,000	-700,000		-2,500,000
increase in accrued development costs		2,700,000	6,200,000			32,100,000	5,200,000			13,000,000	-8,000,000	1,100,000	-24,300,000	11,300,000	-9,600,000	3,900,000	12,200,000
proceeds from sale of assets						4,500,000				0	0	0	1,600,000	0	0	0	3,200,000					0	0	0	1,300,000
issuance of common stock						0	0							0	0
additions to debt		0	35,000,000																				0			0	395,000,000			43,000	207,000	1,247,000	770,000	304,000	435,000	1,462,000	1,307,000	4,358,000	5,016,000	3,119,000	5,424,000	10,383,000	2,608,000	5,010,000	32,621,000	27,712,000	44,713,000	47,394,000	33,692,000	16,539,000	76,279,000	23,447,000	44,892,000	18,527,000	11,357,000	324,000	42,666,000	26,758,000	51,332,000	70,556,000	33,540,000
deferred financing fees		100,000	0															100,000				-500,000	0	-4,400,000	-400,000	0						-165,000	-148,000					-142,000	-100,000	-6,000	-103,000	-3,068,000		370,000	-648,000	-470,000	-674,000	-343,000	-31,000	-4,000	-1,379,000	-285,000	-335,000			-82,000			-381,000	-1,078,000	-1,037,000
stock issued under employee benefit plans
increase in cash and cash equivalents						122,000,000	-57,000,000			215,000,000	114,300,000	70,300,000	-48,400,000
cash and cash equivalents at beginning of year																																																							21,051,000
cash and cash equivalents at end of year
supplemental cash flow information:
note payable issued for real estate						0	0	0	9,900,000									0	0	0	12,500,000
income taxes paid
decrease in accounts payable and other accrued liabilities			16,400,000	-20,800,000	-19,200,000		9,400,000	-11,200,000	-900,000
supplemental disclosures of non-cash activities
other																										-800,000				-415,000	1,588,000	531,000	2,135,000	945,000	1,720,000	3,402,000	1,820,000	2,437,000	1,565,000	982,000	510,000	2,483,000	1,370,000	1,337,000	212,000	129,000	14,000	458,000	187,000	-42,000	74,000	5,000	35,000	-113,000	4,000	438,000	127,000	28,000	-88,000	-821,000	-556,000
decrease in income taxes receivable																		0	0	2,100,000	4,200,000	2,600,000	-6,400,000			100,000	-800,000
purchase of noncontrolling interest																		0	0
distributions to noncontrolling interests																		0	0	0	-100,000	100,000	-300,000	0	-400,000	0	-300,000	-3,100,000	-500,000	-217,000	-300,000	-1,725,000	-100,000		-201,000	-1,108,000	-171,000	2,000	-687,000	-338,000	-2,076,000	-898,000	-498,000	-5,593,000	-1,401,000
decrease in earnest money deposits on sales contracts											-6,200,000
land option charges													2,400,000				600,000		700,000	500,000	400,000
issuance of common stock not settled																	1,700,000
real estate impairment and land option charges														5,500,000	1,000,000
proceeds from debt																		33,000,000
repayments of debt																		-33,000,000
net increase in cash and cash equivalents																71,200,000	8,900,000													-68,645,000	114,618,000	-73,576,000	115,592,000	71,634,000	143,668,000	10,979,000	46,204,000				-479,000	-8,139,000	-44,328,000	137,538,000	58,777,000	76,292,000	82,000	27,191,000	-11,482,000	-10,838,000	349,000	242,000	883,000	-14,692,000	-14,461,000	-22,491,000	8,926,000	337,000	873,000	242,000	833,000
income taxes paid (refunded)
net decrease in cash and cash equivalents																					-156,900,000				-9,500,000														-71,366,000	-43,865,000
distributions of earnings of unconsolidated ventures																										0	0	0	4,900,000			8,296,000	12,036,000	4,974,000	2,926,000	2,067,000	1,304,000	5,398,000	5,089,000	2,845,000	2,904,000	1,768,000	1,018,000	5,491,000	210,000		2,735,000	356,000		1,290,000	4,102,000	3,035,000	425,000	99,000	99,000	0	259,000	23,000	170,000	883,000	784,000
real estate and land option charges																						400,000	100,000
increase in earnest money on sales contracts																			9,000,000	21,700,000	21,100,000
expenditures for property, equipment and other																			-300,000
proceeds from issuance of common stock
loss on sale of assets																									100,000
interest paid, net of amounts capitalized
income taxes refunded
asset impairments																									300,000	800,000	100,000	0	400,000			9,272,000	37,900,000	37,900,000	3,874,000	49,438,000		17,038,000	25,764,000											11,075,000	450,000		8,142,000	900,000		2,887,000	841,000	600,000
increase in income taxes receivable																									-600,000
consolidated net income																										12,700,000	6,900,000	12,800,000	3,900,000	10,286,000	4,580,000	-15,608,000	22,714,000	25,245,000	43,946,000	5,958,000	-4,296,000	-5,485,000	-42,555,000	-8,237,000	-11,906,000	23,755,000	9,007,000	15,924,000	6,240,000	5,042,000	13,288,000	4,968,000	3,497,000	-21,694,000	-6,030,000		2,829,000	-6,081,000		-6,690,000	48,063,000	-3,049,000
property, equipment, software and other																										0	-100,000	-700,000	-100,000	-12,000	-36,000		-41,000
oil and gas properties and equipment																																0	-2,400,000	-2,400,000	0	-567,000	-426,000	-2,674,000	-40,286,000	-23,718,000	-35,484,000	-44,632,000	-19,357,000	-39,587,000	-32,286,000	-12,980,000					-2,112,000
investment in unconsolidated ventures																																-86,000	-3,617,000	-1,915,000	-474,000	-4,658,000	-3,019,000	-2,441,000	-10,136,000	-831,000	-9,676,000	-4,430,000	-4,293,000	-38,000	-782,000	-745,000	-634,000	-1,430,000	-117,000	-657,000	-1,135,000	-673,000	-1,753,000	-1,039,000	-705,000	-959,000	-1,494,000	-830,000	-2,883,000	-11,339,000	-4,263,000
payments of debt																										0	-80,000,000								-3,505,000	-307,491,000	-11,185,000	-50,693,000	-4,925,000	-2,463,000	-3,013,000	-219,653,000	-15,711,000	-9,161,000	-93,390,000	-90,748,000	-27,852,000	-36,047,000	-27,414,000	-18,649,000	-37,043,000	-14,436,000	-40,869,000	-19,750,000	-10,370,000	-8,664,000	-142,302,000	-14,977,000	-28,516,000	-39,547,000	-14,665,000
settlement of equity awards																										0	0	0	-100,000
net increase in cash, cash equivalents and restricted cash																										159,600,000	141,100,000
cash, cash equivalents and restricted cash at beginning of period																										0	0	0	335,000,000
cash, cash equivalents and restricted cash at end of period																										159,600,000	141,100,000	-88,200,000	170,300,000
cash flows from operating activities:
share-based compensation																											900,000	100,000	100,000	112,000	94,000	4,076,000	2,259,000	843,000	1,372,000	1,716,000	1,380,000	-1,285,000	3,327,000	3,342,000	-1,106,000	3,532,000	313,000	1,442,000	11,875,000	10,415,000					3,952,000	4,100,000	4,226,000	5,553,000	3,534,000	4,281,000	4,321,000	1,706,000	-142,000	3,528,000	2,681,000
loss on debt extinguishment																																			0	35,864,000
cash flows from investing activities:
cash flows from financing activities:
decrease in income tax receivable																													-100,000
net decrease in cash, cash equivalents and restricted cash																													-164,700,000
change in deferred income taxes																														56,000	661,000	-1,759,000	45,000	29,000	-1,344,000	-45,000		2,155,000	-25,103,000	-4,359,000	-9,004,000	7,668,000	2,976,000	1,854,000
real estate cost of sales																														10,809,000	15,309,000	13,452,000	28,438,000	12,240,000	41,595,000	33,836,000	12,841,000	54,158,000	24,151,000	9,884,000	25,414,000	47,976,000	24,812,000	33,575,000	53,208,000	41,345,000
real estate development and acquisition expenditures																														-111,770,000	-149,052,000	-65,549,000	-25,623,000	-13,740,000	-24,627,000	-33,066,000	-14,794,000	-26,933,000	-57,353,000	-34,769,000	-31,830,000	-66,558,000	-35,035,000	-40,847,000	-34,772,000	-17,568,000	-24,813,000	-52,505,000	-36,750,000	-17,467,000	-23,529,000	-13,571,000	-5,161,000	-7,020,000	-2,788,000	-3,056,000	-14,619,000	-7,602,000	-22,802,000	-50,834,000	-20,583,000
reimbursements from utility and improvement districts																																10,230,000	4,671,000	1,180,000	13,409,000	306,000	306,000	6,891,000	7,154,000	4,130,000	57,493,000	6,618,000	1,536,000	5,405,000	2,881,000	209,000	5,602,000	937,000	108,000	8,191,000	1,790,000	36,000	4,257,000	183,000	183,000	2,646,000
changes in:
notes and accounts receivable																														1,547,000	1,197,000		912,000	-1,925,000		18,849,000	13,979,000		8,144,000	7,016,000		-6,809,000	7,433,000		-1,452,000	643,000		-242,000	-1,153,000		530,000			-9,771,000	-9,982,000
prepaid expenses, land purchase contract deposits and other
accounts payable and other accrued liabilities																														9,673,000	-365,000	1,999,000	-6,135,000	-5,764,000	-3,155,000	-16,069,000	-6,702,000	-9,568,000	-17,919,000	-15,644,000	-1,404,000	-9,156,000	-15,104,000	9,711,000	-15,854,000	-17,103,000	-2,979,000	-3,530,000	-7,824,000	-5,413,000	3,896,000	-1,461,000	-2,174,000	-8,154,000	-9,949,000	374,000	-10,405,000	-7,951,000	-6,424,000	273,000	-4,564,000
earnest money deposits on sales contracts
income taxes																														337,000	-570,000	17,144,000	19,626,000	15,433,000	12,201,000	8,828,000	-2,303,000	-8,178,000	3,573,000	5,411,000	-7,503,000	-4,291,000	-2,167,000	5,446,000	-587,000	833,000	-631,000	-6,078,000	-5,795,000	-13,921,000	-4,083,000	-2,560,000	8,703,000	-5,518,000
proceeds from sales of assets																														0	228,555,000		130,011,000	77,510,000		318,480,000	56,828,000		2,984,000
change in restricted cash																														13,000	4,000
exercise of stock options																																0	548,000					0	14,000	14,000	9,000	754,000	754,000	294,000	1,645,000	533,000	161,000	1,182,000	1,138,000	299,000	1,167,000	365,000	318,000	872,000	518,000	2,971,000	15,000	1,000	1,000	872,000	812,000
payroll taxes on restricted stock and stock options																																												-9,000	-1,027,000	-1,024,000	-68,000	-1,151,000	-1,148,000	-257,000	-1,216,000	-1,190,000	-12,000	-49,000	-49,000	-2,303,000	-31,000	-17,000	-18,000	-1,832,000	-1,816,000
prepaid expenses and other																															-3,614,000	-917,000	-267,000	-647,000	-1,669,000	1,080,000	-660,000	-80,000	2,502,000	2,695,000	-2,052,000	3,751,000	790,000	-422,000	1,136,000	-26,000	-3,860,000	751,000	203,000	-45,000	-239,000	78,000	584,000	147,000	269,000
earnest money deposits																															19,152,000
depreciation, depletion and amortization																																1,342,000	2,862,000	1,485,000	1,562,000	7,268,000	4,785,000	8,305,000	23,360,000	11,325,000	12,606,000	17,927,000	7,439,000	8,282,000	13,577,000	6,292,000
dry hole and unproved leasehold impairment costs																																							30,663,000
notes and accounts receivables
property, equipment, software, reforestation and other																																		-17,000	-236,000	-5,639,000	-3,501,000	-3,808,000	-6,971,000	-2,809,000	-2,815,000	-9,823,000
repurchases of common stock																																			0	-3,537,000														-10,851,000			0
cash and cash equivalents at year-end
supplemental disclosure of cash flow information:
cash paid during the year for:
interest
supplemental disclosure of non-cash information:
capitalized interest
payroll taxes on issuance of stock-based awards																																	-980,000	-980,000		-205,000	-205,000		-723,000	-723,000		-972,000	-879,000
acquisition of partner's interest in unconsolidated multifamily venture, net of cash																																									0
acquisition of oil and gas properties
proceeds from issuance of senior secured notes																																									0	241,947,000
purchase of noncontrolling interests																																									0	-7,971,000	-7,971,000
noncontrolling interests
dry hole and unproved leasehold impairment charges
excess income tax benefit from share-based compensation																																						0	1,000	1,000	0	52,000	20,000	1,000
change in unrecognized tax benefits																																												0
net cash (used for) investing activities																																												-41,611,000
proceeds from issuance of convertible senior notes																																												-455,000	121,250,000	121,250,000
proceeds from issuance of tangible equity units
other changes in real estate																																							631,000	667,000	389,000	2,341,000	652,000	1,706,000	144,000	140,000	549,000	733,000	603,000	-47,000	-5,000	19,000	46,000	28,000	5,000	0	327,000	280,000	-1,000	-290,000	-210,000
changes in deferred income																																							137,000	81,000	41,000	1,141,000	-132,000	-17,000
dry hole and leasehold abandonment costs																																								86,000
proceeds from sales of oil and gas properties																																								2,000,000		11,022,000
equity in (earnings) loss of unconsolidated ventures																																																-1,492,000	-724,000	30,841,000	-984,000		-3,961,000	-658,000	-371,000
proceeds from consolidated ventures’ sale of assets																																															0
business acquisition, net of cash acquired																																															-842,000
proceeds from sale of multifamily property
proceeds from sale of venture interest																																															0	32,095,000	32,095,000
gain on asset purchase, exchange and sales
proceeds from sales of other assets
dry hole exploration costs																																										5,665,000	1,626,000	3,631,000	1,296,000	742,000
gain on asset exchange and sales																																										-16,867,000
property, equipment, software and reforestation and other																																											-4,699,000		-3,357,000	-915,000
cost of assets sold
acquisition of loan secured by real estate
proceeds from consolidated venture's sale of assets
tax benefits not recognized for book purposes																																													75,000	37,000	37,000	76,000	38,000	-291,000	95,000	47,000	42,000	64,000	16,000	96,000	5,291,000
deferred income																																													-1,329,000	2,429,000	143,000	1,864,000	1,022,000	-313,000	947,000	83,000	-348,000	1,421,000	557,000	-1,729,000	-145,000	930,000	-1,329,000	2,331,000
tax benefit from share-based compensation																																													-81,000	54,000	-7,000	370,000	390,000	0	-110,000	-110,000	-91,000	121,000	52,000				4,000	81,000	77,000
distributions of earnings to noncontrolling interests																																														-848,000	-2,370,000	-1,173,000	-632,000	-1,961,000	-2,491,000	-1,026,000	-1,312,000	-238,000	-152,000	-1,333,000	-1,673,000	-1,495,000
distributions to noncontrolling interest
non-cash share-based compensation																																															3,438,000	5,164,000	5,231,000	6,668,000
non-cash real estate cost of sales																																															13,362,000	15,964,000	5,484,000	16,988,000	10,525,000	5,295,000	2,874,000	11,470,000	5,421,000	6,818,000	12,262,000	4,770,000	7,156,000	20,863,000	12,852,000
non-cash cost of assets sold																																																		0			2,899,000			0	36,902,000
proceeds reinvested through qualified intermediary
proceeds due from qualified intermediary
oil and natural gas properties and equipment																																															-18,622,000	-2,264,000	-1,968,000
proceeds from sale of multifamily investment property
proceeds from sale of property and equipment
proceeds from termination of timber lease																																																		0	290,000
return of investment to noncontrolling interest																																															0	-69,000	-40,000	-405,000	-1,000	-1,000	-103,000	-598,000	-399,000
supplemental disclosure of business acquisitions information:
proceeds reinvested through qualified intermediary under irc section 1031
proceeds provided by financing activities
total business acquisitions
equity in (earnings) of unconsolidated ventures
cost of timber cut																																																411,000	97,000	134,000	524,000	242,000	403,000	692,000	337,000	527,000	1,813,000	796,000	922,000	1,258,000	547,000
property, equipment, software and reforestation																																																-1,341,000	-863,000	-578,000	-899,000	-507,000	-420,000	-1,392,000	-326,000	-978,000	-4,506,000	-1,557,000	-3,153,000	-1,368,000	-529,000
reimbursed costs from unconsolidated ventures																																																10,759,000
proceeds from consolidated venture’s sale of assets																																																24,294,000
gain on termination of timber lease																																																-234,000	-234,000	0	-181,000		-54,000	-497,000	-497,000	0	-185,000	-185,000	-132,000	-1,376,000	-1,376,000
proceeds from sale of property																																																			103,000
gain on sale of venture interest																																																	-11,675,000
acquisition of non-performing loan																																																		0	-21,137,000
loss on sale of assets held for sale																																																					0	277,000	277,000
business acquisitions, net of cash acquired
proceeds from sale of assets held for sale																																																					0	2,602,000	2,602,000
consolidated net loss																																																				-1,704,000			-3,033,000
receivables																																																				760,000	32,463,000			36,000	-801,000	-32,000	5,000	9,000	26,000
net cash (used for) operating activities																																																				-6,406,000
proceeds due from qualified intermediary under irc section 1031
lessor construction allowances
income taxes payable																																																							-1,560,000	-20,681,000	29,932,000
equity in loss (earnings) of unconsolidated ventures																																																								708,000	4,620,000	572,000
notes receivable sold or collected
note payable to temple-inland
dividends and other transfers to temple-inland
prepaid and other																																																									1,108,000	74,000		-794,000
return of investment to noncontrolling interests																																																									-170,000	-170,000
reimbursements from utility or improvement districts																																																									2,029,000	1,731,000	300,000	374,000
minority interest in consolidated ventures																																																											360,000	1,030,000	472,000
distributions of earnings to minority interests
return of investment to minority interest
distributions to minority interests																																																												-2,980,000	-2,318,000
prepaid assets and other																																																													-1,829,000
distributions to minority interest
property, equipment, software, and reforestation
proceeds from issuance of debt

Forestar Group Inc(NYSE:FOR)

Forestar Group Inc
(NYSE:FOR)