[Form 4] Forestar Group Inc. Insider Trading Activity

Forestar Group Inc. Executive Chairman Donald J. Tomnitz exercised 4,977 restricted stock units into the same number of common shares on March 28, 2026.

Rhea-AI Filing Summary

Forestar Group Inc. Executive Chairman Donald J. Tomnitz exercised 4,977 restricted stock units into the same number of common shares on March 28, 2026. Each restricted stock unit converts into one share of common stock upon vesting.

Of the vested shares, 1,842 were surrendered to the issuer at $24.81 per share to cover withholding tax obligations, leaving a net increase of 3,135 shares. Following these compensation-related transactions, Tomnitz directly holds 139,230 shares of Forestar common stock.

Insider Trade Summary

4,977 shares exercised/converted

Exercise 3 txns

Insider TOMNITZ DONALD J

Role Executive Chairman

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	4,977	$0.00	$0.00
Exercise	Common Stock	4,977	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	1,842	$24.81	$46K

Holdings After Transaction: Restricted Stock Unit — 4,420 contracts (Direct); Common Stock — 139,230 shares (Direct)

Footnotes (3)

1. F1. Each restricted stock unit represents a contingent right to receive one share of FOR common stock upon vesting.
2. F2. These shares are surrendered to issuer to cover withholding tax obligations of the shares vested on March 28, 2026.
3. F3. On March 28, 2024, the reporting person was granted 14,930 restricted stock units, vesting in three annual installments beginning March 28, 2025.

Key Figures

RSUs exercised: 4,977 units/shares Shares surrendered for taxes: 1,842 shares at $24.81 Net shares from vesting: 3,135 shares +2 more

5 metrics

RSUs exercised 4,977 units/shares Restricted stock units converted to common stock on March 28, 2026

Shares surrendered for taxes 1,842 shares at $24.81 Withholding tax obligations on vested shares

Net shares from vesting 3,135 shares 4,977 vested minus 1,842 surrendered for taxes

Post-transaction holdings 139,230 shares Common stock directly held after the transactions

Original RSU grant 14,930 units Granted March 28, 2024, vesting in three annual installments

Key Terms

Restricted Stock Unit, withholding tax obligations, derivative security

3 terms

Restricted Stock Unit financial

"Each restricted stock unit represents a contingent right to receive one share of FOR common stock upon vesting."

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

withholding tax obligations financial

"These shares are surrendered to issuer to cover withholding tax obligations of the shares vested on March 28, 2026."

derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/31/2026 - 04:07 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

TOMNITZ DONALD J

(Last) (First) (Middle)

2221 E. LAMAR BLVD.

SUITE 790

(Street)

ARLINGTON TEXAS 76006

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Forestar Group Inc. [ FOR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/28/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/28/2026		M		4,977	A	$0(1)	141,072	D
Common Stock	03/28/2026		F		1,842(2)	D	$24.81	139,230	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	03/28/2026		M			4,977	(3)	(3)	Common Stock	4,977	$0	4,420	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of FOR common stock upon vesting.

2. These shares are surrendered to issuer to cover withholding tax obligations of the shares vested on March 28, 2026.

3. On March 28, 2024, the reporting person was granted 14,930 restricted stock units, vesting in three annual installments beginning March 28, 2025.

Remarks:

	/s/ James D. Allen, Attorney-in-fact for Donald J. Tomnitz	03/31/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)