[Form 4] Forestar Group Inc. Insider Trading Activity

Rhea-AI Filing Summary

Forestar Group Inc. (FOR) Form 4: Director Kellie L. Fischer acquired 1,453 shares of common stock at $0 upon the vesting and settlement of restricted stock units on October 30, 2025 (code M, conversion of derivative securities).

After the transaction, she directly owned 1,453 common shares. The filing indicates 2,907 restricted stock units remained outstanding. These RSUs are from a 4,360‑unit grant dated October 30, 2024, scheduled to vest in three annual installments beginning October 30, 2025.

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
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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^*

Fischer Kellie L

(Last) (First) (Middle)

2221 E. LAMAR BLVD., SUITE 790

(Street)

ARLINGTON TX 76006

(City) (State) (Zip)

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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/30/2025

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

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

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

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	10/30/2025		M		1,453	A	$0	1,453	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)	10/30/2025		M			1,453	(2)	(2)	Common Stock	1,453	$0	2,907	D

Explanation of Responses:

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

2. On October 30, 2024, the reporting person was granted 4,360 restricted stock units, vesting in three annual installments beginning October 30, 2025.

Remarks:

	/s/ Ashley Dagley, Attorney-in-Fact for Kellie L. Fischer	11/03/2025
	** 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.

FAQ

What did Forestar (FOR) disclose in this Form 4?

A director, Kellie L. Fischer, acquired 1,453 common shares at $0 via RSU vesting on October 30, 2025 (code M).

How many Forestar (FOR) shares does the reporting person own after the transaction?

Following the transaction, the director directly owned 1,453 common shares.

What derivative securities remain after this Forestar (FOR) transaction?

The filing shows 2,907 restricted stock units remained outstanding after the settlement.

What is the source of the RSUs reported for Forestar (FOR)?

They stem from a 4,360‑unit RSU grant dated October 30, 2024, vesting in three annual installments beginning October 30, 2025.

What does transaction code M mean in this Forestar (FOR) Form 4?

Code M indicates the conversion or exercise of a derivative security, here RSUs settling into common stock at $0.

What is the relationship of the reporting person to Forestar (FOR)?

The reporting person is a Director of Forestar Group Inc.