[Form 4] Forestar Group Inc. Insider Trading Activity

Rhea-AI Filing Summary

Forestar Group Inc. (FOR) director George W. Seagraves reported an equity award transaction. On 11/20/2025, 750 shares of Forestar common stock were acquired at $0 per share through the vesting and settlement of restricted stock units, coded as transaction type "M" (option or derivative exercise).

The underlying award was a grant of 2,250 restricted stock units made on November 20, 2024, scheduled to vest in three equal annual installments beginning November 20, 2025. After this vesting event, Seagraves beneficially owns 2,203 shares of common stock directly and 1,500 restricted stock units representing additional contingent rights to receive common shares upon future vesting 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^*

Seagraves George W

(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)
11/20/2025

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	11/20/2025		M		750	A	$0	2,203	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)	11/20/2025		M			750	(2)	(2)	Common Stock	750	$0	1,500	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 November 20, 2024, the reporting person was granted 2,250 restricted stock units, vesting in three annual installments beginning November 20, 2025.

Remarks:

	/s/ Ashley Dagley, Attorney-in-Fact for George W. Seagraves	11/24/2025
	** 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 insider transaction did Forestar Group Inc. (FOR) report on this Form 4?

The filing reports that director George W. Seagraves acquired 750 shares of Forestar common stock on 11/20/2025 through the vesting and settlement of restricted stock units at an exercise price of $0 per share.

How many Forestar (FOR) restricted stock units were originally granted to the director?

On November 20, 2024, the reporting person was granted 2,250 restricted stock units, vesting in three annual installments beginning November 20, 2025.

How many Forestar (FOR) common shares does the director own after this transaction?

Following the reported transaction, the director beneficially owns 2,203 shares of Forestar common stock in direct ownership.

How many Forestar (FOR) restricted stock units does the director still hold after the vesting?

After 750 units converted into common stock, the director holds 1,500 restricted stock units, which each represent a contingent right to receive one share of Forestar common stock upon future vesting.

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

The transaction code "M" indicates the exercise or conversion of a derivative security, in this case restricted stock units being settled into 750 shares of Forestar common stock.

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

The reporting person, George W. Seagraves, is identified as a Director of Forestar Group Inc.