[Form 4] Forestar Group Inc. Insider Trading Activity

Rhea-AI Filing Summary

Forestar Group Inc. (FOR) Chief Financial Officer James Douglas Allen reported equity transactions involving company stock. On November 20, 2025, 2,601 restricted stock units converted into the same number of common shares at an exercise price of $0. On the same date, 963 shares were surrendered to the issuer at $23.22 per share to satisfy tax withholding on the vested shares.

After these transactions, Allen directly owned 31,486 shares of Forestar common stock and held 9,918 restricted stock units. The filing notes that the change in beneficial ownership reflects both the current transaction and a correction of an earlier administrative error. The restricted stock units were part of a 13,005-unit grant awarded on November 20, 2024, vesting in five annual installments beginning November 20, 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
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^*

Allen James Douglas

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

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		2,601	A	$0(1)	32,449	D
Common Stock	11/20/2025		F		963(2)	D	$23.22	31,486(3)	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			2,601	(4)	(4)	Common Stock	2,601	$0	9,918	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 November 20, 2025.

3. The reported change in beneficial ownership reflects both the current transaction reported herein and a correction of an inadvertent administrative error in a prior Form 4.

4. On November 20, 2024, the reporting person was granted 13,005 restricted stock units, vesting in five annual installments beginning November 20, 2025.

Remarks:

	/s/ Ashley Dagley, Attorney-in-fact for James Douglas Allen	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) disclose on this Form 4?

The Form 4 reports that CFO James Douglas Allen had 2,601 restricted stock units convert into the same number of Forestar common shares on November 20, 2025, and surrendered 963 shares to cover tax withholding.

How many Forestar (FOR) shares does the CFO own after the reported Form 4 transactions?

Following the reported transactions, CFO James Douglas Allen directly owned 31,486 shares of Forestar Group Inc. common stock.

What is the tax-related component of the Forestar (FOR) CFO’s Form 4 filing?

The filing states that 963 shares were surrendered to the issuer at $23.22 per share to satisfy withholding tax obligations arising from the vested shares on November 20, 2025.

What restricted stock unit grant underlies the Forestar (FOR) CFO’s transactions?

The transactions relate to a grant of 13,005 restricted stock units awarded on November 20, 2024, which vests in five annual installments beginning November 20, 2025.

How many restricted stock units does the Forestar (FOR) CFO still hold after these transactions?

After the reported activity, James Douglas Allen beneficially owned 9,918 restricted stock units tied to Forestar common stock.

Does the Forestar (FOR) Form 4 mention any corrections to prior reporting?

Yes. The explanation section states that the reported change in beneficial ownership reflects both the current transaction and a correction of an inadvertent administrative error in a prior report.

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

The reporting person, James Douglas Allen, is an officer of Forestar Group Inc., serving as Chief Financial Officer, and he files the Form 4 as a single reporting person.