福里斯特 2026年季度报告

Commission File Number: 001-33662 FORESTAR GROUP INC. 26-1336998(I.R.S. Employer Identification No.) FORESTAR GROUP INC.TABLE OF CONTENTS FORESTAR GROUP INC.CONSOLIDATED BALANCE SHEETS FORESTAR GROUP INC.CONSOLIDATED STATEMENTS OF TOTAL EQUITY Table of Contents FORESTAR GROUP INC.Notes to Consolidated Financial Statements Note 1 — Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Forestar Group Inc. ("Forestar") and allof its 100% owned, majority-owned and controlled subsidiaries, which are collectively referred to as the Company unless the contextotherwise requires. The Company accounts for its investment in other entities in which it has significant influence over operations andfinancial policies using the equity method. All intercompany accounts, transactions and balances have been eliminated in The financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") forinterim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management,these financial statements reflect all adjustments considered necessary to fairly state the results for the interim periods shown,including normal recurring accruals and other items. These financial statements, including the consolidated balance sheet as of In October 2017, Forestar became a majority-owned subsidiary of D.R. Horton, Inc. ("D.R. Horton") by virtue of a merger with awholly-owned subsidiary of D.R. Horton. Immediately following the merger, D.R. Horton owned 75% of the Company's outstandingcommon stock. In connection with the merger, the Company entered into certain agreements with D.R. Horton, including a Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions.These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities Seasonality Although the growth of the Company's business and significant changes in market conditions have impacted its seasonal patternsin the past and could do so again in the future, the Company generally delivers more lots and generates greater revenues and pre-taxincome in the fourth quarter of its fiscal year. As a result of seasonal activity, the Company's quarterly results of operations and Table of Contents Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, "Income Taxes Improvements toIncome Tax Disclosures," which requires disclosure of disaggregated income taxes paid, prescribes standard categories for thecomponents of the effective tax rate reconciliation and modifies other income tax related disclosures. The standard became effective In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - ExpenseDisaggregation Disclosures," which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to thefinancial statements. The standard is effective for the Company's annual periods beginning in fiscal 2028 and interim periods Note 2 — Segment Information The Company manages its operations through its real estate segment, which is its only operating and reporting segment. The realestate segment is the Company's core business and generates substantially all of its revenues. The real estate segment primarilyacquires land and installs infrastructure for single-family residential communities, and its revenues generally come from sales of The Company's Executive Chairman of the Board, the Chief Executive Officer, the Chief Operating Officer, and the ChiefFinancial Officer are its chief operating decision makers (CODM). The CODM use income before income taxes as reported on theConsolidated Statements of Operations as the primary measure to allocate capital resources and assess the operating performance of All revenues and real estate assets are attributable to operations in the United States. Segment assets that are reported as totalassets and capital expenditures are reviewed by the CODM and are presented on the consolidated balance sheets and consolidatedstatements of cash flows, respectively. For the three months ended December31, 2025 and 2024, transactions with D.R. Horton Note 3 — Real Estate In the three months ended December31, 2025, the Company invested $110.1 million for the acquisition of residential real estateand $304.6 million for the development of residential real estate. At December31, 2025 and September30, 2025, land held for futuredevelopment primarily consisted of undeveloped land which the Company has under contract to sell to D.R. Horton at a sales price Each quarter, the Company reviews the performance and outlook for all of its real estate for indicators of potential impairmentand performs detailed impairment evaluations and analyses