Forestar Group Inc. is a national residential lot development company that acquires entitled land and develops it into finished single-family lots sold primarily to homebuilders. The company operates across 64 markets in 23 states, generating revenue by purchasing land, obtaining regulatory entitlements, developing infrastructure, and selling finished residential lots at market prices to local, regional, and national homebuilders. Forestar's business model emphasizes phased development aligned with market demand, strategic lot and land banking to maximize capital efficiency, and geographic diversification to reduce exposure to local economic cycles, while D.R. Horton, Inc. serves as the controlling shareholder and primary customer under various supply and service agreements.