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FORESTAR GROUP INC. 2023-2024 Proxy Voting Records

Compiled from SEC Form N-PX filings and FORESTAR GROUP INC.’s Form 8-K, filed 2024-01-16 (Item 5.07 on EDGAR). Page generated 04 October 2026.

  • 11Reported items
  • 207Asset managers
  • 1,871Fund votes
  • 2024-01-16Meeting date

Proxy season: 2023-2024 2024-2025 2025-2026

Explore FORESTAR GROUP INC. in the interactive database Compare manager voting policies

Official 2023-2024 meeting results reported by FORESTAR GROUP INC.

These tallies are FORESTAR GROUP INC.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed 2024-01-16 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.

FORESTAR GROUP INC. — official shareholder meeting results, meeting held 2024-01-16
Ballot itemForAgainst AbstainWithheldBroker non-votesOutcome
Elect Director: Samuel R. Fuller 45,535,711416,4474,947 --1,275,396 Majority: yes
Elect Director: Lisa H. Jamieson 45,529,975423,6083,522 --1,275,396 Majority: yes
Elect Director: Elizabeth (Betsy) Parmer 45,819,627110,81326,665 --1,275,396 Majority: yes
Elect Director: G.F. (Rick) Ringler, III 43,202,4632,748,0216,621 --1,275,396 Majority: yes
Elect Director: Donald J. Tomnitz 45,812,972139,1384,995 --1,275,396 Majority: yes
(2). Proposal Two: Advisory Vote on the Approval of Executive Compensation . Stockholders approved the Company's executive compensation based on the following votes. 45,607,215293,10756,783 --1,275,396 Majority: yes

Source: FORESTAR GROUP INC., Form 8-K, filed with the SEC on 2024-01-16 — read the filing on EDGAR.

How asset managers voted at the FORESTAR GROUP INC. 2023-2024 meeting

Each item below shows how the 207 asset managers that disclosed a FORESTAR GROUP INC. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of FORESTAR GROUP INC.’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.

1. Proposal Two: Approval of the advisory resolution on Forestar's executive compensation.

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Combines 7 wordings of this item as funds reported it.

99.3% Majority: yes · of votes cast

FOR 99.3%
FOR: 45,607,215AGAINST: 293,107

FORESTAR GROUP INC.’s own tally for this item (“(2). Proposal Two: Advisory Vote on the Approval of Executive Compensation . Stockholders approved the Company's executive compensation based on the following votes.”): 45,607,215 for, 293,107 against, per its Form 8-K filed 2024-01-16 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 49,909,713 outstanding shares: 91% for, 0.6% against (92% of the company cast a for/against vote).

The 196 asset managers below cast 97% of the shares they voted on this item FOR (13,892,863 for, 380,350 against).

FOR 97%
FOR: 13,892,863 (97.3%)AGAINST: 380,350 (2.7%)UNKNOWN: 1,841 (0.0%)
Largest asset managers voting on “Proposal Two: Approval of the advisory resolution on Forestar's executive compensation.” at FORESTAR GROUP INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard2,785,9850 00For
Dimensional1,896,0500 00For
BlackRock1,423,7640 00For
American Century503,6190 00For
GEODE CAPITAL MANAGEMENT, LLC429,1290 00For
Fidelity425,3950 00For
HEARTLAND ADVISORS INC400,0000 00For
HEARTLAND GROUP INC400,0000 00For
State Street366,2100 00For
Invesco325,0460 00For
Prudential/PGIM319,2141,500 00For
Charles Schwab290,8760 00For
AllianceBernstein284,4130 00For
Nuveen268,3530 00For
JPMorgan268,2330 00For
TIAA267,5730 00For
Goldman Sachs238,2390 00For
BRIDGEWAY FUNDS INC209,8000 00For
EA Series Trust178,9790 00For
RBC Dominion Securities Inc.162,4360 00For
JACOBS LEVY EQUITY MANAGEMENT, INC153,7680 00For
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP131,7030 00For
First Trust125,3310 00For
AQR117,7050 00For
Two Sigma105,6280 00For

Showing the 25 largest of 196 asset managers. See all 196 in the interactive database.

2. Proposal One: Election of Directors. Samuel R. Fuller

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

99.0% Majority: yes · of votes cast

FOR 99.0%
FOR: 45,535,711AGAINST: 416,447

FORESTAR GROUP INC.’s own tally for this item (“Elect Director: Samuel R. Fuller”): 45,535,711 for, 416,447 against, per its Form 8-K filed 2024-01-16 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 49,909,713 outstanding shares: 91% for, 0.9% against (92% of the company cast a for/against vote).

The 78 asset managers below cast 98% of the shares they voted on this item FOR (8,713,161 for, 219,237 against).

FOR 98%
FOR: 8,713,161 (97.5%)AGAINST: 219,237 (2.5%)UNKNOWN: 1,841 (0.0%)
Largest asset managers voting on “Proposal One: Election of Directors. Samuel R. Fuller” at FORESTAR GROUP INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard2,755,4310 00For
Dimensional1,644,2280 00For
BlackRock804,3770 00For
Fidelity424,9630 00For
HEARTLAND GROUP INC400,0000 00For
TIAA267,5730 00For
American Century251,3650 00For
JPMorgan220,8540 00For
BRIDGEWAY FUNDS INC0209,800 00Against
EA Series Trust178,9790 00For
Goldman Sachs168,8880 00For
Invesco159,8010 00For
Charles Schwab145,4380 00For
AllianceBernstein132,3300 00For
First Trust124,8820 00For
WisdomTree78,6570 00For
Prudential/PGIM77,0220 00For
TARGET PORTFOLIO TRUST72,4000 00For
Nationwide64,6867,055 00For
AIG/SunAmerica63,9240 00For
Brighthouse63,0750 00For
Equitable50,9800 00For
SEI42,1280 00For
Columbia Threadneedle36,5930 00For
Lincoln Financial33,9720 00For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

3. Proposal One: Election of Directors. Lisa H. Jamieson

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

99.0% Majority: yes · of votes cast

FOR 99.0%
FOR: 45,529,975AGAINST: 423,608

FORESTAR GROUP INC.’s own tally for this item (“Elect Director: Lisa H. Jamieson”): 45,529,975 for, 423,608 against, per its Form 8-K filed 2024-01-16 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 49,909,713 outstanding shares: 91% for, 0.9% against (92% of the company cast a for/against vote).

The 78 asset managers below cast 98% of the shares they voted on this item FOR (8,713,161 for, 219,237 against).

FOR 98%
FOR: 8,713,161 (97.5%)AGAINST: 219,237 (2.5%)UNKNOWN: 1,841 (0.0%)
Largest asset managers voting on “Proposal One: Election of Directors. Lisa H. Jamieson” at FORESTAR GROUP INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard2,755,4310 00For
Dimensional1,644,2280 00For
BlackRock804,3770 00For
Fidelity424,9630 00For
HEARTLAND GROUP INC400,0000 00For
TIAA267,5730 00For
American Century251,3650 00For
JPMorgan220,8540 00For
BRIDGEWAY FUNDS INC0209,800 00Against
EA Series Trust178,9790 00For
Goldman Sachs168,8880 00For
Invesco159,8010 00For
Charles Schwab145,4380 00For
AllianceBernstein132,3300 00For
First Trust124,8820 00For
WisdomTree78,6570 00For
Prudential/PGIM77,0220 00For
TARGET PORTFOLIO TRUST72,4000 00For
Nationwide64,6867,055 00For
AIG/SunAmerica63,9240 00For
Brighthouse63,0750 00For
Equitable50,9800 00For
SEI42,1280 00For
Columbia Threadneedle36,5930 00For
Lincoln Financial33,9720 00For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

4. Proposal One: Election of Directors. Elizabeth (Betsy) Parmer

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

99.7% Majority: yes · of votes cast

FOR 99.7%
FOR: 45,819,627AGAINST: 110,813

FORESTAR GROUP INC.’s own tally for this item (“Elect Director: Elizabeth (Betsy) Parmer”): 45,819,627 for, 110,813 against, per its Form 8-K filed 2024-01-16 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 49,909,713 outstanding shares: 92% for, 0.3% against (92% of the company cast a for/against vote).

The 78 asset managers below cast 100% of the shares they voted on this item FOR (8,932,398 for, 0 against).

FOR 99.9%
FOR: 8,932,398 (100.0%)UNKNOWN: 1,841 (0.0%)
Largest asset managers voting on “Proposal One: Election of Directors. Elizabeth (Betsy) Parmer” at FORESTAR GROUP INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard2,755,4310 00For
Dimensional1,644,2280 00For
BlackRock804,3770 00For
Fidelity424,9630 00For
HEARTLAND GROUP INC400,0000 00For
TIAA267,5730 00For
American Century251,3650 00For
JPMorgan220,8540 00For
BRIDGEWAY FUNDS INC209,8000 00For
EA Series Trust178,9790 00For
Goldman Sachs168,8880 00For
Invesco159,8010 00For
Charles Schwab145,4380 00For
AllianceBernstein132,3300 00For
First Trust124,8820 00For
WisdomTree78,6570 00For
Prudential/PGIM77,0220 00For
TARGET PORTFOLIO TRUST72,4000 00For
Nationwide71,7410 00For
AIG/SunAmerica63,9240 00For
Brighthouse63,0750 00For
Equitable50,9800 00For
SEI42,1280 00For
Columbia Threadneedle36,5930 00For
Lincoln Financial33,9720 00For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

5. Proposal One: Election of Directors. G.F. (Rick) Ringler, III

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

94% Majority: yes · of votes cast

FOR 94%
FOR: 43,202,463AGAINST: 2,748,021

FORESTAR GROUP INC.’s own tally for this item (“Elect Director: G.F. (Rick) Ringler, III”): 43,202,463 for, 2,748,021 against, per its Form 8-K filed 2024-01-16 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 49,909,713 outstanding shares: 87% for, 6% against (92% of the company cast a for/against vote).

The 78 asset managers below cast 89% of the shares they voted on this item FOR (7,951,045 for, 981,353 against).

FOR 89%11%
FOR: 7,951,045 (89.0%)AGAINST: 981,353 (11.0%)UNKNOWN: 1,841 (0.0%)
Largest asset managers voting on “Proposal One: Election of Directors. G.F. (Rick) Ringler, III” at FORESTAR GROUP INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard2,752,7312,700 00For
Dimensional1,644,2280 00For
BlackRock804,3770 00For
Fidelity422,6632,300 00For
HEARTLAND GROUP INC400,0000 00For
TIAA267,5730 00For
American Century0251,365 00Against
JPMorgan220,8540 00For
BRIDGEWAY FUNDS INC0209,800 00Against
EA Series Trust178,9790 00For
Goldman Sachs168,8880 00For
Invesco159,8010 00For
Charles Schwab0145,438 00Against
AllianceBernstein132,3300 00For
First Trust124,8820 00For
WisdomTree78,6570 00For
Prudential/PGIM77,0220 00For
TARGET PORTFOLIO TRUST72,4000 00For
Nationwide15,64756,094 00Against
AIG/SunAmerica063,924 00Against
Brighthouse56,0796,996 00For
Equitable50,9800 00For
SEI042,128 00Against
Columbia Threadneedle36,5930 00For
Lincoln Financial25,1518,821 00For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

6. Proposal One: Election of Directors. Donald J. Tomnitz

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

99.6% Majority: yes · of votes cast

FOR 99.6%
FOR: 45,812,972AGAINST: 139,138

FORESTAR GROUP INC.’s own tally for this item (“Elect Director: Donald J. Tomnitz”): 45,812,972 for, 139,138 against, per its Form 8-K filed 2024-01-16 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 49,909,713 outstanding shares: 92% for, 0.3% against (92% of the company cast a for/against vote).

The 78 asset managers below cast 99.9% of the shares they voted on this item FOR (8,930,590 for, 1,808 against).

FOR 99.9%
FOR: 8,930,590 (100.0%)AGAINST: 1,808 (0.0%)UNKNOWN: 1,841 (0.0%)
Largest asset managers voting on “Proposal One: Election of Directors. Donald J. Tomnitz” at FORESTAR GROUP INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard2,755,4310 00For
Dimensional1,644,2280 00For
BlackRock804,3770 00For
Fidelity424,9630 00For
HEARTLAND GROUP INC400,0000 00For
TIAA267,5730 00For
American Century251,3650 00For
JPMorgan220,8540 00For
BRIDGEWAY FUNDS INC209,8000 00For
EA Series Trust178,9790 00For
Goldman Sachs168,8880 00For
Invesco159,8010 00For
Charles Schwab145,4380 00For
AllianceBernstein132,3300 00For
First Trust124,8820 00For
WisdomTree78,6570 00For
Prudential/PGIM77,0220 00For
TARGET PORTFOLIO TRUST72,4000 00For
Nationwide71,7410 00For
AIG/SunAmerica63,9240 00For
Brighthouse63,0750 00For
Equitable50,9800 00For
SEI42,1280 00For
Columbia Threadneedle36,5930 00For
Lincoln Financial33,9720 00For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

7. Proposal Three: Ratification of the Audit Committee's appointment of Ernst & Young LLP as Forestar's independent registered public accounting firm for the fiscal year 2024.

AUDIT-RELATED

100% fund support · no official result

FOR 100%

The 49 asset managers below cast 100% of the shares they voted on this item FOR (7,559,999 for, 0 against).

FOR: 7,559,999 (100.0%)
Largest asset managers voting on “Proposal Three: Ratification of the Audit Committee's appointment of Ernst & Young LLP as Forestar's independe” at FORESTAR GROUP INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard2,755,4310 00For
Dimensional1,644,2280 00For
BlackRock804,3770 00For
Fidelity424,9630 00For
TIAA267,5730 00For
American Century251,3650 00For
BRIDGEWAY FUNDS INC209,8000 00For
Goldman Sachs168,8880 00For
Invesco159,8010 00For
AllianceBernstein132,3300 00For
First Trust124,8820 00For
WisdomTree78,6570 00For
Nationwide71,2960 00For
AIG/SunAmerica63,9240 00For
Equitable50,9800 00For
Prudential/PGIM37,0220 00For
Columbia Threadneedle36,5930 00For
QUANTITATIVE MASTER SERIES LLC32,9000 00For
MASTER BOND LLC31,1380 00For
Voya27,2870 00For
Lincoln Financial27,1840 00For
New York Life22,3670 00For
Northern Trust18,3090 00For
AQR15,1240 00For
Brighthouse14,2870 00For

Showing the 25 largest of 49 asset managers. See all 49 in the interactive database.

8. Proposal Three: Ratification of the Audit Committee's Appointment of Ernst& Young as Forestar's independent registered public accounting firm for the fiscal year 2024

AUDIT-RELATED

100% fund support · no official result

FOR 99.6%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (584,675 for, 0 against).

FOR: 584,675 (99.7%)UNKNOWN: 1,841 (0.3%)
Largest asset managers voting on “Proposal Three: Ratification of the Audit Committee's Appointment of Ernst& Young as Forestar's independent re” at FORESTAR GROUP INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
JPMorgan220,8540 00For
EA Series Trust178,9790 00For
Brighthouse48,7880 00For
RBB FUND, INC.27,1360 00For
Exchange Place Advisors Trust24,0070 00For
TRUST FOR PROFESSIONAL MANAGERS15,4260 00For
Jackson National13,0030 00For
John Hancock10,4570 00For
PFM Multi-Manager Series Trust8,2530 00For
Amplify ETF Trust7,8540 00For
Allianz7,6330 00For
Bridge Builder Trust7,4310 00For
Lincoln Financial6,7880 00For
NORTHERN LIGHTS FUND TRUST II4,2760 00For
GPS Funds I2,4060 00For
WILSHIRE MUTUAL FUNDS INC1,3840 00For

9. Ratification of the Audit Committee s appointment of Ernst & Young LLP as Forestar s independent registered public accounting firm for the fiscal year 2024.

AUDIT-RELATED

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 15 asset managers below cast 100% of the shares they voted on this item FOR (787,419 for, 0 against).

FOR: 787,419 (100.0%)
Largest asset managers voting on “Ratification of the Audit Committee s appointment of Ernst & Young LLP as Forestar s independent registered pu” at FORESTAR GROUP INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
HEARTLAND GROUP INC400,0000 00For
Charles Schwab145,4380 00For
TARGET PORTFOLIO TRUST72,4000 00For
SEI42,1280 00For
Prudential/PGIM40,0000 00For
Federated Hermes25,0050 00For
Zacks Trust20,0220 00For
STERLING CAPITAL FUNDS15,6190 00For
Putnam13,7450 00For
Russell Investments5,5350 00For
Vericimetry Funds4,1920 00For
SARATOGA ADVANTAGE TRUST2,5280 00For
Nationwide4450 00For
Texas Capital Funds Trust3040 00For
Advisors' Inner Circle Fund III580 00For

10. Advisory Vote to Ratify Named Executive Officers' Compensation

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

99.3% Majority: yes · of votes cast

FOR 99.3%
FOR: 45,607,215AGAINST: 293,107

FORESTAR GROUP INC.’s own tally for this item (“(2). Proposal Two: Advisory Vote on the Approval of Executive Compensation . Stockholders approved the Company's executive compensation based on the following votes.”): 45,607,215 for, 293,107 against, per its Form 8-K filed 2024-01-16 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 49,909,713 outstanding shares: 91% for, 0.6% against (92% of the company cast a for/against vote).

The 5 asset managers below cast 100% of the shares they voted on this item FOR (365,478 for, 0 against).

FOR 100%
FOR: 365,478 (100.0%)
Largest asset managers voting on “Advisory Vote to Ratify Named Executive Officers' Compensation” at FORESTAR GROUP INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
JPMorgan349,3530 00For
ALGERT GLOBAL LLC15,7570 00For
Warren Street Wealth Advisors, LLC2470 00For
Convergence Investment Partners, LLC630 00For
CORNELL UNIVERSITY580 00For

11. Ratify Ernst & Young LLP as Auditors

AUDIT-RELATED

100% fund support · no official result

FOR 100%

The 2 asset managers below cast 100% of the shares they voted on this item FOR (305 for, 0 against).

FOR: 305 (100.0%)
Largest asset managers voting on “Ratify Ernst & Young LLP as Auditors” at FORESTAR GROUP INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Warren Street Wealth Advisors, LLC2470 00For
CORNELL UNIVERSITY580 00For

Largest FORESTAR GROUP INC. shareholders voting in 2023-2024

Ranked by the number of FORESTAR GROUP INC. shares each manager voted on the most widely held ballot item of the 2023-2024 meeting, shown as a share of the 49,909,713 shares outstanding at the time of that meeting.

Top FORESTAR GROUP INC. shareholders by shares voted, 2023-2024
#Asset manager % of shares outstanding
1Vanguard 5.58%
2Dimensional 3.80%
3BlackRock 2.85%
4American Century 1.01%
5GEODE CAPITAL MANAGEMENT, LLC 0.86%
6Fidelity 0.85%
7HEARTLAND ADVISORS INC 0.80%
8HEARTLAND GROUP INC 0.80%
9State Street 0.73%
10Invesco 0.65%

Reported FORESTAR GROUP INC. ownership

Positions disclosed to the SEC on Schedules 13D and 13G, Form 13F and the company’s own proxy statement (DEF 14A).

FORESTAR GROUP INC. beneficial owners on record for the 2023-2024 proxy season
Holder % outstanding Disclosure
Vanguard Group 5.55% 13F
Dimensional Fund Advisors 4.48% 13F
BlackRock 3.13% 13F
Goldman Sachs 1.01% 13F
Geode Capital 0.89% 13F
State Street 0.81% 13F
Nuveen 0.75% 13F
AQR Capital 0.46% 13F
Morgan Stanley 0.43% 13F
Northern Trust 0.39% 13F

Percentages above are of 49,909,713 shares outstanding, as reported by FORESTAR GROUP INC. on its Form 10-Q dated 2023-12-31 (see the filing on EDGAR). This is the count contemporaneous with the 2023-2024 meeting, so the percentages are the ones that were true then, not ones restated against today’s share count.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered investment companies and institutional managers disclose how they voted every proxy, and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from FORESTAR GROUP INC.’s 10-Q dated 2023-12-31. This page is a static snapshot rebuilt weekly on 04 October 2026; a live search always shows the current data.

At FORESTAR GROUP INC.'s shareholder meeting held 2024-01-16, in the 2023-2024 proxy season, 207 asset managers reported how they voted in their SEC Form N-PX filings, covering 1,871 separate fund positions. Their filings are grouped here into 11 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. On the most widely held item on that ballot — Proposal Two: Approval of the advisory resolution on Forestar's executive compensation. — FOR was 99.3% of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side), which is more than half. Whether the item was approved is for the filing to say; that statement has not been read for this item. Source: FORESTAR GROUP INC.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on 2024-01-16.

FORESTAR GROUP INC. proxy season coverage: 2023-2024 (this page) · 2024-2025 · 2025-2026.