ARCHIVE_Capital Division Tour March 2025

CAPITAL DIVISION

TOUR 03/04/2025

Capital Division 137 Mitchells Chance Rd, Edgewater, MD 21037 Rev. 2/26/25

Capital Division Trailing 12Month Survey Scores

30 Day Scores: • Move-In Satisfaction - Questions 6&7 o Maryland Average score = 4.7 o D.R. Horton Average = 4.5 o Average Rank 13 th company-wide • Move-In Home Readiness - Question 5 o Maryland Average score = 4.7 o D.R. Horton Average = 4.5

o Renn Quarter in top 5 ranking company-wide

• Move-In Response Rate

o Maryland Average score = 57% o D.R. Horton Average = 40% o Renn Quarter in top 5 company wide

7-Month Scores: • 7 Month Overall Satisfaction - Questions 5&6 o Maryland Average score = 4.3 o D.R. Horton Average = 3.8 o Maryland in Top ten Division company-wide • 7 Month Customer Care - Questions 4 o Maryland Average score = 4.5 o D.R. Horton Average = 3.9 o Maryland in Top Five Division company-wide • 7 Month Response Rate o Maryland Average score = 45% o D.R. Horton Average = 22%

Capital MD 126 Employees 02/18/2025

DIVISION PRESIDENT DWAYNE HILL

VP of Sales & Marketing Kathleen Cassidy

Director of Land Griffin Burns

HR Manager Brandy Foble

VP of Construction Joseph Dunworth

Sr. Controller Savana Saulsbury

VP of City Operations Matthew Lefler

Operations Mgr PG County Ethan Kilby

Fwd Planner & LD Manager Brian Georg

Area Construction Manager Michael Hickey

Construction Manager Benjamin Shreve

Marketing Manager Michelle Strange

Area Construction Manager Martin Graziano

Director of Sales James McCarron III

Land Acquisitioner Cory Briggs Matthew Muddiman Joseph Young ( WV ) 1 Open

Controller Sharon Antonelli

Operations Manager Kevin Knight

SR Land Development Project Manager Garrett McLendon Benjamin Smith

Online Sales Specialist Katie Cabral Lauren Tyce

Sales Representatives Matthew Albrecht Leanna Deyo Sarah Hankins Karen Joy-Stanco Caitlin Martinez Samantha Schweinhart Scott Baber (WV) Nicholas DeGennaro (WV) Judy Manzini (WV) Michael Taylor II (WV) Kristine Wiese (WV

Accounting Manager Jennie Gaviola

Project Manager Garrett Campbell

Emerald Superintendent Alexander Barclay Jonathan Royce

Project Manager Robert Gaw Chad Hildebrandt

Purchasing Manager Kevin Stehle

Land Coordinator Lauren Worthington

William Suitt John Yackus

Sales Representative James McCarron IV (WV)

Accounts Payable Clerk Colleen Blough Maria D ’ Arcy Iku Mooney

Land Development PM Steven Blasko Keegan Waters Samuel Youngbar

Superintendent Kenneth Gourley

Superintendent Patrick Boggs Robert Bowman Everett Brace Harrison Fowler William Kvetkas Carter Lynch

Assistant Purchasing

Jason Hawkins Matthew Kuhn Charles Payne (WV) Brendon Rehmann (WV) Lee Smith ( WV ) Dale Walker ( WV )

Financial Analyst Chase Williams

Asst Superintendent Patrick McAuley

Manager Kyle Nail

Entitlements Manager Kelsey Stewart

Area Sales Manager Akilah Harris

HOA Manager Shenna Bridgett

Closing Manager Dawn Turner

Purchasing Agent Collene Fanzo Jessica Hauck

Bret Masse Mark Nealer Michael Nivens Esad Omerhodzic Surlawrence Sparks 2/3 Preston Taylor

Emerald Purchasing Manager Jeffrey Luffred

Entitlements Analyst Jeffrey Otenasek Harli Reising

Area Sales Manager Justin Wood

Assist Superintendent Trevis Alban

Div Paralegal Christin Gay

Land Accountant Natasha Gayle

Starts Coordinator Lauren Soueid

Sales Representatives Joshua Brown Karmala Brunson Kevin Dixon James Griffith

Emerald Construction Operations Coordinator Thomas Harold

Stormwater Compliance Spc I Maximilian Gayler

Construction Ops Coordinator Maria Pettineo

Division IT Support Katherine Morrone

Sales Representatives Patrick Addington Steven Bova Christopher Brill Cynthia Cabral Eric Damon Kristin DiCasagrande Lisa Edwards Kimberly Fleisher

Summer Land Intern Kathe Hobbs 5/19

Asst Superintendent Julya Dorsey Blaise Fontenot Wendy Hernandez Ryan Montgomery

Purchasing Assistant Amanda Shelton

Ronald Harrison Tracy Jennings Alan Jones Herbert Law Justin Silberman Rosarie Stewart Racquel Tyce

Summer Construction Intern Patrick Wiersinski 5/19

Receptionist Katelyn Cooper

Permit Coordinator Darrell Hutchinson Lisa Vallandingham

Brandi Hawkins James Spurrier

Customer Service Manager Kevin Filler

Customer Service Assistant Gwen Mickerson

Customer Service Tech James Elliott

James Newlen Nathan Rowe Robert Vasquez

CAPITAL DIVISION MAP - MD | WV

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Capital Division Office | Edgewater, MD

D.R. Horton is equal housing opportunity builder. Home and community information, including pricing, included features, terms, availability and amenities are subject to change and prior sale at any time without notice or obligation. MHBR #535, WV042310

CAPITAL DIVISION MAP - MD | WV

ACTIVE 1. BIRCH MANOR - SF D.R. Horton (EMD), Edgewater, MD

21. WOODFIELD RD - SF Emerald, Gaithersburg, MD 22. KING SOUDER - SF D.R. Horton (EMD), Damascus, MD 23. STILLVIEW ACRES - SF Emerald, Davidsonville, MD 24. ACTON PARK - SF D.R. Horton (EMD), Waldorf, MD 25. MARSHALLS LANDING - SF Emerald, Upper Marlboro, MD

14. MYERS PROPERTY – TH Upper Marlboro, MD 15. BULLE ROCK - SFD Freedom, Havre De Grace, MD 16. WESTPHALIA OVERLOOK (HEPPE) – TH D.R. Horton, Upper Marlboro, MD

2. VIRGINIA COMMONS - SF Express, Hagerstown, MD 3. MAGNOLIA LANDING - TH Express, Joppa, MD 4. VILLAGES OF WHITE MARSH - TH/SF D.R. Horton, Rosedale, MD 5. RENN QUARTER - SF/TH D.R. Horton, Frederick, MD 6. PINEGROVE - SF/TH/MIX Express/D.R. Horton, La Plata, MD 7. PEMBROOKE- SF/TH D.R. Horton, Lexington Park, MD 8. RIDGELY’S RESERVE - SF D.R. Horton, Joppa, MD 9. GREENWAY FARM - TH/VILLA D.R. Horton, Havre De Grace, MD 10. CREEKSIDE ESTATES - SF D.R. Horton, Middle River, MD 11. SENECA FARMS - SF Emerald, Darnestown, MD 12. THE FAIRWAYS - TH/VILLA D.R. Horton, Glenn Dale, MD 13. CALM RETREAT - TH D.R. Horton, Brandywine, MD 14. SPRING HILLS - TH D.R. Horton, Brandywine, MD 15. BEECHWOOD MANOR - SF /TH D.R. Horton (EMD), Laurel, MD 16. MAGNOLIA SPRINGS - SF Express, Charles Town, WV 17. RED HILL - SF Express, Martinsburg, WV 18. STONECREST - SF Express, Shenandoah Junction, WV 19. TOLLHOUSE WOODS - SF Express, Shepherdstown , WV 20. WATERMARK - TH D.R. Horton, Upper Marlboro, MD

- EMERALD/SPOT LOT -

17. ENCLAVE AT SEVERNA PARK - SF Emerald, Severna Park, MD 18. EASTERN AVE - TH Emerald, Washington DC 19. MEADOWS AT AUSTIN CREST - SF

26. FOXTAIL MILLS - TH Express, Martinsburg, WV

UNDER CONTRACT

Emerald, Edgewater, MD 20. WEST JEFFERSON - SF Emerald, Rockville, MD

1. RIVERPOINTE - SF/TH Express, Ranson, WV 2. SUMMERVALE - SF/TH D.R. Horton, Frederick, MD 3. HALFWAY BLVD - SF

PROSPECT

Express, Hagerstown, MD 4. OLD BRANCH RD – TH D.R. Horton, Clinton, MD 5. EAGER LANDING - TH Express, Baltimore, MD 6. RIVERSIDE TOWNHOMES – TH Express, California, MD 7. SMITH LAKE ESTATES - SF Express/D.R. Horton, Cheltenham, MD 8. TOWNES AT ROCKSPRING - TH Express, Hagerstown, MD 9. SADDLE CREEK -SF D.R. Horton, Brandywine, MD 10. FOREST HILL ESTATES - SF D.R. Horton, Forest Hill, MD 11. HARBOURS AT SOLOMONS – SF Freedom, Dowell, MD 12. COLONIAL HILLS - TH

1. BAYRIDGE – TH Express, Lexington Park, MD 2. VILLAGE CROSSING AT CAMPO BELLO – TH/Villas/SFD Express, Cumberland, MD 3. WELLTOWN SCHOOL ROAD – TH Martinsburg, WV 4. SHEETZ PROPERTY – TH

Shepherdstown, WV 5. NOTELY ROAD – TH Silver Spring, MD 6. NORTHGATE – TH Aberdeen, MD 7. SPRING HILLS - SF/TH Express, Ranson, WV 8. OLNEY GOLF PARK - SF/TH Olney, MD 9. INGRAM PROPERTY - SF D.R. Horton, Jefferson, WV 10. HAMLET EAST AND WEST Express, Hagerstown, MD

Express, Shepherdstown, WV 13. DOBSON FARMS - TH/SF D.R. Horton, Brandywine, MD

CAPITAL DIVISION MAP - MD | WV

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Capital Division Office | Edgewater, MD

CAPITAL DIVISION MAP - MD | WV

31. DAY RUN ROAD – SFD/TH/Multi Hagerstown, MD 32. SOUTH RIVER COLONY – VILLA Edgewater, MD 33. LANDINGS AT WOODMORE– SF Bowie, MD 34. BLACKSMITH CHASE - TH

11. SEVERNA PARK GOLF - SF Arnold, MD 12. PAROLE PLACE - TH Edgewater, MD 13. WEAVER FIELDS - SF/VILLA D.R. Horton, Middle River, MD 14. POOLESVILLE - TH Poolesville, MD 15. UPLANDS PHASE II - TH/SF Express, Baltimore, MD 16. EAST MARLTON ESTATES - SF Upper Marlboro, MD 17. KING ROAD PROPERTY - SF Express, Boonsboro, MD 18. D’ARCY ROAD – TH Upper Marlboro, MD 19. CLINTON MARKETPLACE – TH Clinton, MD 20. URBANA PROPERTY – SF/VILLA Express, Frederick, MD 21. POTOMAC CHASE – SF/TH Potomac Heights, MD 22. PRESERVE AT GREENSIDE – SFD Aberdeen, MD 23. LAWYER LANE – SFD/TH Thurmont, MD 24. LAURA’S LANDING – TH/MULTI Laurel, MD 25. TACKLEY MILL – SF/TH Express, Shenandoah Juntion, WV 26. CHERRY RUN - SF/TH D.R. Horton, New Market, MD 27. ELDER OAKS BLVD – TH Bowie, MD 28. BALTIMORE PENINSULA – TH Baltimore City, MD

50. BANK COURT – TH D.R. Horton, Frederick, MD 51. 550 HIGHLAND - TH/SF Express, Frederick, MD 52. CRESTWOOD BOULEVARD – TH D.R. Horton, Frederick, MD 53. OLD EMMITSBURG PROPERTY - SF

Express, Bunker Hill, WV 35. WOLFE FARM – SF Clinton, MD

Express, Thurmont, MD 54. CUBA STREET – TH Baltimore City 55. HULL STREET – TH Baltimore City 56. BOY SCOUTS HQ - TH Bethesda, MD 57. RIVER HILL ESTATES – SF Clarksville, MD 58. BOWMAN ACRES - SF Damascus, MD

36. DRY RUN ROAD – SF Express, Martinsburg, WV 37. POTOMAC LANDING - SFD Potomac Heights, MD 38. VIVA WHITE OAK – TH/2o2 Silver Spring, MD 39. TANEYTOWN PIKE - SFD Taneytown, MD 40. THE COVE - SFD Middle River, MD 41. ROSECROFT RACEWAY - TH/SF Fort Washington, MD 42. STEUARTS LEVEL - SF Edgewater, MD 43. RED PUMP CRESCENT - TH Bel Air, MD 44. PISCATAWAY RD - SF Clinton, MD 45. 10000 NEW HAMPSHIRE AVE - TH Silver Spring, MD 46. HALE STREET ASSEMBLYAGE - TH Odenton, MD 47. 8300 WOODYARD RD - TH Clinton, MD 48. 801 BUCHANAN ST - TH Washington DC

-EMERALD/SPOT LOT -

29. GRASSLYN – SFD Upper Marlboro, MD 30. WABASH – TH Baltimore City, MD

49. FIRST CHOICE FARM - SF Woodbine, MD

Plan Elevation Maryland (420)

Plan Description

Base Price

Acton Park (422930000)

X414-A3, B3, D, E

HAYDEN

$610,840

Stonecrest (422500000)

F401-L1 X403-L1 X414-L1 X440-L1

HAYDEN PENWELL BRISTOL EASTOVER

$484,990 $469,990 $459,990 $429,990

Renn Quarter 16 TH's (422310000)

DT34-A7, B7, C7

CARLTON

$474,990

Renn Quarter 32' Villa (422320000)

DT45-A3

PRIMROSE

$599,990

Renn Quarter 20' TH (422330000)

DT21-U6, W6

NORRIS

$509,990

Renn Quarter 22' TH (422340000)

DT02-X7, Y7, Z7

AUBURN

$582,990

Renn Quarter 40' SF (422350000)

D401-G D403-A D405-F

HAMPSHIRE SUMMIT HADLEY

$794,990 $784,990 $769,990

Renn QTR 40' TND (422360000)

D421-A2 D422-A2 D542-A

ALEC JADE

$702,490 $742,490 $677,490

BROWLYN

Seneca Farm (422430000)

D528-B7 D545-C2

HAMPTON II HAMPTON

$1,624,990 $1,849,990

Pinegrove 30' Express SF (422220000)

X301-D1 X303-D1

CABRAL PINE

$459,990 $479,990

Pinegrove TH (422240000)

DT21-B3 XT00-B1 XT08-B1

NORRIS ADAMS ANSTED

$394,990 $405,990 $412,990

Pinegrove 40' SF (422250000)

F401-L1 X414-L1 X440-L1

PENWELL BRISTOL HAYDEN

$559,990 $572,990 $552,990

Pinegrove 50' SF (422260000)

X403-A1 X414-A1 X421-A1

EASTOVER HAYDEN DEERFIELD

$504,990 $539,990 $489,990

Spring Hills (422070000)

DT42-M4

LAFAYETTE

$450,990

Calm Retreat RG TH (422130000)

DT21-N4

NORRIS

$453,990

Calm Retreat FG TH (422140000)

LAFAYETTE REGENT

DT42-M4 DT46-P5

$459,990 $479,990

Beechwood Manor 55s (422720000)

$1,007,888 $914,888 $869,888 $859,888

D403-E D405-E D535-C6

SUMMIT HADLEY WILLOW HAYDEN

X414-A4, C4

Beechwood Manor THs (422730000)

DT46-B1, D1

REGENT

$616,888

Stillview Acres (422790000)

D544-C1-4, T1-4 D545-C1-4, T1-4 D546-C1-4, T1-4

HAMPTON II PRESTON

$1,649,990 $1,599,990 $1,499,990

STONEHAVEN II

Virginia Commons (422780000)

X414-A1, B3 X421-A1, B3

HAYDEN DEERFIELD NEUVILLE PENWELL

$479,990 $439,990 $419,990 $454,990

X429-A, C3, D3

X440-A, C

DT42-A3, B3, C3, D3, E3 Villages at White Marsh

LAFAYETTE

$469,990

Run By: DRHI\\MAGonzales

2/20/2025 1:49:58 PM

1 Of 29

CAPITAL DIVISION EMPLOYEE DIRECTORY

Capital Division 137 Mitchells Chance Rd, Edgewater, MD 21037 Rev. 2/26/25

CAPITAL MANAGEMENT

Dwayne Hill Division President (10/15/18)

Joe Dunworth VP of Construction (08/01/18)

Griffin Burns Director of Land (06/27/24)

Matt Lefler VP of City Operations – Emerald (11/15/16)

Kathy Cassidy VP of Sales & Marketing (05/06/19)

CAPITAL OFFICE

Katey Cooper Receptionist (06/19/23)

Katie Morrone IT Support (11/08/23)

Brandy Foble Human Resource Manager (11/28/23)

CAPITAL OFFICE - EMERALD

Jeff Luffred Purchasing Manager (12/26/23)

Tom Harold Construction Operations Coord (10/16/23)

CAPITAL ACCOUNTING

Savana Saulsbury Sr. Controller (01/17/22)

Dawn Turner Closing Manager (10/01/20)

Sharon Antonelli Controller (02/16/21)

Colleen Blough Accounts Payable Clerk (11/16/20)

Jennie Gaviola Accounting Manager (05/10/21)

Iku Mooney Accounts Payable Clerk (02/18/25)

Maria D’Arcy Accounts Payable Clerk (07/26/21)

Natasha Gayle Land Accountant (01/15/18)

CAPITAL LAND DEVELOPMENT

Brian Georg Forward Planning & Land Manager (10/07/19)

Ben Smith Senior Project Manager (06/14/21)

Garrett McLendon Senior Project Manager (06/30/22)

Steve Blasko Land Development PM (03/15/17)

Keegan Waters Land Development PM (08/14/23)

Sam Youngbar Land Development PM (02/27/24)

Max Gayler Stormwater Compl Spc I (02/19/24)

CAPITAL LAND

Jeff Otenasek Entitlements Analyst 10/30/23)

Harli Reising Entitlements Analyst (10/28/21)

Kelsey Stewart Entitlements Manager (09/25/17)

Joe Young Land Acquisitioner WV (05/02/22)

Chase Williams Financial Analyst (05/20/24)

Cory Briggs Land Acquisitioner (07/17/23)

Matt Muddiman Land Aquisitioner (10/07/19)

CAPITAL LAND

Shenna Bridgett HOA Manager (03/07/22)

Lauren Worthington Land Coordinator (09/30/05)

Chrissy Gay Paralegal (11/06/23)

CAPITAL OPERATIONS

Ethan Kilby Operations Manager Southern MD (11/09/20)

Kevin Knight Operations Manager Western & Northern MD (01/06/20)

Lisa Vallandingham Permit Coordinator (09/03/19)

Jake Hutchinson Permit Coordinator (07/17/23)

Lauren Soueid Starts Coordinator (02/26/24)

CAPITAL PURCHASING

Kyle Nail Assistant Purchasing Manager (11/26/19)

Kevin Stehle Purchasing Manager (05/22/23)

Amanda Shelton Purchasing Asst (09/27/23)

Collene Fanzo Purchasing Agent (8/21/23)

Jess Hauck Purchasing Agent (12/06/21)

CONSTRUCTION - EMERALD

Marty Graziano Area Construction Manager (11/22/21)

Jon Royce Superintendent Woodfield, King Souder (10/03/22)

John Yackus Superintendent Acton Park (10/8/24)

CAPITAL CONSTRUCTION

Michael Hickey Area Construction Manager (09/15/16)

Ben Shreve Construction Manager (06/18/19)

Maria Pettineo Construction Ops Coordinator (12/04/17)

Chad Hildebrandt Project Manager (10/22/18)

Bob Gaw Project Manager (11/16/20)

Garrett Campbell Project Manager (08/29/16)

CAPITAL CONSTRUCTION – NORTHERN MD

Carter Lynch Superintendent Greenway Farm (06/19/23)

Bobby Bowman Superintendent Villages of WM (02/06/15)

Mike Nivens Superintendent Ridgely’s Reserve (10/30/18)

Patrick Boggs Superintendent Villages of WM (05/08/24)

Harrison Fowler Superintendent Magnolia Landing (01/08/24)

CAPITAL CONSTRUCTION – CENTRAL MD & WV

Brendon Rehmann Superintendent Red Hill (05/21/18)

Malcolm Payne Superintendent Tollhouse Woods (11/25/02)

Kenny Gourley Superintendent Foxtail Mills (11/09/21)

Preston Taylor Superintendent The Fairways (04/01/24)

Ryan Montgomery Assist Superintendent Pembrooke (10/30/18)

CAPITAL WARRANTY

Kevin Filler Warranty Manager (12/06/21)

Gwen Mickerson Customer Service Asst (05/28/21)

Nathan Rowe Customer Service Tech (11/04/20)

James Elliott Customer Service Tech (11/21/22)

Tony Newlin Customer Service Tech (01/30/20)

Robert Vasquez Customer Service Tech (04/24/23)

CAPITAL SALES & MARKETING

James McCarron III Director of Sales (12/06/12)

Justin Wood Sales Area Manager (11/01/22)

Michelle Strange Marketing Manager (07/20/20)

Akilah Harris Sales Area Manager (08/08/16)

Lauren Tyce Online Sales Concierge (01/15/25)

Katie Cabral Online Sales Concierge (06/16/19)

CAPITAL SALES REPRESENTATIVES

Brandi Hawkins Magnolia Landing (08/12/24)

Cindy Cabral White Marsh (07/15/24)

Chris Brill White Marsh (03/25/24)

Eric Damon Creekside Estates (08/31/20)

Jim Spurrier Ridgely’s Reserve (12/12/22)

Lisa Edwards Creekside Estates (05/01/17)

Kim Fleisher Greenway Farm (11/27/23)

Kristin DiCasagrande Ridgely’s Reserve (08/21/23)

Pat Addington Greenway Farm (04/24/23)

CAPITAL SALES REPRESENTATIVES

Steve Bova Magnolia Landing (09/09/24)

Karen Joy-Stanco Stillview Acres (06/08/17)

Josh Brown Acton Park (11/12/24)

Matt Albrecht Virginia Commons (8/21/2023)

Justin Silberman The Fairways (05/14/24)

Kevin Dixon Pembrooke (08/02/2021)

Judy Manzini Magnolia Springs (02/06/17)

Scott Baber Red Hill (09/06/22)

Quinn Taylor Tollhouse Woods (07/08/21)

BEECHWOOD MANOR SALES

Samantha Schweinhart Beechwood Manor (11/18/19)

BEECHWOOD MANOR CONSTRUCTION

Patrick McAuley Asst Superintendent Beechwood, Stillview Acres (12/02/24)

BJ Suitt Superintendent Beechwood, Stillview Acres (07/24/24)

Stonecrest

Contract Status: Active Address: 176 Atkinson St, Charles Town, WV 25414

Insert Site Plan or Aerial Photo

Raw or FDL: Location (City/County): Seller:

FDL Charles Town/ Berkeley County Horton Assigned to Forestar 320 - 50' Lots 19

Total Lots: Sold to date:

Remaining to be sold: Opening Date:

301

Oct-24

Plan Lineup

Neuville, Bristol, Eastover(Bsmt), Hayden(Bsmt) & Penwell

46 Lots 20 Lots

20 lots 14 Lots

Initial Closing: 2nd Closing (Sep-24):

4th Closing (TBD): 3rd Closing (Dec-24):

Takedown Schedule

Forestar purchase of land in 2 phases.

Escalator:

Deal Matters of Note:

2nd PSA is being Drafted.

STONECREST SALES

Nick DeGennaro Stonecrest (08/19/24)

Kristine Wiese Stonecrest (08/30/23)

STONECREST CONSTRUCTION

Dale Walker Superintendent Magnolia Springs, Stonecrest (02/02/21)

Lee Smith Superintendent Magnolia Springs, Stonecrest (04/12/21)

AREA MAP

Stonecrest Shenandoah Junction, WV

230

Harpers Ferry

STONECREST

340

Halltown

Mechanicstown

Neersville

1. Hollywood Casino at Charles Town Races 2.Jefferson Medical Center 3. Harpers Ferry 4. River Riders White Water Rafting 5. Jefferson County Memorial Park 6. South Charles Town Historic District

7. Summit Point Motorsports Park 8. Page-Jackson Elementary School 9. Wright Denny Intermediate School 10. Charles Town Middle School 11.Washington High School

Stonecrest, Shenandoah Junction , WV • drhorton.com

D.R. Horton is equal housing opportunity builder. Map is an illustration and is not to scale. Buyer should conduct his or her own investigation of the present and future availability of school districts and school assignments. D.R. Horton has no control or responsibility for any changes to school districts or school assignments should they occur in the future. © Copyright 2024 D.R. Horton, Inc.

COMMUNITY MAP

Stonecrest Shenandoah Junction , WV

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Stonecrest, Shenandoah Junction , WV • drhorton.com

D.R. Horton is equal housing opportunity builder. This map is a schematic for exhibition purposes only and does not represent the exact location or configuration of site features, lot lines, easements, amenities, units, buildings or details shown thereon. All home-site sizes are approximate and may vary. All information on this map, including availability and delivery dates is subject to change without notice or obligation. WV042310

SECTION 1: 198 LOTS 38 WALKOUTS 160 SLABS 65.86 AC. SECTION 2: 122 LOTS 0 WALKOUTS 122 SLABS 34.14 AC. TOTAL: 320 LOTS 38 WALKOUTS 282 SLABS 102 AC.

308750.00 2440000.00

308750.00 2442000.00

DANIELS FOREST LLC T.M. 3, PAR. 9.2 DB. 1168 PG. 718 USE: VACANT/FARM ZONED: RURAL

DWAYNE H. MASEMER T.M. 3, PAR. 13.1 DB. 990 PG. 637 USE: RESIDENTIAL ZONED: RURAL

EX. UTILITY POLE (TYP.)

EX. BOARD FENCE (TYP.)

EX. EDGE OF PAVEMENT (TYP.)

EX. GRAVEL DRIVEWAY (TYP.)

SEAN T. CROW & MORGAN A. CADLE T.M. 3, PAR. 13.5 DB. 1197 PG. 346 USE: RESIDENTIAL ZONED: RURAL

LOT 72

EX. CULVERT

IG TOTONJI HOLDINGS LLC T.M. 3, PAR. 9.4 DB. 1192 PG. 436 USE: VACANT ZONED: RURAL

MATTHEW L. & KAYSIE L. STAUBS T.M. 3, PAR. 13.6 DB. 1174 PG. 533 USE: RESIDENTIAL ZONED: RURAL

SLAB

OPEN SPACE D

WALKOUT

EX. UTILITY POLE (TYP.)

MARC C. & BELYNDA D. MAYRAND T.M. 3, PAR. 13.2 DB. 1123 PG. 90 USE: RESIDENTIAL ZONED: RURAL

OPEN SPACE F

EX. EDGE OF PAVEMENT (TYP.)

SEAL:

SWM AREA A

REVISIONS

BENCHMARK #1: REBAR WITH CAP ELEV.=516.36

SWM AREA A

DAVID EVANS & EILEEN J. LAM T.M. 3, PAR.13.3 DB. 1149 PG. 427 USE: RESIDENTIAL ZONED: RURAL

EX. GRAVEL DRIVEWAY (TYP.)

EX. MAILBOX (TYP.)

JASON & APRIL SMITH T.M. 3, PAR. 9.1 DB. 1185 PG. 741 USE: RESIDENTIAL ZONED: RURAL

EX. GRAVEL DRIVEWAY (TYP.)

OPEN SPACE E

EX. EDGE OF PAVEMENT (TYP.)

EX. CULVERT

EX. BOARD FENCE (TYP.)

DANIEL BEANS T.M. 3, PAR. 9.3 DB. 1215 PG. 51 USE: RESIDENTIAL ZONED: RURAL

EX. GRAVEL DRIVE (TYP.)

OPEN SPACE G

SWM AREA A

OPEN SPACE H

EX. UTILITY POLE (TYP.)

JAHANGIR GHOBADI ET AL T.M. 5, PAR. 4 DB. 942 PG. 546 USE: RESIDENTIAL ZONED: RURAL

FELLOWSHIP BIBLE CHURCH-TRUSTEES T.M. 3, PAR. 4.5 DB. 922 PG. 338 USE: RELIGIOUS ZONED: RURAL

EX. GRAVEL DRIVEWAY (TYP.)

LOT

291

270

LOT

249

248

246

245

244

LOT

178

177

15+00

12+00

39+00

42+00

EX. EDGE OF PAVEMENT (TYP.)

SWM AREA C

LOT

139

LOT

141

145

LOT

SWM AREA B

159

OPEN SPACE G

162

EX. BOARD FENCE (TYP.)

ANGUS MCDONALD T.M. 4, PAR. 12 DB. 1189 PG. 356 USE: FARM ZONED: RURAL

EX. SAN. SEW. MANHOLE (TYP.) TOP = 527.77

EX. 20' SAN. SEW. ESM'T (TYP.)

RODERICK PLANES LLC T.M. 4, PAR. 19 DB. 952 PG. 565 USE: AGRICULTURE ZONED: RURAL FUTURE 'ASPEN GREENS' PHASE III SUBDIVISION

EX. ROAD SIGN (TYP.)

RODERICK PLANES LLC T.M. 4, PAR. 19 DB. 952 PG. 565 USE: AGRICULTURE ZONED: RURAL FUTURE 'ASPEN GREENS' PHASE III SUBDIVISION

EX. WATER VALVE (TYP.)

EX. 20' SAN. SEW. ESM'T (TYP.)

RODERICK PLANES LLC T.M. 4, PAR. 19 DB. 952 PG. 565 USE: AGRICULTURE ZONED: RURAL FUTURE 'ASPEN GREENS' PHASE IIB SUBDIVISION

DAVID & JULIA ALLEN T.M. 4G, PAR. 21 DB. 1232 PG. 740 (LOT 21 ASPEN GREENS SUBDIVISION) USE: RESIDENTIAL ZONED: RURAL

CLARE & VIRAKTEP ATH T.M. 4G, PAR. 22 DB. 1234 PG. 356 (LOT 22 ASPEN GREENS SUBDIVISION) USE: RESIDENTIAL ZONED: RURAL

306800.00 2440000.00

306800.00 2442000.00

FUTURE 'ASPEN GREENS' PHASE IIA SUBDIVISION

EX. HEADWALL EX. 30" HDPE

EX. MOUNTABLE CURB & GUTTER (TYP.)

EX. CONCRETE SIDEWALK (TYP.)

16+00

EX. CONCRETE SIDEWALK (TYP.)

EX. 8" PVC SAN. SEW.

21+00

J.C. FILE #22-11-SD

SCALE: HORIZ.: VERT.:

1"=120'

DATE:

CHECK: PHASING EXHIBIT MAM 2582-0103 FEBRUARY 2023

JOB:

DRAWN:

JPG

NCS: CADD:

120

240

360

OF SHEET:

GRAPHICAL SCALE: 1"=120'

1 1

SECTION 1: 198 LOTS 38 WALKOUTS 160 SLABS 65.86 AC. SECTION 2: 122 LOTS 0 WALKOUTS 122 SLABS 34.14 AC. TOTAL: 320 LOTS 38 WALKOUTS 282 SLABS 102 AC.

308750.00 2440000.00

308750.00 2442000.00

DANIELS FOREST LLC T.M. 3, PAR. 9.2 DB. 1168 PG. 718 USE: VACANT/FARM ZONED: RURAL

DWAYNE H. MASEMER T.M. 3, PAR. 13.1 DB. 990 PG. 637 USE: RESIDENTIAL ZONED: RURAL

EX. UTILITY POLE (TYP.)

EX. BOARD FENCE (TYP.)

EX. EDGE OF PAVEMENT (TYP.)

EX. GRAVEL DRIVEWAY (TYP.)

SEAN T. CROW & MORGAN A. CADLE T.M. 3, PAR. 13.5 DB. 1197 PG. 346 USE: RESIDENTIAL ZONED: RURAL

LOT 72

EX. CULVERT

IG TOTONJI HOLDINGS LLC T.M. 3, PAR. 9.4 DB. 1192 PG. 436 USE: VACANT ZONED: RURAL

MATTHEW L. & KAYSIE L. STAUBS T.M. 3, PAR. 13.6 DB. 1174 PG. 533 USE: RESIDENTIAL ZONED: RURAL

SLAB

OPEN SPACE D

WALKOUT

EX. UTILITY POLE (TYP.)

MARC C. & BELYNDA D. MAYRAND T.M. 3, PAR. 13.2 DB. 1123 PG. 90 USE: RESIDENTIAL ZONED: RURAL

OPEN SPACE F

EX. EDGE OF PAVEMENT (TYP.)

SEAL:

SWM AREA A

REVISIONS

BENCHMARK #1: REBAR WITH CAP ELEV.=516.36

SWM AREA A

DAVID EVANS & EILEEN J. LAM T.M. 3, PAR.13.3 DB. 1149 PG. 427 USE: RESIDENTIAL ZONED: RURAL

EX. GRAVEL DRIVEWAY (TYP.)

EX. MAILBOX (TYP.)

JASON & APRIL SMITH T.M. 3, PAR. 9.1 DB. 1185 PG. 741 USE: RESIDENTIAL ZONED: RURAL

EX. GRAVEL DRIVEWAY (TYP.)

OPEN SPACE E

EX. EDGE OF PAVEMENT (TYP.)

EX. CULVERT

EX. BOARD FENCE (TYP.)

DANIEL BEANS T.M. 3, PAR. 9.3 DB. 1215 PG. 51 USE: RESIDENTIAL ZONED: RURAL

EX. GRAVEL DRIVE (TYP.)

OPEN SPACE G

SWM AREA A

OPEN SPACE H

EX. UTILITY POLE (TYP.)

JAHANGIR GHOBADI ET AL T.M. 5, PAR. 4 DB. 942 PG. 546 USE: RESIDENTIAL ZONED: RURAL

FELLOWSHIP BIBLE CHURCH-TRUSTEES T.M. 3, PAR. 4.5 DB. 922 PG. 338 USE: RELIGIOUS ZONED: RURAL

EX. GRAVEL DRIVEWAY (TYP.)

LOT

291

270

LOT

249

248

246

245

244

LOT

178

177

15+00

12+00

39+00

42+00

EX. EDGE OF PAVEMENT (TYP.)

SWM AREA C

LOT

139

LOT

141

145

LOT

SWM AREA B

159

OPEN SPACE G

162

EX. BOARD FENCE (TYP.)

ANGUS MCDONALD T.M. 4, PAR. 12 DB. 1189 PG. 356 USE: FARM ZONED: RURAL

EX. SAN. SEW. MANHOLE (TYP.) TOP = 527.77

EX. 20' SAN. SEW. ESM'T (TYP.)

RODERICK PLANES LLC T.M. 4, PAR. 19 DB. 952 PG. 565 USE: AGRICULTURE ZONED: RURAL FUTURE 'ASPEN GREENS' PHASE III SUBDIVISION

EX. ROAD SIGN (TYP.)

RODERICK PLANES LLC T.M. 4, PAR. 19 DB. 952 PG. 565 USE: AGRICULTURE ZONED: RURAL FUTURE 'ASPEN GREENS' PHASE III SUBDIVISION

EX. WATER VALVE (TYP.)

EX. 20' SAN. SEW. ESM'T (TYP.)

RODERICK PLANES LLC T.M. 4, PAR. 19 DB. 952 PG. 565 USE: AGRICULTURE ZONED: RURAL FUTURE 'ASPEN GREENS' PHASE IIB SUBDIVISION

DAVID & JULIA ALLEN T.M. 4G, PAR. 21 DB. 1232 PG. 740 (LOT 21 ASPEN GREENS SUBDIVISION) USE: RESIDENTIAL ZONED: RURAL

CLARE & VIRAKTEP ATH T.M. 4G, PAR. 22 DB. 1234 PG. 356 (LOT 22 ASPEN GREENS SUBDIVISION) USE: RESIDENTIAL ZONED: RURAL

306800.00 2440000.00

306800.00 2442000.00

FUTURE 'ASPEN GREENS' PHASE IIA SUBDIVISION

EX. HEADWALL EX. 30" HDPE

EX. MOUNTABLE CURB & GUTTER (TYP.)

EX. CONCRETE SIDEWALK (TYP.)

16+00

EX. CONCRETE SIDEWALK (TYP.)

EX. 8" PVC SAN. SEW.

21+00

J.C. FILE #22-11-SD

SCALE: HORIZ.: VERT.:

1"=120'

DATE:

CHECK: PHASING EXHIBIT MAM 2582-0103 FEBRUARY 2023

JOB:

DRAWN:

JPG

NCS: CADD:

120

240

360

OF SHEET:

GRAPHICAL SCALE: 1"=120'

1 1

Pricesheet

Stonecrest

BRISTOL

$484,990

EASTOVER

$469,990

HAYDEN

$459,990

PENWELL

$429,990

Stonecrest - DR Horton (4.9) Detached - New Construction Comparables

$510,000

$500,000

$490,000

$480,000

$470,000

$460,000

$450,000

$440,000

$430,000

$420,000

$410,000

$400,000

$390,000

$380,000

$370,000

$360,000

$350,000

$340,000

1100

1200

1300

1400

1500

1600

1700

1800

1900

2000

2100

2200

2300

2400

2500

2600

2700

2800

2900

3000

3100

Stonecrest - DR Horton - SLABS Norborne Glebe - Lennar (2)

Huntwell - Maronda Homes (.8)

Kings Crossing - DRB Homes (2.5) Shenandoah Springs - Lennar (1.5)

Magnolia Springs - DR Horton (6.3) Stonecrest - DR Horton - BASEMENTS

Presidents Pointe - Stanley Martin Homes (1.5)

Stonecrest - DR Horton (4.9)

Huntwell - Maronda Homes (.8)

Kings Crossing - DRB Homes (2.5)

Floor Plans

SqFt

Base Price $/SqFt

Lot Size

Floor Plans

SqFt

Base Price $/SqFt

Lot Size

Floor Plans

SqFt

Base Price $/SqFt

Lot Size

Penwell

2148$ 429,990 2169$ 469,990 2401$ 484,990 2511$ 459,990 2511$ 499,990

$200.18 $216.69 $202.00 $183.19 $199.12

The Avalon The Austin The Dallas The Rockford

1498 1834 2334 2533

356000 $237.65 349000 $190.29 381000 $163.24 389000 $153.57

Baldwin

1221 1262 1467 1562 1687 1764 1929 2216

380990 $312.03 365990 $290.01 391990 $267.21 381990 $244.55 403990 $239.47 394990 $223.92 398990 $206.84 409990 $185.01

Eastover (Basement)

Wexford II Cranberry II Glenshaw II Edgewood II

Bristol Hayden

Hayden (Basement)

Crafton II

Whitehall II Carnegie II

0 2,348

468,990

200

Average

2,050

368,750

186.19

Average

1,639

391,115

246.13

Magnolia Springs - DR Horton (6.3)

Norborne Glebe - Lennar (2)

Presidents Pointe - Stanley Martin Homes (1.5)

Floor Plans

SqFt

Base Price $/SqFt

Lot Size

Floor Plans

SqFt

Base Price $/SqFt

Lot Size

Floor Plans

SqFt

Base Price $/SqFt

Lot Size

Deerfield Penwell Eastover

1906 2148 2169 2340 2511

406990 $213.53 437990 $203.91 449990 $207.46 459990 $196.58 459990 $183.19

Hampton Lexington Plymouth Windsor

1729 1810 2229 2411 2682 2796

418990 $242.33 438990 $242.54 443990 $199.19 463990 $192.45 473990 $176.73 488990 $174.89

The Manning

3073

461490 $150.18

Galen

Hayden

Powell

Williamsburg

Average

2,215

442,990

200.93

Average

2,276

454,823

204.69

Average

3,073

461,490

150.18

Shenandoah Springs - Lennar (1.5)

Floor Plans

SqFt

Base Price $/SqFt

Lot Size

Hamilton

2197 2231 2375 2550 2819

420990 $191.62 440990 $197.66 430990 $181.47 443990 $174.11 475990 $168.85

Laurel

Primrose

Ashton

Briars

Average

2,434

442,590

182.74

Stonecrest - DR Horton (4.9) Detached Delivered

$600,000

y = 91.607x + 230645

$580,000

$560,000

$540,000

$520,000

$500,000

$480,000

$460,000

$440,000

$420,000

$400,000

$380,000

$360,000

$340,000

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

2,300

2,400

2,500

2,600

2,700

2,800

2,900

3,000

3,100

3,200

3,300

3,400

3,500

3,600

3,700

3,800

Stonecrest - DR Horton - SLABS Magnolia Springs - DR Horton (6.3)

Resales

Huntwell - Maronda Homes (.8)

Kings Crossing - DRB Homes (2.5) Shenandoah Springs - Lennar (1.5)

Norborne Glebe - Lennar (2)

Presidents Pointe - Stanley Martin Homes (1.5)

Stonecrest Sales

Stonecrest - DR Horton - BASEMENTS

Linear (Resales)

Stonecrest - DR Horton (4.9)

Floor Plans

SqFt

Base Price $/SqFt

Lot Size

Penwell

2,148 $ 2,169 $ 2,401 $ 2,511 $ 2,511 $

429,990 $200.18 469,990 $216.69 484,990 $202.00 459,990 $183.19 499,990 $199.12

Eastover (Basement)

Bristol Hayden

Hayden (Basement)

0 2,348

468,990

200

Riverpointe

Contract Status: Forestar Buyback Address: RT 340 Charles Town, WV

Insert Site Plan or Aerial Photo

Raw or FDL: Location (City/County): Seller: Total Lots: Lot and Land Price: Intial Closing and # Lots: EM:

FDL Ranson/ Berkeley county Horton Assigned to Forestar

428 Lots (230 - 20' THs & 198 - 40' SFs) $71,500/ 20' TH & $108,000/ 40' SF June 2025; 53 lots (26 - 20' THs & 27 - 40' SFs)

$793,000 Yes Total: $2,003,630; Per lot: $4,681

EM Released: LD: Opening Date:

Sep-25

20' TH: Adams II

Plan Lineup:

30' SF: Pine

40' SF: Glendale, Neuville, & Deerfield (Bsmt)

ASP:

$372,502

Estimated 1st Closing: GM%:

21.40% Jan-26

Net ROI:

27.50%

Estimated 1st Start:

Jul-25

Cash Back: 11 Months

Initial Closing (May 2025):

12 SF & 26 TH 27 SF & 26 TH

2nd Closing (Nov-25):

Takedown Schedule

Escalator:

Deal Matters of Note:

Deal Terms

Takedowns

o Initial Closing – o 2 nd closing + 150 days – o 3 rd closing + 120 days – o 4 th closing + 120 days – o 5 th closing + 120 days – o 6 th closing + 120 days – o 7 th closing + 120 days – o Remaining closings + 90 days o 8 th closing -

26 SF; 26 TH lots 12 SF; 12 TH lots 20 SF; 32 TH lots 18 SF; 38 TH lots 16 SF; 24 TH lots 8 SF; 36 TH lots 15 SF; 24 TH lots

0 SF; 24 TH lots 29 SF; 0 TH lots 26 SF; 0 TH lots 28 SF; 0 TH lots

o 9 th closing - o 10 th closing - o 11 th closing -

Lot Counts & Phasing: o Phase 1: 94 Lots – 42 SF; 54 TH - includes 4 SF and 6 TH model lots for Forestar o Phase 2: 148 Lots – 54 SF; 94 TH o Phase 3: 107 Lots – 23 SF; 84 TH o Phase 4: 79 Lots – 79 SF; 0 TH o Total: 428 Lots Lot delivery: Anticipated June 2025 – 12 months after expected Development start

LANDSCAPE PLAN GENERAL NOTES

PLANT STANDARDS AND GUARANTEE

PLANT SPACING CHART

ENTRANCE AT JEFFERSON TERRACE ROAD PLAN VIEW

SHRUB DETAIL

DECIDUOUS TREE DETAIL

EVERGREEN TREE DETAIL

MORRIS & RITCHIE ASSOCIATES, INC.

DATE

REVISIONS

MONUMENTAL ENTRY FEATURE CONSTRUCTION DRAWINGS

205 E. HIRST ROAD, SUITE 106 PURCELLVILLE, VA 20132 PHONE (703) 994-4047

RIVERPOINTE

CITY OF RANSON

LAP Version 8.2

Project: Flynn Jefferson - Forestar CONSOLIDATED

Mid Atlantic Region - Capital - Maryland

Prepared:

5/1/24

42248

Revenue

Lot

Direct Construction

Other Direct & Indirect

JDE Code:

# of

Gross

Avg. Lot

Disc. &

Net

Land & Area

Total

Sales

Closing Warranty Interest

Gross Margin

Project

Sq Foot

Units

Base

Options

Revenue

Premium Allow.

Revenue

Develop.

Costs

Permits

Base

Options

Sticks

Commis.

Cost

& Other

in COS

GM%

20' TH Ranson Heights1,889 230 50' SF Ranson Heights1,790 198

339,990 410,268

(6,000) (6,000)

333,990 404,268

81,545 126,384

10,930 140,824 10,930 153,986

151,754 164,916

10,020 10,000 3,340 4,032 12,128 10,000 2,021 4,739

73,300 84,079

21.9% 20.8%

Homes Avg

1,843 428

372,502

(6,000)

366,502

102,288

10,930 146,913

157,843

10,995 10,000 2,730 4,359

78,287

21.4%

1,110,330

PROFITABILITY

TIMING

KEY METRICS

Totals

Per Unit

% of Rev Per sq. ft

Base House

159,430,720

372,502

101.6% 202.10

Hard EM amount

$ $

180,000 Cash

Options

- -

EM Note

Number of Product Lines

Lot Premium

Hard EMD Date

5/3/22

Average Absorption

7.6

Disc & Allowances Total Net Revenue

(2,568,000)

(6,000)

-1.6% (3.26) 100.0% 198.85

EM Released to Seller

156,862,720

366,502

Initial land closing

Jun-25

Maximum # of Specs

No refundables

Land Acquisition

41,775,754 2,003,630 43,779,384

97,607

26.6% 52.96

in Projection

LD Spend Begins Begin Moving Dirt

n/a n/a

ROI and Turnover

Development

4,681

1.3%

2.54

Gross ROI (GM/Avg Inv) Net ROI (PTI/Avg Inv)

48.3% 27.5%

Total Land & Development

102,288

27.9% 55.50

Start Models

Jul-25 Jul-25

First production Start

Turnover Ratio

2.26

Base S&B

62,878,821

146,913

40.1% 79.71

Options

- -

First Sale

Nov-25 Jan-26

Inventory

Area Costs

First Closing

Average Inventory

$12,998,118 21,837,028

Permits

4,678,040 67,556,861

10,930 157,843

3.0%

5.93

Peak Inventory

Total S&B

43.1% 85.64

Last Sale

Jun-30 Aug-30

peak occurs

Aug-28

Last Closing

IRR & NPV

Commissions Closing Costs

4,705,882 4,280,000 1,168,402 1,865,537 33,506,654

10,995 10,000

3.0% 2.7% 0.7% 1.2%

5.97 5.43 1.48 2.36

Interest in COS rate

Internal Rate of Return

43.0%

as a % of COS

Land Close to First Unit Clo (months)

Net Present Value

$15,779,216

Warranty & Other

2,730 4,359

base 1.0%

effective First to Last Unit Closing (months) 1.7% Total Project Duration (months)

55 62

Discount Rate

10%

Interest in COS Allocation

GM-Homes

78,287

21.4% 42.47

Land Sale Revenue

- - -

CASH RECOVERY

Land Sale Cost of Sales

CRA calc begin date = initial land closing date Closings req'd to return committed investment # Months required to return committed investment

Jun-25

GM-Land Sales

43 11

Approved:

Total Gross Margin

33,506,654

78,287

21.4%

Month committed investment is returned

May-26

Date:

Division SG&A

12,549,018 1,926,263 14,475,280 19,031,374

29,320

8.0% 1.2% 9.2%

15.91

For Contract Amendment

Brand Horton

Corp & Reg SGA Alloc

4,501

2.44

ACQ SUMMARY

Homes

Land Sale

Total

230 Lots - Rolling Option of Finished Lots. 198 Lots - Rolling Option of Finished Lots.

Total SGA (Fully Loaded)

33,821 44,466

18.35

Date of initial land sale # lots sold in land sale Land Cost

n/a

Express

Total PTI

12.1% 24.12

40,173,900 1,601,854 2,003,630 43,779,384

Direct Interest Allocation PTI after all Corp Charges

Other Acq Costs

19,031,374

44,466

12.1% 24.12

Dev Cost

Fin Svcs & Rebates

Total Land & Dev

Grand Total PTI

19,031,374

44,467

12.1% 24.12

Initial Land Take

Year 1 Year 2 May-26 May-27

Year 3 May-28

Year 4 May-29

Year 5 Year 6 May-30 Aug-30

ROI by year ending (annualized)

Jun-25

Gross ROI

43.1% 64.5% 38.9% 31.8% 71.7% 234.5%

Net ROI 14.6% 41.8% 21.7% 15.9% 46.1% 159.2% Gross Profit and GM% will differ by Fiscal Year where Interest in COS > the stated rate OR where a lot cost escalator is included in the assumptions. Homes GP & GM per unit by FY FY 2026 FY 2027

FY 2028 FY 2029

FY 2030

#VALUE! #VALUE!

Dollars in 000's As a % of Rev

84.8

80.5

78.1

75.7

72.7

23.2% 22.5%

21.3% 20.3%

19.6%

2/2P8/:2\C0O25M1P:A59NYPWMIDE\Land Acquisition & Development\Properties_ACTIVE\Riverpointe (Flynn-Jefferson Terrace Ranson Heights)\Acquisition\Region Submittal\7. Forestar Assignment\6b. Flynn Forestar LAPs\6e. (CAP-WV) Ranson Heights - Forestar Consolidated_5.1.24v2

LAP Version 8.2

Project: 20' TH Ranson Heights

Mid Atlantic Region - Capital - Maryland

Date Prepared:

5/1/24

42248

Revenue

Lot

Direct Construction

Other Direct & Indirect

JDE Code:

Fnd **Plan #

# of

Gross

Avg. Lot

Disc. &

Net

Land & Area

Total

Sales

Closing Warranty Interest

Gross Profit

Type or Name Sq Foot

Units

Base

Options

Revenue

Premium Allow.

Revenue

Develop.

Costs

Permits

Base

Options

Sticks

Commis.

Cost

& Other

in COS

GM%

S Adams II

1,889 230

339,990

(6,000)

333,990

81,545

10,930

140,824

151,754

10,020 10,000 3,340 4,032

73,300

21.9%

Wghtd Avg / u

1,889 230

339,990

(6,000)

333,990

81,545

10,930

140,824

151,754

10,020 10,000 3,340 4,032

73,300

21.9%

PROFITABILITY

TIMING

KEY METRICS

Totals

Per Unit

% of Rev Per sq. ft.

Base House

78,197,700 339,990

101.8% 179.98

Hard EM amount

$ 418,150 Cash

Options

- -

EM Note

$ 418,100

Note

Number of Product Lines

Lot Premium

Hard EMD Date

5/17/24

Average Absorption

4.3

Disc & Allowances Total Net Revenue

(1,380,000)

(6,000)

-1.8% (3.18) 100.0% 176.81

EM Released to Seller

$ 418,100 5/17/24

Construction Cycle Time Maximum # of Specs

76,817,700 333,990

Initial land closing

Jun-25

No refundables

Excl Seller

Incl Seller

Land Acquisition

17,953,824

78,060

23.4% 41.32

in projection

LD Spend Begins Begin Moving Dirt

n/a n/a

ROI and Turnover

released EM released EM

Development

801,452

3,485

1.0%

1.84

Gross ROI (GM/Avg Inv) Net ROI (PTI/Avg Inv)

50.8% 44.4% 29.5% 25.4%

Total Land & Development

18,755,276

81,545

24.4% 43.17

Start Models

Jul-25 Jul-25

First Production Start

ACOS % 9% Inv. Turn

2.32

2.02

(Rev /Avg Inv)

Base S&B

32,389,520 140,824

42.2% 74.55

Options

- -

First Sale

Nov-25 Jan-26

Inventory

Area Costs

First Closing

Average Inventory

$6,523,297 $3,560,878 $11,281,162 $11,699,262

Permits

2,513,900

10,930

3.3%

5.79

Peak Inventory

Total S&B

34,903,420 151,754

45.4% 80.34

Last Sale

Mar-30 May-30

Peak occurs

Nov-27

Last Closing

IRR & NPV

Commissions Closing Costs

2,304,531 2,300,000

10,020 10,000

3.0% 3.0% 1.0% 1.2%

5.30 5.29 1.77 2.13

Interest in COS rate

Internal Rate of Return

45.4% 41.7%

as a % of COS

Land Close to First Unit Clo (months)

Net Present Value

$8,242,599 $7,940,103

Warranty & Other

768,177 927,300

3,340 4,032

base 1.0%

effective First to Last Unit Closing (months) 1.7% Total Project Duration (months)

52 59

Discount Rate

10%

Interest in COS Allocation

Total GM-Homes

16,858,996

73,300

21.9% 38.80

SGA Spread 1st sale or start to last clo

Avg lot size (W x D) JDE Subledger Code

24x100 3103274

CASH RECOVERY

Land Sale Revenue

- - -

CRA calc begin date = initial land closing date

Jun-25

Land Sale Cost of Sales

Closings 1 year from initial investment

30 33 13

GM-Land Sales

Closings req'd to return committed investment # Months req'd to return committed investment Month committed investment is returned

Approved:

Total Gross Margin

16,858,996

73,300

21.9% 38.80

Jul-26

Date: Errors Exist

For Contract Amendment Rolling Option of Finished Lots.

Division SG&A

6,145,416

26,719

8.0% 1.2% 9.2%

14.14

Corp & Reg SGA Alloc

921,481

4,006

2.12

Total SGA (Fully Loaded)

7,066,897 9,792,099

30,726 42,574

16.27

Not Banking Lots

Total PTI

12.7% 22.54

Note: Interest is COS is shown at the effective rate, not the stated (base) rate. Because this project extends beyond 3 years, and the rate increases in later years, GM is

Brand: Series:

Horton

Direct Interest Allocation PTI after all Corp Charges

Express TH

9,792,099

42,574

12.7% 22.54

Fin Svcs & Rebates

lower than if calculated on the base rate.

Grand Total PTI

9,792,099

42,574

12.7% 22.54

Initial Land Take

Year 1 Year 2 May-26 May-27

Year 3 May-28

Year 4 May-29

Year 5 May-30

ROI by year ending (annualized)

Jun-25

Gross ROI

47.0% 65.2% 41.6% 28.3% 91.9%

Net ROI 9.0% 60.9% Gross Profit and GM% will differ by Fiscal Year where Interest in COS > the stated rate OR where a lot cost escalator is included in the assumptions. Homes GP & GM per unit by FY FY 2026 FY 2027 16.8% 44.8% 26.0%

FY 2028 FY 2029 FY 2030

Dollars in 000's As a % of Rev

78.3

76.0

72.9

69.9

67.6

23.4% 22.8% 21.8% 20.9% 20.2%

2/28/2025 2:04 PM

P:\COMPANYWIDE\Land Acquisition & Development\Properties_ACTIVE\Riverpointe (Flynn-Jefferson Terrace Ranson Heights)\Acquisition\Region Submittal\7. Forestar Assignment\6b. Flynn Forestar LAPs\6c. (CAP-WV) Ranson Heights TH LAP_05.1.24 Summary

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