INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT REPORTABLE SEGMENTS

9 Months Ended

Jan. 31, 2026

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT REPORTABLE SEGMENTS

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT REPORTABLE SEGMENTS

(13)INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT REPORTABLE SEGMENTS

Refer to Note 15 to the consolidated financial statements contained in the 2025 Form 10-K for detail regarding the Company’s operations in different reportable segments. With respect to the tables below, (1) revenue information provided for the land development segment includes certain amounts classified as home sale revenues in the accompanying condensed consolidated statements of operations, (2) general and administrative expenses primarily relate to payroll, employee benefits and professional expenses and (3) segment assets exclude corporate assets, such as cash and cash equivalents, corporate facilities and tax assets.

The Company has simplified the presentation of segment revenues and cost of sales in the tables below to reflect total amounts per segment. Previously, these figures were disaggregated into two categories. This change was made to better align the presentation with how management reviews the business and to improve clarity for users. This modification is presentational only and does not affect the reported measures of segment profit or loss. The identification of reportable segments, as well as the measures of segment profit and segment assets used by the Company’s chief operating decision maker, remain unchanged. Prior period amounts have been reclassified to conform to the current period presentation.

Three months ended January 31, 2026. The following table sets forth summarized data for the reportable segments in which the Company operated for the three months ended January 31, 2026 (in thousands):

For the Three Months Ended	Land
January 31, 2026	Development		Homebuilding		Consolidated
Revenues	$	10,040	$	4,533	$	14,573
Cost of Revenues		5,270		3,366		8,636
General and administrative expenses		1,922		544		2,466
Segment profit		2,848		623		3,471
Interest income, net						393
Unallocated amounts:
Other corporate general and administrative expenses						(464)
Income before income taxes					$	3,400
Depreciation and amortization	$	83	$	8
Capital expenditures	$	—	$	18

Three months ended January 31, 2025. The following table sets forth summarized data for the reportable segments in which the Company operated for the three months ended January 31, 2025 (in thousands):

For the Three Months Ended	Land
January 31, 2025	Development		Homebuilding		Consolidated
Revenues	$	4,248	$	3,272	$	7,520
Cost of Revenues		2,734		2,479		5,213
General and administrative expenses		989		467		1,456
Segment profit		525		326		851
Interest income, net						410
Unallocated amounts:
Other corporate general and administrative expenses						(419)
Income before income taxes					$	842
Depreciation and amortization	$	54	$	3
Capital expenditures	$	24	$	2

Nine months ended January 31, 2026. The following table sets forth summarized data for the reportable segments in which the Company operated for the nine months ended January 31, 2026 (in thousands):

For the Nine Months Ended	Land
January 31, 2026	Development		Homebuilding		Consolidated
Revenues	$	22,681	$	19,142	$	41,823
Cost of Revenues		10,723		14,095		24,818
General and administrative expenses		3,952		1,471		5,423
Segment profit		8,006		3,576		11,582
Interest income, net						1,308
Unallocated amounts:
Other corporate general and administrative expenses						(1,310)
Income before income taxes					$	11,580
Depreciation and amortization	$	229	$	21
Capital expenditures	$	—	$	98
Segment assets as of January 31, 2026	$	120,418	$	22,586

Nine months ended January 31, 2025. The following table sets forth summarized data for the reportable segments in which the Company operated for the nine months ended January 31, 2025 (in thousands):

For the Nine Months Ended	Land
January 31, 2025	Development		Homebuilding		Consolidated
Revenues	$	23,324	$	15,187	$	38,511
Cost of Revenues		13,669		10,948		24,617
General and administrative expenses		2,884		1,274		4,158
Segment profit		6,771		2,965		9,736
Interest income, net						1,267
Unallocated amounts:
Other corporate general and administrative expenses						(1,168)
Income before income taxes					$	9,835
Depreciation and amortization	$	145	$	8
Capital expenditures	$	134	$	12
Segment assets as of January 31, 2025	$	102,219	$	18,514