COST OF REVENUES (Tables)

9 Months Ended

Jan. 31, 2026

COST OF REVENUES

Schedule of cost of revenues

Land sale cost of revenues, net consists of (in thousands):

	Three Months Ended				Nine Months Ended
	January 31,				January 31,
	2026		2025		2026		2025
Land sale cost of revenues	$	5,249	$	2,206	$	8,917	$	12,097
Less:
Public improvement district reimbursements		(403)		—		(899)		(814)
Private infrastructure covenant reimbursements		(109)		(57)		(334)		(430)
Payments for impact fee credits		(595)		(289)		(1,021)		(1,758)
Land sale cost of revenues, net	$	4,142	$	1,860	$	6,663	$	9,095