REAL ESTATE INVENTORY

9 Months Ended

Jan. 31, 2026

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY

(2)REAL ESTATE INVENTORY

Real estate inventory consists of (in thousands):

	January 31,		April 30,
	2026		2025
Land inventory	$	54,871	$	50,030
Homebuilding model and completed inventory		8,682		13,090
Homebuilding construction in process		3,245		3,630
Total	$	66,798	$	66,750

Refer to Note 2 to the consolidated financial statements contained in the 2025 Form 10-K for detail regarding real estate inventory. No interest or loan costs were capitalized in real estate inventory for the three or nine months ended January 31, 2026 or January 31, 2025. Real estate taxes capitalized in real estate inventory were $15,000 and $49,000 for the three and nine months ended January 31, 2026 and $24,000 and $71,000 for the three and nine months ended January 31, 2025.