COST OF REVENUES

9 Months Ended

Jan. 31, 2026

(8)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

Refer to Note 8 to the consolidated financial statements contained in the 2025 Form 10-K for detail about land sale cost of revenues, net.

Home sale cost of revenues includes costs for residential homes that were sold.

Other cost of revenues for the three and nine months ended January 31, 2026 and January 31, 2025 consists of the cost of goods sold for landscaping services.