v3.25.4
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):

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​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

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):

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​

​

​

​

​

​

​

​

​

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

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​

​

​

​

​

​

​

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):

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​

​

​

​

​

​

​

​

​

​

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):

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​

​

​

​

​

​

​

​

​

​

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

 

​

  ​

​