Investments

9 Months Ended

Jan. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Note 2: Investments

The Company has investments in publicly traded equity securities, state and municipal debt securities, real estate investment trusts, and money markets. The investments in debt securities, which include municipal bonds and bond funds, mature between June 2026 and December 2050. The Company uses the average cost method to determine the cost of equity securities sold with any unrealized gains or losses reported in the respective period’s earnings. Unrealized gains and losses on debt securities are excluded from earnings and reported separately as a component of stockholders’ equity. Dividend and interest income are reported as earned.

As of January 31, 2026 and April 30, 2025, investments consisted of the following:

Schedule of Investments

Investments on						Gross				Gross
January 31, 2026		Cost				Unrealized				Unrealized				Fair
		Basis				Gains				Losses				Value
Municipal bonds		$	8,570,000			$	212,000			$	(64,000	)		$	8,718,000
REITs			74,000				5,000				(9,000	)			70,000
Equity securities			18,492,000				12,843,000				(110,000	)			31,225,000
Money markets and CDs			1,311,000				—				—				1,311,000
Total		$	28,447,000			$	13,060,000			$	(183,000	)		$	41,324,000

Investments on						Gross				Gross
April 30, 2025		Cost				Unrealized				Unrealized				Fair
		Basis				Gains				Losses				Value
Municipal bonds		$	7,681,000			$	141,000			$	(135,000	)		$	7,687,000
REITs			74,000				1,000				(7,000	)			68,000
Equity securities			17,689,000				9,330,000				(307,000	)			26,712,000
Money markets and CDs			1,269,000				—				—				1,269,000
Total		$	26,713,000			$	9,472,000			$	(449,000	)		$	35,736,000

Marketable securities that are classified as equity securities are carried at fair value on the balance sheets with changes in fair value recorded as an unrealized gain or (loss) in the statements of income in the period of the change. Upon the disposition of a marketable security, the Company records a realized gain or (loss) on the Company’s statements of income.

The Company evaluates all marketable securities for other-than-temporary declines in fair value, which are defined as declines in fair value that result in the cost basis exceeding the fair value for approximately one year. The Company also evaluates the nature of the investment, the cause of impairment, and the number of investments in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, there were no impairment losses recorded for any of the quarters or the nine-month periods ending January 31, 2026 and 2025.

The Company’s investments are actively traded in the stock and bond markets. Therefore, either a realized gain or loss is recorded when a sale occurs. For the quarter ended January 31, 2026, the Company had sales of equity securities, which yielded gross realized gains of $602,000 and gross realized losses of $90,000. For the same period, sales of debt securities did not yield any gross realized gains, but gross realized losses of $1,000 were recorded. For the nine months ended January 31, 2026, the Company had sales of equity securities which yielded gross realized gains of $954,000 and gross realized losses of $188,000. For the same nine month period, sales of debt securities yielded gross realized gains of $24,000 and gross realized losses of $13,000. During the quarter ending January 31, 2025, the Company recorded gross realized gains and losses on equity securities of $424,000 and $76,000, respectively, while sales of debt securities did not yield any gross realized gains, but gross realized losses of $7,000 were recorded. During the nine-month period ending January 31, 2025, the Company recorded gross realized gains and losses on equity securities of $1,070,000 and $159,000, respectively. For the same nine-month period last year, sales of debt securities did not yield any gross realized gains, but gross realized losses of $20,000 were recorded.

The following tables show the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position on January 31, 2026 and April 30, 2025, respectively.

Unrealized Loss Breakdown by Investment Type on January 31, 2026

Description		Less than 12 months, Fair Value				Less than 12 months, Unrealized Loss				12 months or greater, Fair Value				12 months or greater, Unrealized Loss				Total, Fair Value				Total, Unrealized Loss
		Less than 12 months								12 months or greater								Total
Description		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Municipal bonds		$	37,000			$	—			$	1,049,000			$	(63,000	)		$	1,086,000			$	(63,000	)
REITs			—				—				36,000				(9,000	)			36,000				(9,000	)
Equity securities			730,000				(50,000	)			269,000				(61,000	)			999,000				(111,000	)
Total		$	767,000			$	(50,000	)		$	1,354,000			$	(133,000	)		$	2,121,000			$	(183,000	)

Unrealized Loss Breakdown by Investment Type on April 30, 2025

Description		Less than 12 months, Fair Value				Less than 12 months, Unrealized Loss				12 months or greater, Fair Value				12 months or greater, Unrealized Loss				Total, Fair Value				Total, Unrealized Loss
		Less than 12 months								12 months or greater								Total
Description		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Municipal bonds		$	550,000			$	(21,000	)		$	2,108,000			$	(114,000	)		$	2,658,000			$	(135,000	)
REITs			—				—				38,000				(7,000	)			38,000				(7,000	)
Equity securities			1,562,000				(132,000	)			2,238,000				(175,000	)			3,800,000				(307,000	)
Total		$	2,112,000			$	(153,000	)		$	4,384,000			$	(296,000	)		$	6,496,000			$	(449,000	)

Municipal Bonds

Increases in interest rates caused the unrealized losses on the Company’s investments in municipal bonds. The contractual terms of these investments do not permit the issuer to settle the securities at a price below the investment’s amortized cost. Because the Company has the ability to hold these investments until a recovery of fair value, which may occur at maturity, the Company does not consider these investments to be other-than-temporarily impaired as of January 31, 2026 and April 30, 2025.

Marketable Equity Securities and REITs

The Company’s investments in marketable equity securities and REITs consist of a wide variety of companies. Investments in these companies include growth, growth income, and foreign investment objectives. The individual holdings have been evaluated, and due to management’s plan to hold these investments for an extended period, the Company does not consider them to be other-than-temporarily impaired as of January 31, 2026 and April 30, 2025.