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REVENUES

3 Months Ended

Jul. 31, 2025

(7) REVENUES

Land sale revenues. Land sale revenues are sales of developed residential land, developed commercial land and undeveloped land.

Home sale revenues. Home sale revenues are sales of homes constructed and sold by the Company.

Other revenues. Other revenues consist of (in thousands):


	Three Months Ended
	July 31,
	2025		2024
Landscaping revenues	$	541	$	621
Miscellaneous other revenues		246		129
Total	$	787	$	750

Refer to Note 7 to the consolidated financial statements contained in the 2025 Form 10-K for detail about the categories of other revenues.

Miscellaneous other revenues for the three months ended July 31, 2025 primarily consist of management fees for homeowners’ associations and residential rental revenues. Miscellaneous other revenues for the three months ended July 31, 2024 primarily consist of extension fees for purchase contracts and residential rental revenues.

Major customers. A substantial majority of land sale revenues was received from three customers during the three months ended July 31, 2025 and three customers during the three months ended July 31, 2024. Other than receivables for immaterial amounts (if any), there were no outstanding receivables from these customers as of July 31, 2025 or July 31, 2024. There was one customer that contributed in excess of 10% of the Company’s revenues for the three months ended July 31, 2025. The revenues from this customer for the three months ended July 31, 2025 were $2,524,000, with this revenue being reported in the Company’s land development business segment. There were two customers that each contributed in excess of 10% of the Company’s revenues for the three months ended July 31, 2024. The revenues from each such customer for the three months ended July 31, 2024 were as follows: $6,036,000 and $1,935,000, with each of these revenues reported in the Company’s land development business segment.