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REAL ESTATE INVENTORY

3 Months Ended

Jul. 31, 2025

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY

(2)         REAL ESTATE INVENTORY

Real estate inventory consists of (in thousands):

​

​	​	​	​	​	​	​
​	​	July 31,		​	April 30,
​		2025			2025
Land inventory	​	$	51,127	​	$	50,030
Homebuilding model and completed inventory	​	​	10,120	​	​	13,090
Homebuilding construction in process	​	​	3,535	​	​	3,630
Total	​	$	64,782	​	$	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 was capitalized in real estate inventory for the three months ended July 31, 2025 or July 31, 2024. Loan costs and real estate taxes capitalized in real estate inventory were $11,000 and $29,000 for the three months ended July 31, 2025 and July 31, 2024.

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- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

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