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COST OF REVENUES

6 Months Ended

Oct. 31, 2025

(8) COST OF REVENUES

Land sale cost of revenues, net consists of (in thousands):


	Three Months Ended				Six Months Ended
	October 31,				October 31,
	2025		2024		2025		2024
Land sale cost of revenues	$	543	$	2,745	$	3,668	$	9,891
Less:
Public improvement district reimbursements		(192)		—		(497)		(814)
Private infrastructure covenant reimbursements		(124)		(131)		(225)		(373)
Payments for impact fee credits		(59)		(288)		(425)		(1,469)
Land sale cost of revenues, net	$	168	$	2,326	$	2,521	$	7,235

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 six months ended October 31, 2025 and October 31, 2024 consists of the cost of goods sold for landscaping services.