AMREP (AXR) 10-K23 Jul 242024 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Apr. 30, 2024	Oct. 31, 2024	Jul. 19, 2024
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Apr. 30, 2024
Document Transition Report	false
Entity File Number	1-4702
Entity Registrant Name	AMREP CORP.
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	59-0936128
Entity Address, Address Line One	850 West Chester Pike, Suite 205
Entity Address, City or Town	Havertown
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19083
City Area Code	610
Local Phone Number	487-0905
Title of 12(b) Security	Common Stock $0.10 par value
Trading Symbol	AXR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding			5,287,449
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float		$ 63,005,568
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	false
Auditor Name	Baker Tilly US, LLP
Auditor Firm ID	23
Auditor Location	Philadelphia, Pennsylvania
Entity Central Index Key	0000006207
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
ASSETS
Cash and Cash Equivalents	$ 29,694	$ 19,993
Restricted cash	547
Real estate inventory	65,983	65,625
Investment assets, net	12,551	13,747
Other assets	2,990	3,249
Income taxes receivable	27	41
Deferred income taxes, net	11,038	12,493
Prepaid pension costs		747
TOTAL ASSETS	122,830	115,895
LIABILITIES:
Accounts payable and accrued expenses	4,745	4,851
Notes payable	35	44
TOTAL LIABILITIES	4,780	4,895
SHAREHOLDERS' EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 5,271,309 at April 30, 2024 and 5,254,909 at April 30, 2023	526	526
Capital contributed in excess of par value	32,986	32,686
Retained earnings	83,308	76,618
Accumulated other comprehensive income, net	1,230	1,170
TOTAL SHAREHOLDERS' EQUITY	118,050	111,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 122,830	$ 115,895

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2024	Apr. 30, 2023
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	5,271,309	5,254,909

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Apr. 30, 2024	Apr. 30, 2023
REVENUES:
Total revenues	$ 51,369,000	$ 48,676,000
COSTS AND EXPENSES:
General and administrative expenses Operations	6,871,000	5,472,000
Pension settlement		7,597,000
Total costs and expenses	43,767,000	42,846,000
Operating income	7,602,000	5,830,000
Interest income, net	823,000	8,000
Other income	0	1,803,000
Income before income taxes	8,425,000	7,641,000
Provision (benefit) for income taxes	1,735,000	(14,149,000)
Net income	$ 6,690,000	$ 21,790,000
Earnings per share - basic (in dollars per share)	$ 1.26	$ 4.13
Earnings per share - diluted (in dollars per share)	$ 1.25	$ 4.11
Weighted average number of common shares outstanding - basic (in shares)	5,300	5,282
Weighted average number of common shares outstanding - diluted (in shares)	5,347	5,307
Land sale
REVENUES:
Total revenues	$ 26,825,000	$ 30,659,000
COSTS AND EXPENSES:
Cost of revenues	17,224,000	17,379,000
Home sale
REVENUES:
Total revenues	17,187,000	16,706,000
COSTS AND EXPENSES:
Cost of revenues	12,946,000	12,037,000
Other
REVENUES:
Total revenues	7,357,000	1,311,000
COSTS AND EXPENSES:
Cost of revenues	$ 6,726,000	$ 361,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	Apr. 30, 2024	Apr. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss)	$ 6,690,000	$ 21,790,000
Other comprehensive income, net of tax:
Pension settlement expense		7,597,000
Income tax effect		(2,354,000)
Pension settlement expense, net of tax		5,243,000
Decrease in pension liability	138,000	615,000
Income tax effect	(78,000)	(115,000)
Decrease in pension liability, net of tax	60,000	500,000
Other comprehensive income	60,000	5,743,000
Total comprehensive income	$ 6,750,000	$ 27,533,000

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock	Capital Contributed in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance Beginning at Apr. 30, 2022	$ 524,000	$ 32,383,000	$ 54,828,000	$ (4,573,000)	$ 83,162,000
Balance Beginning (in shares) at Apr. 30, 2022	5,240
Issuance of restricted common stock	$ 2,000	162,000	0	0	164,000
Issuance of restricted common stock (in shares)	15
Issuance of option to purchase common stock (in shares)	0
Compensation related to issuance of option to purchase common stock	$ 0	51,000	0	0	51,000
Issuance of deferred common share units	$ 0	90,000	0	0	90,000
Issuance of deferred common share units (in shares)	0
Net Income (Loss)	$ 0	0	21,790,000	0	21,790,000
Other comprehensive income	0	0	0	5,743,000	5,743,000
Balance Ending at Apr. 30, 2023	$ 526,000	32,686,000	76,618,000	1,170,000	111,000,000
Balance Ending (in shares) at Apr. 30, 2023	5,255,000
Issuance of restricted common stock	$ 0	0	0	0	0
Issuance of restricted common stock (in shares)	16
Stock compensation expense		160,000			160,000
Reclassification of common stock settled from deferred common share units (in shares)	0
Compensation related to issuance of option to purchase common stock	$ 0	50,000	0	0	50,000
Issuance of deferred common share units	$ 0	90,000	0	0	90,000
Issuance of deferred common share units (in shares)	0
Net Income (Loss)	$ 0	0	6,690,000	0	6,690,000
Other comprehensive income	0	0	0	60,000	60,000
Balance Ending at Apr. 30, 2024	$ 526,000	$ 32,986,000	$ 83,308,000	$ 1,230,000	$ 118,050,000
Balance Ending (in shares) at Apr. 30, 2024	5,271

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 6,690	$ 21,790
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	149	63
Non-cash credits and charges:
Stock-based compensation	317	238
Deferred income tax provision	1,455	(13,762)
Net periodic pension cost	260	(283)
Pension settlement expense	0	7,597
Excess pension funds transfer	547	0
Changes in assets and liabilities:
Real estate inventory and investment assets	756	(3,122)
Other assets	567	(1,191)
Accounts payable and accrued expenses	(42)	(1,251)
Taxes payable (receivable), net	15	(3,690)
Net cash provided by operating activities	10,714	6,389
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures of property and equipment	(457)	(131)
Net cash used in investing activities	(457)	(131)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing	0	50
Principal debt payments	(9)	(2,036)
Net cash used in financing activities	(9)	(1,986)
Increase in cash, cash equivalents and restricted cash	10,248	4,272
Cash, cash equivalents and restricted cash, beginning of year	19,993	15,721
Cash, cash equivalents and restricted cash, end of year	30,241	19,993
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes refunded, net	308	134
Interest paid	$ 0	$ 57

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	12 Months Ended
	Apr. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	(1) SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES Organization and principles of consolidation The consolidated financial statements include the accounts of AMREP Corporation, an Oklahoma corporation, and its subsidiaries (collectively, the “Company”). The Company is primarily engaged in two business segments: land development and homebuilding. The Company has no foreign sales. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated balance sheets are presented in an unclassified format since the Company has substantial operations in the real estate industry and its operating cycle is greater than one year. Fiscal year The Company’s fiscal year ends on April 30. All references to 2024 and 2023 mean the fiscal years ended April 30, 2024 and 2023, unless the context otherwise indicates. Revenue recognition The Company accounts for land sale revenues, home sale revenues and other revenues in accordance with Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) Land sale revenues Land sale cost of revenues, net includes all direct acquisition costs and other costs specifically identified with the property, including pre-acquisition costs and capitalized real estate taxes and interest, and an allocation of certain common development costs associated with the entire project. Common development costs include the installation of utilities and roads, and may be based upon estimates of cost to complete. The allocation of costs is based on the estimated relative sales values of the individual parcels of land being sold to the total expected sales value for the unsold parcels of land in the applicable portion of the subdivision. Estimates and cost allocations are reviewed on a regular basis until a project is substantially completed, and are revised and reallocated as necessary on the basis of current estimates. Amounts received from public improvement districts, private infrastructure covenants and payments for impact fee credits reduce the amount of land sale cost of revenues. Home sale revenues Forfeited customer deposits for homes are recognized in home sale revenues in the period in which the Company determines that the customer will not complete the purchase of the home and the Company has the right to retain the deposit. In order to promote sales of homes, the Company may offer sales incentives to homebuyers. These incentives vary by type and amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sale revenues. Home construction and related costs are capitalized as incurred within real estate inventory under the specific identification method on the balance sheet and are charged to home sale cost of revenues on the consolidated statement of operations when the related home is sold. The Company offers homeowners a comprehensive third-party warranty on each home. Homes are generally covered by a ten-year warranty for qualified and defined structural defects, one year for defects and products used and two years for electrical, plumbing, heating, ventilation and air conditioning parts and labor. Estimates of the Company’s exposure to warranty claims are included within accrued expenses at the time home sale revenues are recognized. Other revenues Revenues from sale of investment assets (that were not otherwise classified as land sale revenues) are recognized when the parties are bound by the terms of a contract, consideration has been exchanged, title and other attributes of ownership have been conveyed to the buyer by means of a closing and the Company is not obligated to perform further significant development of the specific property sold. In general, the Company’s performance obligation for a sale of investment assets is fulfilled upon the delivery of the property, which generally coincides with the receipt of cash consideration from the counterparty. Other cost of revenues includes all direct acquisition costs and other costs specifically identified with the property, including pre-acquisition and acquisition costs, if applicable, closing and selling costs and construction costs. Oil and gas royalties are recognized at the time of receipt of cash by the Company as such amounts are unknown with any degree of certainty prior to receipt. Landscaping revenues consist of landscaping services provided by the Company primarily to homebuilders. Miscellaneous other revenues primarily include extension fees for purchase contracts, forfeited deposits from land sale contracts and rental payments and additional rent from tenants pursuant to leases with respect to property or buildings of the Company. Base rental payments are recognized as revenue monthly over the term of the lease. Additional rent related to the reimbursement of real estate taxes, insurance, repairs, maintenance and other operating expenses is recognized as revenue in the period the expenses are incurred. Cash, cash equivalents and restricted cash Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value because of changes in interest rates. A debt security is classified as a cash equivalent if it meets these criteria and has an original maturity of ninety days or less when purchased. Restricted cash consists of cash deposits with the Company’s 401(k) retirement plan representing the amount of residual assets (after satisfying any pension plan liabilities) following termination of the defined benefit pension plan. Interest payments on cash, cash equivalents and restricted cash are recorded as income on the statement of operations. Short-Term Investments Short-term investments are held-to-maturity debt investments that have original maturities of greater than ninety days when purchased and remaining maturities of less than one year. Held-to-maturity debt investments are debt investments, such as certificates of deposit and U.S. government securities, that the Company has the positive intent and ability to hold to maturity. Held-to-maturity debt investments are recorded at their original purchase amount (and are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable) with interest payments recorded as income on the statement of operations. Long-lived assets Long-lived assets consist of real estate inventory and investment assets and are accounted for in accordance with Accounting Standards Codification (“ASC”) 360-10. A substantial majority of the Company's real estate assets are located in Rio Rancho, New Mexico ("Rio Rancho") and certain adjoining areas of Sandoval County, New Mexico. As a result of this geographic concentration, the Company has been and will be affected by changes in economic conditions in that region. Real estate inventory : Real estate inventory includes land and improvements on land held for development or sale. The cost basis of the land and improvements includes all direct acquisition costs including development costs, certain amenities, capitalized interest, capitalized real estate taxes and other costs. Interest and real estate taxes are not capitalized unless active development is underway. Real estate inventory is stated at accumulated cost. Investment assets, net : Investment assets, net consist of (i) land held for long-term investment, which represents property located in areas that are not planned to be developed in the near term and that has not been offered for sale in the normal course of business, and (ii) owned real estate leased or intended to be leased, which represents homes and buildings leased or intended to be leased to third parties. Investment assets are stated at the lower of cost or net realizable value. Depreciation of investment assets (other than land) is provided principally by the straight-line method at various rates calculated to amortize the book values of the respective assets over their estimated useful lives, which generally are 10 to 40 years for buildings and improvements. Land is not subject to depreciation. Impairment of long-lived assets : Long-lived assets are evaluated and tested for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Asset impairment tests are based upon the intended use of assets, expected future cash flows and estimates of fair value of assets. The evaluation of long-lived assets includes an estimate of future cash flows on an undiscounted basis using estimated revenue streams, operating margins and general and administrative expenses. The estimation process involved in determining if assets have been impaired and in the determination of estimated future cash flows is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. If the excess of undiscounted cash flows over the carrying value of a project is small, there is a greater risk of future impairment and any resulting impairment charges could be material. Due to the subjective nature of the estimates and assumptions used in determining future cash flows, actual results could differ materially from current estimates and the Company may be required to recognize impairment charges in the future. Leases Right-of-use assets and lease liabilities are recorded on the balance sheet for all leases with an initial term over one year. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Right-of-use assets are classified within other assets and the corresponding lease liability is included in accounts payable and accrued expenses in the balance sheet. Share-based compensation Awards of restricted stock, stock options and deferred stock units are accounted for in accordance with ASC 718-10, which requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). Compensation expense for awards of restricted stock, stock options and deferred stock units are based on the fair value of the awards at their grant dates. The grant-date fair value of restricted stock is the price of the stock on the date of grant. The grant-date fair value of deferred stock units is the price of the underlying stock on the date of grant. To estimate the grant-date fair value of stock options, the Company uses the Black-Scholes option-pricing model. The Black-Scholes model estimates the per share fair value of an option on its date of grant based on the following: the option’s exercise price; the price of the underlying stock on the date of grant; the estimated dividend yield; a “risk-free” interest rate; the estimated option term; and the expected volatility. For the “risk-free” interest rate, the Company uses a U.S. Treasury bond due in a number of years equal to the option’s expected term. To estimate expected volatility, the Company analyzes the historic volatility of the Company’s common stock. Income taxes Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities, and are measured by using currently enacted tax rates expected to apply to taxable income in the years in which those differences are expected to reverse. The Company provides a valuation allowance against deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. Earnings per share Basic earnings per share is based on the weighted average number of common shares outstanding during each year. Unvested restricted shares of common stock are not included in the computation of basic earnings per share, as they are considered contingently returnable shares. Unvested restricted shares of common stock are included in diluted earnings per share if they are dilutive. Deferred stock units are included in both basic and diluted earnings per share computations. Stock options are not included in the computation of basic earnings per share. Stock options are included in diluted earnings per share if they are not anti-dilutive and are in-the-money. Pension plan The Company recognizes the over-funded or under-funded status of its defined benefit pension plan as an asset or liability as of the date of the plan’s year-end statement of financial position and recognizes changes in that funded status in the year in which the changes occur through comprehensive income. Comprehensive income Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Total comprehensive income is the total of net income or loss and other comprehensive income or loss that, for the Company, consists of the minimum pension liability net of the related deferred income tax effect. Management’s estimates and assumptions The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant judgments and estimates that affect the financial statements include, but are not limited to, (i) land sale cost of revenues, net calculations, which are based on land development budgets and estimates of costs to complete; (ii) cash flows, asset groupings and valuation assumptions in performing asset impairment tests of long-lived assets and assets held for sale; (iii) risk assessment of uncertain tax positions; and (iv) the determination of the recoverability of net deferred tax assets. The Company bases its significant estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from these estimates. Recent accounting pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting, which provides for enhanced disclosures about significant segment expenses. ASU 2023-07 will be effective for the Company’s fiscal year beginning May 1, 2024. The adoption of ASU 2023-07 by the Company is not expected to have a material effect on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes, which provides for enhanced transparency and decision usefulness of income tax disclosures. ASU 2023-09 will be effective for the Company’s fiscal year beginning May 1, 2025. The adoption of ASU 2023-09 by the Company is not expected to have a material effect on its consolidated financial statements. Other than as described above, there are no new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its consolidated financial statements.

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY	12 Months Ended
REAL ESTATE INVENTORY	Apr. 30, 2024
REAL ESTATE INVENTORY
REAL ESTATE INVENTORY	(2) REAL ESTATE INVENTORY Real estate inventory consists of (in thousands): April 30, 2024 2023 Land inventory in New Mexico $ 57,527 $ 59,361 Land inventory in Colorado — 3,445 Homebuilding model and completed inventory 4,138 1,171 Homebuilding construction in process 4,318 1,648 Total $ 65,983 $ 65,625 Land inventory in New Mexico represents costs for land and improvements on land in New Mexico held for development or sale. Homebuilding model and completed inventory represents costs for residential homes that are completed and ready for sale. Homebuilding construction in process represents costs for residential homes being built. Interest and loan costs of $2,000 and real estate taxes of $74,000 were capitalized in real estate inventory for the year ended April 30, 2024. Interest and loan costs of $57,000 and real estate taxes of $79,000 were capitalized in real estate inventory for the year ended April 30, 2023.

INVESTMENT ASSETS, NET

INVESTMENT ASSETS, NET	12 Months Ended
INVESTMENT ASSETS, NET	Apr. 30, 2024
INVESTMENT ASSETS, NET
INVESTMENT ASSETS, NET	(3) INVESTMENT ASSETS, NET Investment assets, net consist of (in thousands): April 30, 2024 2023 Land held for long-term investment $ 9,200 $ 8,961 Owned real estate leased or intended to be leased 3,449 4,802 Less accumulated depreciation (98) (16) Owned real estate leased or intended to be leased, net 3,351 4,786 Total $ 12,551 $ 13,747 Land held for long-term investment represents costs for property located in areas that are not planned to be developed in the near term and that has not been offered for sale in the normal course of business. Owned real estate leased or intended to be leased represents costs for homes and buildings leased or intended to be leased to third parties. As of April 30, 2024, ten homes were leased to residential tenants. As of April 30, 2023, eight homes were leased to residential tenants and two buildings under construction were leased to commercial tenants. Depreciation associated with owned real estate leased or intended to be leased was $82,000 for 2024 and $16,000 for 2023.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
OTHER ASSETS	Apr. 30, 2024
OTHER ASSETS.
OTHER ASSETS	(4) OTHER ASSETS Other assets consist of (in thousands): April 30, 2024 2023 Prepaid expenses $ 942 $ 1,536 Miscellaneous assets 307 362 Property 1,532 1,251 Equipment 542 366 Less accumulated depreciation of property and equipment (333) (266) Property and equipment, net 1,741 1,351 Total $ 2,990 $ 3,249 Prepaid expenses as of April 30, 2024 primarily consist of land development cash collateralized performance guaranties, insurance and income taxes. Prepaid expenses as of April 30, 2023 primarily consist of a land development cash collateralized performance guaranty, stock compensation, insurance and income and real estate taxes. Amortized lease cost for right-of-use assets associated with the leases of office facilities was $26,000 and $25,000 for 2024 and 2023. Depreciation expense associated with property and equipment was $67,000 and $46,000 for 2024 and 2023.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	Apr. 30, 2024
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	(5) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of (in thousands): April 30, 2024 2023 Land development and homebuilding operations Accrued expenses $ 901 $ 1,028 Trade payables 2,091 1,870 Customer deposits 1,240 1,319 4,232 4,217 Corporate operations 513 634 Total $ 4,745 $ 4,851

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
NOTES PAYABLE	Apr. 30, 2024
NOTES PAYABLE
NOTES PAYABLE	(6) NOTES PAYABLE The following tables present information on the Company’s notes payable in effect as of April 30, 2024 (dollars in thousands): Principal Amount Available Outstanding for New Borrowings Principal Amount April 30, April 30, Loan Identifier Lender 2024 2024 2023 Revolving Line of Credit BOKF $ 5,328 $ — $ — Equipment Financing DC — 35 44 Total $ 5,328 $ 35 $ 44 April 30, 2024 Mortgaged Property Loan Identifier Interest Rate Book Value Scheduled Maturity Revolving Line of Credit 8.47 % $ 1,721 August 2025 Equipment Financing 2.35 % 35 June 2028 Principal Repayments Capitalized Interest and Fees Year ended April 30, Year ended April 30, Loan Identifier 2024 2023 2024 2023 Revolving Line of Credit $ — $ — $ — $ — Equipment Financing 9 7 — — Total $ 9 $ 7 $ — $ — As of April 30, 2024, the Company and each of its subsidiaries were in compliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. Additional information regarding each of the above notes payable is provided below. · Revolving Line of Credit ASW made certain representations and warranties in connection with this loan and is required to comply with various covenants, reporting requirements and other customary requirements for similar loans, including ASW and its subsidiaries having at least $3.0 million of unencumbered and unrestricted cash, cash equivalents and marketable securities in order to be entitled to advances under the loan. The loan documentation contains customary events of default for similar financing transactions, including: ASW’s failure to make principal, interest or other payments when due; the failure of ASW to observe or perform its covenants under the loan documentation; the representations and warranties of ASW being false; the insolvency or bankruptcy of ASW; and the failure of ASW to maintain a net worth of at least $32 million. Upon the occurrence and during the continuance of an event of default, BOKF may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. ASW incurred customary costs and expenses and paid certain fees to BOKF in connection with the loan. ● Equipment Financing . In June 2022, Rioscapes LLC (“Rioscapes”), a subsidiary of the Company, entered into a Loan Contract-Security Agreement with Deere & Company (“DC”). The loan is secured by a security interest in certain construction equipment. DC lent $50,000 to Rioscapes on a non-revolving line of credit basis to fund the acquisition of the construction equipment. ASW guaranteed Rioscapes’s obligations under the loan. The principal is payable monthly based on a 72-month amortization and the outstanding principal amount of the loan may be prepaid at any time without penalty. Interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to 2.35 %. Rioscapes made certain representations and warranties in connection with this loan and is required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: Rioscapes’s failure to make principal, interest or other payments when due; the failure of Rioscapes to observe or perform its covenants under the loan documentation; the representations and warranties of Rioscapes being false; the insolvency or bankruptcy of Rioscapes or ASW; the merger by Rioscapes or ASW into another entity; and the sale by Rioscapes or ASW of substantially all of their assets. Upon the occurrence and during the continuance of an event of default, DC may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. Rioscapes incurred customary costs and expenses and paid certain fees to DC in connection with the loan. ● Letter of Credit and Loan Reserves . As of April 30, 2024, the Company had (a) a letter of credit outstanding under its Revolving Line of Credit in the principal amount of $172,000 in favor of a municipality guarantying the completion of improvements in a subdivision being constructed by the Company and (b) $250,000 reserved under its Revolving Line of Credit for credit card usage. The amounts under the letter of credit and loan reserve are not reflected as outstanding principal in notes payable. The following table summarizes the notes payable scheduled principal repayments subsequent to April 30, 2024 (in thousands): Fiscal Year Scheduled Payments 2025 $ 8 2026 8 2027 9 2028 8 Thereafter 2 Total $ 35 The following table presents information on the Company’s notes payable in effect during 2024 or 2023 and terminated prior to April 30, 2024 (in thousands): Outstanding Principal Original Maximum Amount Available Principal April 30, Loan Identifier Lender Amount 2024 2023 La Mirada BOKF $ 7,375 $ — $ — Additional information regarding the above terminated notes payable is provided below: ● La Mirada . In June 2021, Wymont LLC (“Wymont”), a subsidiary of the Company, entered into a Development Loan Agreement with BOKF. The Development Loan Agreement was evidenced by a Non-Revolving Line of Credit Promissory Note and was secured by a Mortgage, Security Agreement and Financing Statement, between Wymont and BOKF, with respect to a 15 -acre property in Albuquerque, New Mexico comprising the La Mirada subdivision. The loan was scheduled to mature in June 2024. The loan was terminated in October 2023.

REVENUES

REVENUES	12 Months Ended
REVENUES	Apr. 30, 2024
REVENUES
REVENUES	(7) REVENUES Land sale revenues Home sale revenues Other revenues Year Ended April 30, 2024 2023 Sale of investment assets $ 5,701 $ — Oil and gas royalties — 146 Landscaping revenues 1,186 585 Miscellaneous other revenues 470 580 Total $ 7,357 $ 1,311 Sale of investment assets for 2024 consist of the sale of two buildings leased to commercial tenants. Oil and gas royalties consist of amounts received from the lease of minerals and mineral rights in and under approximately 147 surface acres of land in Brighton, Colorado. In 2023, the Company sold such minerals and mineral rights. The Company owns certain minerals and mineral rights in and under approximately 55,000 surface acres of land in Sandoval County, New Mexico. Landscaping revenues consist of landscaping services provided by the Company primarily to homebuilders. Miscellaneous other revenues for 2024 primarily consist of extension fees for purchase contracts and residential rental revenues. Miscellaneous other revenues for 2023 primarily consist of extension fees for purchase contracts, forfeited deposits from land sale contracts and residential rental revenues. Major customers

COST OF REVENUES

COST OF REVENUES	12 Months Ended
COST OF REVENUES	Apr. 30, 2024
COST OF REVENUES
COST OF REVENUES	(8) COST OF REVENUES Land sale cost of revenues, net consist of (in thousands): Year Ended April 30, 2024 2023 Land sale cost of revenues $ 20,415 $ 22,477 Less: Public improvement district reimbursements (681) (759) Private infrastructure covenant reimbursements (544) (626) Payments for impact fee credits (1,966) (3,713) Land sale cost of revenues, net $ 17,224 $ 17,379 A portion of the Lomas Encantadas subdivision and a portion of the Enchanted Hills subdivision in Rio Rancho are subject to a public improvement district. The public improvement district reimburses the Company for certain on-site and off-site costs of developing the subdivisions by imposing a special levy on the real property owners within the district. The Company has accepted discounted prepayments of amounts due under the public improvement district. The Company instituted private infrastructure reimbursement covenants on various land development projects. Similar to a public improvement district, the covenants are expected to reimburse the Company for certain on-site and off-site costs of developing the subject property by imposing a special levy on the real property owners subject to the covenants. The Company has accepted discounted prepayments of amounts due under the private infrastructure reimbursement covenants. Impact fees are charges or assessments payable by homebuilders to local governing authorities in order to generate revenue for funding or recouping the costs of capital improvements or facility expansions necessitated by and attributable to the new development. The Company receives credits, allowances and offsets applicable to impact fees in connection with certain costs incurred by the Company in developing subdivisions, which the Company generally sells to homebuilders. Home sale cost of revenues includes costs for residential homes that were sold. Other cost of revenues for 2024 consist of the costs associated with the sale of investment assets and cost of goods sold for landscaping services. Other cost of revenues for 2023 consist of cost of goods sold for landscaping services.

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
GENERAL AND ADMINISTRATIVE EXPENSES	Apr. 30, 2024
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	(9) GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses consist of (in thousands): Year Ended April 30, 2024 2023 Land development $ 3,677 $ 2,843 Homebuilding 1,214 1,016 Corporate 1,979 1,613 Total $ 6,871 $ 5,472 Pension settlement $ — $ 7,597

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Apr. 30, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	(10) FAIR VALUE MEASUREMENTS The FASB’s accounting guidance defines fair value and establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The FASB’s guidance classifies the inputs to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs for the asset or liability are unobservable and reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. The fair value measurement level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques need to maximize the use of observable inputs and minimize the use of unobservable inputs. There were no transfers between Levels 1, 2 or 3 during 2024 or 2023. The Financial Instruments Topic of the FASB Accounting Standards Codification requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. The Topic excludes all nonfinancial instruments from its disclosure requirements. Fair value is determined under the hierarchy discussed above. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions are used in estimating fair value disclosure for financial instruments: the carrying amounts of cash and cash equivalents and trade payables approximate fair value because of the short maturity of these financial instruments; and debt that bears variable interest rates indexed to secured overnight financing rate as administered by the CME Group Benchmark Administration Limited also approximates fair value as it reprices when market interest rates change.

BENEFIT PLANS

BENEFIT PLANS	12 Months Ended
BENEFIT PLANS	Apr. 30, 2024
BENEFIT PLANS
BENEFIT PLANS	(11) BENEFIT PLANS Pension plan The Company had a defined benefit pension plan for which accumulated benefits were frozen and future service credits were curtailed as of March 1, 2004. The Company’s defined benefit pension plan was terminated in 2024. During 2024, the Company transferred $547,000, which was the amount of residual assets (after satisfying any pension plan liabilities) following termination of the defined benefit pension plan, from the defined benefit pension plan to a 401(k) retirement plan available to eligible employees of the Company. This amount is recognized as restricted cash on the Company’s balance sheet and is available for future awards to eligible employees. Given below is information regarding the Company’s defined pension plan prior to its termination: ● Under generally accepted accounting principles, the Company’s defined benefit pension plan was overfunded as of April 30, 2023 by $747,000 ,with $1,030,000 of assets and $283,000 of liabilities. The pension plan liabilities were determined using a weighted average discount interest rate of 3.97% per year as of April 30, 2023, which are based on the FTSE Pension Discount Curve as of such date as it corresponds to the projected liability requirements of the pension plan. ● The Company funded the pension plan in compliance with IRS funding requirements. The pension plan was subject to minimum IRS contribution requirements, but these requirements were able to be satisfied by the use of the pension plan’s existing credit balance. No cash contributions to the pension plan were required or made during 2024 or 2023. Pension assets and liabilities were measured at fair value (measured in accordance with the guidance described in Note 10) and were subject to fair value adjustment in certain circumstances (for example, when there is evidence of impairment). There were no impairments resulting in a change in fair value during 2024 or 2023. ● The Company recognized a non-cash pre-tax pension settlement general and administrative expense of $7,597,000 during 2023 due to (a) the Company’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former employees and (b) the transfer of nearly all remaining pension benefit liabilities to an insurance company through an annuity purchase. There were no such charges in 2024. Net periodic pension cost for 2024 and 2023 was comprised of the following components (in thousands): Year Ended April 30, 2024 2023 Interest cost on projected benefit obligation $ 6 $ 603 Expected return on assets (69) (1,123) Plan expenses 152 106 Recognized net actuarial loss 2 372 Net periodic pension cost $ (91) $ (42) Settlement and related expenses 247 7,597 Net periodic pension cost after settlement 338 7,555 Assumptions used in determining net periodic pension cost and the pension benefit obligation were: Year Ended April 30, 2024 2023 Discount rate used to determine net periodic pension cost 4.51 % 3.97 % Discount rate used to determine pension benefit obligation N/A N/A Expected long-term rate of return on assets used for pension cost on assets 7.75 % 7.75 % The expected return on assets for the pension plan was based on management’s expectation of long-term average rates of return to be achieved by the underlying investment portfolio. In establishing this assumption, management considered historical and expected returns for the asset classes in which the pension plan was invested, as well as current economic and market conditions. The actuarial gains of $126,000 and $1,667,000 for 2024 and 2023 were plan experience gains. The following table sets forth changes in the pension plan’s benefit obligation and assets, and summarizes components of amounts recognized in the Company’s balance sheet (in thousands): April 30, 2024 2023 Change in benefit obligation: Benefit obligation at beginning of year $ 283 $ 17,964 Service cost 152 106 Interest cost 6 603 Actuarial gain (126) (1,667) Benefits paid (315) (1,366) Settlement — (15,357) Benefit obligation at end of year $ — $ 283 Change in plan assets: Fair value of plan assets at beginning of year $ 1,030 $ 18,054 Actual return on plan assets (8) (103) Plan transfer (547) — Benefits paid (315) (1,366) Plan expenses (160) (198) Settlement — (15,357) Fair value of plan assets at end of year $ — $ 1,030 Overfunded status $ — $ 747 The funded status of the pension plan was equal to the net liability recognized in the balance sheets. The following table summarizes the amounts recorded in accumulated other comprehensive income (loss), which have not yet been recognized as a component of net periodic pension costs (in thousands): Year Ended April 30, 2024 2023 Pretax accumulated comprehensive income (loss) $ — $ 138 The following table summarizes the changes in accumulated other comprehensive income (loss) related to the pension plan for the years ended April 30, 2024 and 2023 (in thousands): Pension Benefits Pretax Net of Tax Accumulated comprehensive loss, May 1, 2022 $ 8,350 $ 4,573 Net actuarial gain (372) (302) Amortization of net loss (243) (198) Settlement (7,597) (5,243) Accumulated comprehensive loss, April 30, 2023 $ 138 $ (1,170) Net actuarial loss (2) — Amortization of net loss 111 78 Settlement and related expenses (247) (138) Accumulated comprehensive income (loss), April 30, 2024 $ — $ (1,230) The Company recognizes the known changes in the funded status of the pension plan in the period in which the changes occur through other comprehensive income, net of the related income tax effect. The Company recorded, net of tax, other comprehensive income of $60,000 and $5,743,000 in 2024 and 2023 to account for the net effect of changes to the pension liability. The assets of the pension plan were held in cash and cash equivalents as of April 30, 2023. 401(k) and Simple IRA Starting in March 2024, the Company provides a 401(k) with a profit sharing plan as a retirement plan for eligible employees. Under the plan, eligible employees may contribute a portion of their annual pre-tax compensation, the Company will contribute 3% of each eligible employee’s annual pre-tax compensation each year and the Company may make discretionary contributions to eligible employees on a profit sharing basis. The Company accrued $10,000 for its 401(k) employer contribution in 2024. In 2024 and 2023, the Company provided a Simple IRA plan as a retirement plan for eligible employees. The Company’s Simple IRA plan was terminated in December 2023. Under the plan, eligible employees were permitted to contribute a portion of their annual pre-tax compensation with the Company matching such contributions on a dollar-for-dollar basis up to 3% of each contributing employee’s annual pre-tax compensation. The Company’s employer contribution for the Simple IRA was $88,000 and $74,000 for 2024 and 2023. Equity compensation plan The AMREP Corporation 2016 Equity Compensation Plan (the “ Equity Plan”) authorizes stock-based awards of various kinds to non-employee directors and employees covering up to a total of 500,000 shares of common stock of the Company. The Equity Plan will expire by its terms on, and no award will be granted under the Equity Plan on or after, September 19, 2026. As of April 30, 2024, the Company has issued 125,361 shares of common stock of the Company under the Equity Plan and has reserved for issuance 114,361 shares of common stock of the Company under the Equity Plan upon exercise of issued and outstanding deferred common share units and an option to purchase shares, resulting in 260,278 shares of common stock of the Company available for issuance under the Equity Plan. Shares of restricted common stock that are issued under the Equity Plan (“restricted shares”) are considered to be issued and outstanding as of the grant date and have the same dividend and voting rights as other common stock. Compensation expense related to the restricted shares is recognized over the vesting period of each grant based on the fair value of the shares as of the date of grant. The fair value of each grant of restricted shares is determined based on the trading price of the Company’s common stock on the date of such grant, and this amount will be charged to expense over the vesting term of the grant. Forfeitures are recognized as reversals of compensation expense on the date of forfeiture. The restricted share award activity for 2024 and 2023 was as follows: Weighted Average Number of Grant Date Fair Value Restricted share awards Shares Per Share Non-vested as of May 1, 2022 21,500 8.98 Granted during 2023 14,600 11.17 Vested during 2023 (9,833) 8.09 Forfeited during 2023 — — Non-vested as of April 30, 2023 26,267 10.53 Granted during 2024 16,400 19.23 Vested during 2024 (12,199) 9.68 Forfeited during 2024 — — Non-vested as of April 30, 2024 30,468 15.55 The Company recognized non-cash compensation expense related to the vesting of restricted shares of common stock net of forfeitures of $237,000 and $144,000 for 2024 and 2023. As of April 30, 2024, there was $183,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan which had not vested, which is expected to be recognized over the remaining vesting term not to exceed three years. In November 2021, the Company granted Christopher V. Vitale, the President and Chief Executive Officer of the Company, an option to purchase 50,000 shares of common stock of the Company under the Equity Plan with an exercise price of $14.24 per share, which was the closing price on the New York Stock Exchange on the date of grant. The option will become exercisable for 100% of the option shares on November 1, 2026 if Mr. Vitale is employed by, or providing service to, the Company on such date. Subject to the definitions in the Equity Plan, in the event (a) Mr. Vitale has a termination of employment with the Company on account of death or disability, (b) the Company terminates Mr. Vitale’s employment with the Company for any reason other than cause or (c) of a change in control, then the option will become immediately exercisable for 100% of the option shares. The option has a term of ten years from the date of grant and terminates at the expiration of that period. The option automatically terminates upon: (i) the expiration of the three month period after Mr. Vitale ceases to be employed by the Company, if the termination of his employment by Mr. Vitale or the Company is for any reason other than as hereinafter set forth in clauses (ii), (iii) or (iv); (ii) the expiration of the one year period after Mr. Vitale ceases to be employed by the Company on account of Mr. Vitale’s disability; (iii) the expiration of the one year period after Mr. Vitale ceases to be employed by the Company, if Mr. Vitale dies while employed by the Company; or (iv) the date on which Mr. Vitale ceases to be employed by the Company, if the termination is for cause. If Mr. Vitale engages in conduct that constitutes cause after Mr. Vitale’s employment terminates, the option immediately terminates. Notwithstanding the foregoing, in no event may the option be exercised after the date that is immediately before the tenth anniversary of the date of grant. Except as described above, any portion of the option that is not exercisable at the time Mr. Vitale has a termination of employment with the Company immediately terminates. The fair value of the option was $252,000 as of the date of grant using the Black-Scholes fair value option valuation model. The following assumptions were used for determining the fair value of the option: expected volatility of 38.04%; average risk-free interest rate of 1.46%; dividend yield of 0%; and expected life of 7.5 years. As of April 30, 2024, the option has not been exercised, cancelled or forfeited. The Company recognized non-cash compensation expense related to the option of $50,000 and $51,000 for 2024 and 2023. As of April 30, 2024, the option was in-the-money and therefore was included in “weighted average number of common shares outstanding – diluted” when calculating diluted earnings per share. As of April 30, 2023, the option was out-of-the-money and therefore was not included in “weighted average number of common shares outstanding – diluted” when calculating diluted earnings per share. On December 31, 2023 and 2022, each non-employee member of the Company’s Board of Directors was issued the number of deferred common share units of the Company under the Equity Plan equal to $30,000 divided by the closing price per share of Common Stock reported on the New York Stock Exchange on such date. Based on the closing price per share of $21.97 and $11.55 on December 31, 2023 and 2022, the Company issued a total of 4,095 and 7,791 deferred common share units to members of the Company’s Board of Directors. Each deferred common share unit represents the right to receive one share of Common Stock within 30 days after the first day of the month to follow such director’s termination of service as a director of the Company. Director compensation non-cash expense, which is recognized for the annual grant of deferred common share units to non-employee members of the Company's Board of Directors ratably over the director’s service in office during the calendar year, was $90,000 for each of 2024 and 2023. At April 30, 2024 and 2023, there was $30,000 of accrued compensation expense related to the deferred stock units expected to be issued in December of the following fiscal year.

OTHER INCOME

OTHER INCOME	12 Months Ended
OTHER INCOME	Apr. 30, 2024
OTHER INCOME.
OTHER INCOME.	(12) OTHER INCOME There was no other income in 2024. Other income of $1,803,000 for 2023 primarily consists of the sale of all of the Company’s minerals and mineral rights in and under approximately 147 surface acres of land in Brighton, Colorado.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Apr. 30, 2024
INCOME TAXES
INCOME TAXES	(13) INCOME TAXES Worthless Stock Deduction Palm Coast Data Holdco, Inc., a subsidiary of the Company, had previously been the owner of the Company’s fulfillment services business. During 2023, the Company converted Palm Coast Data Holdco, Inc. to a limited liability company and made an election to treat the limited liability company as a disregarded entity for U.S. federal income tax purposes. This resulted in a worthless stock deduction for tax purposes. As a result of the worthless stock deduction, the Company incurred an operating tax loss of $62,180,000, yielding an income tax benefit of $13,058,000 for U.S. federal corporate income taxes and an income tax benefit of $3,013,000 for New Mexico state corporate income taxes. The Company expects its operations to generate sufficient taxable income to fully utilize the tax benefit of this tax loss. The full tax benefit expected from the Company’s worthless stock deduction was accrued during 2023 and reflected as a reduction to the Company’s provision (benefit) for income taxes and an increase in deferred income taxes, net without any valuation allowance. The Company did not provide a valuation allowance against deferred tax assets, net with respect to the worthless stock deduction due to the Company’s belief that it is more likely than not based upon the available evidence that such deferred tax assets will be realized. In making this determination, the Company projected its future earnings for the future recoverability of such deferred tax assets. While the Company believes that it has utilized a reasonable method to make this valuation allowance determination, should factors and conditions differ materially from those used by the Company in making such determination (including if the Company does not generate sufficient future taxable income to fully utilize the tax benefit of the tax loss included in deferred income taxes, net), the actual realization of deferred tax assets could differ materially from the reported amounts. This tax loss may be subject to audit and possible adjustment by the U.S. Internal Revenue Service (“IRS”), which could result in a reversal of none, part or all of the income tax benefit or could result in a benefit higher than the amount recorded. If the IRS rejects or reduces the amount of the income tax benefit related to the worthless stock deduction, the Company may have to pay additional cash income taxes, which would adversely affect the Company’s results of operations, financial condition and cash flows. The Company cannot guarantee what the ultimate outcome will be or the amount of the tax benefit the Company will receive, if any. Under federal income tax law, net operating losses have an unlimited carryforward period and the deductibility of such federal net operating losses is limited to 80% of taxable income in any year during the carryforward period. In addition, under Section 382 of the Internal Revenue Code of 1986, as amended, the Company’s ability to utilize net operating loss carryforwards or other tax attributes in any taxable year may be limited if the Company experiences an “ownership change.” A Section 382 “ownership change” generally occurs if one or more shareholders or groups of shareholders who own at least 5% of the Company’s stock increase their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Similar rules may apply under state tax laws in the United States. It is possible that any future ownership changes could have a material effect on the use of the Company’s net operating loss carryforwards or other tax attributes. Provision for Income Taxes and Deferred Income Tax Asset The provision (benefit) for income taxes consists of the following (in thousands): Year Ended April 30, 2024 2023 Current: Federal $ 249 $ — State and local 75 35 324 35 Deferred: Federal 1,181 (10,555) State and local 230 (3,629) 1,411 (14,184) Total provision (benefit) for income taxes $ 1,735 $ (14,149) The components of the net deferred income taxes are as follows (in thousands): April 30, 2024 2023 Deferred income tax assets: State tax loss carryforwards $ 2,748 $ 2,921 U.S. federal NOL carryforward 8,891 10,010 Accrued pension costs — — Vacation accrual 27 9 Real estate basis differences 2,444 3,233 Other 390 284 Total deferred income tax assets 14,500 16,457 Deferred income tax liabilities: Depreciable assets (50) (19) Deferred gains on investment assets (2,377) (2,474) Prepaid pension costs — (576) Other (46) (43) Total deferred income tax liabilities (2,473) (3,112) Valuation allowance for realization of certain deferred income tax assets (989) (852) Net deferred income tax asset $ 11,038 $ 12,493 A valuation allowance is provided when it is considered more likely than not that certain deferred tax assets will not be realized. The valuation allowance relates primarily to deferred tax assets, including net operating loss carryforwards, in states where the Company either has no current operations or its operations are not considered likely to realize the deferred tax assets due to the amount of the applicable state net operating loss or its expected expiration date. The Company has federal net operating loss carryforwards of $42,339,000 as of April 30, 2024, which do not have an expiration. The Company has state net operating loss carryforwards of $52,927,000 as of April 30, 2024 that expire beginning in the fiscal year ending April 30, 2038. The following table reconciles taxes computed at the U.S. federal statutory income tax rate from continuing operations to the Company’s actual tax provision (in thousands): Year Ended April 30, 2024 2023 Computed tax provision at statutory rate $ 1,811 $ 1,614 Increase (reduction) in tax resulting from: Deferred tax rate changes (63) 105 Change in valuation allowances 138 (3,297) State income taxes, net of federal income tax effect 472 (2,222) Permanent items — (13,057) Other (623) 2,708 Actual tax provision (benefit) $ 1,735 $ (14,149) The Company is subject to U.S. federal income taxes and various state and local income taxes. Tax regulations within each jurisdiction are subject to interpretation and require significant judgment to apply. Federal tax returns prior to the fiscal year ended April 30, 2018 are no longer subject to examination due to the expiration of the statute of limitations. State tax returns prior to the fiscal year ended April 30, 2021 are no longer subject to examination due to the expiration of the applicable statutes of limitations. ASC 740 clarifies the accounting for uncertain tax positions, prescribing a minimum recognition threshold a tax position is required to meet before being recognized and providing guidance on the derecognition, measurement, classification and disclosure relating to income taxes. The Company has no unrecognized tax benefits for 2024 and 2023. The Company has elected to include interest and penalties in its income tax expense. The Company had no accrued interest or penalties as of April 30, 2024 and 2023.

LEASE COMMITMENTS

LEASE COMMITMENTS	12 Months Ended
LEASE COMMITMENTS	Apr. 30, 2024
LEASE COMMITMENTS
LEASE COMMITMENTS	(14) LEASE COMMITMENTS The Company leases an office and office equipment in Pennsylvania and office equipment in New Mexico. The leases are generally non-cancelable operating leases with an initial term of two Remaining operating lease payments for these leases subsequent to April 30, 2024 are $27,000 in fiscal year 2025, $29,000 in fiscal year 2026 and $9,000 in fiscal year 2027. Remaining operating lease payments had imputed interest resulting in a present value of these lease liabilities of $61,000. For 2024, the weighted average remaining lease term and weighted average discount rate of the Company’s operating leases were 2.34 years and 5.50%. For 2023, the weighted average remaining lease term and weighted average discount rate of the Company’s operating leases were 3.34 years and 5.50%. The lease contracts for the Company generally do not provide a readily determinable implicit rate. For these contracts, the Company estimated the incremental borrowing rate based on information available upon the adoption of ASU 2016-02. The Company applied a consistent method in periods after the adoption of ASU 2016-02 to estimate the incremental borrowing rate.

INFORMATION ABOUT THE COMPANY'S

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	12 Months Ended
	Apr. 30, 2024
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS	(15) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS The following table sets forth summarized data relative to the industry segments in which the Company operated for the periods indicated (in thousands): Land Development Homebuilding Corporate Consolidated 2024(a) Revenues $ 36,721 $ 14,648 $ — $ 51,369 Net income (loss) $ 6,778 $ 2,886 $ (2,974) $ 6,690 Capital expenditures $ 312 $ 145 $ — $ 457 Total assets as of April 30, 2024 $ 97,408 $ 13,304 $ 12,118 $ 122,830 2023(a) Revenues $ 34,404 $ 14,272 $ — $ 48,676 Net income (loss) $ 13,331 $ 3,348 $ 5,111 $ 21,790 Capital expenditures $ 118 $ 13 $ — $ 131 Total assets as of April 30, 2023 $ 95,457 $ 6,105 $ 14,333 $ 115,895 (a) Revenue information provided for each segment may include amounts classified as other revenues in the accompanying consolidated statements of operations. Corporate is net of intercompany eliminations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,690	$ 21,790

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Apr. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies)	12 Months Ended
	Apr. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
Organization and principles of consolidation	Organization and principles of consolidation The consolidated financial statements include the accounts of AMREP Corporation, an Oklahoma corporation, and its subsidiaries (collectively, the “Company”). The Company is primarily engaged in two business segments: land development and homebuilding. The Company has no foreign sales. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated balance sheets are presented in an unclassified format since the Company has substantial operations in the real estate industry and its operating cycle is greater than one year.
Fiscal year	Fiscal year The Company’s fiscal year ends on April 30. All references to 2024 and 2023 mean the fiscal years ended April 30, 2024 and 2023, unless the context otherwise indicates.
Revenue recognition	Revenue recognition The Company accounts for land sale revenues, home sale revenues and other revenues in accordance with Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) Land sale revenues Land sale cost of revenues, net includes all direct acquisition costs and other costs specifically identified with the property, including pre-acquisition costs and capitalized real estate taxes and interest, and an allocation of certain common development costs associated with the entire project. Common development costs include the installation of utilities and roads, and may be based upon estimates of cost to complete. The allocation of costs is based on the estimated relative sales values of the individual parcels of land being sold to the total expected sales value for the unsold parcels of land in the applicable portion of the subdivision. Estimates and cost allocations are reviewed on a regular basis until a project is substantially completed, and are revised and reallocated as necessary on the basis of current estimates. Amounts received from public improvement districts, private infrastructure covenants and payments for impact fee credits reduce the amount of land sale cost of revenues. Home sale revenues Forfeited customer deposits for homes are recognized in home sale revenues in the period in which the Company determines that the customer will not complete the purchase of the home and the Company has the right to retain the deposit. In order to promote sales of homes, the Company may offer sales incentives to homebuyers. These incentives vary by type and amount on a community-by-community and home-by-home basis. Incentives are reflected as a reduction in home sale revenues. Home construction and related costs are capitalized as incurred within real estate inventory under the specific identification method on the balance sheet and are charged to home sale cost of revenues on the consolidated statement of operations when the related home is sold. The Company offers homeowners a comprehensive third-party warranty on each home. Homes are generally covered by a ten-year warranty for qualified and defined structural defects, one year for defects and products used and two years for electrical, plumbing, heating, ventilation and air conditioning parts and labor. Estimates of the Company’s exposure to warranty claims are included within accrued expenses at the time home sale revenues are recognized. Other revenues Revenues from sale of investment assets (that were not otherwise classified as land sale revenues) are recognized when the parties are bound by the terms of a contract, consideration has been exchanged, title and other attributes of ownership have been conveyed to the buyer by means of a closing and the Company is not obligated to perform further significant development of the specific property sold. In general, the Company’s performance obligation for a sale of investment assets is fulfilled upon the delivery of the property, which generally coincides with the receipt of cash consideration from the counterparty. Other cost of revenues includes all direct acquisition costs and other costs specifically identified with the property, including pre-acquisition and acquisition costs, if applicable, closing and selling costs and construction costs. Oil and gas royalties are recognized at the time of receipt of cash by the Company as such amounts are unknown with any degree of certainty prior to receipt. Landscaping revenues consist of landscaping services provided by the Company primarily to homebuilders. Miscellaneous other revenues primarily include extension fees for purchase contracts, forfeited deposits from land sale contracts and rental payments and additional rent from tenants pursuant to leases with respect to property or buildings of the Company. Base rental payments are recognized as revenue monthly over the term of the lease. Additional rent related to the reimbursement of real estate taxes, insurance, repairs, maintenance and other operating expenses is recognized as revenue in the period the expenses are incurred.
Cash, cash equivalents and restricted cash	Cash, cash equivalents and restricted cash Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value because of changes in interest rates. A debt security is classified as a cash equivalent if it meets these criteria and has an original maturity of ninety days or less when purchased. Restricted cash consists of cash deposits with the Company’s 401(k) retirement plan representing the amount of residual assets (after satisfying any pension plan liabilities) following termination of the defined benefit pension plan. Interest payments on cash, cash equivalents and restricted cash are recorded as income on the statement of operations.
Short-Term Investments	Short-Term Investments Short-term investments are held-to-maturity debt investments that have original maturities of greater than ninety days when purchased and remaining maturities of less than one year. Held-to-maturity debt investments are debt investments, such as certificates of deposit and U.S. government securities, that the Company has the positive intent and ability to hold to maturity. Held-to-maturity debt investments are recorded at their original purchase amount (and are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable) with interest payments recorded as income on the statement of operations.
Long-lived assets	Long-lived assets Long-lived assets consist of real estate inventory and investment assets and are accounted for in accordance with Accounting Standards Codification (“ASC”) 360-10. A substantial majority of the Company's real estate assets are located in Rio Rancho, New Mexico ("Rio Rancho") and certain adjoining areas of Sandoval County, New Mexico. As a result of this geographic concentration, the Company has been and will be affected by changes in economic conditions in that region.
Real estate inventory	Real estate inventory : Real estate inventory includes land and improvements on land held for development or sale. The cost basis of the land and improvements includes all direct acquisition costs including development costs, certain amenities, capitalized interest, capitalized real estate taxes and other costs. Interest and real estate taxes are not capitalized unless active development is underway. Real estate inventory is stated at accumulated cost.
Investment assets, net	Investment assets, net : Investment assets, net consist of (i) land held for long-term investment, which represents property located in areas that are not planned to be developed in the near term and that has not been offered for sale in the normal course of business, and (ii) owned real estate leased or intended to be leased, which represents homes and buildings leased or intended to be leased to third parties. Investment assets are stated at the lower of cost or net realizable value. Depreciation of investment assets (other than land) is provided principally by the straight-line method at various rates calculated to amortize the book values of the respective assets over their estimated useful lives, which generally are 10 to 40 years for buildings and improvements. Land is not subject to depreciation.
Impairment of long-lived assets	Impairment of long-lived assets : Long-lived assets are evaluated and tested for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Asset impairment tests are based upon the intended use of assets, expected future cash flows and estimates of fair value of assets. The evaluation of long-lived assets includes an estimate of future cash flows on an undiscounted basis using estimated revenue streams, operating margins and general and administrative expenses. The estimation process involved in determining if assets have been impaired and in the determination of estimated future cash flows is inherently uncertain because it requires estimates of future revenues and costs, as well as future events and conditions. If the excess of undiscounted cash flows over the carrying value of a project is small, there is a greater risk of future impairment and any resulting impairment charges could be material. Due to the subjective nature of the estimates and assumptions used in determining future cash flows, actual results could differ materially from current estimates and the Company may be required to recognize impairment charges in the future.
Leases	Leases Right-of-use assets and lease liabilities are recorded on the balance sheet for all leases with an initial term over one year. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Right-of-use assets are classified within other assets and the corresponding lease liability is included in accounts payable and accrued expenses in the balance sheet.
Share-based compensation	Share-based compensation Awards of restricted stock, stock options and deferred stock units are accounted for in accordance with ASC 718-10, which requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). Compensation expense for awards of restricted stock, stock options and deferred stock units are based on the fair value of the awards at their grant dates. The grant-date fair value of restricted stock is the price of the stock on the date of grant. The grant-date fair value of deferred stock units is the price of the underlying stock on the date of grant. To estimate the grant-date fair value of stock options, the Company uses the Black-Scholes option-pricing model. The Black-Scholes model estimates the per share fair value of an option on its date of grant based on the following: the option’s exercise price; the price of the underlying stock on the date of grant; the estimated dividend yield; a “risk-free” interest rate; the estimated option term; and the expected volatility. For the “risk-free” interest rate, the Company uses a U.S. Treasury bond due in a number of years equal to the option’s expected term. To estimate expected volatility, the Company analyzes the historic volatility of the Company’s common stock.
Income taxes	Income taxes Deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities, and are measured by using currently enacted tax rates expected to apply to taxable income in the years in which those differences are expected to reverse. The Company provides a valuation allowance against deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized.
Earnings per share	Earnings per share Basic earnings per share is based on the weighted average number of common shares outstanding during each year. Unvested restricted shares of common stock are not included in the computation of basic earnings per share, as they are considered contingently returnable shares. Unvested restricted shares of common stock are included in diluted earnings per share if they are dilutive. Deferred stock units are included in both basic and diluted earnings per share computations. Stock options are not included in the computation of basic earnings per share. Stock options are included in diluted earnings per share if they are not anti-dilutive and are in-the-money.
Pension plan	Pension plan The Company recognizes the over-funded or under-funded status of its defined benefit pension plan as an asset or liability as of the date of the plan’s year-end statement of financial position and recognizes changes in that funded status in the year in which the changes occur through comprehensive income.
Comprehensive income	Comprehensive income Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Total comprehensive income is the total of net income or loss and other comprehensive income or loss that, for the Company, consists of the minimum pension liability net of the related deferred income tax effect.
Management's estimates and assumptions	Management’s estimates and assumptions The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant judgments and estimates that affect the financial statements include, but are not limited to, (i) land sale cost of revenues, net calculations, which are based on land development budgets and estimates of costs to complete; (ii) cash flows, asset groupings and valuation assumptions in performing asset impairment tests of long-lived assets and assets held for sale; (iii) risk assessment of uncertain tax positions; and (iv) the determination of the recoverability of net deferred tax assets. The Company bases its significant estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances. Actual results could differ from these estimates.
Recent accounting pronouncements	Recent accounting pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting, which provides for enhanced disclosures about significant segment expenses. ASU 2023-07 will be effective for the Company’s fiscal year beginning May 1, 2024. The adoption of ASU 2023-07 by the Company is not expected to have a material effect on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes, which provides for enhanced transparency and decision usefulness of income tax disclosures. ASU 2023-09 will be effective for the Company’s fiscal year beginning May 1, 2025. The adoption of ASU 2023-09 by the Company is not expected to have a material effect on its consolidated financial statements. Other than as described above, there are no new accounting standards or updates to be adopted that the Company currently believes might have a significant impact on its consolidated financial statements.

REAL ESTATE INVENTORY (Tables)

REAL ESTATE INVENTORY (Tables)	12 Months Ended
REAL ESTATE INVENTORY (Tables)	Apr. 30, 2024
REAL ESTATE INVENTORY
Schedule of components of real estate inventory	Real estate inventory consists of (in thousands): April 30, 2024 2023 Land inventory in New Mexico $ 57,527 $ 59,361 Land inventory in Colorado — 3,445 Homebuilding model and completed inventory 4,138 1,171 Homebuilding construction in process 4,318 1,648 Total $ 65,983 $ 65,625

INVESTMENT ASSETS, NET (Tables)

INVESTMENT ASSETS, NET (Tables)	12 Months Ended
INVESTMENT ASSETS, NET (Tables)	Apr. 30, 2024
INVESTMENT ASSETS, NET
Schedule of investment assets net	Investment assets, net consist of (in thousands): April 30, 2024 2023 Land held for long-term investment $ 9,200 $ 8,961 Owned real estate leased or intended to be leased 3,449 4,802 Less accumulated depreciation (98) (16) Owned real estate leased or intended to be leased, net 3,351 4,786 Total $ 12,551 $ 13,747

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
OTHER ASSETS (Tables)	Apr. 30, 2024
OTHER ASSETS.
Schedule of other assets	Other assets consist of (in thousands): April 30, 2024 2023 Prepaid expenses $ 942 $ 1,536 Miscellaneous assets 307 362 Property 1,532 1,251 Equipment 542 366 Less accumulated depreciation of property and equipment (333) (266) Property and equipment, net 1,741 1,351 Total $ 2,990 $ 3,249

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	Apr. 30, 2024
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of (in thousands): April 30, 2024 2023 Land development and homebuilding operations Accrued expenses $ 901 $ 1,028 Trade payables 2,091 1,870 Customer deposits 1,240 1,319 4,232 4,217 Corporate operations 513 634 Total $ 4,745 $ 4,851

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
NOTES PAYABLE (Tables)	Apr. 30, 2024
NOTES PAYABLE
Summary of Company's notes payable	The following tables present information on the Company’s notes payable in effect as of April 30, 2024 (dollars in thousands): Principal Amount Available Outstanding for New Borrowings Principal Amount April 30, April 30, Loan Identifier Lender 2024 2024 2023 Revolving Line of Credit BOKF $ 5,328 $ — $ — Equipment Financing DC — 35 44 Total $ 5,328 $ 35 $ 44 April 30, 2024 Mortgaged Property Loan Identifier Interest Rate Book Value Scheduled Maturity Revolving Line of Credit 8.47 % $ 1,721 August 2025 Equipment Financing 2.35 % 35 June 2028 Principal Repayments Capitalized Interest and Fees Year ended April 30, Year ended April 30, Loan Identifier 2024 2023 2024 2023 Revolving Line of Credit $ — $ — $ — $ — Equipment Financing 9 7 — — Total $ 9 $ 7 $ — $ — The following table presents information on the Company’s notes payable in effect during 2024 or 2023 and terminated prior to April 30, 2024 (in thousands): Outstanding Principal Original Maximum Amount Available Principal April 30, Loan Identifier Lender Amount 2024 2023 La Mirada BOKF $ 7,375 $ — $ —
Schedule of notes payable scheduled principal repayments	The following table summarizes the notes payable scheduled principal repayments subsequent to April 30, 2024 (in thousands): Fiscal Year Scheduled Payments 2025 $ 8 2026 8 2027 9 2028 8 Thereafter 2 Total $ 35

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
REVENUES (Tables)	Apr. 30, 2024
REVENUES
Schedule of other revenues	Year Ended April 30, 2024 2023 Sale of investment assets $ 5,701 $ — Oil and gas royalties — 146 Landscaping revenues 1,186 585 Miscellaneous other revenues 470 580 Total $ 7,357 $ 1,311

COST OF REVENUES (Tables)

COST OF REVENUES (Tables)	12 Months Ended
COST OF REVENUES (Tables)	Apr. 30, 2024
COST OF REVENUES
Schedule of cost of revenues	Land sale cost of revenues, net consist of (in thousands): Year Ended April 30, 2024 2023 Land sale cost of revenues $ 20,415 $ 22,477 Less: Public improvement district reimbursements (681) (759) Private infrastructure covenant reimbursements (544) (626) Payments for impact fee credits (1,966) (3,713) Land sale cost of revenues, net $ 17,224 $ 17,379

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	Apr. 30, 2024
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of components of general and administrative expenses	General and administrative expenses consist of (in thousands): Year Ended April 30, 2024 2023 Land development $ 3,677 $ 2,843 Homebuilding 1,214 1,016 Corporate 1,979 1,613 Total $ 6,871 $ 5,472 Pension settlement $ — $ 7,597

BENEFIT PLANS (Tables)

BENEFIT PLANS (Tables)	12 Months Ended
BENEFIT PLANS (Tables)	Apr. 30, 2024
BENEFIT PLANS
Schedule of net periodic pension cost	Net periodic pension cost for 2024 and 2023 was comprised of the following components (in thousands): Year Ended April 30, 2024 2023 Interest cost on projected benefit obligation $ 6 $ 603 Expected return on assets (69) (1,123) Plan expenses 152 106 Recognized net actuarial loss 2 372 Net periodic pension cost $ (91) $ (42) Settlement and related expenses 247 7,597 Net periodic pension cost after settlement 338 7,555
Schedule of assumptions used in determining net periodic pension cost and the pension benefit	Year Ended April 30, 2024 2023 Discount rate used to determine net periodic pension cost 4.51 % 3.97 % Discount rate used to determine pension benefit obligation N/A N/A Expected long-term rate of return on assets used for pension cost on assets 7.75 % 7.75 %
Schedule of pension plan's benefit obligation and assets	April 30, 2024 2023 Change in benefit obligation: Benefit obligation at beginning of year $ 283 $ 17,964 Service cost 152 106 Interest cost 6 603 Actuarial gain (126) (1,667) Benefits paid (315) (1,366) Settlement — (15,357) Benefit obligation at end of year $ — $ 283 Change in plan assets: Fair value of plan assets at beginning of year $ 1,030 $ 18,054 Actual return on plan assets (8) (103) Plan transfer (547) — Benefits paid (315) (1,366) Plan expenses (160) (198) Settlement — (15,357) Fair value of plan assets at end of year $ — $ 1,030 Overfunded status $ — $ 747
Schedule of accumulated other comprehensive income (loss), which have not yet been recognized as a component of net periodic pension costs	The following table summarizes the amounts recorded in accumulated other comprehensive income (loss), which have not yet been recognized as a component of net periodic pension costs (in thousands): Year Ended April 30, 2024 2023 Pretax accumulated comprehensive income (loss) $ — $ 138
Schedule of changes in accumulated other comprehensive income (loss) related to the pension plan	The following table summarizes the changes in accumulated other comprehensive income (loss) related to the pension plan for the years ended April 30, 2024 and 2023 (in thousands): Pension Benefits Pretax Net of Tax Accumulated comprehensive loss, May 1, 2022 $ 8,350 $ 4,573 Net actuarial gain (372) (302) Amortization of net loss (243) (198) Settlement (7,597) (5,243) Accumulated comprehensive loss, April 30, 2023 $ 138 $ (1,170) Net actuarial loss (2) — Amortization of net loss 111 78 Settlement and related expenses (247) (138) Accumulated comprehensive income (loss), April 30, 2024 $ — $ (1,230)
Schedule of restricted share award activity	Weighted Average Number of Grant Date Fair Value Restricted share awards Shares Per Share Non-vested as of May 1, 2022 21,500 8.98 Granted during 2023 14,600 11.17 Vested during 2023 (9,833) 8.09 Forfeited during 2023 — — Non-vested as of April 30, 2023 26,267 10.53 Granted during 2024 16,400 19.23 Vested during 2024 (12,199) 9.68 Forfeited during 2024 — — Non-vested as of April 30, 2024 30,468 15.55

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Apr. 30, 2024
INCOME TAXES
Schedule of components of income tax expense (benefit)	The provision (benefit) for income taxes consists of the following (in thousands): Year Ended April 30, 2024 2023 Current: Federal $ 249 $ — State and local 75 35 324 35 Deferred: Federal 1,181 (10,555) State and local 230 (3,629) 1,411 (14,184) Total provision (benefit) for income taxes $ 1,735 $ (14,149)
Schedule of components of the net deferred income taxes	The components of the net deferred income taxes are as follows (in thousands): April 30, 2024 2023 Deferred income tax assets: State tax loss carryforwards $ 2,748 $ 2,921 U.S. federal NOL carryforward 8,891 10,010 Accrued pension costs — — Vacation accrual 27 9 Real estate basis differences 2,444 3,233 Other 390 284 Total deferred income tax assets 14,500 16,457 Deferred income tax liabilities: Depreciable assets (50) (19) Deferred gains on investment assets (2,377) (2,474) Prepaid pension costs — (576) Other (46) (43) Total deferred income tax liabilities (2,473) (3,112) Valuation allowance for realization of certain deferred income tax assets (989) (852) Net deferred income tax asset $ 11,038 $ 12,493
Schedule of effective income tax rate reconciliation	The following table reconciles taxes computed at the U.S. federal statutory income tax rate from continuing operations to the Company’s actual tax provision (in thousands): Year Ended April 30, 2024 2023 Computed tax provision at statutory rate $ 1,811 $ 1,614 Increase (reduction) in tax resulting from: Deferred tax rate changes (63) 105 Change in valuation allowances 138 (3,297) State income taxes, net of federal income tax effect 472 (2,222) Permanent items — (13,057) Other (623) 2,708 Actual tax provision (benefit) $ 1,735 $ (14,149)

INFORMATION ABOUT THE COMPANY_2

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables)	12 Months Ended
	Apr. 30, 2024
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
Schedule of data relative to the industry segments in which the Company operated	The following table sets forth summarized data relative to the industry segments in which the Company operated for the periods indicated (in thousands): Land Development Homebuilding Corporate Consolidated 2024(a) Revenues $ 36,721 $ 14,648 $ — $ 51,369 Net income (loss) $ 6,778 $ 2,886 $ (2,974) $ 6,690 Capital expenditures $ 312 $ 145 $ — $ 457 Total assets as of April 30, 2024 $ 97,408 $ 13,304 $ 12,118 $ 122,830 2023(a) Revenues $ 34,404 $ 14,272 $ — $ 48,676 Net income (loss) $ 13,331 $ 3,348 $ 5,111 $ 21,790 Capital expenditures $ 118 $ 13 $ — $ 131 Total assets as of April 30, 2023 $ 95,457 $ 6,105 $ 14,333 $ 115,895 (a) Revenue information provided for each segment may include amounts classified as other revenues in the accompanying consolidated statements of operations. Corporate is net of intercompany eliminations.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details) $ in Thousands	12 Months Ended
	Apr. 30, 2024 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
Restricted cash	$ 547
Lease expected term (in years)	1 year
Building Improvements \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
Useful Life	10 years
Building Improvements \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
Useful Life	40 years

REAL ESTATE INVENTORY (Details)

REAL ESTATE INVENTORY (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
REAL ESTATE INVENTORY
Homebuilding model and completed inventory	$ 4,138	$ 1,171
Homebuilding construction in process	4,318	1,648
Total	65,983	65,625
New Mexico
REAL ESTATE INVENTORY
Land inventory	$ 57,527	59,361
Colorado
REAL ESTATE INVENTORY
Land inventory		$ 3,445

REAL ESTATE INVENTORY - Additio

REAL ESTATE INVENTORY - Additional Information (Details) - USD ($)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
REAL ESTATE INVENTORY
Interest and loan costs	$ 2,000	$ 57,000
Real estate taxes capitalized in real estate inventory	$ 74,000	$ 79,000

INVESTMENT ASSETS, NET (Details

INVESTMENT ASSETS, NET (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
INVESTMENT ASSETS, NET
Land held for long-term investment	$ 9,200	$ 8,961
Owned real estate leased or intended to be leased	3,449	4,802
Less accumulated depreciation	(98)	(16)
Owned real estate leased or intended to be leased, net	3,351	4,786
Total	$ 12,551	$ 13,747

INVESTMENT ASSETS, NET - Additi

INVESTMENT ASSETS, NET - Additional Information (Details)	12 Months Ended
INVESTMENT ASSETS, NET - Additional Information (Details)	Apr. 30, 2024 USD ($) item	Apr. 30, 2023 USD ($) item
INVESTMENT ASSETS, NET
Number of homes are leased to residential tenants	10	8
Number of buildings under construction have been leased to commercial tenants		2
Depreciation associated with owned real estate leased or intended to be leased \| $	$ 82,000	$ 16,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
OTHER ASSETS
Prepaid expenses	$ 942	$ 1,536
Miscellaneous assets	307	362
Less accumulated depreciation of property and equipment	(333)	(266)
Property and equipment, net	1,741	1,351
Total	2,990	3,249
Property
OTHER ASSETS
Property and equipment, gross	1,532	1,251
Equipment
OTHER ASSETS
Property and equipment, gross	$ 542	$ 366

OTHER ASSETS - Additional Infor

OTHER ASSETS - Additional Information (Details) - USD ($)	12 Months Ended
OTHER ASSETS - Additional Information (Details) - USD ($)	Apr. 30, 2024	Apr. 30, 2023
Property and equipment \| Right of use assets
OTHER ASSETS
Amortization of leased cost	$ 26,000	$ 25,000
Right of use assets
OTHER ASSETS
Depreciation expense associated with property and equipment	$ 67,000	$ 46,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Total	$ 4,745	$ 4,851
Land development and homebuilding operations
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accrued expenses	901	1,028
Trade payables	2,091	1,870
Customer deposits	1,240	1,319
Total	4,232	4,217
Corporate operations
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Total	$ 513	$ 634

NOTES PAYABLE - Company's Notes

NOTES PAYABLE - Company's Notes Payable (Details) - USD ($)	12 Months Ended
NOTES PAYABLE - Company's Notes Payable (Details) - USD ($)	Apr. 30, 2024	Apr. 30, 2023
NOTES PAYABLE
Principal Amount Available for New Borrowings	$ 5,328,000
Outstanding Principal Amount	35,000	$ 44,000
Principal Repayments	9,000	7,000
Revolving Line of Credit
NOTES PAYABLE
Principal Amount Available for New Borrowings	5,328,000
Outstanding Principal Amount	$ 0	0
Interest Rate	8.47%
Mortgaged Property Book Value	$ 1,721,000
Principal amount	172,000
Principal repayments	250,000
La Mirada
NOTES PAYABLE
Principal Amount Available for New Borrowings	7,375,000
Equipment Financing
NOTES PAYABLE
Outstanding Principal Amount	$ 35,000	44,000
Interest Rate	2.35%
Mortgaged Property Book Value	$ 35,000
Principal Repayments	$ 9,000	$ 7,000

NOTES PAYABLE - Minimum princip

NOTES PAYABLE - Minimum principal repayments (Details) $ in Thousands	Apr. 30, 2024 USD ($)
NOTES PAYABLE
2025	$ 8
2026	8
2027	9
2028	8
Thereafter	2
Total	$ 35

NOTES PAYABLE - Additional info

NOTES PAYABLE - Additional information (Details)	12 Months Ended
NOTES PAYABLE - Additional information (Details)	Apr. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)	Jun. 30, 2021 a	Feb. 28, 2021 USD ($) a
NOTES PAYABLE
Long-term Line of Credit	$ 35,000	$ 44,000
Line of Credit Facility, Maximum Borrowing Capacity	5,328,000
Revolving Line of Credit
NOTES PAYABLE
Principal amount	172,000
Principal repayments	250,000
Long-term Line of Credit	0	$ 0
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,328,000
Revolving Line of Credit \| Loan Agreement
NOTES PAYABLE
Principal amount				$ 5,750,000
Number of acres \| a				298
Maximum amount for use with credit card				$ 250,000
Interest rate period	1 month
Line of credit facility, interest rate during period	3.15%
Unrestricted cash and cash equivalents	$ 3,000,000
Minimum Net Worth Required for Compliance	32,000,000
La Mirada
NOTES PAYABLE
Number of acres \| a			15
Line of Credit Facility, Maximum Borrowing Capacity	7,375,000
Nonrevolving Line Of Credit
NOTES PAYABLE
Long-term Line of Credit	$ 50,000

REVENUES - Other revenues (Deta

REVENUES - Other revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Other revenues
Sale of investment assets	$ 5,701
Oil and gas royalties		$ 146
Landscaping revenues	1,186	585
Miscellaneous other revenues	470	580
Total	$ 7,357	$ 1,311

REVENUES - Additional Informati

REVENUES - Additional Information (Details)	12 Months Ended
REVENUES - Additional Information (Details)	Apr. 30, 2024 USD ($) customer	Apr. 30, 2023 USD ($) a customer
REVENUES
Number of customers \| customer	2	3
Customer outstanding receivables	$ 0	$ 0
Revenues	51,369,000	48,676,000
Customer A
REVENUES
Revenues	11,554,000	7,763,000
Customer B
REVENUES
Revenues	$ 7,200,000	6,810,000
Customer C
REVENUES
Revenues		$ 6,182,000
Minerals and mineral rights
REVENUES
Area of Land \| a		147
Land sale revenue
REVENUES
Number of customers \| customer	4	4
New Mexico \| Minerals and mineral rights
REVENUES
Area of Land \| a		55,000

COST OF REVENUES - Land sale co

COST OF REVENUES - Land sale cost of revenues, net (Details) - Land sale - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
COST OF REVENUES
Land sale cost of revenues	$ 20,415	$ 22,477
Less:
Public improvement district reimbursements	(681)	(759)
Private infrastructure covenant reimbursements	(544)	(626)
Payments for impact fee credits	(1,966)	(3,713)
Land sale cost of revenues, net	$ 17,224	$ 17,379

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses Operations	$ 6,871	$ 5,472
Land development
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses Operations	3,677	2,843
Homebuilding
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses Operations	1,214	1,016
Corporate operations
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses Operations	$ 1,979	1,613
Pension settlement
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses Operations		$ 7,597

BENEFIT PLANS - Net periodic pe

BENEFIT PLANS - Net periodic pension cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
BENEFIT PLANS
Interest cost on projected benefit obligation	$ 6	$ 603
Expected return on assets	(69)	(1,123)
Plan expenses	152	106
Recognized net actuarial loss	2	372
Net periodic pension cost	(91)	(42)
Settlement and related expenses	247	7,597
Net periodic pension cost after settlement	$ 338	$ 7,555

BENEFIT PLANS - Assumptions use

BENEFIT PLANS - Assumptions used in determining net periodic pension cost (Details)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
BENEFIT PLANS
Discount rate used to determine net periodic pension cost	4.51%	3.97%
Expected long-term rate of return on assets used for pension cost on assets	7.75%	7.75%

BENEFIT PLANS - Changes in the

BENEFIT PLANS - Changes in the pension plan's benefit obligation and assets (Details) - USD ($)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
BENEFIT PLANS
Benefit obligation at beginning of year	$ 283,000	$ 17,964,000
Service cost	152,000	106,000
Interest cost	6,000	603,000
Actuarial gain	(126,000)	(1,667,000)
Benefits paid	(315,000)	(1,366,000)
Settlement		(15,357,000)
Benefit obligation at end of year		283,000
Change in plan assets:
Fair value of plan assets at beginning of year	1,030,000	18,054,000
Actual return on plan assets	(8,000)	(103,000)
Plan transfer	(547,000)	0
Benefits paid	(315,000)	(1,366,000)
Plan expenses	(160,000)	(198,000)
Settlement		(15,357,000)
Fair value of plan assets at end of year	$ 747,000	1,030,000
Overfunded status		$ 747,000

BENEFIT PLANS - Not yet recogni

BENEFIT PLANS - Not yet recognized components of net periodic pension cost (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Apr. 30, 2022
BENEFIT PLANS
Pretax accumulated comprehensive income (loss)	$ 138	$ 8,350

BENEFIT PLANS - Changes in accu

BENEFIT PLANS - Changes in accumulated other comprehensive income (loss) related to the pension plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
BENEFIT PLANS
Accumulated comprehensive income (loss), Pretax		$ (138)
Net actuarial gain	$ (2)	(372)
Amortization of net loss	111	(243)
Settlement	$ (247)	$ (7,597)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Costs and Expenses	Costs and Expenses
Accumulated comprehensive loss, Pretax		$ 138
Accumulated comprehensive loss, Net of Tax	$ (1,170)	4,573
Net actuarial loss (gain)		(302)
Settlement	(138)	(5,243)
Amortization of net loss	78	(198)
Accumulated comprehensive loss, Net of Tax	$ (1,230)	$ (1,170)

BENEFIT PLANS - Maximum number

BENEFIT PLANS - Maximum number of shares issued to employees that could be vested (Details) - $ / shares	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
BENEFIT PLANS
Number of Shares - Non-vested	26,267	21,500
Number of Shares - Granted	16,400	14,600
Number of Shares - Vested	(12,199)	(9,833)
Number of Shares - Forfeited	0	0
Number of Shares - Non-vested	30,468	26,267
Weighted Average Grant Date Fair Value Non-vested	$ 10.53	$ 8.98
Weighted Average Grant Date Fair Value Granted	19.23	11.17
Weighted Average Grant Date Fair Value Vested	9.68	8.09
Weighted Average Grant Date Fair Value Forfeited	0	0
Weighted Average Grant Date Fair Value Non-vested	$ 15.55	$ 10.53

BENEFIT PLANS - Additional info

BENEFIT PLANS - Additional information (Details) - USD ($)	1 Months Ended			12 Months Ended
BENEFIT PLANS - Additional information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2021	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
BENEFIT PLANS
Defined benefit plan, fair value of plan assets				$ 747,000	$ 1,030,000	$ 18,054,000
Defined benefit plan, benefit obligation					283,000	$ 17,964,000
Stock-based compensation				$ 317,000	$ 238,000
Weighted-average remaining vesting period				3 years
Stock option issued during the year				16,400	14,600
Percentage of options exercisable			100%
Accrued compensation expense related to the deferred stock units				$ 30,000	$ 30,000
Asset allocation for the pension plan by asset category			100%
Threshold period after ceases from employment on account of disability for automatic termination of options			1 year
Threshold period after ceases from employment on account of death for automatic termination of options			1 year
Term of options from the date of grant			10 years
Threshold period after ceases from employment for automatic termination of options			3 months
Settlement and related expenses					7,597,000
Actuarial gain				126,000	1,667,000
Other comprehensive income				60,000	5,743,000
Employer contribution				10,000
Fair value of options			$ 252,000
Expected volatility			38.04%
Average risk-free interest rate			1.46%
Dividend yield			0%
Expected life			7 years 6 months
Pbgc
BENEFIT PLANS
Lump sum payouts of pension benefits to former employees				0	0
Settlement and related expenses					7,597,000
Pension plan
BENEFIT PLANS
Amount of residual assets				547,000
Accrued pension costs					747,000
Simple internal revenue code retirement plan
BENEFIT PLANS
Company contributions				$ 88,000	74,000
Defined contribution plan, maximum contribution percentage				3%
Board of Directors Chairman
BENEFIT PLANS
Director compensation non-cash expense				$ 90,000	$ 90,000
Shares Issued, Price Per Share	$ 21.97
Weighted average
BENEFIT PLANS
Discount rate					3.97%
Equity plan
BENEFIT PLANS
Stock-based compensation				237,000	$ 144,000
Unrecognized compensation expense related to restricted shares				$ 183,000
Equity plan \| President and Chief executive officer
BENEFIT PLANS
Stock option issued during the year			50,000
Exercise price			$ 14.24
2016 Equity Plan
BENEFIT PLANS
Vested				500,000
Number of common stock issued under the equity plan				125,361
Shares reserved for issuance				114,361
Non-vested				260,278
2016 Equity Plan \| Board of Directors Chairman
BENEFIT PLANS
Non cash compensation expense				$ 50,000	$ 51,000
Non Cash Director Compensation	$ 30,000	$ 30,000
Shares Issued, Price Per Share		$ 11.55
Issuance of restricted common stock (in shares)	4,095	7,791

OTHER INCOME (Details)

OTHER INCOME (Details)	12 Months Ended
OTHER INCOME (Details)	Apr. 30, 2024 USD ($) a	Apr. 30, 2023 USD ($)
Other income	$ 0	$ 1,803,000
Minerals and mineral rights
Other operating income	$ 1,803,000
Surface acres of land held \| a	147

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Current:
Federal	$ 249
State and local	75	$ 35
Total Current	324	35
Deferred:
Federal	1,181	(10,555)
State and local	230	(3,629)
Deferred Income Tax Expense (Benefit), Total	1,411	(14,184)
Total provision (benefit) for income taxes	$ 1,735	$ (14,149)

INCOME TAXES - Components of th

INCOME TAXES - Components of the net deferred income taxes (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Deferred income tax assets:
State tax loss carryforwards	$ 2,748	$ 2,921
U.S. federal NOL carryforward	8,891	10,010
Accrued pension costs	0	0
Vacation accrual	27	9
Real estate basis differences	2,444	3,233
Other	390	284
Total deferred income tax assets	14,500	16,457
Deferred income tax liabilities:
Depreciable assets	(50)	(19)
Deferred gains on investment assets	(2,377)	(2,474)
Prepaid pension costs	0	(576)
Other	(46)	(43)
Total deferred income tax liabilities	(2,473)	(3,112)
Valuation allowance for realization of certain deferred income tax assets	(989)	(852)
Net deferred income tax asset	$ 11,038	$ 12,493

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
INCOME TAXES
Computed tax provision at statutory rate	$ 1,811	$ 1,614
Increase (reduction) in tax resulting from:
Deferred tax rate changes	(63)	105
Change in valuation allowances	138	(3,297)
State income taxes, net of federal income tax effect	472	(2,222)
Permanent items	0	(13,057)
Other	(623)	2,708
Total provision (benefit) for income taxes	$ 1,735	$ (14,149)

INCOME TAXES - Additional infor

INCOME TAXES - Additional information (Details) - USD ($)	12 Months Ended
INCOME TAXES - Additional information (Details) - USD ($)	Apr. 30, 2024	Apr. 30, 2023
Income tax benefit for U.S. federal	$ 249,000
Income tax benefit for New Mexico state	75,000	$ 35,000
Federal net operating loss carryforwards	42,339,000
Unrecognized Tax Benefits	0	0
Operating loss carryforwards state subject to expiration current	52,927,000
Income tax examination, penalties and interest accrued	0	$ 0
Palm Coast Data Holdco, Inc
Operating tax loss	62,180,000
Income tax benefit for U.S. federal	13,058,000
Income tax benefit for New Mexico state	$ 3,013,000

LEASE COMMITMENTS (Details)

LEASE COMMITMENTS (Details) - USD ($)	12 Months Ended
LEASE COMMITMENTS (Details) - USD ($)	Apr. 30, 2024	Apr. 30, 2023
Other Commitments [Line Items]
Operating lease, right-of-use assets	$ 67,000	$ 93,000
Operating Lease, Liability, Statement of Financial Position	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other assets	Other assets
Operating Lease Liability	$ 69,000	$ 95,000
Operating Leases, Rent Expense	60,000	$ 56,000
2025	27,000
2026	29,000
2027	9,000
Present value of lease liabilities	$ 61,000
Weighted average remaining lease term of operating lease	2 years 4 months 2 days	3 years 4 months 2 days
Weighted average discount rate of operating lease	5.50%	5.50%
Minimum
Other Commitments [Line Items]
Non-cancelable operating lease term (in years)	2 years
Maximum
Other Commitments [Line Items]
Non-cancelable operating lease term (in years)	5 years

INFORMATION ABOUT THE COMPANY_3

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
Revenues	$ 51,369	$ 48,676
Net income (loss)	6,690	21,790
Capital expenditures	457	131
Total assets	122,830	115,895
Land development
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
Revenues	36,721	34,404
Net income (loss)	6,778	13,331
Capital expenditures	312	118
Total assets	97,408	95,457
Homebuilding
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
Revenues	14,648	14,272
Net income (loss)	2,886	3,348
Capital expenditures	145	13
Total assets	13,304	6,105
Corporate operations
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS
Revenues	0	0
Net income (loss)	(2,974)	5,111
Capital expenditures	0	0
Total assets	$ 12,118	$ 14,333