NOTES PAYABLE |
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| NOTES PAYABLE | (6)NOTES PAYABLE The following tables present information on the Company’s notes payable in effect as of July 31, 2026 (dollars in thousands):
There were no capitalized interest and fees for the three months ended July 31, 2026 and July 31, 2025 for the Company’s notes payable in effect as of July 31, 2026. As of July 31, 2026, the Company was in compliance with the financial covenants contained in the loan documentation for the then outstanding notes payable. Refer to Note 6 to the consolidated financial statements contained in the 2026 Form 10-K for detail about the above notes payable. As of July 31, 2026, the Company had (a) loan reserves outstanding under its Revolving Line of Credit in the aggregate principal amount of $107,000 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 loan reserves and credit card reserve are not reflected as outstanding principal in notes payable. The following table summarizes the notes payable scheduled principal repayments subsequent to July 31, 2026 (in thousands):
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