Market Risk Disclosures The Company’s Consolidated Balance Sheet includes a substantial amount of assets whose fair values are subject to market risks. The Company’s market risks are primarily associated with interest rates and equity price risk. The following sections address the significant market risks associated with the Company’s investment activities. Interest Rate Risk The Company’s strategy has been to acquire debt securities with low credit risk. Despite this strategy management recognizes and accepts the possibility that losses may occur. To limit the price fluctuation in these securities from interest rate changes, the Company’s management invests primarily in short-term obligations maturing within one year. The fair values of the Company’s fixed maturity investments will fluctuate in response to changes in market interest rates. Increases and decreases in prevailing interest rates generally translate into decreases and increases in fair values of those instruments. Additionally, fair values of interest rate sensitive instruments may be affected by prepayment options, relative values of alternative investments, and other general market conditions. Fixed income securities consist of certificates of deposits and securities issued by federal, state and local governments within the United States. As of April 30, 2026 the aggregate cost and fair value of fixed income securities classified as available-for-sale were $36,814,000 and $36,683,000, respectively. As of April 30, 2025 the aggregate cost and fair value of fixed income securities classified as available-for-sale were $22,518,000 and $22,435,000, respectively. The following table summarizes the estimated effects of hypothetical increases and decreases in interest rates on assets that are subject to interest rate risk. It is assumed that the changes occur immediately and uniformly to each category of instrument containing interest rate risks. The hypothetical changes in market interest rates do not reflect what could be deemed best or worst case scenarios. Variations in market interest rates could produce significant changes in the timing of repayments due to prepayment options available. For these reasons, actual results might differ from those reflected in the table. Fixed Income Securities Estimated Fair Value after Hypothetical Change in Interest Rate (in thousands) (bp = basis points) 1 year 1 year 1 year 1 year Fair 50 bp 50 bp 100 bp 100 bp Value increase decrease increase decrease As of April 30, 2026 Investments in securities with fixed maturities $ 36,683 $ 36,592 $ 36,895 $ 36,442 $ 37,048 As of April 30, 2025 Investments in securities with fixed maturities $ 22,435 $ 22,043 $ 22,480 $ 21,830 $ 22,702 Management regularly monitors the maturity structure of the Company’s investments in debt securities in order to maintain an acceptable price risk associated with changes in interest rates. 35 Equity Price Risk The carrying values of investments subject to equity price risks are based on quoted market prices as of the balance sheet dates. Market prices are subject to fluctuation and, consequently, the amount realized in the subsequent sale of an investment may significantly differ from the reported market value. Fluctuation in the market price of a security may result from perceived changes in the underlying economic characteristics of the issuer, the relative price of alternative investments and general market conditions. Furthermore, amounts realized in the sale of a particular security may be affected by the relative quantity of the security being sold. The Company’s equity investment strategy has been to acquire equity securities across a diversity of industry groups. The portfolio consists of ETFs held for dividend yield that attempt to replicate the performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions. In order to maintain liquidity in these securities, the Company’s policy has been to invest in and hold in its portfolio, no more than 5% of the approximate average daily trading volume in any one issue. As of April 30, 2026 and April 30, 2025, the aggregate cost of the equity securities, which consist of investments in the SPDR Series Trust S&P Dividend ETF (SDY), First Trust Value Line Dividend Index ETF (FVD), ProShares Trust S&P 500 Dividend Aristocrats ETF (NOBL), IShares DJ Select Dividend ETF (DVY), iShares Preferred and Income Securities ETF (PFF) and other Exchange Traded Funds and common stock equity securities was a combined total $17,142,000 and $15,513,000, respectively, and the fair value was $25,603,000 and $20,879,000, respectively. Hypothetical Percentage Equity Securities Estimated Fair Value after Increase (Decrease) in ($ in thousands) Fair Value Hypothetical Price Change Hypothetical Change in Prices Shareholders’ Equity As of April 30, 2026 Equity Securities and ETFs held for dividend yield $ 25,603 30% increase $ 33,284 5.62 % 30% decrease $ 17,922 -5.62 % Hypothetical Percentage Equity Securities Estimated Fair Value after Increase (Decrease) in ($ in thousands) Fair Value Hypothetical Price Change Hypothetical Change in Prices Shareholders’ Equity As of April 30, 2025 Equity Securities and ETFs held for dividend yield $ 20,879 30% increase $ 27,143 4.96 % 30% decrease $ 14,615 -4.96 % 36