And we may or may not have some capacity within that to pay some of those reimbursables as well. In addition to the bonding of that and one of the nice things that we have with Sky Ranch is the amount of revenue that come in from other sources other than our mill levies, and a lot of that is from some severance tax from oil and gas activity. And so that provides excess revenue to the government entity to our Sky Ranch Community Authority Board that then they use those funds to pay down that. So, you’ll see interim payments even between our bond offering to that receivables in there. And that gives our auditors a lot of confidence. It gives the market a lot of confidence of the liquidity of that receivable.
Unidentified Participant: Okay. Thanks. And then just my second question, and I know it’s always kind of, I guess, the elephant in the room, but it’s — I guess, is there a point where we look at our market valuation and there’s been enough time that’s gone by where we can confidently say this is a perpetual issue that whatever it is you guys are doing isn’t translating to value for our stockholders through the main mechanism for that, which is the public markets. And with that in mind, maybe look at seeing what we’re missing here or what we can do differently to go about fixing that because I look at this and it’s funny, I was going through your Investor Relations section a couple of weeks ago and stumbled upon the interview with Mark Harding from I think it was 2018 with $10, $10.5, $11 stock price and much of all the great things we’ve accomplished, not even accomplished yet.
And it’s just wows me almost, to fast forward now six years and we’re at $9. And you guys, on a net basis have issued more stock than you bought back. And it’s just puzzling to me because there are great assets here. There’s great people here and just something isn’t catching. And I’m just curious, if you guys have a point where you say, okay, maybe let, let’s try to do something different, let’s change things up, lets evaluate this from a different angle than we have before?
Mark Harding: Boy, Greg, you’ve put your finger on the pulse. And your frustration has echoed by management and the Board and I’m at a loss at the end of the day. One of the sage pieces of advice that we continue to get is, look, do what you do and continue to produce those results, continue to really execute on your business model and the market will take care of itself. And in fact, it has not, right? I mean when you correctly highlighted, the only stock that we issue are incentive stocks. And so our buyback program is intended to be antidilutive on that basis. And could we be a bit more aggressive on that? We probably could and continue to look at that metric. And really, we set our price points on the repurchase such that we’re being opportunistic, but we could be buying a bit more to become anti-dilutive.
But the dilutive portion of this is insignificant. And so that’s not the problem. The margins are not the problem within the company. The story is not the problem within the company. And the team is not the problem within the company because they continue to execute results. So is it messaging? No? Is it performance? No. How do companies like our size company reach those ears? And how many analysts are out there looking for these opportunities and is it liquidity? Is it the volume of the stock? Is it the capacity? I continue you are, you’d be no. I mean when you look at it, our average trading shares are anemic. And then when all of a sudden, somebody comes in and said, I want to take a position, we’ll get 0.5 million shares trade on a day.
And so it seems like there’s the ability to buy into it. And so those folks that — when I’m out on the road, when I’m at a conference or when I’m doing a non-deal roadshow, folks are saying, hey, I think this is a great opportunity, but your average day volume doesn’t allow me to do it. Is that the mechanism? When somebody comes in and analyze it from a portfolio standpoint and then they go, okay, what’s the 100-day average trading of the stock, and they say, I can’t buy a position. And my answer to that is, I bet you can without working against yourself. And so all of those things are things that we try to address. We try to address how do we reach more ears, more eyes, more opportunities, and it’s not just the management level, it’s at the Board level, it’s at the investor level.
And we’re attenuated to it, while at the same time, we’re keeping a steadfast hand on the wheel and making sure that we continue to put those results up. And so the bots that are out there, the programs that are scanning your gross margin scanning, your returns scanning your earnings per share also are able to kick this out and have somebody take another look at it and understand what it is that we’re doing. And it’s one of those things that’s a mystery for us and we are looking to try other things. We are looking to expand that approach. We are looking to have sponsorship and we’re just not an issuer where we’re going to get any love from an investment bank where relatively small in comparison to each of the industry segments that we’re operating in, but we’re punching above our weight class.
And I think it gets some notice and eventually, a lot of these market analysts will pick up some coverage. We continue to try and introduce it to them and incentivize the opportunity that we have, so that they look really smart and being able to find one of those hidden gems. But I’d love to take it off-line if you’ve got some ideas that we haven’t pursued or for — to broadcast out to all of our investors. If there’s something out there that you think we could be doing better, different or highlighting the opportunities that the company holds because you guys have done the work and you know what that model looks like. I know what that model looks like. And we’ve got our own modeling in there, and I’d love to be able to share that. But the rules that allow companies to do some of that type of activity are just a little bit restrictive.
So I share your pain.
Unidentified Participant: If I could, there’s two things that I just think perhaps almost certainly would help, it just comes down to whether or not, I mean, you guys and the Board kind of feel the same way. And the first one is, I think that the company could absolutely benefit and shareholders could benefit. And even the people internally working would benefit from hiring an adviser and conducting a strategic review because if nothing else, it’s just — this is a collection of assets that are unique, but also somewhat hard to value. And when I look at a $9 or $10 stock price, and what that implies in terms of the valuations of your business segments, it’s just — it’s not — it doesn’t make sense to me, and there’s very clear benefits on the capital allocation front from buying back significant amounts of stock, and that doesn’t have to be $50 million worth of stocking one shot.
But there’s really no reason you guys can’t have a $10 million share repurchase program where you’re buying $0.5 million worth a month or at least in the market trying to. And if you guys ran a process and one who knows D.R. Horton bought Vidler Water, they bought Forestar. If you guys get a $25 offer on the table, I think a lot of, well, hey, Jesus, that’s something to consider. But even just internally, fully seeing this is what somebody would pay for our company if they had the opportunity to acquire parts or all of it. It would be useful in terms of then looking at capital allocation decisions and seeing, and that’s the first one, and that’s the easy suggestion. The other one would just kind of be clarifying some of the — you guys are ambitious, right?
And you haven’t made too many acquisitions to date. But there’s a lot of this were in the market to buy more water. We’re in the market to buy more land. And when you look at it, again, kind of the issue is these are assets that take a while to develop. You’ve had the water portfolio in some cases for, I think, debt is right? And then I’m looking at the numbers and your annual letter and the utilization is 2% or 2% of capacity. Why not just come out and say, we want to get that number up to 20% capacity or 30% before we’re going to entertain the idea of buying more of something we already have plenty of. And even the Sky Ranch, the Sky Ranch you guys bought. I think, like 13 years ago, and we’ve developed 15%, 20% of it taps. Why not demonstrate we are monetizing the assets we have.
We have enough for the next, call it, 10 years. Our focus is accelerating that and returning capital to shareholders. And once we’ve got 20% to 30% of the water portfolio utilized, once we’ve monetized half of the Sky Ranch, then we’ll pursue acquisitions, but I think it gives people a little bit of pause when — we’re not buying back stock the way we should. I’m not in favor of a dividend, but last call, somebody mentioned it and you run the math, it costs less than $1 million a year to pay $0.01 a quarter. We’re not doing that. I just think if you guys confines the parameters of your capital allocation and just clearly stated, our focus is solely on maximizing what we have and returning capital to shareholders and demonstrating our competency there.
I think that would be wonders for. So it’s something to think about, and I know some of this you can’t really answer in too much detail or it’s just stuff you guys aren’t allowed to speak about, but I just wanted to put it out there because I think it’s something that doesn’t really have any downside. It’s something that maybe people can get behind or just see that if the market is not going to look at things the way we want them to, at some point, it’s kind of on us to be proactive about that. So with that, I’ll sign off. As always, I thank you guys for the work if you’re taking my call. And I look forward to the next couple of quarters. Thanks.
Mark Harding: Thanks, Greg.
Operator: Thank you very much. Well, we appear to have no further questions in the queue. I will now hand back over to Mark for any closing comments.
Mark Harding: Thank you. And again, I want to thank all of you for your continued support and we are valued investment dollars here. For those of you that are listening on a replay, if something came up that you didn’t quite get your color on. Certainly, feel free to open up and give me a call and talk about it directly. We will be having an Investor Day this summer. So as that gets a little closer, we’ll start to give you a heads up on all the day, allow those of you who have been out here or have been out here a few years ago, the opportunity to see the progress that the company has made and really get a feel for what it is that we’re doing and the opportunities that the company has before them. So with that, thank you all, and I will sign off and look forward to talking to you in the future.
Operator: Thank you very much. That does conclude today’s conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.
Mark Harding: Thank you, Jenny.
Operator: Thank you, Mark.
