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INVESTMENT ASSETS, NET
12 Months Ended
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.