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INVESTMENT ASSETS
12 Months Ended
Apr. 30, 2025
INVESTMENT ASSETS  
INVESTMENT ASSETS

(3)          INVESTMENT ASSETS

Investment assets, net consist of (in thousands):

April 30, 

    

2025

    

2024

Land held for long-term investment

$

8,843

$

9,200

Owned real estate leased or intended to be leased

 

6,207

 

3,449

Less accumulated depreciation

 

(170)

 

(98)

Owned real estate leased or intended to be leased, net

 

6,037

 

3,351

Total

$

14,880

$

12,551

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, 2025, the Company leased twenty - one homes to residential tenants. As of April 30, 2024, the Company leased ten homes to residential tenants. Depreciation associated with owned real estate leased or intended to be leased was $115,000 for 2025 and $82,000 for 2024.