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INVESTMENT ASSETS

3 Months Ended

Jul. 31, 2025

INVESTMENT ASSETS

INVESTMENT ASSETS

(3)          INVESTMENT ASSETS

Investment assets, net consist of (in thousands):

​

​	​	​	​	​	​	​
​		July 31,			April 30,
​	​	2025		​	2025
Land held for long-term investment	​	$	8,507	​	$	8,843
Owned real estate leased or intended to be leased	​		7,612	​		6,207
Less accumulated depreciation	​	​	(209)	​	​	(170)
Owned real estate leased or intended to be leased, net	​	​	7,403	​	​	6,037
Total	​	$	15,910	​	$	14,880

​

Refer to Note 3 to the consolidated financial statements contained in the 2025 Form 10-K for detail regarding investment assets. As of July 31, 2025, the Company leased 27 homes to residential tenants. As of April 30, 2025, the Company leased 21 homes to residential tenants. Depreciation associated with owned real estate leased or intended to be leased was $39,000 and $24,000 for the three months ended July 31, 2025 and July 31, 2024.

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- Definition

The entire disclosure for real estate investment assets like, the value of land held for long-term investment as well as other real estate investment assets related disclosures.

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