Notes to Consolidated Financial Statements June 30, 2024 and 2023 alternative strategies totaling $18.5 million and $7.6 million at June 30, 2024 and 2023, respectively; and of (iv) credit-oriented hedge funds that invest across varying asset classes, including bank debt, high yield, distressed and special situation securities, securitized assets, equities, convertible arbitrage, and risk arbitrage, totaling $9.6 million and $4.9 million at June 30, 2024 and 2023, respectively. Private capital funds consist of investments in (i) private equity funds where the firm makes direct investments to private companies and/or investments in fund-of-funds that may target buyout funds or participate in venture growth funds across a variety of sectors in the U.S. and globally; and (ii) private real estate funds targeting traditional and non-traditional real estate projects which may also include distressed opportunities, debt, and property ownership. Corporate obligations consist primarily of domestic investment-grade corporate bonds with fixed interest rates. Government-related obligations consist primarily of U.S. Treasury bonds and Treasury notes and U.S. Federal bank bond obligations with fixed interest rates. 7. Land, Buildings, and Equipment Land, buildings, and equipment at June 30 consist of (in thousands): 2024 2023 Land $ 75,030 $ 76,699 Land improvements 90,745 89,168 Leasehold improvements 41,985 40,815 Buildings 976,534 975,503 Equipment 227,638 216,143 Library books 47,299 119,046 Construction in progress 59,030 30,526 Finance lease right-of-use assets 9,907 8,364 Total 1,528,168 1,556,264 Less accumulated depreciation and amortization (630,447) (666,512) Net $ 897,721 $ 889,752 Finance lease right-of-use assets includes buildings and equipment under finance leases. Amortization of these leased assets totaled $1.7 million and $1.4 million for fiscal 2024 and 2023, respectively, and accumulated amortization totaled $5.8 million and $4.1 million as of June 30, 2024 and 2023, respectively. For fiscal 2024 and 2023, total depreciation and amortization expense was approximately $45.5 million and $46.2 million, respectively. At June 30, 2024, the university had approximately $2.4 million of unsecured letters of credit relating to construction projects. Outstanding commitments on uncompleted construction contracts approximated $30.5 million at June 30, 2024. As of June 2024, two properties totaling $8.2 million are categorized as assets held for sale and included in other current assets on the accompanying Consolidated Statement of Financial Position. In July 2024, one of these properties was sold for a gain of approximately $7.4 million. 27
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