Notes to Consolidated Financial Statements June 30, 2024 and 2023 Future maturities of the university’s long-term debt at June 30, 2024, are as follows (in thousands): Long-Term Debt 2025 $ 15,915 2026 16,455 2027 17,045 2028 16,835 2029 16,465 Thereafter through 2053 474,970 $ 557,685 The Amended and Restated Master Trust Indenture contains customary conditions, provisions, and non-financial covenants. In the opinion of management, the university is in compliance with all such covenants as of June 30, 2024. The university incurred interest charges for fiscal 2024 and fiscal 2023 of $23.9 million and $24.4 million, respectively. During fiscal 2024 and 2023, the university capitalized interest of $1.5 million and $0.5 million, respectively, resulting in net interest expense reflected in the accompanying Consolidated Statements of Activities of $22.4 million and $23.9 million at June 30, 2024 and 2023, respectively. 10. Federal Revolving Student Loans NSU participated in certain federal revolving loan programs under which loans were made to qualified students from federal and institutional contributions as well as prior borrowers’ repayments. At June 30, 2024 and 2023, these student loans totaled $3.4 million and $4.1 million, respectively, and are included in the accompanying Consolidated Statements of Financial Position in other assets. Liabilities for refundable student loans of $3.7 million and $4.2 million at June 30, 2024 and 2023, respectively, are included in the accompanying Consolidated Statements of Financial Position in other liabilities. 33
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