INVESTMENT ASSETS

6 Months Ended

Oct. 31, 2023

INVESTMENT ASSETS

INVESTMENT ASSETS

(4)          INVESTMENT ASSETS

Investment assets, net consist of (in thousands):

	October 31,		April 30,
	2023		2023
Land held for long-term investment	$	9,118	$	8,961
Owned real estate leased or intended to be leased		7,746		4,802
Less accumulated depreciation		(64)		(16)
Owned real estate leased or intended to be leased, net		7,682		4,786
Total	$	16,800	$	13,747

As of October 31, 2023, nine homes were leased to residential tenants and two buildings were leased to commercial 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 $29,000 and $48,000 for the three and six months ended October 31, 2023 and there was no such depreciation for the three and six months ended October 31, 2022.