No t e s t o Co n s o l i d a t e d F i n a n c i a l S t a t eme n t s J u n e 3 0 , 2 0 2 3 a n d 2 0 2 2 As previously described, all bonds outstanding as of June 30, 2023, representing the 2022 Bonds, 2020A Bonds, 2020B Bonds, 2018 Bonds, and 2016 Bonds, are secured by the applicable Notes issued and outstanding under the Amended and Restated Master Trust Indenture. Future maturities of the university’s long-term debt at June 30, 2023, are as follows (in thousands):: Long-Term Debt 2024 $ 13,940 2025 15,915 2026 16,455 2027 17,045 2028 16,835 Thereafter through 2053 491,435 $ 571,625 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, 2023. The university incurred interest charges for fiscal 2023 and fiscal 2022 of $24.4 million and $19.6 million, respectively. During fiscal 2023 and 2022, the university capitalized interest of $0.5 million and $0.2 million, respectively, resulting in net interest expense reflected in the accompanying Consolidated Statements of Activities of $23.9 million and $19.5 million at June 30, 2023 and 2022, 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, 2023 and 2022, these student loans totaled $4.1 million and $4.6 million, respectively, and are included in the accompanying Consolidated Statements of Financial Position in other assets. Liabilities for refundable student loans of $4.2 million and $5.3 million at June 30, 2023 and 2022, respectively, are included in the accompanying Consolidated Statements of Financial Position in other liabilities. 33
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