Annual Financial Report 2024 2025

Virginia Tech Financial Report 2024-2025

Investments Measured at Fair Value including categorization of credit quality and interest rate risk Investments held on June 30, 2025 (all dollars in thousands) Credit Less than 1-5 4. Cash, Cash Equivalents, and Investments (continued)

Fair Value Measurement*

Rating

1 Year

Years

6/30/2025

Level 1

Level 2

Investments by fair value level U.S. Treasury and agency securities (1)

N/A $

262,872 $

79,634

$

342,506

$

342,506

$

-

Debt securities

Corporate bonds and notes Corporate bonds and notes Corporate bonds and notes Corporate bonds and notes Corporate bonds and notes Corporate bonds and notes Corporate bonds and notes

A1 A2 A3

2,115 1,264 1,804 2,517 1,781 -

24,404 21,030 21,598

26,519 22,294 23,402 11,888 4,270 3,153 20,018 13,912 56,984 46,821 69,332 61,571 35,065 279

- - - - - - - - - - - - - -

26,519 22,294 23,402 11,888 4,270 3,153 20,018 13,912 56,984 46,821 69,332 61,571 35,065 279

Aa2 Aa3 Aaa Baa1 P-1 N/A Aaa AAA Aaa Aa1 Aaa N/A N/A

279

9,371 2,489 3,153

-

Commercial paper Repurchase agreements Asset backed securities Asset backed securities (2) Federal agency securities

20,018 13,912 27,648 22,696 69,332 35,117 5,516

- -

29,336 24,125

Unsecured bonds and notes Unsecured bonds and notes Mortgage backed securities Money market and mutual funds Money market funds

-

26,454 29,549

299

- -

299

299

- -

Mutual funds

5,990

5,990

5,990

348,795 $

395,508

Total investments by fair value level

472,881

271,422

744,303 $

Investments measured at net asset value (NAV) Deposits with VTF Dairymen’s Equity without specific maturity Investments without specific maturities, held with VTF

5,669

- - - -

5,669

- -

63

636,479 642,211

Total investments measured at NAV

5,669

Investments not measured at fair value Money market funds

AAA-mf AAAm

43,005 4,625 47,630

- - -

43,005 4,625 47,630

Virginia SNAP® funds (2)

Total investments not measured at fair value

$

526,180 $

271,422

$

1,434,144

Total investments

*Debt and equity securities classified in Level 1 of the fair value hierarchy are valued using prices quoted in active markets for those securities. Debt securities classified in level 2 of the fair fair value hierarchy are valued using a matrix pricing technique. Matrix pricing is used to value securities based on the securities’ relationship to benchmark quoted prices.

(1) Credit quality ratings are not required for U.S. Government securities that are explicitly guaranteed by the U.S. Government. (2) Rating provided by Standard & Poor’s Financial Services. All other ratings provided by Moody’s Investor Service.

Investments Measured at Net Asset Value including commitment and redemption criteria Investments held on June 30, 2025 (all dollars in thousands) Balance at

Unfunded Commitment

Redemption Frequency quarterly

Redemption Notice Period

6/30/2025

Deposits with VTF (a)

$ $ $

5,669

N/A N/A N/A

90 days

Dairymen’s Equity without specific maturity (b) Investments without specific maturities, held with VTF (c)

63

N/A

N/A

636,479

quarterly

90 days

(a) The amount represents earnings that are to be transferred to the university or reinvested upon instruction. (b) The amount represents the university’s membership in the Dairymen’s Farmer Cooperative. (c) The amount represents university funds invested with the Virginia Tech Foundation (see Note 27).

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