Annual Financial Report 2024 2025

Virginia Tech Financial Report 2024-2025

Assets measured at fair value - Virginia Tech Foundation Inc. At June 30, 2025 (all dollars in thousands)

Total at

Fair value measurements at reporting date using

June 30, 2025

Level 1

Level 2

Level 3

NAV*

Contributions receivable

$

147,625 $

- $

- $

147,625 $

-

Short-term investments

Corporate debt securities U.S. government treasuries U.S. government agencies Total short-term investments

4,241 7,014 5,476 16,731

4,241 7,014 5,476 16,731

- -

- -

- -

-

-

-

Long-term investments

Cash and cash equivalents U.S. government treasuries U.S. government agencies

38,892 19,403 10,481 365,429 261,567 55,253 194,013 15,201 87,081 21,541 21,371 6,807 4,407 1,164,368 2,265,814

38,892 18,708 10,481

-

- - - - - - - - - - -

- - -

695

- - - - - - - - - - -

Hedge funds

- - - -

365,429 261,567 55,253 194,013 773,859

Private real estate Private credit Private equity Public equity Corporate bonds

390,509 15,201 82,335 21,541 21,371

- - - - - -

Corporate debt securities Mortgage receivable

4,358

388

Foreign securities

Real estate Global stock

-

6,807

4,407

-

Total long-term investments

603,445

5,053

7,195

1,650,121

Irrevocable trusts held by others

5,628

-

-

5,628

-

$ 2,435,798 $

620,176 $

5,053 $

160,448 $ 1,650,121

Total

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Net Position.

Assets Measured using NAV Estimate - Virginia Tech Foundation Inc. At June 30, 2025 (all dollars in thousands)

Trade to settlement

Redemption

Uncalled

Remaining

Redemption Frequency

Notice Period

Fair Value

Commitments

life

terms

Public equity funds (1)

$

773,859 $

-

N/A N/A

Daily to Every 3 years Monthly to Quarterly

1-30 days 5-30 days

45-180 days 30-90 days

Hedge funds (2)

365,429 55,253 194,013 261,567

35,601 26,365 79,830 53,603 195,399

Private credit funds (3) Private equity funds (4) Private real assets funds (5)

1-10 years 1-10 years 1-10 years

N/A N/A N/A

N/A N/A N/A

N/A N/A N/A

$ $1,650,121 $

Total

(1) The amount represents investments in funds that invest in publicly traded equity securities and can be liquidated over various intervals. The net asset value of each fund, which represents the fair value of the underlying investments, is used as a practical expedient under fair value guidance. The managers invest primarily in long equity securities, although some managers are allowed to short equity securities. In all cases the objective is for managers to achieve a return in excess of an appropriate equity market benchmark, such as the MSCI ACWI. (2) The amount represents investments in funds that invest in hedged strategies, such as long/short, event-driven and global macro. There are no restrictions on the types of securities and financial instruments these managers are allowed to invest in. The net asset value of each fund, which represents the fair value of the underlying investments, is used as a practical expedient under fair value guidance. Fund managers seek to achieve returns in excess of broad market benchmarks over a full market cycle while exhibiting low correlation with such benchmarks, thus providing diversification. (3) The amount represents investments in funds that invest in credit-related securities that are privately negotiated. These investments are made under a drawdown commitment structure, where capital is called by the manager when needed. The fair values of investments have been estimated using the net asset value related to each limited partner’s ownership interest in the fund as a practical expedient under fair value guidance. These investments cannot be redeemed, with all liquidity decisions under manager control. It is estimated that the underlying assets of the fund will be liquidated over a time period ranging from 1-10 years. (4) The amount represents investments in funds that invest in the equity of private companies. Investments may take the form of direct equity, preferred equity, convertible equity, or any other “equity-like” structure that reflects entity ownership. These investments are made under a drawdown commitment structure, where capital is called by the manager when needed. Private Equity consists of managers investing in equity at a variety of stages, including venture capital, growth equity, or those companies bought out in take-private transactions. The fair values of investments have been estimated using the net asset value related to each limited partner’s ownership interest in the fund as a practical expedient under fair value guidance. These investments cannot be redeemed, with all liquidity decisions under manager control. It is estimated that the underlying assets of the fund will be liquidated over a time period ranging from 1-10 years. (5) The amount represents investments in funds that invest in the equity, and occasionally debt, of private real assets, including real estate, natural resources, and infrastructure. These investments are made under a drawdown commitment structure, where capital is called by the manager when needed. The fair values of investments have been estimated using the net asset value related to each limited partner’s ownership interest in the fund as a practical expedient under fair value guidance. These investments cannot be redeemed, with all liquidity decisions under manager control. It is estimated that the underlying assets of the fund will be liquidated over a time period ranging from 1-10 years.

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