Rice Management Company’s (RMC) endowment assets under management, which exclude directly held real estate, returned 4.0% for the fiscal year that ended June 30, 2023, with a value of $7.24 billion as of the same date. The total endowment value, which includes directly held real estate managed outside of RMC, ended the year at $7.74 billion. The endowment plays a vital role, as distributions provide approximately 40% of the University’s operating revenues, which makes it the single largest revenue source to the operating budget. The endowment employs an actively managed investment strategy. We partner with third-party investment managers and internally manage a portfolio of oil and gas royalties, timberland, and operating businesses.