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FAIR VALUE OF FINANCIAL INSTRUMENTS
 6 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
Level 1     Quoted market prices in active markets for identical assets and liabilities.
Level 2     Observable market-based inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3     Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
In valuing assets and liabilities, the Company is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The Company calculates the fair value of its Level 1 and Level 2 instruments, as applicable, based on the exchange traded price of similar or identical instruments where available or based on other observable instruments. These calculations take into consideration the credit risk of both the Company and its counterparties. The Company has not changed its valuation techniques in measuring the fair value of any of its Level 1 and Level 2 financial assets and liabilities during the period.
The fair values of contingent consideration obligations are based on a probability weighted approach derived from the estimates of earn-out criteria and the probability assessment with respect to the likelihood of achieving those criteria. The measurement is based on significant inputs that are not observable in the market; therefore, the Company classifies this liability as Level 3 in the table below.
The determination of the fair value of the Company’s digital assets is discussed below.
The following tables set forth the Company’s financial assets and liabilities at December 31, 2025 and June 30, 2025, respectively, that are recorded at fair value, segregated by level within the fair value hierarchy:
December 31, 2025
Level 1Level 2Level 3Total
(in millions)
Assets:
Other current assets:
       Securities$0.8 $— $— $0.8 
Digital Asset loan receivable, net$— $50.3 $— $50.3 
Other non-current assets:
       Securities (a)214.5 — — 214.5 
Digital assets214.8 — — 214.8 
Total assets as of December 31, 2025
$430.1 $50.3 $— $480.4 
Liabilities:
       Derivative liability$— $10.7 $— $10.7 
       Contingent consideration obligations— — 22.5 22.5 
Total liabilities as of December 31, 2025
$— $10.7 $22.5 $33.2 
June 30, 2025
Level 1Level 2Level 3Total
(in millions)
Assets:
Other current assets:
       Securities $0.7 $— $— $0.7 
Other non-current assets:
       Securities (a)195.2 — — 195.2 
Total assets as of June 30, 2025
$195.9 $— $— $195.9 
Liabilities:
       Derivative liability$— $24.6 $— $24.6 
       Contingent consideration obligations— — 14.0 14.0 
Total liabilities as of June 30, 2025
$— $24.6 $14.0 $38.6 
_________
(a) Includes investments related to the Company’s Defined Benefit Pension Plans and Executive Retirement and Savings Plan (the “ERSP”).
In addition, the Company has non-marketable securities with a carrying amount of $67.4 million and $60.5 million as of December 31, 2025 and June 30, 2025, respectively, that to the extent they have been remeasured during the period are classified as Level 2 financial assets and included as part of Other non-current assets on the Condensed Consolidated Balance Sheets.
Digital Assets
Beginning in the fourth quarter of fiscal year 2024, the Company began to earn Canton Coins for its function as a Super Validator and Validator on the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure. Prior to the first quarter of fiscal year 2026, the Company held the Canton Coins on its Balance Sheet for investment purposes and to pay any fees associated with its Canton Network activity. During the first quarter of fiscal year 2026, the Company began converting the coins to cash nearly immediately after they were earned and continued to do so periodically throughout the second fiscal quarter of 2026. Refer to Note 1, “Basis of Presentation” for details regarding the Canton Network and the Company’s Canton Coin holdings.
The following table presents the Company’s Canton Coin holdings as of December 31, 2025:
December 31, 2025
Quantity of CoinsCost BasisFair Value
($ in millions)
Canton Coins1.5  billion$8.0 $214.8 
Prior to the second fiscal quarter of 2026, Canton Coins were classified as Level 3 within the fair value hierarchy because the valuation required assumptions that were both significant and unobservable. During the quarter ended December 31, 2025, the Company’s Digital Asset holdings were transferred from Level 3 to Level 1 as Canton Coins were listed on several public exchanges, and therefore quoted market prices in active markets were available. As of December 31, 2025, the Company’s Canton Coin holdings were measured at fair value based on quoted market prices from the Company’s principal market.
Digital Asset Loan Receivable, net
During the second quarter of fiscal year 2026, Broadridge contributed 342 million of its Canton Coins with a total fair value of $53.1 million at the time of the transaction for pre-funded common stock purchase warrants representing an approximate 8% interest in Tharimmune, Inc. (“Tharimmune”) in conjunction with a private placement in public equity offering (the “Canton Digital Asset Treasury”). Upon exercise, the pre-funded common stock purchase warrants entitle the Company to receive an equal number of shares of common stock of Tharimmune. Upon closing of the offering, Tharimmune began to execute a digital asset treasury strategy that includes the acquisition of Canton Coins via capital markets activities, generation of Canton Coin rewards by applying to be a Super Validator, and investing in the development of applications on the Canton Network that drive institutional utility, scalability and adoption across capital markets.
The approval of Tharimmune’s shareholders was required to authorize the issuance of common stock upon exercise of the pre-funded warrants that Broadridge received in exchange for the contribution of the Canton Coins. The arrangement stipulates that the transaction will unwind if shareholder approval to issue the shares was not obtained by May 13, 2026, which would result in the return of the Canton Coins to Broadridge and cancellation of the pre-funded common stock purchase warrants. As of December 31, 2025 such approval had not been obtained. As a result, for the second quarter of fiscal year 2026, the transaction was considered a collateralized lending transaction for accounting purposes, whereby Tharimmune borrowed the Canton Coins from Broadridge and collateralized the borrowing with the common stock purchase warrants issued to Broadridge. Upon close of the transaction, Broadridge derecognized the Canton Coins, recognized a $53.1 million realized gain, and recognized a Digital Asset Loan Receivable at fair value, net of a reserve for estimated credit losses included in Other non-current assets on the Condensed Consolidated Balance Sheet. The collateral (i.e. the pre-funded common stock purchase warrants) was not recognized by Broadridge and would only be recognized in the event of Tharimmune’s default.
At December 31, 2025, the Digital Asset Loan Receivable, net was remeasured to a fair market value of $50.3 million, net of an immaterial reserve for credit losses, resulting in a $2.4 million unrealized loss included as a component of Other non-operating income (expenses), net on the Consolidated Statements of Earnings within Corporate and Other. The fair value of the Digital Asset Loan Receivable was determined based on the value of the Canton Coin, which is an observable market-based input, and therefore was classified as Level 2 in the fair value hierarchy. The fair value of the Digital Asset loan receivable, net approximates the fair value of the warrants. On January 30, 2026, Tharimmune’s shareholders approved the issuance of its common stock upon the exercise of the pre-funded warrants. The pre-funded common stock purchase warrants are not able to be sold or transferred by the Company, and the exercise of the warrants are subject to lock-up restrictions through May 5, 2026.
The following tables set forth an analysis of changes during the three and six months ended December 31, 2025, in Level 3 financial assets and liabilities of the Company. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments between levels. The Company’s policy is to record transfers between levels, if any, as of the beginning of the fiscal year.
Digital Assets
Three Months Ended 
 December 31,		Six Months Ended 
 December 31,
20252025
 (in millions)
Beginning balance$73.6 $— 
Opening Retained Earnings Adjustment— 24.5 
Beginning-of-period Level 3 transfer-out value(73.6)(24.5)
Ending balance$— $— 
During the three months ended December 31, 2025, the Company recognized realized and unrealized gains relating to digital assets totaling $57.2 million and $136.5 million, respectively, included as a component of Other non-operating income (expenses), net on the Statements of Earnings. During the six months ended December 31, 2025, the Company recognized realized and unrealized gains on digital assets totaling $58.4 million and $182.4 million, respectively, included as a component of Other non-operating income (expenses), net on the Statements of Earnings. There were no realized gains or realized losses recorded on the disposition of Level 3 digital assets during the three and six months ended December 31, 2024.
The Company did not incur any Level 3 fair value asset impairments during the six months ended December 31, 2025 and 2024, respectively.
Contingent consideration obligations
Three Months Ended 
 December 31,		Six Months Ended 
 December 31,
2025202420252024
 (in millions)
Beginning balance$22.5 $14.0 $14.0 $14.0 
Additional contingent consideration incurred— — 8.5 — 
Net increase in contingent consideration liability— — — — 
Foreign currency impact on contingent consideration liability— — — — 
Payments— — — — 
Ending balance$22.5 $14.0 $22.5 $14.0