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Equity Investments (Tables)

9 Months Ended

Apr. 30, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Equity Investments

Equity investments consist of the following:

Schedule of Equity Investments

		April 30, 2025				July 31, 2024
		(in thousands)
Zedge, Inc. Class B common stock, 42,282 shares at April 30, 2025 and July 31, 2024		$	102			$	153
Rafael Holdings, Inc. (“Rafael”) Class B common stock, 278,810 shares at April 30, 2025 and July 31, 2024			441				416
Other marketable equity securities			106				70
Fixed income mutual funds			4,538				4,370
Current equity investments		$	5,187			$	5,009
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)		$	902			$	695
Visa Inc. Series A Convertible Participating Preferred Stock (“Visa Series A Preferred”)			—				877
Convertible preferred stock—equity method investment			258				1,338
Hedge funds			3,019				2,883
Other			2,725				725
Noncurrent equity investments		$	6,904			$	6,518

Schedule of Carrying Value of Equity Investments

The changes in the carrying value of the Company’s equity investments without readily determinable fair values for which the Company elected the measurement alternative was as follows:

Schedule of Carrying Value of Equity Investments

		2025				2024				2025				2024
		Three Months Ended April 30,								Nine Months Ended April 30,
		2025				2024				2025				2024
		(in thousands)
Balance, beginning of period		$	1,161			$	1,719			$	964			$	1,632
Adjustment for observable transactions involving a similar investment from the same issuer			10				(25	)			207				162
Upward adjustment			—				—				—				130
Redemption			—				—				—				(230	)
Impairments			—				—				—				—
Balance, end of the period		$	1,171			$	1,694			$	1,171			$	1,694

Schedule of Unrealized Gains (losses) Gains for All Equity Investments

Unrealized gains (losses) for all equity investments measured at fair value included the following:

Schedule of Unrealized Gains (losses) Gains for All Equity Investments

		2025				2024				2025				2024
		Three Months Ended April 30,								Nine Months Ended April 30,
		2025				2024				2025				2024
		(in thousands)
Net gains (losses) recognized during the period on equity investments		$	359			$	(78	)		$	1,133			$	(280	)
Less: net gains recognized during the period on equity investments sold during the period			—				—				—				130
Unrealized gains (losses) recognized during the period on equity investments still held at the reporting date		$	359			$	(78	)		$	1,133			$	(410	)

The unrealized gains and losses for all equity investments measured at fair value in the table above included the following:

		2025				2024				2025				2024
		Three Months Ended April 30,								Nine Months Ended April 30,
		2025				2024				2025				2024
		(in thousands)
Unrealized (losses) gains recognized during the period on equity investments:
Rafael Class B common stock		$	(134	)		$	(61	)		$	25			$	(115	)
Zedge Class B common stock		$	(12	)		$	(36	)		$	(51	)		$	13
Equity securities unrealized gain loss		$	(12	)		$	(36	)		$	(51	)		$	13

Summary of Changes in Equity Method Investments

The following table summarizes the change in the balance of the Company’s equity method investment:

Summary of Changes in Equity Method Investments

		2025				2024				2025				2024
		Three Months Ended April 30,								Nine Months Ended April 30,
		2025				2024				2025				2024
		(in thousands)
Balance, beginning of period		$	752			$	1,932			$	1,338			$	2,784
Purchase of convertible preferred stock			253				504				926				1,513
Equity in the net loss of investee			(405	)			(529	)			(978	)			(1,704	)
Amortization of equity method basis difference			(342	)			(342	)			(1,028	)			(1,028	)
Balance, end of the period		$	258			$	1,565			$	258			$	1,565

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-Topic 323
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-Name Accounting Standards Codification
-Section 50
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 321
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-Section 50
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