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Segment Reporting | 12 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | 7. Segment Reporting We manage our business activities on a consolidated basis and operate as a single operating segment. We primarily derive our revenue from our asset management business which is focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. The accounting policies of the segment are the same as those described in Note 2 - Summary of Significant Accounting Policies. Our chief operating decision maker (CODM) is our Chief Executive Officer and Chairman of the Company’s Board of Directors, Jason W. Reese. The CODM uses net income, as reported on our Consolidated Statements of Operations, predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about internal operations, such as staffing and related compensation, and planning for future investments. T otal assets for the segment are as reported on the Consolidated Balance Sheet. The following table provides the operating financial results of our operating segment:
| For the twelve months ended June 30, |
(in thousands) | 2025 |  |  | 2024 |
Revenues | $ | 16,316 |  |  | $ | 17,834 |
Cost of revenues |  | 1,082 |  |  |  | 5,526 |
Interest income |  | 3,602 |  |  |  | 4,600 |
Other income |  | 4,018 |  |  |  | 4,302 |
Less: Significant segment expenses |  |  |  |  |
Employee expenses |  | 14,474 |  |  |  | 12,522 |
Operating expenses |  | 6,506 |  |  |  | 6,340 |
Interest expense |  | 4,157 |  |  |  | 4,334 |
Depreciation and amortization |  | 1,249 |  |  |  | 1,108 |
Less: Other segment expenses |  |  |  |  |
Income tax expense |  | 86 |  |  |  | 101 |
Other expenses |  | 1,008 |  |  |  | 176 |
Net realized and unrealized gain |  | 16,854 |  |  |  | 2,212 |
Net realized and unrealized gain on investments of Consolidated Funds |  | 3,322 |  |  |  | 233 |
Segment net income |  | 15,550 |  |  |  | (926 | )
Other income includes dividend income and other income of Consolidated Funds, as well as income from discontinued operations. Employee expenses consist of compensation expense. Operating expenses are primarily made up of overhead expenses such as insurance, rent, professional fees, travel and meals, and other related costs. Other expenses primarily consists of expenses of Consolidated Funds and other non-recurring expenses, such as non-recurring legal fees.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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