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v3.25.2

Fair Value Measurements (Tables) | 12 Months Ended
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Jun. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Summary of Assets and Liabilities Measured at Fair Value on Recurring and Non-recurring Basis | The assets and liabilities measured at fair value on a recurring and no n-recurring basis which are held by the Company are summarized in the tables below:
|  | Fair Value as of June 30, 2025 |  |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  | $ | 15,427 |  |  | $ | - |  |  | $ | 13,374 |  |  | $ | 28,801 |  |
Total assets within the fair value hierarchy |  | $ | 15,427 |  |  | $ | - |  |  | $ | 13,374 |  |  | $ | 28,801 |  |
Investments valued at net asset value |  |  |  |  |  |  |  |  |  |  | $ | 31,813 |  |
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 60,614 |  |
|  | Fair Value as of June 30, 2024 |  |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  | $ | 16,267 |  |  | $ | - |  |  | $ | 5,265 |  |  | $ | 21,532 |  |
Debt securities |  |  | 9,929 |  |  |  | - |  |  |  | - |  |  |  | 9,929 |  |
Total assets within the fair value hierarchy |  | $ | 26,196 |  |  | $ | - |  |  | $ | 5,265 |  |  | $ | 31,461 |  |
Investments valued at net asset value |  |  |  |  |  |  |  |  |  |  | $ | 23,053 |  |
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 54,514 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability |  | $ | - |  |  | $ | - |  |  | $ | 428 |  |  | $ | 428 |  |
Total liabilities |  | $ | - |  |  | $ | - |  |  | $ | 428 |  |  | $ | 428 |  |
Reconciliation of Changes in Fair Value of Level 3 Assets | The following is a reconciliation of changes in Level 3 assets:
|  | For the twelve months ended June 30, |
(in thousands) |  | 2025 |  |  | 2024 |
Beginning balance |  | $ | 5,265 |  |  | $ | - |
Purchases |  |  | 3,300 |  |  |  | 9,000 |
Payments |  |  | 146 |  |  |  | - |
Change in fair value |  |  | 4,663 |  |  |  | (3,735 | )
Ending balance |  | $ | 13,374 |  |  | $ | 5,265 |
Reconciliation of Changes in Level 3 Liabilities | The following is a reconciliation of changes in Level 3 liabilities:
|  | For the twelve months ended June 30, |
(in thousands) |  | 2025 |  |  | 2024 |
Beginning balance |  | $ | 428 |  |  | $ | 1,903 |
Payments |  |  | (422 | ) |  |  | (977 | )
Change in fair value |  |  | (6 | ) |  |  | (498 | )
Ending balance |  | $ | - |  |  | $ | 428 |
Ranges of Significant Unobservable Inputs used to Value Level 3 Assets | The following table below presents the ranges of significant unobservable inputs used to value Level 3 assets as of June 30, 2025 and June 30, 2024.
As of June 30, 2025
Investment Type |  | Fair value |  |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
Debt |  | $ | 5,064 |  |  | Income Approach |  | Discount Rate |  | 9.44% - 25.71% (14.14%)
|  |  | 144 |  |  | Recent Transaction |  |  |  |
Total Debt |  | $ | 5,208 |  |  |  |  |  |  |
Equity/Other |  |  | 231 |  |  | Recent Transaction |  |  |  |
Total Equity/Other |  | $ | 231 |  |  |  |  |  |  |
As of June 30, 2024
Investment Type |  | Fair value |  |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
Debt |  | $ | 7,193 |  |  | Income Approach |  | Discount Rate |  | 9.09% - 25.03% (13.81%)
|  |  | 578 |  |  | Recent Transaction |  |  |  |
Total Debt |  | $ | 7,771 |  |  |  |  |  |  |
Equity/Other |  |  | 10 |  |  | Market Approach |  | Earnings Multiple |  | 7.5
Total Equity/Other |  | $ | 10 |  |  |  |  |  |  |
Consolidated Funds |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Summary of Assets and Liabilities Measured at Fair Value on Recurring and Non-recurring Basis | The assets of the Consolidated Funds measured at fair value on a recurring basis are summarized in the tables below:
|  | Fair Value as of June 30, 2025 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets of Consolidated Funds: |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  | $ | - |  |  | $ | - |  |  | $ | 231 |  |  | $ | 231 |
Debt securities |  |  | - |  |  |  | 3,891 |  |  |  | 5,208 |  |  |  | 9,099 |
Total assets within the fair value hierarchy |  | $ | - |  |  | $ | 3,891 |  |  | $ | 5,439 |  |  | $ | 9,330 |
Investments valued at net asset value |  |  |  |  |  |  |  |  |  |  | $ | 4,997 |
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 14,327 |
|  | Fair Value as of June 30, 2024 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets of Consolidated Funds: |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  | $ | - |  |  | $ | - |  |  | $ | 10 |  |  | $ | 10 |
Debt securities |  |  | - |  |  |  | 2,190 |  |  |  | 7,771 |  |  |  | 9,961 |
Total assets within the fair value hierarchy |  | $ | - |  |  | $ | 2,190 |  |  | $ | 7,781 |  |  | $ | 9,971 |
Investments valued at net asset value |  |  |  |  |  |  |  |  |  |  | $ | 1,500 |
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 11,471 |
Reconciliation of Changes in Fair Value of Level 3 Assets | The following is a reconciliation of changes in fair value of Level 3 assets of Consolidated Funds:
|  | For the twelve months ended June 30, |
(in thousands) |  | 2025 |  |  | 2024 |
Beginning balance |  | $ | 7,781 |  |  | $ | - |
Net Transfers |  |  | (953 | ) |  |  | - |
Purchases |  |  | 1,788 |  |  |  | 7,976 |
Sales and Paydowns |  |  | (3,224 | ) |  |  | (307 | )
Net Accretion |  |  | 40 |  |  |  | 8 |
Change in fair value |  |  | 7 |  |  |  | 104 |
Ending balance |  | $ | 5,439 |  |  | $ | 7,781 |

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