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Segment Reporting
 12 Months Ended
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. Total 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.