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Fair Value Measurements (Tables)

12 Months Ended

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 non-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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