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v3.26.1

Fair Value Measurements (Tables) | 9 Months Ended
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Mar. 31, 2026
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 are summarized in the tables below:
|  | Fair Value as of March 31, 2026 |  |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  | $ | 6,798 |  |  | $ | - |  |  | $ | 2,876 |  |  | $ | 9,674 |  |
Total assets within the fair value hierarchy |  | $ | 6,798 |  |  | $ | - |  |  | $ | 2,876 |  |  | $ | 9,674 |  |
Investments valued at net asset value |  |  |  |  |  |  |  |  |  |  | $ | 21,734 |  |
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 31,408 |  |
|  | 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 |  |
Reconciliation of Changes in Fair Value of Level 3 Assets | The following is a reconciliation of changes in Level 3 assets:
|  | For the three months ended March 31, |  |  | For the nine months ended March 31, |
(in thousands) |  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Beginning balance |  | $ | 11,012 |  |  | $ | 13,122 |  |  | $ | 13,374 |  |  | $ | 5,265 |
Purchases |  |  | - |  |  |  | - |  |  |  | 1,000 |  |  |  | 3,300 |
Payments |  |  | - |  |  |  | 64 |  |  |  | - |  |  |  | 146 |
Change in fair value |  |  | (8,136 | ) |  |  | (352 | ) |  |  | (11,498 | ) |  |  | 4,123 |
Ending balance |  | $ | 2,876 |  |  | $ | 12,834 |  |  | $ | 2,876 |  |  | $ | 12,834 |
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date |  | $ | (8,136 | ) |  | $ | (352 | ) |  | $ | (11,498 | ) |  | $ | 4,123 |
Reconciliation of Changes in Level 3 Liabilities | The following is a reconciliation of changes in Level 3 liabilities:
|  | For the three months ended March 31, |  |  | For the nine months ended March 31, |
(in thousands) |  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Beginning balance |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 428 |
Payments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (422 | )
Change in fair value |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6 | )
Ending balance |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
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 March 31, 2026 and June 30, 2025.
As of March 31, 2026
Investment Type |  | Fair value |  |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
Debt |  | $ | 3,838 |  |  | Income Approach |  | Discount Rate |  | 10.30% - 29.35% (13.98%)
|  | $ | 7 |  |  | Broker Quotes |  |  |  | 6.08 - 6.08 (6.08)
Total Debt |  | $ | 3,845 |  |  |  |  |  |  |
Equity/Other |  |  | 72 |  |  | Market Approach |  | Earnings Multiple |  | 8.25 - 14.06 (9.22)
Total Equity/Other |  | $ | 72 |  |  |  |  |  |  |
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 |  |  |  |  |  |  |

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