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Variable Interest Entities (Tables)

9 Months Ended

Mar. 31, 2026

Variable Interest Entity [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 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

Consolidated Funds

Variable Interest Entity [Line Items]

Summary of Assets and Liabilities Measured at Fair Value on Recurring and Non-recurring Basis

Investments at Fair Value, Consolidated Funds

The assets of the Consolidated Funds measured at fair value on a 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 of Consolidated Funds:
Equity investments		$	-			$	37			$	72			$	109
Debt securities			-				-				3,845				3,845
Total assets within the fair value hierarchy		$	-			$	37			$	3,917			$	3,954
Investments valued at net asset value														$	1,567
Total assets														$	5,521

		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

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 three months ended March 31,								For the nine months ended March 31,
(in thousands)		2026				2025				2026				2025
Beginning balance		$	4,729			$	7,302			$	5,439			$	7,781
Transfers In(1)			89				158				7				382
Transfers Out(1)			(37	)			(731	)			(37	)			(885	)
Purchases			25				155				1,659				859
Sales and Paydowns			(879	)			(553	)			(3,046	)			(1,800	)
Net Accretion			6				9				30				19
Change in fair value			(16	)			(22	)			(135	)			(38	)
Ending balance		$	3,917			$	6,318			$	3,917			$	6,318
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date		$	(59	)		$	(43	)		$	(249	)		$	80

(1) Transfers in and out include changes in the observability of inputs used in valuations and pricing transparency.

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