Equity Investments (Tables)

9 Months Ended

Apr. 30, 2021

Cash and Cash Equivalents [Abstract]

Schedule of Equity Investments

Equity investments consist of the following:

	April 30, 2021		July 31, 2020
	(in thousands)
Zedge, Inc. Class B common stock, 42,282 shares at April 30, 2021 and July 31, 2020	$	562	$	59
Rafael Holdings, Inc. Class B common stock, 28,320 and 27,806 shares at April 30, 2021 and July 31, 2020, respectively		1,171		389
Rafael Holdings, Inc. restricted Class B common stock, 261,894 and nil shares at April 30, 2021 and July 31, 2020, respectively		10,827		—
Other marketable equity securities		1,956		—
Fixed income mutual funds		23,070		5,516
Current equity investments	$	37,586	$	5,964
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)	$	2,343	$	3,825
Visa Inc. Series A Convertible Participating Preferred Stock (“Visa Series A Preferred”)		2,920		—
Series B convertible preferred stock in equity method investment		3,472		—
Hedge funds		3,462		4,783
Other		2,725		225
Noncurrent equity investments	$	14,922	$	8,833

Schedule of Carrying Value of Equity Investments

The changes in the carrying value of the Company’s equity investments without readily determinable fair values for which the Company elected the measurement alternative was as follows:

	Three Months Ended April 30,						Nine Months Ended April 30,
	2021			2020			2021			2020
	(in thousands)
Balance, beginning of period	$	2,223		$	4,345		$	4,109		$	3,919
Redemption for Visa mandatory release assessment		—			—			(1,870	)		—
Adjustment for observable transactions involving a similar investment from the same issuer		404			(412	)		388			14
Redemptions		(6	)		—			(6	)		—
Impairments		—			—			—			—
Balance, end of the period	$	2,621		$	3,933		$	2,621		$	3,933

Schedule of Unrealized (losses) Gains for All Equity Investments

Unrealized gains and losses for all equity investments included the following:

	Three Months Ended April 30,					Nine Months Ended April 30,
	2021		2020			2021		2020
	(in thousands)
Net gains (losses) recognized during the period on equity investments	$	5,435	$	(1,226	)	$	5,822	$	(817	)
Less: net gains and losses recognized during the period on equity investments sold during the period		—		—			—		—
Unrealized gains (losses) recognized during the period on equity investments still held at the reporting date	$	5,435	$	(1,226	)	$	5,822	$	(817	)

Summary of Changes in Equity Method Investments

The following table summarizes the change in the balance of the Company’s equity method investment:

	Nine Months Ended April 30,
	2021			2020
	(in thousands)
Balance, beginning of period	$	—		$	—
Purchase of series B convertible preferred stock		4,000			—
Equity in the net loss of investee		(386	)		—
Amortization of equity method basis difference		(142	)		—
Balance, end of period	$	3,472		$	—

Summary of Unaudited Statements of Operations

Summarized unaudited statements of operations of the EMI from the date of acquisition was as follows:

	Three Months Ended April 30,
	2021			2020
	(in thousands)
Revenues	$	718		$	—
Costs and expenses:
Direct cost of revenues		804			—
Selling, general and administrative		1,525			—
Total costs and expenses		2,329			—
Loss from operations and net loss	$	(1,611	)	$	—