Equity Investments (Tables)

3 Months Ended

Oct. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Equity Investments

Equity investments consist of the following:

	October 31, 2022		July 31, 2022
	(in thousands)
Zedge, Inc. Class B common stock, 42,282 shares at October 31, 2022 and July 31, 2022	$	90	$	117
Rafael Holdings, Inc. Class B common stock, 290,214 shares at October 31, 2022 and July 31, 2022		514		586
Other marketable equity securities		2,679		4,089
Fixed income mutual funds		6,086		12,299
Current equity investments	$	9,369	$	17,091
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)	$	1,105	$	1,132
Visa Inc. Series A Convertible Participating Preferred Stock (“Visa Series A Preferred”)		—		1,230
Series B and Series C convertible preferred stock—equity method investment		349		1,001
Hedge funds		3,137		3,238
Other		2,325		825
Noncurrent equity investments	$	6,916	$	7,426

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 October 31,
	2022			2021
	(in thousands)
Balance, beginning of period	$	1,401		$	2,743
Adjustment for observable transactions involving a similar investment from the same issuer		(27	)		(346	)
Impairments		—			—
Balance, end of the period	$	1,374		$	2,397

Schedule of Unrealized (losses) Gains for All Equity Investments

Unrealized gains and losses for all equity investments measured at fair value included the following:

	Three Months Ended October 31,
	2022			2021
	(in thousands)
Net losses recognized during the period on equity investments	$	(1,941	)	$	(14,494	)
Plus: net losses recognized during the period on equity investments redeemed during the period		4			—
Unrealized losses recognized during the period on equity investments still held at the reporting date	$	(1,937	)	$	(14,494	)

The unrealized gains and losses for all equity investments measured at fair value in the table above included the following:

	Three Months Ended October 31,
	2022			2021
	(in thousands)
Unrealized losses recognized during the period on equity investments:
Rafael Class B common stock	$	(72	)	$	(12,494	)
Zedge Class B common stock	$	(27	)	$	(162	)

Summary of Changes in Equity Method Investments

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

	Three Months Ended October 31,
	2022			2021
	(in thousands)
Balance, beginning of period	$	1,001		$	2,901
Purchase of convertible preferred stock		—			1,051
Equity in the net loss of investee		(470	)		(441	)
Amortization of equity method basis difference		(182	)		(182	)
Balance, end of period	$	349		$	3,329

Summary of Statements of Operations

Summarized financial information of the EMI was as follows:

	Three Months Ended October 31,
	2022			2021
	(in thousands)
Revenues	$	1,873		$	1,691
Costs and expenses:
Direct cost of revenues		1,694			1,462
Selling, general and administrative		1,636			1,889
Total costs and expenses		3,330			3,351
Loss from operations		(1,457	)		(1,660	)
Other expense		(344	)		(1	)
Net loss	$	(1,801	)	$	(1,661	)