Fair Value Measurements (Tables)
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12 Months Ended |
Jun. 30, 2024 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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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:
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Fair Value as of June 30, 2024 |
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(in thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Equity investments |
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$ |
16,267 |
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$ |
- |
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$ |
5,265 |
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$ |
21,532 |
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Total assets within the fair value hierarchy |
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$ |
16,267 |
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$ |
- |
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$ |
5,265 |
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$ |
21,532 |
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Investments valued at net asset value |
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$ |
23,053 |
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Total assets |
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$ |
44,585 |
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Liabilities: |
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Contingent consideration liability |
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$ |
- |
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$ |
- |
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$ |
428 |
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$ |
428 |
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Total liabilities |
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$ |
- |
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$ |
- |
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$ |
428 |
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$ |
428 |
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Fair Value as of June 30, 2023 |
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(in thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Equity investments |
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$ |
14,296 |
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$ |
- |
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$ |
- |
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$ |
14,296 |
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Total assets within the fair value hierarchy |
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$ |
14,296 |
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$ |
- |
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$ |
- |
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$ |
14,296 |
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Investments valued at net asset value |
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$ |
18,315 |
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Total assets |
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$ |
32,611 |
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Liabilities: |
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Contingent consideration liability |
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$ |
- |
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$ |
- |
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$ |
1,903 |
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$ |
1,903 |
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Total liabilities |
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$ |
- |
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$ |
- |
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$ |
1,903 |
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$ |
1,903 |
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Reconciliation of Changes in Fair Value of Level 3 Assets |
The following is a reconciliation of changes in Level 3 liabilities:
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For the twelve months ended June 30, |
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(in thousands) |
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2024 |
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2023 |
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Beginning balance |
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$ |
1,903 |
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$ |
1,120 |
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Payments |
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(977 |
) |
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- |
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Change in fair value |
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(498 |
) |
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|
783 |
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Ending balance |
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$ |
428 |
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$ |
1,903 |
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Reconciliation of Changes in Level 3 Liabilities |
The following is a reconciliation of changes in Level 3 assets:
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For the twelve months ended June 30, |
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(in thousands) |
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2024 |
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2023 |
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Beginning balance |
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$ |
- |
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$ |
- |
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Purchases |
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9,000 |
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- |
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Payments |
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- |
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- |
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Change in fair value |
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(3,735 |
) |
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- |
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Ending balance |
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$ |
5,265 |
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$ |
- |
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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, 2024.
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As of June 30, 2024 |
Investment Type |
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Fair value |
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Valuation Technique(1) |
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Unobservable Input(1) |
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Range (Weighted Average)(2) |
Debt |
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$ |
7,193 |
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Income Approach |
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Discount Rate |
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9.09% - 25.03% (13.81%) |
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578 |
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Recent Transaction |
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Total Debt |
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$ |
7,771 |
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Equity/Other |
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10 |
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Market Approach |
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Earnings Multiple |
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7.5 |
Total Equity/Other |
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$ |
10 |
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Consolidated Funds |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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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 table below:
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Fair Value as of June 30, 2024 |
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(in thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets of Consolidated Funds: |
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Equity investments |
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$ |
- |
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$ |
- |
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$ |
10 |
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$ |
10 |
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Debt securities |
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- |
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2,190 |
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7,771 |
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9,961 |
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Total assets within the fair value hierarchy |
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$ |
- |
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$ |
2,190 |
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$ |
7,781 |
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$ |
9,971 |
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Investments valued at net asset value |
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$ |
1,500 |
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Total assets |
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$ |
11,471 |
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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:
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For the twelve months ended June 30, |
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(in thousands) |
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2024 |
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Beginning balance |
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$ |
- |
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Purchases |
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7,976 |
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Sales and Paydowns |
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(307 |
) |
Net Accretion |
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8 |
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Transfers Out |
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- |
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Change in fair value |
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|
104 |
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Ending balance |
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$ |
7,781 |
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