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Fair Value Measurements (Tables)
12 Months Ended
Jun. 30, 2024
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 non-recurring basis are summarized in the tables below:

 

 

Fair Value as of June 30, 2024

 

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

$

16,267

 

 

$

-

 

 

$

5,265

 

 

$

21,532

 

 

Total assets within the fair value hierarchy

 

$

16,267

 

 

$

-

 

 

$

5,265

 

 

$

21,532

 

 

Investments valued at net asset value

 

 

 

 

 

 

 

 

 

 

$

23,053

 

 

Total assets

 

 

 

 

 

 

 

 

 

 

$

44,585

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liability

 

$

-

 

 

$

-

 

 

$

428

 

 

$

428

 

 

Total liabilities

 

$

-

 

 

$

-

 

 

$

428

 

 

$

428

 

 

 

 

 

Fair Value as of June 30, 2023

 

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

$

14,296

 

 

$

-

 

 

$

-

 

 

$

14,296

 

 

Total assets within the fair value hierarchy

 

$

14,296

 

 

$

-

 

 

$

-

 

 

$

14,296

 

 

Investments valued at net asset value

 

 

 

 

 

 

 

 

 

 

$

18,315

 

 

Total assets

 

 

 

 

 

 

 

 

 

 

$

32,611

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liability

 

$

-

 

 

$

-

 

 

$

1,903

 

 

$

1,903

 

 

Total liabilities

 

$

-

 

 

$

-

 

 

$

1,903

 

 

$

1,903

 

 

Reconciliation of Changes in Fair Value of Level 3 Assets

The following is a reconciliation of changes in Level 3 liabilities:

 

 

For the twelve months ended June 30,

 

(in thousands)

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Beginning balance

 

$

1,903

 

 

$

1,120

 

Payments

 

 

(977

)

 

 

-

 

Change in fair value

 

 

(498

)

 

 

783

 

Ending balance

 

$

428

 

 

$

1,903

 

 

Reconciliation of Changes in Level 3 Liabilities

The following is a reconciliation of changes in Level 3 assets:

 

 

For the twelve months ended June 30,

 

(in thousands)

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Beginning balance

 

$

-

 

 

$

-

 

Purchases

 

 

9,000

 

 

 

-

 

Payments

 

 

-

 

 

 

-

 

Change in fair value

 

 

(3,735

)

 

 

-

 

Ending balance

 

$

5,265

 

 

$

-

 

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.

As of June 30, 2024

Investment Type

 

Fair value

 

 

Valuation Technique(1)

 

Unobservable Input(1)

 

Range (Weighted Average)(2)

Debt

 

$

7,193

 

 

Income Approach

 

Discount Rate

 

9.09% - 25.03% (13.81%)

 

 

 

578

 

 

Recent Transaction

 

 

 

 

Total Debt

 

$

7,771

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity/Other

 

 

10

 

 

Market Approach

 

Earnings Multiple

 

7.5

Total Equity/Other

 

$

10

 

 

 

 

 

 

 

 

Consolidated Funds  
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 of the Consolidated Funds measured at fair value on a recurring basis are summarized in the table below:

 

 

Fair Value as of June 30, 2024

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets of Consolidated Funds:

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

$

-

 

 

$

-

 

 

$

10

 

 

$

10

 

Debt securities

 

 

-

 

 

 

2,190

 

 

 

7,771

 

 

 

9,961

 

Total assets within the fair value hierarchy

 

$

-

 

 

$

2,190

 

 

$

7,781

 

 

$

9,971

 

Investments valued at net asset value

 

 

 

 

 

 

 

 

 

 

$

1,500

 

Total assets

 

 

 

 

 

 

 

 

 

 

$

11,471

 

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 twelve months ended June 30,

 

(in thousands)

 

2024

 

 

 

 

 

Beginning balance

 

$

-

 

Purchases

 

 

7,976

 

Sales and Paydowns

 

 

(307

)

Net Accretion

 

 

8

 

Transfers Out

 

 

-

 

Change in fair value

 

 

104

 

Ending balance

 

$

7,781