Fair Value Measurements

9 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 8 - FAIR VALUE MEASUREMENTS

The carrying values of the Company’s financial instruments not required to be carried at fair value on a recurring basis approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).

The assets and liabilities measured at fair value on a recurring basis are as follows:

As of	March 31, 2021			June 30, 2020
Assets:	Total - Level 1			Total - Level 1
Investment in marketable securities:
REITs and real estate companies	$	11,190,000		$	2,365,000
Financial services		7,033,000			282,000
Energy		5,977,000			767,000
Industrials		3,294,000			484,000
Basic material		3,055,000			1,209,000
Consumer cyclical		2,350,000			295,000
Technology		1,397,000			121,000
Healthcare		1,285,000			43,000
Other		736,000			38,000
Communication services		679,000			157,000
Corporate bonds		-			417,000
Liabilities:
Due to securities broker:		(9,021,000	)		(1,576,000	)
Obligations for securities sold:		(5,261,000	)		(294,000	)
	$	22,714,000		$	4,308,000

The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date.

Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments in non-marketable securities,” that were initially measured at cost and have been written down to fair value as a result of impairment. The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:

					Net loss for the nine months ended
Assets	Level 3		March 31, 2021		March 31, 2021
Other non-marketable investments	$	41,000	$	41,000	$	(119,000	)

						Net loss for the nine months ended
Assets		Level 3		June 30, 2020		March 31, 2020
Other non-marketable investments	$	278,000	$	278,000	$	(103,000	)

For the nine months ended March 31, 2021 and 2020, we received distribution from other non-marketable investments of $118,000 and $115,000, respectively.

Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments and holds less than 20% ownership in each of the investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.