FAIR VALUE MEASUREMENTS

9 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 7 - 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, 2022		June 30, 2021
	Total - Level 1		Total - Level 1
Assets:
Investment in marketable securities:
Financial services	$	9,874,000	$	3,873,000
Communication services		5,166,000		4,872,000
REITs and real estate companies		4,510,000		11,624,000
Energy		1,974,000		6,374,000
Industrials		1,180,000		3,746,000
Technology		1,155,000		442,000
Basic material		842,000		1,797,000
Consumer cyclical		438,000		1,702,000
Healthcare		202,000		981,000
Other		200,000		381,000
Total	$	25,541,000	$	35,792,000

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, 2022		March 31, 2022
Other non-marketable investments	$	-	$	-	$	(41,000	)

						Net loss for the nine months ended
Assets		Level 3		June 30, 2021		March 31, 2021
Other non-marketable investments	$	41,000	$	41,000	$	(119,000	)

For the nine months ended March 31, 2022 and 2021, we received distributions from other non-marketable investments of zero and $118,000, 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.