v3.25.2
Equity Investments (Tables)
 12 Months Ended
Jul. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Equity Investments

Equity investments consist of the following:

 

July 31

(in thousands)

  2025   2024 
Zedge, Inc. Class B common stock, 42,282 shares at July 31, 2025 and 2024  $170   $153 
Rafael Holdings, Inc. (“Rafael”) Class B common stock, 446,932 and 278,810 shares at July 31, 2025 and 2024, respectively   755    416 
Other marketable equity securities   146    70 
Fixed income mutual funds   4,566    4,370 
Current equity investments  $5,637   $5,009 
           
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)  $902   $695 
Visa Inc. Series A Convertible Participating Preferred Stock (“Visa Series A Preferred”)   —    877 
Convertible preferred stock—equity method investment   —    1,338 
Hedge funds   3,031    2,883 
Other   2,725    725 
Noncurrent equity investments  $

6,658

   $6,518 
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:

 

Year ended July 31

(in thousands)

  2025   2024   2023 
Balance, beginning of period  $964   $1,632   $1,501 
Upward adjustment   —     130    — 
Redemption for Visa Series C Preferred mandatory release assessment   —     (877)   — 
Adjustment for observable transactions involving a similar investment from the same issuer    207    309    131 
Redemptions    —    (230)   — 
Impairments    —    —    — 
BALANCE, END OF PERIOD  $  1,171   $964   $1,632 
Schedule of Unrealized Gains (losses) Gains for All Equity Investments

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

 

Year ended July 31

(in thousands)

  2025   2024   2023 
Net gains (losses) recognized during the period on equity investments  $1,598   $229   $(2,613)
Less: net (loss) gains recognized during the period on equity investments sold during the period   (2)   130    18 
Unrealized gains (losses) recognized during the period on equity investments still held at the reporting date  $1,600   $99   $(2,631)

 

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

 

Year ended July 31

(in thousands)

  2025   2024   2023 
Unrealized gains (losses) recognized during the period on equity investments:                  
Rafael Class B common stock  $125   $(142)  $(7)
Zedge Class B common stock  $17   $64   $(28)
Summary of Changes in Equity Method Investments

The following table summarizes the change in the balance of the Company’s equity method investment. The balance as of July 31, 2025 is classified as other current liabilities in the consolidated balance sheets.

 

Year ended July 31  (in thousands)  2025   2024   2023 
Balance, beginning of period  $1,338   $2,784   $1,001 
Purchase of convertible preferred stock   926    2,017    840 
Conversion of secured promissory notes into convertible preferred stock   —    —    4,038 
Equity in the net loss of investee   (1,291)   (2,093)   (2,153)
Amortization of equity method basis difference   (1,370)   (1,370)   (942)
BALANCE, END OF PERIOD  $(397)  $1,338   $2,784