Variable Interest Entities (Tables)
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12 Months Ended |
Jun. 30, 2026 |
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| Variable Interest Entity [Line Items] |
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| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The assets and liabilities measured at fair value on a recurring basis which are held by the Company are summarized in the tables below:
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Fair Value as of June 30, 2026 |
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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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$ |
7,395 |
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$ |
- |
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|
$ |
1,797 |
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$ |
9,192 |
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|
Total assets within the fair value hierarchy |
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$ |
7,395 |
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$ |
- |
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$ |
1,797 |
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$ |
9,192 |
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Investments valued at net asset value |
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$ |
23,420 |
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Total assets |
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$ |
32,612 |
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Fair Value as of June 30, 2025 |
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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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$ |
15,427 |
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$ |
- |
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$ |
13,374 |
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$ |
28,801 |
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Total assets within the fair value hierarchy |
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$ |
15,427 |
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$ |
- |
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$ |
13,374 |
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$ |
28,801 |
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Investments valued at net asset value |
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$ |
31,813 |
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Total assets |
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$ |
60,614 |
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| Reconciliation of Changes in Fair Value of Level 3 Assets |
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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2026 |
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2025 |
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Beginning balance |
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$ |
13,374 |
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$ |
5,265 |
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Purchases |
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|
1,000 |
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|
3,300 |
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Payments |
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- |
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|
146 |
|
Change in fair value |
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(12,577 |
) |
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|
4,663 |
|
Ending balance |
|
$ |
1,797 |
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|
$ |
13,374 |
|
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date |
|
$ |
(12,577 |
) |
|
$ |
4,663 |
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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, 2026 and June 30, 2025.
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As of June 30, 2026 |
Investment Type |
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Fair value |
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Valuation Technique |
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Unobservable Input |
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Range (Weighted Average) |
Debt |
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$ |
3,517 |
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Income Approach |
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Discount Rate |
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10.13% - 30.84% (14.31%) |
Total Debt |
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$ |
3,517 |
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Equity/Other |
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239 |
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|
Market Approach |
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Earnings Multiple |
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8.25 - 14.57 (8.89) |
Total Equity/Other |
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$ |
239 |
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As of June 30, 2025 |
Investment Type |
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Fair value |
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Valuation Technique |
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Unobservable Input |
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Range (Weighted Average) |
Debt |
|
$ |
5,064 |
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Income Approach |
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Discount Rate |
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9.44% - 25.71% (14.14%) |
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|
144 |
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Recent Transaction |
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Total Debt |
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$ |
5,208 |
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Equity/Other |
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231 |
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Recent Transaction |
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Total Equity/Other |
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$ |
231 |
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| Consolidated Funds |
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| Variable Interest Entity [Line Items] |
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| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The assets of the Consolidated Funds measured at fair value on a recurring basis are summarized in the tables below:
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Fair Value as of June 30, 2026 |
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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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$ |
54 |
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$ |
239 |
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$ |
293 |
|
Debt securities |
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- |
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- |
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|
3,517 |
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|
3,517 |
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Total assets within the fair value hierarchy |
|
$ |
- |
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|
$ |
54 |
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|
$ |
3,756 |
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$ |
3,810 |
|
Investments valued at net asset value |
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$ |
1,536 |
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Total assets |
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$ |
5,346 |
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Fair Value as of June 30, 2025 |
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(in thousands) |
|
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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$ |
231 |
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$ |
231 |
|
Debt securities |
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- |
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|
3,891 |
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|
5,208 |
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|
9,099 |
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Total assets within the fair value hierarchy |
|
$ |
- |
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|
$ |
3,891 |
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|
$ |
5,439 |
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$ |
9,330 |
|
Investments valued at net asset value |
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$ |
4,997 |
|
Total assets |
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$ |
14,327 |
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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, |
|
(in thousands) |
|
2026 |
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|
2025 |
|
|
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|
Beginning balance |
|
$ |
5,439 |
|
|
$ |
7,781 |
|
Transfers In(1) |
|
|
359 |
|
|
|
822 |
|
Transfers Out(1) |
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(54 |
) |
|
|
(1,775 |
) |
Purchases |
|
|
1,444 |
|
|
|
1,788 |
|
Sales and Paydowns |
|
|
(3,350 |
) |
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|
(3,224 |
) |
Net Accretion |
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|
32 |
|
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|
40 |
|
Change in fair value |
|
|
(114 |
) |
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|
7 |
|
Ending balance |
|
$ |
3,756 |
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|
$ |
5,439 |
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Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date |
|
$ |
(178 |
) |
|
$ |
68 |
|
(1) Transfers in and out include changes in the observability of inputs used in valuations and pricing transparency.
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