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FAIR VALUE MEASUREMENTS
 12 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 7 - FAIR VALUE MEASUREMENTS

 

Fair value measurements are classified within a three-level hierarchy based on the observability of the inputs used. Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable inputs other than Level 1 quoted prices; and Level 3 inputs are significant unobservable inputs.

 

Assets measured at fair value on a recurring basis consisted of the following:

 

June 30, 2026  Total Fair Value   Level 1   Level 2   Level 3 
Assets:                    
Marketable equity securities  $4,394,000   $4,394,000   $-   $- 
Interest rate cap   23,000    -    23,000    - 
Total assets  $4,417,000   $4,394,000   $23,000    - 
Liabilities:                  - 
Obligations for securities sold   272,000    272,000    -    - 
Total liabilities  $272,000   $272,000   $-   $- 

 

June 30, 2025  Total Fair Value   Level 1   Level 2   Level 3 
Marketable equity securities  $969,000   $969,000   $-   $- 
Interest rate cap   52,000    -    52,000    - 
Total assets  $1,021,000   $969,000   $52,000   $- 

 

Marketable equity securities and obligations for securities sold are classified within Level 1 because their fair values are based on quoted prices in active markets for identical securities. See Note 6 – Investment in Marketable Securities.

 

The interest rate cap is classified within Level 2 because its fair value is determined using observable market inputs, including forward Term SOFR curves and implied volatility assumptions obtained from a third-party pricing service. The interest rate cap is not designated as a hedging instrument, and changes in its fair value are recognized in earnings. The interest rate cap had a notional amount of $67,000,000 as of June 30, 2026 and 2025 and is included in other assets in the consolidated balance sheets. See Note 10 – Mortgage and Mezzanine Loans.

 

There were no transfers between Levels 1, 2 and 3 during the periods presented, and there were no material changes in the Company’s fair value measurement methodologies.