DISPOSITION OF REAL ESTATE |
12 Months Ended | |||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||
| DISPOSITION OF REAL ESTATE | NOTE 18— DISPOSITION OF REAL ESTATE
On February 24, 2025, the Company executed a listing agreement to market for sale a 12-unit multifamily property located in Los Angeles County, California. Active marketing commenced in April 2025. During the fourth quarter of fiscal 2025, management determined that the property met the criteria for classification as held for sale under ASC 360-10-45-9.
Accordingly, the Company classified the property and related assets as “Assets held for sale” as of June 30, 2025. Upon classification, the property was measured at the lower of its carrying amount or fair value less costs to sell. No impairment charge was recognized as the carrying amount did not exceed its estimated fair value less costs to sell.
The sale was completed in December 2025 for $4.85 million, and the Company recognized a gain on sale of $3,508,000 for the year ended June 30, 2026. The related mortgage loan, which had an outstanding principal balance of $1,834,000 at closing, was repaid in full in connection with the sale.
Assets held for sale totaled $1,029,000 at June 30, 2025.
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