INVESTMENTS (Tables)

12 Months Ended

Jun. 30, 2026

Composition of Investments at Fair Value

The following table summarizes the composition of our equity method investments with fair value option election and other equity securities at fair value as of June 30, 2026 and 2025. On the consolidated balance sheets, these investments are reflected in two separate lines: (i) investments at fair value, which are classified as equity securities under ASC Topic 321, and (ii) equity method investments with fair value option election.

Asset Type	Fair Value June 30, 2026		Fair Value June 30, 2025
Non Traded Companies	$	2,550,146	$	1,749,528
GP Interests (Equity method investment with fair value option election)		1,606,887		1,213,711
LP Interests (Equity method investment with fair value option election)		740,260		911,740
Total	$	4,897,293	$	3,874,979

Fair Value Measurements of Investments

The following table presents fair value measurements of our investments as of June 30, 2026 and 2025, according to the fair value hierarchy:

	As of June 30, 2026
Asset Type	Total		Level I		Level II		Level III
Non Traded Companies	$	2,550,146	$	-	$	-	$	2,550,146
GP Interests		1,606,887		-		-		1,606,887
LP Interests		740,260		-		-		740,260
	$	4,897,293	$	-	$	-	$	4,897,293

	As of June 30, 2025
Asset Type	Total		Level I		Level II		Level III
Non Traded Companies	$	1,749,528	$	-	$	-	$	1,749,528
GP Interests		1,213,711		-		-		1,213,711
LP Interests		911,740		-		-		911,740
Total	$	3,874,979	$	-	$	-	$	3,874,979

Reconciliation of Beginning and Ending Balances for Investments Measured at Fair value on a Recurring Basis

The following is a reconciliation of the beginning and ending balances for investments measured at fair value on a recurring basis using significant unobservable inputs (Level III of the fair value hierarchy) for the year ended June 30, 2026:

Balance at July 1, 2025	$	3,874,979
Purchases of investments		3,365,814
Transfers to Level I		(1,081,429	)
Proceeds from sales of investments		(1,700,532	)
Net realized loss from investments		(775,160	)
Net unrealized gain from investments		1,213,621
Ending balance at June 30, 2026	$	4,897,293

Balance at July 1, 2024	$	6,044,430
Purchases of investments		1,383,597
Transfer to Investments in Real Estate		(2,627,725	)
Proceeds from sales of investments		(962,721	)
Net realized gain from investments		132,434
Net unrealized gain from investments		(95,036	)
Ending balance at June 30, 2025	$	3,874,979

Significant Unobservable Inputs Used in Fair Value Measurements

The following table shows quantitative information about significant unobservable inputs related to the Level III fair value measurements used at June 30, 2026:

Asset Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs Used	Range			Weighted Average
Non Traded Companies	$	2,550,146	Market Activity	Secondary market industry publication
			Estimated Liquidation Value	Sponsor provided value


GP Interests		1,606,887	Direct Capitalization Method	Capitalization rate		6.5	%		6.5	%
				Discount rate		7.5	%		7.5	%

LP Interests		740,260	Discounted Cash Flow	Discount rate		7.3	%		7.3	%
	$	4,897,293

The following table shows quantitative information about significant unobservable inputs related to the Level III fair value measurements used at June 30, 2025:

Asset Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs Used	Range			Weighted Average
Non Traded Companies	$	1,749,528	Market Activity	Acquisition cost
				Security sales
				Secondary market industry publication
			Estimated Liquidation Value	Sponsor provided value

GP Interests		1,213,711	Direct Capitalization Method	Capitalization rate		6.3% - 6.5	%		6.4	%
				Discount rate		6.8% - 7.0	%		6.9	%

LP Interests		711,740	Discounted Cash Flow	Discount rate		7.0	%		7.0	%
LP Interests		200,000	Market Activity	Acquisition cost
	$	3,874,979

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details