Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring and Non-recurring Basis

The assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized in the tables below:


		Fair Value as of September 30, 2026
(in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Equity investments		$	6,579			$	32			$	1,959			$	8,570
Debt securities			-				84				2,887				2,971
Total assets within the fair value hierarchy		$	6,579			$	116			$	4,846			$	11,541
Investments valued at net asset value														$	23,676
Total assets														$	35,217


		Fair Value as of June 30, 2026
(in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Equity investments		$	7,395			$	-			$	1,797			$	9,192
Total assets within the fair value hierarchy		$	7,395			$	-			$	1,797			$	9,192
Investments valued at net asset value														$	23,420
Total assets														$	32,612

Reconciliation of Changes in Fair Value of Level 3 Assets

The following is a reconciliation of changes in Level 3 assets:


		For the three months ended September 30,
(in thousands)		2026				2025

Beginning balance		$	1,797			$	13,374
Transfers In(1)			3,756				-
Transfers Out(1)			(84	)			-
Purchases			28				-
Sales and Paydowns			(568	)			-
Net Accretion			5				-
Change in fair value			(88	)			(358	)
Ending balance		$	4,846			$	13,016
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date		$	(95	)		$	(358	)

(1) Transfers in and out include changes in the observability of inputs used in valuations and pricing transparency, or transfers of assets from Consolidated Funds to the Company.

Ranges of Significant Unobservable Inputs used to Value Level 3 Assets


As of September 30, 2026
Investment Type		Fair value				Valuation Technique		Unobservable Input		Range (Weighted Average)
Debt		$	2,887			Income Approach		Discount Rate		11.39% - 20.84% (15.22%)
Total Debt		$	2,887

Equity/Other			540			Income Approach		Discount Rate		10.18% - 11.67% (11.43%)
			212			Market Approach		Earnings Multiple		0.97 - 9.25 (8.57)
			1,207			Recent Transaction
Total Equity/Other		$	1,959


As of June 30, 2026
Investment Type		Fair value				Valuation Technique		Unobservable Input		Range (Weighted Average)
Equity/Other			797			Income Approach		Discount Rate		10.00% - 11.40% (11.20%)
			1,000			Recent Transaction
Total Equity/Other		$	1,797

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.

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