Variable Interest Entities (Tables)
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3 Months Ended |
Sep. 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 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:
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Fair Value as of September 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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$ |
6,579 |
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$ |
32 |
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$ |
1,959 |
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$ |
8,570 |
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Debt securities |
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- |
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84 |
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|
2,887 |
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|
2,971 |
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Total assets within the fair value hierarchy |
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$ |
6,579 |
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$ |
116 |
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$ |
4,846 |
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$ |
11,541 |
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Investments valued at net asset value |
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$ |
23,676 |
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Total assets |
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$ |
35,217 |
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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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| 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 three months ended September 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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$ |
1,797 |
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$ |
13,374 |
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Transfers In(1) |
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3,756 |
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- |
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Transfers Out(1) |
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(84 |
) |
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- |
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Purchases |
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28 |
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- |
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Sales and Paydowns |
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(568 |
) |
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- |
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Net Accretion |
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5 |
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- |
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Change in fair value |
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(88 |
) |
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(358 |
) |
Ending balance |
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$ |
4,846 |
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$ |
13,016 |
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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.
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| Ranges of Significant Unobservable Inputs used to Value Level 3 Assets |
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As of September 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 |
|
$ |
2,887 |
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|
Income Approach |
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Discount Rate |
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11.39% - 20.84% (15.22%) |
Total Debt |
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$ |
2,887 |
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Equity/Other |
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540 |
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Income Approach |
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Discount Rate |
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10.18% - 11.67% (11.43%) |
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212 |
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Market Approach |
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Earnings Multiple |
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0.97 - 9.25 (8.57) |
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1,207 |
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Recent Transaction |
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Total Equity/Other |
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$ |
1,959 |
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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) |
Equity/Other |
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|
797 |
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Income Approach |
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Discount Rate |
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10.00% - 11.40% (11.20%) |
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|
1,000 |
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Recent Transaction |
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Total Equity/Other |
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$ |
1,797 |
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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 and Non-recurring Basis |
Investments at Fair Value, Consolidated Funds The assets of the Consolidated Funds are measured at fair value on a recurring basis. As of September 30, 2026, there were no assets of Consolidated Funds. The assets of the Consolidated Funds 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 |
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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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$ |
- |
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$ |
54 |
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$ |
3,756 |
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$ |
3,810 |
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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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| 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 three months ended September 30, |
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(in thousands) |
|
2026 |
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2025 |
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Beginning balance |
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$ |
3,756 |
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$ |
5,439 |
|
Transfers In(1) |
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- |
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|
140 |
|
Transfers Out(1) |
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(3,756 |
) |
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(1,189 |
) |
Purchases |
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- |
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1,433 |
|
Sales and Paydowns |
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- |
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(173 |
) |
Net Accretion |
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- |
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|
9 |
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Change in fair value |
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- |
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(36 |
) |
Ending balance |
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$ |
- |
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$ |
5,623 |
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Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date |
|
$ |
- |
|
|
$ |
(2 |
) |
(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 |
The following table presents the ranges of significant unobservable inputs used to value Level 3 assets as of June 30, 2026.
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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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