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INVESTMENTS (Tables)
 6 Months Ended
Dec. 31, 2021
INVESTMENTS [Abstract]  
Composition of Investments at Fair Value
The following table summarizes the composition of the Company’s equity method investments with fair value option election and other equity securities at fair value as of December 31, 2021 (successor basis):
 
Asset Type
  
Fair Value
December 31, 2021
  
Publicly Traded Companies
  
$
1,164
  
Promissory Note
     3,014,838  
Non Traded Companies
    
21,344,900
  
Non Traded Company (Equity method investment with fair value option election)
    
3,010,784
  
LP Interests
    
292,830
  
LP Interests (Equity method investment with fair value option election)
    
35,645,406
  
Investment Trust
    
39,776
  
Total
  
$
63,349,698
  

The following table summarizes the composition of the Company’s equity method investments with fair value option election and other equity securities at fair value as of June 30, 2021 (successor basis):
 
Asset Type
  
Fair Value
June 30, 2021
  
Publicly Traded Companies
  
$
169,200
  
Non Traded Companies
    
29,426,441
  
Non Traded Company (Equity method investment with fair value option election)
     2,867,911  
LP Interests
    
288,494
  
LP Interests (Equity method investment with fair value option election)
     37,722,483  
Investment Trust
    
34,714
  
Total
  
$
70,509,243
  
Fair Value Measurements of Investments
The following table presents fair value measurements of the Company’s investments as of December 31, 2021, according to the fair value hierarchy that is described in our annual report on Form 10-K (successor basis):

Asset Type
  
Total
    
Level I
    
Level II
    
Level III
  
Publicly Traded Companies
  
$
1,164
    
$
1,164
    
$
-
    
$
-
  
Non Traded Companies
    
24,355,684
      
-
      
-
      
24,355,684
  
LP Interests
    
35,938,236
      
-
      
-
      
35,938,236
  
Promissory Note     3,014,838       -       -       3,014,838  
Investment Trust
    
39,776
      
-
      
-
      
39,776
  

 
$
63,349,698
    
$
1,164
    
$
-
    
$
63,348,534
  

Liability
                                
Securities Sold, Not Yet Purchased 
  $ 7,837,286     $ 7,837,286     $ -     $ -  


The following table presents fair value measurements of the Company’s investments as of June 30, 2021, according to the fair value hierarchy that is described in our annual report on Form 10-K (successor basis):
 
Asset Type
  
Total
    
Level I
    
Level II
    
Level III
  
Publicly Traded Companies
  
$
169,200
    
$
169,200
    
$
-
    
$
-
  
Non Traded Companies
    
32,294,352
      
-
      
-
      
32,294,352
  
LP Interests
    
38,010,977
      
-
      
-
      
38,010,977
  
Investment Trust
    
34,714
      
-
      
-
      
34,714
  
Total
  
$
70,509,243
    
$
169,200
    
$
-
    
$
70,340,043
  
Reconciliation of the 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 six months ended December 31, 2021 (successor basis):
 
Balance at July 1, 2021
  
$
70,340,043
  
Purchases of investments
    
3,232,548
  
Transfers to Level I
    
(230,160
)
Proceeds from sales, net
     (14,307,919 )
Return of capital distributions
    
(4,204,209
)
Net realized gain
    
3,656,387
  
Net unrealized gains
    
4,861,844
  
Ending balance at December 31, 2021
  
$
63,348,534
  
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 six months ended December 31, 2020 (predecessor basis):
 
Balance at July 1, 2020
  
$
86,460,491
  
Purchases of investments
    
13,448,477
  
Transfers to Level I
    
(1,900,470
)
Consolidation of the Operating Partnership
    
(8,027,584
)
Proceeds from sales, net
    
(1,011,748
)
Return of capital
    
(11,486,835
)
Net realized gains
    
30,050
  
Net unrealized losses
    
(8,634,492
)
Ending balance at December 31, 2020
  
$
68,877,889
  
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 December 31, 2021 (successor basis):
 
Asset Type
  
Fair Value
  
Primary Valuation
Techniques
  
Unobservable Inputs Used
  
Range
    
Weighted
Average
  
                         
Non Traded Company
  
$
3,010,784
  
Direct Capitalization Method
  
Capitalization rate
  
7.37%

     

               
 
Liquidity discount
   33.0%
 
 
Non Traded Companies
    
21,677
  
Estimated Liquidation Value
  
Sponsor provided value
            
                           
Liquidity discount
  
82.0%

 

 
                   
SEC filings
           
Non Traded Companies
    
21,323,223
  
Market Activity
  
Secondary market industry publication
            
                           
Contracted sale of the property
           
                           
LP Interests
    
17,108,315
  
Direct Capitalization Method
  
Capitalization rate
  
3.6% - 8.0%

 
4.93%

                           
Liquidity discount
   33.0%
     
LP Interest
    
5,000,000
  
Discounted Cash Flow
  
Discount rate
  
9.0%

     
LP Interests
    
8,534,000
  
Estimated Liquidation Value
  
Sponsor provided value
            
                           
Contracted sale of the property
           
LP Interest
     5,295,921  
Market Activity
  
Contracted sale of the property
           
                           
Investment Trust
    
39,776
  
Direct Capitalization Method
  
Capitalization rate
  
6.0%

     
                           
Liquidity discount
  
33.0%

     
                           
Promissory Note
     3,014,838   Estimated Liquidation Value  
Forbearance agreement
            
                           
   
$
63,348,534
                    
 
The following table shows quantitative information about significant unobservable inputs related to the Level III fair value measurements used at June 30, 2021 (successor basis):

Asset Type
  
Fair Value
  
Primary Valuation
Techniques
  
Unobservable Inputs Used
  
Range
    
Wt.
Average
  
                         
Non Traded Company
  
$
2,867,911
  
Direct Capitalization Method
  
Capitalization rate
  
7.9%

 

 
                                       
Liquidity discount
  
32.0%

 

 
Non Traded Companies
    
66,337
  
Estimated Liquidation Value
  
Sponsor provided value
            
                                       
Liquidity discount
  
2.0% - 67.0%

 
53.6%

                          Bankruptcy filing            
Non Traded Companies
    
29,360,104
  
Market Activity
  
Secondary market industry publication
            
         
  Underlying property sales contract            
                          Acquisition cost            
                           
LP Interests
    
19,717,495
  
Direct Capitalization Method
  
Capitalization rate
  
3.5% - 7.5%

 
5.8%

                                       
Liquidity discount
  
20.0% - 33.0%

 
20.9%

LP Interests
    
11,448,000
  
Discounted Cash Flow
  
Discount rate
  
9.0% - 20.0%

 
13.2%

                                       
Discount term (months)
  
24
        
LP Interests
    
6,845,482
  
Estimated Liquidation Value
  
Sponsor provided value
            
                                       
Underlying property sales contract
            
                                       
Liquidity discount
  
5.0% - 46.19%

 
16.1%

                          Appraisal            
                           
Investment Trust
    
34,714
  
Direct Capitalization Method
  
Capitalization rate
   6.0%
     
                          Liquidity discount   33.0%
     
   
$
70,340,043
                    
Aggregated Summarized Financial Information of Investees The aggregated summarized financial information of the investees is as follows:
 
Total Assets
  
$
234,277,621
  
Total Liabilities
  
$
151,293,866
  
Total Equities
  
$
82,983,755
  
Total Revenues
  
$
21,707,508
  
Total Expenses
  
$
22,083,535
  
Total Net Loss
  
$
(376,026
)