INVESTMENTS (Tables)

3 Months Ended

Sep. 30, 2024

INVESTMENTS [Abstract]

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 September 30, 2024 and June 30, 2024:

	Fair Value		Fair Value
Asset Type	September 30, 2024		June 30, 2024
Non Traded Companies	$	990,317	$	1,341,164
GP Interests (Equity method investment with fair value option election)		1,784,470		3,906,326
LP Interests (Equity method investment with fair value option election)		773,001		796,940
Total	$	3,547,788	$	6,044,430

Fair Value Measurements of Investments

The following table presents fair value measurements of our investments as of September 30, 2024 and June 30, 2024, according to the fair value hierarchy that is described in our annual report on Form 10-K:

	As of September 30, 2024
Asset Type	Total		Level I		Level II		Level III
Non Traded Companies	$	990,317	$	-	$	-	$	990,317
GP Interests		1,784,470		-		-		1,784,470
LP Interests		773,001		-		-		773,001
Total	$	3,547,788	$	-	$	-	$	3,547,788

	As of June 30, 2024
Asset Type	Total		Level I		Level II		Level III
Non Traded Companies	$	1,341,164	$	-	$	-	$	1,341,164
GP Interests		3,906,326		-		-		3,906,326
LP Interests		796,940		-		-		796,940
Total	$	6,044,430	$	-	$	-	$	6,044,430

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 three months ended September 30, 2024:

Balance at July 1, 2024	$	6,044,430
Purchases of investments		171,064
Transfer to Investments in Real Estate		(2,627,725	)
Proceeds from sales, net		(670,727	)
Net realized gain		151,370
Net unrealized gain		479,376
Ending balance at September 30, 2024	$	3,547,788

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 three months ended September 30, 2023:

Balance at July 1, 2023	$	22,148,980
Purchases of investments		393,530
Return of capital distributions		(21,000	)
Net unrealized loss		(2,267,248	)
Ending balance at September 30, 2023	$	20,254,262

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 September 30, 2024:

Asset Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs Used	Range		Weighted Average
Non Traded Companies	$	990,317	Market Activity	Secondary market industry publication
				Acquisition cost
GP Interests		1,784,470	Direct Capitalization Method	Capitalization rate		6.3% - 6.5%		6.4%
				Discount rate		6.8% - 7.0%		6.9%
LP Interests		768,051	Discounted Cash Flow	Discount rate		7.0%		7.0%
LP Interests		4,950	Estimated Liquidation Value	Sponsor provided value
	$	3,547,788

The following table shows quantitative information about significant unobservable inputs related to the Level III fair value measurements used at June 30, 2024:

Asset Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs Used	Range		Weighted Average
Non Traded Companies	$	1,341,164	Market Activity	Secondary market industry publication
				Acquisition cost
GP Interests		3,906,326	Direct Capitalization Method	Capitalization rate		6.3% - 6.5%		6.3%
				Discount rate		6.8% - 7.0%		7.0%
LP Interests		791,990	Discounted Cash Flow	Discount rate		7.0%		7.0%
LP Interests		4,950	Estimated Liquidation Value	Sponsor provided value
	$	6,044,430