INVESTMENTS

3 Months Ended

Sep. 30, 2025

INVESTMENTS [Abstract]

INVESTMENTS

NOTE 4 – INVESTMENTS

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, 2025 and June 30, 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.

	Fair Value		Fair Value
Asset Type	September 30, 2025		June 30, 2025
Non Traded Companies	$	1,953,717	$	1,749,528
GP Interests (Equity method investment with fair value option election)		1,191,845		1,213,711
LP Interests (Equity method investment with fair value option election)		906,520		911,740
Total	$	4,052,082	$	3,874,979

	Fair Value		Fair Value
Liability	September 30, 2025		June 30, 2025
Securities Sold, Not Yet Purchased	$	301,120	$	-

During the three months ended September 30, 2025, we realized a total net loss of $703,907 from four investment liquidations and disposals (Highlands REIT, Inc., Starwood Real Estate Income Trust, Inc. - Class S, SmartStop Self Storage REIT, Inc. - Class A, and National Healthcare Properties, Inc.).

During the three months ended September 30, 2024, we realized a total net gain of $151,370 from two investment liquidations and disposals (Blackstone Real Estate Income Trust, Inc. and Highlands REIT, Inc.).

The following table presents fair value measurements of our investments as of September 30, 2025 and June 30, 2025, according to the fair value hierarchy that is described in our annual report on Form 10-K:

	As of September 30, 2025
Asset Type	Total		Level I		Level II		Level III
Non Traded Companies	$	1,953,717	$	-	$	-	$	1,953,717
GP Interests		1,191,845		-		-		1,191,845
LP Interests		906,520		-		-		906,520
	$	4,052,082	$	-	$	-	$	4,052,082
Liability
Securities Sold, Not Yet Purchased	$	301,120	$	301,120	$	-	$	-

	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

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, 2025:

Balance at July 1, 2025	$	3,874,979
Purchases of investments		503,225
Proceeds from sales of investments		(699,622	)
Net realized loss		(703,907	)
Net unrealized gain from investments		1,077,407
Ending balance at September 30, 2025	$	4,052,082

For the three months ended September 30, 2025, net change in unrealized losses included in earnings relating to Level III investments still held at September 30, 2025 was $1,077,407.

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 loss		151,370
Net unrealized gain		479,376
Ending balance at September 30, 2024	$	3,547,788

For the three months ended September 30, 2024, net change in unrealized losses included in earnings relating to Level III investments still held at September 30, 2024 was $146,930.

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

Asset Type	Fair Value		Primary Valuation Techniques	Unobservable Inputs Used	Range	Weighted Average
Non Traded Companies	$	1,953,717	Market Activity	Acquisition cost
				Security sales
				Secondary market industry publication
			Estimated Liquidation Value	Sponsor provided value
GP Interests		1,191,845	Direct Capitalization Method	Capitalization rate	6.3% - 6.5%	6.4%
				Discount rate	6.8% - 7.0%	6.9%
LP Interests		706,520	Discounted Cash Flow	Discount rate	7.0%	7.0%
LP Interests		200,000	Market Activity	Acquisition cost
	$	4,052,082

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

Summarized Financial Statements for Equity Method Investments (Fair Value Option)

Our investments in securities are generally in small and mid-sized companies in a variety of industries. In accordance with the Rule 8-03(b)(3) of Regulation S-X applicable for smaller reporting companies, we must determine which of our equity method investments measured at fair value under the Fair Value Option are considered “significant”, if any. Regulation S-X mandates the use of three different tests to determine if any of our investments are considered significant investments: the investment test, the asset test, and the income test. The rule requires summarized financial statements for any significant equity method investments in an annual and interim report if any of the three tests exceed 20%.

In addition to the SEC rules, ASC 323-10-50-3(c) requires summarized financial statements of our equity method investments, including those reported under the fair value option, if they are material individually or in aggregate.

None of our equity method investments accounted under the fair value option were determined to be individually significant under any of the tests as of September 30, 2025. Furthermore, our equity method investments accounted under the fair value option in aggregate were not material as of September 30, 2025.

Unconsolidated Significant Subsidiaries

In accordance with SEC Rules 3-09 and 4-08(g) of Regulation S-X, we must determine which of our investments in securities are considered “significant subsidiaries”, if any. Regulation S-X mandates the use of three different tests to determine if any of our controlled investments are significant subsidiaries: the investment test, the asset test, and the income test. Rule 3-09 of Regulation S-X requires separate audited financial statements for any unconsolidated majority-owned subsidiary in an annual report if any of the three tests exceed 20%. Rule 4-08(g) of Regulation S-X requires summarized financial information in an annual report if any of the three tests exceeds 10%.

As of September 30, 2025 and June 30, 2025, none of our investments in securities were considered unconsolidated significant subsidiaries under the SEC rules described above.