Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2022

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 March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Equity investments	$	13,419	$	-	$	-	$	13,419
Equity investments of Consolidated Funds		11,340		-		-		11,340
Total assets within the fair value hierarchy	$	24,759	$	-	$	-	$	24,759
Investments valued at net asset value								5,741
Total assets							$	30,500
Liabilities:
Participation feature of HC LLC Series A-2 Preferred Stock	$	-	$	-	*		*
Contingent consideration liability		-		-		388		388
Total liabilities	$	-	$	-	$	388	$	388

	Fair Value as of June 30, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Equity investments	$	19,444	$	-	$	-	$	19,444
Equity investments of Consolidated Funds		26,490		-		-		26,490
Total assets within the fair value hierarchy	$	45,934	$	-	$	-	$	45,934
Investments valued at net asset value								4,600
Total assets							$	50,534
Liabilities:
Participation feature of HC LLC Series A-2 Preferred Stock	$	-	$	-	*		*
Contingent consideration liability		-		-		271		271
Total liabilities	$	-	$	-	$	271	$	271

*Balance eliminates in consolidation.

Reconciliation of Changes in Contingent Consideration, Level 3 Liability

The following is a reconciliation of changes in contingent consideration, a Level 3 liability:

	For the nine months ended March 31,
(in thousands)	2022			2021
Beginning balance	$	271		$	-
Additions		497			397
Change in fair value		(380	)		-
Ending balance	$	388		$	397