Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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 December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Equity investments	$	16,252	$	-	$	-	$	16,252
Debt securities		4,287		-		-		4,287
Total assets within the fair value hierarchy	$	20,539	$	-	$	-	$	20,539
Investments valued at net asset value							$	18,773
Total assets							$	39,312
Liabilities:
Contingent consideration liability	$	-	$	-	$	962	$	962
Total liabilities	$	-	$	-	$	962	$	962

	Fair Value as of June 30, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Equity investments	$	14,296	$	-	$	-	$	14,296
Total assets within the fair value hierarchy	$	14,296	$	-	$	-	$	14,296
Investments valued at net asset value							$	18,315
Total assets							$	32,611
Liabilities:
Contingent consideration liability	$	-	$	-	$	1,903	$	1,903
Total liabilities	$	-	$	-	$	1,903	$	1,903

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 three months ended December 31,				For the six months ended December 31,
(in thousands)	2023		2022		2023			2022
Beginning balance	$	944	$	1,050	$	1,903		$	1,120
Payments		-		-		(977	)		-
Change in fair value		18		130		36			60
Ending balance	$	962	$	1,180	$	962		$	1,180

Reconciliation of Changes in Fair Value of Level 3 Assets

The following is a reconciliation of changes in fair value of Level 3 assets:

	For the three months ended December 31,			For the six months ended December 31,
(in thousands)	2023			2023
Beginning balance	$	-		$	-
Additions		1,911			1,911
Payments		(1	)		(1	)
Change in fair value		97			97
Ending balance	$	2,007		$	2,007

Consolidated Funds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Assets and Liabilities Measured at Fair Value on Recurring and Non-recurring Basis

The assets of the Consolidated Funds measured at fair value on a recurring basis are summarized in the table below:

	Fair Value as of December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets of Consolidated Funds:
Equity investments	$	-	$	-	$	92	$	92
Debt securities		-		2,673		1,915		4,588
Total assets within the fair value hierarchy	$	-	$	2,673	$	2,007	$	4,680