Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2021

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 September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Equity investments	$	19,141	$	-	$	-	$	19,141
Equity investments of Consolidated Funds		26,541		-		-		26,541
Total assets within the fair value hierarchy	$	45,682	$	-	$	-	$	45,682
Investments valued at net asset value								4,867
Total assets							$	50,549
Liabilities:
Participation feature of HC LLC Series A-2 Preferred Stock	$	-	$	-	*		*
Contingent consideration liability		-		-		605		605
Total liabilities	$	-	$	-	$	605	$	605

*Balance eliminates in consolidation.

	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

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 September 30, 2021 and 2020:

	For the three months ended September 30,
(in thousands)	2021			2020
Beginning balance	$	271		$	-
Additions		497			-
Change in fair value		(163	)		-
Ending balance	$	605		$	-