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Fair Value Measurements (Tables)
 12 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The composition of investments recorded at fair value by holder is included in the table below (in thousands):
March 31, 2024March 31, 2023
BenCustomer ExAlt TrustsBenCustomer ExAlt Trusts
Alternative assets$— $293,916 $— $385,851 
Public equity securities and option— 4,897 4,742 8,087 
Debt securities available-for-sale— 2,962 620 76,278 
Other equity securities and interests
6 27,338 — 21,643 
Total investments, at fair value$6 $329,113 $5,362 $491,859 
The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on March 31, 2024 and 2023 are presented below:
As of March 31, 2024
(Dollars in thousands)Level 1Level 2Level 3Total
Assets:
Public equity securities$4,897 $— $— $4,897 
Other equity interests
— 558 — 558 
Debt securities available-for-sale, other
— 998 1,964 2,962 
Liabilities:
Warrant liability178 — — 178 
Prepaid forward liability14 — — 14 
As of March 31, 2023
(Dollars in thousands)Level 1Level 2Level 3Total
Assets:
Public equity securities$8,837 $— $— $8,837 
Put Options
3,991 — — 3,991 
Debt securities available-for-sale
Corporate debt securities (L Bonds)— 73,822 — 73,822 
Other debt securities— 998 2,078 3,076 
Liabilities:
Derivative liability— — 3,513 3,513 
Schedule of Reconciliation of Gain (Loss) on Investments
A reconciliation of gain (loss) on financial instruments, net for each of the periods presented herein is included in the tables below (in thousands):
Year Ended March 31,
20242023
Public equity securities
Related party equity securities$(3,702)$(63,536)
Other public equity securities(237)523 
Put options(3,023)(3,460)
Warrant liability
2,477 — 
Prepaid forward liability
(14)— 
Derivative liability1,581 4,595 
Other equity securities and interests
Related party, with a readily determinable fair value(1)
(63,755)— 
Other, without a readily determinable fair value(37,848)10,457 
Gain (loss) on financial instruments, net$(104,521)$(51,421)
(1) Includes realized net gains of $13.7 million related to the Company’s previously classified available-for-sale debt securities upon reclassification from accumulated other comprehensive income during the year ended March 31, 2024.
Fair Value Measurement Inputs and Valuation Techniques The following table provides quantitative information about the significant unobservable inputs used in the fair value measure of the Level 3 other debt securities (dollars in thousands):
Fair ValueValuation MethodologyUnobservable InputsRange Weighted Average
March 31, 2024$1,964 Market ApproachEnterprise value-to-revenue multiple
0.2x – 18.9x
1.77x
March 31, 2023$2,078 Market ApproachEnterprise value-to-revenue multiple
0.2x – 18.9x
1.74x
The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Level 3 derivative liability at March 31, 2023. As discussed in Note 10, there was no such derivative liability at March 31, 2024 as the derivative liability was extinguished along with its related debt on October 18, 2023 (dollars in thousands):
Fair ValueValuation MethodologyUnobservable InputsRange of Targets
March 31, 2023$3,513 Discounted cash flowAlternative asset beta to equity markets
0.42 – 1.67
Alternative asset market discount rate0.10
Distribution rate
0.03 – 0.06
Equity market risk premiums0.07
Net asset value volatilities
0.09 – 0.84
Enhanced return discount rate0.12
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table reconciles the beginning and ending fair value of our Level 3 other debt securities:

Year Ended March 31,
(Dollars in thousands)20242023
Beginning balance$2,078 $3,000 
Gains (losses) recognized in accumulated other comprehensive income (loss)(1)
(114)(922)
Ending balance$1,964 $2,078 
(1) Recorded in unrealized gain (loss) on available-for-sale debt securities.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table reconciles the beginning and ending fair value of our Level 3 derivative liability:
(dollars in thousands)Year Ended
March 31, 2024		Year Ended
March 31, 2023
Beginning balance$3,513 $8,108 
(Gains) losses recognized in earnings(1)
(1,581)(4,595)
Gain recognized in loss on extinguishment of debt, net(1,932)— 
Ending balance$— $3,513 
(1) Recorded in (gain) loss on financial instruments, net.
Schedule of Goodwill
The change in goodwill at each reporting unit was as follows:
(dollars in thousands)March 31, 2023ImpairmentMarch 31, 2024
Ben Liquidity$1,725,880 $(1,725,880)$— 
Ben Custody594,219 (583,323)10,896 
Ben Insurance37,942 (37,942)— 
Ben Markets9,885 (7,175)2,710 
Total Goodwill$2,367,926 $(2,354,320)$13,606 
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value
The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value as of March 31, 2024 and 2023, were as noted in the table below:
As of March 31, 2024
(Dollars in thousands)Level in Fair Value HierarchyCarrying AmountEstimated Fair Value
Financial assets:
Cash and cash equivalents1$7,913 $7,913 
Restricted cash164 64 
Financial liabilities:
Debt due to related parties2120,505 129,327 
Accounts payable and accrued expenses1157,157 157,157 
As of March 31, 2023
(Dollars in thousands)Level in Fair Value HierarchyCarrying AmountEstimated Fair Value
Financial assets:
Cash and cash equivalents1$8,726 $8,726 
Restricted cash1819 819 
Financial liabilities:
Customer ExAlt Trusts loan payable, net252,129 56,635 
Debt due to related parties, net
299,314 96,465 
Accounts payable and accrued expenses165,724 65,724