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, 2024				March 31, 2023
	Ben		Customer ExAlt Trusts		Ben		Customer 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 1		Level 2		Level 3		Total
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 liability	178		—		—		178
Prepaid forward liability	14		—		—		14

	As of March 31, 2023
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
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,
	2024		2023
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 liability	1,581		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 Value		Valuation Methodology	Unobservable Inputs	Range	Weighted Average
March 31, 2024	$	1,964	Market Approach	Enterprise value-to-revenue multiple	0.2x – 18.9x	1.77x
March 31, 2023	$	2,078	Market Approach	Enterprise 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 Value		Valuation Methodology	Unobservable Inputs	Range of Targets
March 31, 2023	$	3,513	Discounted cash flow	Alternative asset beta to equity markets	0.42 – 1.67
				Alternative asset market discount rate	0.10
				Distribution rate	0.03 – 0.06
				Equity market risk premiums	0.07
				Net asset value volatilities	0.09 – 0.84
				Enhanced return discount rate	0.12

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)	2024		2023
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, 2023		Impairment		March 31, 2024
Ben Liquidity	$	1,725,880	$	(1,725,880)	$	—
Ben Custody	594,219		(583,323)		10,896
Ben Insurance	37,942		(37,942)		—
Ben Markets	9,885		(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 Hierarchy	Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	1	$	7,913	$	7,913
Restricted cash	1	64		64
Financial liabilities:
Debt due to related parties	2	120,505		129,327
Accounts payable and accrued expenses	1	157,157		157,157

	As of March 31, 2023
(Dollars in thousands)	Level in Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	1	$	8,726	$	8,726
Restricted cash	1	819		819
Financial liabilities:
Customer ExAlt Trusts loan payable, net	2	52,129		56,635
Debt due to related parties, net	2	99,314		96,465
Accounts payable and accrued expenses	1	65,724		65,724