Diversification Using Principal Loan Balance, Net of Allowance for Credit Losses

As of March 31, 2024, the charts below present the Loan Portfolio’s relative exposure by certain characteristics (percentages determined by aggregate Fiduciary Loan Portfolio principal balance net of allowance for credit losses, which includes the exposure to interests in certain of our former affiliates’ equity and debt securities composing part of the Fiduciary Loan Portfolio)

Industry Sector(1)

 

Geography(2)

 

Investment Strategy(3)

 

As of March 31, 2024. Represents the characteristics of professionally managed funds and investments in the Collateral (defined as follows) portfolio. The Collateral for the ExAlt PlanTM Loans in the Loan Portfolio is comprised of a diverse portfolio of direct and indirect interests (through various investment vehicles, including, limited partnership interests and private and public equity and debt securities, which include our and our affiliates’ or our former affiliates’ securities), primarily in third-party, professionally managed private funds and investments. Loan balances used to calculate the percentages reported in the pie charts are loan balances net of any allowance for credit losses, and as of March 31, 2024, the total allowance for credit losses was $302 million, for a total gross loan balance of $559 million and a loan balance net of allowance for credit losses of $256 million.

Diversification Using Net Asset Value of Collateral

As of March 31, 2024, the charts below present certain characteristics of the professionally managed private funds composing part of the ExAlt Loan Collateral Portfolio (percentages determined by net asset value and excludes interests in certain of our former affiliates’ equity and debt securities composing part of the collateral of the Fiduciary Loans):

Industry Sector(1)

 

Geography(2)

 

Investment Strategy(3)

 

As of March 31, 2024. Represents the characteristics of the third-party, professionally managed funds and investments. Excludes interests in certain of our and our affiliates or former affiliates’ equity and debt securities. in the Collateral (defined as follows) portfolio. The Collateral for the ExAlt PlanTM Loans in the Loan Portfolio is comprised of a diverse portfolio of direct and indirect interests (through various investment vehicles, including, limited partnership interests and private and public equity and debt securities, which include our and our affiliates’ securities), primarily in third-party, professionally managed private funds and investments. As of March 31, 2024, such third-party, professionally managed private fund and investments comprise 99.8% of the Collateral, with the remainder being comprised of indirect interests in certain of our and our affiliates or our former affiliates’ equity and debt securities. The vintages of these funds and investments in the Collateral portfolio ranged from 1993 to 2023.

Diversification represents more than 250 funds and 850 investments


FOOTNOTES:

  1. Industry sector based on GICS® Level 2 classification “Other” classification reflects companies in the GICS classifications categories of Automobiles & Components, Consumer Services, Commercial & Professional Services, Insurance, Tech Hardware & Equipment, Media & Entertainment, Transportation, Retailing, Telecommunication Services, and Pharmaceuticals, Biotechnology & Life Sciences.  N/A includes investments assets that Ben management has determined do not have an applicable GICS Level 2 classification, such as Net Other Assets, Escrows, and Earnouts.
  2. Geography reflects classifications determined by Ben management, based on each underlying investment
  3. Investment Strategy Type reflects classifications based on each company’s current investment strategy stage as determined by Ben management.