0001775734-26-000018 | 10-K | XBRL Viewer

Insurance reimbursable receivable, net (Note 20)

$ 4,122

$ 39,574

Prepaid expenses

1,614

2,367

Fixed assets (Note 7)

1,082

1,732

Distribution receivables

181

348

Promissory notes receivable

5,517

Allowance for promissory notes receivable and other receivables

(5,517)

Loan fee receivable

2,932

Allowance for loan fee receivable

(2,932)

Schedule of Earnings Per Share, Basic and Diluted

2,128

2,191

Total Other assets, net

$ 9,127

$ 49,144

^[1]

[1]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Net Income (Loss) per Share (Tables)

12 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Basic net income (loss) attributable to Beneficient per common share for the years ended March 31, 2026 and 2025, is as follows:


(Dollars in thousands, except per share amounts)	Year Ended March 31,
	2026		2025
Net income (loss)	$	(164,730)	$	(803)
Plus: Net loss attributable to noncontrolling interests	96,222		69,789
Less: Noncontrolling interest guaranteed payment	(18,918)		(17,824)
Net income (loss) attributable to Beneficient common shareholders	(87,426)		51,162
Less: Net (income) loss to all participating securities	69,140		—
Net income (loss) attributable to Beneficient common shareholders	$	(18,286)	$	51,162
Net income (loss) attributable to Class A common shareholders	$	(17,661)	$	47,886
Net income (loss) attributable to Class B common shareholders	$	(419)	$	3,276

Basic weighted average of common shares outstanding
Class A	1,259,654		703,390
Class B	29,908		29,908

Basic net income (loss) attributable to Beneficient per common share
Class A	$	(14.02)	$	68.08
Class B	$	(14.02)	$	109.54

Diluted net income (loss) attributable to Beneficient per common share for the year ended March 31, 2026, is as follows:


(Dollars in thousands, except per share amounts)	Year Ended March 31,
	2025
Diluted income (loss) per share
Net income (loss) attributable to Beneficient common shareholders - Basic	$	51,162
Adjustments for diluted EPS numerator:
Less: Net income (loss) attributable to noncontrolling interests - Ben	(34,875)
Less: Net (income) loss to participating securities	—
Plus: Noncontrolling interest guaranteed payment	17,824
Net income (loss) attributable to Beneficient common shareholders - Diluted	$	34,111

Basic weighted average of common shares outstanding (Class A and Class B)	733,298
Dilutive effect of:
Series B Preferred Stock	81,116
Class S Ordinary	8,373
Class S Preferred	76
Preferred Series A Subclass 0	15,460,389
Preferred Series A Subclass 1	49,753,565


Restricted Stock Units	71,334

Diluted weighted average of common shares outstanding (Class A and Class B)	66,108,151

Diluted net income (loss) attributable to Beneficient per common share (Class A and Class B)	$	0.52

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

In computing diluted net income (loss) per share, we considered potentially dilutive shares. Anti-dilutive shares not recognized in the diluted net loss per share calculation for the year ended March 31, 2026 and 2025, were as follows:


	Shares
	Year Ended March 31,
	2026	2025
Series B Preferred Stock	4,817,944	—
Contingently Returnable Common Stock	4,931,446	—
Class S Ordinary	8,376	—
Class S Preferred	78	—
Preferred Series A Subclass 0	66,644,038	—
Preferred Series A Subclass 1	208,120,305	—

Restricted Stock Units	172,689	33,204
Stock Options	25,000	10,719
Convertible Debt	—	49,248
Warrants	204,267	123,699
Total anti-dilutive shares	284,924,143	216,870

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Reportable segments	3

Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Current provision expense (benefit)
Federal	$ 7	$ 0
State and local	207	80
Deferred provision expense (benefit)
Federal	35,860	6,370
State and local	105	743
Valuation allowance	(35,965)	(7,113)
Income tax expense (benefit)	$ 214	$ 80

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows used in operating activities:
Net income (loss)	$ (164,730)	$ (803)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	746	1,695
Net amortization of debt premium and discount (related party of $772 and $296)	772	296
Loss on impairment of goodwill and intangible assets	3,100	3,692
Accrual (release) of loss contingency related to arbitration award	62,831	(54,973)
Gain (loss) on financial instruments, net (related party of $(9,491) and $552)	(9,774)	2,242
Investment (income) loss, net	49,532	6,500
Non cash interest expense (related party of $11,827 and $9,715)	17,151	12,214
Non cash interest income	(385)	(494)
Non cash share-based compensation	1,629	5,649
Provision for credit losses	1,048	1,000
Provision for deferred taxes	214	80
(Gain) loss on liability resolution	(1,996)	(23,462)
Changes in assets and liabilities:
Changes in other assets	1,204	(32,784)
Changes in accounts payable and accrued expenses	(59)	41,445
Net cash used in operating activities	(38,717)	(37,703)
Cash flows from investing activities:
Return of investments in alternative assets held by Customer ExAlt Trusts	12,062	30,368
Proceeds from disposition of alternative assets held by Customer ExAlt Trusts	51,480	0
Purchase of investments in alternative assets held by Customer ExAlt Trusts	(2,238)	(1,219)
Purchase of premises and equipment	(96)	(1,099)
Proceeds from sale of public equity securities held by Customer ExAlt Trusts	0	55
Net cash provided by investing activities	61,208	28,105
Cash flows from financing activities:
Proceeds from related party debt financings	850	1,675
Payments on related party debt financings	(22,850)	(4,675)
Proceeds from issuance of convertible debt	0	3,575
Payments on convertible debt	0	(4,000)
Proceeds received from issuance of Class A common under standby equity purchase agreement	706	7,859
Payment of deferred financing costs for equity	0	(2,140)
Proceeds from sale of Class A common shares	0	673
Net cash provided by (used in) financing activities	(21,294)	2,967
Net increase (decrease) in cash and cash equivalents	1,197	(6,631)
Cash and cash equivalents at beginning of period	1,346	7,977
Cash and cash equivalents at end of period	$ 2,543	$ 1,346

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (Parenthetical)	Dec. 15, 2025	Apr. 18, 2024
Statement of Stockholders' Equity [Abstract]
Stock split conversion ratio	0.125	0.0125

Share-based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	$ 1,629	$ 5,649
BMP equity units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	151	383
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	1,391	5,132
Other
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	$ 87	$ 134

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		2 Months Ended
	Apr. 08, 2026	May 31, 2026	Mar. 31, 2026	Mar. 31, 2025
Subsequent Event [Line Items]
Alternative assets			$ 162,824	$ 259,113
Preferred stock, par value (in dollars per share)			$ 0.001	$ 0.001
Customer ExAlt Trusts
Subsequent Event [Line Items]
Alternative assets			$ 162,824	$ 259,113
Subsequent Event
Subsequent Event [Line Items]
Alternative assets	$ 8,750
Subsequent Event \| Customer ExAlt Trusts
Subsequent Event [Line Items]
Aggregate gross proceeds		$ 2,700
Percentage of proceeds distributed to beneficiaries		2.50%
Subsequent Event \| Series B10 Resettable Convertible Preferred Stock
Subsequent Event [Line Items]
Units issued (in shares)	875,214
Preferred stock, par value (in dollars per share)	$ 0.001
Unrealized gain	$ 1,200
Conversion price (in dollars per share)	$ 3.5479
Preferred stock convertible floor price (in dollars per share)	$ 1.2418
Units issuable (in shares)	7,047,947

Investments, at Fair Value - Debt Securities Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Amortized Cost Basis
Due in one year or less	$ 1,687	$ 1,687
No fixed maturity	0	998
Amortized Cost Basis	1,687	2,685
Fair Value
Due in one year or less	1,739	1,687
No fixed maturity	0	0
Fair Value	$ 1,739	$ 1,687

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
Fixed Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (12,547)	$ (11,801)
Fixed assets, net	1,082	1,732
Depreciation and amortization	700	1,700
Depreciable Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Fixed assets, gross	13,254	13,254
Computer hardware and software
Property, Plant and Equipment [Line Items]
Fixed assets, gross	12,861	12,861
Buildings
Property, Plant and Equipment [Line Items]
Fixed assets, gross	188	188
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Fixed assets, gross	109	109
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	23	23
Other
Property, Plant and Equipment [Line Items]
Fixed assets, gross	73	73
Internal use software in process
Property, Plant and Equipment [Line Items]
Fixed assets, net	375	279
Depreciation and amortization expense	700	1,600
Unamortized computer software costs	$ 500	$ 1,200

Equity - Noncontrolling Interests (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 21, 2024

Mar. 31, 2026

Mar. 31, 2025

^[2]

$ (34,925)

^[1]

$ (192,118)

Preferred A-0 Unit Accounts guaranteed payment accrual

(164,730)

(803)

(12,096)

^[3]

(5,430)

^[2]

Miscellaneous adjustment to previously allocated FLP Subclass 3 income

^[3]

189

Conversion of BCH Pref A-1 to Class A common stock

^[3]

12,156

Issuance of equity in connection with recent financings

^[2]

673

Reclass of BCH Preferred A-0 from temporary to permanent equity

^[2]

160,526

Noncontrolling interests (Note $13)

(189,286)

^[3]

(34,925)

^[1],[2]

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

^[2]

132,076

42,231

Preferred A-0 Unit Accounts guaranteed payment accrual

(84,126)

(64,359)

(12,096)

^[3]

(5,430)

^[2]

Reclass of distributions payable to noncontrolling interest holder

(1,956)

(5,430)

Miscellaneous adjustment to previously allocated FLP Subclass 3 income

^[3]

189

Conversion of BCH Pref A-1 to Class A common stock

^[3]

(9,724)

Issuance of equity in connection with recent financings

370

Reclass of BCH Preferred A-0 from temporary to permanent equity

^[2]

160,526

(892)

Trusts | Noncontrolling interests (Note $13)

24,733

^[3]

132,076

^[2]

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

(201,518)

(165,712)

Reclass of distributions payable to noncontrolling interest holder

(25,639)

(34,914)

(1,956)

Issuance of equity in connection with recent financings

370

(892)

FLP | Noncontrolling interests (Note $13)

(228,743)

(201,518)

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

Miscellaneous adjustment to previously allocated FLP Subclass 3 income

(189)

189

BCH Preferred Series A-0 Non-Redeemable

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

Reclass of BCH Preferred A-0 from temporary to permanent equity

$ 35,000

BCH Preferred Series A-0 Non-Redeemable | Noncontrolling interests (Note $13)

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

160,526

Preferred A-0 Unit Accounts guaranteed payment accrual

12,096

5,430

(12,096)

Reclass of distributions payable to noncontrolling interest holder

(5,430)

Reclass of BCH Preferred A-0 from temporary to permanent equity

160,526

BCH Preferred Series A-1 | Noncontrolling interests (Note $13)

160,526

Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

173,068

207,943

Conversion of BCH Pref A-1 to Class A common stock

(70,394)

(34,875)

(9,724)

$ 92,950

$ 173,068

[1]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
[2]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
[3]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Debt - Convertible Debentures (Details)
$ in Thousands

12 Months Ended

Nov. 13, 2024

USD ($)

Aug. 06, 2024

USD ($)

$ / shares

Mar. 31, 2026

USD ($)

$ / shares

Mar. 31, 2025

USD ($)

Aug. 14, 2024

Jun. 07, 2023

165,674

Fair value

$ 308

$ 227

^[1]

9,774

(2,242)

Warrant exercise price (in dollars per share) | $ / shares

82,837

165,674

82,837

$ 21.04

Yorkville Warrants

100

$ 1,700

Convertible debt

$ 2,000

Convertible debt | Class A

165,674

Debt instrument, convertible, conversion price (in dollar per shares) | $ / shares

$ 24.144

Securities Purchase Agreement | Convertible debt

Aggregate principal amount

$ 4,000

Potential interest rate of debt

$ 2,000

Original issue discount

10.00%

0.180

First Closing | Warrant Agreement Member | Yorkville Warrants Member

First Closing | Warrant Agreement Member | Yorkville Warrants Member | Measurement Input, Expected Term

Fair value

$ 1,300

First Closing | Warrant Agreement Member | Yorkville Warrants Member | Measurement Input, Share Price

3.0

First Closing | Warrant Agreement Member | Yorkville Warrants Member | Measurement Input, Exercise Price

21.04

First Closing | Warrant Agreement Member | Yorkville Warrants Member | Measurement Input, Price Volatility

21.04

First Closing | Warrant Agreement Member | Yorkville Warrants Member | Measurement Input, Expected Dividend Rate

1.302

First Closing | Warrant Agreement Member | Yorkville Warrants Member | Measurement Input, Risk Free Interest Rate

First Closing | Convertible debt

0.0358

Proceeds from purchase agreement

$ 1,800

Additional agree principal amount

$ 2,000

Second Closing | Warrant Agreement Member | Yorkville Warrants Member

Second Closing | Warrant Agreement Member | Yorkville Warrants Member | Measurement Input, Expected Term

Fair value

$ 500

Second Closing | Warrant Agreement Member | Yorkville Warrants Member | Measurement Input, Share Price

Second Closing | Warrant Agreement Member | Yorkville Warrants Member | Measurement Input, Exercise Price

10.32

Second Closing | Warrant Agreement Member | Yorkville Warrants Member | Measurement Input, Price Volatility

21.04

Second Closing | Warrant Agreement Member | Yorkville Warrants Member | Measurement Input, Expected Dividend Rate

1.089

Second Closing | Warrant Agreement Member | Yorkville Warrants Member | Measurement Input, Risk Free Interest Rate

Variable Interest Entity [Line Items]

0.0402

[1]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Variable Interest Entities - Narrative (Details) - USD ($)

Mar. 31, 2026

Mar. 31, 2025

Variable Interest Entity, Primary Beneficiary | CT Risk Management, L.L.C.

$ 238,772,000

$ 354,875,000

^[1]

Variable Interest Entity [Line Items]

$ 0

[1]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Amount of asset recognized for present right to economic benefit.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Components of Income Tax Expense (Benefit)

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

The components of income tax expense (benefit) for the years ended March 31, 2026 and 2025, were as follows:


	Year Ended March 31,
(Dollars in thousands)	2026		2025
Current provision expense (benefit)
Federal	$	7	$	—
State and local	207		80

Deferred provision expense (benefit)
Federal	$	35,860	$	6,370
State and local	105		743
Valuation allowance	(35,965)		(7,113)
Income tax expense (benefit)	$	214	$	80

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation between the Federal statutory income tax rate of 21% to the effective income tax rate of negative 0.13% and negative 11.07% for the years ended March 31, 2026 and 2025, respectively, are shown below:


	Year Ended March 31, 2026
(Dollars in thousands)	Amount		% of Earnings (Loss) before Tax
Earnings before income taxes (EBT)	$	(164,516)

US federal tax	(34,548)		21.00	%
State and local income taxes, net of federal income tax effect
Texas	164		(0.10)	%

Changes in valuation allowance	35,964		(21.86)	%
Nontaxable or nondeductible items
Goodwill and intangible assets impairment	651		(0.40)	%
Warrant/conversion derivative	(1,977)		1.20	%
Other	48		(0.02)	%
Other adjustments	(88)		0.05	%
Effective tax rate	$	214	(0.13)	%


(Dollars in thousands)	Year Ended March 31, 2025
Expected statutory income tax expense (benefit)	$	(152)
Amounts not deductible for income tax - goodwill impairment	775
Amounts not deductible for income tax - other	1,448
Amounts attributable to non-taxable flow-through entities	5,122
Return to provision adjustment	3,201
Change in valuation allowance	(10,314)
Income tax expense	$	80

Schedule of Deferred Tax Assets and Liabilities

The components of gross deferred tax assets and gross deferred tax liabilities as of March 31, 2026 and 2025, are as follows (included in other assets):


(Dollars in thousands)	March 31, 2026		March 31, 2025
Deferred income tax assets:
Passthrough differences - temporary	$	46,840	$	30,112
Loss on arbitration	14,289		—
Share-based compensation	4,400		4,089
Net operating loss	28,578		24,296
Other	517		163
Non-current deferred income tax assets	94,624		58,660

Deferred income tax liabilities:
Other	—		—
Non-current deferred income tax liabilities	—		—
Less: valuation allowance	94,624		58,660
Total deferred income tax liability	$	—	$	—

De-SPAC Merger Transaction	12 Months Ended
De-SPAC Merger Transaction	Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
De-SPAC Merger Transaction	De-SPAC Merger Transaction Forward Purchase Agreement On June 5, 2023, BCG entered into a Prepaid Forward Purchase Agreement, as amended, with a third-party (the “Purchaser”), pursuant to which the Purchaser agreed to purchase shares of Avalon Class A common stock that would have been redeemed in connection with the special meeting of Avalon’s stockholders to approve the transactions contemplated by the Business Combination Agreement (the “Forward Purchase Agreement”). Pursuant to the agreement, Purchaser bought shares of Avalon Class A common stock (the “AVAC FPA Shares”) for aggregate consideration of $25.0 million from unaffiliated third-parties. The AVAC FPA Shares were redeemed and converted into shares of Class A common stock and Series A preferred stock of Beneficient upon consummation of the Business Combination. After conversion of the Series A preferred stock, the Purchaser held an aggregate of 4,620 shares of Class A common stock in respect of the AVAC FPA Shares (such shares of Class A common stock, the “FPA Shares”). The $25.0 million in proceeds in respect of the FPA Shares was disbursed from the Avalon trust account following the consummation of the Business Combination, with $5.0 million disbursed to Beneficient and the remaining $20.0 million (the “Reserve Amount”) disbursed to Purchaser to be held per the terms of the Forward Purchase Agreement. Such Reserve Amount was reflected as a Stock Receivable classified in equity on the consolidated statements of financial condition. The Forward Purchase Agreement provides for two categories of FPA Shares: (i) 1,663 FPA Shares categorized as “Purchased Shares” and (ii) the remaining 2,957 FPA Shares categorized as “Prepaid Forward Shares”. No sales of any of the Prepaid Forward Shares occurred through September 30, 2024, and on such date, the Company and the Purchaser entered into an agreement to terminate the Forward Purchase Agreement. The Purchaser subsequently returned the 2,957 Prepaid Forward Shares to the Company. Recapitalization of BCG On June 6, 2023, immediately prior to the Conversion, BCG was recapitalized (the “BCG Recapitalization”) as follows: (i) the limited partnership agreement of BCG was amended to create one new subclass of BCG common units, the Class B Common Units (the “BCG Class B Common Units”), and the existing common units were renamed the Class A Common Units; and (ii) certain holders of the BCH Preferred A-1 entered into conversion and exchange agreements with BCG and BCH, pursuant to which they converted certain BCH Preferred A-1 to BCH Class S Ordinary Units, which were then contributed to BCG in exchange for the Class A Common Units (“BCG Class A Common Units”). Prior to the Conversion on June 6, 2023, the Company’s equity interests consisted of common units, one series of preferred units, and noncontrolling interests. Pursuant to the Conversion, each BCG Class A Common Unit converted into 1.25 shares of Class A common stock, each BCG Class B Common Unit converted into 1.25 shares of Class B common stock (“Class B common stock”), and the capital account balance of the Preferred Series B Subclass 2 Unit Accounts of BCG (“BCG Preferred B.2 Unit Accounts”) converted into shares of Class A common stock at a rate based on a 20% discount to the valuation of the Class A common stock. Closing of the Transaction On June 7, 2023, the Company completed the Transaction. Each share of Avalon common stock issued and outstanding immediately prior to that date automatically converted into one share of Class A common stock and one share of Series A preferred stock of Beneficient. Additionally, each Avalon Warrant (defined below) automatically converted into a Warrant (defined below). The Transaction was accounted for as a capital transaction in substance and not a business combination under ASC 805, Business Combinations (“ASC 805”). As a result, Beneficient was treated as the accounting acquirer and Avalon was treated as the acquired company for financial reporting purposes per ASC 805. Accordingly, for accounting purposes, the Transaction was treated similar to an equity contribution in exchange for the issuance of shares of common stock. The financial statements of the combined entity represented a continuation of the financial statements of Beneficient, and the net assets of Avalon were stated at historical cost, with no goodwill or other intangible assets recorded. Common Stock Warrants The Company assumed 15,525,000 publicly-traded Avalon Warrants (“Avalon Public Warrants”), which are exercisable for 24,258 shares of Class A common stock, as adjusted for stock splits, and 8,100,000 private placement Avalon Warrants, which are exercisable for 12,657 shares of Class A common stock, as adjusted for stock splits, (“Avalon Private Warrants” and together with the Avalon Public Warrants, the “Avalon Warrants”), which were originally issued by Avalon in connection with its initial public offering and, as a result of the assumption by the Company, became Warrants. The Avalon Public Warrants assumed by Ben are referred to as the “Public Warrants” and the Avalon Private Warrants assumed by Ben are referred to as the “Private Warrants,” and collectively, the “Warrants.” The Warrants are included in derivative warrant liabilities on the Company’s consolidated statements of financial condition. The Warrants entitle the holder to exercise each whole warrant for one share of Class A common stock and one share of Series A preferred stock at an exercise price of $7,360. The Public Warrants may only be exercised for a whole number of shares, and will expire on June 7, 2028 (i.e., five years following the closing), or earlier upon redemption or liquidations. Ben may redeem the outstanding Public Warrants (i) in whole and not in part; (ii) at a price of $6.40 per warrant; (iii) upon not less than 30 days’ prior written notice of redemption to each warrant holder; and (iv) if, and only if, the reported last sale price of the Class A common stock for any 20 trading days within a 30-trading day period ending three business days before Ben sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $11,520 per share. In addition, we have the ability to redeem the outstanding Warrants at any time after they become exercisable and prior to their expiration, at a price of $64.00 per Public Warrant if, among other things, the Reference Value equals or exceeds $6,400 per share. If and when the Public Warrants become redeemable by Ben, Ben may exercise its redemption right even if Ben is unable to register or qualify the underlying securities for sale under all applicable state securities laws. During any period when Ben fails to maintain an effective registration statement registering the Class A common stock issuable upon the exercise of the Warrants, Ben is required to permit holders of Warrants to exercise their Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act of 1933, as amended, or another exemption. The Private Warrants, which became transferable, assignable and salable on July 7, 2023 (i.e., 30 days after the closing), are currently held by Avalon Acquisition Holdings, L.L.C (“the Avalon Sponsor”), and are generally identical to the Public Warrants, except they cannot be redeemed by Ben so long as they are held by the Avalon Sponsor or its permitted transferees. An Avalon Sponsor, or its permitted transferees, has the option to exercise the Private Warrants on a cashless basis and have certain registration rights. If the Private Warrants are held by holders other than the Avalon Sponsor or its permitted transferees, the Private Warrants will become redeemable by Ben in all redemption scenarios and exercisable by the holders on the same basis as the Public Warrants. As part of liquidity transactions with our customers, which closed in connection with the Transactions, a total of 1,074,725 additional warrants were issued to two counterparties as part of their consideration for their interest in alternative assets on materially consistent terms as described above. As of March 31, 2026 and 2025, there were 24,699,725 Warrants outstanding with a fair value of $0.3 million and $0.2 million, respectively, included in the warrants liability line item on the consolidated statements of financial condition. During the years ended March 31, 2026 and 2025, gains of nominal and nominal, respectively, were recognized in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss). Refer to Note 6 for a reconciliation of the gain (loss) on financial instruments, net for each of the periods presented herein.

Income Taxes

12 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

The components of income tax expense (benefit) for the years ended March 31, 2026 and 2025, were as follows:


	Year Ended March 31,
(Dollars in thousands)	2026		2025
Current provision expense (benefit)
Federal	$	7	$	—
State and local	207		80

Deferred provision expense (benefit)
Federal	$	35,860	$	6,370
State and local	105		743
Valuation allowance	(35,965)		(7,113)
Income tax expense (benefit)	$	214	$	80

Income tax expense differs from the amounts computed by applying the Federal statutory rate to pre-tax income (loss). A reconciliation between the Federal statutory income tax rate of 21% to the effective income tax rate of negative 0.13% and negative 11.07% for the years ended March 31, 2026 and 2025, respectively, are shown below:


	Year Ended March 31, 2026
(Dollars in thousands)	Amount		% of Earnings (Loss) before Tax
Earnings before income taxes (EBT)	$	(164,516)

US federal tax	(34,548)		21.00	%
State and local income taxes, net of federal income tax effect
Texas	164		(0.10)	%

Changes in valuation allowance	35,964		(21.86)	%
Nontaxable or nondeductible items
Goodwill and intangible assets impairment	651		(0.40)	%
Warrant/conversion derivative	(1,977)		1.20	%
Other	48		(0.02)	%
Other adjustments	(88)		0.05	%
Effective tax rate	$	214	(0.13)	%


(Dollars in thousands)	Year Ended March 31, 2025
Expected statutory income tax expense (benefit)	$	(152)
Amounts not deductible for income tax - goodwill impairment	775
Amounts not deductible for income tax - other	1,448
Amounts attributable to non-taxable flow-through entities	5,122
Return to provision adjustment	3,201
Change in valuation allowance	(10,314)
Income tax expense	$	80

The components of gross deferred tax assets and gross deferred tax liabilities as of March 31, 2026 and 2025, are as follows (included in other assets):


(Dollars in thousands)	March 31, 2026		March 31, 2025
Deferred income tax assets:
Passthrough differences - temporary	$	46,840	$	30,112
Loss on arbitration	14,289		—
Share-based compensation	4,400		4,089
Net operating loss	28,578		24,296
Other	517		163
Non-current deferred income tax assets	94,624		58,660

Deferred income tax liabilities:
Other	—		—
Non-current deferred income tax liabilities	—		—
Less: valuation allowance	94,624		58,660
Total deferred income tax liability	$	—	$	—

As of March 31, 2026 and 2025, our gross federal and state net operating loss carryforwards for income tax purposes were approximately $134.2 million and $114.2 million, respectively. Under the Tax Act, federal net operating loss carryforwards can be carried forward indefinitely but the deduction for federal net operating loss is limited to 80% of taxable income for any given year. The Company’s state net operating losses can generally be carried forward indefinitely but the deduction for state net operating loss is generally limited to 80% of taxable state income for any given year. The change in the valuation allowance from March 31, 2025 is an increase of $36.0 million.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred over the past three years and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the net deferred tax assets as of March 31, 2026 and 2025.

As of March 31, 2026, certain consolidated subsidiaries have not filed certain income tax returns, including partnership returns for certain consolidated entities, for fiscal years 2024 and 2025. Management is working to complete and file the delinquent returns. The ultimate amount of taxes, interest, and penalties, if any, could differ from amounts recorded. The Company cannot presently estimate the range of reasonably possible additional loss, if any, associated with these matters.

The Company does not have any significant uncertain tax positions as of March 31, 2026 and 2025, and the 2022, 2023, 2024, and 2025 tax years remain subject to examination by major tax jurisdictions as of the date of this report.

The entire disclosure for income tax.

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Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the normal course of business, we have various outstanding commitments and contingent liabilities that are not reflected in the accompanying consolidated financial statements. There are no significant commitments and contingencies other than those disclosed below. Ben is a party to legal actions incidental to the business. Based on the opinion of legal counsel, management has concluded with regard to all commitments and contingencies disclosed below that either the outcome is not probable or the potential liability cannot be reasonably estimated, or both. Lease Commitments The Company operates on a month-to-month rental basis for its office premises. Rental expense for our premises for the years ended March 31, 2026 and 2025, totaled $0.2 million and $0.6 million, respectively. Unfunded Capital Commitments The Customer ExAlt Trusts had $30.4 million and $41.6 million of potential gross capital commitments as of March 31, 2026 and 2025, respectively, representing potential limited partner capital funding commitments on the interests in alternative asset funds. The Customer ExAlt Trusts holding the interest in the limited partnership for the alternative asset fund is required to fund these limited partner capital commitments per the terms of the limited partnership agreement. Capital funding commitment reserves are maintained by certain of the associated trusts within the ExAlt PlanTM or affiliated entities. To the extent that the associated Customer ExAlt Trust or their affiliated entities cannot pay the capital funding commitment, Ben is obligated to lend sufficient funds to meet the commitment. Any amounts advanced by Ben to the Customer ExAlt Trusts for these limited partner capital funding commitments above the associated capital funding commitment reserves, if any, held by the associated Customer ExAlt Trusts or their affiliated entities are added to the ExAlt Loan balance between Ben and the Customer ExAlt Trusts and are expected to be recouped through the cash distributions from the alternative asset fund that collateralizes such ExAlt Loan. Capital commitments generally originate from limited partner agreements having fixed or expiring expiration dates. The total limited partner capital funding commitment amounts may not necessarily represent future cash requirements. The majority, or 98%, of our portfolio with an unfunded commitment has a vintage of 2012 and prior. As the vintages continue to age, a cash requirement becomes less likely. We consider the creditworthiness of the investment on a case-by-case basis. At March 31, 2026 and 2025, there were no reserves for losses on unused commitments to fund potential limited partner capital funding commitments. Legal Proceedings Paul Capital Advisors Lawsuit On February 18, 2022, Paul Capital Advisors (“PCA”) filed a lawsuit against MHT, Ben, and two trust advisors (the “Trust Advisors”), Murray Holland (part-owner of MHT and who served as the President and CEO of GWG Holdings beginning in mid-2019 through November 2022) and James Turvey (a former employee of Ben). While Ben was named as a defendant, PCA did not assert claims against or seek relief from Ben but instead only sought the removal and replacement of the Trust Advisors. The lawsuit concerns a set of transactions that utilized a trust structure with MHT as the sole beneficiary. On April 18, 2022, PCA amended its original complaint. The amended complaint asserted six new causes of action arising out of the same set of transactions, including, (i) purported breaches of contract against Ben, MHT, and the Trust Advisors; (ii) purported fraud against MHT, Ben and certain officers of Ben; and (iii) promissory estoppel against MHT, Ben, and the Trust Advisors. The amended complaint also sought additional relief in the form of (x) damages “in an amount to be proven at trial” and (y) an order granting rescission of an amendment to one of the transaction agreements or a holding declaring it invalid. On October 3, 2022, the Court entered an order dismissing count I of PCA’s complaint in accordance with its memorandum opinion and count II in light of the parties’ agreement that it should also be dismissed. On November 1, 2022, defendants filed their opening briefs in support of their motions to dismiss the remaining counts. On December 20, 2022, PCA filed its answering brief in opposition to defendants’ motions to dismiss the remaining counts. In accordance with the parties’ stipulated briefing schedule, defendants’ reply briefs were due by January 24, 2023. Oral argument on the motions to dismiss was held on May 8, 2023. On August 29, 2023, the Court issued a letter opinion that denied defendants’ motions to dismiss with respect to most of the remaining counts, explaining that the Court was unwilling to determine the parties’ rights under the various agreements at the pleadings stage and that discovery may make these issues ripe for summary judgment. The Court did, however, grant defendants’ motions to dismiss as to one of PCA’s promissory estoppel claims and its claim for equitable fraud. On October 25, 2023, defendants filed their respective answers to PCA’s second amended complaint. On November 9, 2023, defendants filed a motion to bifurcate, requesting that the Court of Chancery first resolve the threshold issue of PCA’s standing under the CVR Contract and Exchange Trust Agreements before proceeding on the merits. On November 29, 2023, PCA filed its opposition to defendants’ motion to bifurcate, and on December 8, 2023, defendants filed their reply brief. On June 24, 2024, the Court of Chancery heard oral argument and issued its ruling granting defendants’ motion to bifurcate. In its ruling, the Court of Chancery ordered the parties to promptly conduct limited standing-related discovery to allow final resolution of the standing issue on summary judgment. Defendants intend to vigorously defend against each and every cause of action asserted against them in the second amended complaint. Due to the inherent uncertainties of litigation, we cannot accurately predict the ultimate outcome of this matter. Given the uncertainty of litigation and the preliminary stage of this claim, we are currently unable to estimate the probability of the outcome of these actions or the range of reasonably possible losses, if any, or the impact on our results of operations, financial condition or cash flows; however, the maximum exposure of the litigation with PCA could be up to $350 million plus costs and expenses. Equity Awards Arbitration On December 16, 2022, a former member of the Board of Directors of Beneficient Management, LLC (the “Claimant”) initiated a private arbitration in the International Court of Arbitration of the International Chamber of Commerce, challenging the termination of certain equity awards under two incentive plans by the administrator of the incentive plans. The Claimant sought total damages of $36.3 million plus attorney’s fees and punitive damages. On April 23, 2024, the sole arbitrator held that in terminating the Claimant’s equity awards, the Company had breached its contractual obligations, and as a result, awarded the Claimant $55.3 million in compensatory damages, including pre-judgment interest, plus post-judgment interest (the “Arbitration Award”). Neither attorneys’ fees nor punitive damages were awarded to the Claimant. The Company was also asked to pay arbitration-related costs in the amount of approximately $0.1 million. The Company recorded a loss related to the Arbitration Award in the year ended March 31, 2024 consolidated statement of comprehensive income (loss) in the amount of $55.0 million. On July 29, 2024, the Texas State District Court, Dallas County 134th Judicial District (the “Texas District Court”) entered an order vacating the Arbitration Award in its entirety. The Texas District Court directed the parties to file motions requesting any further relief that may be available within twenty days of the order. On August 2, 2024, the Claimant filed an appeal to challenge the order vacating the Arbitration Award in the Texas Fifth Court of Appeals. The Claimant filed his opening brief on October 28, 2024, and the Company filed its response brief on January 21, 2025. On February 10, 2025, the Claimant filed his reply brief. The Texas Fifth Court of Appeals heard oral arguments in April 2025. On October 10, 2025, the Texas Fifth Court of Appeals reversed the judgment of the Texas District Court and confirmed the previous Arbitration Award. On November 12, 2025, the Company filed a motion for re-hearing with the Texas Fifth Court of Appeals. On May 13, 2026, the Texas Fifth Court of Appeals denied the Company’s motion for re-hearing. On June 4, 2026, the Company filed a petition for review with the Supreme Court of Texas requesting that it reverse the Texas Fifth Court of Appeals’ ruling and reinstate the trial court’s decision to vacate the arbitration award. In the Texas District Court, on April 20, 2026, the Company was ordered to post a bond of not less than $25 million as security to protect the judgment pending appeal. On April 30, 2026, the Company filed a Motion for Reconsideration and Stay challenging the bond order. On June 18, 2026, the Company filed a Sworn Declaration establishing that the aggregate current net worth under U.S. GAAP of the defendant entities as determined under Texas law is negative. On June 22, 2026, consistent with the Sworn Declaration, the Company deposited a $100 cash bond in lieu of a supersedeas bond pursuant to Texas Rule of Appellate Procedure 24.2(a)(1) and Texas Civil Practice & Remedies Code § 52.006. The Company will continue to vigorously defend itself in this matter and we are exploring available options with respect to the Arbitration Award, which may include working with the Claimant on settlement terms that could reduce the potential near term cash obligations associated with the arbitration. There can be no assurance that we will be able to reach a settlement on terms that are favorable to us or at all. As a result of the order issued on July 29, 2024, the Company released the liability associated with the Arbitration Award, which resulted in the release of the previously recognized loss contingency accrual in the amount of $55.0 million being reflected in the year ended March 31, 2025 consolidated statement of comprehensive income (loss). As a result of the order issued on October 10, 2025, the Company recorded a loss contingency associated with the Arbitration Award, including post-judgment interest and fees, which resulted in a loss of $62.8 million being reflected in the year ended March 31, 2026 consolidated statement of comprehensive income (loss). Additional interest accruing on the Arbitration Award during the year ended March 31, 2026 totaled $5.1 million and is reflected in the noncash interest expense line item on the consolidated statements of cash flows. GWG Holdings Reorganization and Other Litigation On April 20, 2022 and October 31, 2022, GWG Holdings and certain of its subsidiaries (the “Debtors”) filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code thereby commencing those certain chapter 11 cases (the “Chapter 11 Cases”). As part of the Chapter 11 reorganization process, it is possible that claims or causes of action arising from prior transactions with GWG Holdings could have been advanced against BCG as part of the Chapter 11 Cases or in separate litigation. Further, the Official Committee of Bondholders (the “OBC”) in the Chapter 11 Cases filed a motion seeking standing to prosecute causes of actions on behalf of the Debtors’ estate. The OBC’s motion was deemed to be withdrawn upon the effective date of the Debtors’ bankruptcy plan, which occurred on August 1, 2023. With the settlement described in “GWG Litigation Trust Adversary Proceedings” below, all GWG litigation against the Company, its subsidiaries and each of their current and former officers and directors has been fully resolved in accordance with the settlement agreement. GWG Litigation Trust Adversary Proceedings On April 19, 2024, the Litigation Trustee filed a complaint (the “LT Complaint”) as an Adversary Proceeding in the bankruptcy of GWG Holdings, Inc. in the United States Bankruptcy Court in the Southern District of Texas against Ben Management, the Company, BCH, BCC, Beneficient Capital Company, L.L.C. (“New BCC”), BHI, various current or former officers and directors of the Company, HCLP and certain of its affiliates, former officers and directors of the Company’s former parent company, trustees of certain trusts that are directly or indirectly controlled by, or operate for the benefit of, Ben’s former CEO and founder or his family, entities directly or indirectly held by, or that are under common control with, such trusts, and in which Ben’s former CEO and his family members are among classes of economic beneficiaries, whether or not Ben’s former CEO is entitled to economic distributions from such trusts, and others. The LT Complaint alleges causes of action that include (i) actual or constructive fraudulent transfer for certain transactions between GWG and the Company or its affiliates, (ii) breaches of fiduciary duty, aiding and abetting breaches of fiduciary duty, and civil conspiracy, (iii) unjust enrichment, (iv) avoidance of any purported releases of the defendants, and (v) disallowance of the claims filed by certain defendants, including the Company, in the GWG bankruptcy case. More specifically, such challenged transactions related to (i) GWG’s purchase of $10 million of equity in the Company on June 12, 2019, (ii) GWG’s commitment on May 31, 2019 to loan trusts affiliated with the Company $65 million that GWG funded in two tranches ($50 million on June 3, 2019 and $15 million on November 22, 2019) and the repayment of such loan, (iii) GWG’s capital contribution to the Company of $79 million on December 31, 2019, (iv) approximately $145 million in capital contributions by GWG to the Company pursuant to a Preferred Series C Unit Purchase Agreement, and (v) the Company’s ultimate decoupling from GWG. Additionally, the LT Complaint sought to void the debts owed by the Company to HCLP. The LT Complaint sought to, among other things, void certain of the transactions and/or recover damages, attorney’s fees and expenses, pre-judgment and post-judgment interest. On August 29, 2024, the Company and related entities moved to dismiss the claims asserted against them. Ben’s former CEO and related entities also moved to dismiss the claims asserted against them. The remaining defendants moved to dismiss the claims asserted against them on November 4, 2024. The motions remain pending as to related entities to Ben’s former CEO. On December 26, 2024, the Litigation Trustee, the Company, its affiliates and officers and directors, and other defendants insured under the applicable insurance policies filed a stipulation informing the Court that they had reached an agreement in principle to settle the case. On June 13, 2025, the Bankruptcy Court for the Southern District of Texas approved the settlement agreement resolving all claims pending in the Bankruptcy Court under the lawsuits related to GWG Holdings, Inc. against the Company, its subsidiaries, and each of their current and former directors and officers. The settlement did not require any payment by the Company or its affiliates and officers and directors and resolves the Adversary Proceeding as to the Company, its subsidiaries, and each of their current and former directors and officers. The securities class action described below was also resolved by this settlement. On September 25, 2025, the United States District Court for the Northern District of Texas granted the motion for preliminary approval of the settlement. At a hearing on January 13, 2026, the United States District Court for the Northern District of Texas granted final approval of the settlement. Following this approval, the settlement by its terms became effective as of February 13, 2026. On February 13, 2026, all claims in the LT Complaint against the Company, its subsidiaries, and each of their current and former directors and officers were dismissed with prejudice. All the GWG litigation against the Company, its subsidiaries and each of their current and former officers and directors has been fully resolved in accordance with the settlement agreement. On June 15, 2026, the Litigation Trustee filed a motion to approve an amended settlement agreement between the Litigation Trustee and the Company that would ensure any recoveries against Mr. Heppner by either party will go to the Litigation Trust. The amended agreement also sets forth a cooperative framework between the Litigation Trustee and the Company in pursuing claims against Mr. Heppner, including shared legal counsel. The terms of the settlement are within the policy limits of the Company’s insurance policy with respect to such claims, and the settlement was entirely funded by insurance proceeds. Accordingly, the Company has recorded an estimated liability of $34.5 million in accounts payable and accrued expenses and estimated insurance recoveries of $34.5 million in other assets, net, in the consolidated statement of financial condition as of March 31, 2025. The amounts reflected in our consolidated financial statements for the estimated liability and insurance recoveries represents an estimate of the amounts attributable to Ben, its consolidated subsidiaries, and directors as part of a broader settlement also involving other parties. With the final approvals occurring in February 2026, the settlement was paid under the insurance policy to the Litigation Trust resulting in the removal of the $34.5 million estimated liability and $34.5 million of insurance recoveries from our consolidated financial statements that were previously accrued. The Company may owe indemnification obligations pursuant to certain existing contracts, including to certain parties included in the LT Complaint that are not parties to the settlement described above. While the Company intends to dispute these purported obligations, it may ultimately be required to indemnify these parties for losses they incur in connection with the LT Complaint, including for their defense of the LT Complaint and any judgment entered against them in the LT Complaint. Scura Action On March 30, 2023, David Scura and Clifford Day, on behalf of themselves and all others similarly situated, filed a class action lawsuit in the United States District Court for Northern District of Texas against Ben, certain current and former members of its Board (Brad K. Heppner, Peter T. Cangany, Jr., Richard W. Fisher, Thomas O. Hicks, Dennis P. Lockhart, and Bruce W. Schnitzer), certain past members of the board of directors of GWG Holdings (Jon R. Sabes and Steven F. Sabes), FOXO Technologies Inc. (“FOXO”), and Emerson Equity LLC (“Emerson”) (the “Scura Action”). The suit alleged that the defendants defrauded GWG Holdings’ investors, and it asserted claims on behalf of a putative class consisting of all persons and entities who purchased or otherwise acquired GWG Holdings’ L Bonds or preferred stock of GWG Holdings between December 23, 2017, and April 20, 2022. The suit alleged that (i) BCG, the individual defendants, and FOXO violated Sections 10(b) of the Exchange Act and SEC Rule 10b-5 promulgated thereunder, (ii) that the individual defendants violated Section 20(a) of the Exchange Act and (iii) that Emerson violated Section 15(c)(1)(A) of the Exchange Act. The complaint did not allege the total amount of damages sought by the plaintiffs. On June 8, 2023, the plaintiffs in the Scura Action filed a voluntary notice of dismissal without prejudice. On October 27, 2023, David Scura filed a petition in Dallas County District Court against Brad K. Heppner, Jon R. Sabes, Steven F. Sabes, Peter T. Cangany, Jr., Thomas O. Hicks, Dennis P. Lockhart, Bruce W. Schnitzer, the Company and FOXO, alleging violation of the Texas Securities Act, common law fraud, unjust enrichment, and civil conspiracy to defraud and seeking compensatory damages, costs and expenses. The same day, Clifford Day and Carla Monahan filed a petition in Dallas County District Court against the same defendants, alleging the same claims. On April 10, 2024, the plaintiffs and Ben parties entered into a twelve-month tolling agreement, and the plaintiffs filed motions to nonsuit their claims that the courts granted on April 12, 2024 and April 16, 2024, respectively. The plaintiffs re-filed their claims in Dallas County District Court on November 22, 2024. On January 17, 2025, the plaintiffs filed notices informing the Court that the parties had reached an agreement in principle to settle all claims and anticipate dismissing the cases following the settlement documentation process. The settlement does not require any payment by the Company or the other defendants. The parties entered into a settlement agreement on July 28, 2025, pursuant to which the Plaintiffs filed a notice of nonsuit with prejudice on August 22, 2025, which was effectively immediately upon filing. Bayati Action On May 3, 2023, Thomas Horton and Frank Moore, in their capacities as the Lead Plaintiffs in the Bayati Action (the “Lead Plaintiffs”), filed a motion to lift the automatic stay in the Chapter 11 Cases in order to file a motion in the Northern District of Texas seeking to consolidate the Bayati and Scura Actions under the Private Securities Litigation Reform Act. On June 8, 2023, the plaintiffs in the Scura Action filed a voluntary notice of dismissal without prejudice. On August 16, 2023, Thomas Horton and Frank Moore, in their capacities as the Lead Plaintiffs in the Bayati Action, filed a notice regarding the confirmation of the Debtors’ Chapter 11 plan in the GWG bankruptcy, a motion seeking to lift the bankruptcy stay and a motion to consolidate the Bayati and Horton Actions. On September 12, 2023, the Court entered an order consolidating the Bayati and Horton Actions. The Court ordered that the consolidated action shall bear the caption “In re GWG Holdings, Inc. Securities Litigation.” The Court lifted the bankruptcy stay and ordered the Lead Plaintiffs to file a new consolidated complaint within 20 days. On October 2, 2023, the Lead Plaintiffs filed a Consolidated Class Action Complaint against the Company, Brad K. Heppner, Peter T. Cangany, Jr., Thomas O. Hicks, Dennis P. Lockhart, Bruce W. Schnitzer, Murray T. Holland, Timothy L. Evans, David H. de Weese, Roy W. Bailey, David F. Chavenson, and Whitley Penn LLP, alleging Securities Act violations arising out of the Offering. The complaint alleges that the individual defendants violated Sections 11, 12(a)(2), and 15 of the Securities Act, and further alleges that the Company violated Section 15 of the Securities Act. The Company, Brad K. Heppner, Peter T. Cangany, Jr., Thomas O. Hicks, Dennis P. Lockhart, and Bruce W. Schnitzer filed a motion to dismiss the complaint on November 7, 2023. On January 4, 2024, defendants Murray Holland, Tim Evans, Roy Bailey, Whitley Penn, David Chavenson and David H. de Weese filed motions to dismiss. The Lead Plaintiffs’ responded to the various motions to dismiss on February 20, 2024, and the defendants (other than Whitley Penn) filed replies in support of the motions to dismiss on March 21, 2024. On October 24, 2024, the Court granted defendants’ motions to dismiss and dismissed the claims without prejudice. The Lead Plaintiffs filed an amended complaint on November 14, 2024. On December 26, 2024, the Lead Plaintiff, the Company, and other defendants filed a motion informing the Court that they had reached an agreement in principle to settle the claims on a class-wide basis. The settlement did not require any payment by the Company or its affiliates and officers and directors. The Lead Plantiffs filed a motion for preliminary approval and, on September 25, 2025, the United States District Court for the Northern District of Texas granted the motion for preliminary approval of the settlement. At a hearing on January 13, 2026, the United States District Court for the Northern District of Texas granted final approval of the settlement and dismissed the Bayati Action with prejudice. Following this approval, the settlement by its terms became effective as of February 13, 2026. As a result of this approval, all the GWG litigation against the Company, its subsidiaries and each of their current and former officers and directors has been fully resolved in accordance with the settlement agreement. This litigation (and related litigation against other parties that is not part of the settlement) can subject us and certain of our directors to substantial costs and divert resources and the attention of management from our business. If these claims are successful, our business could be seriously harmed. Even if the claims do not result in protracted litigation or are resolved in our favor and the favor of our directors, the time and resources needed to resolve such claims could divert our management’s resources and adversely affect our business. The settlement of the LT Complaint and the Bayati Action utilizes substantially all of the amount of insurance coverage available to the Company on certain continuing legal matters. Therefore, ongoing defense costs and, to the extent there are any, awards against the Company associated with these legal matters will be borne by the Company. Prior to the settlement of the LT Complaint and the Bayati Action, the substantial majority of the defense costs related to these certain continuing legal matters, were covered under the terms of our directors and officers insurance policies. Wells Notice On June 29, 2023, the Company received a “Wells Notice” from the staff (the “Staff”) of the SEC’s Division of Enforcement, stating that the Staff has made a preliminary determination to recommend that the SEC file a civil enforcement action against the Company alleging violations of certain provisions of the Securities Act and the Exchange Act. The staff’s allegations appeared to relate to, among other things, the Company’s association with an amendment to the debt coverage ratio calculation approved by certain holders of GWG Holdings issued debt in 2019 under an indenture and related disclosures by GWG, the December 31, 2019 valuation of the Company’s goodwill by a third-party valuation agent, potential contractual rights concerning an amendment to the Company’s governing documents, and other items in the historical disclosures of GWG. On July 1, 2024, the Company received a termination letter from the SEC advising the Company that the SEC’s investigation related to the Company had concluded and that the Staff does not intend to recommend any enforcement actions by the SEC. The termination letter was provided to the Company under the guidelines of the final paragraph of Securities Act Release No. 5310 which states, among other things, that “[such notice] must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff’s investigation of that particular matter.” While there have been no further actions to date, there can be no assurance that there will not be any further action on this or other matters by the SEC. YWCA Action On December 6, 2024, Young Women’s Christian Association of Rochester and Monroe County (“YWCA”) filed a derivative and class action lawsuit in the Delaware Court of Chancery against Hatteras Funds, LP and Hatteras Investment Partners, LP (together, “HIP”); Hatteras Master Fund, L.P. and Hatteras Core Alternatives TEI Institutional Fund (the “TEI Institutional Fund,” and together with Hatteras Master Fund, L.P., the “Funds”); various current or former officers and directors of the Funds (David B. Perkins, H. Alexander Holmes, Steven E. Moss, Gregory S. Sellers, and Thomas Mann) (collectively, the “Director Defendants,” and together with HIP, the “Hatteras Defendants”); and Beneficient and Bradley K. Heppner (the “Ben Defendants”). YWCA, as a unitholder of the TEI Institutional Fund, asserts claims against the Hatteras Defendants for breach of fiduciary duty, breach of contract, and unjust enrichment arising from a plan to liquidate the Funds that involved a transaction with the Company. YWCA also asserts claims against the Ben Defendants for fraud, aiding and abetting breach of fiduciary duty, and unjust enrichment in connection with this transaction. On January 10, 2025, the Hatteras Defendants and Mr. Perkins filed a Notice of Removal, removing the action to the United States District Court of the District of Delaware (the “District Court”) pursuant to the Class Action Fairness Act, 28 U.S.C. § 1453(b), and 28 U.S.C. § 1332(d), which provides for federal jurisdiction over certain class action lawsuits. On January 28, 2025, YWCA filed an amended complaint, which continues to assert the derivative claims asserted in its original complaint (Counts I-VII) but no longer asserts the class action claim (formerly Count VIII). As a result, the parties entered into a stipulation remanding the case to the Court of Chancery for all further proceedings, which was entered by the District Court on February 5, 2025. On February 6, 2025, the parties filed a Joint Stipulation and Proposed Order Setting Time to Respond to Amended Complaint in the Court of Chancery. On March 3, 2025, the Ben Defendants filed a motion to dismiss the complaint and an opening brief in support of such motion. On April 18, 2025, YWCA filed its opposition to the motions to dismiss, and on May 12, 2025, Defendants filed their replies. On December 5, 2025, the Court held a hearing on Defendants’ motions to dismiss. The Court dismissed the fraud claim against the Company from the bench and took the aiding and abetting and unjust enrichment claims under advisement. On May 4, 2026, the Delaware Supreme Court denied the Hatteras Defendants’ application for interlocutory appeal. On May 29, 2026, the Company filed its answer to the amended complaint. On June 17, 2026, the Hatteras Defendants and Mr. Perkins filed a third-party complaint against Mr. Heppner. The Company intends to vigorously defend against the remaining claims. Templeton Revocable Trust Action On May 16, 2025, Susan J. Templeton Revocable Trust (“Templeton Trust”) filed a derivative complaint in in the Delaware Court of Chancery against HIP, David B. Perkins (Mr. Perkins, together with HIP, the “Hatteras Templeton Defendants”), the Company, and Brad Heppner (“Mr. Heppner,” together with Ben, the “Ben Templeton Defendants”). Templeton Trust, as a unit holder of nominal defendant Hatteras Evergreen Private Equity Fund, LLC (the “Fund”), asserts the following claims arising from a plan to liquidate the Fund that involved a transaction with the Company: (i) direct and derivative claims against the Hatteras Templeton Defendants for breach of fiduciary duty, (ii) derivative claims against HIP and the Ben Templeton Defendants for unjust enrichment, and a derivative claim against the Ben Templeton Defendants for aiding and abetting breach of fiduciary duty. On June 18, 2025, the Ben Templeton Defendants moved to dismiss for lack of personal jurisdiction over Mr. Heppner and for failure to state a claim upon which relief can be granted. The motion to dismiss has not been briefed by the Ben Templeton Defendants. The Company intends to vigorously defend against these claims. Lazard Action On March 17, 2025, Lazard Frères & Co. LLC (“Lazard”) filed a complaint against the Company in the U.S. District Court for the Southern District of New York, alleging that the Company breached the terms of its previous contract with Lazard by failing to timely pay amounts owed thereunder. Lazard was seeking damages in the amount of approximately $4.5 million in addition to costs, attorneys’ fees and prejudgment interest. In June 2025, the Company reached a settlement with Lazard for payment of approximately $2.5 million based on a payment schedule outlined in the settlement agreement. The Company had previously accrued the $4.5 million in its statement of financial condition. During the current period, the Company completed the payments outlined in the settlement agreement and released the additional accrual of $2.0 million, which is reflected in the (gain) loss on liability resolution line of the consolidated statements of comprehensive income. HCLP Actions On August 5, 2025, HCLP filed a summons with notice in the Supreme Court of the State of New York seeking a judgment against the Company for amounts owed under the HCLP Loan Agreement in addition to attorney’s fees and litigation costs. The summons with notice did not include a complaint and was not served on the Company prior to the automatic dismissal date in December 2025 if not served. In light of these circumstances, the Company is evaluating the validity of its obligations under the HCLP Loan Agreement and the liens securing the HCLP Loan and is considering all options that it may pursue related to this conduct, including counter claims and litigation against Mr. Heppner, HCLP and any direct or indirect control parties of HCLP. The Company intends to vigorously pursue its claims regarding the validity of such purported indebtedness. On October 10, 2025, HCLP brought an action in the Delaware Court of Chancery against Delaware Trust Company (“DTC”) individually and as trustee for twenty-five Custody Trusts (the “Custody Trusts”). The Custody Trusts hold collateral against which certain of the Company’s ExAlt Loans are made. HCLP purports to be lender to BCH and its affiliates and asserts that the Company owes HCLP approximately $122 million on two loans, which it claims are in default. HCLP further alleges that the Custody Trusts guaranteed the loans that are secured by certain pledge agreements. The action seeks to enforce the guarantees and the pledge agreements and prevent any future distributions to the Company. HCLP also filed a motion for a temporary restraining order that seeks to enjoin DTC, in the interim, from selling, transferring, or encumbering the assets held by the Custody Trusts. The parties entered into an agreed form of order which was approved by the Court. Under the order, DTC agreed to not transfer, sell, encumber or otherwise dispose of the collateral held by the Custody Trusts, which includes any distributions received from the collateral during the pendency of the order, and the parties to the action agreed to request a trial date in mid-2026. On November 21, 2025, the parties stipulated to a form of order that was approved by the Court, which stayed all proceedings until the conclusion of Mr. Heppner’s criminal trial in April 2026. The Company is not named in either the action or the motion. Due to Mr. Heppner’s conviction and the facts established in the related proceedings, the Company is evaluating the validity of its obligations under the HCLP Loan Agreement and the liens securing the HCLP Loan and is considering all options that it may pursue related to this conduct, including litigation against Mr. Heppner, HCLP and any direct or indirect control parties of HCLP and their agents. On May 7, 2026, Brad K. Heppner, the Company’s founder and former CEO, was convicted of securities fraud, wire fraud, conspiracy to commit securities fraud and wire fraud, and false statements to auditors by a jury of his peers. Prior to his conviction, on May 5, 2026, Mr. Heppner submitted a demand to the Company seeking advancement of approximately $3.8 million in incurred criminal defense costs, plus additional amounts for anticipated future appellate proceedings, under certain indemnification provisions in the Company’s Bylaws, the Services Agreement, the Second Amended and Restated Limited Liability Company Agreement of BCG, and the Ninth A&R BCH LPA. On May 28, 2026, the Company, together with its subsidiaries BCG and BCH, filed a complaint in the Eighth Judicial District Court of Clark County, Nevada against Mr. Heppner and Bradley Capital Company, LLC. The complaint seeks a declaratory judgment that Mr. Heppner is not entitled to advancement or indemnification under the Company’s Bylaws or the Services Agreement, and that BCG and BCH have no obligation to advance Mr. Heppner's legal fees and expenses incurred in connection with his criminal prosecution in the United States District Court for the Southern District of New York. On June 5, 2026, Mr. Heppner filed a competing lawsuit in Delaware Chancery Court against the Company, BCG, and BCH seeking advancement of Mr. Heppner’s legal fees and expenses incurred in connection with his criminal prosecution, attorney’s fees incurred in pursuing his advancement claim, and additional relief. The Company intends to vigorously pursue its claims for declaratory relief in the Nevada lawsuit, and to vigorously defend against Mr. Heppner’s claims in the Delaware lawsuit.

Other Assets and Other Liabilities (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Schedule of Other Assets

The following table details the components of other assets:


(Dollars in thousands)	March 31, 2026		March 31, 2025
Insurance reimbursable receivable, net (Note 20)	$	4,122	$	39,574
Prepaid expenses	1,614		2,367
Fixed assets (Note 7)	1,082		1,732

Distribution receivables	181		348
Promissory notes receivable	5,517		5,517
Allowance for promissory notes receivable and other receivables	(5,517)		(5,517)
Loan fee receivable	2,932		2,932



Allowance for loan fee receivable	(2,932)		—
Other assets	2,128		2,191
Total Other assets, net	$	9,127	$	49,144

Other Liabilities

The following table details the components of other liabilities:


(Dollars in thousands)	March 31, 2026		March 31, 2025
Accrued BCH Preferred A-0 guaranteed payment (Note 13)	$	75,154	$	56,425
Accrued loss contingency on arbitration award, including post-judgment interest (Note 20)	67,895		—
Accrued interest on debt due to related parties (Note 16)	30,497		19,360
Interest commitments	1,802		1,542
Deferred tax liability (Note 15)	210		80
Deferred upfront fees	—		2,242
Other	1,093		1,157
Total Other liabilities	$	176,651	$	80,806

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Mar. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy We recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to help maintain the security, confidentiality, integrity, and availability of our business systems and confidential information, including personal information and intellectual property. We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats. This includes processes to oversee and identify material risks from cybersecurity threats associated with our use of third-party service providers and maintaining a cyber incident response plan designed to assist us in identifying, responding to and recovering from cybersecurity incidents. We utilize third parties to assess the effectiveness of our cybersecurity program on a periodic basis. This includes cybersecurity assessors and cybersecurity experts to assist in the identification, verification, and validation of material risks from cybersecurity threats, as well as to support associated mitigation plans when necessary. We have integrated these cybersecurity processes into our overall risk management framework, systems, and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. We conduct a regular cybersecurity risk assessment process through our Chief Technology Officer, a dedicated information security team and certain compliance individuals. The Chief Technology Officer involves key leadership across the organization, on an as needed basis, including our Chief Executive Officer, Chief Financial Officer, Chief Underwriting Officer, President and Chief Fiduciary Officer, and General Counsel. These individuals meet frequently, generally at least monthly, to discuss and evaluate risks that could be material to our business, including cybersecurity threats. As part of our overall risk management system, our dedicated information security team monitors and tests our cybersecurity policies and procedures through methods such as periodic reviews, targeted assessments, and tabletop exercises. All personnel are made aware of our cybersecurity policies and procedures upon hire and through periodic refresher trainings. Such policies and procedures cover areas such as identity and access management, vendor management, data governance and protection, vulnerability management, incident response, and operational risk management. Our cybersecurity policies and procedures are also incorporated into our broader risk management framework such that all enterprise and operational risks are evaluated in a holistic manner. We have not experienced any cybersecurity incidents that have materially impacted or are likely to materially impact our business strategy, results of operations, or financial condition based on information known to us as of the date of this Annual Report on Form 10-K. Although we cannot eliminate all potential threats, our cybersecurity program is operated in a manner to minimize the likelihood of any threat becoming material and to keep pace with a constantly evolving cybersecurity landscape. For additional description of cybersecurity risks and potential related impacts on the Company, refer to the risk factor captioned “Any cybersecurity attack or other security breach of our technology systems, or those of third-party vendors we rely on, could subject us to significant liability and harm our business operations and reputation” in “Item 1A. Risk Factors.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have integrated these cybersecurity processes into our overall risk management framework, systems, and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board, as a whole and as assisted by Board-level Enterprise Risk Committee (until it was dissolved in March 2026, at which point its responsibilities were assumed by the Board), has responsibility for the oversight of our cybersecurity risk management framework. Consistent with this approach, our Board and, until it was dissolved, our Enterprise Risk Committee maintain oversight of cybersecurity matters through discussions with management, question and answer sessions, and reports from the management team, which occurs on an annual basis and ad hoc as needed. Such reports include updates on any cybersecurity incidents and mitigation efforts. Our Board and, until it was dissolved, our Enterprise Risk Committee also receive regular and ad hoc reports from our management-level enterprise risk committee on all enterprise risks, including risks from cybersecurity threats. Our Audit Committee provides additional oversight on our cybersecurity risk management framework, with an emphasis on public reporting obligations and the effects cybersecurity risks could have on our financial condition generally.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board, as a whole and as assisted by Board-level Enterprise Risk Committee (until it was dissolved in March 2026, at which point its responsibilities were assumed by the Board), has responsibility for the oversight of our cybersecurity risk management framework. Consistent with this approach, our Board and, until it was dissolved, our Enterprise Risk Committee maintain oversight of cybersecurity matters through discussions with management, question and answer sessions, and reports from the management team, which occurs on an annual basis and ad hoc as needed. Such reports include updates on any cybersecurity incidents and mitigation efforts. Our Board and, until it was dissolved, our Enterprise Risk Committee also receive regular and ad hoc reports from our management-level enterprise risk committee on all enterprise risks, including risks from cybersecurity threats. Our Audit Committee provides additional oversight on our cybersecurity risk management framework, with an emphasis on public reporting obligations and the effects cybersecurity risks could have on our financial condition generally.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board, as a whole and as assisted by Board-level Enterprise Risk Committee (until it was dissolved in March 2026, at which point its responsibilities were assumed by the Board), has responsibility for the oversight of our cybersecurity risk management framework. Consistent with this approach, our Board and, until it was dissolved, our Enterprise Risk Committee maintain oversight of cybersecurity matters through discussions with management, question and answer sessions, and reports from the management team, which occurs on an annual basis and ad hoc as needed. Such reports include updates on any cybersecurity incidents and mitigation efforts. Our Board and, until it was dissolved, our Enterprise Risk Committee also receive regular and ad hoc reports from our management-level enterprise risk committee on all enterprise risks, including risks from cybersecurity threats. Our Audit Committee provides additional oversight on our cybersecurity risk management framework, with an emphasis on public reporting obligations and the effects cybersecurity risks could have on our financial condition generally.
Cybersecurity Risk Role of Management [Text Block]	Our management is responsible for the day-to-day oversight and management of our enterprise risks, including risks from cybersecurity threats. As described in “Risk Management and Strategy” above, primary responsibility for assessing, monitoring, and managing our cybersecurity risks rests with our Chief Technology Officer, a dedicated information security team and certain compliance individuals, who develop, prioritize, and execute our cybersecurity strategy in partnership with relevant departments and business units. Our Chief Technology Officer, who has over 20 years of information technology experience including cybersecurity and information security, oversees our cybersecurity framework and reports to our Board. Our Chief Technology Officer is assisted in this oversight role by additional members of management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management is responsible for the day-to-day oversight and management of our enterprise risks, including risks from cybersecurity threats. As described in “Risk Management and Strategy” above, primary responsibility for assessing, monitoring, and managing our cybersecurity risks rests with our Chief Technology Officer, a dedicated information security team and certain compliance individuals, who develop, prioritize, and execute our cybersecurity strategy in partnership with relevant departments and business units. Our Chief Technology Officer, who has over 20 years of information technology experience including cybersecurity and information security, oversees our cybersecurity framework and reports to our Board. Our Chief Technology Officer is assisted in this oversight role by additional members of management. Our Board, as a whole and as assisted by Board-level Enterprise Risk Committee (until it was dissolved in March 2026, at which point its responsibilities were assumed by the Board), has responsibility for the oversight of our cybersecurity risk management framework. Consistent with this approach, our Board and, until it was dissolved, our Enterprise Risk Committee maintain oversight of cybersecurity matters through discussions with management, question and answer sessions, and reports from the management team, which occurs on an annual basis and ad hoc as needed. Such reports include updates on any cybersecurity incidents and mitigation efforts. Our Board and, until it was dissolved, our Enterprise Risk Committee also receive regular and ad hoc reports from our management-level enterprise risk committee on all enterprise risks, including risks from cybersecurity threats. Our Audit Committee provides additional oversight on our cybersecurity risk management framework, with an emphasis on public reporting obligations and the effects cybersecurity risks could have on our financial condition generally.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Technology Officer, who has over 20 years of information technology experience including cybersecurity and information security, oversees our cybersecurity framework and reports to our Board.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Board, as a whole and as assisted by Board-level Enterprise Risk Committee (until it was dissolved in March 2026, at which point its responsibilities were assumed by the Board), has responsibility for the oversight of our cybersecurity risk management framework. Consistent with this approach, our Board and, until it was dissolved, our Enterprise Risk Committee maintain oversight of cybersecurity matters through discussions with management, question and answer sessions, and reports from the management team, which occurs on an annual basis and ad hoc as needed. Such reports include updates on any cybersecurity incidents and mitigation efforts. Our Board and, until it was dissolved, our Enterprise Risk Committee also receive regular and ad hoc reports from our management-level enterprise risk committee on all enterprise risks, including risks from cybersecurity threats. Our Audit Committee provides additional oversight on our cybersecurity risk management framework, with an emphasis on public reporting obligations and the effects cybersecurity risks could have on our financial condition generally.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

The composition of investments recorded at fair value held by the Customer ExAlt Trusts is included in the table below (in thousands):


	March 31, 2026			March 31, 2025

Alternative assets		$	162,824	$	259,113
Public equity securities		4,472		4,065
Debt securities available-for-sale		1,739		1,687
Other equity securities and interests		26,501		26,506
Total investments, at fair value		$	195,536	$	291,371

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, 2026 and 2025 are presented below.


	As of March 31, 2026
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Public equity securities	$	4,472	$	—	$	—	$	4,472


Debt securities available-for-sale, other	—		—		1,739		1,739
Derivative asset	—		—		21,652		21,652
Liabilities:

Warrants liability	264		44		—		308


	As of March 31, 2025
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Public equity securities	$	4,065	$	—	$	—	$	4,065
Other equity interests	—		5		—		5

Debt securities available-for-sale, other	—		—		1,687		1,687
Liabilities:
Warrants liability	180		47		—		227

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,
	2026		2025
Public equity securities:

Other public equity securities	$	364	$	(831)

Loss on initial issuance of convertible debt and warrant issuance to Yorkville	—		(2,307)
Convertible debt	—		100
Warrants liability	(81)		1,732
Prepaid forward liability	—		14
Derivative asset	9,496		—

Other equity securities and interests:
Related party, fair value using quoted market prices of similar assets in active market	(5)		(552)
Other, without a readily determinable fair value	—		(398)
Gain (loss) on financial instruments, net	$	9,774	$	(2,242)

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, 2026

1,739

Market Approach

Enterprise value-to-revenue multiple

0.2x – 18.9x

1.75x

March 31, 2025

1,687

Market Approach

Enterprise value-to-revenue multiple

0.2x – 18.9x

1.75x

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)	2026		2025
Beginning balance	$	1,687	$	1,964

Gains (losses) recognized in accumulated other comprehensive income (loss)(1)	52		(277)
Ending balance	$	1,739	$	1,687

(1) Recorded in unrealized gain (loss) on available-for-sale debt securities.

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, 2026 and 2025, were as noted in the table below:


	As of March 31, 2026
(Dollars in thousands)	Level in Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	1	$	2,543	$	2,543

Financial liabilities:
Debt due to related parties, net(1)	2	96,785		92,702
Accounts payable and accrued expenses	1	63,788		63,788


	As of March 31, 2025
(Dollars in thousands)	Level in Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	1	$	1,346	$	1,346

Financial liabilities:
Debt due to related parties, net(1)	2	117,896		109,550
Accounts payable and accrued expenses	1	100,345		100,345

(1) The estimated fair value of debt due to related parties, net, does not include the value of accrued but unpaid interest totaling $30.5 million and $19.4 million as of March 31, 2026 and 2025, respectively, that is included in other liabilities in the consolidated statements of financial condition.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

Debt Securities, Available-for-Sale, Allowance for Credit Loss

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

A reconciliation of provision for credit losses for each of the periods presented herein is presented below:


	Year Ended March 31,
(in thousands)	2026		2025
Bad debt expense on other receivables	$	1,048	$	2


Credit loss on AFS debt securities (Note 5)	—		998
Provision for credit losses	$	1,048	$	1,000

The following table is a rollforward of credit-related losses recognized in earnings for the periods presented below:


	Year Ended March 31,
(Dollars in thousands)	2026		2025
Cumulative losses as of the beginning of period	$	32,288	$	31,290
Credit related losses not previously recognized	—		998
Increase in amounts previously recognized	—		—
Cumulative losses as of the end of period	$	32,288	$	32,288

Segment Reporting -Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Mar. 31, 2024

$ (49,532)

$ (6,500)

9,774

(2,242)

593

753

(39,125)

(7,943)

11,845

16,851

18,801

14,908

21,054

23,235

Loss on impairment of goodwill and intangible assets

1,048

1,000

3,100

3,692

Accrual (release) of loss contingency related to arbitration award

62,831

(54,973)

$ 55,000

8,708

11,529

127,387

16,242

(166,512)

(24,185)

195,536

291,371

33,322

50,490

9,914

13,014

$ 16,706

Operating Segments | Ben Liquidity

238,772

354,875

^[1]

33,421

42,583

1,597

1,436

13,466

12,406

1,296

1,086

Loss on impairment of goodwill and intangible assets

Accrual (release) of loss contingency related to arbitration award

854

1,571

89,120

55,385

(55,699)

(12,802)

169,684

244,070

464

859

Operating Segments | Ben Custody

170,148

244,929

593

753

12,743

21,574

2,473

1,597

527

651

Loss on impairment of goodwill and intangible assets

1,047

3,427

Accrual (release) of loss contingency related to arbitration award

742

804

4,789

8,286

7,954

13,288

20,829

19,339

7,469

Operating Segments | Customer ExAlt Trusts

28,298

26,808

(49,532)

(6,500)

358

(1,776)

(49,174)

(8,274)

1,880

2,137

Loss on impairment of goodwill and intangible assets

998

Accrual (release) of loss contingency related to arbitration award

921

794

165,332

160,153

(214,506)

(168,427)

195,536

291,371

15,542

16,328

211,078

307,699

Corporate & Other

9,416

(466)

9,456

(422)

7,775

13,818

5,335

2,502

17,351

19,361

Loss on impairment of goodwill and intangible assets

3,100

265

Accrual (release) of loss contingency related to arbitration award

62,831

(54,973)

6,191

8,360

102,584

(10,665)

(93,128)

10,243

33,110

45,209

2,445

5,545

Consolidating Eliminations

35,555

50,754

33,421

42,583

12,150

20,821

45,571

63,404

150,983

142,543

71,907

40,693

11,548

13,681

234,438

196,917

(188,867)

(133,513)

(169,684)

(244,070)

(36,623)

(31,245)

Consolidating Eliminations | Ben Liquidity

(206,307)

(275,315)

33,421

42,583

71,907

38,886

Consolidating Eliminations | Ben Custody

12,150

20,821

1,807

Consolidating Eliminations | Customer ExAlt Trusts

150,983

142,543

Property, Plant and Equipment [Abstract]

$ 11,548

$ 13,681

[1]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The consolidated financial statements of Ben are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a going concern basis, and include the accounts of Ben, its wholly-owned and majority-owned subsidiaries and, certain variable interest entities (“VIEs”), in which the Company is the primary beneficiary.
Principles of Consolidation	An enterprise is determined to be the primary beneficiary of a VIE if it holds a controlling financial interest consistent with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“ASC 810”), as amended. The Customer ExAlt Trusts are considered VIEs for which Ben has a variable interest and is considered the primary beneficiary. Thus, Ben is required to consolidate all of the Customer ExAlt Trusts. The entities in which the Customer ExAlt Trusts hold an ownership interest are investment companies (i.e., funds) under ASC 946, Financial Services — Investment Companies (“ASC 946”). Thus, the investments in non-investment companies made by these funds are accounted for in accordance with ASC 946 and are not subject to consolidation or the disclosure requirements of ASC 810. Moreover, further consolidation provisions of ASC 946 are not applicable to Ben since these investment companies do not have an investment in an operating entity that provides services to the investment company or to Ben. All intercompany accounts and transactions have been eliminated in consolidation, and the portion of income allocated to owners other than the Company is included in “net income (loss) attributable to noncontrolling interests” in the consolidated statements of comprehensive income (loss). With the consolidation of the Customer ExAlt Trusts, interest and fee income and any related receivable charged by Ben Liquidity and Ben Custody to the Customer ExAlt Trusts are eliminated in the presentation of our consolidated financial statements. While these amounts are eliminated solely for financial reporting purposes, such amounts are earned by Ben Liquidity and/or Ben Custody from the Customer ExAlt Trusts and directly impact the income (loss) allocable to Ben’s and BCH’s equity holders as further discussed in Note 3.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions are based on information available as of the date of the consolidated financial statements and could differ from actual results. Material estimates that are particularly susceptible to change in the near term relate to the fair value determination of investments in alternative assets held by the Customer ExAlt Trusts, determination of the allowance for credit losses as an input to the allocation of income (loss) to Ben’s or BCH’s equity holders, the allocation of income (loss) to Ben’s and BCH’s equity holders, evaluation of potential loss contingencies principally related to ongoing legal matters, and evaluation of potential impairment of goodwill and other intangibles.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks or money market funds with original maturities upon purchase of three months or less. Interest income from cash and cash equivalents is recorded in interest and dividend income in the consolidated statements of comprehensive income (loss).
Derivative asset	Derivative asset Hybrid financial instruments are evaluated to determine whether they contain embedded features that require bifurcation and separate accounting as derivatives under ASC Topic 815, Derivatives and Hedging. An embedded feature is bifurcated from the host contract and accounted for as a freestanding derivative asset or liability if it meets the criteria for bifurcation under ASC Topic 815, or if it fails to qualify for equity classification under ASC Topic 815-40, Contracts in Entity’s Own Equity. Bifurcated embedded derivatives are recorded at fair value on the initial transaction date and are remeasured to fair value at each subsequent reporting date until settlement. Changes in the fair value of these derivative instruments are recognized in earnings within gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss).
Investments, at Fair Value	Investments, at Fair Value Investments held by Ben or held by the Customer ExAlt Trusts include investments in alternative assets, investments in public equity and debt securities, and investments in private equity securities and other interests. •Investments in Alternative Assets Investments in alternative assets represent the ownership interests in alternative assets and, along with other investments held by the Customer ExAlt Trusts, constitute the source of Collateral for the ExAlt Loans. These investments are predominantly private equity funds and are held by the Customer ExAlt Trusts, either through direct ownership or a beneficial interest. ASC Topic 820, Fair Value Measurement, permits, as a practical expedient, to estimate the fair value of these types of investments based on the net asset value (“NAV”) per share, or its equivalent, if the investment does not have a readily determinable fair value and if the NAV of such investments is calculated in a manner consistent with the measurement principles of ASC 946. The Company has elected to use NAV as a practical expedient to measure the fair value of these investments. These investments are valued based on the most recent available information, which typically has a delay due to the timing of financial information received from the individual investments. Accordingly, in determining the value of the investment, we may consider whether adjustments to the NAV are necessary in certain circumstances in which management is aware of material events that affect the value of the investments during the intervening period. When the sale of an investment in an alternative asset is deemed probable at an amount that differs from NAV, the investment in the alternative asset is recorded at its estimated fair value under FASB ASC 820, Fair Value Measurement. When a distribution is received, it is generally recorded as a reduction to the carrying value of that investment. Likewise, when a contribution is made, it is recorded as an increase to the carrying value of that investment. When our ownership percentage of an investment is less than three to five percent, the distribution is considered a return of investment and is classified on our consolidated statement of cash flows as a cash inflow from investing activities in accordance with ASC Topic 321, Investments — Equity Securities. When our ownership percentage of an investment is greater than three to five percent, we categorize distributions from investments in alternative assets on our consolidated statement of cash flows using the cumulative earnings approach in accordance with ASC Topic 323, Investments — Equity Method and Joint Ventures. Under this approach, distributions received are classified as cash inflows from operating activities until such time that the cumulative distributions exceed cumulative earnings for the investment. When such an excess occurs, the excess portion of the current period distribution is considered a return of investment and is classified as a cash inflow from investing activities. •Investments in Public Equity Securities Investments in public equity securities represent common stock ownership in public companies, all of which are carried at fair value. Fair value is determined using quoted market prices. Any realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss). •Investments in Debt Securities Investments in debt securities represent ownership in privately held debt securities. These investments are classified and accounted for as available-for-sale (“AFS”) securities and are reported at fair value with unrealized gains and losses presented as a separate component of equity in the accumulated other comprehensive income line item. The Company follows FASB ASC Topic 326, Financial Instruments, Credit Losses, to assess whether an investment in debt securities is impaired in each reporting period. An investment in debt securities is impaired if the fair value of the investment is less than its amortized cost. If the Company intends to sell the debt security (that is, it has decided to sell the security), a credit loss is considered to have occurred. If the Company more likely than not will be required to sell the security before recovery of its amortized cost basis or it otherwise does not expect to recover the entire amortized cost basis of the security, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive income for available-for-sale securities. The Company considers the expected cash flows from the investment based on reasonable and supportable forecasts as well as several other factors to estimate whether a credit loss exists. If the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the credit loss is recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. During the years ended March 31, 2026 and 2025, the Company recognized a credit loss on its investment in debt securities of nil and $1.0 million, respectively. Any impairment in the debt securities is recorded in the provision for credit losses line item on the consolidated statements of comprehensive income (loss). •Investments in Other Equity Securities and Interests Ben and certain of the Customer ExAlt Trusts hold investments in equity securities of private companies with a readily determinable fair value, including the GWG Wind Down Trust. On August 1, 2023, GWG Holdings’ plan of reorganization was declared effective and the Company’s investments in common stock of GWG Holdings and L Bonds issued by GWG Holdings (previously accounted for as public equity securities and available-for-sale debt securities, respectively) were then transferred to an investment in the GWG Holdings Wind Down Trust. The fair value of these equity interests is calculated using quoted prices for similar instruments observed in the equity capital markets and is classified as a Level 2 investment in the fair value hierarchy. Additionally, investments in other equity securities are held by certain of the Customer ExAlt Trusts and represent ownership in equity securities of privately held companies, which do not have a readily determinable fair value. Equity securities that do not have readily determinable fair values are initially recorded at cost and subsequently remeasured, using the measurement alternative for equity investments that do not have readily determinable fair values, when there is (i) an observable transaction involving the same investment, (ii) an observable transaction involving a similar investment from the same issuer, or (iii) an impairment. These remeasurements are reflected in the consolidated statements of comprehensive income (loss) in the gain (loss) on financial instruments, net line item.
Leases	Leases We account for leases in accordance with ASC 842, Leases. We determine if an arrangement is or contains a lease at inception. Operating leases with a term greater than one year are included in right-of-use-assets and lease liabilities. The right-of-use asset represents the Company’s right to use an underlying asset for the lease term. Related lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term, using the rate the Company would pay to borrow amounts equal to the lease payments over the lease term (the Company’s incremental borrowing rate). For operating leases, expense is recognized on a straight-line basis over the lease term in other expenses in the consolidated statements of comprehensive income (loss). Common area maintenance and other related costs are considered variable lease payments and are expensed as incurred. The Company made an accounting policy election not to recognize short-term lease assets and liabilities (less than a 12-month term) or nominal equipment leases in its balance sheets.
Insurance reimbursable receivable	Insurance reimbursable receivable Upon the recognition of a loss related to a pending, threatened or actual litigation for which the Company has insurance coverage, a related insurance reimbursable receivable is recorded upon evaluation that an insurance contract is enforceable and the insurer has not disputed the claim. If the insurance is enforceable and not subject to dispute, the Company recognizes a receivable from the insurer when it is probable of recovery up to the loss recognized. Insurance reimbursable receivables are subject to the CECL model under FASB ASC Topic 326. The allowance for credit losses is based on historical loss experience, current conditions, and reasonable and supportable forecasts. The Company monitors the credit quality of insurers and adjusts expected credit losses accordingly.
Fixed Assets	Fixed Assets Fixed assets, including leasehold improvements, are stated at cost, less accumulated depreciation and amortization. Expenditures related to leasehold improvements; furniture and fixtures; computer hardware and software; and most office equipment purchases are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets (from three to five years). For leasehold improvements, amortization is computed based on the shorter of the useful life or the lease term. Software in process is composed of costs related to internally developed software projects in the application development phase. Gains or losses on disposition of fixed assets are reflected in net income (loss). Normal costs of maintenance and repairs are treated as current expenses in the consolidated statements of comprehensive income (loss). The Company capitalizes certain costs related to the development of internal-use software. Costs incurred during the application development phase are capitalized. The types of costs capitalized during the application development phase primarily include consulting fees for third-party developers working on these projects. Costs related to the preliminary project stage and post-implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over the estimated useful life of the asset, which ranges from one to three years.
Goodwill and Other Intangibles	Goodwill and Other Intangibles The Company accounts for goodwill and intangible assets in accordance with ASC Topic 350, Intangibles – Goodwill and Other. The amount of goodwill initially recorded is based on the fair value of the acquired entity at the time of acquisition and is allocated to one or more reporting unit(s). Management performs goodwill and intangible asset impairment testing annually or when events occur, or circumstances change that would more likely than not indicate impairment has occurred. In the evaluation of goodwill impairment, management may first perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value. If an initial qualitative assessment identifies that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is performed. The Company may also elect to bypass the qualitative testing and proceed directly to the quantitative testing. If the quantitative testing indicates that the estimated fair value of a reporting unit is less than the carrying value of the reporting unit, we will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, any loss recognized will not exceed the total amount of goodwill allocated to that reporting unit. The Company conducts its annual impairment test on January 1 each year. Intangible assets include insurance licensing, which has an indefinite life and is assessed for impairment annually. Factors that would require an impairment assessment include, among other things, a significant change in the extent or manner in which an asset is used, a continual decline in the Company’s operating performance, or as a result of fundamental changes in a subsidiary’s business condition.
Warrants Liability	Warrants Liability The Company determines the accounting classification of warrants it issues as either liability or equity classified by first assessing whether the warrants meet liability classification in accordance with ASC 480, Distinguishing Liabilities from Equity ("ASC 480"), then in accordance with ASC 815 ("ASC 815"), Derivatives and Hedging. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the Company to settle the warrants or the underlying shares by paying cash or other assets, or warrants that must or may require settlement by issuing variable number of shares. If warrants do not meet liability classification under ASC 480, the Company assesses the requirements under ASC 815, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815, and in order to conclude equity classification, the Company also assesses whether the warrants are indexed to its Common Stock and whether the warrants are classified as equity under ASC 815 or other applicable GAAP. After all relevant assessments, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants require fair value accounting at issuance and subsequent to initial issuance with all changes in fair value after the issuance date recorded in the statements of operations. Equity classified warrants only require fair value accounting at issuance with no changes recognized subsequent to the issuance date. The Company accounts for its outstanding warrants, which are principally comprised of those assumed in the Transaction (as described in Note 4) and the warrants issued to Yorkville (as described in Note 10), in accordance with the guidance contained in ASC 815, Derivatives and Hedging, whereby under those accounting requirements, our outstanding warrants do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies our warrant instruments as a liability recorded at fair value and adjusts the instruments to fair value at each reporting period using quoted market prices, where available, or other appropriate valuation techniques, such as an option pricing model. The warrant liability is re-measured at each balance sheet date until the warrants are exercised or expire, and any change in fair value will be recognized in the Company’s consolidated statements of comprehensive income (loss). Such warrant classification is also subject to re-evaluation at each reporting period.
Convertible Debt	Convertible Debt The Company elected the fair value option to account for the convertible debentures with Yorkville (as described in Note 10). The Company recorded the convertible debentures at fair value upon issuance. The Company records changes in fair value in the consolidated statements of comprehensive income (loss), with the exception of changes in fair value due to instrument-specific credit risk which, if present, will be recorded as a component of other comprehensive income (loss). Interest expense related to the convertible debentures is included in the changes in fair value. As a result of applying the fair value option, direct costs and fees related to the convertible debentures were expensed as incurred.
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist primarily of trade payables comprised principally of outstanding legal fees and other professional service fees; accrued employee payroll, bonus, and commissions; accrued fees and other costs under the Bradley Capital Company service agreement and Aircraft Sublease (Note 16); and an accrued liability related to the GWG Litigation Trust Adversary Proceedings (Note 20).
Other Liabilities	Other Liabilities Other liabilities consist principally of accrued guaranteed payments related to the Preferred Series A-0 Unit Accounts (Note 13), an accrued liability related to the equity award arbitration (Note 20), accrued interest on certain outstanding debt instruments, a liability related to an interest commitment, deferred loan fees and deferred income taxes (Note 15). Refer to Note 9 for more information on these other liabilities.
Foreign Currency	Foreign Currency The Company’s functional and reporting currency is the U.S. dollar. The Customer ExAlt Trusts hold alternative investments with underlying exposures to foreign currencies, primarily the Euro and Canadian dollar. These investments are measured at fair value utilizing the net asset value (NAV) practical expedient provided by the respective investment managers or general partners. Because the reported NAV incorporates the effects of foreign currency translation, changes in exchange rates are recorded directly within net investment income (loss) in the consolidated statements of comprehensive income (loss), rather than as a component of other comprehensive income. The Company does not utilize foreign currency hedging instruments to mitigate the risk associated with these exposures.
Business Combinations	Business Combinations The Company includes the results of operations of the businesses that it acquires from the acquisition date. In allocating the purchase price of a business combination, the Company records all assets acquired and liabilities assumed at fair value as of the date of acquisition, with the excess of the purchase price over the aggregate fair values recorded as goodwill. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing as of the acquisition date. Acquisition-related costs are recognized separately from the business combination and are expensed as incurred.
Income Taxes	Income Taxes Beneficient records current tax liabilities or assets through charges or credits to the current tax provision for the estimated taxes payable or refundable for the current year. Deferred tax assets and liabilities are recorded for future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A deferred tax valuation allowance is established if it is more likely than not that all or a portion of the deferred tax assets will not be realized. A tax position that fails to meet a more-likely-than-not recognition threshold will result in either reduction of current or deferred tax assets, and/or recording of current or deferred tax liabilities. Interest and penalties related to income taxes are recorded in the other expense line item of the consolidated statements of comprehensive income (loss). Prior to the restructuring that resulted in Beneficient becoming a corporation, Beneficient was taxed as a Delaware Limited Partnership. In the event the subsequent entity, Beneficient a corporation, is audited by the taxing authority and assessed additional amounts due to the underpayment of tax in previous tax years, management intends to make the push-out election allowed by the U.S. Treasury Department. That election allows Beneficient to notify its partners of their share of imputed underpayment amounts for inclusion in their current tax returns.
Noncontrolling interests – Redeemable and Non-redeemable	Noncontrolling interests – Redeemable and Non-redeemable Noncontrolling interests represent the portion of certain consolidated subsidiaries’ limited partnership interests or interests in the Customer ExAlt Trusts that are held by third parties. Amounts are adjusted by the noncontrolling interest holder’s proportionate share of the subsidiaries’ earnings or losses each period and for any distributions that are paid. Noncontrolling interests are reported as a component of equity unless the noncontrolling interest is considered redeemable, in which case the noncontrolling interest is recorded as mezzanine or temporary equity (between liabilities and equity) in our consolidated statements of financial condition. The redeemable noncontrolling interest is adjusted at each balance sheet date to its maximum redemption value if the amount is greater than the carrying value. Changes in our redeemable noncontrolling interests are presented in the consolidated statements of changes in equity. Noncontrolling interests include: (i) holders, which consist of Related Entities, as defined below, an entity affiliated with a related party, and third parties, of Class S Ordinary Units issued by BCH, (ii) holders, which consists of Related Entities, an entity affiliated with a related party, and third parties, of Class S Preferred Units issued by BCH, (iii) holders, which consists of Related Entities, an entity affiliated with a related party, a third party, and certain directors, of Preferred A-1 issued by BCH, (iv) holders, which consists of Related Entities, an entity affiliated with a related party, a third party, and certain directors, of Preferred A-0 Non-Redeemable issued by BCH beginning on September 30, 2024, (v) holders, which consists of unrelated charity organizations, of residual beneficial interests issued by certain of the Customer ExAlt Trusts and (vi) holder, which consists of a third-party, of Class A of CT Risk Management. Redeemable noncontrolling interests are held by holders, which consist of Related Entities, an entity affiliated with a related party, a third party, and certain directors, of Preferred A-0 issued by BCH for periods prior to September 30, 2024 and Preferred A-0 Redeemable for periods beginning on September 30, 2024. Related Entities are defined as certain trusts and those entities held by such trusts that are controlled by our founder and former CEO, Bradley K. Heppner, and in which our founder and his family members are also among classes of economic beneficiaries whether or not our founder is entitled to economic distributions from such trusts. Mr. Heppner served as Chief Executive Officer and Chairman of the Board of Directors of the Company until his resignation on June 19, 2025.
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share The Company computes net earnings (loss) per share attributable to common shareholders using the two-class method required for participating securities. The two-class method requires income available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common and participating securities based on their respective rights if the participating security contractually participates in losses. The Company determined that it had participating securities in the form of convertible, preferred equity securities and in the Class A common shares issued as part of the limited conversion discussed in Note 13. Basic net earnings (loss) per share attributable to common shareholders is computed by dividing net earnings (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method or if-converted method based on the nature of such securities.
Investment Income (Loss), Net	Investment Income (Loss), Net Investment income (loss), net consists of unrealized gains (losses) due to changes in NAV of alternative assets.
Gain (Loss) on Financial Instruments, Net	Gain (Loss) on Financial Instruments, Net Gain (loss) on financial instruments, net consists of gains (losses) due to changes in fair value of financial instruments including the derivative asset, gains (losses) from the sale of public equity securities and other equity securities and interests, changes in fair value of convertible debt, and (gain) loss on issuance of convertible debt and warrants. See Note 6 for a reconciliation of the financial statement line item.
Administration Revenues	Administration Revenues Third-party administration fees are earned for the administration of third-party customer accounts. The Company’s performance obligation is satisfied over time and the resulting fees are recognized monthly, generally based upon the beginning of the quarter (in advance) net asset value under management and the applicable fee rate, depending on the terms of the contract. Third-party administration fee receivables are recorded on the consolidated statements of financial condition in the other assets line item and in administration revenues in the trust services and administration revenues line item on the consolidated statements of comprehensive income (loss).
Professional Services	Professional Services Professional services primarily consist of legal fees, net of any expected insurance reimbursement, consulting fees, and advertising costs, which are expensed as incurred and are included in professional services in the accompanying consolidated statements of comprehensive income (loss).
Share-based Compensation	Share-based Compensation Compensation expense for all equity-based compensation awards is determined using the grant date fair value. For all equity-based plans, we record the impact of forfeitures when they occur. Expense is recognized on a straight-line basis over the requisite service period of the award, which is generally equal to the vesting period.
Provision for Credit Losses	Provision for Credit Losses The provision for credit losses consists of charges against earnings for credit losses on AFS debt securities and other financial instruments and bad debt expenses on other miscellaneous receivables.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on investments in available for sale debt securities carried at fair value, which are reported as a separate component of equity.
Fair Value of Financial Instruments	Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement, (Topic 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Fair values of financial instruments are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or market conditions could significantly affect these estimates.
Accounting Standards Recently Adopted and Not Yet Adopted	Accounting Standards Recently Adopted We adopted ASU 2023-09, Income Taxes, (Topic 740) prospectively for the annual period beginning April 1, 2025 and interim periods beginning on April 1, 2026. The update expands income tax disclosure requirements to include additional information related to the rate reconciliation of our effective tax rates to statutory rates as well as additional disaggregation of taxes paid. The amendments in ASU 2023-09 also remove disclosures related to certain unrecognized tax benefits and deferred taxes. The adoption of this new guidance did not result in a material impact to the Company’s consolidated financial statements. We adopted ASU 2023-07, Segment Reporting, (Topic 280) for the annual period beginning April 1, 2024 and interim periods beginning on April 1, 2025 with retrospective application to all prior periods presented. The update requires enhanced disclosures about significant segment expenses, enhanced interim disclosure requirements, clarification for when multiple segment measures of profit or loss can be disclosed, and other requirements intended to improve overall reportable segment disclosures in annual and interim periods. See Note 18 for further information. The adoption of ASU 2023-07 did not have a material impact on our segment reporting. ASU 2020-04, Reference Rate Reform, (Topic 848) was issued in March 2020. The amendments in Topic 848 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. Topic 848 could be applied by all entities as of the beginning of the interim period that includes March 12, 2020, or any date thereafter, and entities could elect to apply the amendments prospectively through December 31, 2022. On December 31, 2022, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 was issued, which extended the period of time entities could utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024. The adoption of this new guidance did not result in a material impact to the Company’s consolidated financial statements. Accounting Standards Not Yet Adopted ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, as clarified in ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The Company is assessing the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements.

Debt Due to Related Parties - First and Second Lien Credit Agreements (Details) - USD ($)			12 Months Ended
	Jul. 12, 2023	Mar. 24, 2022	Mar. 31, 2026	Mar. 31, 2025	Apr. 14, 2025	Aug. 13, 2020
Debt Instrument [Line Items]
Interest payable			$ 30,497,000	$ 19,360,000
HCLP Nominees, L.L.C
Debt Instrument [Line Items]
Additional debt or borrowings						$ 10,000,000.0
Beneficient Holdings, Inc.
Debt Instrument [Line Items]
Percentage of preferred units						5.00%
Grant tax liability						$ 30,000,000.0
Put liability			0	0
First and Second Lien Credit Agreement
Debt Instrument [Line Items]
Installment payments	$ 5,000,000.0
Interest rate	9.50%
Interest payable			29,500,000	18,600,000
Amendment fee	$ 100,000
Payment of deferred financing costs for debt			0	0
Unamortized premium			$ 100,000	$ 300,000
Percentage of accrued interest payable					11.50%
First and Second Lien Credit Agreement \| Beneficent Capital Company \| HCLP Nominees, L.L.C
Debt Instrument [Line Items]
Installment payments		$ 5,000,000.0
Fee percentage		6.50%

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net amortization of debt premium and discount (related party of $772 and $296)	$ 772	$ 296
Gain (loss) on financial instruments, net (related party of $9,491 and $(552))	(9,774)	2,242
Non cash interest expense (related party of $11,827 and $9,715)	17,151	12,214
Related Party
Net amortization of debt premium and discount (related party of $772 and $296)	772	296
Gain (loss) on financial instruments, net (related party of $9,491 and $(552))	(9,491)	552
Non cash interest expense (related party of $11,827 and $9,715)	$ 11,827	$ 9,715

Subsequent Events	12 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events the date the financial statements were issued, and determined that there have been no events, other than those disclosed below, that have occurred that would require adjustments to our disclosures in the consolidated financial statements. Liquidity Transactions On April 8, 2026, the Company, through one of its subsidiaries, funded the closing of a primary capital transaction pursuant to definitive agreements entered into on April 7, 2026 with a customer with respect to a limited partner interest in an investment fund with a net asset value of $8.75 million. Pursuant to the transaction, the Customer ExAlt Trusts acquired a limited partner interest, and in exchange for such, the customer received 875,214 shares of the Company’s Series B-10 Resettable Convertible Preferred Stock, par value $0.001 per share (the “Series B-10 preferred stock”), with such Series B-10 preferred stock being convertible into shares of the Company’s Class A common stock. Following the closing of the transaction, the Company participates in an unrealized gain of approximately $1.2 million, which represents the Company’s pro rata interest in the appreciation of the customer’s existing asset portfolio. The Series B-10 preferred stock is convertible into Class A common stock initially at a conversion price of $3.5479 per share and is subject to reset from time to time, subject to a floor price of $1.2418 per share. A maximum of 7,047,947 shares of Class A common stock may be issued upon conversion of the Series B-10 preferred stock. Asset Sales In April and May 2026, entities held by a Customer ExAlt Trust completed the sale of beneficial interests with respect to certain limited partnership interests for gross proceeds of approximately $2.7 million. The entities paid brokerage commissions and certain transaction costs out of such gross proceeds. The remainder of the proceeds were distributed to the Customer ExAlt Trust, which then used such proceeds as follows: (i) a portion (2.5%) of the proceeds will be distributed to the beneficiaries of the Customer ExAlt Trust and (ii) the remainder was paid to a subsidiary of the Company as payment on outstanding accrued fees (if any) and/or a loan repayment on the outstanding loan issued by BFF to such Customer ExAlt Trust. The proceeds for the fee payment and the loan repayment were then available for use by the Company. Appointment of Permanent Chief Executive Officer James G. Silk, who has served as the Interim Chief Executive Officer since July 20, 2025, was named as the permanent Chief Executive Officer on June 24, 2026.

Fixed Assets (Tables)

12 Months Ended

Mar. 31, 2026

Property, Plant and Equipment

Fixed assets are included in other assets in the consolidated statements of financial condition and consist of the following:


(Dollars in thousands)	March 31, 2026		March 31, 2025
Computer hardware and software	$	12,861	$	12,861

Buildings	188		188
Furniture, fixtures, and equipment	109		109
Leasehold improvements	23		23
Other	73		73
Fixed assets, gross	13,254		13,254
Accumulated depreciation and amortization	(12,547)		(11,801)
Internal use software in process	375		279
Fixed assets, net	$	1,082	$	1,732

Equity (Tables)

12 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Noncontrolling Interests

The following table presents a rollforward of the noncontrolling interests, on a U.S. GAAP basis, for the years ended March 31, 2026 and 2025:


	Noncontrolling Interests
(Dollars in thousands)	Trusts		FLP		BCH Preferred Series A-0 Non-Redeemable		BCH Preferred Series A-1		Total Noncontrolling Interests
Balance, March 31, 2025	$	(201,518)	$	—	$	160,526	$	173,068	$	132,076
Net income (loss)	(25,639)		(189)		12,096		(70,394)		(84,126)
Preferred A-0 Unit Accounts guaranteed payment accrual	—		—		(12,096)		—		(12,096)
Reclass of distributions payable to noncontrolling interest holder	(1,956)		—		—		—		(1,956)
Miscellaneous adjustment to previously allocated FLP Subclass 3 income	—		189		—		—		189
Conversion of BCH Pref A-1 to Class A common stock	—		—		—		(9,724)		(9,724)
Issuance of equity in connection with recent financings	370		—		—		—		370
Balance, March 31, 2026	$	(228,743)	$	—	$	160,526	$	92,950	$	24,733


	Noncontrolling Interests
(Dollars in thousands)	Trusts		FLP		BCH Preferred Series A-0 Non-Redeemable		BCH Preferred Series A-1		Total Noncontrolling Interests
Balance, March 31, 2024	$	(165,712)	$	—	$	—	$	207,943	$	42,231
Net income (loss)	(34,914)		—		5,430		(34,875)		(64,359)
Reclass of distributions payable to noncontrolling interest holder	—		—		(5,430)		—		(5,430)
Reclass of BCH Preferred A-0 from temporary to permanent equity	—		—		160,526		—		160,526
Noncontrolling interest reclass	(892)		—		—		—		(892)
Balance, March 31, 2025	$	(201,518)	$	—	$	160,526	$	173,068	$	132,076

Risks and Uncertainties

12 Months Ended

Mar. 31, 2026

Risks and Uncertainties [Abstract]

Risks and Uncertainties

The Customer ExAlt Trusts hold investments in alternative assets, public and private equity securities and interests, and debt securities that are exposed to market risk, credit risk, currency risk, and interest rate risk. Currently, these investments, whose cash flows serve as the sole Collateral to the ExAlt Loans, primarily are comprised of alternative assets consisting of private equity limited partnership interests, which are primarily denominated in the U.S. Dollar, Euro, and Canadian Dollar. The financial statements risks, stemming from such investments, are those associated with the determination of estimated fair values, the diminished ability to monetize certain investments in times of strained market conditions, the recognition of income and recognition of impairments on certain investments.

The portfolio of alternative assets covers the following industry sectors and geographic regions for the periods shown below (dollar amounts in thousands):


	March 31, 2026				March 31, 2025
Industry Sector	Value		Percent of Total		Value		Percent of Total
Food and staples retailing	$	65,539	40.3	%	$	63,846	24.6	%
Utilities	16,959		10.4		15,432		6.0
Semiconductors and semiconductor equipment	13,348		8.2		15,426		6.0
Software and services	11,412		7.0		41,460		16.0
Diversified financials	9,087		5.6		22,273		8.6
Health care equipment and services	2,993		1.8		13,464		5.2
Capital goods	1,167		0.7		20,532		7.9



Other(1)	42,319		26.0		66,680		25.7
Total	$	162,824	100.0	%	$	259,113	100.0	%


(1)			Industries in this category each comprise less than 5 percent. Health care equipment and services and Capital goods are shown separately as each comprised greater than 5 percent in the prior period.


	March 31, 2026				March 31, 2025
Geography	Value		Percent of Total		Value		Percent of Total
North America	$	61,626	37.8	%	$	135,066	52.1	%
South America	66,032		40.6		64,969		25.1
Asia	28,512		17.5		41,948		16.2
Europe	6,581		4.0		17,018		6.6
Africa	73		0.1		112		—
Total	$	162,824	100.0	%	$	259,113	100.0	%

The ExAlt Loans, which are eliminated upon consolidation solely for financial reporting purposes, are collateralized by the cash flows originating from the Customer ExAlt Trusts’ investments in alternative assets, public and private equity securities, and debt securities, without recourse to the Customer. These ExAlt Loans are a key determinant in income (loss) allocable to Ben’s and BCH’s equity holders. Ben has underwriting and due diligence procedures and utilizes market rates. Finally, the Customer ExAlt Trusts provide for excess cash flows from a collective pool of alternative assets, public and private equity securities, and debt securities, to be utilized to repay the ExAlt Loans to Ben from the Customer ExAlt Trusts when cash flows from the customer’s original alternative assets are not sufficient to repay the outstanding principal, interest, and fees. Excess cash flows from the collective pool of alternative assets, public and private equity securities, and debt securities, above those needed to satisfy the outstanding principal interest and fees of the ExAlt Loans are available to pay contingent interest to Ben on the ExAlt Loans up to a specified contingent interest rate.

As discussed in Note 1, Ben received a charter from the state of Kansas and established an office in the state of Kansas. If we are unable to maintain the Kansas charter or obtain a charter from another state if we no longer hold the Kansas charter, our ability to affect parts of our business plan, as currently constituted, may be compromised.

In February 2026, the U.S. and Israel launched coordinated military strikes against Iran, which retaliated with missile attacks across the region. In October 2023, following a series of attacks by Hamas on Israeli civilian and military targets, Israel declared war on Hamas in Gaza. In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine and as a result, various nations, including the United States, have instituted economic sanctions against

the Russian Federation and Belarus. These ongoing conflicts could have a negative impact on the economy and business activity globally (including in the countries in which the Customer ExAlt Trusts currently holds investments or may hold investments in the future), and therefore, could adversely affect the performance of the Customer ExAlt Trusts’ investments.

The extent and impact of any sanctions imposed in connection with the ongoing conflicts between Russia and Ukraine and in the Middle East may cause financial market volatility and impact the global economy. Volatility and disruption in the equity and credit markets can adversely affect the portfolio companies underlying the investments held by the Customer ExAlt Trusts and adversely affect the investment performance. Our ability to manage exposure to market conditions is limited. Market deterioration could cause the Company to experience reduced liquidity, earnings and cash flow, recognize impairment charges, or face challenges in raising capital, and making investments on attractive terms. Adverse market conditions can also affect the ability of investment funds held by the Customer ExAlt Trusts to liquidate positions in a timely and efficient manner. As a result, this presents material uncertainty and risk with respect to the performance of the investments held by the Customer ExAlt Trusts, even though the Customer ExAlt Trusts do not hold any investments with material operations in Russia, Ukraine, Israel or Iran. The cash flows from the investment held by the Customer ExAlt Trusts serve as the collateral to the ExAlt Loans and the fees that are paid by the Customer ExAlt Trusts to Ben for administering these trusts, both of which are key determinants in the income allocated to BCG’s and BCH’s equity holders.

Further, these events may result in reduced opportunities for future liquidity solution transactions with our Customers and make it more difficult for the Customer ExAlt Trusts to exit and realize value from its existing investments, potentially resulting in a decline in the value of the investments held in the Customer ExAlt Trusts. Such a decline could cause our revenue and net income to decline, including the revenues and net income allocated to BCG’s and BCH’s equity holders.

The Company continues to evaluate the impact of the ongoing conflicts between Russia and Ukraine and in the Middle East and other items, such as inflation, volatile interest rates, changes in regulatory requirements and tariffs, and assess the impact on financial markets and the Company’s business. The Company’s future results may be adversely affected by slowdowns in fundraising activity and the pace of new liquidity transactions with our Customers. Management is continuing to evaluate the impact of the Russia-Ukraine conflict and the conflicts in the Middle East and has concluded that while it is reasonably possible that such conflicts could have a negative effect on the Company’s financial position and/or results of its operations, the specific impact is not readily determinable as of the date of these consolidated financial statements. Consequently, the consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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Equity - Class S Ordinary and Preferred (Details) shares in Thousands, $ in Millions	87 Months Ended
	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 shares
Class S Ordinary
Class of Stock [Line Items]
Units issued (in shares)	8	8
Units outstanding (in shares)	8	8
Common stock exchange ratio	1
Class S Preferred
Class of Stock [Line Items]
Preferred stock exchange ratio	1.2
Preferred return earned \| $	$ 0.3

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Net Income (Loss) per Share

Investments, at Fair Value - Debt Securities, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Cumulative losses as of the beginning of period	$ 32,288	$ 31,290
Credit related losses not previously recognized	0	998
Increase in amounts previously recognized	0	0
Cumulative losses as of the end of period	$ 32,288	$ 32,288

Fair Value Measurements - Gain (Loss) on Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on financial instruments, net	$ 9,774	$ (2,242)
Other public equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on financial instruments, net	364	(831)
Loss on initial issuance of convertible debt and warrant issuance to Yorkville
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on financial instruments, net	0	(2,307)
Convertible debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on financial instruments, net	0	100
Warrants liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on financial instruments, net	(81)	1,732
Prepaid forward liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on financial instruments, net	0	14
Derivative liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on financial instruments, net	9,496	0
Related party, fair value using quoted market prices of similar assets in active market
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on financial instruments, net	(5)	(552)
Other, without a readily determinable fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on financial instruments, net	$ 0	$ (398)

Net Income (Loss) per Share

12 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Basic net income (loss) attributable to Beneficient per common share for the years ended March 31, 2026 and 2025, is as follows:


(Dollars in thousands, except per share amounts)	Year Ended March 31,
	2026		2025
Net income (loss)	$	(164,730)	$	(803)
Plus: Net loss attributable to noncontrolling interests	96,222		69,789
Less: Noncontrolling interest guaranteed payment	(18,918)		(17,824)
Net income (loss) attributable to Beneficient common shareholders	(87,426)		51,162
Less: Net (income) loss to all participating securities	69,140		—
Net income (loss) attributable to Beneficient common shareholders	$	(18,286)	$	51,162
Net income (loss) attributable to Class A common shareholders	$	(17,661)	$	47,886
Net income (loss) attributable to Class B common shareholders	$	(419)	$	3,276

Basic weighted average of common shares outstanding
Class A	1,259,654		703,390
Class B	29,908		29,908

Basic net income (loss) attributable to Beneficient per common share
Class A	$	(14.02)	$	68.08
Class B	$	(14.02)	$	109.54

Diluted net income (loss) attributable to Beneficient per common share for the year ended March 31, 2026, is as follows:


(Dollars in thousands, except per share amounts)	Year Ended March 31,
	2025
Diluted income (loss) per share
Net income (loss) attributable to Beneficient common shareholders - Basic	$	51,162
Adjustments for diluted EPS numerator:
Less: Net income (loss) attributable to noncontrolling interests - Ben	(34,875)
Less: Net (income) loss to participating securities	—
Plus: Noncontrolling interest guaranteed payment	17,824
Net income (loss) attributable to Beneficient common shareholders - Diluted	$	34,111

Basic weighted average of common shares outstanding (Class A and Class B)	733,298
Dilutive effect of:
Series B Preferred Stock	81,116
Class S Ordinary	8,373
Class S Preferred	76
Preferred Series A Subclass 0	15,460,389
Preferred Series A Subclass 1	49,753,565


Restricted Stock Units	71,334

Diluted weighted average of common shares outstanding (Class A and Class B)	66,108,151

Diluted net income (loss) attributable to Beneficient per common share (Class A and Class B)	$	0.52

For the year ended March 31, 2026, as the Company was in a net loss position, the diluted EPS calculation for the Beneficient common shareholders is the same as basic EPS per common share disclosed above for that period. Diluted EPS for the Class A shareholders is $(14.02) and diluted EPS for the Class B shareholders is $(14.02) for the year ended March 31, 2026.

Shares of Class A Common Issued In Limited Conversion

The shares of Class A Common Stock issued in the Limited Conversion are subject to forfeiture and are therefore considered contingently returnable shares. As a result, such shares are excluded from basic earnings per share until the forfeiture contingency is resolved.

Because the shares are entitled to non-forfeitable dividends and undistributed earnings, they are considered participating securities, and the two-class method has been applied. For diluted earnings per share, the shares are included in the diluted share count to the extent they would remain outstanding based on the Company’s stock price at the end of the reporting period, if dilutive.


	Shares
	Year Ended March 31,
	2026	2025
Series B Preferred Stock	4,817,944	—
Contingently Returnable Common Stock	4,931,446	—
Class S Ordinary	8,376	—
Class S Preferred	78	—
Preferred Series A Subclass 0	66,644,038	—
Preferred Series A Subclass 1	208,120,305	—

Restricted Stock Units	172,689	33,204
Stock Options	25,000	10,719
Convertible Debt	—	49,248
Warrants	204,267	123,699
Total anti-dilutive shares	284,924,143	216,870

Warrants

The disclosed amount of anti-dilutive securities for the warrants does not consider the assumed proceeds under the treasury stock method as the exercise price was greater than the average market price of the Class A common stock, which results in negative incremental shares, that would be anti-dilutive.

Net Income (Loss) per Share - Schedule of EPS (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Plus: Net loss attributable to noncontrolling interests

$ (164,730)

$ (803)

96,222

69,789

Less: Noncontrolling interest guaranteed payment

(18,918)

(17,824)

Net income (loss) attributable to Beneficient common shareholders

(87,426)

51,162

Less: Net (income) loss to all participating securities

69,140

Net income (loss) attributable to Beneficient common shareholders

(18,286)

51,162

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Net income (loss) attributable to Beneficient common shareholders

$ (17,661)

$ 47,886

Basic weighted average of common shares outstanding (in shares)

1,259,654

703,390

Basic net income (loss) attributable to Beneficient per common share (in dollars per share)

^[1]

$ (14.02)

$ 68.08

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Net income (loss) attributable to Beneficient common shareholders

$ (419)

$ 3,276

Basic weighted average of common shares outstanding (in shares)

29,908

Basic net income (loss) attributable to Beneficient per common share (in dollars per share)

^[1]

$ (14.02)

$ 109.54

[1]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Investments, at Fair Value (Tables)

12 Months Ended

Mar. 31, 2026

Investments [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The composition of investments recorded at fair value held by the Customer ExAlt Trusts is included in the table below (in thousands):


	March 31, 2026			March 31, 2025

Alternative assets		$	162,824	$	259,113
Public equity securities		4,472		4,065
Debt securities available-for-sale		1,739		1,687
Other equity securities and interests		26,501		26,506
Total investments, at fair value		$	195,536	$	291,371

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, 2026 and 2025 are presented below.


	As of March 31, 2026
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Public equity securities	$	4,472	$	—	$	—	$	4,472


Debt securities available-for-sale, other	—		—		1,739		1,739
Derivative asset	—		—		21,652		21,652
Liabilities:

Warrants liability	264		44		—		308


	As of March 31, 2025
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Public equity securities	$	4,065	$	—	$	—	$	4,065
Other equity interests	—		5		—		5

Debt securities available-for-sale, other	—		—		1,687		1,687
Liabilities:
Warrants liability	180		47		—		227

Alternative Investments

Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of March 31, 2026 and 2025, is summarized below (in thousands):


	Alternative Investments Portfolio Summary
	March 31, 2026				March 31, 2025
Asset Class	Carrying Value		Unfunded Commitments		Carrying Value		Unfunded Commitments
Private Equity	$	80,685	$	25,975	$	120,008	$	34,252
Private Real Estate	6,300		1,650		6,454		2,777
Natural Resources	6,111		1,250		12,691		2,663
Venture Capital	60,021		1,183		109,361		1,324
Hedge Funds	3,332		—		3,931		245
Other(1)	6,375		376		6,668		383
Total	$	162,824	$	30,434	$	259,113	$	41,644

(1) “Other” includes earnouts, escrow, net other assets (liabilities), and private debt strategies.

Debt Securities, Available-for-Sale

The amortized cost, estimated fair value, and unrealized gains and losses on investments in debt securities classified as available-for-sale as of March 31, 2026 and 2025 are summarized as follows:


	March 31, 2026
(Dollars in thousands)	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Other debt securities	$	1,687	$	52	$	—	$	1,739
Total available-for-sale debt securities	$	1,687	$	52	$	—	$	1,739

	March 31, 2025
(Dollars in thousands)	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Other debt securities	$	2,685	$	—	$	(998)	$	1,687
Total available-for-sale debt securities	$	2,685	$	—	$	(998)	$	1,687

The contractual maturities of available-for-sale debt securities as of March 31, 2026 and 2025 are as follows:


	March 31, 2026				March 31, 2025
(Dollars in thousands)	Amortized Cost Basis		Fair Value		Amortized Cost Basis		Fair Value
Due in one year or less	$	1,687	$	1,739	$	1,687	$	1,687

No fixed maturity	—		—		998		—
	$	1,687	$	1,739	$	2,685	$	1,687

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The table below indicates the length of time individual debt securities have been in a continuous loss position as of March 31, 2026 and 2025:


	March 31, 2026				March 31, 2025
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses



Other debt securities:
Less than twelve months	$	—	$	—	$	—	$	—
Twelve months or longer	—		—		1,687		998
Total available-for-sale debt securities with unrealized losses	$	—	$	—	$	1,687	$	998

Debt Securities, Available-for-Sale, Allowance for Credit Loss

A reconciliation of provision for credit losses for each of the periods presented herein is presented below:


	Year Ended March 31,
(in thousands)	2026		2025
Bad debt expense on other receivables	$	1,048	$	2


Credit loss on AFS debt securities (Note 5)	—		998
Provision for credit losses	$	1,048	$	1,000

The following table is a rollforward of credit-related losses recognized in earnings for the periods presented below:


	Year Ended March 31,
(Dollars in thousands)	2026		2025
Cumulative losses as of the beginning of period	$	32,288	$	31,290
Credit related losses not previously recognized	—		998
Increase in amounts previously recognized	—		—
Cumulative losses as of the end of period	$	32,288	$	32,288

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Schedule of Segment Reporting Information, by Segment

Fair Value Measurements - Narrative (Details)	12 Months Ended
Fair Value Measurements - Narrative (Details)	Mar. 31, 2026 USD ($) $ / shares	Mar. 31, 2025 USD ($) $ / shares	Oct. 15, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative assets	$ 162,824,000	$ 259,113,000
Investment income (loss), net	(49,532,000)	(6,500,000)
Loss on impairment of goodwill and intangible assets	0	3,692,000
Impairment	3,100,000
Goodwill, impairment, accumulated impairment loss	$ 2,400,000,000
Long-term growth rate	3.00%
Ben Custody
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loss on impairment of goodwill and intangible assets	$ 0	3,427,000
Reporting unit, amount of fair value in excess of carrying amount	4,300,000
Ben Markets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loss on impairment of goodwill and intangible assets	0	$ 265,000
Reporting unit, amount of fair value in excess of carrying amount	$ 1,400,000
Measurement Input, Expected Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	1.75		2.2
Measurement Input, Share Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	3.50		4.13
Measurement Input, Exercise Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	4.16		4.16
Measurement Input, Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.9559		0.3466
Measurement Input, Expected Dividend Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.000		0.000
Measurement Input, Risk Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0367		0.0334
Yorkville \| Measurement Input, Share Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input \| $ / shares	3.50	2.48
Yorkville \| Measurement Input, Exercise Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input \| $ / shares	21.04	21.04
Yorkville \| Measurement Input, Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input \| $ / shares	0.9559	0.901
Yorkville \| Measurement Input, Expected Dividend Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.000	0.000
Yorkville \| Measurement Input, Risk Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.0367	0.0370
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rates	28.00%
Minimum \| Yorkville \| Measurement Input, Expected Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	1.35	2.35
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rates	29.30%
Maximum \| Yorkville \| Measurement Input, Expected Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	1.62	2.62

Segment Reporting (Tables)

12 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

The following table presents a reconciliation of operating income (loss) of our reportable segments, excluding the Customer ExAlt Trusts, to net income (loss) attributable to Beneficient’s common shareholders. This reconciliation serves to provide users of our financial statements an understanding and visual aide of the reportable segments that impact net income (loss) attributable to the common shareholders and reiterates that the consolidation of the Customer ExAlt Trusts has no impact on the net income (loss) attributable to Beneficient’s common shareholders.


	Year Ended March 31,
(in thousands)	2026		2025
Operating income (loss)*
Ben Liquidity	$	(55,699)	$	(12,802)
Ben Custody	7,954		13,288
Corporate & Other	(93,128)		10,243

Gain on liability resolution	1,996		23,462
Income tax expense (allocable to Ben and BCH equity holders)	(214)		(80)
Net loss attributable to noncontrolling interests - Ben	70,583		34,875
Noncontrolling interest guaranteed payment	(18,918)		(17,824)
Net income (loss) attributable to common shareholders	$	(87,426)	$	51,162

*Includes amounts eliminated in consolidation.

The following tables include the results of each of the Company’s reportable segments reconciled to the consolidated financial statements (in thousands):


	Year Ended March 31, 2026
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment income (loss), net	$	—	$	—	$	(49,532)	$	—	$	—	$	(49,532)
Gain (loss) on financial instruments, net	—		—		358		9,416		—		9,774
Interest and dividend income	—		—		—		40		—		40
Trust services and administration revenues	—		593		—		—		—		593


Intersegment revenues
Interest income	33,421		—		—		—		(33,421)		—
Trust services and administration revenues	—		12,150		—		—		(12,150)		—
Total revenues	33,421		12,743		(49,174)		9,456		(45,571)		(39,125)

External expenses
Employee compensation and benefits	1,597		2,473		—		7,775		—		11,845
Interest expense	13,466		—		—		5,335		—		18,801
Professional services	1,296		527		1,880		17,351		—		21,054
Provision for credit losses	—		1,047		—		1		—		1,048
Loss on impairment of goodwill and intangible assets	—		—		—		3,100		—		3,100
Accrual (release) of loss contingency related to arbitration award	—		—		—		62,831		—		62,831
Other expenses	854		742		921		6,191		—		8,708

Intersegment expenses
Interest expense	—		—		150,983		—		(150,983)		—
Provision for loan losses	71,907		—		—		—		(71,907)		—
Other expenses	—		—		11,548		—		(11,548)		—
Total expenses	89,120		4,789		165,332		102,584		(234,438)		127,387

Operating income (loss)	$	(55,699)	$	7,954	$	(214,506)	$	(93,128)	$	188,867	$	(166,512)

	As of March 31, 2026
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	169,684	$	—	$	—	$	—	$	(169,684)	$	—
Investments, at fair value	—		—		195,536		—		—		195,536
Other assets	464		20,829		15,542		33,110		(36,623)		33,322
Goodwill and intangible assets, net	—		7,469		—		2,445		—		9,914
Total Assets	$	170,148	$	28,298	$	211,078	$	35,555	$	(206,307)	$	238,772


	Year Ended March 31, 2025
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment income (loss), net	$	—	$	—	$	(6,500)	$	—	$	—	$	(6,500)
Gain (loss) on financial instruments, net	—		—		(1,776)		(466)		—		(2,242)
Interest and dividend income	—		—		—		44		—		44
Trust services and administration revenues	—		753		—		—		—		753
Other income	—		—		2		—		—		2

Intersegment revenues
Interest income	42,583		—		—		—		(42,583)		—
Trust services and administration revenues	—		20,821		—		—		(20,821)		—
Total revenues	42,583		21,574		(8,274)		(422)		(63,404)		(7,943)

External expenses
Employee compensation and benefits	1,436		1,597		—		13,818		—		16,851
Interest expense	12,406		—		—		2,502		—		14,908
Professional services	1,086		651		2,137		19,361		—		23,235
Provision for credit losses	—		—		998		2		—		1,000
Loss on impairment of goodwill and intangible assets	—		3,427		—		265		—		3,692
Accrual (release) of loss contingency related to arbitration award	—		—		—		(54,973)		—		(54,973)
Other expenses	1,571		804		794		8,360		—		11,529

Intersegment expenses
Interest expense	—		—		142,543		—		(142,543)		—
Provision for loan losses	38,886		1,807		—		—		(40,693)		—
Other expenses	—		—		13,681		—		(13,681)		—
Total expenses	55,385		8,286		160,153		(10,665)		(196,917)		16,242

Operating income (loss)	$	(12,802)	$	13,288	$	(168,427)	$	10,243	$	133,513	$	(24,185)

	As of March 31, 2025
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	244,070	$	—	$	—	$	—	$	(244,070)	$	—
Investments, at fair value	—		—		291,371		—		—		291,371
Other assets	859		19,339		16,328		45,209		(31,245)		50,490
Goodwill and intangible assets, net	—		7,469		—		5,545		—		13,014
Total Assets	$	244,929	$	26,808	$	307,699	$	50,754	$	(275,315)	$	354,875

Fixed Assets

12 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Fixed Assets

Fixed assets are included in other assets in the consolidated statements of financial condition and consist of the following:


(Dollars in thousands)	March 31, 2026		March 31, 2025
Computer hardware and software	$	12,861	$	12,861

Buildings	188		188
Furniture, fixtures, and equipment	109		109
Leasehold improvements	23		23
Other	73		73
Fixed assets, gross	13,254		13,254
Accumulated depreciation and amortization	(12,547)		(11,801)
Internal use software in process	375		279
Fixed assets, net	$	1,082	$	1,732

Depreciation and amortization expense related to fixed assets was $0.7 million and $1.7 million, for the years ended March 31, 2026 and 2025, respectively. The majority of our depreciation and amortization expense is related to the amortization of capitalized computer software costs, which was $0.7 million and $1.6 million, for the years ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and 2025, the unamortized computer software costs were $0.5 million and $1.2 million, respectively.

Debt Due to Related Parties (Tables)

12 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

As of March 31, 2026 and 2025, the Company’s debt due to related parties consisted of the following:


(Dollars in thousands)	March 31, 2026		March 31, 2025
First Lien Credit Agreement	$	21,260	$	21,260
Second Lien Credit Agreement	72,983		72,983
Term Loan	—		22,000
Other borrowings	2,409		2,292
Unamortized debt discount, net	133		(639)
Total debt due to related parties	$	96,785	$	117,896

Schedule of Maturities of Long-Term Debt

Aggregate maturities of principal, considering the existing events of default as described above, on the debt due to related parties for the next five fiscal years ending March 31 are as follows:


(Dollars in thousands)	Debt Due to Related Parties
2027	$	96,652
2028	—
2029	—
2030	—
2031	—

Investments, at Fair Value - Alternative Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 162,824	$ 259,113
Unfunded Commitments	30,434	41,644
Private Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	80,685	120,008
Unfunded Commitments	25,975	34,252
Private Real Estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	6,300	6,454
Unfunded Commitments	1,650	2,777
Natural Resources
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	6,111	12,691
Unfunded Commitments	1,250	2,663
Venture Capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	60,021	109,361
Unfunded Commitments	1,183	1,324
Hedge Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	3,332	3,931
Unfunded Commitments	0	245
Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	6,375	6,668
Unfunded Commitments	$ 376	$ 383

Fair value of investment other than investment in equity security, investment in debt security and equity method investment. Includes, but is not limited to, investment in certain entities that calculate net asset value per share. Example includes, but is not limited to, investment in hedge fund, venture capital fund, private equity fund, and real estate partnership or fund.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Significant Accounting Policies - Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Bad debt expense on other receivables	$ 1,048	$ 2
Credit loss on AFS debt securities (Note $5)	0	998
Provision for credit losses	$ 1,048	$ 1,000

Income Taxes - Summary of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Deferred income tax assets:
Passthrough differences - temporary	$ 46,840	$ 30,112
Loss on arbitration	14,289	0
Share-based compensation	4,400	4,089
Net operating loss	28,578	24,296
Other	517	163
Non-current deferred income tax assets	94,624	58,660
Deferred income tax liabilities:
Other	0	0
Non-current deferred income tax liabilities	0	0
Less: valuation allowance	94,624	58,660
Total deferred income tax liability	$ 0	$ 0

Investments, at Fair Value - Investments at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative assets	$ 162,824	$ 259,113
Debt securities available-for-sale	1,739	1,687
Other equity securities and interests	26,500	26,500
Customer ExAlt Trusts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative assets	162,824	259,113
Public equity securities	4,472	4,065
Debt securities available-for-sale	1,739	1,687
Other equity securities and interests	26,501	26,506
Total investments, at fair value	$ 195,536	$ 291,371

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

Overview of the Business (Details)

1 Months Ended

6 Months Ended

12 Months Ended

Sep. 30, 2026

USD ($)

Mar. 10, 2026

USD ($)

Dec. 15, 2025

Nov. 21, 2024

USD ($)

Nov. 12, 2024

USD ($)

Aug. 06, 2024

USD ($)

$ / shares

Apr. 18, 2024

Oct. 19, 2023

USD ($)

Jun. 27, 2023

USD ($)

Dec. 07, 2021

$ / shares

Dec. 06, 2021

$ / shares

Apr. 30, 2026

USD ($)

Jan. 31, 2026

USD ($)

Sep. 30, 2024

USD ($)

Mar. 31, 2026

USD ($)

subsidiary

Mar. 31, 2025

USD ($)

Mar. 31, 2024

USD ($)

May 31, 2026

USD ($)

Sep. 30, 2025

Apr. 14, 2025

USD ($)

Nov. 13, 2024

USD ($)

Aug. 16, 2024

USD ($)

Aug. 14, 2024

Jun. 20, 2024

USD ($)

Jun. 07, 2023

Charitable contribution percentage

0.025

Portion allocated to noncontrolling interest holders (in dollars per share) | $ / shares

$ 0.025

$ 0.05

Portion allocated to lender (in dollars per share) | $ / shares

$ 1.00

$ 0.95

Insurance services, number of subsidiaries | subsidiary

Accrual (release) of loss contingency related to arbitration award

$ 2,543,000

$ 1,346,000

^[1]

Accumulated deficit

2,095,478,000

2,008,052,000

^[1]

Interest payable

30,497,000

19,360,000

Loss contingency accrual

67,895,000

$ 62,831,000

(54,973,000)

$ 55,000,000.0

Loss contingency, quarterly interest accrual

10.50%

Post-judgment interest amount

$ 67,900,000

Standby equity purchase agreement, sale of stock, percentage of issuance

19.90%

Proceeds received from issuance of class A common under standby equity purchase agreement

706,000

7,859,000

Issuance of equity in connection with recent financings

^[2]

673,000

Stock split conversion ratio

165,674

0.125

0.0125

Reclass of BCH Preferred A-1 Unit Accounts from temporary to permanent equity

^[2]

160,526,000

Subsequent Event

$ 2,700,000

Minimum

Stock split conversion ratio

0.2

0.1

Maximum

Stock split conversion ratio

0.01

Warrant exercise price (in dollars per share) | $ / shares

165,674

82,837

$ 21.04

Class A common stock, par value $0.001 per share

82,837

Convertible debt

165,674

$ 2,000,000.0

Term Loan

$ 1,700,000

Term Loan | Term Loan

3 years

First and Second Lien Credit Agreement

$ 25,000,000.0

$ 1,700,000

Standby Equity Purchase Agreement

Interest payable

29,500,000

18,600,000

Standby equity purchase agreement, sale of stock

$ 25,000,000.0

$ 250,000,000.0

700,000

$ 7,900,000

Securities Purchase Agreement | Convertible debt

Aggregate principal amount

4,000,000.0

First Closing | Convertible debt

$ 2,000,000.0

Additional agree principal amount

$ 2,000,000.0

Amount available under the terms of SEPA

Stock value issuable

$ 246,100,000

$ 240,300,000

Preferred Series A Subclass 0

Redemption of preferred stock, maximum percentage of capital account balance non redeemable

50.00%

Maximum percentage redeemable

50.00%

Reclass of BCH Preferred A-1 Unit Accounts from temporary to permanent equity

$ 125,500,000

BCH Preferred Series A-0 Non-Redeemable

Reclass of BCH Preferred A-1 Unit Accounts from temporary to permanent equity

$ 35,000,000.0

BCH | Subclass 1 Class A Units

Ownership interest

Related Party

Debt and accrued interest

$ 94,400,000

Loss contingency accrual

$ 125,000,000

Related Party | Term Loan

Issuance of equity in connection with recent financings

149,904

$ 572,588

Related Party | Term Loan | Forecast

$ 1,000,000

5 days

Related Party | Term Loan | Term Loan

$ 94,365

3 years

$ 25,000,000.0

850,000

$ 1,700,000

Debt due to related parties, gross

96,700,000

$ 1,700,000

$ 1,100,000

Issuance of equity in connection with recent financings

149,904

$ 572,588

5 days

$ 94,365,000

[1]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
[2]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Fair Value Measurements

12 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is estimated based on a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are inputs that reflect the assumptions that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs to valuation techniques into three broad levels whereby the highest priority is given to Level 1 inputs and the lowest to Level 3 inputs.

•Level 1 - Quoted prices for identical instruments in active markets that the reporting entity has the ability to access as of the measurement date.

•Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable market data.

•Level 3 - Valuations for instruments with inputs that are significant and unobservable are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such instruments.

This hierarchy requires the use of observable market data when available. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments that are valued using NAV as a practical expedient are excluded from this hierarchy.

As of March 31, 2026 and 2025, the fair value of these investments using the NAV per share practical expedient was $162.8 million and $259.1 million, respectively. During the years ended March 31, 2026 and 2025, we recognized a loss of $49.5 million and a loss of $6.5 million, respectively, from changes in NAV, which are recorded within the investment income (loss), net, line item of our consolidated statements of comprehensive income (loss).

Financial instruments on a recurring basis

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, 2026 and 2025 are presented below.


	As of March 31, 2026
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Public equity securities	$	4,472	$	—	$	—	$	4,472


Debt securities available-for-sale, other	—		—		1,739		1,739
Derivative asset	—		—		21,652		21,652
Liabilities:

Warrants liability	264		44		—		308


	As of March 31, 2025
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Public equity securities	$	4,065	$	—	$	—	$	4,065
Other equity interests	—		5		—		5

Debt securities available-for-sale, other	—		—		1,687		1,687
Liabilities:
Warrants liability	180		47		—		227

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,
	2026		2025
Public equity securities:

Other public equity securities	$	364	$	(831)

Loss on initial issuance of convertible debt and warrant issuance to Yorkville	—		(2,307)
Convertible debt	—		100
Warrants liability	(81)		1,732
Prepaid forward liability	—		14
Derivative asset	9,496		—

Other equity securities and interests:
Related party, fair value using quoted market prices of similar assets in active market	(5)		(552)
Other, without a readily determinable fair value	—		(398)
Gain (loss) on financial instruments, net	$	9,774	$	(2,242)

The following is a description of the valuation methodologies used for financial instruments measured at fair value on a recurring basis:

Investment in other equity securities and interests

As of March 31, 2026 and 2025, the fair value of these equity interests is calculated using quoted prices for similar instruments observed in the equity capital markets and is classified as a Level 2 investment in the fair value hierarchy.

Investment in debt securities available-for-sale

Other debt securities. The fair value of these debt securities is calculated using the market approach adjusted for the recoverability of the security. 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, 2026

1,739

Market Approach

Enterprise value-to-revenue multiple

0.2x – 18.9x

1.75x

March 31, 2025

1,687

Market Approach

Enterprise value-to-revenue multiple

0.2x – 18.9x

1.75x

The following table reconciles the beginning and ending fair value of our Level 3 other debt securities:


	Year Ended March 31,
(Dollars in thousands)	2026		2025
Beginning balance	$	1,687	$	1,964

Gains (losses) recognized in accumulated other comprehensive income (loss)(1)	52		(277)
Ending balance	$	1,739	$	1,687

(1) Recorded in unrealized gain (loss) on available-for-sale debt securities.

Warrants liability

As part of the transactions with Yorkville related to the convertible debentures discussed in Note 10, the Company also issued warrants to purchase our Class A common stock. These warrants are liability classified and subject to periodic remeasurement. The fair value of these warrants issued to Yorkville are measured using the Black-Scholes option pricing model. The key inputs used in the valuation as of March 31, 2026 were: expected terms (in years) - 1.35 to 1.62; stock price - $3.50; exercise price - $21.04; expected volatility - 95.59%; expected dividend rate - 0.0%; and risk-free rate - 3.67%. The key inputs used in the valuation as of March 31, 2025 were: expected terms (in years) - 2.35 to 2.62; stock price - $2.48; exercise price - $21.04; expected volatility - 90.1%; expected dividend rate - 0.0%; and risk-free rate - 3.70%.

Derivative asset

As part of the Limited Conversion, as discussed in Note 13, the appreciation forfeiture provision was identified as an

embedded derivative that does not qualify for equity classification under ASC 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity, due to the variable number of shares subject to settlement. The embedded derivative was bifurcated and recorded as a derivative asset at fair value on the conversion date, with subsequent changes in fair value recognized in gain (loss) on financial instruments, net. The derivative is remeasured at each reporting date until settlement. The derivative asset related to the appreciation forfeiture provision is measured using a valuation model that incorporates observable and unobservable inputs, including stock price, volatility, and remaining term, and is classified as a Level 3 fair value measurement. Other than the change in fair value due to remeasurement at March 31, 2026, there was no other activity with respect to the derivative asset (e.g., no additional issuances, settlements, transfers, etc.).

The key inputs used in the valuation as of March 31, 2026 were: expected terms (in years) - 1.75; stock price - $3.50; exercise price - $4.16; expected volatility - 95.59%; expected dividend rate - 0.0%; and risk-free rate - 3.67%. The key inputs used in the valuation as of the initial date the derivative asset was recognized of October 15, 2025 were: expected terms (in years) - 2.2; stock price - $4.13; exercise price - $4.16; expected volatility - 34.66%; expected dividend rate - 0.0%; and risk-free rate - 3.34%.

Financial instruments on a non-recurring basis

Goodwill

During each of the fiscal quarters of 2025 and for the quarter ended March 31, 2026, primarily as a result of a significant, sustained decline in our Class A common stock price and the Company’s related market capitalization, we concluded that it was more likely than not that the fair value of each of our reporting units with goodwill were below their respective carrying amounts, which resulted in us performing interim impairment assessments at each period end. As a result, we wrote the carrying value of each reporting unit with goodwill down to its estimated fair value and recognized non-cash goodwill impairment charges of $3.7 million for the year ended March 31, 2025. No non-cash goodwill impairment was recorded for the year ended March 31, 2026. However, for the quarter end March 31, 2026, impairment analysis related to our insurance license intangible asset held by PEN with the Bermuda Insurance Authority resulted in impairment of our intangible asset related to the insurance license due to our decision to abandon such licenses as we are in the process of dissolving the relevant Bermuda entities. Accordingly, $3.1 million of non-cash intangible asset impairment was recorded for the year ended March 31, 2026. Goodwill and intangible asset impairment is reflected in loss on impairment of goodwill and intangible assets in the consolidated statements of comprehensive income (loss).

During each of the fiscal quarters of 2026 other than March 31, we concluded that a triggering event had not occurred and thus, we were not required to perform an interim impairment assessment during each of these periods. Prior to the goodwill impairment recorded during the first quarter of fiscal 2024, the Company had not previously recorded any impairments of goodwill. Through March 31, 2026, cumulative prior goodwill impairments totaled approximately $2.4 billion, with the vast majority of this goodwill impairment recognized in our 2024 fiscal year.

For the interim impairment assessments performed for each of the fiscal quarters of 2025 and the quarter ended March 31, 2026, the Company computed the fair value of each reporting unit by computing the overall enterprise value of the Company by valuing its various equity instruments, primarily based on the Class A common stock price per share. The overall enterprise value was allocated to each reporting unit using the discounted cash flow method to estimate the relative value of each reporting unit based on their future cash flows using a multi-year forecast, and a terminal value calculated using a long-term growth rate that was informed based on our industry, analyst reports of a public company peer set, current and expected future economic conditions and management expectations. The discount rate used to discount these future cash flows was determined using a capital asset pricing model based on the market value of equity of a public company peer set, adjusted for risk characteristics and expectations specific to the reporting unit, combined with an assessment of the cost of debt.

The discount rates used for each reporting unit ranged from 28.0% to 29.3% for the fiscal year 2025 and 2026 impairment assessments. The Company applied a terminal year long-term growth rate of 3.0% for each reporting unit during each of the interim impairment assessments. Remaining goodwill at March 31, 2026 relates to Ben Custody and Ben Markets. Subsequent to the impairment analysis as of March 31, 2026, there was $4.3 million of reporting unit fair value over carrying value for Ben Custody and approximately $1.4 million of reporting unit fair value over carrying value for Ben Markets.

The change in goodwill at each reporting unit for the years ended March 31, 2026 and 2025 is included in Note 8.

Class A Common Stock issued in Limited Conversion

The fair value of the Class A Common Stock issued in the Limited Conversion as defined in Note 13 was based on the quoted market price on the conversion date, adjusted for legal resale restrictions and the fair value of the appreciation forfeiture provision.

There were no other assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2026 and 2025.

Carrying amounts and estimated fair values

The estimated fair value of financial instruments, whether or not recognized in the consolidated statements of financial condition, for which it is practicable to estimate those values, are disclosed below. These fair value estimates are determined based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price at which an asset could be sold or the price at which a liability could be transferred. However, our estimates of many of these fair values are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimated values. Nonfinancial instruments are excluded from disclosure requirements.

The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value as of March 31, 2026 and 2025, were as noted in the table below:


	As of March 31, 2026
(Dollars in thousands)	Level in Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	1	$	2,543	$	2,543

Financial liabilities:
Debt due to related parties, net(1)	2	96,785		92,702
Accounts payable and accrued expenses	1	63,788		63,788


	As of March 31, 2025
(Dollars in thousands)	Level in Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	1	$	1,346	$	1,346

Financial liabilities:
Debt due to related parties, net(1)	2	117,896		109,550
Accounts payable and accrued expenses	1	100,345		100,345

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Equity - FLP Units (Details) - USD ($)

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Asset valuation adjustment

$ (164,730,000)

$ (803,000)

321,900,000

$ 63,788,000

100,345,000

^[1]

FLP Units Subclass 1

Allocation percentage

50.50%

FLP Units Subclass 2

FLP Units Subclass 1 and 2

Allocation percentage

49.50%

Profits interest on financing and other tax pass-through businesses

15.00%

Upward carrying value adjustment, percentage of capital accounts

$ 0

15.00%

FLP Units Subclass 1 and 2 | Maximum

Net service fee revenue interest, EBITDA to revenue ratio

0.50

FLP Units Subclass 1 and 2 | Minimum

Net service fee revenue interest, EBITDA to revenue ratio

0.20

Class S Ordinary

Units issuable (in shares)

50,300

Stock value issuable (in shares)

2,470,100

FLP Units Subclass 3

Net financing revenues, quarterly percentage

$ 0

5.00%

Net financing revenues allocated, annualized stated interest percentage

10.00%

Tax and distributions, percentage of profits allocated

100.00%

Organization, Consolidation and Presentation of Financial Statements [Abstract]

$ 700,000

[1]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Mar. 31, 2026	Jun. 22, 2026	Sep. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2026
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-41715
Entity Registrant Name	Beneficient
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	72-1573705
Entity Address, Address Line One	325 North St. Paul Street
Entity Address, Address Line Two	Suite 4850
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	445-4700
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 8,647,572
Documents Incorporated by Reference	None.
Entity Central Index Key	0001775734
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2026
Class A
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.001 per share
Trading Symbol	BENF
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		14,488,560
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	BENFW
Security Exchange Name	NASDAQ
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,908

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Amount
Earnings before income taxes (EBT)	$ (164,516)	$ (723)
US federal tax	(34,548)	(152)
Change in valuation allowance	35,964	(10,314)
Goodwill and intangible assets impairment	651	775
Warrant/conversion derivative	(1,977)
Other	48	1,448
Other adjustments	(88)
Income tax expense (benefit)	$ 214	$ 80
% of Earnings (Loss) before Tax
US federal tax	21.00%
Changes in valuation allowance	(21.86%)
Goodwill and intangible assets impairment	(0.40%)
Warrant/conversion derivative	1.20%
Other	(0.02%)
Other adjustments	0.05%
Effective tax rate	(0.13%)	(11.07%)
Texas
Amount
State and local income taxes, net of federal income tax effect	$ 164
% of Earnings (Loss) before Tax
State and local income taxes, net of federal income tax effect	(0.10%)

Variable Interest Entities (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of Variable Interest Entities

The consolidated statements of financial condition includes the following amounts from these consolidated VIEs as of the dates presented:


(Dollars in thousands)	March 31, 2026		March 31, 2025
Assets:
Cash and cash equivalents	$	2,186	$	717

Investments, at fair value	195,536		291,371
Other assets	264		378
Total Assets of VIEs	$	197,986	$	292,466

Liabilities:
Accounts payable and accrued expense	$	3,026	$	3,107
Other liabilities	136		95

Total Liabilities of VIEs	$	3,162	$	3,202

Equity:
Treasury stock	$	(3,444)	$	(3,444)
Noncontrolling interests	(228,743)		(201,518)
Accumulated other comprehensive income (loss)	54		(2)
Total Equity of VIEs	$	(232,133)	$	(204,964)

The consolidated statements of comprehensive income (loss) for the periods presented include the following amounts from these consolidated VIEs:


	Year Ended March 31,
(Dollars in thousands)	2026		2025
Revenues
Investment income (loss), net	$	(49,532)	$	(6,500)
Gain (loss) on financial instruments, net	358		(1,776)


Other income	—		2
Total revenues	(49,174)		(8,274)

Operating expenses

Provision for credit losses	—		998
Professional services	1,880		2,137
Other expenses	987		794
Total operating expenses	2,867		3,929

Net income (loss)	$	(52,041)	$	(12,203)
Net income (loss) attributable to noncontrolling interests	$	(25,639)	$	(34,914)

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Other Assets and Other Liabilities

12 Months Ended

Mar. 31, 2026

Other Assets and Other Liabilities

The following table details the components of other assets:


(Dollars in thousands)	March 31, 2026		March 31, 2025
Insurance reimbursable receivable, net (Note 20)	$	4,122	$	39,574
Prepaid expenses	1,614		2,367
Fixed assets (Note 7)	1,082		1,732

Distribution receivables	181		348
Promissory notes receivable	5,517		5,517
Allowance for promissory notes receivable and other receivables	(5,517)		(5,517)
Loan fee receivable	2,932		2,932



Allowance for loan fee receivable	(2,932)		—
Other assets	2,128		2,191
Total Other assets, net	$	9,127	$	49,144

Promissory Notes Receivable

There are amounts due under two promissory note agreements for funds advanced outside of our normal liquidity arrangements with and original principal balances of $2.5 million and $0.9 million as of March 31, 2026 and 2025. Both promissory note agreements matured and were placed on non-accrual status in April 2024. The Company is negotiating with the counterparty on potentially extending these note agreements or otherwise coming to a resolution on these outstanding balances. Total principal and interest due for both promissory notes as of March 31, 2026 and 2025 was $5.5 million and $5.5 million, respectively. As of March 31, 2026 and 2025, reserves related to these receivables were $5.5 million and $5.5 million, respectively.

Loan fee receivable and deferred upfront fees

As part of a loan participation transaction completed in March 2022, we recognized an upfront loan fee receivable with a balance of $2.9 million as of March 31, 2026 and 2025. In connection with the transaction, deferred upfront fee revenue was also recognized in Other liabilities. The loan fee receivable was placed on non-accrual status and provision for credit loss was recognized in January 2026. For the year ended March 31, 2026, $1.0 million in provision for credit losses was recognized related to this transaction, which was the loan fee receivable amount, net of the remaining unamortized deferred upfront fees.

The following table details the components of other liabilities:


(Dollars in thousands)	March 31, 2026		March 31, 2025
Accrued BCH Preferred A-0 guaranteed payment (Note 13)	$	75,154	$	56,425
Accrued loss contingency on arbitration award, including post-judgment interest (Note 20)	67,895		—
Accrued interest on debt due to related parties (Note 16)	30,497		19,360
Interest commitments	1,802		1,542
Deferred tax liability (Note 15)	210		80
Deferred upfront fees	—		2,242
Other	1,093		1,157
Total Other liabilities	$	176,651	$	80,806

Interest Commitments

The primary closing conditions of the Company’s formative transactions in calendar 2017 and 2018 consisted of (i) MHT Financial entering into purchase and sale agreements with certain counterparties, which were owners of alternative asset funds to acquire their portfolios of alternative assets (collectively, the “Formative Transactions Exchange Portfolio”) in exchange for agreed upon consideration and (ii) MHT Financial’s subsequent contribution of the Formative Transactions Exchange Portfolio into the custody of certain constituent trusts (each a “Custody Trust”) of the ExAlt PlanTM (as structured for the formative transactions, the “Formative ExAlt PlanTM”) in exchange for Common Units of Ben and debt and equity securities of GWG Holdings of an agreed upon value issued to certain other constituent trusts of the Formative ExAlt PlanTM of which MHT Financial was named the sole beneficiary (such trusts, the “2017-18 Exchange Trusts”). In connection with these formative transactions and related closing conditions, the Company agreed with certain other sellers to MHT Financial

to accrue interest beginning on August 10, 2018, at a rate of 1-month London Interbank Offered Rate (“LIBOR”) plus 3.95% for thirty percent of the value of the Ben Common Units held by these 2017-18 Exchange Trusts until such time that these 2017-18 Exchange Trusts liquidate their holdings of Ben Common Units, which became Class A common shares in 2023. The Company does not have an obligation to repurchase or redeem the Ben Class A common shares held by the 2017-18 Exchange Trusts.

During the year ended March 31, 2025, the Company executed a letter agreement with one of the counterparties, which released the Company for a portion of the interest commitment. At the time of the execution of the letter agreement, the interest commitment with the counterparty was approximately $19.2 million. This resulted in the recognition of a gain that is reflected in the (gain) loss on liability resolution line item of the consolidated statement of comprehensive income (loss) for the year ended March 31, 2025.

Interest expense of $0.3 million and $2.5 million was recognized during the years ended March 31, 2026 and 2025, respectively. Accrued interest on this commitment is reflected in other liabilities. No amount of accrued interest has been paid through March 31, 2026.

Other Assets and Other Liabilities

The following table details the components of other assets:


(Dollars in thousands)	March 31, 2026		March 31, 2025
Insurance reimbursable receivable, net (Note 20)	$	4,122	$	39,574
Prepaid expenses	1,614		2,367
Fixed assets (Note 7)	1,082		1,732

Distribution receivables	181		348
Promissory notes receivable	5,517		5,517
Allowance for promissory notes receivable and other receivables	(5,517)		(5,517)
Loan fee receivable	2,932		2,932



Allowance for loan fee receivable	(2,932)		—
Other assets	2,128		2,191
Total Other assets, net	$	9,127	$	49,144

Promissory Notes Receivable

Loan fee receivable and deferred upfront fees

The following table details the components of other liabilities:


(Dollars in thousands)	March 31, 2026		March 31, 2025
Accrued BCH Preferred A-0 guaranteed payment (Note 13)	$	75,154	$	56,425
Accrued loss contingency on arbitration award, including post-judgment interest (Note 20)	67,895		—
Accrued interest on debt due to related parties (Note 16)	30,497		19,360
Interest commitments	1,802		1,542
Deferred tax liability (Note 15)	210		80
Deferred upfront fees	—		2,242
Other	1,093		1,157
Total Other liabilities	$	176,651	$	80,806

Interest Commitments

Share-based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 06, 2023 shares	Jun. 30, 2023 USD ($)	Dec. 31, 2020 shares	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($) director $ / shares shares	Mar. 27, 2026 shares	Sep. 30, 2018 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense \| $				$ 1,629	$ 5,649
Number of directors \| director					2
Unrecognized compensation costs \| $				860
RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense \| $				1,391	$ 5,132
Unrecognized compensation costs \| $				$ 860
BMP Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)				119,000,000
Vesting period				4 years
Ben Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance, as a percentage of fully diluted common units outstanding				15.00%
Ben Equity Incentive Plan \| RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)							20,018
Awards settleable ratio				1.25
Ben Equity Incentive Plan \| RSU \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units granted (in shares)			805
Increase in units granted rate	1.25
Increase in units granted (in shares)	201
Compensation expense \| $		$ 5,200		$ 0	$ 300
2023 Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option outstanding (in shares)				25,000
Vested (in shares)				18,750
2023 Incentive Plan \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					2 years
Stock options granted (in shares)					12,500
2023 Incentive Plan \| Director one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average exercise price (in dollars per share) \| $ / shares					$ 9.84
Granted (in dollars per share) \| $ / shares					7.76
2023 Incentive Plan \| Director two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average exercise price (in dollars per share) \| $ / shares					6.56
Granted (in dollars per share) \| $ / shares					$ 6.24
2023 Incentive Plan \| RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of common units				15.00%
2023 Incentive Plan \| Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units granted (in shares)				102,202
Weighted average grant date fair value amount \| $				$ 2,400
2023 Incentive Plan \| Restricted Stock Units \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)						200,000,000
2023 Incentive Plan \| Restricted Stock Units \| Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)						1,000,000
Share based compensation arrangement by share based payment award percentage of outstanding shares issuable						15.00%
2023 Incentive Plan \| Restricted Stock Units \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					1 year
2023 Incentive Plan \| Restricted Stock Units \| Director one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units granted (in shares)					17,276
2023 Incentive Plan \| Restricted Stock Units \| Director two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units granted (in shares)					25,914

Risks and Uncertainties (Tables)

12 Months Ended

Mar. 31, 2026

Risks and Uncertainties [Abstract]

Schedules of Concentration of Risk, by Risk Factor

The portfolio of alternative assets covers the following industry sectors and geographic regions for the periods shown below (dollar amounts in thousands):


	March 31, 2026				March 31, 2025
Industry Sector	Value		Percent of Total		Value		Percent of Total
Food and staples retailing	$	65,539	40.3	%	$	63,846	24.6	%
Utilities	16,959		10.4		15,432		6.0
Semiconductors and semiconductor equipment	13,348		8.2		15,426		6.0
Software and services	11,412		7.0		41,460		16.0
Diversified financials	9,087		5.6		22,273		8.6
Health care equipment and services	2,993		1.8		13,464		5.2
Capital goods	1,167		0.7		20,532		7.9



Other(1)	42,319		26.0		66,680		25.7
Total	$	162,824	100.0	%	$	259,113	100.0	%


(1)			Industries in this category each comprise less than 5 percent. Health care equipment and services and Capital goods are shown separately as each comprised greater than 5 percent in the prior period.


	March 31, 2026				March 31, 2025
Geography	Value		Percent of Total		Value		Percent of Total
North America	$	61,626	37.8	%	$	135,066	52.1	%
South America	66,032		40.6		64,969		25.1
Asia	28,512		17.5		41,948		16.2
Europe	6,581		4.0		17,018		6.6
Africa	73		0.1		112		—
Total	$	162,824	100.0	%	$	259,113	100.0	%

Equity

12 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity

Below is a description of the outstanding classes of the equity of the Company, including quasi-equity amounts that are required to be reported as temporary equity between the liabilities and equity sections on the consolidated statements of financial condition. As of March 31, 2026, the 9th Amended and Restated LPA of BCH (“BCH LPA”), as amended, and the articles of incorporation and bylaws of Beneficient, govern the terms of these equity securities, as applicable. The Company’s governing documents authorize the issuance of additional classes of equity. All equity interests of BCH are limited partnership interests.

Common Stock:

Voting. Each holder of our Class A common stock is entitled to one vote per each share of Class A common stock held of record by such holder on all matters on which stockholders generally are entitled to vote, and each holder of our Class B common stock is entitled to 10 votes per share on all matters on which stockholders generally are entitled to vote. Holders of shares of common stock vote as a single class, except for certain matters for which only holders of Class B common stock are entitled to vote.

Dividends. Subject to preferences that may apply to any outstanding shares of preferred stock, holders of Common Stock are entitled to receive ratably any dividends that our Board may declare out of funds legally available for that purpose on a non-cumulative basis; provided, however, that in the case of any dividends in Common Stock, holders of Class A common stock are entitled only to receive Class A common stock and holders of Class B common stock are entitled only to receive Class B common stock. In no event will the shares of either Class A common stock or Class B common stock be split, divided, or combined unless the outstanding shares of the other class are proportionally split, divided or combined.

Conversion. Shares of Class A common stock are not convertible into any other shares of our capital stock. Shares of Class B common stock are convertible into shares of Class A common stock at any time at the option of the holder or upon any transfer, except for certain transfers described in our articles of incorporation.

Standby Equity Purchase Agreement

On June 27, 2023, the Company entered into the 2023 SEPA with Yorkville, whereby the Company had the right, but not the obligation, to sell to Yorkville up to $250.0 million of its shares of the Company’s common stock at the Company’s request any time during the 36 months following the execution of the 2023 SEPA, subject to certain conditions. The Company expects to use the net proceeds received from this agreement for working capital and general corporate purposes. The Company paid a structuring fee in cash and a commitment fee in an amount equal to $1.3 million by issuing 713 shares of Class A common stock in July 2023.

On September 29, 2023, a resale registration statement on Form S-1 was declared effective by the SEC, thereby permitting sales of Class A common stock to Yorkville under the 2023 SEPA. This resale registration statement on Form S-1 was terminated on September 27, 2024. A new resale registration statement on Form S-1, registering approximately 25.0 million shares (as adjusted for the 2025 Reverse Stock Split) for resale under the 2023 SEPA, was declared effective by the SEC on November 12, 2024. Under the 2023 SEPA, during the years ended March 31, 2026 and 2025, the Company sold a total of 216,734 and 490,176 of Class A common shares (as adjusted for stock splits), respectively, for a total of $0.7 million and $7.9 million in net proceeds, respectively.

Preferred Stock:

Under the terms of our articles of incorporation, our Board of Directors is authorized to issue up to 250 million shares of preferred stock in one or more series. As of March 31, 2026, 50 million shares of preferred stock are designated as shares of Series A preferred stock and approximately 5.9 million are designated as Series B preferred stock pursuant to certificates of designation.

Series A Preferred Stock:

As of March 31, 2026 and 2025, there were no shares of Series A preferred stock issued and outstanding, respectively.

Maturity. Subject to the redemption and conversion rights described below, shares of Series A preferred stock are perpetual securities.

Priority. Shares of Series A preferred stock rank senior to shares of Common Stock with respect to dividend rights and/or distribution rights upon the liquidation, winding up or dissolution, as applicable, of Beneficient.

Voting. Holders of Series A preferred stock are not entitled to vote on any matter, except as required by law.

Dividends. Holders of Series A preferred stock are entitled to receive ratably any dividends that our Board declares and pays on the Common Stock, on an as-converted basis, when paid to holders of Common Stock. Beneficient may, subject to customary restrictions, but is not required to, declare or pay any dividends solely on shares of Series A preferred stock.

Liquidation or Dissolution. The initial liquidation preference of Series A preferred stock is $0.001 per share, plus any declared but unpaid dividends (the “Liquidation Preference”). In the event of our liquidation, dissolution or winding up, holders of Series A preferred stock are entitled to receive, per share of Series A preferred stock, the Liquidation Preference or, prior to the Series A Preferred Stock Conversion Date, if a greater amount, the amount such holder would have received had their shares of Series A preferred stock converted into Class A common stock immediately prior to such liquidation event.

Conversion, Transferability and Exchange. Per the terms of the articles of incorporation, because the Series A preferred stock is not expected to be publicly listed, each share of the Series A preferred stock will automatically convert into one-quarter of a share of Class A common stock upon issuance.

Redemption. Beneficient may redeem, ratably, in whole or, from time to time in part, the shares of Series A preferred stock of any holder then outstanding at the Liquidation Preference in cash. Holders of shares of Series A preferred stock do not have the right to require Beneficient to redeem their shares of Series A preferred stock under any circumstances.

Series B Preferred Stock:

The Series B preferred stock has various subclasses, however, the general rights, preferences, privileges and restrictions of these equity securities are described below. Each of the Series B preferred stock has a par value of $0.001 per share. Cumulatively through March 31, 2026 nine subclasses of Series B preferred stock have been issued and eight subclasses of Series B preferred stock remain outstanding. The most significant difference in the various subclasses of the Series B preferred stock pertains to the conversion rate and the mandatory conversion periods, both of which are described below. During fiscal year 2025, the Company issued 136,193 shares of Series B-5. During fiscal year 2026, the Company issued 1,482,219 shares of Series B Resettable Convertible Preferred Stock, comprising subclasses No. 6 through No. 9 in the amounts of 965,576; 23,333; 191,037; and 302,273, respectively.

All of the Series B-1 preferred stock converted into Class A common stock in October 2023. In April 2026, the Company issued 875,214 shares of Series B-10 preferred stock in connection with a liquidity transaction. Additionally, in January 2026, 11,667 and 2,334 shares of Series B-7 preferred stock converted into 48,955 and 9,794 shares of Class A common stock, respectively, at a price per share of $2.38. An additional 2,334 shares of Series B-7 preferred stock converted into 9,794 shares of Class A common stock in April 2026.

As of March 31, 2026 and 2025, there were a total of 1,831,343 and 363,125 shares of Series B preferred stock, issued and outstanding, respectively.

Maturity. Subject to the redemption and conversion rights described below, shares of Series B preferred stock are perpetual securities.

Priority. Shares of Series B preferred stock rank, with respect to dividend rights and/or distribution rights upon the liquidation, winding up or dissolution, as applicable, of Beneficient as: (i) senior to shares of Common Stock; (ii) pari passu with Series A Preferred Stock; (iii) senior, pari passu or junior with respect to any other series of preferred stock, as set forth in the terms with respect to such preferred stock; and (iv) junior to all existing and future indebtedness of the Beneficient.

Voting. Holders of Series B preferred stock are not entitled to vote on any matter, expect as required by law.

Dividends. Holders of Series B preferred stock are entitled to receive ratably any dividends that our Board declares and pays on the Common Stock, on an as-converted basis, when paid to holders of Common Stock. Beneficient may, subject to customary restrictions, but is not required to, declare or pay any dividends solely on shares of Series B preferred stock.

Liquidation or Dissolution. The initial liquidation preference of Series B preferred stock is $10.00 per share, plus any declared but unpaid dividends (the “Series B Liquidation Preference”). In the event of our liquidation, dissolution or winding up, holders of Series B preferred stock are entitled to receive, per share of Series B preferred stock, the Series B Liquidation Preference amount such holder would have received had their shares of Series B preferred stock converted into Class A common stock immediately prior to such liquidation event.

Conversion, Transferability and Exchange. In the event of specified extraordinary transactions, as a result of which shares of Class A common stock would be converted into, or exchanged for, stock, other securities or other property or assets (including cash or any combination thereof), each share of Series B preferred stock outstanding immediately prior to such event will, without the consent of the holders of Series B preferred stock, become convertible into the kind of stock, other securities or other property or assets that such holder would have been entitled to receive if such holder had converted its shares of Series B preferred stock into shares of Class A common stock immediately prior to such event.

Optional Conversion. The conversion price is determined generally based on a volume weighted price of the Class A common stock at the time the Series B preferred stock is issued. The conversion price for the various subclasses of Series B preferred stock outstanding at March 31, 2026 ranged from $1.79 to $256.00 (the “Conversion Price”). Each share of Series B preferred stock is convertible at the option of the holder thereof into a number of shares of Class A common stock that is equal to $10.00 divided by Conversion Price then in effect as of the date of such notice (the “Conversion Rate”). For Series B preferred stock subclasses No. 1 through No.4, the Conversion Price is subject to reset on certain dates (generally monthly) following the date of issuance of the Series B preferred stock, subject to adjustment, including the reset Conversion Price cannot adjust lower than 50% of the initial Conversion Price or generally, higher than the initial Conversion Price. For the Series B No. 5, the Conversion Price is subject only to customary adjustment and is otherwise fixed at $5.55. For Series B preferred stock subclasses No. 6 through No. 9, the Conversion Price is subject to reset on certain dates (generally monthly) following the date of issuance of the Series B preferred stock, subject to adjustment, including the reset Conversion Price cannot adjust lower than 75% of the initial Conversion Price or generally, higher than the initial Conversion Price. Based on the shares of Series B preferred stock outstanding as of March 31, 2026, the maximum number of Class A common shares that can be issued upon conversion of the Series B preferred stock is 6,928,228 shares. For the Series B No. 10 issued in April 2026, the initial conversion price is $3.5479 and the reset conversion price is $1.2418 with a maximum number of Class A common shares that can be issued upon conversion of this series of Series B preferred stock of 7,047,947.

Mandatory Conversion. Each outstanding share of Series B preferred stock will automatically convert into a number of shares of Class A common stock (the “Mandatory Conversion”) at the Conversion Rate then in effect on the date that is the earliest to occur of: (a) 210 calendar days (for the Series B-1 preferred stock) and 60 months (for the other Series B preferred stock subclasses) after the Original Issue Date, subject to certain conditions, (b) if the conditions of clause (a) are not met on the date that is 210 calendar days (for the Series B-1 preferred stock) and 60 months (for the other Series B preferred stock subclasses) following the Original Issue Date, the first date thereafter on which any shares of Series B-1 preferred stock may be resold pursuant to Rule 144 under the Securities Act or the Resale Registration Statement has become effective and, applicable only to the Series B-1 preferred stock, (c) the one year anniversary of the Original Issue Date. The Series B-1 preferred stock shall not convert into Class A common stock to the extent such conversion would cause a holder to exceed 9.99% (the “Beneficial Ownership Limitation”) of the number of shares of the Class A common stock outstanding immediately after giving effect to conversion, while the other subclasses of the Series B preferred stock have a 4.99% Beneficial Ownership Limitation.

Redeemable Noncontrolling Interests:

Preferred Series A Subclass 0 Unit Accounts

The BCH Preferred A-0 receives a quarterly guaranteed payment calculated as 6% of the BCH Preferred A-0’s initial capital account balance on an annual basis, or 1.50% per fiscal quarter. The BCH Preferred A-0 does not receive any allocations of profits, except to recoup losses previously allocated. The guaranteed payment to BCH Preferred A-0 is not subject to available cash and has priority over all other distributions made by BCH. BCH and the holders of the BCH Preferred A-0 entered into an agreement to defer the guaranteed payment to November 15, 2024; provided that such a guaranteed payment may be made prior to November 15, 2024 if the Audit Committee of the Board of Directors determines that making such payment, in part or in full, would not cause Ben to incur a going concern issue. An entity controlled by Mr. Heppner holds the majority of the BCH Preferred A-0. No amounts have been paid to the BCH Preferred A-0 holders through March 31, 2026.

The guaranteed payment accrual totaled $74.4 million and $55.5 million as of March 31, 2026 and 2025, respectively, and is included in the other liabilities line item of the consolidated statements of financial condition.

Additionally, the BCH Preferred A-0 has the ability under the BCH LPA to elect, by a majority of holders of BCH Preferred A-0, to receive a full return of capital senior to any other security if an event causing mandatory returns of capital occurs.

The BCH Preferred A-0 can be converted into BCH Class S Units at the election of the holder, at a price equal to the average of (i) $6,720.00, and (ii) the volume-weighted average closing price of Class A common stock for the twenty (20) days preceding the applicable exchange date; provided, that from the effectiveness of the BCH LPA through December 31, 2027, such conversion price shall not be less than $6,720.00.

Finally, a holder of BCH Preferred A-0, subsequent to January 1, 2023, may elect to require a redemption by BCH of up to 12.5% of his or her respective initial BCH Preferred A-0 capital account for any rolling twelve-month period; provided that such holder shall not be permitted to redeem more than 50% of such holder’s initial BCH Preferred A-0 capital account in the aggregate. Subsequent to January 1, 2023, if a holder of BCH Preferred A-0 continues to hold BCH Preferred A-1, such holder may elect on a quarterly basis to convert additional BCH Preferred A-1 held by such holder to BCH Preferred A-0 up to an amount equal to 12.5% of such holder’s initial BCH Preferred A-0 capital account; provided that such holder’s post-conversion capital account balance in respect of all BCH Preferred A-0 held by such holder does not exceed such holder’s initial BCH Preferred A-0 capital account.

On September 30, 2024, the BCH LPA was amended to re-designate fifty percent (50%) of the aggregate capital account balances in the BCH Preferred A-0 to the BCH Preferred A-0 Non-Redeemable. The remaining fifty percent (50%) of the capital account balances in the BCH Preferred A-0 Accounts remain redeemable. As a result of this redesignation, approximately $125.5 million of temporary equity was reclassified to permanent equity as of September 30, 2024. Also, on November 21, 2024, an additional $35.0 million of the BCH Preferred A-0 was re-designated to BCH Preferred A-0 Non-Redeemable. Subsequent to September 30, 2024, the redemption provisions described above for the BCH Preferred A-0 only relate to the portion of the capital account balance of BCH Preferred A-0 that is ultimately not re-designated to the BCH Preferred A-0 Non-Redeemable.

Starting on September 30, 2024 and for subsequent periods, the BCH Preferred A-0 Redeemable are recorded in the consolidated statements of financial condition in the redeemable noncontrolling interest line item and the BCH Preferred A-0 Non-Redeemable are recorded in the consolidated statements of financial condition in the noncontrolling interest line item. For periods prior to the September 30, 2024 re-designation, the BCH Preferred A-0 are recorded in the consolidated statements of financial condition in the redeemable noncontrolling interest line item.

Noncontrolling Interests:

Noncontrolling interests represent the portion of certain consolidated subsidiaries’ limited partnership interests or interests in the Customer ExAlt Trusts that are held by third parties. Amounts are adjusted by the noncontrolling interest holder’s proportionate share of the subsidiaries’ earnings or losses each period and for any distributions that are paid. Equity securities issued by BCH maintain capital account balances determined pursuant to Section 704 of the Internal Revenue Code. Because federal income tax regulations differ in certain respects from U.S. GAAP, income or loss allocations to BCH equity securities determined in accordance with tax regulations may materially differ from that recognized for financial reporting purposes. For example, the losses recognized for financial reporting purposes arising from the impairment of goodwill are not recognized under tax regulation, and the associated capital account balances have not been impacted by those losses.

The following table presents a rollforward of the noncontrolling interests, on a U.S. GAAP basis, for the years ended March 31, 2026 and 2025:


	Noncontrolling Interests
(Dollars in thousands)	Trusts		FLP		BCH Preferred Series A-0 Non-Redeemable		BCH Preferred Series A-1		Total Noncontrolling Interests
Balance, March 31, 2025	$	(201,518)	$	—	$	160,526	$	173,068	$	132,076
Net income (loss)	(25,639)		(189)		12,096		(70,394)		(84,126)
Preferred A-0 Unit Accounts guaranteed payment accrual	—		—		(12,096)		—		(12,096)
Reclass of distributions payable to noncontrolling interest holder	(1,956)		—		—		—		(1,956)
Miscellaneous adjustment to previously allocated FLP Subclass 3 income	—		189		—		—		189
Conversion of BCH Pref A-1 to Class A common stock	—		—		—		(9,724)		(9,724)
Issuance of equity in connection with recent financings	370		—		—		—		370
Balance, March 31, 2026	$	(228,743)	$	—	$	160,526	$	92,950	$	24,733


	Noncontrolling Interests
(Dollars in thousands)	Trusts		FLP		BCH Preferred Series A-0 Non-Redeemable		BCH Preferred Series A-1		Total Noncontrolling Interests
Balance, March 31, 2024	$	(165,712)	$	—	$	—	$	207,943	$	42,231
Net income (loss)	(34,914)		—		5,430		(34,875)		(64,359)
Reclass of distributions payable to noncontrolling interest holder	—		—		(5,430)		—		(5,430)
Reclass of BCH Preferred A-0 from temporary to permanent equity	—		—		160,526		—		160,526
Noncontrolling interest reclass	(892)		—		—		—		(892)
Balance, March 31, 2025	$	(201,518)	$	—	$	160,526	$	173,068	$	132,076

Preferred Series A Subclass 1 Unit Accounts

The BCH Preferred A-1 unit accounts are issued by BCH and are non-participating and convertible on a dollar basis.

The weighted average preferred return rate for the years ended March 31, 2026 and 2025, was approximately 6.3% and 1.7%, respectively. No amounts have been paid to the BCH Preferred A-1 holders related to the preferred return from inception through March 31, 2026, and any amounts earned have been accrued and are included in the balance of redeemable noncontrolling interests presented on the consolidated statements of financial condition. As of March 31, 2026, approximately $169.8 million of preferred return related to the BCH Preferred A-1 has not been allocated to its holders due to insufficient income during those periods to fully satisfy the preferred return and will be allocable to the BCH Preferred A-1 holders in future quarterly periods to the extent that sufficient income, if any, is available for such allocation. In accordance with the BCH LPA, the preferred rate was waived and will not accrue from June 7, 2023 until December 31, 2024, except to the extent of allocations of income to the holders of the BCH Preferred A-1, in which event distributions may be requested by the holders of the BCH Preferred A-1, and if not requested, such amounts shall be accrued. In connection with the consummation of the Business Combination, the holders of the BCH Preferred A-1 agreed to reduce the BCH Preferred A-1 return rate and also agreed to waive and defer the accrual of the preferred return as described above. In addition, until January 1, 2025, the hypothetical BCH Preferred A-1 capital account will only be increased to the extent there are allocations of income during such period. The agreement to waive and not accrue the Quarterly Preferred Series A-1 Return from the effective date of the BCH LPA until December 31, 2024 does not affect or waive any Quarterly Preferred Series A-1 Returns

or hypothetical BCH Preferred A-1 capital account already accrued as of the effective date. Additionally, certain BCH Preferred A-1 holders agreed to be specially allocated any income or losses associated with the BMP Equity Incentive Plan, and certain other costs.

Beginning January 1, 2025, BCH Preferred A-1 may be converted into BCH Class S Ordinary Units at the election of the holder, subject to a 20% annual conversion limit through December 31, 2029 as set forth in the BCH LPA; provided, that if the conversion price for the BCH Preferred A-1 equals or exceeds $11,520 after January 1, 2025, the annual conversion limit shall no longer be applicable. Upon conversion, the holder shall be issued BCH Class S Ordinary Units in an amount equal to the capital account balance associated with the BCH Preferred A-1 being converted divided by a price equal to the average closing price of Class A common stock for the thirty (30) days preceding the applicable exchange date; provided, that from the effectiveness of the BCH LPA through December 31, 2027, such conversion price shall not be less than $6,720. The holder of such newly issued BCH Class S Ordinary Units may immediately convert them into Class A common stock. As discussed below, a Limited Conversion (as therein defined) was effected pursuant to which certain of the foregoing limitations were waived.

The BCH LPA also includes certain limitations of BCH, without the consent of a majority-in-interest of the Preferred Series A Unit Account holders, to (i) issue any new equity securities, and (ii) except as otherwise provided, incur indebtedness that is senior to or pari passu with any right of distribution, redemption, repayment, repurchase or other payments relating to the Preferred Series A Unit Accounts. Further, BCH cannot, prior to the conversion of all the Preferred Series A Unit Accounts, incur any additional long-term debt unless (i) after giving effect to the incurrence of the new long-term debt on a pro forma basis, the sum of certain preferred stock, existing debt and any new long-term indebtedness would not exceed 55% of the BCH’s NAV plus cash on hand, and (ii) at the time of incurrence of any new long-term indebtedness, the aggregate balance of the BCH’s (including controlled subsidiaries) debt plus such new long-term debt does not exceed 40% of the sum of the NAV of the interests in alternative assets supporting the Collateral underlying the loan portfolio of BCH and its subsidiaries plus cash on hand at BCG, BCH and its subsidiaries. Upon the effectiveness of the Eighth BCH LPA in June 2023, the redemption feature of the BCH Preferred A-1 was removed, which resulted in the BCH Preferred A-1 no longer being required to be presented in temporary equity.

The BCH Preferred A-1 are recorded in the consolidated statements of financial condition in the noncontrolling interest line item.

Limited Conversion of Preferred Series A Subclass 1 Unit Accounts

On October 15, 2025, certain holders of BCH Preferred A-1, that were issued prior to the Company’s initial listing on Nasdaq, elected to convert $52.6 million (based on their capital account balances determined pursuant to Section 704 of the Internal Revenue Code) of such BCH Preferred A-1 for BCH Class S Ordinary Units, which were subsequently contemporaneously exchanged for shares of the Company’s Class A common stock, (such transaction, the “Limited Conversion”). The Limited Conversion resulted in the issuance of 12,661,786 shares of Class A common stock (such shares, the “Conversion Shares”), and immediately following the Limited Conversion, there were 13,844,818 shares of Class A common stock outstanding.

In connection with the Limited Conversion, the participants in the Limited Conversion entered into a voting and lock-up agreement which provides that, among other things, (i) the participants will vote their respective Conversion Shares in favor of the recommendation of the Company’s Board (except for the election of members of the Board) and (ii) the Conversion Shares will be subject to lockup until October 1, 2028 (the “Lock-Up Period”). The participants also agreed to forego any potential appreciation in the value of the Conversion Shares between the date of the Limited Conversion and the expiration of the Lock-Up Period by agreeing to forfeit the number of Conversion Shares equal in value to any such appreciation at the expiration of the Lock-Up Period. As a result of the Limited Conversion, the participants will forgo certain allocations, distributions, preferred returns, conversion and other rights and preferences associated with the Preferred A-1 Unit Accounts. Thomas O. Hicks, our former Chairman of our Board of Directors, and James G. Silk, our Chief Executive Officer, comprised the holders of the BCH Preferred A-1 that elected to participate in the Limited Conversion.

As the BCH Preferred A-1 Units are classified as equity-classified noncontrolling interests, the conversion increased the Company’s ownership interest in its consolidated subsidiary while the Company retained control. Accordingly, the transaction was accounted for as an equity transaction under ASC 810-10. The carrying amount of the noncontrolling interest was derecognized, and the difference between the fair value of the consideration issued and the carrying value of the noncontrolling interest was recorded within equity attributable to the Company. No gain or loss was recognized in earnings.

The fair value of the Class A Common Stock issued in the Limited Conversion was based on the quoted market price on the conversion date, adjusted for legal resale restrictions and the fair value of the appreciation forfeiture provision. The derivative asset related to the appreciation forfeiture provision is measured using a valuation model that incorporates observable and unobservable inputs, including stock price, volatility, and remaining term, and is classified as a Level 3 fair value

measurement.

The appreciation forfeiture provision was identified as an embedded derivative that does not qualify for equity classification under ASC 815-40 due to the variable number of shares subject to settlement. The embedded derivative was bifurcated and recorded as a derivative asset at fair value on the conversion date, with subsequent changes in fair value recognized in gain (loss) on financial instruments, net. The derivative is remeasured at each reporting date until settlement.

Class S Ordinary Units

As of both March 31, 2026 and 2025, BCH, a subsidiary of Ben, had issued approximately eight thousand BCH Class S Ordinary Units, which were all outstanding on each of the respective dates. The BCH Class S Ordinary Units participate on a pro-rata basis in the share of the profits or losses of BCH and subsidiaries following all other allocations made by BCH and its subsidiaries. As limited partner interests, these units have limited voting rights and do not entitle participation in the management of the Company’s business and affairs. At the election of the holder, the BCH Class S Ordinary Units are exchangeable quarterly for Class A common stock on a one-for-one basis. Each conversion also results in the issuance to Ben LLC of a BCH Class A Unit for each share of Class A common stock issued.

The BCH Class S Ordinary Units are recorded in the consolidated statements of financial condition in the noncontrolling interests line item.

Class S Preferred Units

The BCH Class S Preferred Units also participate on a pro-rata basis in the share of the profits or losses of BCH and subsidiaries following all other allocations made by BCH and its subsidiaries. As limited partner interests, these units are generally non-voting and do not entitle participation in the management of the Company’s business and affairs. The BCH Class S Preferred Units are entitled to a quarterly preferred return. In accordance with the Eighth BCH LPA, the preferred rate was waived and will not accrue from June 7, 2023 until December 31, 2024, except to the extent of allocations of income to the holders of the BCH Class S Preferred Units. In connection with the consummation of the Business Combination, the holders of the BCH Preferred A-1 agreed to significantly reduce the BCH Class S Preferred Units preferred return rate and also agreed to waive and defer the accrual of the preferred return as described above. In addition, until January 1, 2025, the hypothetical BCH Class S Preferred Units capital account will only be increased to the extent there are allocations of income during such period. The agreement to waive and not accrue the Quarterly Class S Preferred Return from June 7, 2023 until December 31, 2024 does not affect or waive any Quarterly Class S Preferred Return or hypothetical BCH Class S Preferred capital account already accrued as of the effective date.

Generally, on a quarterly basis and at the election of the holder, the BCH Class S Preferred Units are exchangeable for BCH Class S Ordinary Units in Ben on a 1.2-for-1 basis. The BCH Class S Ordinary Units may then be exchanged for Class A common stock as described above. Each conversion into Class A common stock also results in the issuance to Ben LLC of a BCH Class A Units for each share of Class A common stock issued. Holders of BCH Class S Preferred Units may elect to convert into BCH Class S Ordinary Units in connection with a sale or dissolution of BCH.

As of March 31, 2026 and 2025, a nominal number of BCH Class S Preferred Units have been issued, respectively. Preferred return earned by the BCH Class S Preferred Units from inception in 2019 through March 31, 2026 is $0.3 million. No amounts have been paid to the BCH Class S Preferred Unit holders related to the preferred return from inception through March 31, 2026 and any amounts earned have been accrued and are included in the balance of BCH Class S Preferred Units presented on the consolidated statements of financial condition.

The BCH Class S Preferred Units are recorded in the consolidated statements of financial condition in the noncontrolling interests line item.

FLP Unit Accounts (Subclass 1 and Subclass 2)

FLP Unit Accounts (Subclass 1 and Subclass 2) are non-unitized capital accounts. The FLP Subclass 1 Units (the “FLP-1 Unit Accounts”) were issued to a Related Entity (as defined in Note 16) as part of the initial commercial operations of Ben. The FLP Subclass 2 Units (the “FLP-2 Unit Accounts”) are related to the BMP Equity Incentive Plan. Each subclass of the FLP Unit Accounts, with FLP-1 Unit Accounts (receiving 50.5%) and the FLP-2 Unit Accounts (receiving 49.5%), shall be allocated (i) fifteen percent (15%) of the profits, if any, from financing activities of BCH and its subsidiaries and (ii) an amount equal to the lesser of (A) fifty percent (50%) of the revenues of BCH and its tax pass-through subsidiaries, excluding financing activities revenues, and (B) that amount of revenues that will cause the profit margin (as defined in the BCH LPA) to equal twenty percent (20%). Amounts allocated to the FLP Unit Accounts are reinvested equally in additional BCH Class S Ordinary Units and Class S Preferred Units on a quarterly basis at a price equal to the closing price of the units on such exchange on the date of allocation, thereby creating additional BCH Class S Ordinary Units and BCH Class S Preferred Units.

During the years ended March 31, 2026 and 2025, there was no income allocated to the FLP Unit Accounts (Subclass 1 and 2). Annually, a true up of the quarterly allocations is required to match amounts allocated with annual earnings.

In addition to the above stated amounts, the FLP-1 Unit Accounts and FLP-2 Unit Accounts are entitled to a portion of any upward carrying value adjustment as calculated pursuant to Internal Revenue Code Section 704(b). In the event of an upward carrying value adjustment, the FLP-1 Unit Accounts and FLP-2 Unit Accounts are entitled to first be allocated gains associated with such carrying value adjustment equal to 15% of the value of the capital accounts of all BCH Class A Units and BCH Class S Units, calculated based on the post-adjusted capital accounts of the then outstanding BCH Class A and BCH Class S Units. Immediately following any such allocation, the amount allocated is converted in BCH Class S Ordinary Units at the then determined value. Furthermore, the amount allocated to the FLP-1 Unit Accounts is reduced by the value of any previously allocated amount pursuant to an upward carrying value adjustment, calculated as the number of BCH Class S Units previously received multiplied by the value of those units at the time of any subsequent carrying value adjustment.

As a result of the consummation of the Business Combination, an adjustment to the carrying value of BCH’s assets of $321.9 million occurred. Pursuant to the BCH LPA, approximately 50,300 BCH Class S Ordinary Units would be issuable as a result of the carrying value adjustment. Additionally, subsequent to the Business Combination through March 31, 2026, additional carrying value adjustments occurred, and approximately 2,470,100 (inclusive of the 50,300 units described above) BCH Class S Ordinary Units would be issuable through March 31, 2026 as a result of such carrying value adjustments, subject to the Compensation Policy. Under the Compensation Policy, unless amended or waived, the number of BCH Class S Ordinary Units that may be issued as a result of carrying value adjustments will be limited and require approval of the Board of Directors; provided that any such BCH Class S Ordinary Units that are issuable under the carrying value provision may be issued in subsequent years in accordance with the Compensation Policy. As of March 31, 2026, there has been no allocation of the carrying value adjustment among the holders of the FLP-1 Unit Accounts and the FLP-2 Unit Accounts and no issuance of any BCH Class S Ordinary Units as a result of such adjustment.

FLP Unit Accounts (Subclass 3)

The FLP Subclass 3 Unit Accounts (the “FLP-3 Unit Accounts”) were issued to, and are currently held by, BHI. The FLP-3 Unit Accounts will be allocated profits from net financing revenues on a quarterly basis equal to the lesser of (i) 5% of the quarterly net financing revenues, or (ii) 10% of the average annualized stated interest (to the extent constituting net financing revenue) of the quarterly average of new loans issued by any subsidiaries of Ben during the previous twelve fiscal quarters.

The FLP-3 Unit Accounts are entitled to tax and other distributions equal to 100% of the amount of profits allocated to the FLP-3 Unit Accounts, and such distributions are not subject to available cash. The FLP-3 Unit Accounts do not have any conversion features or rights.

During the years ended March 31, 2026 and 2025, there was no income allocated to the FLP-3 Unit Accounts. The Company has not made any distributions related to income allocated to the FLP-3 Unit Accounts through March 31, 2026 and has accrued a liability of $0.7 million.

Beneficiaries of the Customer ExAlt Trusts

The ultimate beneficiaries of the Customer ExAlt Trusts are the Charitable Beneficiaries, unrelated third-party charities, that are entitled to (i) either, depending on the applicable trust agreements, 2.5% of all distributions received by such Customer ExAlt Trusts or 5.0% of any amounts paid to Ben as payment on amounts due under each ExAlt Loan, (ii) for certain Customer ExAlt Trusts, approximately 10% of the amount of excess cash Collateral, if any, following the full repayment of an ExAlt Loan, and (iii) all amounts accrued and held at the Customer ExAlt Trusts once all amounts due to Ben under the ExAlt Loans and any fees related to Ben’s services to the Customer ExAlt Trusts are paid. The Charitable Beneficiaries’ account balances with respect to its interest in such Customer ExAlt Trusts cannot be reduced to below zero. Any losses allocable to the Charitable Beneficiaries in excess of their account balances are reclassified at each period end to the trusts’ deficit account. Additional Customer ExAlt Trusts are created arising from new liquidity transactions with Customers. These new Customer ExAlt Trusts, which are consolidated by Ben, result in the recognition of additional noncontrolling interest representing the interests in these new Customer ExAlt Trusts held by the Charitable Beneficiaries. For the years ended March 31, 2026 and 2025, $0.4 million and nominal, respectively, of additional noncontrolling interests were recognized.

The interests of the Charitable Beneficiaries in the Customer ExAlt Trusts are recorded on the consolidated statements of financial condition in the noncontrolling interests line item.

Class A of CT Risk Management, L.L.C.

On April 1, 2022, a minority interest in the Class A membership of CT, a consolidated VIE of Ben (as further discussed in Note 17), was sold for $2.4 million in cash to the third-party involved in a loan participation transaction in prior fiscal years. As a Class A member of CT, the holder is entitled to distributions first on a pro rata basis with other Class A members until the initial capital contributions are received and 2.0% of any amounts in excess of their capital contributions, to the extent

such amounts are available. This interest is recorded on the consolidated statements of financial condition in the noncontrolling interests line item, however, for both March 31, 2026 and 2025, the balance is nil.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of Intangible Assets and Goodwill

The following tables present activity in the Company’s goodwill and finite-lived and indefinite-lived intangible assets for the years ended March 31, 2026 and 2025.


(Dollars in thousands)	March 31, 2025		Impairment		March 31, 2026		Amortization Period
Goodwill

Ben Custody	$	7,469	$	—	$	7,469	Indefinite

Ben Markets	2,445		—		2,445		Indefinite
Total goodwill	9,914		—		9,914		Indefinite
Insurance license	3,100		(3,100)		—		Indefinite
Total goodwill and intangible assets	$	13,014	$	(3,100)	$	9,914


(Dollars in thousands)	March 31, 2024		Impairment		March 31, 2025		Amortization Period
Goodwill

Ben Custody	$	10,896	$	(3,427)	$	7,469	Indefinite

Ben Markets	2,710		(265)		2,445		Indefinite
Total goodwill	13,606		(3,692)		9,914		Indefinite
Insurance license	3,100		—		3,100		Indefinite
Total goodwill and intangible assets	$	16,706	$	(3,692)	$	13,014

Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Issuance of equity in connection with recent financings

Cash paid for interest

$ 900

$ 2,400

^[1]

673

Noncontrolling interest, increase from subsidiary equity issuance

2,200

Temporary equity, guaranteed payment accrual, including redeemable noncontrolling interests

(18,900)

(17,800)

Distributions payable to charitable beneficiaries

2,000

900

Reclass of BCH Preferred A-1 Unit Accounts from temporary to permanent equity

^[1]

160,526

Recent Financings

Issuance of equity in connection with recent financings

14,822

^[2]

1,362

^[1]

Noncontrolling interest, increase from subsidiary equity issuance

400

Recent Financings | Preferred Series B Subclass 6

Issuance of equity in connection with recent financings

14,500

1,400

Settlement of Liability Assumed at De-SPAC | Class A

Issuance of equity in connection with recent financings

$ 1,700

$ 1,300

[1]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
[2]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Share-based Compensation (Tables)

12 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Activity

The following table summarizes the unvested award activity, in units, for the BMP and Ben Equity Incentive Plans during the years ended March 31, 2026 and 2025:


	BMP			RSU
(units in thousands)	Units	Weighted Average Grant Date Fair Value per Unit		Units	Weighted Average Grant Date Fair Value per Unit
Balance, March 31, 2024	117	$	10.34	3	$	3,003.76
Granted during the period	—	—		146	18.64
Vested during the period	(68)	10.11		(125)	54.48
Forfeited during the period	(25)	10.67		—	—
Balance, March 31, 2025	24	$	10.67	24	$	175.52
Granted during the period	—	—		14	0.96
Vested during the period	(24)	10.67		(26)	71.04
Forfeited during the period	—	—		(11)	78.24
Balance, March 31, 2026	—	$	—	1	$	1,802.24

Share-Based Payment Arrangement, Cost by Plan

The following table presents the components of share-based compensation expense, included in employee compensation and benefits, recognized in the consolidated statements of comprehensive income (loss) for the years ended March 31, 2026 and 2025:


	Year Ended March 31,
(dollars in thousands)	2026		2025
BMP equity units	$	151	$	383
Restricted stock units	1,391		5,132

Other	87		134
Total share-based compensation	$	1,629	$	5,649

Share-Based Payment Arrangement, Nonvested Award, Cost

The following table presents the share-based compensation expense expected to be recognized over the next five fiscal years ending March 31 for awards outstanding as of March 31, 2026:


(dollars in thousands)	BMP		RSU		Total
2027	$	—	$	608	$	608
2028	—		252		252
2029	—		—		—
2030	—		—		—
2031	—		—		—
Total	$	—	$	860	$	860
Weighted-average period to be recognized	—		1.41

Equity - Beneficiaries Customer ExAlt Trusts (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class of Stock [Line Items]
Noncontrolling interest, increase from subsidiary equity issuance		$ 2.2
Charitable Beneficiaries
Class of Stock [Line Items]
Percentage of distributions entitled to residual beneficiary, distributions received	2.50%
Percent of distributions entitled to residual beneficiary, payments on amounts due	5.00%
Percent of distributions entitled to residual beneficiary, amount of excess cash collateral	10.00%
Noncontrolling interest, increase from subsidiary equity issuance	$ 0.4	$ 0.0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Debt

12 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Convertible Debentures

On August 6, 2024, the Company, entered into a securities purchase agreement with Yorkville, in connection with the issuance and sale of convertible debentures in an aggregate principal amount of up to $4.0 million (the “Convertible Debentures”), which will be convertible into shares of the Company’s Class A common stock (as converted, the “Conversion Shares”). The Company issued $2.0 million in aggregate principal amount of Convertible Debentures upon the signing the Purchase Agreement (the “First Closing”) for proceeds of approximately $1.8 million. On November 13, 2024, the Company issued an additional $2.0 million in aggregate principal amount of convertible debentures for proceeds of approximately $1.8 million (the “Second Closing”). Contemporaneously with the execution and delivery of the Purchase Agreement, certain of the Company’s subsidiaries entered into a global guaranty agreement in favor of Yorkville with respect to the Company’s obligations under the Purchase Agreement, the Convertible Debentures and the Yorkville Warrants (as defined below). The Convertible Debentures were issued at an original issue discount of 10%.

The Convertible Debentures do not bear interest, subject to a potential increase to 18.0% per annum (or the maximum amount permitted by applicable law) upon the occurrence of certain events of default. The Convertible Debentures matured on February 6, 2025 (the “Maturity Date”). The Convertible Debentures were fully repaid by the Maturity Date. The Convertible Debentures were convertible at the option of the holder into Class A common stock equal to the applicable Conversion Amount (as in the Convertible Debenture) divided by $24.144. The maximum amount of shares issuable upon conversion of the Convertible Debentures is 165,674. No amount of the Convertible Debentures was converted into shares of the Company’s Class A common stock prior to the Convertible Debentures being fully repaid.

Additionally, pursuant to the terms of the Purchase Agreement, the Company agreed to issue the warrants to Yorkville (each a “Yorkville Warrant” and collectively, the “Yorkville Warrants”) to purchase up to 165,674 shares of Class A common stock at an exercise price of $21.04, which shall be exercisable into Class A common stock for cash. At the First Closing, the Company issued a Yorkville Warrant to purchase up to 82,837 shares of Class A common stock, and at the Second Closing, the Company issued an additional Yorkville Warrant to purchase up to 82,837 shares of Class A common stock.

The Company elected to account for the Convertible Debenture under the fair value option of accounting upon issuance. At each issuance date, the proceeds were allocated to all freestanding instruments recorded at fair value.

The primary reason for electing the fair value option is for simplification of accounting for the Convertible Debenture at fair value in its entirety versus bifurcation of the embedded derivatives. The fair value was determined using a Monte Carlo valuation model.

The Yorkville Warrants were required to be classified as a liability and are subject to periodic remeasurement. The fair value on each date of issuance, measured using the Black-Scholes option pricing model, was approximately $1.3 million for the Yorkville Warrants issued at the First Closing and approximately $0.5 million for the Yorkville Warrants issued at the Second Closing. The key inputs used in the valuation as of the initial valuation date for the First Closing were as follows: expected terms (in years) - 3.0; stock price - $21.04; exercise price - $21.04; expected volatility - 130.2%; expected dividend rate - —%; and risk-free rate - 3.58%. The key inputs used in the valuation as of the initial valuation date for the Second Closing were as follows: expected terms (in years) - 3.0; stock price - $10.32; exercise price - $21.04; expected volatility - 108.9%; expected dividend rate - —%; and risk-free rate - 4.02%.

As of both March 31, 2026 and 2025, all of the Yorkville Warrants were still outstanding with a nominal fair value, which is included in the warrants liability line item on the consolidated statements of financial condition. During the years ended

March 31, 2026 and 2025, a loss of $0.1 million and a gain of $1.7 million, respectively, was recognized in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss) related to the change in fair value. Refer to Note 6 for further information on the Yorkville Warrants.

Debt Due to Related Parties

As of March 31, 2026 and 2025, the Company’s debt due to related parties consisted of the following:


(Dollars in thousands)	March 31, 2026		March 31, 2025
First Lien Credit Agreement	$	21,260	$	21,260
Second Lien Credit Agreement	72,983		72,983
Term Loan	—		22,000
Other borrowings	2,409		2,292
Unamortized debt discount, net	133		(639)
Total debt due to related parties	$	96,785	$	117,896

First and Second Lien Credit Agreements

On August 13, 2020, Ben, through its subsidiary Beneficient Capital Company II, L.L.C. (formerly known as Beneficient Capital Company, L.L.C.) (“BCC”), executed the Second Amended and Restated First Lien Credit Agreement (“First Lien Credit Agreement”) and the Second Amended and Restated Second Lien Credit Agreement (“Second Lien Credit Agreement”) collectively, (the “Second A&R Agreements”) with its lender, HCLP Nominees, L.L.C (“HCLP”), to amend its First Lien Credit Agreement and Second Lien Credit Agreement dated September 1, 2017 and December 28, 2018, respectively. The Second A&R Agreements have been further amended from time to time to extend the maturity date and defer principal and interest payments, among other things. In connection with certain of the amendments to the Second A&R Agreements, Ben agreed to pay extension fees on a percentage of the amount outstanding under the credit agreements as of the date of the respective amendment.

On March 24, 2022, Ben executed Consents and Amendments No. 4 to the Second A&R Agreements with HCLP, which, among other things, (i) deferred the payment of accrued and unpaid interest to March 24, 2022, (ii) evidenced the terms agreed to in the December 1, 2021 term sheet, (iii) extended the maturity date of the loans to August 31, 2023, and (iv) established revised installment payments for each loan of $5.0 million due on May 10, 2022, August 10, 2022, December 10, 2022, and March 10, 2023, so long as each payment does not cause the Company to incur a going concern, and (v) amended the occurrence of an event of default to require notice from HCLP on almost all potential defaults listed under the Second A&R Agreements. In addition, Ben agreed to pay fees totaling approximately 6.5% of the outstanding principal before giving effect to the amendments.

On February 15, 2023, Ben executed those certain Amendment No. 5 to Second Amended and Restated Credit Agreement and Consent and Amendment No. 5 to Second Amended and Restated Second Lien Credit Agreement with HCLP, pursuant to which, as required by Amendments No. 4, certain Ben subsidiaries became subsidiary guarantors and entered into those certain Amended and Restated Security and Pledge Agreement (First Lien) and Amended and Restated Security and Pledge Agreement (Second Lien), that certain first lien Guaranty and that certain second lien Guaranty.

On June 5, 2023, BCH entered into those certain Consent and Amendment No. 6 to Second Amended and Restated Credit Agreement, which amended the First Lien Credit Agreement, and Consent and Amendment No. 6 to Second Amended and Restated Second Lien Credit Agreement (collectively, the “Sixth Amendments”), which amended the Second Lien Credit Agreement, each among BCH, HCLP and the other parties thereto. Among other things, the Sixth Amendments (i) allowed for the consummation of the Transactions pursuant to the Business Combination Agreement, and effective as June 7, 2023 (ii) amended the definition of “Change of Control” (as defined therein), and (iii) provided that Beneficient will be the “Parent” thereunder.

On July 12, 2023, BCH entered into (a) that certain Amendment No. 7 to the First Lien Amendment, which amended the First Lien Credit Agreement, and (b) that certain Amendment No. 7 to Second Lien Amendment (together with the First Lien Amendment, the “Seventh Amendments”), which amended the Second Lien Credit Agreement, each among BCH, HCLP and the other parties thereto. Among other things, the Seventh Amendments (i) modified the interest rate to a fixed rate of 9.5%, (ii) extended the maturity dates of the First Lien Amendment and the Second Lien Amendment to September 15, 2024 and September 15, 2027, respectively, and (iii) agreed to installment payments on the First Lien Amendment of $5.0 million on each of March 29th, June 28th, September 29th, and December 29th of each year for so long as the obligations remain outstanding, and so long as such payments do not cause a going concern. No payments will be made on the Second Lien Amendment until the obligations on the First Lien Amendment have been fully satisfied. Effective on July 31, 2024, the

maturity date of the First Lien Credit Agreement was extended from September 15, 2024 to February 1, 2025, and certain mandatory prepayment obligations thereunder were waived by HCLP until February 1, 2025. On January 31, 2025, these terms were further extended to February 8, 2025 and then on February 8, 2025 the terms were extended to February 15, 2025. Furthermore, effective as of March 1, 2025, the Company’s obligations under the First Lien Credit Agreement were waived by HCLP through April 1, 2025, and the maturity date of the First Lien Credit Agreement was extended through April 1, 2025. These terms were then extended through April 7, 2025 and again through April 14, 2025.

No payments of principal or interest have been made on the First Lien or Second Lien Credit Agreements since an interest payment made in March 2023. Accrued interest on the First Lien or Second Lien Credit Agreements of $29.5 million as of March 31, 2026 and $18.6 million as of March 31, 2025 is included in other liabilities in the consolidated statement of financial condition.

As part of the Seventh Amendments, Ben agreed to pay fees totaling approximately $0.1 million. During the years ended March 31, 2026 and 2025, no deferred financing costs were paid to HCLP. As of March 31, 2026 and 2025, the unamortized premium related to the Second A&R Agreements was $0.1 million and $0.3 million, respectively.

In connection with the Second A&R Agreements, Beneficient Holdings, Inc. (“BHI”), which owns a majority of the BCH Class S Ordinary Units, BCH Preferred A-1, and FLP Subclass 1 Unit Accounts issued by BCH, will grant certain tax-related concessions to HCLP as may be mutually agreed upon between the parties. In exchange for the tax-related concessions, 5.0% of BHI’s BCH Preferred A-1, which will be held by HCLP, may convert to BCH Preferred A-0. In addition, recipients of a grant of BCH Preferred A-1 from BHI will have the right to put an amount of BCH Preferred A-1 to Ben equal to any associated tax liability stemming from any such grant; provided that the aggregated associated tax liability shall not relate to more than $30.0 million of grants of BCH Preferred A-1 from BHI. No such liability existed as of March 31, 2026 and 2025.

The Second A&R Agreements and ancillary documents contain covenants that (i) prevent Ben from issuing any securities senior to the BCH Preferred A-0 or BCH Preferred A-1; (ii) prevent Ben from incurring additional debt or borrowings greater than $10.0 million, other than trade payables, while the loans are outstanding; and (iii) prevent, without the written consent of HCLP, GWG Holdings from selling, transferring, or otherwise disposing of any BCH Preferred A-1 held as of May 15, 2020, other than to its subsidiary GWG DLP Funding V, LLC. GWG no longer holds any BCH Preferred A-1 Unit Accounts. Ben obtained consents for the Second A&R Agreements from HCLP in connection with the HH-BDH Credit Agreement (as defined below).

On April 14, 2025, the HCLP Loan purportedly matured, and on July 30, 2025, we received written notice (the “Notice”) from HCLP that events of default occurred with respect to the Second A&R Agreements. The Notice provided that, among other things, (i) with respect to the First Lien Credit Agreement, a default occurred on April 14, 2025, and has been continuing at all times since that date through July 29, 2025, as a result of BCH’s failure to pay all outstanding obligations (including all principal and accrued interest on the loan made pursuant to the First Lien Credit Agreement) on April 14, 2025, and that such default constitutes an Event of Default (as defined in the First Lien Credit Agreement) (such default, the “First Lien Event of Default”) and (ii) with respect to the Second Lien Credit Agreement, a default also occurred on April 14, 2025, which has been continuing at all times since that date through July 29, 2025, as a result of the First Lien Event of Default, which also constitutes an Event of Default (as defined in the Second Lien Credit Agreement) pursuant to the Second Lien Credit Agreement (the “Second Lien Event of Default,” and together with the First Lien Event of Default, the “Specified Events of Default”).

The Notice also provided that, as a result of the Specified Events of Default, the outstanding principal amount of the loans under the Second A&R Agreements and all other amounts owing or payable under each credit agreement or under any other loan document was immediately due and payable (including, without limitation, all interest accrued through July 29, 2025, and all amounts owing under Section 9.04(b) of each credit agreement). Furthermore, the Notice also declared that Accrued Interest (as defined in the Second A&R Agreements), effective as of April 14, 2025, shall accrue on each calendar day on the outstanding amount of the loan under each Credit Agreement, after as well as before judgment, at a rate equal to 11.5% per annum and such accrued interest shall be payable on demand.

As a result of the Specified Events of Default, in accordance with Section 5(c)(i) of each certain security agreements executed in connection with the Second A&R Agreements, the Notice provides that the pledgors pursuant to such security agreements are prohibited from selling, transferring, exchanging, disposing of, or granting any option with respect to the following collateral and any related proceeds as of July 29, 2025: (i) the equity interests in the underlying investment funds, in each case together with the certificates (or other agreements or instruments), if any, representing such equity interests, and all options and other rights, contractual or otherwise, with respect thereto; (ii) the loans and loan agreements made to the funding trusts; (iii) the acquisition documents; (iv) all other accounts, chattel paper, documents, general intangibles, instruments, investment property, money, deposit accounts, goods, commercial tort claims, letters of credit, letter of credit rights and supporting obligations; (v) all proceeds of the property described in the foregoing clauses (i), (ii), (iii) and (iv); and (vi) all books and records (including computer software and other records) pertaining to any of the foregoing.

Consistent with the assertions contained in the Notice, HCLP delivered certain letters to each of the Company entity guarantors and pledgors (including BCH, Ben Liquidity, and Beneficient USA, among others) requesting various remedies, including demands for payment of the outstanding obligations and the transfer of applicable HCLP loan collateral and any proceeds therefrom, pursuant to purported rights under the HCLP Loan Agreement. Additionally, HCLP delivered certain letters to Delaware Trust Company, as trustee of certain custody trusts (LT-1 – LT-28 Custody Trusts) that hold HCLP loan collateral, requesting various remedies including the transfer of their applicable HCLP loan collateral and any proceeds therefrom, pursuant to purported rights under the HCLP Loan Agreement. The Company has communicated with the non-Company recipients of the HCLP notices to relay the Company’s position.

On June 19, 2025, Mr. Heppner resigned from his position as CEO and Chairman of the Board of Directors following a request from the Company’s counsel, acting at the direction of the Audit Committee of the Board of Directors, for Mr. Heppner to sit for a formal interview regarding, among other things, his knowledge of certain documents and information concerning Mr. Heppner’s relationship to HCLP provided to the Company’s auditors in 2019. The interview request was made after the Company identified credible evidence that Mr. Heppner participated in fabricating and delivering fake documents to the Company regarding his and others’ relationships to HCLP, knowing that these documents would be provided to the Company’s auditors. The Company continues to consider additional information it has learned about other conduct by Mr. Heppner and other persons that purportedly controlled HCLP to determine the extent to which any of that conduct surrounding HCLP was fraudulent. On November 4, 2025, Mr. Heppner was indicted by the United States Southern District of New York charging Mr. Heppner with various counts comprised of securities fraud, wire fraud, conspiracy to commit securities fraud and wire fraud, false statements to auditors, and falsification of records. On May 7, 2026, Mr. Heppner was convicted of securities fraud, wire fraud, conspiracy to commit securities fraud and wire fraud, and false statements to auditors.

On August 5, 2025, HCLP filed a summons with notice in the Supreme Court of the State of New York seeking a judgment against the Company for amounts owed under the HCLP Loan Agreement in addition to attorney’s fees and litigation costs. The summons with notice did not include a complaint and has not been served on the Company. No action is required by the Company until it has been served. In light of these circumstances, the Company is evaluating the validity of its obligations under the HCLP Loan Agreement and the liens securing the HCLP Loan and is considering all options that it may pursue related to this conduct, including counter claims and litigation against Mr. Heppner, HCLP and any direct or indirect control parties of HCLP. The Company intends to vigorously pursue its claims regarding the validity of such purported indebtedness.

Term Loan

On October 19, 2023, Beneficient Financing, L.L.C. (the “Borrower”), a wholly owned subsidiary of the Company, and BCH, as guarantor (the “Guarantor” and together with the Borrower, the “Loan Parties”), entered into a Credit and Guaranty Agreement (as amended, the “HH-BDH Credit Agreement”) with HH-BDH L.L.C. (the “HH-BDH”), as administrative agent. HH-BDH’s sole member is Hicks Holdings. The managing member of Hicks Holdings was Mr. Thomas O. Hicks, a member of the Company’s Board of Directors, until his passing in December 2025. Mack Hicks, who was appointed to the Company’s Board of Directors in March 2026, is now the managing member of Hicks Holdings. HH-BDH funded the amounts under the HH-BDH Credit Agreement with the proceeds of a third-party financing (the “Financing”).

The HH-BDH Credit Agreement provides for a three-year term loan in the aggregate principal amount of $25.0 million (the “Term Loan”), which was fully drawn on closing. On August 16, 2024, that certain Amendment No. 1 and Waiver No. 1 to the Credit and Guaranty Agreement and Each Other Loan Document (the “Amendment,” and the Credit Agreement, as amended by the Amendment, the “Amended Credit Agreement”), was executed to add a subsequent term loan of $1.7 million, which was fully drawn upon the closing of the Amendment (together with the Term Loan, the “Loans”).

The Amended Credit Agreement also required the Borrower to prepay the outstanding principal balance of the Loans in the amount of $200 thousand, $200 thousand, $200 thousand, $200 thousand and $875 thousand on each of September 7, 2024, October 7, 2024, November 7, 2024, December 7, 2024 and December 31, 2024, respectively. Furthermore, on each Required Payment Date (defined in the Amended Credit Agreement as December 31, 2024 and the last business day of each calendar month thereafter), the Borrower shall prepay the outstanding principal balance of the Loans by an amount equal to the lesser of (a) the Total Portfolio Net Receipts (as defined in the Amended Credit Agreement) for the most recently ended period beginning on the 16th day of each month and ending on the 15th day of the immediately following month, and (b) as of each Required Payment Date, an amount equal to the excess, if any, of (x)(i) the number of Required Payment Dates occurring on or prior to such Required Payment Date, multiplied by (ii) $500,000, minus (y) the amount of all Excess Payments (as defined in the Amended Credit Agreement) made prior to such Required Payment Date. Additionally, the Amended Credit Agreement requires the Borrower to make certain minimum monthly payments to prepay the balance of the Loans.

Borrowings under the HH-BDH Credit Agreement, as amended, bear interest, at the Company’s option, calculated according to a base rate, adjusted term SOFR rate, or adjusted daily simple SOFR rate, plus an applicable margin, subject to a Maximum Rate determined by applicable law in the State of New York. The Company elected the adjusted daily simple

SOFR rate with a margin of 6.5% for the first two years and 5.5% for the third year for the Loans. Accrued and unpaid interest is payable monthly, upon prepayment, and at maturity.

The Loans will mature on October 19, 2026, and all remaining outstanding principal amounts and accrued and unpaid interest thereon shall be due and payable on such date. As of March 31, 2026 and 2025, the unamortized discount related to the Term Loan was nil and $0.9 million, respectively.

During the year ended March 31, 2026, we agreed to an advance, as part of a negotiation to enter into an amendment to the Term Loan, to add an additional term loan of $850 thousand, which was used to provide working capital. Such negotiations remain in process as of the issuance date of these financial statements.The amendment was not finalized prior to the outstanding principal of the loan being paid off and the execution of the 2026 Letter Agreement on March 10, 2026.

In January 2026, all outstanding principal amounts were repaid under the HH-BDH Credit Agreement. At the time of the repayment of the outstanding principal amounts, the Borrower still owed approximately $1.7 million for interest and fees that had been deferred. As discussed in Note 1 above, on March 10, 2026, the parties entered into the 2026 Letter Agreement to provide for payment terms for the remaining $1.7 million in outstanding interest and fees. For the payment of the outstanding interest and fees, (i) the Company issued HH-BDH 149,904 shares of the Company’s Class A common stock having an aggregate value of $572,588 based on the five-day volumed-weighted average price per share of the Class A common stock on March 10, 2026, and (ii) the Borrower agreed to pay HH-BDH an amount in cash equal to $1,000,000 not later than five business days following September 30, 2026. Additionally, for the payment of outstanding expenses, the Borrower paid HH-BDH an amount in cash equal to $94,365 in April 2026. Additionally, the 2026 Letter Agreement also provided HH-BDH with certain piggyback registration rights for the shares issued to HH-BDH, subject to certain limitations set forth therein.

The Term Loan is secured in part by pledges of: (a) substantially all of the assets of the Borrower, (b) the Guarantor’s equity interests in the Borrower, (c) 97.5% of the equity interests held by The EP-00117 Custody Trust, a Delaware statutory trust known as the “Custody Trust,” in certain entities that hold interests in private investment funds, which, as of March 31, 2026 and 2025, represented approximately 15.4% and 41.9%, respectively, of all assets held by the Customer ExAlt Trusts and (d) certain deposit accounts.

The HH-BDH Credit Agreement, as amended, contains customary representations, warranties, affirmative and negative covenants, including covenants which restrict the ability of the Loan Parties, the Custody Trust and certain affiliated entities to, among other things, create liens, incur additional indebtedness, make certain restricted payments and engage in certain other transactions, in each case subject to certain customary exceptions. In addition, the HH-BDH Credit Agreement, as amended, contains certain financial maintenance covenants, including a debt service coverage ratio of 2.00 to 1.00 and beginning December 31, 2024, a minimum liquidity requirement of $4.0 million, measured on the last day of each month.

Additionally, the HH-BDH Credit Agreement, as amended, contains customary events of default relating to, among other things, payment defaults, breach of covenants, cross default of material indebtedness, bankruptcy-related defaults, judgment defaults, the occurrence of certain change of control events, and the Class A common stock being suspended from trading for more than two consecutive days or delisting from Nasdaq. The occurrence of an event of default may result in the acceleration of repayment obligations with respect to any outstanding principal amounts and foreclosure on the collateral. As part of the Amendment, certain events of default resulting from the occurrence of the Acknowledged Defaults (as defined in the Amendment) were waived, provided that in the case of the expense reimbursement default, the Borrower must cure the expense reimbursement default upon the earlier of (i) November 1, 2024 and (ii) two business days following the effectiveness of Company’s registration statement for resale of the shares of Class A common stock, underlying the Convertible Debentures and warrants described in Note 10.

The Company has at times in late fiscal year 2025 and in subsequent periods been in default on certain of these requirements, including delayed interest and principal payments and noncompliance with the minimum monthly liquidity requirement, among others. The events of default under the Second A&R Agreements described above triggered a cross default provision in the HH-BDH Credit Agreement. The Company timely notified HH-BDH of the cross default. HH-BDH has not notified the Company that it intends to declare an event of default as its relates to the cross default provision of the HH-BDH Credit Agreement or with respect to other defaults related to required payment obligations, financial covenants, and information reporting requirements. As described above, the outstanding principal amounts were repaid in January 2026 and a 2026 Letter Agreement was entered into on March 10, 2026 for payment terms on the outstanding interest and fees.

Hicks Holdings will receive the following fees and payments in connection with the Loans:

•A non-refundable fee in an amount equal to 1.0% of the aggregate commitments under the Term Loan upon execution of the HH-BDH Credit Agreement (the “Closing Date”);

•On each Payment Date, from and including: (1) from the Closing Date until the second anniversary of the Closing Date, an interest payment at an interest rate equal to 3.0% per annum; and (2) from the second anniversary of the

Closing Date until the loans are repaid in full, interest payments at an interest rate equal to 2.0% per annum (such interest is in included in HH-BDH’s receipt of interest payments as described above);

•If any amounts under the HH-BDH Credit Agreement are prepaid prior to the scheduled Make Whole Date, including by reason of acceleration, a make-whole payment equal to the product of the principal amounts being repaid and the applicable interest rate plus 3.0% and the number of calendar days between the date of such prepayment and the scheduled Make Whole Date, divided by 360; and

•Certain fees, payments and expenses incurred by Hicks Holdings in connection with the Financing.

Aggregate maturities of principal, considering the existing events of default as described above, on the debt due to related parties for the next five fiscal years ending March 31 are as follows:


(Dollars in thousands)	Debt Due to Related Parties
2027	$	96,652
2028	—
2029	—
2030	—
2031	—

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Supplemental Cash Flow Information	12 Months Ended
Supplemental Cash Flow Information	Mar. 31, 2026
Offsetting [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Cash paid for taxes for the years ended March 31, 2026 and 2025, was de minimis. Cash paid for interest for the years ended March 31, 2026 and 2025, was $0.9 million and $2.4 million, respectively. Supplemental disclosure of noncash investing and financing activities include: Year Ended March 31, 2026: –$14.5 million issuance of Series B preferred stock and $0.4 million issuance of noncontrolling interest in connection with recent financings. –$18.9 million accrual for BCH Preferred A-0 guaranteed payment. –$1.7 million settlement of liability for issuance of Class A common stock. –$2.0 million of distributions payable to the Charitable Beneficiaries. Year Ended March 31, 2025: –$160.5 million reclass of BCH Preferred A-0 from temporary equity to permanent equity. –$17.8 million accrual for BCH Preferred A-0 guaranteed payment. –$1.4 million issuance of Series B preferred stock in connection with recent financings. –$1.3 million settlement of liability for issuance of Class A common stock. –$0.9 million of distributions payable to the Charitable Beneficiaries.

Net Income (Loss) per Share - Narrative (Details) - $ / shares

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Net income (loss) per common share - diluted (in dollars per share)

^[1]

$ (14.02)

$ 0.52

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Net income (loss) per common share - diluted (in dollars per share)

^[1]

$ (14.02)

$ 0.52

[1]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

The consolidated financial statements of Ben are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a going concern basis, and include the accounts of Ben, its wholly-owned and majority-owned subsidiaries and, certain variable interest entities (“VIEs”), in which the Company is the primary beneficiary. An enterprise is determined to be the primary beneficiary of a VIE if it holds a controlling financial interest consistent with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“ASC 810”), as amended.

The Customer ExAlt Trusts are considered VIEs for which Ben has a variable interest and is considered the primary beneficiary. Thus, Ben is required to consolidate all of the Customer ExAlt Trusts. The entities in which the Customer ExAlt Trusts hold an ownership interest are investment companies (i.e., funds) under ASC 946, Financial Services — Investment Companies (“ASC 946”). Thus, the investments in non-investment companies made by these funds are accounted for in accordance with ASC 946 and are not subject to consolidation or the disclosure requirements of ASC 810. Moreover, further consolidation provisions of ASC 946 are not applicable to Ben since these investment companies do not have an investment in an operating entity that provides services to the investment company or to Ben.

All intercompany accounts and transactions have been eliminated in consolidation, and the portion of income allocated to owners other than the Company is included in “net income (loss) attributable to noncontrolling interests” in the consolidated statements of comprehensive income (loss). With the consolidation of the Customer ExAlt Trusts, interest and fee income and any related receivable charged by Ben Liquidity and Ben Custody to the Customer ExAlt Trusts are eliminated in the presentation of our consolidated financial statements. While these amounts are eliminated solely for financial reporting purposes, such amounts are earned by Ben Liquidity and/or Ben Custody from the Customer ExAlt Trusts and directly impact the income (loss) allocable to Ben’s and BCH’s equity holders as further discussed in Note 3.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions are based on information available as of the date of the consolidated financial statements and could differ from actual results. Material estimates that are particularly susceptible to change in the near term relate to the fair value determination of investments in alternative assets held by the Customer ExAlt Trusts, determination of the allowance for credit losses as an input to the allocation of income (loss) to Ben’s or BCH’s equity holders, the allocation of income (loss) to Ben’s and BCH’s equity holders, evaluation of potential loss contingencies principally related to ongoing legal matters, and evaluation of potential impairment of goodwill and other intangibles.

Cash and Cash Equivalents

Cash and cash equivalents represent cash held in banks or money market funds with original maturities upon purchase of three months or less. Interest income from cash and cash equivalents is recorded in interest and dividend income in the consolidated statements of comprehensive income (loss).

Derivative asset

Hybrid financial instruments are evaluated to determine whether they contain embedded features that require bifurcation and separate accounting as derivatives under ASC Topic 815, Derivatives and Hedging. An embedded feature is bifurcated from the host contract and accounted for as a freestanding derivative asset or liability if it meets the criteria for bifurcation under ASC Topic 815, or if it fails to qualify for equity classification under ASC Topic 815-40, Contracts in Entity’s Own Equity. Bifurcated embedded derivatives are recorded at fair value on the initial transaction date and are remeasured to fair value at each subsequent reporting date until settlement. Changes in the fair value of these derivative instruments are recognized in earnings within gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss).

Investments, at Fair Value

Investments held by Ben or held by the Customer ExAlt Trusts include investments in alternative assets, investments in public equity and debt securities, and investments in private equity securities and other interests.

•Investments in Alternative Assets

Investments in alternative assets represent the ownership interests in alternative assets and, along with other investments held by the Customer ExAlt Trusts, constitute the source of Collateral for the ExAlt Loans. These investments are predominantly private equity funds and are held by the Customer ExAlt Trusts, either through direct ownership or a beneficial interest. ASC Topic 820, Fair Value Measurement, permits, as a practical expedient, to estimate the fair value of these types of investments based on the net asset value (“NAV”) per share, or its equivalent, if the investment does not have a readily determinable fair value and if the NAV of such investments is calculated in a manner consistent with the measurement principles of ASC 946. The Company has elected to use NAV as a practical expedient to measure the fair value of these investments. These investments are valued based on the most recent available information, which typically has a delay due to the timing of financial information received from the individual investments. Accordingly, in determining the value of the investment, we may consider whether adjustments to the NAV are necessary in certain circumstances in which management is aware of material events that affect the value of the investments during the intervening period.

When the sale of an investment in an alternative asset is deemed probable at an amount that differs from NAV, the investment in the alternative asset is recorded at its estimated fair value under FASB ASC 820, Fair Value Measurement.

When a distribution is received, it is generally recorded as a reduction to the carrying value of that investment. Likewise, when a contribution is made, it is recorded as an increase to the carrying value of that investment. When our ownership percentage of an investment is less than three to five percent, the distribution is considered a return of investment and is classified on our consolidated statement of cash flows as a cash inflow from investing activities in accordance with ASC Topic 321, Investments — Equity Securities. When our ownership percentage of an investment is greater than three to five percent, we categorize distributions from investments in alternative assets on our consolidated statement of cash flows using the cumulative earnings approach in accordance with ASC Topic 323, Investments — Equity Method and Joint Ventures. Under this approach, distributions received are classified as cash inflows from operating activities until such time that the cumulative distributions exceed cumulative earnings for the investment. When such an excess occurs, the excess portion of the current period distribution is considered a return of investment and is classified as a cash inflow from investing activities.

•Investments in Public Equity Securities

Investments in public equity securities represent common stock ownership in public companies, all of which are carried at fair value. Fair value is determined using quoted market prices. Any realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss).

•Investments in Debt Securities

Investments in debt securities represent ownership in privately held debt securities. These investments are classified and accounted for as available-for-sale (“AFS”) securities and are reported at fair value with unrealized gains and losses presented as a separate component of equity in the accumulated other comprehensive income line item.

The Company follows FASB ASC Topic 326, Financial Instruments, Credit Losses, to assess whether an investment in debt securities is impaired in each reporting period. An investment in debt securities is impaired if the fair value of the investment is less than its amortized cost. If the Company intends to sell the debt security (that is, it has decided to sell the security), a

credit loss is considered to have occurred. If the Company more likely than not will be required to sell the security before recovery of its amortized cost basis or it otherwise does not expect to recover the entire amortized cost basis of the security, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive income for available-for-sale securities. The Company considers the expected cash flows from the investment based on reasonable and supportable forecasts as well as several other factors to estimate whether a credit loss exists. If the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the credit loss is recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. During the years ended March 31, 2026 and 2025, the Company recognized a credit loss on its investment in debt securities of nil and $1.0 million, respectively. Any impairment in the debt securities is recorded in the provision for credit losses line item on the consolidated statements of comprehensive income (loss).

•Investments in Other Equity Securities and Interests

Ben and certain of the Customer ExAlt Trusts hold investments in equity securities of private companies with a readily determinable fair value, including the GWG Wind Down Trust. On August 1, 2023, GWG Holdings’ plan of reorganization was declared effective and the Company’s investments in common stock of GWG Holdings and L Bonds issued by GWG Holdings (previously accounted for as public equity securities and available-for-sale debt securities, respectively) were then transferred to an investment in the GWG Holdings Wind Down Trust. The fair value of these equity interests is calculated using quoted prices for similar instruments observed in the equity capital markets and is classified as a Level 2 investment in the fair value hierarchy.

Additionally, investments in other equity securities are held by certain of the Customer ExAlt Trusts and represent ownership in equity securities of privately held companies, which do not have a readily determinable fair value. Equity securities that do not have readily determinable fair values are initially recorded at cost and subsequently remeasured, using the measurement alternative for equity investments that do not have readily determinable fair values, when there is (i) an observable transaction involving the same investment, (ii) an observable transaction involving a similar investment from the same issuer, or (iii) an impairment. These remeasurements are reflected in the consolidated statements of comprehensive income (loss) in the gain (loss) on financial instruments, net line item.

Leases

We account for leases in accordance with ASC 842, Leases. We determine if an arrangement is or contains a lease at inception. Operating leases with a term greater than one year are included in right-of-use-assets and lease liabilities. The right-of-use asset represents the Company’s right to use an underlying asset for the lease term. Related lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term, using the rate the Company would pay to borrow amounts equal to the lease payments over the lease term (the Company’s incremental borrowing rate). For operating leases, expense is recognized on a straight-line basis over the lease term in other expenses in the consolidated statements of comprehensive income (loss). Common area maintenance and other related costs are considered variable lease payments and are expensed as incurred. The Company made an accounting policy election not to recognize short-term lease assets and liabilities (less than a 12-month term) or nominal equipment leases in its balance sheets.

Insurance reimbursable receivable

Upon the recognition of a loss related to a pending, threatened or actual litigation for which the Company has insurance coverage, a related insurance reimbursable receivable is recorded upon evaluation that an insurance contract is enforceable and the insurer has not disputed the claim. If the insurance is enforceable and not subject to dispute, the Company recognizes a receivable from the insurer when it is probable of recovery up to the loss recognized. Insurance reimbursable receivables are subject to the CECL model under FASB ASC Topic 326. The allowance for credit losses is based on historical loss experience, current conditions, and reasonable and supportable forecasts. The Company monitors the credit quality of insurers and adjusts expected credit losses accordingly. The allowance as of March 31, 2026 and 2025 is $3.4 million and $2.1 million, respectively.

Fixed Assets

Fixed assets, including leasehold improvements, are stated at cost, less accumulated depreciation and amortization. Expenditures related to leasehold improvements; furniture and fixtures; computer hardware and software; and most office equipment purchases are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets (from three to five years). For leasehold improvements, amortization is computed based on the shorter of the useful life or the lease term. Software in process is composed of costs related to internally developed software projects in the application development phase. Gains or losses on disposition of fixed assets are reflected in net income (loss). Normal costs

of maintenance and repairs are treated as current expenses in the consolidated statements of comprehensive income (loss).

The Company capitalizes certain costs related to the development of internal-use software. Costs incurred during the application development phase are capitalized. The types of costs capitalized during the application development phase primarily include consulting fees for third-party developers working on these projects. Costs related to the preliminary project stage and post-implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over the estimated useful life of the asset, which ranges from one to three years.

Goodwill and Other Intangibles

The Company accounts for goodwill and intangible assets in accordance with ASC Topic 350, Intangibles – Goodwill and Other. The amount of goodwill initially recorded is based on the fair value of the acquired entity at the time of acquisition and is allocated to one or more reporting unit(s). Management performs goodwill and intangible asset impairment testing annually or when events occur, or circumstances change that would more likely than not indicate impairment has occurred. In the evaluation of goodwill impairment, management may first perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value. If an initial qualitative assessment identifies that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is performed. The Company may also elect to bypass the qualitative testing and proceed directly to the quantitative testing. If the quantitative testing indicates that the estimated fair value of a reporting unit is less than the carrying value of the reporting unit, we will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, any loss recognized will not exceed the total amount of goodwill allocated to that reporting unit. The Company conducts its annual impairment test on January 1 each year.

Intangible assets include insurance licensing, which has an indefinite life and is assessed for impairment annually. Factors that would require an impairment assessment include, among other things, a significant change in the extent or manner in which an asset is used, a continual decline in the Company’s operating performance, or as a result of fundamental changes in a subsidiary’s business condition.

Warrants Liability

The Company determines the accounting classification of warrants it issues as either liability or equity classified by first assessing whether the warrants meet liability classification in accordance with ASC 480, Distinguishing Liabilities from Equity ("ASC 480"), then in accordance with ASC 815 ("ASC 815"), Derivatives and Hedging. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the Company to settle the warrants or the underlying shares by paying cash or other assets, or warrants that must or may require settlement by issuing variable number of shares. If warrants do not meet liability classification under ASC 480, the Company assesses the requirements under ASC 815, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815, and in order to conclude equity classification, the Company also assesses whether the warrants are indexed to its Common Stock and whether the warrants are classified as equity under ASC 815 or other applicable GAAP. After all relevant assessments, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants require fair value accounting at issuance and subsequent to initial issuance with all changes in fair value after the issuance date recorded in the statements of operations. Equity classified warrants only require fair value accounting at issuance with no changes recognized subsequent to the issuance date.

The Company accounts for its outstanding warrants, which are principally comprised of those assumed in the Transaction (as described in Note 4) and the warrants issued to Yorkville (as described in Note 10), in accordance with the guidance contained in ASC 815, Derivatives and Hedging, whereby under those accounting requirements, our outstanding warrants do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies our warrant instruments as a liability recorded at fair value and adjusts the instruments to fair value at each reporting period using quoted market prices, where available, or other appropriate valuation techniques, such as an option pricing model. The warrant liability is re-measured at each balance sheet date until the warrants are exercised or expire, and any change in fair value will be recognized in the Company’s consolidated statements of comprehensive income (loss). Such warrant classification is also subject to re-evaluation at each reporting period.

Convertible Debt

The Company elected the fair value option to account for the convertible debentures with Yorkville (as described in Note 10). The Company recorded the convertible debentures at fair value upon issuance. The Company records changes in fair value in the consolidated statements of comprehensive income (loss), with the exception of changes in fair value due to instrument-specific credit risk which, if present, will be recorded as a component of other comprehensive income (loss). Interest expense related to the convertible debentures is included in the changes in fair value. As a result of applying the fair value option, direct costs and fees related to the convertible debentures were expensed as incurred.

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist primarily of trade payables comprised principally of outstanding legal fees and other professional service fees; accrued employee payroll, bonus, and commissions; accrued fees and other costs under the Bradley Capital Company service agreement and Aircraft Sublease (Note 16); and an accrued liability related to the GWG Litigation Trust Adversary Proceedings (Note 20).

Other Liabilities

Other liabilities consist principally of accrued guaranteed payments related to the Preferred Series A-0 Unit Accounts (Note 13), an accrued liability related to the equity award arbitration (Note 20), accrued interest on certain outstanding debt instruments, a liability related to an interest commitment, deferred loan fees and deferred income taxes (Note 15). Refer to Note 9 for more information on these other liabilities.

Foreign Currency

The Company’s functional and reporting currency is the U.S. dollar. The Customer ExAlt Trusts hold alternative investments with underlying exposures to foreign currencies, primarily the Euro and Canadian dollar. These investments are measured at fair value utilizing the net asset value (NAV) practical expedient provided by the respective investment managers or general partners. Because the reported NAV incorporates the effects of foreign currency translation, changes in exchange rates are recorded directly within net investment income (loss) in the consolidated statements of comprehensive income (loss), rather than as a component of other comprehensive income. The Company does not utilize foreign currency hedging instruments to mitigate the risk associated with these exposures.

Business Combinations

The Company includes the results of operations of the businesses that it acquires from the acquisition date. In allocating the purchase price of a business combination, the Company records all assets acquired and liabilities assumed at fair value as of the date of acquisition, with the excess of the purchase price over the aggregate fair values recorded as goodwill. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing as of the acquisition date. Acquisition-related costs are recognized separately from the business combination and are expensed as incurred.

Income Taxes

Beneficient records current tax liabilities or assets through charges or credits to the current tax provision for the estimated taxes payable or refundable for the current year. Deferred tax assets and liabilities are recorded for future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A deferred tax valuation allowance is established if it is more likely than not that all or a portion of the deferred tax assets will not be realized. A tax position that fails to meet a more-likely-than-not recognition threshold will result in either reduction of current or deferred tax assets, and/or recording of current or deferred tax liabilities. Interest and penalties related to income taxes are recorded in the other expense line item of the consolidated statements of comprehensive income (loss).

Prior to the restructuring that resulted in Beneficient becoming a corporation, Beneficient was taxed as a Delaware Limited Partnership. In the event the subsequent entity, Beneficient a corporation, is audited by the taxing authority and assessed additional amounts due to the underpayment of tax in previous tax years, management intends to make the push-out election allowed by the U.S. Treasury Department. That election allows Beneficient to notify its partners of their share of imputed underpayment amounts for inclusion in their current tax returns.

Noncontrolling interests – Redeemable and Non-redeemable

Noncontrolling interests are reported as a component of equity unless the noncontrolling interest is considered redeemable, in which case the noncontrolling interest is recorded as mezzanine or temporary equity (between liabilities and equity) in our consolidated statements of financial condition. The redeemable noncontrolling interest is adjusted at each balance sheet date to its maximum redemption value if the amount is greater than the carrying value. Changes in our redeemable noncontrolling interests are presented in the consolidated statements of changes in equity.

Noncontrolling interests include: (i) holders, which consist of Related Entities, as defined below, an entity affiliated with a related party, and third parties, of Class S Ordinary Units issued by BCH, (ii) holders, which consists of Related Entities, an entity affiliated with a related party, and third parties, of Class S Preferred Units issued by BCH, (iii) holders, which consists of Related Entities, an entity affiliated with a related party, a third party, and certain directors, of Preferred A-1 issued by BCH, (iv) holders, which consists of Related Entities, an entity affiliated with a related party, a third party, and certain directors, of Preferred A-0 Non-Redeemable issued by BCH beginning on September 30, 2024, (v) holders, which consists of unrelated charity organizations, of residual beneficial interests issued by certain of the Customer ExAlt Trusts and (vi) holder, which consists of a third-party, of Class A of CT Risk Management.

Redeemable noncontrolling interests are held by holders, which consist of Related Entities, an entity affiliated with a related party, a third party, and certain directors, of Preferred A-0 issued by BCH for periods prior to September 30, 2024 and Preferred A-0 Redeemable for periods beginning on September 30, 2024.

Related Entities are defined as certain trusts and those entities held by such trusts that are controlled by our founder and former CEO, Bradley K. Heppner, and in which our founder and his family members are also among classes of economic beneficiaries whether or not our founder is entitled to economic distributions from such trusts. Mr. Heppner served as Chief Executive Officer and Chairman of the Board of Directors of the Company until his resignation on June 19, 2025.

See Note 13 for further information of the equity instruments of the Company, including those classified as redeemable noncontrolling interests and noncontrolling interests.

Earnings (Loss) per Common Share

The Company computes net earnings (loss) per share attributable to common shareholders using the two-class method required for participating securities. The two-class method requires income available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common and participating securities based on their respective rights if the participating security contractually participates in losses. The Company determined that it had participating securities in the form of convertible, preferred equity securities and in the Class A common shares issued as part of the limited conversion discussed in Note 13.

Basic net earnings (loss) per share attributable to common shareholders is computed by dividing net earnings (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method or if-converted method based on the nature of such securities. See Note 14 for additional details.

Investment Income (Loss), Net

Investment income (loss), net consists of unrealized gains (losses) due to changes in NAV of alternative assets.

Gain (Loss) on Financial Instruments, Net

Gain (loss) on financial instruments, net consists of gains (losses) due to changes in fair value of financial instruments including the derivative asset, gains (losses) from the sale of public equity securities and other equity securities and interests, changes in fair value of convertible debt, and (gain) loss on issuance of convertible debt and warrants. See Note 6 for a reconciliation of the financial statement line item.

Administration Revenues

Third-party administration fees are earned for the administration of third-party customer accounts. The Company’s performance obligation is satisfied over time and the resulting fees are recognized monthly, generally based upon the beginning of the quarter (in advance) net asset value under management and the applicable fee rate, depending on the terms of the contract. Third-party administration fee receivables are recorded on the consolidated statements of financial condition in the other assets line item and in administration revenues in the trust services and administration revenues line item on the consolidated statements of comprehensive income (loss).

Professional Services

Professional services primarily consist of legal fees, net of any expected insurance reimbursement, consulting fees, and advertising costs, which are expensed as incurred and are included in professional services in the accompanying consolidated statements of comprehensive income (loss).

Share-based Compensation

Compensation expense for all equity-based compensation awards is determined using the grant date fair value. For all equity-based plans, we record the impact of forfeitures when they occur. Expense is recognized on a straight-line basis over the requisite service period of the award, which is generally equal to the vesting period. The details of our equity-based compensation programs are discussed in Note 12.

Provision for Credit Losses

The provision for credit losses consists of charges against earnings for credit losses on AFS debt securities and other financial instruments and bad debt expenses on other miscellaneous receivables. A reconciliation of provision for credit losses for each of the periods presented herein is presented below:


	Year Ended March 31,
(in thousands)	2026		2025
Bad debt expense on other receivables	$	1,048	$	2


Credit loss on AFS debt securities (Note 5)	—		998
Provision for credit losses	$	1,048	$	1,000

Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on investments in available for sale debt securities carried at fair value, which are reported as a separate component of equity.

Fair Value of Financial Instruments

ASC Topic 820, Fair Value Measurement, (Topic 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions.

Fair values of financial instruments are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or market conditions could significantly affect these estimates.

Accounting Standards Recently Adopted

We adopted ASU 2023-09, Income Taxes, (Topic 740) prospectively for the annual period beginning April 1, 2025 and interim periods beginning on April 1, 2026. The update expands income tax disclosure requirements to include additional information related to the rate reconciliation of our effective tax rates to statutory rates as well as additional disaggregation of taxes paid. The amendments in ASU 2023-09 also remove disclosures related to certain unrecognized tax benefits and deferred taxes. The adoption of this new guidance did not result in a material impact to the Company’s consolidated financial statements.

We adopted ASU 2023-07, Segment Reporting, (Topic 280) for the annual period beginning April 1, 2024 and interim periods beginning on April 1, 2025 with retrospective application to all prior periods presented. The update requires enhanced disclosures about significant segment expenses, enhanced interim disclosure requirements, clarification for when multiple segment measures of profit or loss can be disclosed, and other requirements intended to improve overall reportable segment disclosures in annual and interim periods. See Note 18 for further information. The adoption of ASU 2023-07 did not have a material impact on our segment reporting.

ASU 2020-04, Reference Rate Reform, (Topic 848) was issued in March 2020. The amendments in Topic 848 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. Topic 848 could be applied by all entities as of the beginning of the interim period that includes March 12, 2020, or any date thereafter, and entities could elect to apply the amendments prospectively through December 31, 2022. On December 31, 2022, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 was issued, which extended the period of time entities could utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024. The adoption of this new guidance did not result in a material impact to the Company’s consolidated financial statements.

Accounting Standards Not Yet Adopted

ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, as clarified in ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The Company is assessing the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements.

Fair Value Measurements - Assets and Liabilities at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Mar. 31, 2025

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 1,739

$ 1,687

21,652

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

308

227

^[1]

Public equity securities

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

4,472

4,065

Other equity interests

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 1

Level 1 | Public equity securities

264

180

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 1 | Other equity interests

4,472

4,065

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 2

Level 2 | Public equity securities

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 2 | Other equity interests

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3

1,739

1,687

21,652

Level 3 | Public equity securities

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Level 3 | Other equity interests

$ 0

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

$ 0

[1]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Share-based Compensation - Award Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
BMP
Units
Beginning Balance (in shares)	24	117
Granted (in shares)	0	0
Vested (in shares)	(24)	(68)
Forfeited (in shares)	0	(25)
Ending Balance (in shares)	0	24
Weighted Average Grant Date Fair Value per Unit
Beginning Balance (in dollars per share)	$ 10.67	$ 10.34
Granted (in dollars per share)	0	0
Vested (in dollars per share)	10.67	10.11
Forfeited (in dollars per share)	0	10.67
Ending Balance (in dollars per share)	$ 0	$ 10.67
RSU
Units
Beginning Balance (in shares)	24	3
Granted (in shares)	14	146
Vested (in shares)	(26)	(125)
Forfeited (in shares)	(11)	0
Ending Balance (in shares)	1	24
Weighted Average Grant Date Fair Value per Unit
Beginning Balance (in dollars per share)	$ 175.52	$ 3,003.76
Granted (in dollars per share)	0.96	18.64
Vested (in dollars per share)	71.04	54.48
Forfeited (in dollars per share)	78.24	0
Ending Balance (in dollars per share)	$ 1,802.24	$ 175.52

Equity - Common Units (Details) $ in Millions			12 Months Ended
Equity - Common Units (Details) $ in Millions	Nov. 12, 2024 USD ($)	Jun. 27, 2023 USD ($) shares	Mar. 31, 2026 USD ($) vote shares	Mar. 31, 2025 USD ($) shares
Standby Equity Purchase Agreement
Class of Stock [Line Items]
Standby equity purchase agreement, sale of stock \| $	$ 25.0	$ 250.0	$ 0.7	$ 7.9
Stand by equity purchase agreement, expiration period		36 months
Commitment fee \| $		$ 1.3
Standby equity purchase agreement, shares issued (in shares) \| shares		713	216,734	490,176
Class A
Class of Stock [Line Items]
Number of votes per share \| vote			1
Class B
Class of Stock [Line Items]
Number of votes per share \| vote			10

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Investments, at fair value | $

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Credit related losses not previously recognized	$ 0	$ 998
Allowance for insurance receivables	$ 3,400	$ 2,100
Minimum
Property, Plant and Equipment [Line Items]
Useful life of fixed assets	3 years
Minimum \| Internal-use software
Property, Plant and Equipment [Line Items]
Useful life of software assets	1 year
Maximum
Property, Plant and Equipment [Line Items]
Useful life of fixed assets	5 years
Maximum \| Internal-use software
Property, Plant and Equipment [Line Items]
Useful life of software assets	3 years

Fair Value Measurements - Significant Unobservable Units (Details) $ in Thousands	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,739	$ 1,687	$ 1,964
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,739	$ 1,687
Minimum \| Market Approach \| Level 3 \| Enterprise value-to-revenue multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.2	0.2
Maximum \| Market Approach \| Level 3 \| Enterprise value-to-revenue multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	18.9	18.9
Weighted Average \| Market Approach \| Level 3 \| Enterprise value-to-revenue multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	1.75	1.75

Understanding our Financial Statements and the Impact to the Common Shareholder - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenues	$ (39,125)	$ (7,943)
Provision for credit losses	1,048	1,000
Operating Segments \| Ben Liquidity
Segment Reporting Information [Line Items]
Total revenues	33,421	42,583
Provision for credit losses	0	0
Operating Segments \| Ben Custody
Segment Reporting Information [Line Items]
Total revenues	12,743	21,574
Provision for credit losses	1,047	0
Consolidating Eliminations
Segment Reporting Information [Line Items]
Total revenues	45,571	63,404
Provision for credit losses	71,907	40,693
Consolidating Eliminations \| Ben Liquidity
Segment Reporting Information [Line Items]
Provision for credit losses	71,907	38,886
Financing receivable, credit loss, insurance reimbursable receivables	1,300	800
Loan losses related to fee receivables	1,000	1,800
Loan losses related to notes receivable		1,000
Consolidating Eliminations \| Ben Custody
Segment Reporting Information [Line Items]
Provision for credit losses	$ 0	$ 1,807
Customer ExAlt Trusts
Segment Reporting Information [Line Items]
Recurring fee, percentage	2.80%
Minimum
Segment Reporting Information [Line Items]
Expected life	7 years
Minimum \| Customer ExAlt Trusts
Segment Reporting Information [Line Items]
Interest rate	5.00%
One time fee, percentage	1.00%
Maximum
Segment Reporting Information [Line Items]
Expected life	10 years
Maximum \| Customer ExAlt Trusts
Segment Reporting Information [Line Items]
Interest rate	14.00%
One time fee, percentage	7.00%

Understanding our Financial Statements and the Impact to the Common Shareholder - Disaggregated Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Operating income (loss)	$ (166,512)	$ (24,185)
Gain on liability resolution	1,996	23,462
Income tax expense (allocable to Ben and BCH equity holders)	(214)	(80)
Net loss attributable to noncontrolling interests - Ben	96,222	69,789
Noncontrolling interest guaranteed payment	(18,918)	(17,824)
Net income (loss) attributable to Beneficient common shareholders	(87,426)	51,162
Beneficient
Segment Reporting Information [Line Items]
Income tax expense (allocable to Ben and BCH equity holders)	(214)	(80)
Consolidated Entity, Excluding Consolidated VIE
Segment Reporting Information [Line Items]
Net loss attributable to noncontrolling interests - Ben	70,583	34,875
Corporate & Other
Segment Reporting Information [Line Items]
Operating income (loss)	(93,128)	10,243
Operating Segments \| Ben Liquidity
Segment Reporting Information [Line Items]
Operating income (loss)	(55,699)	(12,802)
Operating Segments \| Ben Custody
Segment Reporting Information [Line Items]
Operating income (loss)	$ 7,954	$ 13,288

Audit Information	12 Months Ended
Audit Information	Mar. 31, 2026
Audit Information [Abstract]
Auditor Firm ID	410
Auditor Name	WEAVER AND TIDWELL, L.L.P.
Auditor Location	San Antonio, Texas

Investments, at Fair Value - Narrative (Details)	12 Months Ended
Investments, at Fair Value - Narrative (Details)	Mar. 31, 2026 USD ($) investmentFund underlyingInvestment security	Mar. 31, 2025 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Income (loss) from equity method investments		$ (96,300,000)
Proceeds from limited partnership investments		51,500,000
Proceeds from equity method investment, distribution		12,100,000
Equity securities without readily determinable fair value, downward price adjustment, cumulative amount		49,500,000
Payments to acquire equity method investments		14,800,000
Noncontrolling interest, increase from subsidiary equity issuance		2,200,000
Alternative investment funds \| investmentFund	140
Underlying investments \| underlyingInvestment	397
Percent of underlying investments in private companies	98.00%
Unrealized gain (loss)	$ 100,000	(300,000)
Debt securities, available-for-sale, allowance for credit loss, period increase (decrease)	0	(1,000,000.0)
Other equity securities and interests	26,500,000	26,500,000
Equity impairment loss	$ 0	0
Number of securities with an upward adjustment \| security	1
Equity securities, cumulative upward adjustment	$ 10,800,000
Equity securities, upward adjustment	0	0
Other Public Companies \| Class A common stock, par value $0.001 per share
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of common stock	$ 4,500,000	$ 4,100,000

Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Financial liabilities:
Interest payable	$ 30,497	$ 19,360
Level 1 \| Carrying Amount
Financial assets:
Cash and cash equivalents	2,543	1,346
Financial liabilities:
Accounts payable and accrued expenses	63,788	100,345
Level 1 \| Estimated Fair Value
Financial assets:
Cash and cash equivalents	2,543	1,346
Financial liabilities:
Accounts payable and accrued expenses	63,788	100,345
Level 2 \| Carrying Amount
Financial assets:
Debt due to related parties, net	96,785	117,896
Level 2 \| Estimated Fair Value
Financial assets:
Debt due to related parties, net	$ 92,702	$ 109,550

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical)
$ in Thousands

Mar. 31, 2026

USD ($)

$ / shares

Mar. 31, 2025

USD ($)

$ / shares

$ 195,536

$ 291,371

Other assets, net (related party of $514 and $404) | $

9,127

49,144

^[1]

Accounts payable and accrued expenses (related party of $17,571 and $14,733) | $

63,788

100,345

^[1]

Other liabilities (related party of $30,497 and $19,360) | $

$ 176,651

$ 80,806

^[1]

Preferred stock, par value (in dollars per share) | $ / shares

$ 0.001

Preferred stock, shares authorized (in shares)

250,000,000

Treasury stock common units (in shares)

1,000

Series A preferred stock

Preferred stock, shares issued (in shares)

Preferred stock, shares outstanding (in shares)

Series B-1 preferred stock

Preferred stock, par value (in dollars per share) | $ / shares

$ 0.001

Preferred stock, shares authorized (in shares)

5,900,000

Preferred stock, shares issued (in shares)

1,831,343

363,125

Preferred stock, shares outstanding (in shares)

1,831,343

363,125

Common stock, par value (in dollars per share) | $ / shares

$ 0.001

Common stock, shares authorized (in shares)

625,000,000

Common stock, shares issued (in shares)

14,419,000

1,060,000

Common stock, shares outstanding (in shares)

14,418,000

1,059,000

Common stock, par value (in dollars per share) | $ / shares

$ 0.001

Common stock, shares authorized (in shares)

31,000

Common stock, shares issued (in shares)

30,000

Common stock, shares outstanding (in shares)

30,000

Investments, at fair value | $

$ 195,536

$ 291,371

^[1]

514

404

Accounts payable and accrued expenses (related party of $17,571 and $14,733) | $

17,571

14,733

Other liabilities (related party of $30,497 and $19,360) | $

30,497

19,360

Investments, at fair value | $

$ 0

$ 5

[1]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Investments, at Fair Value

12 Months Ended

Mar. 31, 2026

Investments [Abstract]

Investments, at Fair Value

Investments held by the Customer ExAlt Trusts are comprised of investments in alternative assets, public equity securities, debt securities, and other equity securities and interests (including those of a former related party). The composition of investments recorded at fair value held by the Customer ExAlt Trusts is included in the table below (in thousands):


	March 31, 2026			March 31, 2025

Alternative assets		$	162,824	$	259,113
Public equity securities		4,472		4,065
Debt securities available-for-sale		1,739		1,687
Other equity securities and interests		26,501		26,506
Total investments, at fair value		$	195,536	$	291,371

Investments in Alternative Assets held by the Customer ExAlt Trusts

The investments in alternative assets are held, either through direct ownership or through beneficial interests, by certain of the Customer ExAlt Trusts and consist primarily of limited partnership interests in various alternative investments, including private equity funds. These alternative investments are valued using NAV as a practical expedient. Changes in the NAV of these investments are recorded in investment income (loss), net in our consolidated statements of comprehensive income (loss). The investments in alternative assets provide the economic value that ultimately collateralizes the ExAlt Loans that Ben Liquidity originates with the Customer ExAlt Trusts in liquidity transactions and any associated fees due from the Customer ExAlt Trusts. The decrease in investments in alternative assets since March 31, 2025 of $96.3 million was principally related to the disposition of certain limited partnership interests for $51.5 million of proceeds, normal distributions on the investments of approximately $12.1 million and downward adjustments of NAV as reported by the investment managers or general partners or other fair value adjustments totaling $49.5 million, primarily related to asset sales activity, partially offset by approximately $14.8 million of new originations and $2.2 million of capital call contributions.

The NAV calculation reflects the most current report of NAV and other data received from firm/fund sponsors. If no such report has been received, Ben estimates NAV based upon the last NAV calculation reported by the investment manager and adjusts it for capital calls and distributions made in the intervening time frame. Ben also considers whether adjustments to the NAV are necessary, in certain circumstances, in which management is aware of specific material events, changes in market conditions, and other relevant factors that have affected the value of an investment during the period between the date of the most recent NAV calculation reported by the investment manager or sponsor and the measurement date. Public equity securities known to be owned within an alternative investment fund, based on the most recent information reported by the general partners, are marked to market using quoted market prices on the balance sheet reporting date.

The underlying interests in alternative assets are primarily limited partnership interests. The transfer of the investments in private equity funds generally requires the consent of the corresponding private equity fund manager, and the transfer of certain fund investments is subject to rights of first refusal or other preemptive rights, potentially further limiting the ExAlt PlanTM from transferring an investment in a private equity fund. The investments are not subject to redemption with the funds. Distributions from funds are received as the underlying investments are liquidated. Timing of liquidation is currently unknown.

Portfolio Information

Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of March 31, 2026 and 2025, is summarized below (in thousands):


	Alternative Investments Portfolio Summary
	March 31, 2026				March 31, 2025
Asset Class	Carrying Value		Unfunded Commitments		Carrying Value		Unfunded Commitments
Private Equity	$	80,685	$	25,975	$	120,008	$	34,252
Private Real Estate	6,300		1,650		6,454		2,777
Natural Resources	6,111		1,250		12,691		2,663
Venture Capital	60,021		1,183		109,361		1,324
Hedge Funds	3,332		—		3,931		245
Other(1)	6,375		376		6,668		383
Total	$	162,824	$	30,434	$	259,113	$	41,644

(1) “Other” includes earnouts, escrow, net other assets (liabilities), and private debt strategies.

As of March 31, 2026, the Customer ExAlt Trusts collectively had exposure to 140 professionally managed alternative asset investment funds, comprised of 397 underlying investments, 98 percent of which are investments in private companies.

Public Equity Securities

Investment in public equity securities primarily represents ownership by certain of the Customer ExAlt Trusts in public companies. These investments are carried at fair value, which is determined using quoted market prices. Any realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss). As of March 31, 2026 and 2025, the fair value of investments in public equity securities was $4.5 million and $4.1 million, respectively. Refer to Note 6 for a reconciliation of the gain (loss) on financial instruments, net for each of the periods presented herein.

Debt Securities Available-for-Sale

As of March 31, 2026 and 2025, investments in debt securities represent ownership in privately held debt securities. Investments in debt securities are classified and accounted for as available-for-sale, with unrealized gains and losses presented as a separate component of equity under the accumulated other comprehensive income (loss) line item.

The amortized cost, estimated fair value, and unrealized gains and losses on investments in debt securities classified as available-for-sale as of March 31, 2026 and 2025 are summarized as follows:


	March 31, 2026
(Dollars in thousands)	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Other debt securities	$	1,687	$	52	$	—	$	1,739
Total available-for-sale debt securities	$	1,687	$	52	$	—	$	1,739

	March 31, 2025
(Dollars in thousands)	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Other debt securities	$	2,685	$	—	$	(998)	$	1,687
Total available-for-sale debt securities	$	2,685	$	—	$	(998)	$	1,687

The table below indicates the length of time individual debt securities have been in a continuous loss position as of March 31, 2026 and 2025:


	March 31, 2026				March 31, 2025
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses



Other debt securities:
Less than twelve months	$	—	$	—	$	—	$	—
Twelve months or longer	—		—		1,687		998
Total available-for-sale debt securities with unrealized losses	$	—	$	—	$	1,687	$	998

The noncredit-related portion of the net unrealized gains of $0.1 million and losses of $0.3 million for the years ended March 31, 2026 and 2025, respectively, was recognized as a component of accumulated other comprehensive income (loss).

During the year ended March 31, 2026, the Company determined there was a no credit-related loss on its investment in debt securities available-for-sale. During the year ended March 31, 2025, the Company determined there was $1.0 million credit-related loss on its investment in debt securities available-for-sale.

The following table is a rollforward of credit-related losses recognized in earnings for the periods presented below:


	Year Ended March 31,
(Dollars in thousands)	2026		2025
Cumulative losses as of the beginning of period	$	32,288	$	31,290
Credit related losses not previously recognized	—		998
Increase in amounts previously recognized	—		—
Cumulative losses as of the end of period	$	32,288	$	32,288

The contractual maturities of available-for-sale debt securities as of March 31, 2026 and 2025 are as follows:


	March 31, 2026				March 31, 2025
(Dollars in thousands)	Amortized Cost Basis		Fair Value		Amortized Cost Basis		Fair Value
Due in one year or less	$	1,687	$	1,739	$	1,687	$	1,687

No fixed maturity	—		—		998		—
	$	1,687	$	1,739	$	2,685	$	1,687

Other Equity Securities and Interests

Ben and certain of the Customer ExAlt Trusts hold investments in equity securities of private companies measured based on quoted prices for similar assets in active markets, including those of the GWG Wind Down Trust (as defined herein). On August 1, 2023, GWG Holdings’ plan of reorganization was declared effective and our investments in its common stock and L Bonds (previously accounted for as public equity securities and available-for-sale debt securities, respectively) were then transferred to an investment in the GWG Holdings Wind Down Trust created as part of the approved plan of reorganization. The fair value of these equity interests was nominal as of both March 31, 2026 and 2025. Refer to Note 6 for a reconciliation of the gain (loss) on financial instruments, net for each of the periods presented herein.

Additionally, certain of the Customer ExAlt Trusts hold investments in equity securities that do not have a readily determinable fair value. These equity securities are measured using the measurement alternative for equity investments that do not have readily determinable fair values at cost, less impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. When observable price adjustments are identified, the inputs used are generally Level 2 inputs within the fair value hierarchy. The value of these equity securities was $26.5 million and $26.5 million as of March 31, 2026 and 2025, respectively. Refer to Note 6 for a reconciliation of the gain (loss) on financial instruments, net for each of the periods presented herein, which reflects any upward or downward adjustments to these equity securities for the periods presented herein. There were no impairments to these equity securities during the years ended March 31, 2026 and 2025. Additionally, through March 31, 2026, one security has cumulative upward adjustments of $10.8 million based upon observable price changes, which was based on a then recent equity offering and stock to stock transactions. The cumulative upward adjustments occurred in fiscal year 2023. No significant adjustments were made during the years ended March 31, 2026 and 2025.

Variable Interest Entities - VIE Financials (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Mar. 31, 2024

^[3]

Assets:

$ 2,543

$ 1,346

^[1]

195,536

291,371

9,127

49,144

^[1]

238,772

354,875

^[1]

Liabilities:

Accumulated other comprehensive income (loss)

63,788

100,345

^[1]

Other liabilities

176,651

80,806

^[1]

Total liabilities

337,532

299,274

^[1]

Equity:

Treasury stock

(3,444)

^[1]

Noncontrolling interests

24,733

132,076

^[1]

(2)

^[1]

Total equity (deficit)

(189,286)

^[2]

(34,925)

^[1],[3]

$ (192,118)

Revenues

(49,532)

(6,500)

9,774

(2,242)

(39,125)

(7,943)

1,048

1,000

21,054

23,235

8,708

11,529

127,387

16,242

Net income (loss) attributable to noncontrolling interests

(164,730)

(803)

(96,222)

(69,789)

Assets:

195,536

291,371

^[1]

Net income (loss) attributable to noncontrolling interests

(25,639)

(34,914)

Variable Interest Entity, Primary Beneficiary | Customer ExAlt Trusts

Assets:

2,186

717

195,536

291,371

264

378

197,986

292,466

Liabilities:

Accumulated other comprehensive income (loss)

3,026

3,107

Other liabilities

136

Total liabilities

3,162

3,202

Equity:

Treasury stock

(3,444)

Noncontrolling interests

(228,743)

(201,518)

(2)

Total equity (deficit)

(232,133)

(204,964)

Revenues

(49,532)

(6,500)

358

(1,776)

(49,174)

(8,274)

998

1,880

2,137

987

794

2,867

3,929

Net income (loss) attributable to noncontrolling interests

(52,041)

(12,203)

$ (25,639)

$ (34,914)

[1]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
[2]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
[3]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Other Assets and Other Liabilities - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 10, 2018	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Total principal and interest		$ 5,517	$ 5,517
Allowance for credit loss on receivables		5,517	5,517
Provision for credit losses		1,048	1,000
Interest commitments		1,802	1,542
2017-18 Exchange Trusts Interest Commitment
Related Party Transaction [Line Items]
Basis spread	3.95%
Percent of value of common units	30.00%
Interest commitments			19,200
Interest expense, operating and nonoperating		300	2,500
9.0% Promissory Note
Related Party Transaction [Line Items]
Promissory notes, principal balance		2,500
18% Promissory Note
Related Party Transaction [Line Items]
Promissory notes, principal balance			900
Loan Participation Transaction
Related Party Transaction [Line Items]
Upfront loan fee receivable		2,900	$ 2,900
Provision for credit losses		$ 1,000

Debt Due to Related Parties - Term Loan (Details)

1 Months Ended

12 Months Ended

Sep. 30, 2026

USD ($)

Mar. 10, 2026

USD ($)

Dec. 31, 2024

USD ($)

Dec. 07, 2024

USD ($)

Nov. 07, 2024

USD ($)

Oct. 07, 2024

USD ($)

Sep. 07, 2024

USD ($)

Aug. 16, 2024

USD ($)

Oct. 19, 2023

USD ($)

Apr. 30, 2026

USD ($)

Jan. 31, 2026

USD ($)

Mar. 31, 2026

USD ($)

Mar. 31, 2025

USD ($)

Oct. 19, 2026

Dec. 31, 2025

Issuance of equity in connection with recent financings

^[1]

$ 673,000

EP-00117 Custody Trust

Percentage of assets held in trust

15.40%

41.90%

Forecast | EP-00117 Custody Trust

Ownership interest

97.50%

Term Loan

Unamortized debt discount

$ 0

$ 900,000

Term Loan | Related Party

$ 1,700,000

Issuance of equity in connection with recent financings

149,904

$ 572,588

$ 94,365

$ 1,700,000

1,100,000

Issuance of equity in connection with recent financings

149,904

$ 572,588

Term Loan | Related Party | Forecast

$ 94,365,000

5 days

$ 1,000,000

Repayments of notes payable

$ 1,000,000

5 days

Term Loan | Term Loan

3 years

Debt service coverage ratio

$ 1,700,000

$ 25,000,000.0

2.00

Minimum Liquidity

4,000,000.0

Term Loan | Term Loan | Non-Refundable Fee of Aggregate Commitments

Term Loan | Term Loan | Interest Payment Rate, First Period

1.00%

Term Loan | Term Loan | Interest Payment Rate, Second Period

3.00%

Term Loan | Term Loan | Make Whole Payment, Interest Rate

2.00%

Term Loan | Term Loan | Related Party

3.00%

3 years

Term Loan | Term Loan | First Two Years

1,700,000

$ 25,000,000.0

$ 850,000

Term Loan | Term Loan | Third Year

Interest rate

6.50%

Amended Credit Agreement | Line of Credit

Interest rate

5.50%

Repayments of outstanding principal balance

$ 875,000

$ 200,000

Line of credit facility, required payment of minus

$ 500,000

[1]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Understanding our Financial Statements and the Impact to the Common Shareholder

12 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Understanding our Financial Statements and the Impact to the Common Shareholder

Ben’s current products and services, which are offered by the Ben Liquidity and Ben Custody business segments, involve or are principally offered to certain of the Customer ExAlt Trusts, which are consolidated VIEs solely for financial reporting purposes, and are not owned directly or indirectly by Ben or BCH equity holders. Transactions involving products and services between Ben’s operating subsidiaries and the Customer ExAlt Trusts are eliminated in the presentation of our consolidated financial statements. Thus, the consolidated financial statements reflect the (i) assets, liabilities, revenues, expenses, investment income and cash flows of Ben, including the Customer ExAlt Trusts, which hold the collateral for the ExAlt Loans, on a gross basis, and (ii) a portion of the economic interests of certain of the Customer ExAlt Trusts held by the residual beneficiaries that are attributed to noncontrolling interests in the accompanying consolidated financial statements.

As a result, Ben’s primary tangible assets reflected on its consolidated statements of financial condition are investments, mainly comprised of alternative assets held by the Customer ExAlt Trusts and the primary sources of revenue reflected on our consolidated statements of comprehensive income (loss) are investment income (loss), net, which represents changes in the net asset value (“NAV”) of these investments held by the Customer ExAlt Trusts, and gain (loss) on financial instruments, net, which represents changes in fair value of equity securities, convertible debt accounted for at fair value, a derivative liability, warrants liability and put options, primarily held by the Customer ExAlt Trusts. Such investment income (loss), net, and gain (loss) on financial instruments that are held by the Customer ExAlt Trusts is included in the net income (loss) allocated to noncontrolling interests – Customer ExAlt Trusts in the consolidated statement of comprehensive income (loss). The revenues and expenses recognized in these line items for the activities of the Customer ExAlt Trusts do not directly impact net income (loss) attributable to Ben’s or BCH’s equity holders.

Instead, the interest and fee income earned by Ben Liquidity and Ben Custody from the Customer ExAlt Trusts, which are eliminated in the presentation of our consolidated financial statements, directly impact the net income (loss) attributable to Ben’s and BCH’s equity holders. Our Ben Liquidity and Ben Custody business segments, which relate to our current operating subsidiaries, are owned by the Company’s equity holders (including those of BCH), and recognize revenue through (i) interest income on ExAlt Loans made to the Customer ExAlt Trusts in connection with our liquidity transactions for Customers with contractual interest rates between 5.0% and 14.0% per annum charged against the outstanding principal balance of the ExAlt Loan, (ii) fee income billed at closing, but recognized as revenue ratably over the expected life of the alternative asset, for each liquidity transaction with Customers for services including access to and use of the AltAccess Platform, transfer of the alternative assets, and delivery of the consideration to the client, with fee rates between 1.0% and 7.0% of the sum of the NAV and remaining unfunded commitment of the transacted alternative asset, and (iii) recurring fee income recognized each period for providing services including trustee, custody, and trust administration of the Customer ExAlt Trusts while they hold investments, with fee rates generally at 2.8% per annum of the sum of the NAV and remaining unfunded commitment of the alternative assets held. Ben Liquidity and Ben Custody revenue recognized for the fiscal years ended March 31, 2026 and 2025, is as follows:

a.Ben Liquidity recognized $33.4 million and $42.6 million, in interest income during the fiscal years ended March 31, 2026 and 2025, respectively.

b.Ben Custody recognized $12.7 million and $21.6 million, in trust services and administration revenues during the fiscal years ended March 31, 2026 and 2025, respectively, comprised of both the fee income billed at the closing of the transactions that is being amortized into revenue and the recurring fee income billed during the periods.

In addition, the Corporate/Other segment, which also relates to Ben or subsidiaries owned by the holders of equity in the Company (including BCH), may include fee revenue recognized through services provided to Customers or the Customer ExAlt Trusts through business lines not included within Ben Liquidity and Ben Custody.

Additionally, Ben Liquidity’s provision for loan losses is eliminated in the presentation of our consolidated financial statements but directly impacts the net income (loss) attributable to the various equity securities of Ben and BCH. Likewise, the amounts expensed by the Customer ExAlt Trusts for interest and fees owed to Ben’s operating subsidiaries are eliminated in the presentation of our consolidated financial statements but are recognized for purposes of the allocation of net income (loss) attributable to the beneficial owners of the Customer ExAlt Trusts.

As a result of the above along with the existing equity capital structure described in Note 13 for Beneficient and BCH, the net income (loss) of the Company can vary significantly from the net income (loss) attributable to the Beneficient common shareholders. The following table presents a reconciliation of operating income (loss) of our reportable segments, excluding the Customer ExAlt Trusts, to net income (loss) attributable to Beneficient’s common shareholders. This reconciliation serves to provide users of our financial statements an understanding and visual aide of the reportable segments that impact net income (loss) attributable to the common shareholders and reiterates that the consolidation of the Customer ExAlt Trusts has no impact on the net income (loss) attributable to Beneficient’s common shareholders.


	Year Ended March 31,
(in thousands)	2026		2025
Operating income (loss)*
Ben Liquidity	$	(55,699)	$	(12,802)
Ben Custody	7,954		13,288
Corporate & Other	(93,128)		10,243

Gain on liability resolution	1,996		23,462
Income tax expense (allocable to Ben and BCH equity holders)	(214)		(80)
Net loss attributable to noncontrolling interests - Ben	70,583		34,875
Noncontrolling interest guaranteed payment	(18,918)		(17,824)
Net income (loss) attributable to common shareholders	$	(87,426)	$	51,162

*Includes amounts eliminated in consolidation.

Significant Accounting Policies - Impacting Allocation of Net Income (Loss) to Beneficient’s Equity Holders

As described above, certain income and expenses involving transactions between Ben and the Customer ExAlt Trusts are eliminated for financial reporting purposes; however, the income or expenses are important to determine the net income (loss) allocable to Ben’s and BCH’s equity holders. Accounting policies related to the significant income and expense items eliminated in our consolidated financial statements but impacting the allocation of net income (loss) to Beneficient’s and BCH’s equity holders, are described below.

Revenues Eliminated In Consolidated Financial Statements

Interest Income

Interest income is generally comprised of contractual interest, interest recognized on certain of the ExAlt Loans through the effective yield method, and an amortized discount that is recognized ratably over the life of the ExAlt Loan. Contractual interest income is computed using either a variable rate or a fixed rate that compounds monthly.

As a result of the change-of-control event on December 31, 2019 and the resulting valuation performed under ASC 805, Ben’s existing loan portfolio composed of ExAlt Loans made to the Customer ExAlt Trusts was evaluated as of December 31, 2019 for credit deterioration based on the intentions of all parties that the income allocations provisions of Ben operate under U.S. GAAP as if the Customer ExAlt Trusts were not consolidated for financial reporting purposes. Further, as required under ASC 805, each loan between Ben and the Customer ExAlt Trusts was evaluated and classified as either purchased credit impaired (“PCI”) or non-purchased credit impaired (“non-PCI”). For PCI loans, expected cash flows as of the date of valuation in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of the future cash flows is reasonably estimable. Subsequently, increases in cash flows over those expected at the acquisition date are recognized prospectively as interest income. Decreases in expected cash flows due to credit deterioration are recognized by recording an allowance for loan loss. For non-PCI loans, the difference between the fair value and unpaid principal balance of the loan as of the date of valuation is amortized or accreted to interest income over the contractual life of the loans using the effective interest method. In the event of prepayment, the remaining unamortized amount is recognized in interest income, which is eliminated upon the consolidation of the Customer ExAlt Trusts for financial reporting purposes.

Non-interest Income

In accordance with ASC Topic 606, Revenue from Contracts with Customers, the Company recognizes revenues when it transfers promised goods or services to customers in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. ASC Topic 606 does not apply to revenue associated with financial instruments, including debt or equity securities accounted for under ASC Topic 320, ASC Topic 321 or ASC Topic 323. ASC Topic 606 applies to income such as up-front fees, trust services fees and administration fees. Ben’s income considered in-scope of ASC Topic 606 is discussed below.

Fiduciary financing, trust services and administration revenues include the following fees:

Upfront Fees

Non-refundable upfront fees are earned and recognized for setting up and providing the customer access to the ExAlt PlanTM. These activities do not transfer a separate promised service; therefore, they represent advanced payments for trust administration services. Upfront fees are billed at the origination of the liquidity transaction and are generally based on a percentage of NAV plus any unfunded capital commitments. Payment of the fees occurs in the first step of the waterfall allocation provision per the trust agreement. Upfront fees are deferred upon receipt and are recognized ratably over the period of benefit, which is generally consistent with estimated expected life of LiquidTrusts (typically seven to ten years).

Trust Administration Revenues

Trust administration fees are earned for providing administrative services to trustees for existing liquidity solution customers. The Company’s performance obligation under these agreements is satisfied over time as the administration and management services are provided. Fees are recognized monthly based upon the beginning of quarter (in advance) net asset value plus any remaining unfunded capital commitments and the applicable fee rate of the account as outlined in the agreement. Payment frequency is defined in the individual contracts, which primarily stipulate billings on a quarterly basis in advance.

Expenses Eliminated In Consolidated Financial Statements

Allowances for Loan Losses and related Provision

The ExAlt Loans’ allowance for credit losses is an input to the allocation of income (loss) to Ben’s or BCH’s equity holders.

On April 1, 2023, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) (“CECL”). CECL requires a company to estimate the credit losses expected over the life of a loan (or pool of loans). The allowance for credit losses is a valuation account that is deducted from, or added to, the loans’ amortized cost basis to present the net, lifetime amount expected to be collected on the loans. Credit losses are charged off against the allowance when management believes a loan balance is confirmed to be uncollectible. Expected recoveries can not exceed the aggregate of amounts previously charged off and expected to be charged off. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management analyzes the loans individually as the loans do not have similar risk characteristics.

Management estimates the allowance using relevant available information from internal and external sources related to past events, current conditions, and reasonable and supportable economic forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Ben currently does not have adequate historical loss data to provide a basis for the long-term loss information associated with its loans. As such, Ben uses alternative, long-term historical average credit loss data from Preqin, Ltd., a widely accepted commercial private equity database, in establishing the loss history as a proxy.

Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in credit concentrations, collateral values and underwriting standards as well as changes in economic conditions or other relevant factors. Management judgment is required at each point in the measurement process.

Ben uses the discounted cash flow (“DCF”) method to estimate expected credit losses for the loan portfolio. Ben generates cash flow projections at the loan level wherein payment expectations are adjusted for changes in market risk premiums, risk free rate, NAV growth rate, and discount rate. The inputs are based on historical data from Preqin, Ltd. and adjusted, if necessary, based on the reasonable and supportable forecast of economic conditions. To adjust, management utilizes externally developed forward-looking macroeconomic factors as indicators of future expected cash flows: S&P500 Index data and US 3-Month Treasury. The economic forecasts are applied over the cashflow projection period.

The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An allowance for credit loss is established for the difference between the instrument’s NPV and amortized cost basis.

The DCF model also considers the need to qualitatively adjust expected loss estimates for information not already captured in the quantitative loss estimation process. Qualitative considerations include limitations inherent in the quantitative model; trends experienced in nonperforming loans; changes in value of underlying collateral; changes in underwriting policies and procedures; nature and composition of loans; portfolio concentrations that may affect loss experience across one or more components or the portfolio; and the effect of external factors such as competition, legal and regulatory requirements. These qualitative factor adjustments may increase or decrease Ben’s estimate of expected credit losses so that the allowance for credit loss is reflective of the estimate of lifetime losses that exist in the loan portfolio at the balance sheet date.

Currently, management individually reviews all ExAlt Loans due to the low volume and non-homogenous nature of the current portfolio. Management relies heavily on statistical analysis, current NAV and distribution performance of the underlying alternative asset and industry trends related to alternative asset investments to estimate losses. Management evaluates the adequacy of the allowance by reviewing relevant internal and external factors that affect credit quality. The cash flows generated from the alternative asset interests supporting the collateral are the sole source of repayment of the ExAlt Loans and related interest. Ben recognizes any charge-off in the period in which it is determined, at which time impaired ExAlt Loans are written down to their estimated net present value.

Interest income for purposes of determining income allocations to Ben’s and BCH’s equity holders is adjusted for any allowance for credit losses, which were approximately $71.9 million and $38.9 million, for the years ended March 31, 2026 and 2025, respectively. The increase in the credit losses in the current year is principally driven by the reduction in NAV period over period, largely as a result of the asset sales completed in the current year (as described elsewhere in these notes to the consolidated financial statements). While asset sales proceeds resulted in loan payments, since the asset sales were largely completed at a discount to NAV, the loan payments were outpaced by the reduction in value of their collateral. Expected credit losses (recovery) on insurance reimbursable receivables was $1.3 million and $0.8 million for the years ended March 31, 2026 and 2025, respectively. During the year ended March 31, 2026, the Company recorded additional credit losses related to fee receivables of $1.0 million. During the year ended March 31, 2025, the Company recorded additional credit losses related to fee receivables of $1.8 million and available-for-sale debt securities of $1.0 million.

Net Income (Loss) per Share - Schedule of Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to Beneficient common shareholders - Basic	$ (18,286)	$ 51,162
Less: Net income (loss) attributable to noncontrolling interests - Ben	(96,222)	(69,789)
Less: Net (income) loss to participating securities		0
Plus: Noncontrolling interest guaranteed payment	18,918	17,824
Net income (loss) attributable to Beneficient common shareholders - Diluted		$ 34,111
Series B Preferred Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect (in shares)		81,116
Class S Ordinary
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect (in shares)		8,373
Class S Preferred
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect (in shares)		76
Preferred Series A Subclass 0
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect (in shares)		15,460,389
BCH Preferred Series A-1
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect (in shares)		49,753,565
Restricted Stock Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect (in shares)		71,334
Common Class A and B
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Basic weighted average of common shares outstanding (Class A and Class B) (in shares)		733,298
Diluted weighted average of common shares outstanding (Class A and Class B) (in shares)		66,108,151
Diluted net income (loss) attributable to Beneficient per common share (Class A and Class B) (in dollars per share)		$ 0.52
Consolidated Entity, Excluding Consolidated VIE
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Less: Net income (loss) attributable to noncontrolling interests - Ben	$ (70,583)	$ (34,875)

Share-based Compensation

12 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

As of March 31, 2026 and 2025, the Company has outstanding share-based awards under the Beneficient Management Partners, L.P. (“BMP”) Equity Incentive Plan (the “BMP Equity Incentive Plan”), and the Beneficient 2023 Long Term Incentive Plan (the “2023 Incentive Plan”), as more fully described below.

On April 18, 2024, the Company effected the 2024 Reverse Stock Split and, on December 15, 2025, the Company effected the 2025 Reverse Stock Split. All outstanding stock options, restricted stock units and restricted equity units, as well as the Company’s equity incentive plans have been retroactively adjusted to reflect the 2024 Reverse Stock Split and the 2025 Reverse Stock Split.

BMP Equity Incentive Plan

The Board of Directors of Ben Management, Ben’s general partner prior to the Conversion, adopted the BMP Equity Incentive Plan in 2019. Under the BMP Equity Incentive Plan, certain directors and employees of Ben are eligible to receive equity units in BMP, an entity affiliated with the Board of Directors of Ben Management, in return for their services to Ben. The BMP equity units eligible to be awarded to employees is comprised of BMP’s Class A Units and/or BMP’s Class B Units (collectively, the “BMP Equity Units”). As of March 31, 2026, the Board has authorized the issuance of up to 119,000,000 units each of the BMP Equity Units. All awards are classified in equity upon issuance.

The BMP Equity Units include awards that fully vest upon grant and awards that are subject to service-based vesting of a four-year period from the date of hire. Expense associated with the vesting of these awards is based on the fair value of the BMP Equity Units on the date of grant. Compensation cost is recognized for the granted awards on a straight-line basis using the graded vesting method, and forfeitures are accounted for at the time that such forfeitures occur. Expense recognized for these awards is specially allocated to certain holders of redeemable noncontrolling interests.

The fair value of the BMP Equity Units has been determined on the grant-date using a probability-weighted discounted cash flow analysis. This fair value measurement was based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The resultant probability-weighted cash flows are then discounted using a rate that reflects the uncertainty surrounding the expected outcomes, which the Company believed was appropriate and representative of a market participant assumption, and for lack of marketability given the underlying units of the awards are not publicly traded.

There were no BMP Equity Units granted during the years ended March 31, 2026 and 2025.

2018 Ben Equity Incentive Plan

The Ben Equity Incentive Plan was adopted in September 2018 (the “2018 Ben Equity Incentive Plan”). Under the 2018 Ben Equity Incentive Plan, Ben was permitted to grant equity awards in the form of restricted equity units (“REUs”) up to a maximum of 20,018, representing ownership interests in BCG Common Units. Effective as of the Conversion, the Company assumed obligations under the outstanding REUs under the 2018 Ben Equity Incentive Plan and agreed to issue shares of Class A common stock upon settlement of such outstanding REUs. Settled awards under the 2018 Ben Equity Incentive Plan dilute BCG’s Common Unitholders. The total number of BCG Common Units that were issuable under the 2018 Ben Equity

Incentive Plan was equivalent to 15% of the number of fully diluted BCG Common Units outstanding, subject to annual adjustment. All awards were classified in equity upon issuance. Following the Business Combination, no additional awards may be issued under the 2018 Equity Incentive Plan and all outstanding awards are settleable at a ratio of 1.25 shares of the Class A common stock for each restricted equity unit.

During the third calendar quarter of 2020, 805 units were granted to a director subject to a performance condition. The originally granted units were increased at a rate of one-to-1.25 units, or by 201 units, upon public listing and effectiveness of the 2023 Incentive Plan. The performance condition was met upon public listing in June 2023 and expense for vested units was recognized in June of 2023 in the amount of $5.2 million. The recognition of the remaining compensation cost was recognized over the remaining vesting period. Total recognized compensation cost related to these awards for the years ended March 31, 2026 and 2025 was approximately nil and $0.3 million, respectively. All compensation cost related to this award was recognized by September 30, 2024.

2023 Incentive Plan

On June 6, 2023, the Company’s Board adopted the 2023 Incentive Plan, which was approved by the Company’s stockholders. Effective March 27, 2026, the 2023 Incentive Plan was amended pursuant to approval by the Company’s stockholders. Under the 2023 Incentive Plan, as amended, Ben is permitted to grant equity awards in the form of restricted stock units (“RSUs”), stock options, and other types of awards. Subject to certain adjustments, the aggregate number of shares of Class A common stock expected to be issuable under the 2023 Incentive Plan in respect of awards will be equal to the lesser of (i) 200,000,000 shares, and (ii) 1,000,000 shares plus 15% of the total number of shares issued and outstanding or then issuable upon the conversion of outstanding securities of the Company or its subsidiaries, subject to quarterly adjustment. Settled awards under the 2023 Incentive Plan dilute common stockholders. All awards are classified in equity upon issuance.

Awards are generally subject to service-based vesting over a multi-year period from the recipient’s grant date, though some awards may fully vest upon grant date, or be subject to performance conditions. While providing services to Ben, if applicable, certain of these awards are subject to minimum retained ownership rules requiring the award recipient to continuously hold RSUs equal to at least 15% of their cumulatively granted awards.

During fiscal 2025, the Company granted two directors (i) each 12,500 stock options, each with an exercise price of $9.84 and $6.56 per share of Class A common stock, which vest ratably over two years, and (ii) 17,276 and 25,914 RSUs, which vest ratably over one year. The stock options have a grant date fair value of $7.76 and $6.24, calculated using a Black Scholes option pricing model. As of March 31, 2026, all 25,000 stock options are outstanding, of which 18,750 have vested.

During the year ended March 31, 2025, 102,202 RSUs were awarded to certain employees of the Company, which fully vested on the date of grant. The Company expensed the full grant date fair value of the RSUs of approximately $2.4 million during the year ended March 31, 2025.

No other grants of RSUs or other awards occurred during the year ended March 31, 2026 or 2025 under the 2023 Incentive Plan, other than to certain employees as part of their commission compensation described below.

Commissions

Certain of our employees’ commission compensation is paid in the form of common stock. Such shares granted to employees are subject to service-based vesting conditions over a multi-year period from the recipient’s grant date. For any awards granted through June 8, 2023 were also subject to a performance condition, which was met on June 8, 2023 when Ben became publicly listed. Awards issued as part of the certain of our employees’ commission compensation after June 8, 2023 do not contain a performance condition. Awards as part of employees’ commission compensation for the years ended March 31, 2026 and 2025 have not been significant.

The following table summarizes the unvested award activity, in units, for the BMP and Ben Equity Incentive Plans during the years ended March 31, 2026 and 2025:


	BMP			RSU
(units in thousands)	Units	Weighted Average Grant Date Fair Value per Unit		Units	Weighted Average Grant Date Fair Value per Unit
Balance, March 31, 2024	117	$	10.34	3	$	3,003.76
Granted during the period	—	—		146	18.64
Vested during the period	(68)	10.11		(125)	54.48
Forfeited during the period	(25)	10.67		—	—
Balance, March 31, 2025	24	$	10.67	24	$	175.52
Granted during the period	—	—		14	0.96
Vested during the period	(24)	10.67		(26)	71.04
Forfeited during the period	—	—		(11)	78.24
Balance, March 31, 2026	—	$	—	1	$	1,802.24


	Year Ended March 31,
(dollars in thousands)	2026		2025
BMP equity units	$	151	$	383
Restricted stock units	1,391		5,132

Other	87		134
Total share-based compensation	$	1,629	$	5,649

Unrecognized share-based compensation expense totaled $0.9 million as of March 31, 2026, which we expect to recognize based on scheduled vesting of awards outstanding at March 31, 2026. The following table presents the share-based compensation expense expected to be recognized over the next five fiscal years ending March 31 for awards outstanding as of March 31, 2026:


(dollars in thousands)	BMP		RSU		Total
2027	$	—	$	608	$	608
2028	—		252		252
2029	—		—		—
2030	—		—		—
2031	—		—		—
Total	$	—	$	860	$	860
Weighted-average period to be recognized	—		1.41

Investments, at Fair Value - Continuous Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value, Total available-for-sale debt securities with unrealized losses	$ 0	$ 1,687
Unrealized Losses, Total available-for-sale debt securities with unrealized losses	0	998
Other debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value, Less than twelve months	0	0
Fair Value, Twelve months or longer	0	1,687
Unrealized Losses, Less than twelve months	0	0
Unrealized Losses, Twelve months or longer	$ 0	$ 998

Understanding our Financial Statements and the Impact to the Common Shareholder (Tables)

12 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Segment Reporting Information, by Segment


	Year Ended March 31,
(in thousands)	2026		2025
Operating income (loss)*
Ben Liquidity	$	(55,699)	$	(12,802)
Ben Custody	7,954		13,288
Corporate & Other	(93,128)		10,243

Gain on liability resolution	1,996		23,462
Income tax expense (allocable to Ben and BCH equity holders)	(214)		(80)
Net loss attributable to noncontrolling interests - Ben	70,583		34,875
Noncontrolling interest guaranteed payment	(18,918)		(17,824)
Net income (loss) attributable to common shareholders	$	(87,426)	$	51,162

*Includes amounts eliminated in consolidation.

The following tables include the results of each of the Company’s reportable segments reconciled to the consolidated financial statements (in thousands):


	Year Ended March 31, 2026
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment income (loss), net	$	—	$	—	$	(49,532)	$	—	$	—	$	(49,532)
Gain (loss) on financial instruments, net	—		—		358		9,416		—		9,774
Interest and dividend income	—		—		—		40		—		40
Trust services and administration revenues	—		593		—		—		—		593


Intersegment revenues
Interest income	33,421		—		—		—		(33,421)		—
Trust services and administration revenues	—		12,150		—		—		(12,150)		—
Total revenues	33,421		12,743		(49,174)		9,456		(45,571)		(39,125)

External expenses
Employee compensation and benefits	1,597		2,473		—		7,775		—		11,845
Interest expense	13,466		—		—		5,335		—		18,801
Professional services	1,296		527		1,880		17,351		—		21,054
Provision for credit losses	—		1,047		—		1		—		1,048
Loss on impairment of goodwill and intangible assets	—		—		—		3,100		—		3,100
Accrual (release) of loss contingency related to arbitration award	—		—		—		62,831		—		62,831
Other expenses	854		742		921		6,191		—		8,708

Intersegment expenses
Interest expense	—		—		150,983		—		(150,983)		—
Provision for loan losses	71,907		—		—		—		(71,907)		—
Other expenses	—		—		11,548		—		(11,548)		—
Total expenses	89,120		4,789		165,332		102,584		(234,438)		127,387

Operating income (loss)	$	(55,699)	$	7,954	$	(214,506)	$	(93,128)	$	188,867	$	(166,512)

	As of March 31, 2026
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	169,684	$	—	$	—	$	—	$	(169,684)	$	—
Investments, at fair value	—		—		195,536		—		—		195,536
Other assets	464		20,829		15,542		33,110		(36,623)		33,322
Goodwill and intangible assets, net	—		7,469		—		2,445		—		9,914
Total Assets	$	170,148	$	28,298	$	211,078	$	35,555	$	(206,307)	$	238,772


	Year Ended March 31, 2025
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment income (loss), net	$	—	$	—	$	(6,500)	$	—	$	—	$	(6,500)
Gain (loss) on financial instruments, net	—		—		(1,776)		(466)		—		(2,242)
Interest and dividend income	—		—		—		44		—		44
Trust services and administration revenues	—		753		—		—		—		753
Other income	—		—		2		—		—		2

Intersegment revenues
Interest income	42,583		—		—		—		(42,583)		—
Trust services and administration revenues	—		20,821		—		—		(20,821)		—
Total revenues	42,583		21,574		(8,274)		(422)		(63,404)		(7,943)

External expenses
Employee compensation and benefits	1,436		1,597		—		13,818		—		16,851
Interest expense	12,406		—		—		2,502		—		14,908
Professional services	1,086		651		2,137		19,361		—		23,235
Provision for credit losses	—		—		998		2		—		1,000
Loss on impairment of goodwill and intangible assets	—		3,427		—		265		—		3,692
Accrual (release) of loss contingency related to arbitration award	—		—		—		(54,973)		—		(54,973)
Other expenses	1,571		804		794		8,360		—		11,529

Intersegment expenses
Interest expense	—		—		142,543		—		(142,543)		—
Provision for loan losses	38,886		1,807		—		—		(40,693)		—
Other expenses	—		—		13,681		—		(13,681)		—
Total expenses	55,385		8,286		160,153		(10,665)		(196,917)		16,242

Operating income (loss)	$	(12,802)	$	13,288	$	(168,427)	$	10,243	$	133,513	$	(24,185)

	As of March 31, 2025
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	244,070	$	—	$	—	$	—	$	(244,070)	$	—
Investments, at fair value	—		—		291,371		—		—		291,371
Other assets	859		19,339		16,328		45,209		(31,245)		50,490
Goodwill and intangible assets, net	—		7,469		—		5,545		—		13,014
Total Assets	$	244,929	$	26,808	$	307,699	$	50,754	$	(275,315)	$	354,875

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Mar. 31, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Other Assets and Other Liabilities - Other Liabilities (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Mar. 31, 2025

Accrued BCH Preferred A-0 guaranteed payment (Note 13)

$ 75,154

$ 56,425

Accrued loss contingency on arbitration award, including post-judgment interest (Note 20)

67,895

Accrued interest on debt due to related parties (Note 16)

30,497

19,360

Interest commitments

1,802

1,542

Deferred tax liability (Note 15)

210

Deferred upfront fees

2,242

Other

1,093

1,157

Total Other liabilities

$ 176,651

$ 80,806

^[1]

[1]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Amount of liabilities classified as other.

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Investments, at Fair Value - Amortized Cost vs Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	$ 1,687	$ 2,685
Gross Unrealized Gains	52	0
Gross Unrealized Losses	0	(998)
Fair Value	1,739	1,687
Other debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	1,687	2,685
Gross Unrealized Gains	52	0
Gross Unrealized Losses	0	(998)
Fair Value	$ 1,739	$ 1,687

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Beginning balance, preferred (in shares) at Mar. 31, 2024

Debt Due to Related Parties - Maturities of Long-term Debt (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Debt Disclosure [Abstract]
2027	$ 96,652
2028	0
2029	0
2030	0
2031	$ 0

Overview of the Business	12 Months Ended
Overview of the Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview of the Business	Overview of the Business Legal Structure Beneficient, a Nevada corporation, is a technology-enabled financial services holding company (including its subsidiaries, but excluding its noncontrolling interest holders, collectively, “Ben,” “our,” “the Company,” or “we”) that provides simple, rapid, cost-effective liquidity solutions and trust products and services to participants in the alternative assets industry through its end-to-end online platform, Ben AltAccess (as defined below) but presently no longer publicly accessible as its being re-engineered to better meet the needs of our Customers. Prior to the conversion described below, Beneficient Management, L.L.C. (“Ben Management”), a Delaware limited liability company, was Ben’s general partner and Ben was controlled by, and the exclusive and complete authority to manage the operations and affairs of Ben was granted to, Ben Management’s Board of Directors. On June 6, 2023, the Company converted from a Delaware limited partnership to a Nevada corporation and changed its corporate name from “The Beneficient Company Group, L.P.” (“BCG”) to “Beneficient” (the “Conversion”). On June 6, 2023, following the BCG Recapitalization (as defined in Note 4) and the Conversion, the Company, as the sole member of Beneficient Company Group, L.L.C. (“Ben LLC”), adopted the First Amended and Restated Limited Liability Company Agreement of Ben LLC (the “Ben LLC A&R LLCA”), which establishes managing member interests and non-managing members interests, referred to as the Class A Units of Ben LLC. Beneficient is designated as the sole managing member. After the adoption of the Ben LLC A&R LLCA, Beneficient contributed to Ben LLC all of the limited partnership interests and general partnership interests of Beneficient Company Holdings, L.P. (“BCH”) held by Beneficient (the “Contribution”), and Ben LLC became the general partner of BCH and the holder of 100% of the outstanding Class A Units of BCH. On June 7, 2023, in accordance with the Business Combination Agreement, dated September 21, 2022 and amended April 18, 2023, with Avalon Acquisition, Inc. (“Avalon”), (the “Business Combination Agreement,” and the transactions contemplated thereby, collectively, the “Business Combination”), the Company completed its previously announced de-SPAC merger transaction (the “Transaction”) with Avalon. On June 8, 2023, Beneficient began trading on the Nasdaq Global Market. See Note 4 for additional disclosures related to the Conversion and Transaction. BCH is a Delaware limited partnership formed on July 1, 2010. As of March 31, 2026, BCH is primarily a holding company that directly or indirectly receives all active and passive income of the Company and allocates that income among the partnership interests issued by BCH. As of March 31, 2026, BCH has issued and outstanding general partnership Subclass 1 Class A Units (“BCH Class A Units”), Class S Ordinary Units of BCH (the “BCH Class S Ordinary Units”), Class S Preferred Units of BCH (the “BCH Class S Preferred Units”), FLP Unit Accounts (Subclass 1, Subclass 2, and Subclass 3), Preferred Series A Subclass 0 Unit Accounts (“BCH Preferred A-0”), and Preferred Series A Subclass 1 Unit Accounts (“BCH Preferred A-1”). Business Overview Ben markets an array of liquidity solutions and related trustee, custody and trust administration services to participants in the alternative asset industry, with a focus on mid-to-high net worth (“MHNW”) individual investors (generally those with a net worth of $5.0 million to $30.0 million), small-to-midsize institutional (“STMI”) investors, family offices (“FAMOs”) and fund general partners and sponsors (“GPs” and together with MHNW individuals, STMI investors and FAMOs, “Customers”). Ben provides Customers seeking an early exit from their alternative asset investments a suite of bespoke liquidity solutions for their otherwise illiquid alternative asset investments through a proprietary financing and trust structure, which we implement for our Customers (we refer to such trusts collectively as the “Customer ExAlt Trusts”). We plan to offer comprehensive alternative asset trust and custody services, and novel insurance products covering risks attendant to owning, managing and transferring alternative assets, and additional broker-dealer services in connection with our liquidity products and services. Ben’s primary operations, which commenced on September 1, 2017, relate to its liquidity and trust administration products and services. Ben offers or plans to offer its products and services through its operating subsidiaries, which include: (i) Ben AltAccess, L.L.C., a Delaware limited liability company (“Ben AltAccess”), which has historically offered an online platform designed to provide a digital experience for Customers seeking liquidity, custody, trust and data services for their alternative assets, (ii) Ben Liquidity, L.L.C., a Delaware limited liability company, and its subsidiaries (collectively, “Ben Liquidity”), which offers liquidity products, (iii) Ben Custody, L.L.C., a Delaware limited liability company, and its subsidiaries (collectively, “Ben Custody”), which provides services for private fund, trustee, and trust administration, (iv) Ben Data, L.L.C., a Delaware limited liability company (“Ben Data”), which provides data analytics and evaluation services, (v) Ben Markets L.L.C., including its subsidiaries (“Ben Markets”), provides broker-dealer services and transfer agency services in connection with offering Ben’s products and services, and (vi) Ben Insurance, L.L.C., including its subsidiaries (“Ben Insurance Services”), which intends to offer insurance products and services covering risks attendant to owning, managing and transferring alternative assets when, and if, an applicable insurance charter is obtained. Ben serves as trustee of certain of the Customer ExAlt Trusts, which operate for the benefit of the Charities (defined below) and Economic Growth Zones (defined below). Ben Liquidity offers simple, rapid and cost-effective liquidity products to its Customers through the use of the Customer ExAlt Trusts, which facilitate the exchange of a Customer’s alternative assets for consideration using a proprietary financing and trust structure (such structure and related process, the “ExAlt PlanTM”). In ExAlt PlanTM financings, a subsidiary of Ben Liquidity, Beneficient Fiduciary Financial, L.L.C. (“BFF”), a Kansas based trust company that provides fiduciary financing to fidfin trusts, makes fiduciary loans (each, an “ExAlt Loan”) to certain of the Customer ExAlt Trusts, which in turn employ a portion of the loan proceeds to acquire and deliver agreed upon consideration to the Customer, in exchange for their alternative assets. BFF is registered as a chartered Kansas Technology Enabled Fiduciary Financial Institution (“TEFFI”) under the Technology-Enabled Fiduciary Financial Institution Act (the “TEFFI Act”) and regulated by the Kansas Office of the State Bank Commissioner (“OSBC”). Only BFF, our subsidiary, is regulated by the OSBC. The OSBC does not regulate the entirety of Ben. Ben Liquidity generates interest and fee income earned in connection with the ExAlt Loans, which are collateralized by a portion of the cash flows from the exchanged alternative assets, then owned by Customer ExAlt Trusts (the “Collateral”). The ExAlt Loans are eliminated upon consolidation of the Customer ExAlt Trusts solely for financial reporting purposes. Under the applicable trust and other agreements, certain Texas and Kansas charities are the ultimate beneficiaries of the Customer ExAlt Trusts (which we refer to as “Charities” or “Economic Growth Zones” respectively, and collectively, the “Charitable Beneficiaries”), and their interests are reported as noncontrolling interests in our consolidated financial statements. The TEFFI Act requires that two and a half percent (2.5%) of the cash distributions from alternative assets serving as collateral to Ben Liquidity loans be charitably contributed by certain of the Customer ExAlt Trusts to a designated Kansas Economic Growth Zone. Accordingly, for ExAlt Loans originated on or after December 7, 2021, Economic Growth Zones are paid $0.025 for every $1.00 received by an ExAlt Trust from the corresponding alternative assets. For ExAlt Loans originated prior to December 7, 2021, in accordance with the terms of the applicable trust and other agreements, the Charitable Beneficiaries of the Customer ExAlt Trusts formed prior to such date, are paid $0.05 for every $0.95 paid to the applicable ExAlt Loan lender. Ben Custody currently provides full-service trust and custody administration services to the trustees (including BFF) of certain of the Customer ExAlt Trusts, which own the exchanged alternative assets following liquidity transactions in exchange for fees payable quarterly. The Customer ExAlt Trusts’ distributions on its alternative assets support the repayment of the ExAlt Loans plus any related interest and fees. Since Ben consolidates the Customer ExAlt Trusts, Ben Liquidity’s ExAlt Loans and related interest and fee income and provision for credit losses and Ben Custody’s fee income are eliminated in the presentation of our consolidated financial statements solely for financial reporting purposes; however, such amounts directly impact the allocation of income (loss) to Ben’s or BCH’s equity holders. Likewise, the amounts expensed by the Customer ExAlt Trusts for interest and fees owed to Ben’s operating subsidiaries are eliminated in the presentation of our consolidated financial statements, but are recognized for purposes of the allocation of income (loss) to the beneficial owners of the Customer ExAlt Trusts. Refer to Note 3 for additional information. Ben’s existing and planned products and services are designed to be delivered digitally and provide liquidity, trust and custody solutions, data analytics and news, support the tax and estate planning objectives of its Customers, facilitate asset diversification and provide administrative management and reporting solutions tailored to the goals of investors of alternative investments. While Ben’s financial products and services are presently offered through Ben Liquidity and Ben Custody, Ben plans to expand its capabilities under Ben Custody and provide additional products and services through Ben Insurance Services and Ben Markets in the future. Ben Insurance Services, through two subsidiaries, PEN Indemnity Insurance Company, Ltd. (“PEN”), which has been chartered as a Bermuda based insurance company, and Beneficient Insurance Company, L.L.C. (“BIC”), an entity through which the Company intends to apply to become a Kansas captive property and casualty insurer, plans to offer to affiliated Customer ExAlt Trusts certain customized insurance products and services covering risks relating to owning, managing and transferring alternative assets. Our prior application for an insurance charter with the Commissioner of Insurance of the State of Kansas was voluntarily withdrawn on August, 8, 2025, but we intend to resubmit the application in the future. The Company has also decided to not seek approval from the Bermuda authorities for PEN to become operational. The Company is in the process of dissolving the relevant Bermuda entities. Ben Markets, through one of its subsidiaries, Ben Markets Management Holdings, L.P., received regulatory approval to acquire, and subsequently acquired, a captive registered broker-dealer, Beneficient Securities Company, L.P., an entity that will conduct its activities attendant to offering a suite of products and services from the Ben family of companies. Ben Markets, through another of its subsidiaries, Beneficient Transfer & Clearing Company, L.L.C., also received regulatory approval from the SEC on June 24, 2022 to operate as a registered transfer agent with respect to its securities, and intends to provide various services for Customers transacting with Ben, including the Customer ExAlt Trusts. As discussed further in Note 3, certain of our operating subsidiary products and services involve or are offered to certain of the Customer ExAlt Trusts, which are consolidated subsidiaries of Ben solely for financial reporting purposes, and therefore transactions between our operating subsidiaries and the Customer ExAlt Trusts are eliminated in the presentation of our consolidated financial statements. Liquidity and Going Concern The Company's consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of March 31, 2026, we had unrestricted cash and cash equivalents of $2.5 million. Besides the unrestricted cash and cash equivalents, the Company’s principal sources of liquidity available to meet its contractual obligations are proceeds on ExAlt Loan payments and fee income derived from distributions, including sales proceeds from dispositions, on investments held by the Customer ExAlt Trusts and potential access to capital under the Amended and Restated Standby Equity Purchase Agreement (the “A&R SEPA”) with YA II PN, Ltd. (“Yorkville”), however, our ability to access the cash distributions from the Customer ExAlt Trusts’ alternative asset portfolio is limited by the terms of the ExAlt Loans from Ben Liquidity to the Customer ExAlt Trusts and our ability to access proceeds from A&R SEPA is subject to market conditions, such as trading volume, price of our Class A common stock and other factors beyond our control. We have historically generated net losses and, in aggregate, these net losses have resulted in an accumulated deficit of $2.1 billion as of March 31, 2026. As of May 31, 2026, we had unrestricted cash and cash equivalents of approximately $2.7 million. Our contractual obligations over the next 12 months include scheduled maturities of outstanding related party borrowings of approximately $96.7 million as of March 31, 2026 (as noted elsewhere, the HH-BDH Credit Agreement borrowings were repaid in January 2026, though approximately $1.1 million of interest and fees remaining outstanding as of March 31, 2026). As discussed in Note 11, on July 30, 2025, we were notified of events of default under the HCLP Loan Agreement. The HCLP Loan purportedly matured on April 14, 2025, at which time the related party debt and accrued interest became due and payable immediately (approximately $94.4 million (including an unamortized premium thereon) of debt outstanding and unpaid interest of $29.5 million as of March 31, 2026). The Company is evaluating the validity of its obligations under the HCLP Loan Agreement and the liens securing the HCLP Loan in light of credible evidence that Mr. Heppner, our former CEO, participated in fabricating and delivering fake documents to the Company regarding his and others’ relationships to HCLP, among other items. On November 4, 2025, Mr. Heppner was indicted by the United States Southern District of New York charging Mr. Heppner with various counts comprised of securities fraud, wire fraud, conspiracy to commit securities fraud and wire fraud, false statements to auditors, and falsification of records. On May 7, 2026, Mr. Heppner was convicted of securities fraud, wire fraud, conspiracy to commit securities fraud and wire fraud, and false statements to auditors. Our obligations including principal, accrued interest and fees under these related party debt instruments as of March 31, 2026 was approximately $125 million. Finally, as discussed in Note 20, on October 10, 2025, the Texas Fifth Court of Appeals reversed the judgment of the Texas District Court and confirmed a previous equity arbitration award that amounted to $62.8 million in compensatory damages. Interest continues to accrue each quarter at 10.5% until settled. With post-judgment interest, the amount of the Arbitration Award is approximately $67.9 million as of March 31, 2026. All of these conditions raised substantial doubt about the Company’s ability to continue as a going concern within one year after the date of issuance. We expect the Company will require additional capital to satisfy our obligations and fund our operations for the next twelve months, which will likely be achieved through the issuance of additional debt or equity, including through the A&R SEPA, and the monetization of certain of the investments held by the Customer ExAlt Trusts. We continue to evaluate our available options with respect to the arbitration award, which may include appealing to the Texas Supreme Court or working with the claimant on settlement terms that could reduce the potential near term cash obligations associated with the arbitration. There can be no assurance that we will be able to reach a settlement on terms that are favorable to us or not all. Also, we intend to potentially seek additional financings with either our current lenders or other lenders, and continue to seek opportunities to reduce corporate overhead; however, we cannot conclude these are probable of being implemented or, if probable of being implemented, being in sufficient enough amounts to satisfy our contractual amounts as they presently exist that are coming due over the next 12 months as of the date of the filing of these financial statements with the SEC. On June 27, 2023, we entered into that certain Standby Equity Purchase Agreement (the “2023 SEPA”), whereby we had the right, but not the obligation, to sell to Yorkville up to $250.0 million of shares of the Company’s common stock. On June 20, 2024, the Company obtained stockholder approval pursuant to Nasdaq Listing Rule 5635(d) for the issuance of shares of Class A common stock to Yorkville in excess of 19.9% of the outstanding voting Common Stock as of the date of the 2023 SEPA. As a result, the Company could issue up to an aggregate of approximately $246.1 million worth of shares of Class A common stock following registration with the SEC, which occurred on November 12, 2024 and was declared effective on January 2, 2026. As of March 31, 2026, approximately $240.3 million worth of shares of Class A common stock remains available under the terms of the 2023 SEPA. However, the decision regarding future sale of shares, including those under the A&R SEPA, is subject to market conditions, such as trading volume, price of our Class A common stock and other factors beyond our control. For the years ended March 31, 2026 and 2025, proceeds of approximately $0.7 million and $7.9 million were received by the Company from 2023 SEPA sales. The issuance of additional shares of Class A common stock under the A&R SEPA will dilute the percentage ownership interest of all stockholders, could dilute the book value per share of the Class A common stock and will increase the number of the Company’s outstanding shares, which could cause the market price of our Class A common stock to decrease. As more fully described in Note 11, on October 19, 2023, we entered into a three-year $25.0 million term loan with HH-BDH LLC, which was fully drawn upon closing and, the proceeds of which were used to repay certain outstanding obligations, fund development of our products, and provide additional working capital. On August 16, 2024, we entered into an amendment to the term loan with HH-BDH to add an additional term loan of $1.7 million, which was used to provide working capital. During the year ended March 31, 2026, we agreed to an advance, as part of ongoing amendment discussions, to enter into an amendment to the term loan with HH-BDH, to add an additional term loan of $850 thousand, which was used to provide working capital. The amendment was not finalized prior to all outstanding principal amounts being repaid under the HH-BDH LLC Credit Agreement in January 2026. On March 10, 2026, we entered into that certain Letter Agreement (the “2026 Letter Agreement”) with HH-BDH, pursuant to which the Credit Agreement was amended to provide for the payment of the remaining $1.7 million in interest and fees outstanding under the Credit Agreement. For the payment of the outstanding interest and fees, (i) we agreed to issue HH-BDH 149,904 shares of the Company’s Class A common stock having an aggregate value of $572,588 based on the five-day volumed-weighted average price per share of the Class A common stock on March 10, 2026, and (ii) Beneficient Financing, L.L.C. (the “Borrower”) agreed to pay HH-BDH an amount in cash equal to $1,000,000 not later than five business days following September 30, 2026. Additionally, for the payment of outstanding expenses, the Borrower agreed to pay HH-BDH an amount in cash equal to $94,365 in April 2026. The HH-BDH Credit Agreement contains certain financial maintenance covenants, including a debt service coverage ratio. The Company has at times in late fiscal year 2025 and in subsequent periods been in default on certain of the required payment obligations, financial covenants, and information reporting requirements of the HH-BDH Credit Agreement. The events of default under the HCLP Loan Agreement described above triggered a cross default provision in the HH-BDH Credit Agreement. The Company timely notified HH-BDH of the cross default. HH-BDH has not notified the Company that it intends to declare an event of default as its relates to the cross default provision of the HH-BDH Credit Agreement or other events. On August 6, 2024, the Company entered into a securities purchase agreement with Yorkville, pursuant to which the Company agreed to issue and sell convertible debentures in an aggregate principal amount of up to $4.0 million and warrants to purchase up to 165,674 shares of the Company’s Class A common stock at an exercise price of $21.04. On August 6, 2024, the Company issued $2.0 million to Yorkville in aggregate principal amount of the convertible debentures and warrants to purchase up to 82,837 shares of Common Stock. Also, on November 13, 2024, the Company issued an additional $2.0 million in aggregate principal amount of convertible debentures and warrants to purchase up to 82,837 shares of Class A common stock. The convertible debentures were repaid in full in February 2025. The warrants issued to Yorkville remain outstanding; however, given the trading price per share of our Class A common stock is significantly below the exercise price of these warrants, we have not assumed or relied on the receipt of proceeds from the exercise of these warrants. Further, as the settlement provision related to the derivative asset recorded in our March 31, 2026 statement of financial position involves the forfeiture of existing outstanding Class A common stock and not cash proceeds, the value of the derivative asset does not impact our considerations related to our capital requirements and sources of liquidity. Ben may not be able to refinance our indebtedness or obtain additional financing on terms favorable to the Company, or at all. To the extent that Ben or its subsidiaries raise additional capital through the future sale of equity or debt, the ownership interest of our existing equity holders may be diluted. The terms of these future equity or debt securities may include liquidation or other preferences that adversely affect the rights of our existing equity unitholders or involve negative covenants that restrict Ben’s ability to take specific actions, such as incurring additional debt or making additional investments in growing the operations of the Company. If Ben defaults on these borrowings, then the Company will be required to either (i) sell participation or other interests in our loans or other of our assets, or (ii) to raise additional capital through the sale of equity and the ownership interest of our equity holders may be diluted. We will utilize our cash flows toward our contractual obligations, to invest in our business, including new product initiatives and growth strategies, including any potential acquisitions, and, if determined by our Board, to pay dividends to our equity holders, including guaranteed payments on certain of BCH’s preferred equity securities, and to fund tax distributions for certain noncontrolling interest holders. Our ability to fund these capital needs will depend on our ongoing ability to generate cash from operations and via the capital markets. While we have concluded that there is substantial doubt about our ability to continue as a going concern, our financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty related to the Company’s ability to continue as a going concern. Reverse Stock Split In December 2025, the Company's stockholders approved a reverse stock split of its common stock at a range of ratios between 1-for-5 to 1-for-100, and the Company's Board approved a reverse stock split at a ratio of 1-for-8 and a simultaneous proportionate reduction in the authorized shares of each class of common stock as required by NRS Section 78.207 (the “2025 Reverse Stock Split”). The 2025 Reverse Stock Split was effective as of December 15, 2025, and on January 2, 2026, the Company was notified by Nasdaq that it had regained compliance with the bid price requirement. As of the effective time of the 2025 Reverse Stock Split, every 8 issued and outstanding shares of the Company’s common stock was automatically reclassified into one issued and outstanding share of the Company’s common stock, with no change in the par value per share. No fractional shares of common stock were issued in connection with the 2025 Reverse Stock Split and all fractional shares were rounded up to the nearest whole share with respect to outstanding shares of common stock. In April 2024, the Company's stockholders approved a reverse stock split of its common stock at a range of ratios between 1-for-10 to 1-for-100, and the Company's Board approved the implementation of the reverse stock split at a ratio of 1-for-80 and a simultaneous proportionate reduction in the authorized shares of each class of common stock as required by NRS Section 78.207 (the “2024 Reverse Stock Split”). The 2024 Reverse Stock Split was effective as of April 18, 2024, and the Company regained compliance with the minimum bid price requirement in May 2024. As of the effective time of the 2024 Reverse Stock Split, every 80 issued and outstanding shares of the Company’s common stock was automatically reclassified into one issued and outstanding share of the Company’s common stock, with no change in the par value per share. No fractional shares of common stock were issued in connection with the 2024 Reverse Stock Split and all fractional shares were rounded up to the nearest whole share with respect to outstanding shares of common stock. For both the 2024 and 2025 Reverse Stock Splits, proportional adjustments were made to the number of shares of common stock issuable upon exercise or conversion of the Company’s equity award, warrants, and other equity instruments convertible into common stock, as well as the applicable exercise price. All share and per share amounts of the Company's common stock presented in this Annual Report on Form 10-K have been retroactively adjusted to reflect the 2024 Reverse Stock Split and 2025 Reverse Stock Split, as applicable, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. Amendments to Organizational Documents In connection with the 2024 Reverse Stock Split, on April 11, 2024, the Company, in its capacity as the sole managing member and the sole non-managing member of Ben LLC, entered into and adopted the Second Amended and Restated Limited Liability Company Agreement of Beneficient Company Group, L.L.C. (the “Second Ben LLC A&R LLCA”), which became effective on April 18, 2024, simultaneously with the effectiveness of the 2024 Reverse Stock Split. The Second Ben LLC A&R LLCA provides that, among other things, in the event that the Company at any time (i) subdivides (by any stock split, dividend, recapitalization or otherwise), the outstanding shares of the Class A common stock (and Class B common stock, as applicable) of the Company into a greater number of shares, Ben LLC shall (A) cause the issuance of additional Class A Units of Ben LLC (the “Ben LLC Class A Units”) and (B) cause BCH to issue additional BCH Class A Units (and such other limited partner interests, if any, as determined by Ben LLC in its capacity as general partner of BCH to be appropriate), in both cases to reflect the increase in the number of shares of Common Stock of the Company outstanding, and (ii) combines (by combination, reverse split or otherwise) the outstanding shares of Class A common stock (and Class B common stock, as applicable) of the Company into a smaller number of shares, Ben LLC shall (A) cause a reduction in the number of Ben LLC Class A Units outstanding and (B) cause BCH to reduce the number of BCH Class A Units (and such other limited partner interests, if any, as determined by Ben LLC in its capacity as the general partner of BCH to be appropriate), in both cases to reflect the decrease in the number of shares of Common Stock of the Company outstanding. Also in connection with the 2024 Reverse Stock Split, on April 11, 2024, Ben LLC, in its capacity as the sole general partner of BCH, entered into and adopted the Ninth Amended and Restated Limited Partnership Agreement of BCH (the “Ninth A&R BCH LPA”), which became effective on April 18, 2024, simultaneously with the effectiveness of the Reverse Stock Split. The Ninth A&R BCH LPA provides for, among other things, (i) the combination of certain units of BCH in connection with the Reverse Stock Split and the corresponding reverse unit split of the Ben LLC Class A Units as well as amendments to the definition of the Preferred Series A Subclass 0 Unit Conversion Price and Preferred Series A Subclass 1 Unit Conversion Price (each as defined in the Ninth A&R BCH LPA) and (ii) remove references to the previously authorized Preferred Series C Subclass 1 Unit Accounts (as defined in the Ninth A&R BCH LPA), which are no longer outstanding. On September 30, 2024, Amendment No. 1 to the Ninth A&R BCH LPA was adopted to re-designate fifty percent (50%) of the aggregate capital account balances in the BCH Preferred A-0 as non-redeemable Preferred A-0 Unit Accounts (such redesignated portion, the “BCH Preferred A-0 Non-Redeemable”) with the remaining fifty percent (50%) of the capital account balances in the BCH Preferred A-0 Accounts remaining redeemable (such remaining Preferred A-0 being the “BCH Preferred A-0 Redeemable”). As a result of this redesignation, approximately $125.5 million of temporary equity was reclassified to permanent equity as of September 30, 2024. Also, on November 21, 2024, an additional $35.0 million of the BCH Preferred A-0 was redesignated to BCH Preferred A-0 Non-Redeemable. The BCH Preferred A-0 Non-Redeemable is identical to the BCH Preferred A-0 Redeemable except that it does not have any cash redemption rights. Purchase Agreement with Mercantile Bank International Corp. On December 4, 2024, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”), by and among the Company, Beneficient Capital Company Holdings, L.P., a subsidiary of the Company (“BCC Holdings”), Mercantile Bank International Corp. (“MBI”) and Mercantile Global Holdings, Inc., (“MGH” and, together with MBI, the “Sellers”), pursuant to which, BCC Holdings agreed to purchase from MGH all of the issued and outstanding shares of capital stock of MBI upon the terms and subject to the conditions set forth in the Purchase Agreement. On June 3, 2025, the Sellers delivered a notice to the Company terminating the Purchase Agreement, effective immediately. The termination of the Purchase Agreement did not cause the Company or BCC Holdings to incur any additional liability.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) - USD ($)
shares in Thousands, $ in Thousands

Total

Series A preferred stock

Class A common stock

Class B common stock

Recent Financings

Settlement of Liability

Standby Equity Purchase Agreement

Preferred Stock

Series A preferred stock

Preferred Stock

Series B-1 preferred stock

Preferred Stock

Recent Financings

Series B-1 preferred stock

Common Stock

Class A common stock

Common Stock

Class B common stock

Common Stock

Settlement of Liability

Class A common stock

Common Stock

Standby Equity Purchase Agreement

Class A common stock

APIC

Recent Financings

APIC

Settlement of Liability

APIC

Standby Equity Purchase Agreement

Accumulated Deficit

Stock Receivable

Treasury Stock

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interest

Recent Financings

^[2]

Redeemable noncontrolling interests

^[1]

227

Beginning balance (in shares) at Mar. 31, 2024

^[1]

419

Beginning balance at Mar. 31, 2024

^[1]

$ (192,118)

$ 0

$ 1,848,071

$ (2,059,214)

$ (20,038)

$ (3,444)

$ 276

$ 42,231

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Recognition of share-based compensation cost

^[1]

(13,197)

51,162

(64,359)

^[1]

5,649

Issuance of stock (in shares)

^[1]

(892)

^[1]

136

490

Issuance of stock

^[1]

673

$ 1,362

$ 1,264

$ 7,859

$ 1

673

$ 1,362

$ 1,264

$ 7,858

Unrealized gain (loss) on available-for-sale debt securities

^[1]

(278)

Rounding adjustment in connection with reverse stock split (in shares)

^[1]

Settlement of restricted stock units (in shares)

^[1]

Stock receivable on prepaid forward purchase

^[1]

$ (3)

(20,038)

20,038

Equity issuance costs reclassed to APIC

^[1]

(343)

Ending balance, preferred (in shares) at Mar. 31, 2025

^[2]

363

^[2]

Ending balance (in shares) at Mar. 31, 2025

1,059

1,060

^[2]

^[1]

Ending balance at Mar. 31, 2025

(34,925)

^[1],[3]

$ 0

^[2]

$ 0

^[2]

$ 1

^[1]

$ 0

^[1]

1,844,496

^[1]

(2,008,052)

^[1]

(3,444)

^[1]

(2)

^[1]

132,076

^[1]

Beginning balance, redeemable noncontrolling interests at Mar. 31, 2024

^[1]

$ 251,052

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred A-0 Unit Accounts guaranteed payment accrual

^[1]

12,394

^[1]

(5,430)

(12,394)

Reclass of BCH Preferred A-1 Unit Accounts from temporary to permanent equity

^[1]

160,526

(160,526)

Ending balance, redeemable noncontrolling interests at Mar. 31, 2025

90,526

^[3]

90,526

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Recognition of share-based compensation cost

^[2]

(171,552)

(87,426)

(84,126)

^[2]

1,629

Limited conversion of Series A preferred stock to Class A common stock, including recognition of derivative asset (in shares)

^[2]

(1,956)

^[2]

12,662

Limited conversion of Series A preferred stock to Class A common stock, including recognition of derivative asset

^[2]

12,156

$ 13

21,867

(9,724)

Issuance of stock (in shares)

^[2]

1,482

368

217

Issuance of stock

$ 14,822

^[2]

$ 1,687

^[2]

$ 706

^[2]

$ 2

^[2]

$ 14,450

^[2]

$ 1,687

^[2]

$ 706

^[2]

370

$ 370

Unrealized gain (loss) on available-for-sale debt securities

^[2]

Reclassification of realized gain upon transfer from available-for-sale debt security to equity interest

^[2]

Rounding adjustment in connection with reverse stock split (in shares)

^[2]

Miscellaneous adjustment to previously allocated FLP Subclass 3 income

^[2]

189

Conversion of Series B-1 preferred stock to Class A common stock (in shares)

^[2]

(14)

Ending balance, preferred (in shares) at Mar. 31, 2026

^[2]

1,831

^[2]

Ending balance (in shares) at Mar. 31, 2026

14,418

14,419

^[2]

Ending balance at Mar. 31, 2026

^[2]

(189,286)

$ 0

$ 2

$ 14

$ 0

$ 1,884,835

$ (2,095,478)

$ 0

$ (3,444)

$ 52

24,733

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred A-0 Unit Accounts guaranteed payment accrual

^[2]

6,822

^[2]

(12,096)

$ (12,096)

(6,822)

Ending balance, redeemable noncontrolling interests at Mar. 31, 2026

$ 90,526

^[2]

[1]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
[2]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
[3]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Equity - Class A of CT Risk Management, L.L.C. (Details) - Class A of CT $ in Millions	12 Months Ended
	Mar. 31, 2026 USD ($)
Class of Stock [Line Items]
Minority interest sold	$ 2.4
Percent of distributions entitled to residual beneficiary, amount of excess of capital contributions	2.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) $ in Thousands	12 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Gain (loss) on financial instruments, net (related party of $9,491 and $(552))	$ 9,774	$ (2,242)
Trust services and administration revenues (related party of $30 and $30)	593	753
Interest expense (related party of $13,349 and $12,294)	18,801	14,908
Other expenses (related party of $2,856 and $2,825)	8,708	11,529
Related Party
Gain (loss) on financial instruments, net (related party of $9,491 and $(552))	9,491	(552)
Trust services and administration revenues (related party of $30 and $30)	30	30
Interest expense (related party of $13,349 and $12,294)	13,349	12,294
Other expenses (related party of $2,856 and $2,825)	$ 2,856	$ 2,825

Goodwill and Other Intangibles - Narrative (Details) - USD ($)	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]		Loss on impairment of goodwill and intangible assets
Loss on impairment of goodwill and intangible assets	$ 0	$ 3,692,000
Impairment	$ 3,100,000

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands

Mar. 31, 2026

Mar. 31, 2025

ASSETS

$ 2,543

$ 1,346

^[1]

195,536

291,371

Other assets, net (related party of $514 and $404)

21,652

9,127

49,144

^[1]

Intangible assets

3,100

^[1]

Goodwill

9,914

^[1]

LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)

238,772

354,875

^[1]

Accounts payable and accrued expenses (related party of $17,571 and $14,733)

63,788

100,345

^[1]

Other liabilities (related party of $30,497 and $19,360)

176,651

80,806

^[1]

Debt due to related parties

308

227

^[1]

96,785

117,896

^[1]

Total liabilities

337,532

299,274

^[1]

Total temporary equity

90,526

^[1]

Additional paid-in capital

1,884,835

1,844,496

^[1]

Accumulated deficit

(2,095,478)

(2,008,052)

^[1]

Treasury stock, at cost (1 share as of March 31, 2026 and 2025)

(3,444)

^[1]

Noncontrolling interests

24,733

132,076

^[1]

Accumulated other comprehensive income (loss)

(2)

^[1]

Total equity (deficit)

(189,286)

^[2]

(34,925)

^[1],[3]

Total liabilities, temporary equity, and equity (deficit)

238,772

354,875

^[1]

Related Party

ASSETS

Other assets, net (related party of $514 and $404)

21,652

^[1]

514

404

LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)

Accounts payable and accrued expenses (related party of $17,571 and $14,733)

17,571

14,733

Other liabilities (related party of $30,497 and $19,360)

30,497

19,360

Preferred Series A Subclass 0

LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)

Preferred Series A Subclass 0 Redeemable Unit Accounts, nonunitized

90,526

^[1]

Series A preferred stock

Series B-1 preferred stock

Preferred stock

^[1]

Preferred stock

^[1]

Common stock

^[1]

Common stock

^[1]

ASSETS

Variable Interest Entity, Primary Beneficiary | Related Party

195,536

291,371

^[1]

ASSETS

$ 0

$ 5

[1]	(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
[2]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
[3]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Segment Reporting

12 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

The Company has three reportable segments consisting of Ben Liquidity, Ben Custody and Customer ExAlt Trusts. As additional products and services are offered in the future, we expect to have additional reportable segments, including Ben Insurance Services and Ben Markets.

As the central operating hub of the company, Ben Liquidity is responsible for offering Ben’s fiduciary alternative asset liquidity and financing products through AltAccess. Ben Custody delivers products that address the administrative and regulatory burden of holding alternative assets by offering full service bespoke custody and trust administration services, and specialized document custodian services to Customers. Certain of Ben’s operating subsidiary products and services involve or are offered to certain of the Customer ExAlt Trusts. Certain of the Customer ExAlt Trusts hold interests in alternative assets and therefore recognize changes in such assets’ net asset value in earnings. Certain other Customer ExAlt Trusts pay interest on the ExAlt Loans to Ben Liquidity and transaction fees to Ben Liquidity and Ben Custody in connection with the liquidity transactions, and pay fees to Ben Custody for providing full-service trust administration services to the trustees of the Customer ExAlt Trusts. The amounts paid to Ben Liquidity and Ben Custody are eliminated solely for financial reporting purposes in our consolidated financial statements but directly impact the allocation of income (loss) to Ben’s and BCH’s equity holders.

The Corporate & Other category includes the following items, among others:

•Equity-based compensation;

•Gains (losses) on changes in the fair value of interests in the GWG Wind Down Trust held by Ben, warrants accounted for at fair value issued by Ben, and derivative asset recognized as part of the Limited Conversion accounted for at fair value;

•Interest expense incurred on the corporate related debt transactions; and

•Operations of Ben Insurance Services and Ben Markets that are not considered reportable segments as they do not meet the quantitative criteria to be separately reported.

The Corporate & Other category also consists of unallocated corporate overhead and administrative costs.

These segments are differentiated by the products and services they offer as well as by the information used by the Company’s chief operating decision maker (“CODM”) to determine allocation of resources and assess performance. Our chief executive officer is the CODM. Operating income (loss) is the measure of profitability used by management to assess the performance of its segments and allocate resources. Performance is measured by the Company’s CODM on an unconsolidated basis because management makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and data that exclude the effects of consolidation of any of the Customer ExAlt Trusts.

The following tables include the results of each of the Company’s reportable segments reconciled to the consolidated financial statements (in thousands):


	Year Ended March 31, 2026
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment income (loss), net	$	—	$	—	$	(49,532)	$	—	$	—	$	(49,532)
Gain (loss) on financial instruments, net	—		—		358		9,416		—		9,774
Interest and dividend income	—		—		—		40		—		40
Trust services and administration revenues	—		593		—		—		—		593


Intersegment revenues
Interest income	33,421		—		—		—		(33,421)		—
Trust services and administration revenues	—		12,150		—		—		(12,150)		—
Total revenues	33,421		12,743		(49,174)		9,456		(45,571)		(39,125)

External expenses
Employee compensation and benefits	1,597		2,473		—		7,775		—		11,845
Interest expense	13,466		—		—		5,335		—		18,801
Professional services	1,296		527		1,880		17,351		—		21,054
Provision for credit losses	—		1,047		—		1		—		1,048
Loss on impairment of goodwill and intangible assets	—		—		—		3,100		—		3,100
Accrual (release) of loss contingency related to arbitration award	—		—		—		62,831		—		62,831
Other expenses	854		742		921		6,191		—		8,708

Intersegment expenses
Interest expense	—		—		150,983		—		(150,983)		—
Provision for loan losses	71,907		—		—		—		(71,907)		—
Other expenses	—		—		11,548		—		(11,548)		—
Total expenses	89,120		4,789		165,332		102,584		(234,438)		127,387

Operating income (loss)	$	(55,699)	$	7,954	$	(214,506)	$	(93,128)	$	188,867	$	(166,512)

	As of March 31, 2026
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	169,684	$	—	$	—	$	—	$	(169,684)	$	—
Investments, at fair value	—		—		195,536		—		—		195,536
Other assets	464		20,829		15,542		33,110		(36,623)		33,322
Goodwill and intangible assets, net	—		7,469		—		2,445		—		9,914
Total Assets	$	170,148	$	28,298	$	211,078	$	35,555	$	(206,307)	$	238,772


	Year Ended March 31, 2025
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment income (loss), net	$	—	$	—	$	(6,500)	$	—	$	—	$	(6,500)
Gain (loss) on financial instruments, net	—		—		(1,776)		(466)		—		(2,242)
Interest and dividend income	—		—		—		44		—		44
Trust services and administration revenues	—		753		—		—		—		753
Other income	—		—		2		—		—		2

Intersegment revenues
Interest income	42,583		—		—		—		(42,583)		—
Trust services and administration revenues	—		20,821		—		—		(20,821)		—
Total revenues	42,583		21,574		(8,274)		(422)		(63,404)		(7,943)

External expenses
Employee compensation and benefits	1,436		1,597		—		13,818		—		16,851
Interest expense	12,406		—		—		2,502		—		14,908
Professional services	1,086		651		2,137		19,361		—		23,235
Provision for credit losses	—		—		998		2		—		1,000
Loss on impairment of goodwill and intangible assets	—		3,427		—		265		—		3,692
Accrual (release) of loss contingency related to arbitration award	—		—		—		(54,973)		—		(54,973)
Other expenses	1,571		804		794		8,360		—		11,529

Intersegment expenses
Interest expense	—		—		142,543		—		(142,543)		—
Provision for loan losses	38,886		1,807		—		—		(40,693)		—
Other expenses	—		—		13,681		—		(13,681)		—
Total expenses	55,385		8,286		160,153		(10,665)		(196,917)		16,242

Operating income (loss)	$	(12,802)	$	13,288	$	(168,427)	$	10,243	$	133,513	$	(24,185)

	As of March 31, 2025
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	244,070	$	—	$	—	$	—	$	(244,070)	$	—
Investments, at fair value	—		—		291,371		—		—		291,371
Other assets	859		19,339		16,328		45,209		(31,245)		50,490
Goodwill and intangible assets, net	—		7,469		—		5,545		—		13,014
Total Assets	$	244,929	$	26,808	$	307,699	$	50,754	$	(275,315)	$	354,875

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Related Parties	12 Months Ended
Related Parties	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Parties	Related Parties The Company considers its employees, directors, as well as beneficial owners of more than 5% of any class of the Company’s voting securities to be related parties. A “Related Entity” or “Related Entities” include certain trusts that are directly or indirectly controlled by, or operate for the benefit of, Mr. Heppner or his family, and those entities directly or indirectly held by, or that are under common control with, such trusts, and in which he and his family members are among classes of economic beneficiaries, whether or not Mr. Heppner is entitled to economic distributions from such trusts. Mr. Heppner is a beneficiary of the trust that is the sole shareholder of BHI. Mr. Heppner resigned as Chief Executive Officer and Chairman of the Board of Directors on June 19, 2025; however, Mr. Heppner continues to control, either directly or indirectly, a significant amount of other equity interests in the Company and its subsidiaries. Relationship with Beneficient Management Counselors, L.L.C. For periods prior to the conversion of BCG to a Nevada corporation, Ben Management was the general partner of Ben and Ben Management was governed by a board of directors. The governing document of Ben Management provided that Beneficient Management Counselors, L.L.C. (“BMC”), wholly owned by one of several Related Entities, determined the directors of Ben Management who filled 49% of the Board seats. BMC was also entitled to select (a) 50% of the membership of the Ben Management’s Nominating Committee and Executive Committee and appoint the chair of each of these committees, and (b) 50% of the membership of the Community Reinvestment Committee (the “CRC”) and the CRC’s chairperson and lead committee member. Certain decisions with respect to Ben’s charitable giving program were delegated to the CRC, including certain decisions on behalf of BFF as a Kansas TEFFI. Decisions regarding appointment and removal of Ben Management’s directors, other than directors appointed by BMC, were delegated, with certain exceptions, to the Nominating Committee of Ben Management of which our former Chief Executive Officer and Chairman was a member and Chairman. In the event of a tie vote of the Nominating Committee on a vote for the appointment or removal of a director, the majority of the then total number of directors serving on the board of directors would break the tie; provided that upon and following a “trigger event” (as defined in Ben Management’s governing document) the chair of the Nominating Committee may cast the tie-breaking vote. Subsequent to the conversion of BCG to a Nevada corporation, Beneficient is governed by a board of directors and Beneficient’s common equity holders are entitled to vote on all matters on which stockholders generally are entitled to vote as described in Note 13, Equity. Services Agreement with Bradley Capital Company, L.L.C. BCG and BCH entered into an agreement with Bradley Capital Company, L.L.C. (“Bradley Capital”) and BMC effective June 1, 2017 (the “Bradley Capital Agreement”), which was then amended and restated effective January 1, 2022 (the “A&R Bradley Capital Agreement”). Bradley Capital is a Related Entity. Under the Bradley Capital Agreement and the A&R Bradley Capital Agreement, Bradley Capital is entitled to a current base fee of $0.4 million per quarter for executive level services provided by an executive of Bradley Capital, who, prior to BCG’s conversion to a Nevada corporation on June 7, 2023, was our Chief Executive Officer and Chairman of Ben Management’s Board of Directors and was our Chief Executive Officer and Chairman of our Board of Directors, until his resignation on June 19, 2025, together with a current supplemental fee of $0.2 million per quarter for administrative and financial analysis, with both the base fee and supplemental fee, subject to an annual inflation adjustment. The base fee may be increased by the provider up to two times the initial base fee per quarter to cover increases in the cost of providing the services, or in the event of an expansion of the scope of the services, with the approval of the Executive Committee of the Board of Ben Management prior to June 7, 2023 and the Executive Committee of our Board subsequent to June 7, 2023, of which our former CEO and Chairman was a member and Chairman. Our former CEO and Chairman received an annual salary from the Company of $0.2 million and both he and other employees of Bradley Capital could participate in equity incentive plans sponsored by the Company. The Bradley Capital Agreement and the A&R Bradley Capital Agreement also includes a payment from Ben of $0.2 million per year, paid in equal quarterly installments, to cover on-going employee costs for retired and/or departed employees of predecessor entities prior to September 1, 2017, which on-going costs were assumed by Bradley Capital, as well as a further payment to Bradley Capital in respect of the cost of health and retirement benefits for current employees of Bradley Capital all of which are reimbursed by Ben. The Bradley Capital Agreement and the A&R Bradley Capital Agreement requires Ben to reimburse Bradley Capital or its affiliates for taxes, fees, and expenses, including legal fees and related costs, relating to the contributions by affiliates of Bradley Capital of equity or debt interests in Ben to public charitable trusts in connection with the 2017-18 Exchange Trusts, as well as the contribution of beneficial interests in customer trusts administered by Ben. The A&R Bradley Capital Agreement further requires that Ben indemnify and hold Bradley Capital harmless against any and all losses, damages, costs, fees and any other expenses incurred by Bradley Capital such as air travel expenses owed in connection with the operation of the aircraft identified in the Aircraft Sublease (as defined below) for periods prior to January 1, 2022. Additionally, the Company provides office space and access to needed technology systems and telephone services. Payments by Ben to Bradley Capital and its affiliates are guaranteed and subject to enforcement by the state courts in Delaware in the event of default. The A&R Bradley Capital Agreement extended through December 31, 2022, with an automatic annual one-year renewal provision thereafter. Prior to June 7, 2023, the A&R Bradley Capital Agreement could have been terminated by the mutual agreement of the parties, by the unanimous approval of the Executive Committee of the Board of Ben Management of which an executive of a Related Entity is a member, or without such approval if the Related Entity no longer holds the lesser of $10.0 million of Ben’s securities or 1% of the aggregate fair market value of Ben on both December 31, 2022, or any applicable extension date, and the date of termination. On June 7, 2023 BCG’s existing Bradley Capital Agreement, was replaced by a Second Amended and Restated Services Agreement (the “Second A&R Bradley Capital Agreement”) with the Company as a party. The Second A&R Bradley Capital Agreement is substantially similar to the then existing Bradley Capital Agreement, subject to certain changes as follows. The Executive Committee (as defined in the Second A&R Bradley Capital Agreement) reference was revised to refer to the Executive Committee of the Board of Directors, and the Second A&R Bradley Capital Agreement expressly states that it shall in no way limit the authority of Board to appoint and remove officers of the Company, including its chief executive officer. The term of the Second A&R Bradley Capital Agreement currently extends through December 31, 2026, and is subject to an annual one-year renewal provision thereafter. The termination provision was revised so that the agreement may be terminated upon the approval of all members of the Executive Committee, excluding Brad K. Heppner if he is then serving on the Executive Committee. The base fee was increased to $0.5 million per quarter and the supplemental fee was increased to $0.2 million per quarter, with each fee remaining subject to an annual inflation adjustment. In addition, revisions were made to the limitation of liability and indemnification provisions to reflect the applicability of the corporation laws of Nevada to Beneficient. No services are currently being provided under this agreement. During the years ended March 31, 2026 and 2025, the Company recognized expenses totaling $2.9 million and $2.8 million, respectively, related to this services agreement. As of March 31, 2026 and 2025, $6.8 million and $3.9 million, respectively, was owed to Bradley Capital related to the employment-related aspects of this services agreement. In addition, prior to the Aircraft Sublease with Bradley Capital discussed below, we also reimbursed Bradley Capital for certain costs, including private travel, for our former chief executive officer, including family members. During the year ended March 31, 2026, the Company paid no amounts related to this services agreement. During the year ended March 31, 2025, the Company paid $2.5 million related to accrued amounts owed under this services agreement. In addition to the above, the Company incurred legal fees on behalf of Mr. Heppner under certain indemnification provisions. During the years ended March 31, 2026 and 2025, these legal fees totaled approximately $8.8 million and $7.0 million, respectively. Substantially all of these legal fees have or are expected to be eligible for reimbursement by the directors and officers insurance carriers. Aircraft Sublease with Bradley Capital Effective January 1, 2022 and January 1, 2023, The Beneficient Company Group (USA), L.L.C. (“Beneficient USA”), a subsidiary of BCH, as sublessee, Bradley Capital, as sublessor, and BCG, solely as it relates to the guarantee it makes to Bradley Capital as set forth therein, entered into an Aircraft Sublease Agreement (the “Aircraft Sublease”). Pursuant to the Aircraft Sublease, Bradley Capital subleased the aircraft described therein, without a crew, to Beneficient USA for discrete periods of use. Beneficient USA was required to pay a quarterly rental of $1.4 million plus direct operating expenses incurred for Ben’s use of the aircraft. Beneficient USA was also required to provide its own pilot(s) and crew. The term of the Aircraft Sublease was one (1) year. Additionally, BCG agrees to unconditionally guarantee, for the benefit of Bradley Capital, all of the obligations of Beneficient USA to Bradley Capital under the Aircraft Sublease. The Aircraft Sublease expired on January 1, 2024. No amounts have been paid to Bradley Capital related to the Aircraft Sublease through March 31, 2026. As of each March 31, 2026 and 2025, $10.8 million of accrued costs related to the sublease is reflected in the accounts payable and accrued expenses line item on the consolidated statements of financial condition. As discussed below, BHI, a Related Entity, entered into a Contribution Agreement with BCH and BCG pursuant to which BHI has agreed to reimburse BCG for a significant portion of the costs incurred by Beneficient USA under the Aircraft Sublease. Relationship with Beneficient Holdings, Inc. Beneficient USA, a subsidiary of BCH, entered into with BHI, a Related Entity, a Services Agreement effective July 1, 2017 (the “BHI Services Agreement”). BHI pays an annual fee of $30,000 to Ben for the provision of trust administration services for Related Entities and all trusts affiliated with its family trustee as that term is defined in the governing documents for a Related Entity. Beneficient USA also is required to provide any other services requested by BHI, subject to any restrictions in the operating agreement of BHI, at cost. The term of the BHI Services Agreement extends for the longer of (i) five years past the expiration or termination of the Bradley Capital Agreement, or (ii) seven years after the family trustee of the Related Entity is no longer a primary beneficiary of any trust affiliated with the family trustee. The Company recognized nominal income during the years ended March 31, 2026 and 2025, respectively, in accordance with the BHI Services Agreement. The BHI Services Agreement was terminated by the Company on January 17, 2026 for non-payment of services following a 60-day cure period as required by the BHI Services Agreement. In conjunction with the execution of the Aircraft Sublease, BHI, a Related Entity, BCH, and BCG entered into a Contribution Agreement effective as of January 1, 2022 and January 1, 2023 (the “Contribution Agreement”). Pursuant to the Contribution Agreement, BHI agrees to pay to BCH, on the last business day of each calendar quarter, any amounts paid by BCH during the quarter for the use of an aircraft under the Aircraft Sublease, or any similar lease or sublease, which would include the quarterly rental under the Aircraft Sublease. In addition, BHI agrees to pay to BCH any amounts paid related to fixed monthly or quarterly costs incurred in connection with such aircraft lease or sublease in an amount not to exceed $250,000 per year. This additional payment is intended to partially cover flight crew costs and other related costs. Each contribution is conditioned upon (i) the effectiveness of the Aircraft Sublease, and (ii) BCH’s timely payment to BHI of the guaranteed payment to be made to holders of BCH Preferred A-0 for the respective quarter in which such contribution is to be paid (whether or not waived in accordance with the terms of the BCH LPA); provided, that if such guaranteed payment is not timely paid, or is only paid in part, for any given quarter, then any contributions contemplated under the Contribution Agreement for such quarter will not be owed. In the event such guaranteed payment is subsequently paid in full, then any previously unfunded contributions for the applicable quarter under the Contribution Agreement will become immediately due and payable on the last business day of the calendar quarter in which such guaranteed payment is paid in full. All payments made by BHI to BCH pursuant to the Contribution Agreement shall be treated as capital contributions, as defined in the BCH LPA, by BHI to BCH and shall be added to BHI’s sub-capital account related to its BCH Class S Ordinary Units. BCH further agrees to specially allocate to BHI’s sub-capital account related to its BCH Class S Ordinary Units any expenses or deductions derived from amounts paid or accrued by BCH for use of the aircraft to the extent such expenditures are offset by the contributions made by BHI pursuant to the Contribution Agreement. There have been no contributions from BHI related to this agreement, which is expected and will continue to occur until the guaranteed payments to BCH Preferred A-0 holders are no longer deferred. BHI owns the majority of the Company’s Class B common stock, and the BCH Class S Ordinary Units, BCH Class S Preferred Units, BCH Preferred A-0, BCH Preferred A-1, and FLP Subclass 1 and Subclass 3 Unit Accounts issued by BCH. HCLP Nominees, L.L.C. HCLP is an indirect subsidiary of Highland Consolidated, L.P. (“Highland”). Ben’s former Chairman and CEO (who resigned on June 19, 2025) is a beneficiary and trust investment advisor of the trusts that control, and are the partners of, Highland. Loans to and investments with or in the Related Entities have been and may be made by Highland, or its affiliates, as applicable, using proceeds from loan repayments made by Ben to HCLP in its capacity as lender to Ben. Ben is not a party to these loans or transactions between Highland and the Related Entities, nor has it secured or guaranteed the loans. Certain of the prior loans include terms that grant Highland the right to transfer the real property that was transferred pursuant to the in-kind property payment(s) back to certain of the Related Entities, in exchange for a BCH Preferred A-1 capital account balance in BCH in an amount equal to the loan balances satisfied by the in-kind property payment(s), with such exchange to be satisfied from existing BCH Preferred A-1 that are held by such Related Entities. The Company incurred legal fees estimated to be approximately $1.6 million and $1.9 million on behalf of HCLP pursuant to the indemnification obligations under the HCLP credit agreements during the years ended March 31, 2026 and 2025, respectively. On July 30, 2025, HCLP delivered written notice that events of default occurred with respect to the Second A&R Agreements and provide that all amounts owed under those agreements are immediately due and payable. Due to Mr. Heppner’s conviction and the facts established in the related proceedings, the Company is evaluating the validity of its obligations under the Second A&R Agreements and the liens securing the HCLP Loan and is considering all options that it may pursue related to this conduct, including counter claims and litigation against Mr. Heppner, HCLP and any direct or indirect control parties of HCLP. Relationship with The Heppner Endowment for Research Organizations, L.L.C. (“HERO”) and Research Ranch Operating Company, L.L.C (“RROC”). HERO and RROC are indirectly owned by The Highland Investment Holdings Trust, The Highland Great Plains Trust and The Highland Partner Holdings Trust. Mr. Heppner is a permissible beneficiary of The Highland Investment Holdings Trust and The Highland Partner Holdings Trust, but he is not a beneficiary of The Highland Great Plains Trust. Mr. Heppner’s family members are potential beneficiaries of each of these three trusts. HERO was created to (i) to serve as an advisor to National Philanthropic Trust (“NPT”), an unrelated third-party charitable organization, regarding the disbursement of grants to qualifying organizations, and (ii) to serve as an advisor to NPT regarding the administration of charitable contributions made for the benefit of such qualifying organizations. Although HERO can advise on these matters, NPT possessed all final decision-making authority on charitable contributions and complete control over the proceeds received by the charitable organizations. The charitable accounts administered by NPT (“Charitable Accounts”), the beneficiaries of which have historically been multiple Texas universities, have historically received proceeds from certain trusts settled and funded by Customers of Ben, in support of their charitable initiatives. HERO does not receive any proceeds from trusts settled and funded by Customers of Ben. RROC’s purpose is to provide funding and operational support for the research activities conducted by the qualified charities. The funding received by RROC, from proceeds of trusts settled and funded by Customers of Ben, may be used, in RROC’s discretion, to (i) provide appropriate facilities and properties for the charitable organizations to utilize as part of their charitable initiatives (those properties and facilities being owned by a Related Entity), and (ii) provide fee revenue to RROC. RROC is granted such rights and authority pursuant to trust instruments entered into between a Customer and subsidiaries of Ben as well as an agreement with NPT. Ben’s subsidiaries provide financing to the Customer ExAlt Trusts and Ben is paid as an agent of the trustees for administrative services it provides to the trusts. Ben has certain outstanding payables, including accrued interest, to RROC and the Charitable Accounts (for the benefit of the Texas universities as discussed above) of $2.4 million and $2.3 million as of March 31, 2026 and 2025, respectively. There were no payments made during the years ended March 31, 2026 and 2025. Due to changes in the Customer ExAlt Trust agreements, no incremental amounts are expected to be allocated to RROC or the Charitable Accounts other than those amounts already provided by certain prior trust agreements. Beneficient Heartland Foundation, Inc.; Initial Charitable Initiative In connection with each of Ben’s liquidity transactions following the adoption of the TEFFI legislation and BFF’s receipt of a fully-operational trust company charter under the Kansas TEFFI Act, pursuant to Section 28 of the TEFFI Act, a “Qualified Distribution” is made for the benefit of certain economic growth zones and rural communities in the State of Kansas (each, a “Charitable Distribution”). In January 2022, Ben announced its initial $15.4 million Charitable Distribution. The Charitable Distribution was allocated as follows: $2.7 million of cash for the benefit of, and to be received by, the Kansas Department of Commerce to be used at the department’s discretion for development projects and the promotion and growth of the TEFFI industry in Kansas; $0.2 million of cash and assets for the benefit of public charities dedicated to economic development within Mr. Heppner’s hometown of Hesston, Kansas, and surrounding Harvey County, Kansas, as outlined in the TEFFI Act; and $12.5 million in cash and assets to the Beneficient Heartland Foundation, Inc. (“BHF”) as described below. Mr. Heppner’s hometown is Hesston, Kansas and certain of his family members continue to live and/or work in Hesston and other areas of Harvey County, Kansas and may be considered to be direct and indirect beneficiaries of the portions of the initial Charitable Distribution provided to Hesston and Harvey County and to BHF. On January 20, 2022, BHF was formed as a Kansas nonprofit corporation to receive economic growth contributions pursuant to the TEFFI legislation. BHF is currently governed by an eleven-member board of directors, seven of whom are community leaders within the Hesston, Kansas community and four of whom are Ben employees or individuals otherwise affiliated with Ben. BHF is organized and operated exclusively for charitable and educational purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code. Its purpose is to provide grants and other support to benefit growth, development and expansion of opportunities in rural Kansas communities with populations of 5,000 residents or less, including job and income growth, main street revitalization, educational facility improvements, construction and development, healthcare facility enhancements, senior facility improvements, and support for post-secondary institutions. BHF has the exclusive decision-making authority over all of the economic growth contributions it receives. BFF is the sole member of BHF and, prior to an amendment to the bylaws in July 2025 described below, had the right to appoint up to eleven members of BHF’s Board of Directors. The remaining two board members were appointed by BMC. On July 21, 2025, the bylaws of BHF were amended to remove the directors appointed by BMC, eliminate the board appointment rights of BMC, and change the composition of the BHF board of directors to eleven members from the community and two members, who are Ben employees. Pursuant to the requirements of the Internal Revenue Code, BFF’s governing documents prohibit any of BHF’s assets or earnings from inuring to the benefit of BFF, BMC, or any director, officer or other private individual. In April 2026, Beneficient Heartland Foundation, Inc. was renamed to Kansas Horizon Foundation, Inc. The Kansas TEFFI Economic Growth Trust The Kansas Economic Growth Trust (the “EGT”) is a common law trust formed on December 7, 2021 by and between an individual as independent trustee, Ben Custody as administrator, and BCH as advisor. The purpose of the EGT is to receive the proceeds of the Customer ExAlt Trusts that are allocable to the Charitable Beneficiaries and to allocate such proceeds between the Kansas Department of Commerce and qualified charitable organizations (including the Beneficient Heartland Foundation, Inc.) in accordance with the requirements of the TEFFI legislation. The proceeds received by the EGT are dedicated exclusively to charitable purposes and the trust agreement prohibits any of the EGT’s assets or earnings from inuring to the benefit of Ben Custody, BCH, any director, officer or other private individual. As noted above, Ben Custody provides administrative and accounting services to the EGT, and BCH serves as advisor to the trustee with respect to the administration and distribution of the trust. Neither Ben Custody nor BCH charges a fee for these services. Ben has an outstanding payable to EGT of $0.2 million and $0.4 million as of March 31, 2026 and 2025, respectively. Ben paid $2.2 million and $0.4 million during the years ended March 31, 2026 and 2025, respectively, related to allocable proceeds to Charitable Beneficiaries. Additionally, during the year ended March 31, 2023, Ben sold its Kansas properties to the EGT in exchange for a $1.4 million promissory note, which is in the other assets line item on the consolidated statements of financial condition as of March 31, 2026 and 2025. The EGT made a prepayment on the promissory note of $0.2 million during the year ended March 31, 2025, principally in return for the promissory note being extended by two years, until September 30, 2028. Hicks Holdings, L.L.C. Hicks Holdings, L.L.C., an entity associated with one of Ben’s former and current directors, is one of the owners and serves as the manager of a limited liability company (“SPV”). A Related Entity also has ownership in the SPV. The SPV holds BCH Preferred A-0 and BCH Preferred A-1 among its investment holdings. Hicks Holdings, L.L.C. is also the sole member of HH-BDH, the lender on outstanding term loans with a subsidiary of Ben. Hicks Holdings Operating, LLC (“Hicks Holdings”), an entity associated with one of Ben’s former and current directors, has historically held BCH Preferred A-0, BCH Preferred A-1, BCH Class S Ordinary Units, BCH Class S Preferred Units and Class B common stock of Beneficient. Hicks Holdings was granted its BCH Preferred A-1 and BCH Class S Ordinary Units as compensation for services provided in 2018. Hicks Holdings was granted its BCH Preferred A-0 when a portion of the existing BCH Preferred A-1 converted to BCH Preferred A-0 in 2021. Hicks Holdings converted a portion of its existing BCH Preferred A-1 to BCG Class B Common Units in June 2023 in connection with the recapitalization of BCG described in Note 4. In connection with the letter agreement described below, in October 2023, Hicks Holdings assigned the BCH Preferred A-0, BCH Preferred A-1, BCH Class S Ordinary Units, and BCH Class S Preferred Units to HH-BDH. As discussed in Note 13, on October 15, 2025, all of the BCH Preferred A-1 held by HH-BDH was converted to 11,560,705 shares of Class A common stock. HH-BDH also received 149,904 shares of Class A common stock in March 2026 in partial settlement of accrued interest and fees owed under the HH-BDH Credit Agreement. The total preferred equity of BCH, BCH Class S Preferred Units and BCH Class S Ordinary Units balance as of March 31, 2026 and 2025, was $15.2 million and $25.4 million, respectively (amounts disclosed here are based on their GAAP capital accounts). Additionally, Hicks Holdings held 2,066 shares of Class B common stock as of March 31, 2026 and 2025. Further, during the year ended March 31, 2025, Thomas O. Hicks and an entity controlled by Mr. Hicks purchased a total of 12,500 shares of Class A common stock for a purchase price of approximately $0.2 million. The Company has outstanding payable amounts primarily related outstanding interest and fees under the HH-BDH Credit Agreement totaling approximately $1.0 million and $0.8 million as of March 31, 2026 and 2025, respectively, which is reflected in the other liabilities line item in the consolidated statement of financial condition. The remaining outstanding interest and fees under the HH-BDH Credit Agreement are to be paid within four business days following September 30, 2026. Letter Agreement with Hicks Holdings In connection with the HH-BDH Credit Agreement and the Financing, on October 19, 2023, the Guarantor, Ben LLC, and Hicks Holdings entered into a letter agreement (the “2023 Letter Agreement”). In connection with the Financing, Hicks Holdings agreed to assign to HH-BDH (which is wholly-owned by Hicks Holdings) all of its rights, title and interest in and to the following partnership interests of the Guarantor: BCH Preferred A-0 with a capital account balance of $15.3 million as of June 30, 2023, BCH Preferred A-1 with a capital account balance of $48.1 million as of June 30, 2023, 1 BCH Class S Preferred Units and 455 BCH Class S Ordinary Units held by HH-BDH (the “Pledged Guarantor Interests”). Hicks Holdings’ membership interest in HH-BDH (collectively with the Pledged Guarantor Interests, the “Pledged Equity Interests”) and the Pledged Guarantor Interests serve as collateral for the Financing (together, the “Lender Pledge”). Pursuant to the terms of the 2023 Letter Agreement, the parties thereto agreed that if the Borrower and/or Guarantor default under the HH-BDH Credit Agreement and such default results in a foreclosure on, or other forfeiture of, the Pledged Equity Interests, the Guarantor will promptly issue to Hicks Holdings, BCH Preferred A-0 with a capital account balance of $15.3 million, BCH Preferred A-1 with a capital account balance of $48.1 million (subsequently converted to Class A common stock as described in Note 13), 1 BCH Class S Preferred Units and 455 BCH Class S Ordinary Units (subject to a tax gross-up as provided in the 2023 Letter Agreement), or, in the discretion of Hicks Holdings, equivalent securities of equal fair market value to the value of the security interests at the time of the applicable foreclosure or other loss (such newly issued equity interests referred to as the “Replacement Equity Interests”); provided, however that, if less than all Pledged Equity Interests have been foreclosed on or forfeited, the foregoing capital account balances and numbers of units comprising the Replacement Equity Interests shall be reduced on a class-by-class and subclass-by-subclass basis, as applicable, to the extent necessary to ensure that Hicks Holdings and its affiliates do not receive additional value relative to the value held by Hicks Holdings and its affiliates immediately prior to the foreclosure or forfeiture. Furthermore, Ben LLC shall cause a Ben LLC Unit (as defined in the BCH LPA) to be issued for each BCH Class A Unit issued to the Hicks Holdings pursuant to the 2023 Letter Agreement. Additionally, the Guarantor agreed to indemnify Hicks Holdings and its affiliates and hold each of them harmless against any and all losses which may arise directly or indirectly in connection with, among other things, the HH-BDH Credit Agreement, the Term Loan, the Financing and the Lender Pledge. In connection with the repayment in January 2026 described in Note 11 of all outstanding principal amounts and related interest owed on the third-party financing that HH-BDH used to fund the amounts borrowed by the Company under the HH-BDH Credit Agreement, the Pledged Guarantor Interests are no longer required to serve as collateral for the remaining interest and fees owed to HH-BDH. Consulting agreements with certain Board members During fiscal 2024, the Company entered into consulting agreements with certain non-management Board members. Pursuant to the consulting agreements, Thomas O. Hicks (a board member through December 2025), Richard W. Fisher (a board member through March 2024) and Bruce W. Schnitzer agreed to mentor, advise and support Beneficient and its related entities regarding its business of providing services, insurance, liquidity and financing for alternative asset holders and each receive an annual cash fee of $150,000 per year. Such consulting fee is in addition to the annual cash retainer these Board members receive under the director compensation program. The consulting agreements have an initial term of one (1) year and automatically renew for successive one (1) year terms unless sooner terminated in accordance with their terms. In the event the initial or any renewal term is terminated before it expires due to a removal or because Messrs. T. Hicks, Fisher and Schnitzer is not re-elected or re- appointed, in each case without cause (as defined in the consulting agreement), the annual consulting fee will continue to be paid through the end of the initial or renewal term, as applicable. For each consulting agreement, the associated expense is recognized ratably each month over the annual term. Mr. Fisher retired from our Board effective March 15, 2024 and thus his above referenced consulting agreement terminated during fiscal 2024. Mr. Tom Hicks passed away on December 6, 2025 and thus his above referenced consulting agreement terminated during fiscal 2026. Subscription agreements with an entity associated with a certain Board member During the year ended March 31, 2025, an entity associated with Peter T. Cangany, Jr., a member of our Board, purchased a total of 32,813 shares of Class A common stock from the Company for an aggregate purchase price of approximately $0.5 million on various dates during the fiscal year.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

12 Months Ended

Mar. 31, 2026

Goodwill and Other Intangibles

The following tables present activity in the Company’s goodwill and finite-lived and indefinite-lived intangible assets for the years ended March 31, 2026 and 2025.


(Dollars in thousands)	March 31, 2025		Impairment		March 31, 2026		Amortization Period
Goodwill

Ben Custody	$	7,469	$	—	$	7,469	Indefinite

Ben Markets	2,445		—		2,445		Indefinite
Total goodwill	9,914		—		9,914		Indefinite
Insurance license	3,100		(3,100)		—		Indefinite
Total goodwill and intangible assets	$	13,014	$	(3,100)	$	9,914


(Dollars in thousands)	March 31, 2024		Impairment		March 31, 2025		Amortization Period
Goodwill

Ben Custody	$	10,896	$	(3,427)	$	7,469	Indefinite

Ben Markets	2,710		(265)		2,445		Indefinite
Total goodwill	13,606		(3,692)		9,914		Indefinite
Insurance license	3,100		—		3,100		Indefinite
Total goodwill and intangible assets	$	16,706	$	(3,692)	$	13,014

Barring a triggering event that suggests possible impairment, the Company conducts impairment tests for goodwill and indefinite-lived assets during the fourth quarter each fiscal year, using generally accepted valuation methods. The Company conducts its annual impairment test on January 1 of each fiscal year.

As previously discussed in Note 6, during each of the fiscal quarters of 2025 and for the quarter ended March 31, 2026, primarily as a result of significant, sustained declines in our Class A common stock price and the Company’s related market capitalization, we concluded that it was more likely than not that the fair value of our reporting units was below their carrying amount. This resulted in us performing interim impairment assessments each fiscal quarter during fiscal year 2025 and for the quarter ended March 31, 2026. As a result, during fiscal 2025, we wrote the carrying value of the Ben Custody and Ben Markets reporting units down to their estimated fair value and recognized cumulatively during fiscal 2025 a non-cash goodwill impairment charge of $3.7 million. No non-cash goodwill impairment was recorded for the year ended March 31, 2026. However, for the quarter end March 31, 2026, impairment analysis related to our insurance license intangible asset held by PEN with the Bermuda Insurance Authority resulted in impairment of our intangible asset related to the insurance license due to our decision to abandon such licenses as we are in the process of dissolving the relevant Bermuda entities. Accordingly, $3.1 million of non-cash intangible asset impairment was recorded for the year ended March 31, 2026. Goodwill and intangible asset impairment is reflected in loss on impairment of goodwill and intangible assets in the consolidated statements of comprehensive income (loss).

For each impairment assessment during fiscal quarters of 2025 and for the quarter ended March 31, 2026, the Company computed the fair value of each reporting unit by computing the overall enterprise value of the Company by valuing its various equity instruments, primarily based on the Class A common stock price per share. The overall enterprise value was allocated to each reporting units using the discounted cash flow method to estimate the relative value of each reporting unit based on their future cash flows using a multi-year forecast, and a terminal value calculated using a long-term growth rate that was informed based on our industry, analyst reports of a public company peer set, current and expected future economic conditions and management expectations. The discount rate used to discount these future cash flows was determined using a capital asset pricing model based on the market value of equity of a public company peer set, adjusted for risk characteristics and expectations specific to the reporting unit, combined with an assessment of the cost of debt.

Finally, management has determined that none of the Company’s goodwill is deductible for tax purposes.

Variable Interest Entities

12 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

In accordance with ASC 810, an enterprise is determined to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Ben holds a variable interest is a VIE and (b) whether Ben’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (for example, management and performance-related fees), would give it a controlling financial interest. The performance of that analysis requires the exercise of judgment. Based on management’s analysis, there are no VIEs that require consolidation, other than those described below.

VIEs for Which the Company is the Primary Beneficiary

CT Risk Management, L.L.C.

CT, a Delaware limited liability company, is currently governed by the Fourth Amended and Restated Limited Liability Company Agreement entered into on April 27, 2022. CT was created to reduce the impact of a potential market downturn on the interests in alternative assets held by the Customer ExAlt Trusts that collateralize the loans receivable from the Customer ExAlt Trusts held by BFF, or other Ben entities (such loans receivable are eliminated solely for financial reporting purposes in our consolidated financial statements) by distributing any potential profits to certain of the Customer ExAlt Trusts thereby offsetting any reduction in the value of the alternative assets.

CT is considered a VIE as the at-risk equity holder, BFF, does not have all of the characteristics of a controlling financial interest due to BFF’s receipt of returns being limited to its initial investment in CT. The Company concluded that BFF is the primary beneficiary of CT as BFF has the power to direct the most significant activities and has an obligation to absorb potential losses of CT. Accordingly, the results of CT are included in the Company’s consolidated financial statements.

As of March 31, 2026 and 2025, the consolidated statements of financial condition include assets of this consolidated VIE with a carrying value of nil. No options were held as of March 31, 2026 and 2025 and there was no activity of CT during the years ended March 31, 2026 and 2025.

Customer ExAlt Trusts

The Company determined that all of the Customer ExAlt Trusts used in connection with its operations are VIEs of which Ben is the primary beneficiary as defined under ASC 810. The Company concluded that it is the primary beneficiary of the Customer ExAlt Trusts as it has the power to direct the most significant activities and has an obligation to absorb potential losses of the Customer ExAlt Trusts. Accordingly, the results of the Customer ExAlt Trusts are included in the Company’s consolidated financial statements. Although the Company is deemed to be the primary beneficiary of the Customer ExAlt Trusts for purposes of ASC 810, it is neither designated as a beneficiary under the trust agreements nor recognized as a beneficiary of such trusts under applicable state trust law. The assets of the Customer ExAlt Trusts may only be used to settle obligations of the Customer ExAlt Trusts. Other than potentially funding capital calls above the related reserve (refer to Note 20), there is no recourse to the Company for the Customer ExAlt Trusts’ liabilities. The cash flows generated by these VIEs are included within the Company’s consolidated statements of cash flows.

The consolidated statements of financial condition includes the following amounts from these consolidated VIEs as of the dates presented:


(Dollars in thousands)	March 31, 2026		March 31, 2025
Assets:
Cash and cash equivalents	$	2,186	$	717

Investments, at fair value	195,536		291,371
Other assets	264		378
Total Assets of VIEs	$	197,986	$	292,466

Liabilities:
Accounts payable and accrued expense	$	3,026	$	3,107
Other liabilities	136		95

Total Liabilities of VIEs	$	3,162	$	3,202

Equity:
Treasury stock	$	(3,444)	$	(3,444)
Noncontrolling interests	(228,743)		(201,518)
Accumulated other comprehensive income (loss)	54		(2)
Total Equity of VIEs	$	(232,133)	$	(204,964)

The consolidated statements of comprehensive income (loss) for the periods presented include the following amounts from these consolidated VIEs:


	Year Ended March 31,
(Dollars in thousands)	2026		2025
Revenues
Investment income (loss), net	$	(49,532)	$	(6,500)
Gain (loss) on financial instruments, net	358		(1,776)


Other income	—		2
Total revenues	(49,174)		(8,274)

Operating expenses

Provision for credit losses	—		998
Professional services	1,880		2,137
Other expenses	987		794
Total operating expenses	2,867		3,929

Net income (loss)	$	(52,041)	$	(12,203)
Net income (loss) attributable to noncontrolling interests	$	(25,639)	$	(34,914)

Net Income (Loss) per Share - Antidilutive Securities (Details) - shares	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	284,924,143	216,870
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	4,817,944	0
Contingently Returnable Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	4,931,446	0
Class S Ordinary
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	8,376	0
Class S Preferred
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	78	0
Preferred Series A Subclass 0
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	66,644,038	0
BCH Preferred Series A-1
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	208,120,305	0
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	172,689	33,204
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	25,000	10,719
Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	49,248
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	204,267	123,699

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenues

Gain (loss) on financial instruments, net (related party of $9,491 and $(552))

$ (49,532)

$ (6,500)

9,774

(2,242)

Trust services and administration revenues (related party of $30 and $30)

593

753

(39,125)

(7,943)

Interest expense (related party of $13,349 and $12,294)

11,845

16,851

18,801

14,908

21,054

23,235

Loss on impairment of goodwill and intangible assets

1,048

1,000

3,100

3,692

Accrual (release) of loss contingency related to arbitration award

62,831

(54,973)

Other expenses (related party of $2,856 and $2,825)

8,708

11,529

127,387

16,242

(Gain) loss on liability resolution

(166,512)

(24,185)

(1,996)

(23,462)

Net income (loss) before income taxes

(164,516)

(723)

Income tax expense

214

Plus: Net loss attributable to noncontrolling interests

(164,730)

(803)

96,222

69,789

Less: Noncontrolling interest guaranteed payment

(18,918)

(17,824)

Net income (loss) attributable to Beneficient common shareholders

(87,426)

51,162

Other comprehensive income (loss):

Unrealized gain (loss) on investments in available-for-sale debt securities

(278)

Total comprehensive income (loss)

(164,676)

(1,081)

Less: Comprehensive gain (loss) attributable to noncontrolling interests

(77,250)

(52,243)

Total comprehensive income (loss) attributable to Beneficient

$ (87,426)

$ 51,162

Class A and B - basic (in dollars per share)

Net income (loss) per common share

^[1]

$ (14.02)

$ 68.08

Class A and B - diluted (in dollars per share)

^[1]

(14.02)

0.52

Class A and B - basic (in dollars per share)

Net income (loss) per common share

^[1]

(14.02)

109.54

Class A and B - diluted (in dollars per share)

^[1]

$ (14.02)

$ 0.52

Plus: Net loss attributable to noncontrolling interests

$ 25,639

$ 34,914

Consolidated Entity, Excluding Consolidated VIE

Plus: Net loss attributable to noncontrolling interests

$ 70,583

$ 34,875

[1]	Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Debt Due to Related Parties - Schedule of Debt (Details) - Beneficent Capital Company - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
HCLP Nominees, L.L.C
Debt Instrument [Line Items]
Unamortized debt discount, net	$ 133	$ (639)
Related Party
Debt Instrument [Line Items]
Total debt due to related parties	96,785	117,896
First Lien Credit Agreement \| HCLP Nominees, L.L.C \| HCLP Nominees, L.L.C
Debt Instrument [Line Items]
Debt due to related parties, gross	21,260	21,260
Second Lien Credit Agreement \| HCLP Nominees, L.L.C \| HCLP Nominees, L.L.C
Debt Instrument [Line Items]
Debt due to related parties, gross	72,983	72,983
Term Loan \| Related Party
Debt Instrument [Line Items]
Debt due to related parties, gross	0	22,000
Other borrowings \| Related Party
Debt Instrument [Line Items]
Debt due to related parties, gross	$ 2,409	$ 2,292

Share-based Compensation - Future Compensation Expense (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2026 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2027	$ 608
2028	252
2029	0
2030	0
2031	0
Total	860
BMP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2027	0
2028	0
2029	0
2030	0
2031	0
Total	0
RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2027	608
2028	252
2029	0
2030	0
2031	0
Total	$ 860
Weighted-average period to be recognized	1 year 4 months 28 days

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Other Intangibles - Schedule of Goodwill and Intangible Assets (Details) - USD ($)

12 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Mar. 31, 2024

$ 9,914,000

^[1]

$ 13,606,000

(3,692,000)

9,914,000

^[1]

Intangible assets

3,100,000

^[1]

Total goodwill and intangible assets

(3,100,000)

9,914,000

13,014,000

$ 16,706,000

Total goodwill and intangible assets

$ (3,100,000)

(3,692,000)

Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]

Total goodwill and intangible assets

Insurance license

$ 0

(3,700,000)

Intangible assets

3,100,000

$ 3,100,000

(3,100,000)

Ben Custody

7,469,000

10,896,000

(3,427,000)

7,469,000

Ben Markets

2,445,000

2,710,000

(265,000)