0001775734-23-000015 | 10-Q | XBRL Viewer

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Investments, at Fair Value - Debt Securities Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Amortized Cost Basis
Due in one year or less	$ 1,687	$ 66,000
No fixed maturity	998	998
Amortized Cost Basis	2,685	66,998
Fair Value
Due in one year or less	2,079	75,900
No fixed maturity	998	998
Fair Value	$ 3,077	$ 76,898

Variable Interest Entities

6 Months Ended

Sep. 30, 2023

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 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 BCC 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 September 30, 2023 and March 31, 2023, the consolidated statements of financial condition include assets of this consolidated VIE with a carrying value of nil and $4.0 million, which is recorded in the investments held by Ben line item of the consolidated statements of financial condition. The Company recorded losses of $0.7 million for three months ended September 30, 2023, compared to gains of $1.0 million for the same period of 2022, respectively, which is reported in the gain (loss) on financial instruments, net line item of the consolidated statements of comprehensive income (loss). The Company recorded losses of $3.0 million for six months ended September 30, 2023, compared to gains of $2.7 million for the same period of 2022, respectively, which is reported in the gain (loss) on financial instruments, net line item of the consolidated statements of comprehensive income (loss).

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

17), 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)	September 30, 2023		March 31, 2023
Assets:
Cash and cash equivalents	$	812	$	3,259
Restricted cash	20		819
Investments, at fair value	457,548		491,859
Other assets	5,542		5,891
Total Assets of VIEs	$	463,922	$	501,828

Liabilities:
Accounts payable and accrued expense	$	1,820	$	1,945
Other liabilities	108		132
Customer ExAlt Trusts loan payable, net	48,660		52,129
Total Liabilities of VIEs	$	50,588	$	54,206

Equity:
Treasury stock	$	(3,444)	$	(3,444)
Noncontrolling interests	(138,441)		(118,299)
Accumulated other comprehensive income	391		9,900
Total Equity of VIEs	$	(141,494)	$	(111,843)

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
(Dollars in thousands)
Revenues
Investment income (loss), net	$	(13)	$	(17,099)	$	487	$	(42,216)
Loss on financial instruments, net	(41,875)		(16,391)		(43,679)		(16,402)
Interest and dividend income	2		10		10		14

Total revenues	(41,886)		(33,480)		(43,182)		(58,604)

Operating expenses
Interest expense	1,794		1,965		3,668		4,294
Provision for credit losses	—		—		—		12,607
Professional services	885		2,374		2,146		2,956
Other expenses	26		—		383		600
Total operating expenses	2,705		4,339		6,197		20,457
Net income (loss)	$	(44,591)	$	(37,819)	$	(49,379)	$	(79,061)
Net income (loss) attributable to noncontrolling interests	$	(3,592)	$	(72,843)	$	(17,458)	$	(101,554)

Net Loss per Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	441,607,505	114,099,960	196,445,397	114,211,595
Preferred Series B-1
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	11,404,827	0	683,146	0
Class S Ordinary
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	5,358,597	5,871,512	5,434,863	5,871,512
Class S Preferred
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	48,403	115,219	48,403	115,219
Preferred Series A Subclass 0
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	90,445,956	19,796,120	32,916,204	19,795,875
Preferred Series A Subclass 1
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	291,066,987	63,706,518	110,618,486	63,826,455
Preferred Series C
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	2,393,520	16,068,912	12,153,325	16,068,912
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	10,219,365	8,541,679	9,882,852	8,533,622
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	30,669,850	0	24,708,118	0

Investments, at Fair Value - Amortized Cost vs Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	$ 2,685	$ 66,998
Gross Unrealized Gains	1,452	18,780
Gross Unrealized Losses	(1,060)	(8,880)
Fair Value	3,077	76,898
Corporate debt securities (L Bonds)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis		64,313
Gross Unrealized Gains		17,433
Gross Unrealized Losses		(7,924)
Fair Value		73,822
Other debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	2,685	2,685
Gross Unrealized Gains	1,452	1,347
Gross Unrealized Losses	(1,060)	(956)
Fair Value	$ 3,077	$ 3,076

Equity - FLP Units (Details) - USD ($)	3 Months Ended		6 Months Ended
Equity - FLP Units (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Net loss	$ (381,764,000)	$ (73,887,000)	$ (1,537,734,000)	$ (160,235,000)
Asset valuation adjustment	$ 321,900,000		$ 321,900,000
FLP Units Subclass 1
Class of Stock [Line Items]
Allocation percentage	50.50%		50.50%
FLP Units Subclass 2
Class of Stock [Line Items]
Allocation percentage	49.50%		49.50%
FLP Units Subclass 1 and 2
Class of Stock [Line Items]
Profits interest on financing and other tax pass-through businesses	15.00%		15.00%
Net loss	$ 0	3,200,000	$ 0	3,200,000
Upward carrying value adjustment, percentage of capital accounts	15.00%		15.00%
FLP Units Subclass 1 and 2 \| Minimum
Class of Stock [Line Items]
Net service fee revenue interest, EBITDA to revenue ratio	0.20		0.20
FLP Units Subclass 1 and 2 \| Maximum
Class of Stock [Line Items]
Net service fee revenue interest, EBITDA to revenue ratio	0.50		0.50
Class S Ordinary
Class of Stock [Line Items]
Units issuable (in shares)	32,190,584		32,190,584
Class S Ordinary \| BHI
Class of Stock [Line Items]
Units to be received (in shares)	1,515,000		1,515,000
Class S Ordinary \| BMP
Class of Stock [Line Items]
Units to be received (in shares)	1,485,000		1,485,000
FLP Units Subclass 3
Class of Stock [Line Items]
Net loss	$ 0	$ 900,000	$ 0	$ 900,000
Net financing revenues, quarterly percentage	5.00%		5.00%
Net financing revenues allocated, annualized stated interest percentage	10.00%		10.00%
Tax and distributions, percentage of profits allocated	100.00%		100.00%

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 19, 2023	Oct. 04, 2023	Oct. 03, 2023	Oct. 02, 2023	Jun. 27, 2023	Jun. 08, 2023	Oct. 19, 2026	Oct. 19, 2025	Sep. 30, 2023	Dec. 07, 2021
Subsequent Event [Line Items]
Standby Equity Purchase Agreement, shares issued (in shares)					456,204
Customer ExAlt Trusts
Subsequent Event [Line Items]
Alternative investments acquired										$ 352.6
Percentage allocated to payable repayment										27.80%
Custody Trust
Subsequent Event [Line Items]
Percentage of assets held in trust									44.90%
Forecast \| Custody Trust
Subsequent Event [Line Items]
Ownership interest								97.50%
HH-BDH \| Term Loan \| Secured Overnight Financing Rate (SOFR) \| Forecast
Subsequent Event [Line Items]
Interest rate							5.50%	6.50%
Subsequent Event \| HH-BDH \| Term Loan
Subsequent Event [Line Items]
Debt term	3 years
Term loan	$ 25.0
Subsequent Event \| HH-BDH \| Term Loan \| Non-Refundable Fee of Aggregate Commitments
Subsequent Event [Line Items]
Fee percentage	1.00%
Subsequent Event \| HH-BDH \| Term Loan \| Interest Payment Rate, First Period
Subsequent Event [Line Items]
Fee percentage	3.00%
Subsequent Event \| HH-BDH \| Term Loan \| Interest Payment Rate, Second Period
Subsequent Event [Line Items]
Fee percentage	2.00%
Subsequent Event \| HH-BDH \| Term Loan \| Make Whole Payment, Interest Rate
Subsequent Event [Line Items]
Fee percentage	3.00%
Preferred Series A Subclass 0 \| Subsequent Event
Subsequent Event [Line Items]
Value of interest assigned	$ 15.3
Preferred Series A Subclass 1 \| Subsequent Event
Subsequent Event [Line Items]
Value of interest assigned	$ 48.1
Class S Preferred \| Subsequent Event
Subsequent Event [Line Items]
Shares held (in shares)	48
Class S Ordinary
Subsequent Event [Line Items]
Conversion of stock (in shares)						404,542
Class S Ordinary \| Subsequent Event
Subsequent Event [Line Items]
Shares held (in shares)	291,163
Common Class A
Subsequent Event [Line Items]
Price per unit (in dollars per share)									$ 2.59
Common Class A \| Subsequent Event
Subsequent Event [Line Items]
Standby Equity Purchase Agreement, shares issued (in shares)		500,000		20,000
Price per unit (in dollars per share)		$ 1.27		$ 2.39
Conversion of stock (in shares)			13,805,841
Preferred Series B-1 \| Subsequent Event
Subsequent Event [Line Items]
Price per unit (in dollars per share)			$ 2.73
Conversion of stock (in shares)			3,768,995

Fair Value Measurements - Significant Unobservable Units (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available-for-sale	$ 2,079	$ 2,183	$ 2,078	$ 2,468	$ 2,948	$ 3,000
Derivative liability	1,932	$ 2,095	3,513	$ 4,305	$ 9,583	$ 8,108
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available-for-sale	$ 2,079		$ 2,078
Discounted cash flow \| Alternative asset market discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.13		0.10
Discounted cash flow \| Equity market risk premiums
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.07		0.07
Discounted cash flow \| Enhanced return discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.12		0.12
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
Minimum \| Discounted cash flow \| Alternative asset beta to equity markets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.42		0.42
Minimum \| Discounted cash flow \| Distribution rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.03		0.03
Minimum \| Discounted cash flow \| Net asset value volatilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.07		0.09
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
Maximum \| Discounted cash flow \| Alternative asset beta to equity markets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	1.67		1.67
Maximum \| Discounted cash flow \| Distribution rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.06		0.06
Maximum \| Discounted cash flow \| Net asset value volatilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.24		0.84
Weighted Average \| Market Approach \| Level 3 \| Enterprise value-to-revenue multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	1.83		1.74

Fair Value Measurements

6 Months Ended

Sep. 30, 2023

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 September 30, 2023 and March 31, 2023, the fair value of these investments using the NAV per share practical expedient was $363.3 million and $385.9 million, respectively. During the three months ended September 30, 2023 and 2022, a nominal loss and $17.1 million loss, respectively, were recognized from changes in NAV, which are recorded within the investment income (loss), net, line item of our consolidated statements of comprehensive income (loss). During the six months ended September 30, 2023 and 2022, a $0.5 million gain and $42.2 million loss, respectively, was recognized from changes in NAV, which is 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 September 30, 2023 and March 31, 2023 are presented below.


	As of September 30, 2023
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Public equity securities	$	4,399	$	—	$	—	$	4,399

Other equity interests	—		22,489		—		22,489
Debt securities available-for-sale, other	—		998		2,079		3,077
Liabilities:
Warrant liability	956		—		—		956
Prepaid forward liability	73		—		—		73
Derivative liability	—		—		1,932		1,932

	As of March 31, 2023
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Public equity securities	$	8,837	$	—	$	—	$	8,837
Put options	3,991		—		—		3,991
Debt securities available-for-sale
Corporate debt securities (L Bonds)	—		73,822		—		73,822
Other debt securities	—		998		2,078		3,076
Liabilities:
Derivative liability	—		—		3,513		3,513

A reconciliation of gain (loss) on financial instruments, net for each of the periods presented herein is included in the tables below (in thousands):


	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Public equity securities:
Related party equity securities	$	(136)	$	(27,759)	$	(3,702)	$	(42,564)
Other public equity securities	(516)		505		(736)		(9)
Put options	(695)		980		(3,023)		2,744
Warrant liability	214		—		1,699		—
Prepaid forward liability	19		—		(73)		—
Derivative liability	163		5,278		1,581		3,803
Other equity securities and interests
Related party, with a readily determinable fair value(1)	(41,824)		—		(41,824)		—
Other, without a readily determinable fair value	—		(41)		(158)		2,968
Gain (loss) on financial instruments, net	$	(42,775)	$	(21,037)	$	(46,236)	$	(33,058)

(1) Includes realized net gains of $13.7 million related to the Company’s previously classified available-for-sale debt securities upon reclassification from accumulated other comprehensive income during the three and six months ended September 30, 2023.

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 with a readily determinable fair value

As of September 30, 2023, the fair value of these equity securities is calculated using quoted prices for similar instruments observed in the fixed income market and is classified as a Level 2 investment in the fair value hierarchy.

Investment in debt securities available-for-sale

Corporate debt securities. As of March 31, 2023, the fair value of these debt securities is calculated using quoted spreads for similar instruments observed in the fixed income market and is classified as a Level 2 investment in the fair value hierarchy.

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

September 30, 2023

2,079

Market Approach

Enterprise value-to-revenue multiple

0.2x - 18.9x

1.83x

March 31, 2023

2,078

Market Approach

Enterprise value-to-revenue multiple

0.2x - 18.9x

1.74x

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


(Dollars in thousands)	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Beginning balance	$	2,183	$	2,948	$	2,078	$	3,000
Gains (losses) recognized in accumulated other comprehensive income (loss)(1)	(104)		(480)		1		(532)
Ending balance	$	2,079	$	2,468	$	2,079	$	2,468

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

Derivative liability

The fair value of the contingent interest feature derivative liability, as discussed in Note 7, is estimated using industry standard valuation models. Level 3 inputs were utilized to value the expected future cash flows from the portfolio held by the Customer ExAlt Trust and included the use of present value techniques employing cash flow estimates and incorporated assumptions that marketplace participants would use in estimating fair values. Specifically, the model includes assumptions related to i) equity market risk premiums, ii) alternative asset beta to public equities, iii) NAVs, iv) volatilities, v), distribution rates, and vi) market discount rates. These expected future cash flows were bifurcated between base cash flows and enhanced return cash flows (i.e., the contingent interest) and then the enhanced cash flows were further discounted to arrive at the fair value for the contingent interest feature derivative liability. In instances where reliable market information was not available, management used historical market data proxies and assumptions to determine a reasonable fair value.

The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Level 3 derivative liability at inception and period end (dollars in thousands):


	Fair Value		Valuation Methodology	Unobservable Inputs	Range of Targets
September 30, 2023	$	1,932	Discounted cash flow	Alternative asset beta to equity markets	0.42 - 1.67
				Alternative asset market discount rate	0.13
				Distribution rate	0.03 - 0.06
				Equity market risk premiums	0.07
				Net asset value volatilities	0.07 - 0.24
				Enhanced return discount rate	0.12
March 31, 2023	$	3,513	Discounted cash flow	Alternative asset beta to equity markets	0.42 - 1.67
				Alternative asset market discount rate	0.10
				Distribution rate	0.03 - 0.06
				Equity market risk premiums	0.07
				Net asset value volatilities	0.09 - 0.84
				Enhanced return discount rate	0.12

The following table reconciles the beginning and ending fair value of our Level 3 derivative liability:


	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Beginning balance	$	2,095	$	9,583	$	3,513	$	8,108
(Gains) losses recognized in earnings(1)	(163)		(5,278)		(1,581)		(3,803)
Ending balance	$	1,932	$	4,305	$	1,932	$	4,305

(1) Recorded in (Gain) loss on financial instruments, net.

There have been no transfers between levels for any assets or liabilities recorded at fair value on a recurring basis or any changes in the valuation techniques used for measuring the fair value as of September 30, 2023 and March 31, 2023, respectively.

Financial instruments on a non-recurring basis

Equity securities without a readily determinable fair value

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 at cost, less impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or a similar investment of the same issuer. The Company classifies these assets as Level 2 within the fair value hierarchy.

The value of these equity securities was $64.5 million and $21.6 million as of September 30, 2023 and March 31, 2023, respectively. Additionally, as of September 30, 2023, one security has cumulative upward adjustments of $10.8 million based upon observable price changes, including a recent equity offering and stock to stock transactions. During the three and six months ended September 30, 2022, the security received an upward adjustment of nil and $3.3 million, respectively. No such adjustments were made during the three and six months ended September 30, 2023.

Goodwill

During the first and second fiscal quarters of 2024, 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 our reporting units was below their carrying amount and resulted in us performing an interim impairment assessment. As a result, we wrote the carrying value of the Ben Liquidity and Ben Custody reporting units down to their estimated fair value and recognized a non-cash goodwill impairment charge of $1.1 billion and $306.7 million during the three months ended June 30, 2023, and September 30, 2023, respectively, which is reflected in loss on impairment of goodwill in the consolidated statements of comprehensive income (loss). Prior to the goodwill impairment recorded during the first quarter of 2024, the Company has not previously recorded any impairments of goodwill. As such, the cumulative impairment loss as of September 30, 2023, is $1.4 billion.

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.

The discount rates used for each reporting unit in the June 30, 2023 impairment analysis ranged from 24.8% to 25.6%, and the Company applied a terminal year long-term growth rate of 3.0% for each reporting unit. Subsequent to the impairment, there was no excess of reporting unit fair value over carrying value for Ben Liquidity or Ben Custody.

The discount rates used for each reporting unit in the September 30, 2023 impairment analysis ranged from 25.3% to 26.2%, and the Company applied a terminal year long-term growth rate of 3.0% for each reporting unit. Subsequent to the impairment, there was no excess of reporting unit fair value over carrying value for Ben Liquidity or Ben Custody as of September 30, 2023. One reporting unit (Ben Markets) had a negative carrying amount of net assets as of June 30, 2023 and September 30, 2023, and goodwill of approximately $9.9 million.

The change in goodwill at each reporting unit was as follows:


	March 31, 2023		Impairment		September 30, 2023
Ben Liquidity	$	1,725,880	$	(1,121,212)	$	604,668
Ben Custody	594,219		(281,777)		312,442
Ben Insurance	37,942		—		37,942
Ben Markets	9,885		—		9,885
Total Goodwill	$	2,367,926	$	(1,402,989)	$	964,937

There were no other assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2023 and March 31, 2023.

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 September 30, 2023 and March 31, 2023, were as noted in the table below:


	As of September 30, 2023
(Dollars in thousands)	Level in Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	1	$	2,394	$	2,394
Restricted cash	1	20		20
Financial liabilities:
Customer ExAlt Trusts loan payable, net	2	48,660		54,058
Debt due to related parties	2	102,141		96,099
Accounts payable and accrued expenses	1	104,958		104,958


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

- Definition

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.

+ References + Details

Income Taxes (Tables)

6 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense for the three and six months ended September 30, 2023 and 2022, were as follows:


(Dollars in thousands)	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Deferred expense
Federal	$	—	$	887	$	—	$	1,284
Income tax expense	$	—	$	887	$	—	$	1,284

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

Sep. 30, 2023

Mar. 31, 2023

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments

$ 457,771

$ 497,221

Debt securities available-for-sale

3,077

76,898

Warrant liability

956

^[1]

Prepaid forward liability

Derivative liability

1,932

3,513

Level 1

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Warrant liability

956

Prepaid forward liability

Derivative liability

Level 2

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Warrant liability

Prepaid forward liability

Derivative liability

Level 3

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Warrant liability

Prepaid forward liability

Derivative liability

1,932

3,513

Public equity securities

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments

4,399

8,837

Public equity securities | Level 1

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments

4,399

8,837

Public equity securities | Level 2

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments

Public equity securities | Level 3

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments

Other equity interests

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Other equity interests

22,489

Other equity interests | Level 1

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Other equity interests

Other equity interests | Level 2

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Other equity interests

22,489

Other equity interests | Level 3

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Other equity interests

Put options

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments

3,991

Put options | Level 1

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments

3,991

Put options | Level 2

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments

Put options | Level 3

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Investments

Corporate debt securities (L Bonds)

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt securities available-for-sale

73,822

Corporate debt securities (L Bonds) | Level 1

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt securities available-for-sale

Corporate debt securities (L Bonds) | Level 2

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt securities available-for-sale

73,822

Corporate debt securities (L Bonds) | Level 3

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt securities available-for-sale

Other debt securities

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt securities available-for-sale

3,077

3,076

Other debt securities | Level 1

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt securities available-for-sale

Other debt securities | Level 2

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt securities available-for-sale

998

Other debt securities | Level 3

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Debt securities available-for-sale

$ 2,079

$ 2,078

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.

Customer ExAlt Trust Loan Payable (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Mar. 31, 2023

Mar. 24, 2022

Dec. 07, 2021

Debt Instrument [Line Items]

Loan receivable fair value

$ 72,500

Proceeds from transfer of loan

$ 72,500

Derivative liability

$ 1,932

$ 3,513

Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Loss on financial instruments, net (related party of $(41,960), $(27,759), $(45,526), and $(42,564), respectively)

Net amortization of debt premium and discount (related party of $(1,835) and $(3,063))

$ (1,355)

$ (2,542)

Customer ExAlt Trusts loan payable, net

$ 48,660

48,660

52,129

^[1]

Customer ExAlt Trusts

Debt Instrument [Line Items]

Alternative assets acquired

$ 352,600

Customer ExAlt Trusts

Debt Instrument [Line Items]

Derivative liability

1,900

3,500

Net gain on derivative liability

$ 200

$ 5,300

$ 1,600

3,800

Customer ExAlt Trusts | Loans Payable

Debt Instrument [Line Items]

Interest rate

12.00%

Maximum rate

21.00%

Net amortization of debt premium and discount (related party of $(1,835) and $(3,063))

$ 200

$ 100

$ 500

Outstanding principal, including interest paid-in-kind

51,800

54,200

Unamortized debt discount

$ 5,100

$ 5,600

Remaining amortization period

10 years 2 months 8 days

Effective interest rate

13.89%

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.

Investments, at Fair Value

6 Months Ended

Sep. 30, 2023

Investments [Abstract]

Investments, at Fair Value

Investments held by Ben or held by the Customer ExAlt Trusts are comprised of investments in alternative assets, public debt and equity securities, other equity securities (principally of a related party) and put options. The composition of investments recorded at fair value by holder is included in the table below (in thousands):


	September 30, 2023				March 31, 2023
	Ben		Customer ExAlt Trusts		Ben		Customer ExAlt Trusts
Alternative assets	$	—	$	363,332	$	—	$	385,851
Public equity securities and option	—		4,399		4,742		8,087
Debt securities available-for-sale	—		3,077		620		76,278
Other equity securities and interests	223		86,740		—		21,643
Total investments, at fair value	$	223	$	457,548	$	5,362	$	491,859

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 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 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 majority (98 percent) of 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 September 30, 2023 and March 31, 2023, is summarized below (in thousands):


	Alternative Investments Portfolio Summary
	September 30, 2023				March 31, 2023
Asset Class	Carrying Value		Unfunded Commitments		Carrying Value		Unfunded Commitments
Venture Capital	$	160,738	$	2,860	$	165,933	$	2,810
Private Equity	142,378		45,657		145,073		47,218
Natural Resources	27,829		4,556		27,756		5,240
Hedge Funds(1)	13,954		337		24,935		337
Private Real Estate	10,394		4,325		10,391		4,800
Other(2)	8,039		510		11,763		730
Total	$	363,332	$	58,245	$	385,851	$	61,135

Certain prior year items have been reclassified to conform with current year presentation.

(1) As of September 30, 2023, $5.9 million of the investments in this asset class are currently redeemable with no restrictions apart from the notice period. The redemption frequency ranges from weekly to quarterly and the redemption notice period ranges from 2 to 90 days.

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

As of September 30, 2023, the Customer ExAlt Trusts collectively had exposure to 247 professionally managed alternative asset investment funds, comprised of 896 underlying investments, 92 percent of which are investments in private companies.

Public Equity Securities

Investment in public equity securities primarily represents ownership by both Ben and 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 September 30, 2023 and March 31, 2023, the fair value of investments in public equity securities was $4.4 million and $8.8 million, respectively. The balance as of March 31, 2023 included an investment in GWG Holdings’ common stock held by Ben and the Customer ExAlt Trusts of $3.7 million. On August 1, 2023, GWG Holdings’ plan of reorganization was declared effective and the Company’s investment was transferred to equity interests in the GWG Wind Down Trust. The interests in the GWG Wind Down Trust is reflected as an investment in other equity securities. Refer to Note 6 for a reconciliation of the gain (loss) on financial instruments, net for each of the periods presented herein.

Put Options

On April 1, 2022, Ben, through CT Risk Management, L.L.C., made aggregate payments of $5.0 million to purchase additional put options in the S&P 500 Index with an aggregate notional amount of $141.3 million. Half of the notional expires in April 2024, while the other half expires in April 2025. On April 27, 2022, CT Risk Management, L.L.C. sold an equity interest for $2.4 million to the third-party involved in a participation loan transaction described in Note 7 and utilized the proceeds to purchase additional put options similar to the put options purchased on April 1, 2022. These put options were sold in September 2023 for $1.0 million, resulting in a recognized loss of $0.7 million.

The put options are designed to protect the NAV of the interests in alternative assets, which generate the collateral to certain of the ExAlt Loans in Ben Liquidity’s loan portfolio or the loans related to the participation loan transaction and provide for distributions to the Customer ExAlt Trusts’ ultimate beneficiary, against market risk. The options 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 September 30, 2023 and March 31, 2023, the fair value of the options was nil and $4.0 million, respectively. For the three months ended September 30, 2023 and 2022, Ben has recognized losses of $0.7 million and gains of $1.0 million, respectively, on the put options, of which approximately $0.3 million and $0.7 million, respectively, is attributable to Ben or Ben’s loan portfolio, with the remainder attributable principally to the loan involved in the participation loan transaction. For

the six months ended September 30, 2023 and 2022, Ben has recognized losses of $3.0 million and gains of $2.7 million, respectively, on the put options, of which approximately $2.0 million and $2.0 million, respectively, is attributable to Ben or Ben’s loan portfolio, with the remainder attributable principally to the loan involved in the participation loan transaction. 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 September 30, 2023, 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.

Prior to August 1, 2023, investments in debt securities also included ownership in corporate debt securities, specifically, L Bonds of GWG Holdings (“L Bonds”) held by certain of the Customer ExAlt Trusts. The L Bonds had a maturity date of August 8, 2023. However, upon the effectiveness of GWG Holdings’ plan of reorganization on August 1, 2023, the investments in L Bonds converted to equity interests in the GWG Wind Down Trust, which are reflected in “other equity securities and interests”.

The amortized cost, estimated fair value, and unrealized gains and losses on investments in debt securities classified as available-for-sale as of September 30, 2023 and March 31, 2023 are summarized as follows:


	September 30, 2023
(Dollars in thousands)	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Other debt securities	$	2,685	$	1,452	$	(1,060)	$	3,077
Total available-for-sale debt securities	$	2,685	$	1,452	$	(1,060)	$	3,077

	March 31, 2023
(Dollars in thousands)	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities (L Bonds)	$	64,313	$	17,433	$	(7,924)	$	73,822
Other debt securities	2,685		1,347		(956)		3,076
Total available-for-sale debt securities	$	66,998	$	18,780	$	(8,880)	$	76,898

The table below indicates the length of time individual debt securities have been in a continuous loss position as of September 30, 2023 and March 31, 2023:


	September 30, 2023				March 31, 2023
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities (L Bonds):

Twelve months or longer	$	—	$	—	$	73,822	$	7,924
Other debt securities:
Less than twelve months	—		—		2,078		956
Twelve months or longer	2,079		1,060		—		—
Total available-for-sale debt securities with unrealized losses	$	2,079	$	1,060	$	75,900	$	8,880

The noncredit-related portion of the net unrealized losses of $0.1 million and gains of $4.2 million for the three and six months ended September 30, 2023, respectively, was recognized as a component of accumulated other comprehensive income (loss). The noncredit-related portion of the net unrealized gains of $9.5 million and $7.7 million for the three and six months ended September 30, 2022, respectively, was recognized as a component of accumulated other comprehensive income (loss). Unrealized net gains of $13.7 million related to the Company’s previously classified available-for-sale debt securities were reclassified from accumulated other comprehensive income and recognized within the gain (loss) on financial instructions, net line item of the consolidated statements of comprehensive income(loss) during the three and six months ended September 30, 2023, respectively.

During the three and six months ended September 30, 2023, the Company determined there was no credit-related loss on its investment in debt securities available-for-sale. During the three and six months ended September 30, 2022, the Company determined there was other than temporary impairment of nil and $12.6 million, respectively, on its debt securities available-for-sale, which is recorded in the provision for credit losses on the consolidated statements of comprehensive income (loss). The Company determined these losses were other-than-temporary as it does not expect to recover the entire amortized cost basis of the security.

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


(Dollars in thousands)	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Balance, beginning of period	$	31,290	$	31,277	$	31,290	$	18,669

Increase in amounts previously recognized	—		13		—		12,621
Balance, end of period	$	31,290	$	31,290	$	31,290	$	31,290

The contractual maturities of available-for-sale debt securities as of September 30, 2023 and March 31, 2023 are as follows:


	September 30, 2023				March 31, 2023
(Dollars in thousands)	Amortized Cost Basis		Fair Value		Amortized Cost Basis		Fair Value
Due in one year or less	$	1,687	$	2,079	$	66,000	$	75,900

No fixed maturity	998		998		998		998
	$	2,685	$	3,077	$	66,998	$	76,898

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, namely the GWG Wind Down Trust. 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. The fair value of these equity interests was $22.5 million and $17.4 million as of September 30, 2023 and August 1, 2023, respectively. 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 at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The value of these equity securities was $64.5 million and $21.6 million as of September 30, 2023 and March 31, 2023, respectively. The increase in value is primarily due to new investments held as of September 30, 2023 that were not held as of March 31, 2023. 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 three and six months ended September 30, 2023 and 2022.

Fair Value Measurements - Reconciliation of Level 3 Investments, Asset (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Beginning balance	$ 2,183	$ 2,948	$ 2,078	$ 3,000
Gains (losses) recognized in accumulated other comprehensive income (loss)	(104)	(480)	1	(532)
Ending balance	$ 2,079	$ 2,468	$ 2,079	$ 2,468

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (1,537,734)	$ (160,235)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,922	1,649
Net amortization of debt premium and discount (related party of $(1,835) and $(3,063))	(1,355)	(2,542)
Loss on impairment of goodwill	1,402,989	0
(Gain) loss on financial instruments, net (related party of $45,526 and $42,564)	46,236	33,058
Return on investments in alternative assets held by Customer ExAlt Trusts	0	2,000
Investment income (loss), net	(487)	42,216
Non cash interest expense (related party of $4,763 and $248)	10,272	5,528
Non cash interest income	(220)	(167)
Non cash share-based compensation	35,504	6,244
Provision for credit losses	0	18,781
Provision for deferred taxes	0	1,284
Write-off of deferred financing costs for equity	0	1,258
Changes in assets and liabilities:
Changes in other assets	(987)	(11,603)
Changes in accounts payable and accrued expenses	16,591	2,216
Changes in other liabilities and deferred revenue	(87)	(75)
Net cash used in operating activities	(27,356)	(60,388)
Cash flows from investing activities:
Return of investments in alternative assets held by Customer ExAlt Trusts	26,256	27,455
Purchase of investments in alternative assets held by Customer ExAlt Trusts	(529)	0
Purchase of premises and equipment	(955)	(833)
Proceeds from sale of put options by Ben	968	0
Purchase of put options by Ben	0	(7,451)
Net cash provided by investing activities	25,740	19,171
Cash flows from financing activities:
Payments on Customer ExAlt Trust loan payable	(5,556)	(6,112)
Payment of deferred financing costs for equity	(3,153)	0
Distribution to noncontrolling interest	0	(131)
Payment of employee income taxes on restricted equity units	(116)	(1,024)
Proceeds from de-SPAC merger	24,761	0
Payment for prepaid forward purchase agreement	(20,038)	0
Payments on debt due to related parties	0	(750)
Net cash used in financing activities	(5,515)	(13,203)
Net decrease in cash, cash equivalents, and restricted cash	(7,131)	(54,420)
Cash, cash equivalents, and restricted cash at beginning of period	9,545	76,105
Cash, cash equivalents, and restricted cash at end of period	2,414	21,685
Preferred Series B Subclass 2
Cash flows from financing activities:
Redemption of Preferred Unit Accounts	(1,413)	(1,393)
Preferred Series A Subclass 1
Cash flows from financing activities:
Redemption of Preferred Unit Accounts	$ 0	$ (3,793)

Share-based Compensation

6 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

As of September 30, 2023 and March 31, 2023, the Company has outstanding share-based awards under the Beneficient Management Partners, L.P. (“BMP”) Equity Incentive Plan, the Beneficient 2023 Long Term Incentive Plan (the “2023 Incentive Plan”), and BCH Preferred A.1 Unit Accounts, as more fully described below.

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”).

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 was determined on the grant-date using a probability-weighted discounted cash flow analysis. This fair value measurement is 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 believes is 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 six months ended September 30, 2023. The table below summarizes the key inputs used in the valuation of the BMP Equity Units granted during the six months ended September 30, 2022:

Range of Targets

Unobservable Inputs

Six Months Ended
September 30, 2022

Expected term in years

Discount rate

32.1%

Discount for lack of marketability

23.1%

Long-term growth rate (after discrete projection period)

2.5%

The expected term represents the average estimated time that a recipient will be an employee of Ben and thus eligible to participate fully in the BMP Equity Incentive Plan. The discount rate is based on a modified capital asset pricing model, which includes certain observable market inputs and other data for an identified group of comparable public companies. The discount for lack of marketability is based on a Finnerty put-option model, which similarly includes certain observable market inputs and other data for an identified group of comparable public companies. The long-term growth rate is the estimated growth rate of the earnings related to BMP Equity Units that is applied to the years subsequent to Ben’s discrete cash flow periods.

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”), representing ownership interests in BCG Common Units. Effective as of the Conversion, the Company assumed obligations under the outstanding REUs under the 2018 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 quarter of 2020, 515,000 units were granted to a senior partner director subject to a performance condition. The performance condition was met upon public listing in June 2023 and expense for vested units was recognized during the three months ended June 30, 2023. The recognition of the remaining compensation cost will be recognized over the remaining vesting period. Total recognized compensation cost related to these awards for the three and six months ended September 30, 2023 is approximately $0.3 million and $5.5 million, respectively. The originally granted units were increased at a rate of one-to-1.25 units, or by 128,750 units, upon public listing and effectiveness of the 2023 Incentive Plan. The remaining unrecognized compensation cost related to these awards is approximately $1.0 million as of September 30, 2023.

Effective April 1, 2022, Ben granted 513,533 REUs to employees and certain directors, which increased at a rate of one to 1.25 units, or by 128,383 units upon public listing and effectiveness of the 2023 Incentive Plan, of which, 65,238 have been forfeited. Effective October 1, 2022, 40,180 REUs were granted to employees, which increased at a rate of one to 1.25 units, or by 10,045 units upon public listing and effectiveness of the 2023 Incentive Plan, of which, 6,550 have been forfeited. The performance condition for these awards was met upon public listing in June 2023 and expense for vested units was recognized during the three months ended June 30, 2023. The recognition of the remaining compensation cost will be recognized over the remaining vesting period. Total recognized compensation cost related to these awards for the three and

six months ended September 30, 2023 is approximately $3.1 million and $6.0 million, respectively. The remaining unrecognized compensation cost related to these awards is approximately $3.0 million as of September 30, 2023.

2023 Incentive Plan

On June 6, 2023, Company’s board of directors adopted the 2023 Incentive Plan, which was approved by the Company’s stockholders. Under the 2023 Incentive Plan, Ben is permitted to grant equity awards in the form of restricted stock units (“RSUs”). 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 15% of the aggregate number of fully diluted shares issued and outstanding, 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.

Preferred Equity

On April 1, 2022, a certain director was assigned BCH Preferred A.1 with a grant date of December 31, 2021 and having an account balance of $5.7 million (the “Initial Grant”). Further, effective as of April 3, 2022, the director was assigned additional BCH Preferred A.1 (the “Additional Grant” and together with the Initial Grant, the “BHI Grants”) with a grant date of December 31, 2021 and having an account balance of $3.8 million. The Initial Grant is subject to a service condition, which requires compensation cost to be recognized over the explicit, substantive service vesting period that extends after the grant date. The Additional Grant was fully vested upon issuance.

In order to provide that certain director with cash to cover any tax liability arising from the BHI Grants, BCH and the director entered into a Unit Account Redemption Agreement, effective as of April 3, 2022, whereby BCH was required to purchase and redeem from that certain director all of the BCH Preferred A.1 granted to the director pursuant to the BHI Tax Grant for a purchase price of $3.8 million, in cash. Such redemption occurred in full on June 10, 2022.

Commissions

Certain of our employees’ commission compensation is 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. 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. The Company recorded $0.3 million and $2.6 million of share-based compensation expense related to these awards during the three and six months ended September 30, 2023, respectively.

The following table summarizes the award activity, in units, for the BMP and Ben Equity Incentive Plans during the six months ended September 30, 2023:


	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, 2023	438	$	10.04	1,749	$	10.00
Granted during the period	—	—		4,060	2.73
Vested during the period	(147)	9.88		(3,060)	4.95
Forfeited during the period	—	—		(98)	4.18

Balance, September 30, 2023	291	$	10.11	2,651	$	4.91

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 three and six months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Six Months Ended September 30,
(dollars in thousands)	2023		2022		2023		2022
BMP equity units	$	569	$	1,198	$	1,244	$	2,700
Restricted stock units	7,318		1,253		16,041		2,686
Preferred equity	286		286		572		858
Other(1)	330		—		17,647		—
Total share-based compensation	$	8,503	$	2,737	$	35,504	$	6,244

(1) The year-to-date period includes $15.0 million of compensation recognized related to the BCG Recapitalization and $2.6 million recognized for equity based compensation issued to employees for Ben Liquidity transactions.

Unrecognized share-based compensation expense totaled $13.2 million as of September 30, 2023, which we expect to recognize based on scheduled vesting of awards outstanding at September 30, 2023. 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 September 30, 2023:


(dollars in thousands)	BMP		RSU		Preferred		Commissions		Total
Six months ending 2024	$	831	$	2,972	$	286	$	328	$	4,417
2025	662		3,469		—		191		4,322
2026	242		2,521		—		60		2,823
2027	14		1,249		—		—		1,263
2028	—		355		—		—		355
Total	$	1,749	$	10,566	$	286	$	579	$	13,180

Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

The composition of investments recorded at fair value by holder is included in the table below (in thousands):


	September 30, 2023				March 31, 2023
	Ben		Customer ExAlt Trusts		Ben		Customer ExAlt Trusts
Alternative assets	$	—	$	363,332	$	—	$	385,851
Public equity securities and option	—		4,399		4,742		8,087
Debt securities available-for-sale	—		3,077		620		76,278
Other equity securities and interests	223		86,740		—		21,643
Total investments, at fair value	$	223	$	457,548	$	5,362	$	491,859


	As of September 30, 2023
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Public equity securities	$	4,399	$	—	$	—	$	4,399

Other equity interests	—		22,489		—		22,489
Debt securities available-for-sale, other	—		998		2,079		3,077
Liabilities:
Warrant liability	956		—		—		956
Prepaid forward liability	73		—		—		73
Derivative liability	—		—		1,932		1,932

	As of March 31, 2023
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Public equity securities	$	8,837	$	—	$	—	$	8,837
Put options	3,991		—		—		3,991
Debt securities available-for-sale
Corporate debt securities (L Bonds)	—		73,822		—		73,822
Other debt securities	—		998		2,078		3,076
Liabilities:
Derivative liability	—		—		3,513		3,513

Schedule of Reconciliation of Gain (Loss) on Investments

A reconciliation of gain (loss) on financial instruments, net for each of the periods presented herein is included in the tables below (in thousands):


	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Public equity securities:
Related party equity securities	$	(136)	$	(27,759)	$	(3,702)	$	(42,564)
Other public equity securities	(516)		505		(736)		(9)
Put options	(695)		980		(3,023)		2,744
Warrant liability	214		—		1,699		—
Prepaid forward liability	19		—		(73)		—
Derivative liability	163		5,278		1,581		3,803
Other equity securities and interests
Related party, with a readily determinable fair value(1)	(41,824)		—		(41,824)		—
Other, without a readily determinable fair value	—		(41)		(158)		2,968
Gain (loss) on financial instruments, net	$	(42,775)	$	(21,037)	$	(46,236)	$	(33,058)

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

September 30, 2023

2,079

Market Approach

Enterprise value-to-revenue multiple

0.2x - 18.9x

1.83x

March 31, 2023

2,078

Market Approach

Enterprise value-to-revenue multiple

0.2x - 18.9x

1.74x


	Fair Value		Valuation Methodology	Unobservable Inputs	Range of Targets
September 30, 2023	$	1,932	Discounted cash flow	Alternative asset beta to equity markets	0.42 - 1.67
				Alternative asset market discount rate	0.13
				Distribution rate	0.03 - 0.06
				Equity market risk premiums	0.07
				Net asset value volatilities	0.07 - 0.24
				Enhanced return discount rate	0.12
March 31, 2023	$	3,513	Discounted cash flow	Alternative asset beta to equity markets	0.42 - 1.67
				Alternative asset market discount rate	0.10
				Distribution rate	0.03 - 0.06
				Equity market risk premiums	0.07
				Net asset value volatilities	0.09 - 0.84
				Enhanced return discount rate	0.12

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

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


(Dollars in thousands)	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Beginning balance	$	2,183	$	2,948	$	2,078	$	3,000
Gains (losses) recognized in accumulated other comprehensive income (loss)(1)	(104)		(480)		1		(532)
Ending balance	$	2,079	$	2,468	$	2,079	$	2,468

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

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reconciles the beginning and ending fair value of our Level 3 derivative liability:


	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Beginning balance	$	2,095	$	9,583	$	3,513	$	8,108
(Gains) losses recognized in earnings(1)	(163)		(5,278)		(1,581)		(3,803)
Ending balance	$	1,932	$	4,305	$	1,932	$	4,305

(1) Recorded in (Gain) loss on financial instruments, net.

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 September 30, 2023 and March 31, 2023, were as noted in the table below:


	As of September 30, 2023
(Dollars in thousands)	Level in Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
Financial assets:
Cash and cash equivalents	1	$	2,394	$	2,394
Restricted cash	1	20		20
Financial liabilities:
Customer ExAlt Trusts loan payable, net	2	48,660		54,058
Debt due to related parties	2	102,141		96,099
Accounts payable and accrued expenses	1	104,958		104,958


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

Schedule of Goodwill

The change in goodwill at each reporting unit was as follows:


	March 31, 2023		Impairment		September 30, 2023
Ben Liquidity	$	1,725,880	$	(1,121,212)	$	604,668
Ben Custody	594,219		(281,777)		312,442
Ben Insurance	37,942		—		37,942
Ben Markets	9,885		—		9,885
Total Goodwill	$	2,367,926	$	(1,402,989)	$	964,937

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Risks and Uncertainties (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Risks and Uncertainties (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Concentration Risk [Line Items]
Carrying Value	$ 363,332	$ 385,851
Alternative Investments \| Industry Risk
Concentration Risk [Line Items]
Carrying Value	$ 363,332	$ 385,851
Percent of Total	100.00%	100.00%
Alternative Investments \| Industry Risk \| Software and services
Concentration Risk [Line Items]
Carrying Value	$ 53,176	$ 54,944
Percent of Total	14.60%	14.20%
Alternative Investments \| Industry Risk \| Diversified financials
Concentration Risk [Line Items]
Carrying Value	$ 40,791	$ 52,544
Percent of Total	11.20%	13.60%
Alternative Investments \| Industry Risk \| Food and staples retailing
Concentration Risk [Line Items]
Carrying Value	$ 41,738	$ 38,210
Percent of Total	11.50%	9.90%
Alternative Investments \| Industry Risk \| Utilities
Concentration Risk [Line Items]
Carrying Value	$ 27,413	$ 28,043
Percent of Total	7.50%	7.30%
Alternative Investments \| Industry Risk \| Capital goods
Concentration Risk [Line Items]
Carrying Value	$ 28,123	$ 27,707
Percent of Total	7.70%	7.20%
Alternative Investments \| Industry Risk \| Energy
Concentration Risk [Line Items]
Carrying Value	$ 27,242	$ 26,721
Percent of Total	7.50%	6.90%
Alternative Investments \| Industry Risk \| Health care equipment and services
Concentration Risk [Line Items]
Carrying Value	$ 23,094	$ 23,626
Percent of Total	6.40%	6.10%
Alternative Investments \| Industry Risk \| Other
Concentration Risk [Line Items]
Carrying Value	$ 121,755	$ 134,056
Percent of Total	33.60%	34.80%
Net Assets, Geographic Area \| Geographic Concentration Risk
Concentration Risk [Line Items]
Carrying Value	$ 363,332	$ 385,851
Percent of Total	100.00%	100.00%
Net Assets, Geographic Area \| Geographic Concentration Risk \| North America
Concentration Risk [Line Items]
Carrying Value	$ 223,714	$ 239,951
Percent of Total	61.60%	62.20%
Net Assets, Geographic Area \| Geographic Concentration Risk \| Asia
Concentration Risk [Line Items]
Carrying Value	$ 56,721	$ 62,016
Percent of Total	15.60%	16.10%
Net Assets, Geographic Area \| Geographic Concentration Risk \| South America
Concentration Risk [Line Items]
Carrying Value	$ 44,625	$ 41,423
Percent of Total	12.30%	10.70%
Net Assets, Geographic Area \| Geographic Concentration Risk \| Europe
Concentration Risk [Line Items]
Carrying Value	$ 36,654	$ 38,874
Percent of Total	10.10%	10.10%
Net Assets, Geographic Area \| Geographic Concentration Risk \| Africa
Concentration Risk [Line Items]
Carrying Value	$ 1,618	$ 3,587
Percent of Total	0.40%	0.90%

Understanding our Financial Statements and the Impact to the Common Shareholder

6 Months Ended

Sep. 30, 2023

Understanding our Financial Statements and the Impact to the Common Shareholder

Understanding our Financial Statements and the Impact to the Common ShareholderBen’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, debt securities, a derivative 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 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 of 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 of 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 three and six months ended September 30, 2023 and 2022 is as follows:

a.Ben Liquidity recognized $13.0 million and $10.9 million, in interest income during the three months ended September 30, 2023 and 2022, respectively. For the six months ended September 30, 2023 and 2022, Ben Liquidity recognized interest income of $25.0 million and $25.2 million, respectively.

b.Ben Custody recognized $6.5 million and $7.8 million, in trust services and administration revenues during the three months ended September 30, 2023 and 2022, 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. For the six months ended September 30, 2023 and 2022, Ben Custody recognized trust services and administration revenues of $13.1 million and $15.0 million, respectively.

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 credit 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.

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 shareholder and reiterates that the consolidation of the Customer ExAlt Trusts has no impact on the net income (loss) attributable to Beneficient’s common shareholders.


(in thousands)	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Operating income (loss)
Ben Liquidity	$	(272,091)	$	24,211	$	(1,175,119)	$	(8,640)
Ben Custody	(80,847)		6,274		(270,844)		12,437
Corporate & Other	(25,234)		(29,749)		(74,313)		(58,505)
Less: Income tax expense	—		887		—		1,284
Less: Net (income) loss attributable to noncontrolling interests - Ben	10,604		(192)		41,290		7,344
Less: Net income attributable to noncontrolling interests - CT	—		(893)		—		(2,689)


Less: Noncontrolling interest guaranteed payment	(4,167)		(3,926)		(8,272)		(7,794)
Net loss attributable to common shareholders	$	(371,735)	$	(5,162)	$	(1,487,258)	$	(59,131)

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 in consolidation 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. Significant 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 equity holders, are detailed in Note 3 to the consolidated financial statements included in the Company’s Annual Report. Other than new policies related to the adoption of ASU 2016-13 as described below, there are no new or revised significant accounting policies as of September 30, 2023.

Allowances for Credit 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.

Ben adopted CECL on April 1, 2023. The CECL approach requires an estimate of the credit losses expected over the life of a loan (or pool of loans). It replaced the incurred loss approach’s threshold that required the recognition of a credit loss when it was probable that a loss event was incurred. 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 do 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, 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 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.

Prior to the adoption of ASU 2016-13, management’s determination of the allowance was based upon an evaluation of the loan portfolio, impaired loans, economic conditions, volume, growth and composition of the collateral to the loan portfolio, and other risks inherent in the portfolio. 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.

For purposes of determining income allocations to Ben’s and BCH’s equity holders, interest income is adjusted for the ExAlt Loans’ allowance for (release of) credit losses, which was approximately $60.5 million and $(17.1) million, for the three months ended September 30, 2023 and 2022, respectively. ExAlt Loans’ allowance for credit losses, was approximately $70.0 million and $26.0 million, for the six months ended September 30, 2023 and 2022, respectively.

Fair Value Measurements - Goodwill (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2023

Jun. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Segment Reporting Information [Line Items]

Beginning balance

^[1]

$ 2,367,926

Impairment

$ (306,684)

(1,100,000)

$ 0

(1,402,989)

$ 0

Ending balance

964,937

Ben Liquidity

Segment Reporting Information [Line Items]

1,725,880

(1,121,212)

604,668

Segment Reporting Information [Line Items]

594,219

(281,777)

312,442

Segment Reporting Information [Line Items]

37,942

37,942

Segment Reporting Information [Line Items]

Beginning balance

9,900

9,885

Impairment

Ending balance

$ 9,885

$ 9,900

$ 9,885

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($)
$ in Thousands

Total

Series A preferred stock

Series B-1 preferred stock

Common Class A

Common Class B

Preferred Series B-1

Class S Ordinary

Preferred Series C

Recent Financings

Preferred Series B-1

Settlement of Liability Assumed at De-SPAC

Common Class A

Settlement of Liability

^[3]

Preferred Stock

Series A preferred stock

Preferred Stock

Series B-1 preferred stock

Preferred Stock

Recent Financings

Preferred Series B-1

Class A and B Common Stock

Series A preferred stock

Class A and B Common Stock

Common Class A

Class A and B Common Stock

Common Class B

Class A and B Common Stock

Class S Ordinary

Class A and B Common Stock

Preferred Series C

Class A and B Common Stock

Recent Financings

Common Class A

Class A and B Common Stock

Settlement of Liability Assumed at De-SPAC

Common Class A

Class A and B Common Stock

Settlement of Liability

Common Class A

APIC

Series A preferred stock

APIC

Class S Ordinary

APIC

Preferred Series C

APIC

Recent Financings

APIC

Recent Financings

Preferred Series B-1

APIC

Settlement of Liability Assumed at De-SPAC

APIC

Settlement of Liability

^[3]

Accumulated Deficit

Stock Receivable

Treasury Stock

Accumulated Other Comprehensive Income (Loss)

Noncontrolling interests

Class S Ordinary

Noncontrolling interests

Preferred Series C

Noncontrolling interests

Recent Financings

Noncontrolling interests

Recent Financings

Preferred Series B-1

Redeemable noncontrolling interests

Beginning balance, preferred (in shares) at Mar. 31, 2022

^[1]

Beginning balance (in shares) at Mar. 31, 2022

^[1]

180,178,000

19,140,000

Beginning balance at Mar. 31, 2022

$ 1,907,336

^[1]

$ 0

^[1]

$ 0

^[1]

$ 180

^[1]

$ 19

^[1]

$ 1,634,019

^[1]

$ 0

^[1]

$ (3,444)

^[1]

$ (1,326)

^[1]

$ 277,888

^[1]

$ 69,831

$ 205,759

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

Net income (loss)

^[1]

(165,328)

(59,131)

(106,197)

Recognition of share-based compensation cost

^[1]

6,244

Payment of employee payroll taxes on restricted equity units

(1,024)

^[1]

(105)

^[1]

(919)

^[1]

(459)

Issuance of shares

^[1]

20,100

Distribution to noncontrolling interest

^[1]

(131)

Noncash issuance of noncontrolling interest

^[1]

11,973

11,674

299

Distributions payable to noncontrolling interest holder

^[1]

557

Issuance of noncontrolling interest

^[1]

2,430

Non-cash dividend to related party

^[1]

Share-based awards to related party employees

^[1]

(37)

Deemed dividend upon issuance for GAAP to tax basis true-up

^[1]

314

$ (314)

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

^[1]

7,707

Equity issuance costs

^[1]

(15)

Reclass of allocated income for FLP Subclass 3 to payable

^[1]

(933)

Redemption of BCG Preferred Series B.2 Unit Accounts

^[1]

(1,393)

Ending balance, preferred (in shares) at Sep. 30, 2022

^[1],[2]

Ending balance (in shares) at Sep. 30, 2022

^[1],[2]

180,178,000

19,140,000

Ending balance at Sep. 30, 2022

1,805,494

^[1],[2]

$ 0

^[1],[2]

$ 0

^[1],[2]

$ 180

^[1],[2]

$ 19

^[1],[2]

1,630,478

^[1],[2]

(3,444)

^[1],[2]

6,381

^[1],[2]

171,880

^[1],[2]

62,664

205,759

Beginning balance, noncontrolling interests at Mar. 31, 2022

^[1]

992,238

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss), temporary equity

^[1]

5,093

Deemed dividend upon issuance for GAAP to tax basis true-up

^[1]

314

(314)

Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return

^[1]

18,771

(18,771)

Preferred Series A.0 Unit Accounts guaranteed payment accrual

7,800

(7,794)

^[1]

Ending balance, noncontrolling interests at Sep. 30, 2022

^[1],[2]

970,452

Beginning balance, preferred (in shares) at Jun. 30, 2022

^[2]

Beginning balance (in shares) at Jun. 30, 2022

^[2]

180,178,000

19,140,000

Beginning balance at Jun. 30, 2022

1,842,649

^[2]

$ 0

^[2]

$ 0

^[2]

$ 180

^[2]

$ 19

^[2]

1,604,607

^[2]

(3,444)

^[2]

(3,124)

^[2]

244,411

^[2]

63,329

205,759

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

Net income (loss)

^[2]

(76,615)

(5,162)

(71,453)

Recognition of share-based compensation cost

^[2]

2,737

Payment of employee payroll taxes on restricted equity units

^[2]

(32)

Issuance of shares

^[2]

20,100

Distribution to noncontrolling interest

^[2]

(131)

Distributions payable to noncontrolling interest holder

^[2]

Non-cash dividend to related party

^[2]

Share-based awards to related party employees

^[2]

(37)

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

^[2]

9,505

Reclass of allocated income for FLP Subclass 3 to payable

^[2]

(933)

Redemption of BCG Preferred Series B.2 Unit Accounts

^[2]

(1,393)

Ending balance, preferred (in shares) at Sep. 30, 2022

^[1],[2]

Ending balance (in shares) at Sep. 30, 2022

^[1],[2]

180,178,000

19,140,000

Ending balance at Sep. 30, 2022

1,805,494

^[1],[2]

$ 0

^[1],[2]

$ 0

^[1],[2]

$ 180

^[1],[2]

$ 19

^[1],[2]

1,630,478

^[1],[2]

(3,444)

^[1],[2]

6,381

^[1],[2]

171,880

^[1],[2]

62,664

205,759

Beginning balance, noncontrolling interests at Jun. 30, 2022

^[2]

981,271

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss), temporary equity

^[2]

2,728

Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return

^[2]

9,621

(9,621)

Preferred Series A.0 Unit Accounts guaranteed payment accrual

^[2]

(3,926)

Ending balance, noncontrolling interests at Sep. 30, 2022

^[1],[2]

970,452

Beginning balance, preferred (in shares) at Mar. 31, 2023

^[3]

Beginning balance (in shares) at Mar. 31, 2023

179,634,000

19,140,000

180,178,000

^[3]

19,140,000

^[3]

Beginning balance at Mar. 31, 2023

1,728,413

^[3],[4]

$ 0

^[3]

$ 0

^[3]

$ 180

^[3]

$ 19

^[3]

1,579,545

^[3]

$ 0

^[3]

(3,444)

^[3]

9,900

^[3]

142,213

^[3]

52,560

205,759

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

Net income (loss)

^[3]

(1,546,006)

(36,432)

(1,450,826)

(58,748)

Recognition of share-based compensation cost

^[3]

35,504

Payment of employee payroll taxes on restricted equity units

^[3]

(116)

Issuance of shares (in shares)

^[3]

2,749,000

3,769,000

7,972,000

3,448,000

275,000

456,000

Issuance of shares

(4,290)

^[3]

$ 8,696

^[3]

$ 37,649

^[3]

$ 2,745

^[3]

$ 4,000

$ 1,250

$ 3

^[3]

$ 4

^[3]

$ 8

^[3]

$ 4

^[3]

$ 1

^[3]

(4,301)

^[3]

$ 11,752

^[3]

$ 36,703

^[3]

$ 2,745

^[3]

$ 1,249

$ (3,060)

^[3]

$ 942

^[3]

Adjustment to liability assumed at de-SPAC

^[3]

500

Distribution to noncontrolling interest

^[3]

(567)

Conversion of stock (in shares)

^[3]

(2,749,000)

688,000

404,000

44,041,000

Conversion of stock

^[3]

$ 0

$ (3)

$ 1

$ 44

$ 2

$ 3,884

$ 205,715

(3,884)

(205,759)

Non-cash dividend to related party

^[3]

(110)

Share-based awards to related party employees

^[3]

110

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

^[3]

4,185

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

^[3]

(13,694)

Settlement of restricted stock units (in shares)

^[3]

5,422,000

Settlement of restricted stock units

^[3]

$ 5

(5)

Redemption of BCG Preferred Series B.2 Unit Accounts

^[3]

(1,413)

Stock receivable on prepaid forward purchase

^[3]

(20,038)

Reclass of BCH Preferred A.1 from temporary to permanent equity

^[3]

(699,441)

699,441

Ending balance, preferred (in shares) at Sep. 30, 2023

3,769,000

3,768,995

^[3]

3,769,000

^[3]

Ending balance (in shares) at Sep. 30, 2023

242,340,000

19,140,000

242,884,000

^[3]

19,140,000

^[3]

Ending balance at Sep. 30, 2023

932,259

^[3]

$ 0

^[3]

$ 4

^[3]

$ 243

^[3]

$ 19

^[3]

1,842,274

^[3]

(1,450,826)

^[3]

(20,038)

^[3]

(3,444)

^[3]

391

^[3]

563,636

^[3]

9,697

Beginning balance, noncontrolling interests at Mar. 31, 2023

950,493

^[4]

950,493

^[3]

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss), temporary equity

^[3]

8,272

Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return

^[3]

6,942

(6,942)

Preferred Series A.0 Unit Accounts guaranteed payment accrual

8,300

(8,272)

^[3]

Reclass of BCH Preferred A.1 from temporary to permanent equity

^[3]

(699,441)

699,441

Ending balance, noncontrolling interests at Sep. 30, 2023

251,052

^[3]

Beginning balance, preferred (in shares) at Jun. 30, 2023

Beginning balance (in shares) at Jun. 30, 2023

190,047,000

19,140,000

Beginning balance at Jun. 30, 2023

1,280,947

$ 0

$ 190

$ 19

1,583,041

(1,079,091)

(20,038)

(3,444)

14,190

786,080

19,311

205,759

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

Net income (loss)

(385,931)

(371,735)

(14,196)

Recognition of share-based compensation cost

8,503

Payment of employee payroll taxes on restricted equity units

(32)

Issuance of shares (in shares)

3,769,000

2,918,000

456,000

Issuance of shares

$ 3,410

$ 37,649

$ 1,250

$ 4

$ 3

$ 1

$ 6,600

$ 36,703

$ 1,249

$ (3,193)

$ 942

Adjustment to liability assumed at de-SPAC

500

Distribution to noncontrolling interest

(238)

Conversion of stock (in shares)

44,041,000

Conversion of stock

$ 0

$ 44

$ 205,715

(205,759)

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

(105)

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

(13,694)

Settlement of restricted stock units (in shares)

5,422,000

Settlement of restricted stock units

$ 5

(5)

Ending balance, preferred (in shares) at Sep. 30, 2023

3,769,000

3,768,995

^[3]

3,769,000

^[3]

Ending balance (in shares) at Sep. 30, 2023

242,340,000

19,140,000

242,884,000

^[3]

19,140,000

^[3]

Ending balance at Sep. 30, 2023

932,259

^[3]

$ 0

^[3]

$ 4

^[3]

$ 243

^[3]

$ 19

^[3]

$ 1,842,274

^[3]

$ (1,450,826)

^[3]

$ (20,038)

^[3]

$ (3,444)

^[3]

$ 391

^[3]

$ 563,636

^[3]

$ 9,697

$ 0

Beginning balance, noncontrolling interests at Jun. 30, 2023

251,052

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss), temporary equity

4,167

Preferred Series A.0 Unit Accounts guaranteed payment accrual

(4,167)

Ending balance, noncontrolling interests at Sep. 30, 2023

$ 251,052

^[3]

[1]	Retroactively adjusted March 31, 2022 and the six months ended September 30, 2022 for de-SPAC merger transaction as described in Note 4.
[2]	Retroactively adjusted June 30, 2022 and three months ended September 30, 2022 for de-SPAC merger transaction as described in Note 4.
[3]	Retroactively adjusted March 31, 2023 for de-SPAC merger transaction as described in Note 4.
[4]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.

Net Loss per Share -Narrative (Details) - Preferred Series C Subclass 1	Jul. 10, 2023 $ / shares shares
Subsequent Event [Line Items]
Units converted (in shares) \| shares	44,040,761
Price per unit (in dollars per share) \| $ / shares	$ 4.66

Risks and Uncertainties

6 Months Ended

Sep. 30, 2023

Risks and Uncertainties [Abstract]

Risks and Uncertainties

The Customer ExAlt Trusts hold investments in alternative assets, public and private equity securities, and debt securities that are exposed to market risk, credit risk, currency risk, and interest rate risk. Currently, all of these investments, whose cash flows serve as 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):


	September 30, 2023				March 31, 2023
Industry Sector	Value		Percent of Total		Value		Percent of Total
Software and services	$	53,176	14.6	%	$	54,944	14.2	%
Food and staples retailing	41,738		11.5		38,210		9.9
Diversified financials	40,791		11.2		52,544		13.6
Capital goods	28,123		7.7		27,707		7.2
Utilities	27,413		7.5		28,043		7.3
Energy	27,242		7.5		26,721		6.9
Health care equipment and services	23,094		6.4		23,626		6.1



Other(1)	121,755		33.6		134,056		34.8
Total	$	363,332	100.0	%	$	385,851	100.0	%


			(1)			Industries in this category each comprise less than 5 percent.


	September 30, 2023				March 31, 2023
Geography	Value		Percent of Total		Value		Percent of Total
North America	$	223,714	61.6	%	$	239,951	62.2	%
Asia	56,721		15.6		62,016		16.1
South America	44,625		12.3		41,423		10.7
Europe	36,654		10.1		38,874		10.1
Africa	1,618		0.4		3,587		0.9
Total	$	363,332	100.0	%	$	385,851	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 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. The ongoing Russia-Ukraine conflict and Israel-Hamas conflict 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 Russia-Ukraine conflict 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, or Israel. 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 Russia-Ukraine conflict, Israel-Hamas conflict and other items, such as inflation and rising interest rates, 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 Israel-Hamas conflict 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.

De-SPAC Merger Transaction - Narrative (Details)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 29, 2023

USD ($)

Jun. 08, 2023

Jun. 07, 2023

USD ($)

$ / shares

Jun. 06, 2023

$ / shares

Jun. 05, 2023

USD ($)

$ / shares

Sep. 30, 2023

USD ($)

$ / shares

Jun. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Sep. 30, 2023

USD ($)

$ / shares

Sep. 30, 2022

USD ($)

Mar. 31, 2023

USD ($)

$ / shares

Class of Stock [Line Items]

Anniversary of closing date

10 years

Discount rate

0.20

Valuation (in dollars per share) | $ / shares

$ 10.00

Discounted valuation (in dollars per share) | $ / shares

$ 8.00

Compensation expense | $

$ 8,503

$ 2,737

$ 35,504

$ 6,244

Cash and cash equivalents | $

2,394

$ 8,726

^[1]

Net proceeds | $

$ 1,800

Fair value | $

956

$ 0

^[1]

Gain (loss) on investment | $

$ (42,775)

$ (21,037)

(46,236)

$ (33,058)

Conversion of BCG Common Class A Units

Class of Stock [Line Items]

Additional value | $

$ 15,000

Compensation expense | $

$ 15,000

River North, L.P.

Class of Stock [Line Items]

Gross proceeds | $

$ 5,000

Avalon

Class of Stock [Line Items]

Cash and cash equivalents | $

27,900

Transaction expense | $

26,100

Ben | Additional Paid-in Capital

Class of Stock [Line Items]

Transaction expense | $

$ 21,700

Beneficient Warrants

Class of Stock [Line Items]

Units converted (in shares)

23,625,000

Warrants outstanding (in shares)

23,757,500

24,699,725

Warrants issued (in shares)

23,757,500

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

$ 11.50

Earnout period

5 years

Minimum number of days for written notice

30 days

Number of trading days

20 days

Number of consecutive trading days

30 days

Threshold business days

3 days

Share price (in dollars per share) | $ / shares

$ 10.00

Fair value | $

$ 1,000

Gain (loss) on investment | $

$ 200

$ 1,700

Beneficient Warrants | $18.00 Minimum Share Price

Class of Stock [Line Items]

Repurchase price (in dollars per share) | $ / shares

0.01

Share price (in dollars per share) | $ / shares

18.00

Beneficient Warrants | $10.00 Minimum Share Price

Class of Stock [Line Items]

Repurchase price (in dollars per share) | $ / shares

$ 0.10

Avalon Warrants, Publicly Traded

Class of Stock [Line Items]

Warrants assumed (in shares)

15,525,000

Avalon Warrants, Private Placement

Class of Stock [Line Items]

Warrants assumed (in shares)

8,100,000

Closing period

30 days

Avalon Class A Common Stock

Class of Stock [Line Items]

Price per unit (in dollars per share) | $ / shares

$ 10.588

Aggregate amount received | $

$ 25,000

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

$ 0.0001

Reserve amount | $

20,000

Units converted (in shares)

Transaction expense | $

$ 26,100

Avalon Class A Common Stock | Ben

Class of Stock [Line Items]

Aggregate amount received | $

5,000

Disbursed amount | $

$ 5,000

Avalon Class A Common Stock | River North, L.P.

Class of Stock [Line Items]

Aggregate amount received | $

$ 20,000

Common Class A

Class of Stock [Line Items]

Price per unit (in dollars per share) | $ / shares

$ 2.59

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

$ 0.001

0.001

$ 0.001

Shares held post conversion (in shares)

2,956,480

Minimum price per share (in dollars per share) | $ / shares

$ 5.00

Maximum percentage of stock to sell

10.00%

Units converted (in shares)

1.25

Valuation (in dollars per share) | $ / shares

$ 10.00

Units converted (in shares)

1,396,457

Stock issued (in shares)

7,971,864

Units outstanding (in shares)

188,674,282

242,340,000

179,634,000

Units issued (in shares)

188,674,282

242,884,000

180,178,000

Conversion of shares upon issuance (in shares)

0.25

Additional shares (in shares)

687,588

Stock outstanding following combination (in shares)

189,379,498

Securities exercisable (in shares)

Common Class A | Conversion of BCG Common Class A Units

Class of Stock [Line Items]

Shares issued in connection to conversion (in shares)

86,116,884

Common Class A | Conversion of BCG Preferred B-2 Units

Class of Stock [Line Items]

Shares issued in connection to conversion (in shares)

94,050,534

Common Class A | Minimum

Class of Stock [Line Items]

Volume weighted average share price (in dollars per share) | $ / shares

$ 5.00

Common Class A | Maximum

Class of Stock [Line Items]

Volume weighted average share price (in dollars per share) | $ / shares

8.00

Series A Convertible Preferred Stock

Class of Stock [Line Items]

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

$ 0.001

Forward Purchase Agreement, Purchased Shares

Class of Stock [Line Items]

Purchase agreement, transaction shares (in shares)

1,064,333

Forward Purchase Agreement, Prepaid Forward Shares

Class of Stock [Line Items]

Purchase agreement, transaction shares (in shares)

1,892,147

Class A common stock, par value $0.001 per share

Class of Stock [Line Items]

Price per unit (in dollars per share) | $ / shares

$ 10.588

Avalon Class B Common Stock

Class of Stock [Line Items]

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

$ 0.0001

Series A preferred stock

Class of Stock [Line Items]

Units converted (in shares)

Preferred stock, shares outstanding (in shares)

2,796,864

Preferred stock, shares issued (in shares)

2,796,864

Securities exercisable (in shares)

Common Class B

Class of Stock [Line Items]

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

$ 0.001

Units converted (in shares)

1.25

Units converted (in shares)

15,312,360

Units outstanding (in shares)

19,140,451

19,140,000

Units issued (in shares)

19,140,451

19,140,000

Common Class B | Conversion of BCG Common Class B Units

Class of Stock [Line Items]

Shares issued in connection to conversion (in shares)

19,140,451

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Net amortization of debt premium and discount (related party of $(1,835) and $(3,063))	$ (1,355)	$ (2,542)
(Gain) loss on financial instruments, net (related party of $45,526 and $42,564)	46,236	33,058
Non cash interest expense (related party of $4,763 and $248)	10,272	5,528
Related Party
Net amortization of debt premium and discount (related party of $(1,835) and $(3,063))	(1,835)	(3,063)
(Gain) loss on financial instruments, net (related party of $45,526 and $42,564)	45,526	42,564
Non cash interest expense (related party of $4,763 and $248)	$ 4,763	$ 248

Net Loss per Share (Tables)

6 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net income (loss) attributable to Beneficient per common share for the three and six months ended September 30, 2023 and 2022, are as follows:


(Dollars in thousands)	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Net loss	$	(381,764)	$	(73,887)	$	(1,537,734)	$	(160,235)
Less: Net (income) loss attributable to noncontrolling interests	14,196		72,651		58,748		108,898
Less: Noncontrolling interest guaranteed payment	(4,167)		(3,926)		(8,272)		(7,794)



Net loss attributable to Beneficient common shareholders	$	(371,735)	$	(5,162)	$	(1,487,258)	$	(59,131)
Net loss attributable to Class A common shareholders	(344,580)		(4,666)		(1,378,616)		(53,453)
Net loss attributable to Class B common shareholders	(27,155)		(496)		(108,642)		(5,678)

Weighted average of common shares outstanding - basic and diluted
Class A	237,741,391		180,178,268		211,618,712		180,178,268
Class B	19,140,451		19,140,451		19,140,451		19,140,451

Net loss attributable to Beneficient per common share - Basic and Diluted
Class A	$	(1.45)	$	(0.03)	$	(6.51)	$	(0.30)
Class B	$	(1.42)	$	(0.03)	$	(5.68)	$	(0.30)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

In computing diluted net loss per share, we considered potentially dilutive shares. Anti-dilutive shares not recognized in the diluted net loss per share calculation for the three and six months ended September 30, 2023 and 2022, were as follows:


	Shares		Shares
	Three Months Ended September 30,		Six Months Ended September 30,
	2023	2022	2023	2022
Preferred Series B-1	11,404,827	—	683,146	—
Class S Ordinary	5,358,597	5,871,512	5,434,863	5,871,512
Class S Preferred	48,403	115,219	48,403	115,219
Preferred Series A Subclass 0	90,445,956	19,796,120	32,916,204	19,795,875
Preferred Series A Subclass 1	291,066,987	63,706,518	110,618,486	63,826,455
Preferred Series C Subclass 1	2,393,520	16,068,912	12,153,325	16,068,912
Restricted Stock Units	10,219,365	8,541,679	9,882,852	8,533,622
Warrants	30,669,850	—	24,708,118	—
Total anti-dilutive shares	441,607,505	114,099,960	196,445,397	114,211,595

Risks and Uncertainties (Tables)

6 Months Ended

Sep. 30, 2023

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):


	September 30, 2023				March 31, 2023
Industry Sector	Value		Percent of Total		Value		Percent of Total
Software and services	$	53,176	14.6	%	$	54,944	14.2	%
Food and staples retailing	41,738		11.5		38,210		9.9
Diversified financials	40,791		11.2		52,544		13.6
Capital goods	28,123		7.7		27,707		7.2
Utilities	27,413		7.5		28,043		7.3
Energy	27,242		7.5		26,721		6.9
Health care equipment and services	23,094		6.4		23,626		6.1



Other(1)	121,755		33.6		134,056		34.8
Total	$	363,332	100.0	%	$	385,851	100.0	%


			(1)			Industries in this category each comprise less than 5 percent.


	September 30, 2023				March 31, 2023
Geography	Value		Percent of Total		Value		Percent of Total
North America	$	223,714	61.6	%	$	239,951	62.2	%
Asia	56,721		15.6		62,016		16.1
South America	44,625		12.3		41,423		10.7
Europe	36,654		10.1		38,874		10.1
Africa	1,618		0.4		3,587		0.9
Total	$	363,332	100.0	%	$	385,851	100.0	%

Debt Due to Related Parties, Net

6 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt Due to Related Parties, Net

Customer ExAlt Trust Loan Payable

On March 24, 2022, Ben Liquidity transferred a $72.5 million ExAlt Loan to a third-party in return for $72.5 million of cash. The loan participation transaction resulted in a third party holding the transferred ExAlt Loan, which was previously eliminated in consolidation against the loan payable issued by a Customer ExAlt Trust for financial reporting purposes. Accordingly, the loan payable issued by the Customer ExAlt Trusts is no longer eliminated upon consolidation for financial reporting purposes and is reflected in the Customer ExAlt Trust loan payable line item on the consolidated statements of financial condition.

The Customer ExAlt Trust loan payable does not have scheduled principal or interest payments due prior to its maturity date of December 7, 2033. Prepayment of the loans, in whole or in part, is permitted without premium or penalty. A pro-rata portion of the cash flows from $352.6 million of alternative assets acquired by the Customer ExAlt Trusts on December 7, 2021 are the sole source of cash flows to be used by the Customer ExAlt Trusts to satisfy its obligations under the terms of the loan agreement. Ben and its subsidiaries have no obligation or other requirements to repay the Customer ExAlt Trust loan payable should the pro-rata cash flows from the $352.6 million of alternative assets associated with the loan be insufficient to pay all contractual obligations owed under the terms of the loan agreement.

The Customer ExAlt Trust loan payable bears interest at 12% per annum. The loan agreement includes a contingent interest feature whereby additional interest could be owed up to a maximum rate of 21% under certain circumstances, dependent principally on the cash flows generated by the pro rata portion of the underlying collateral. As the contingent interest feature is not based on creditworthiness, such feature is not clearly and closely related to the host instrument and is therefore bifurcated and recognized as a derivative liability with a resulting debt discount at inception. The fair value of the contingent interest derivative liability was $1.9 million and $3.5 million as of September 30, 2023 and March 31, 2023, respectively, and is recognized as a component of the Customer ExAlt Trust loan payable in the consolidated statements of financial condition. The related net gains of $0.2 million and $1.6 million is reflected in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss) for the three and six months ended September 30, 2023, respectively, compared to net gains of $5.3 million and $3.8 million for the same period of 2022, respectively. The amortization of the debt discount, which is reflected as a component of interest expense in the consolidated statements of comprehensive income (loss), was $0.2 million and $0.5 million for the three and six months ended September 30, 2023, respectively, compared to $0.1 million and $0.5 million for the same period of 2022, respectively.

As of September 30, 2023 and March 31, 2023, the outstanding principal, including interest paid-in-kind, was $51.8 million and $54.2 million, respectively. The balance reflected on the consolidated statements of financial condition as of September 30, 2023 and March 31, 2023, was $48.7 million and $52.1 million, respectively, which includes the fair value of the contingent interest derivative liability of $1.9 million and $3.5 million, respectively, and unamortized debt discount of $5.1 million and $5.6 million, respectively. The unamortized debt discount had a remaining amortization period of approximately 10.19 years and effective interest rate of 13.89% as of September 30, 2023.Debt Due to Related Parties

As of September 30, 2023 and March 31, 2023, the Company’s debt due to related parties consisted of the following:


(Dollars in thousands)	September 30, 2023		March 31, 2023
First Lien Credit Agreement	$	22,401	$	21,350
Second Lien Credit Agreement	76,900		73,291
Other borrowings	2,128		2,076
Unamortized debt premiums	712		2,597
Total debt due to related parties	$	102,141	$	99,314

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” or the “lender”), 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 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. The interest rate on each loan under the Second A&R Agreements is 1-month LIBOR plus 8.0%, with a maximum interest rate of 9.5%.

As part of Ben’s formative transactions in 2017, the First Lien Credit Agreement proceeds were loaned by HCLP to a subsidiary of Ben. Ben’s subsidiary then loaned the amount on to the Customer ExAlt Trusts so that the Customer ExAlt Trusts could acquire investments in alternative assets purchased from certain other constituent trusts of the formative ExAlt PlanTM of which MHT Financial was named the beneficiary (such trusts, the “2017-18 Exchange Trusts”). As discussed in Note 13, the balance of this related party debt at the time of Ben’s September 1, 2017 commencement of Ben’s commercial operations reduced the balance of the preferred equity held by Ben’s founders.

On March 24, 2022, Ben executed Consents and Amendments No. 4 to the Second A&R Agreements with its lender, 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. Ben agreed to pay fees totaling approximately $0.1 million. During the three and six months ended September 30, 2023 and 2022, no deferred financing costs were paid to the lender. Through September 30, 2023, all required principal and interest payments due under the Second A&R Agreements have been paid.

In connection with the Second A&R Agreements, Beneficient Holdings, Inc. (“BHI”), which owns a majority of the Class S Ordinary Units, BCH Preferred A.1, and FLP Subclass 1 Unit Accounts issued by BCH, will grant certain tax-related concessions to the Lender 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 the Lender, 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 September 30, 2023 and March 31, 2023.

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 Unit Accounts; (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 the lender, 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. As of September 30, 2023, the Company was in compliance with all covenants.

Maturities of principal 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
2024	$	—
2025	24,529
2026	—
2027	—
2028	76,900

As more fully described in Note 19, on October 19, 2023, we entered into a three-year $25.0 million term loan with HH-BDH LLC, that accrues interest at adjusted daily simple secured overnight financing rate (“SOFR”) + 6.5% for the first two years and adjusted daily simple SOFR + 5.5% for the third year, and matures October 19, 2026.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Equity - Common Units (Details)	Jun. 27, 2023 USD ($) shares	Sep. 30, 2023 vote
Class of Stock [Line Items]
Standby Equity Purchase Agreement, shares issued (in shares) \| shares	456,204
Common Class A
Class of Stock [Line Items]
Number of votes per share \| vote		1
Common Class B
Class of Stock [Line Items]
Number of votes per share \| vote		10
Standby Equity Purchase Agreement
Class of Stock [Line Items]
Standby Equity Purchase Agreement, expiration period	36 months
Commitment fee \| $	$ 1,300,000
Maximum \| Standby Equity Purchase Agreement
Class of Stock [Line Items]
Standby Equity Purchase Agreement, sale of stock \| $	$ 250,000,000

Investments, at Fair Value - Continuous Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value, Total available-for-sale debt securities with unrealized losses	$ 2,079	$ 75,900
Unrealized Losses, Total available-for-sale debt securities with unrealized losses	1,060	8,880
Corporate debt securities (L Bonds)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value, Twelve months or longer	0	73,822
Unrealized Losses, Twelve months or longer	0	7,924
Other debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value, Less than twelve months	0	2,078
Fair Value, Twelve months or longer	2,079	0
Unrealized Losses, Less than twelve months	0	956
Unrealized Losses, Twelve months or longer	$ 1,060	$ 0

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Deferred expense
Federal	$ 0	$ 887	$ 0	$ 1,284
Income tax expense	$ 0	$ 887	$ 0	$ 1,284

- Definition

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

+ References + Details

Understanding our Financial Statements and the Impact to the Common Shareholder - Disaggregated Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Operating income (loss)	$ (381,764)	$ (73,000)	$ (1,537,734)	$ (158,951)
Less: Income tax expense	0	887	0	1,284
Less: Net loss attributable to noncontrolling interests	14,196	72,651	58,748	108,898
Less: Noncontrolling interest guaranteed payment	(4,167)	(3,926)	(8,272)	(7,794)
Net loss attributable to Beneficient common shareholders	(371,735)	(5,162)	(1,487,258)	(59,131)
CT Risk Management
Segment Reporting Information [Line Items]
Less: Net loss attributable to noncontrolling interests	0	(893)	0	(2,689)
Corporate & Other
Segment Reporting Information [Line Items]
Operating income (loss)	(25,234)	(29,749)	(74,313)	(58,505)
Operating Segments \| Ben Liquidity
Segment Reporting Information [Line Items]
Operating income (loss)	(272,091)	24,211	(1,175,119)	(8,640)
Operating Segments \| Ben Custody
Segment Reporting Information [Line Items]
Operating income (loss)	(80,847)	6,274	(270,844)	12,437
Consolidated Entity, Excluding Consolidated VIE
Segment Reporting Information [Line Items]
Less: Net loss attributable to noncontrolling interests	$ 10,604	$ (192)	$ 41,290	$ 7,344

Equity - Class A of CT Risk Management, L.L.C. (Details) - Class A of CT $ in Millions	6 Months Ended
	Sep. 30, 2023 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%

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 13
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Mar. 31, 2023

Variable Interest Entity [Line Items]

Total assets

$ 1,457,005,000

$ 2,910,695,000

^[1]

Loss on financial instruments

(42,775,000)

$ (21,037,000)

(46,236,000)

$ (33,058,000)

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

Variable Interest Entity [Line Items]

Total assets

$ 4,000,000

Loss on financial instruments

$ (700,000)

$ 1,000,000

$ (3,000,000)

$ 2,700,000

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: 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 7: http://www.xbrl.org/2003/role/exampleRef
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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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+ Details

- Definition

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.

+ References + Details

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

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

^[3]

Mar. 31, 2022

^[4]

ASSETS

Cash and cash equivalents

$ 2,394

$ 8,726

^[1]

Restricted cash

819

^[1]

Investments held by Ben (related party of $223 and $1,371)

457,771

497,221

Other assets, net (related party of $51 and $2,195)

28,783

32,903

^[1]

Total assets

1,457,005

2,910,695

^[1]

LIABILITIES, TEMPORARY EQUITY, AND EQUITY

Accounts payable and accrued expenses (related party of $14,549 and $10,485)

104,958

65,724

^[1]

Other liabilities (related party of nil and $100)

16,979

14,622

^[1]

Customer ExAlt Trusts loan payable, net

48,660

52,129

^[1]

Total liabilities

273,694

231,789

^[1]

Shareholder’s equity:

Treasury stock, at cost (544 shares as of September 30, 2023 and March 31, 2023)

(3,444)

^[1]

Noncontrolling interests

563,636

142,213

^[1]

Accumulated other comprehensive income

391

9,900

^[1]

Total equity

932,259

^[2]

$ 1,805,494

^[3],[4]

932,259

^[2]

$ 1,805,494

^[3],[4]

$ 1,280,947

1,728,413

^[1],[2]

$ 1,842,649

$ 1,907,336

Revenues

Investment income (loss), net

(13)

(17,099)

487

(42,216)

Loss on financial instruments, net (related party of $(41,960), $(27,759), $(45,526), and $(42,564), respectively)

(42,775)

(21,037)

(46,236)

(33,058)

Interest and dividend income

114

230

182

Total revenues

(42,761)

(37,945)

(45,504)

(74,991)

Operating expenses

Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)

5,114

3,590

8,898

7,209

Provision (provision credit) for credit losses

(10)

18,781

Professional services

6,657

14,232

17,030

22,089

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

5,150

6,726

12,092

13,799

Total operating expenses

339,003

35,055

1,492,230

83,960

Net loss

(381,764)

(73,887)

(1,537,734)

(160,235)

Net income (loss) attributable to noncontrolling interests

(14,196)

(72,651)

(58,748)

(108,898)

Variable Interest Entity, Primary Beneficiary

ASSETS

Investments held by Ben (related party of $223 and $1,371)

457,548

491,859

^[1]

Operating expenses

Net income (loss) attributable to noncontrolling interests

(3,592)

(72,843)

(17,458)

(101,554)

Variable Interest Entity, Primary Beneficiary | Customer ExAlt Trusts

ASSETS

Cash and cash equivalents

812

3,259

Restricted cash

819

Investments held by Ben (related party of $223 and $1,371)

457,548

491,859

Other assets, net (related party of $51 and $2,195)

5,542

5,891

Total assets

463,922

501,828

LIABILITIES, TEMPORARY EQUITY, AND EQUITY

Accounts payable and accrued expenses (related party of $14,549 and $10,485)

1,820

1,945

Other liabilities (related party of nil and $100)

108

132

Customer ExAlt Trusts loan payable, net

48,660

52,129

Total liabilities

50,588

54,206

Shareholder’s equity:

Treasury stock, at cost (544 shares as of September 30, 2023 and March 31, 2023)

(3,444)

Noncontrolling interests

(138,441)

(118,299)

Accumulated other comprehensive income

391

9,900

Total equity

(141,494)

$ (111,843)

Revenues

Investment income (loss), net

(13)

(17,099)

487

(42,216)

Loss on financial instruments, net (related party of $(41,960), $(27,759), $(45,526), and $(42,564), respectively)

(41,875)

(16,391)

(43,679)

(16,402)

Interest and dividend income

Total revenues

(41,886)

(33,480)

(43,182)

(58,604)

Operating expenses

Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)

1,794

1,965

3,668

4,294

Provision (provision credit) for credit losses

12,607

Professional services

885

2,374

2,146

2,956

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

383

600

Total operating expenses

2,705

4,339

6,197

20,457

Net loss

(44,591)

(37,819)

(49,379)

(79,061)

Net income (loss) attributable to noncontrolling interests

$ (3,592)

$ (72,843)

$ (17,458)

$ (101,554)

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.
[2]	Retroactively adjusted March 31, 2023 for de-SPAC merger transaction as described in Note 4.
[3]	Retroactively adjusted June 30, 2022 and three months ended September 30, 2022 for de-SPAC merger transaction as described in Note 4.
[4]	Retroactively adjusted March 31, 2022 and the six months ended September 30, 2022 for de-SPAC merger transaction as described in Note 4.

Share-based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	$ 8,503		$ 2,737	$ 35,504	$ 6,244
Conversion of BCG Common Class A Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation		$ 15,000		15,000
Employees \| Ben Liquidity
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	300			2,600
BMP equity units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	569		1,198	1,244	2,700
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	7,318		1,253	16,041	2,686
Preferred equity
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	286		286	572	858
Other
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	$ 330		$ 0	$ 17,647	$ 0

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of ConsolidationThe consolidated financial statements of Ben are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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.
Basis of Presentation and 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 fees 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. The accompanying unaudited interim consolidated financial statements of the Company do not contain the detail or footnote disclosure concerning accounting policies and other matters that would be included in full fiscal year consolidated financial statements; therefore, they should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report. The consolidated statement of financial condition as of March 31, 2023 is from the Company’s audited financial statements. In the opinion of management, all material adjustments, consisting of normal and recurring adjustments, have been made that were considered necessary to present fairly the financial condition, results of operations and cash flows at the interim date and for the interim periods presented. Operating results for the interim periods disclosed herein are not necessarily indicative of results that may be expected for a full year.
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, the fair value determination of the investment in debt securities, determination of the allowance for credit losses as an input to the allocation of income (loss) to Ben’s or BCH’s equity holders, evaluation of potential impairment of goodwill and other intangibles, and determining the grant date fair value for certain share-based compensation awards. Significant accounting policies are detailed in Note 2 to the consolidated financial statements included in the Company’s Annual Report. Other than new policies related to the adoption of ASU 2016-13 as described in Note 3 and those below, there are no new or revised significant accounting policies as of September 30, 2023.
Warrant Liability	Warrant Liability The Company accounts for the warrants assumed in the Transaction (as described in Note 4), in accordance with the guidance contained in ASC 815, Derivatives and Hedging, whereby under that provision these warrants do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies these warrant instruments as a liability at fair value and adjusts the instruments to fair value at each reporting period using quoted market prices. This 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.
Income Taxes	Income Taxes On June 6, 2023, The Beneficient Company Group, L.P. changed both its regulatory and tax status from a Delaware Limited Partnership to a Nevada Corporation and changed its name from The Beneficient Company Group, L.P. to Beneficient. Beneficient made a tax election to be treated as a corporation for US tax purposes effective as of this date. As a result of this tax election, 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 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.
Reclassification	Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation. Specifically, $0.6 million of other expenses was reclassified to professional services for the three months ended June 30, 2022. This reclassification had no effect on total operating expenses.
Accounting Standards Recently Adopted and Not Yet Adopted	Accounting Standards Recently Adopted On April 1, 2023, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) (“CECL”), along with the subsequently issued guidance amending and clarifying various aspects of ASU 2016-13, using the modified retrospective method as required. In accordance with that method, the comparative period’s information continues to be reported under the relevant accounting guidance in effect for that period. Upon adoption of ASU 2016-13, the incurred loss impairment method was replaced with a new impairment model that reflects current expected lifetime losses for our ExAlt Loans receivables. The adoption of ASU 2016-13 resulted in a cumulative-effect adjustment to decrease opening common units (in the absence of retained earnings or accumulated deficit) prior to the consolidation of the Customer ExAlt Trusts by $61.1 million, resulting from an increase to our allowance for credit losses on ExAlt Loans. There is no impact to the consolidated financial statements as loans receivable and its related allowance for credit losses is eliminated in the presentation of the consolidated financial statements. The adoption of this new guidance did not result in a material impact to our available-for-sale debt securities portfolio or asset classes other than loans receivable. Accounting Standards Not Yet Adopted 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 can be applied by all entities as of the beginning of the interim period that includes March 12, 2020, or any date thereafter, and entities may 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 extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024. We have not utilized the optional expedients and exceptions provided by this standard, and are currently evaluating the impact of this standard on our consolidated financial statements and disclosures.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Commitments and Contingencies (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Dec. 16, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Jan. 30, 2023	Oct. 03, 2022
Other Commitments [Line Items]
Rental expense		$ 1.6	$ 1.8	$ 3.3	$ 3.4
Potential gross capital commitments		58.2		58.2		$ 61.1
Capital funding commitment reserves		$ 0.1		$ 0.1
Portfolio percentage of unfunded commitment		88.00%		88.00%
Paul Capital Advisors Lawsuit
Other Commitments [Line Items]
Maximum potential negative impact								$ 350.0
Private Arbitration
Other Commitments [Line Items]
Damages sought	$ 36.3
Chapter 11 Cases \| Minimum
Other Commitments [Line Items]
Maximum potential negative impact							$ 155.0
Chapter 11 Cases \| Maximum
Other Commitments [Line Items]
Maximum potential negative impact							382.0
Official Committee of Bondholders Motion
Other Commitments [Line Items]
Maximum potential negative impact							$ 500.0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Loss on financial instruments, net (related party of $(41,960), $(27,759), $(45,526), and $(42,564), respectively)	$ (42,775)	$ (21,037)	$ (46,236)	$ (33,058)
Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)	(87)	8	15	15
Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)	5,114	3,590	8,898	7,209
Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)	5,150	6,726	12,092	13,799
Related Party
Loss on financial instruments, net (related party of $(41,960), $(27,759), $(45,526), and $(42,564), respectively)	(41,960)	(27,759)	(45,526)	(42,564)
Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)	8	8	15	15
Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)	2,093	749	2,825	1,357
Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)	$ 2,105	$ 2,132	$ 4,221	$ 4,330

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Investments, at Fair Value - Investments at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments held by Customer ExAlt Trusts (related party of $22,266 and $76,154)	$ 363,332	$ 385,851
Debt securities available-for-sale	3,077	76,898
Other equity securities and interests	64,500	21,600
Ben
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments held by Customer ExAlt Trusts (related party of $22,266 and $76,154)	0	0
Public equity securities and option	0	4,742
Debt securities available-for-sale	0	620
Other equity securities and interests	223	0
Total investments, at fair value	223	5,362
Customer ExAlt Trusts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments held by Customer ExAlt Trusts (related party of $22,266 and $76,154)	363,332	385,851
Public equity securities and option	4,399	8,087
Debt securities available-for-sale	3,077	76,278
Other equity securities and interests	86,740	21,643
Total investments, at fair value	$ 457,548	$ 491,859

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

Sep. 30, 2023

Mar. 31, 2023

ASSETS

Cash and cash equivalents

$ 2,394

$ 8,726

^[1]

Restricted cash

819

^[1]

Investments

457,771

497,221

Other assets, net (related party of $51 and $2,195)

28,783

32,903

^[1]

Intangible assets

3,100

^[1]

Goodwill

964,937

2,367,926

^[1]

Total assets

1,457,005

2,910,695

^[1]

LIABILITIES, TEMPORARY EQUITY, AND EQUITY

Accounts payable and accrued expenses (related party of $14,549 and $10,485)

104,958

65,724

^[1]

Other liabilities (related party of nil and $100)

16,979

14,622

^[1]

Warrant liability

956

^[1]

Customer ExAlt Trusts loan payable, net

48,660

52,129

^[1]

Debt due to related party, net

102,141

99,314

^[1]

Total liabilities

273,694

231,789

^[1]

Total temporary equity

251,052

950,493

^[1]

Shareholder’s equity:

Additional paid-in capital

1,842,274

1,579,545

^[1]

Accumulated deficit

(1,450,826)

^[1]

Stock receivable

(20,038)

^[1]

Treasury stock, at cost (544 shares as of September 30, 2023 and March 31, 2023)

(3,444)

^[1]

Accumulated other comprehensive income

391

9,900

^[1]

Noncontrolling interests

563,636

142,213

^[1]

Total equity

^[2]

932,259

1,728,413

^[1]

Total liabilities, temporary equity, and equity

1,457,005

2,910,695

^[1]

Preferred Series A Subclass 0

LIABILITIES, TEMPORARY EQUITY, AND EQUITY

Redeemable noncontrolling interests

251,052

^[1]

Preferred Series A Subclass 1

LIABILITIES, TEMPORARY EQUITY, AND EQUITY

Redeemable noncontrolling interests

699,441

^[1]

Series A preferred stock

Shareholder’s equity:

Preferred stock

^[1]

Series B-1 preferred stock

Shareholder’s equity:

Preferred stock

Common Class A

Shareholder’s equity:

Common stock

243

180

^[1]

Common Class B

Shareholder’s equity:

Common stock

^[1]

Variable Interest Entity, Primary Beneficiary

ASSETS

Investments

457,548

491,859

^[1]

Beneficient

ASSETS

Investments

$ 223

$ 5,362

^[1]

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.
[2]	Retroactively adjusted March 31, 2023 for de-SPAC merger transaction as described in Note 4.

Supplemental Cash Flow Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands

Sep. 30, 2023

Mar. 31, 2023

Sep. 30, 2022

Mar. 31, 2022

Offsetting [Abstract]

Cash and cash equivalents

$ 2,394

$ 8,726

^[1]

Restricted cash

819

^[1]

Total cash, cash equivalents and restricted cash

$ 2,414

$ 9,545

$ 21,685

$ 76,105

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.

Share-based Compensation (Tables)

6 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Valuation Assumptions

The table below summarizes the key inputs used in the valuation of the BMP Equity Units granted during the six months ended September 30, 2022:

Range of Targets

Unobservable Inputs

Six Months Ended
September 30, 2022

Expected term in years

Discount rate

32.1%

Discount for lack of marketability

23.1%

Long-term growth rate (after discrete projection period)

2.5%

Share-Based Payment Arrangement, Activity

The following table summarizes the award activity, in units, for the BMP and Ben Equity Incentive Plans during the six months ended September 30, 2023:


	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, 2023	438	$	10.04	1,749	$	10.00
Granted during the period	—	—		4,060	2.73
Vested during the period	(147)	9.88		(3,060)	4.95
Forfeited during the period	—	—		(98)	4.18

Balance, September 30, 2023	291	$	10.11	2,651	$	4.91

Share-Based Payment Arrangement, Cost by Plan


	Three Months Ended September 30,				Six Months Ended September 30,
(dollars in thousands)	2023		2022		2023		2022
BMP equity units	$	569	$	1,198	$	1,244	$	2,700
Restricted stock units	7,318		1,253		16,041		2,686
Preferred equity	286		286		572		858
Other(1)	330		—		17,647		—
Total share-based compensation	$	8,503	$	2,737	$	35,504	$	6,244

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 September 30, 2023:


(dollars in thousands)	BMP		RSU		Preferred		Commissions		Total
Six months ending 2024	$	831	$	2,972	$	286	$	328	$	4,417
2025	662		3,469		—		191		4,322
2026	242		2,521		—		60		2,823
2027	14		1,249		—		—		1,263
2028	—		355		—		—		355
Total	$	1,749	$	10,566	$	286	$	579	$	13,180

Supplemental Cash Flow Information - Narrative (Details) - USD ($)

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2022

^[1]

Sep. 30, 2023

Sep. 30, 2022

Class of Stock [Line Items]

Cash paid for interest

$ 0

$ 4,200,000

Issuance of shares

$ 20,100,000

(4,290,000)

^[2]

20,100,000

^[3]

Accrual for preferred stock guaranteed payment

(8,300,000)

(7,800,000)

Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return

$ 9,621,000

^[2]

18,771,000

^[3]

Distribution to noncontrolling interest

1,100,000

300,000

Distributions payable to charitable beneficiaries

(600,000)

Issuance of noncontrolling interest from reserved cash received in prior period

2,400,000

Promissory note receivable received as consideration in sale of fixed assets

1,400,000

Settlement of Liability Assumed at De-SPAC

Class of Stock [Line Items]

Issuance of shares

$ 1,250,000

2,745,000

^[2]

BCG Class A Units Received

Class of Stock [Line Items]

Exchange of preferred stock

793,400,000

Preferred Series B Subclass 2

Class of Stock [Line Items]

Exchange of preferred stock

791,900,000

Preferred Series C

Class of Stock [Line Items]

Conversion of stock

205,800,000

Preferred Series A Subclass 1

Class of Stock [Line Items]

Exchange of preferred stock

193,900,000

Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return

(6,900,000)

Preferred Series B-1 | Post De-SPAC Transaction

Class of Stock [Line Items]

Issuance of shares

36,700,000

Common Class A | Post De-SPAC Transaction

Class of Stock [Line Items]

Issuance of shares

5,300,000

Common Class A | Settlement of Liability Assumed at De-SPAC

Class of Stock [Line Items]

Issuance of shares

4,000,000

Class S Ordinary

Class of Stock [Line Items]

Exchange of preferred stock

$ 3,900,000

BCG Class B Units Received

Class of Stock [Line Items]

Issuance of shares

20,100,000

Preferred Series A Subclass 0

Class of Stock [Line Items]

Issuance of preferred stock in exchange for conversion of preferred stock

$ 1,100,000

[1]	Retroactively adjusted June 30, 2022 and three months ended September 30, 2022 for de-SPAC merger transaction as described in Note 4.
[2]	Retroactively adjusted March 31, 2023 for de-SPAC merger transaction as described in Note 4.
[3]	Retroactively adjusted March 31, 2022 and the six months ended September 30, 2022 for de-SPAC merger transaction as described in Note 4.

Investments, at Fair Value - Debt Securities, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	$ 31,290	$ 31,277	$ 31,290	$ 18,669
Increase in amounts previously recognized	0	13	0	12,621
Ending balance	$ 31,290	$ 31,290	$ 31,290	$ 31,290

Fair Value Measurements - Gain (Loss) on Financial Instruments (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Gain (loss) on investment

$ (42,775)

$ (21,037)

$ (46,236)

$ (33,058)

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

13,694

^[1]

Related party equity securities

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Gain (loss) on investment

(136)

(27,759)

(3,702)

(42,564)

Other public equity securities

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Gain (loss) on investment

(516)

505

(736)

(9)

Put options

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Gain (loss) on investment

(695)

980

(3,023)

2,744

Warrant liability

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Gain (loss) on investment

214

1,699

Prepaid forward liability

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Gain (loss) on investment

(73)

Derivative liability

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Gain (loss) on investment

163

5,278

1,581

3,803

Other equity interests

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Gain (loss) on investment

(41,824)

Other, without a readily determinable fair value | Without Readily Determinable Fair Value

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Gain (loss) on investment

$ 0

$ (41)

$ (158)

$ 2,968

[1]	Retroactively adjusted March 31, 2023 for de-SPAC merger transaction as described in Note 4.

Debt Due to Related Parties, Net - Schedule of Debt (Details) - Beneficent Capital Company - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
HCLP Nominees, L.L.C
Debt Instrument [Line Items]
Unamortized debt premiums	$ 712	$ 2,597
Related Party
Debt Instrument [Line Items]
Total debt due to related parties	102,141	99,314
First Lien Credit Agreement \| HCLP Nominees, L.L.C \| HCLP Nominees, L.L.C
Debt Instrument [Line Items]
Debt due to related parties, gross	22,401	21,350
Second Lien Credit Agreement \| HCLP Nominees, L.L.C \| HCLP Nominees, L.L.C
Debt Instrument [Line Items]
Debt due to related parties, gross	76,900	73,291
Other borrowings \| Related Party
Debt Instrument [Line Items]
Debt due to related parties, gross	$ 2,128	$ 2,076

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

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Noncontrolling Interests

Beginning balance

$ 1,280,947

$ 1,842,649

^[1]

$ 1,728,413

^[2],[3]

$ 1,907,336

^[4]

Net loss

(381,764)

(73,887)

(1,537,734)

(160,235)

Issuance of shares

20,100

^[1]

(4,290)

^[2]

20,100

^[4]

Payment of employee payroll taxes on restricted equity units

(32)

^[1]

(116)

^[2]

(1,024)

^[4]

Distributions payable to noncontrolling interest holder

(14)

^[1]

(557)

^[4]

Noncash issuance of noncontrolling interest

^[4]

11,973

Distributions payable to noncontrolling interest holder

(238)

(131)

^[1]

(567)

^[2]

(131)

^[4]

Reclass of allocated income for FLP Subclass 3 to payable

(933)

^[1]

(933)

^[4]

Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return

9,621

^[1]

^[2]

18,771

^[4]

Reclass of BCH Preferred A.1 from temporary to permanent equity

^[2]

699,441

Issuance of noncontrolling interest

^[4]

2,430

Ending balance

932,259

^[2]

1,805,494

^[1],[4]

932,259

^[2]

1,805,494

^[1],[4]

Recent Financings

Noncontrolling Interests

Issuance of shares

3,410

8,696

^[2]

Class S Ordinary

Noncontrolling Interests

Conversion of stock

^[2]

Preferred Series A.1

Noncontrolling Interests

Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return

(6,900)

Preferred Series C

Noncontrolling Interests

Conversion of stock

^[2]

Preferred Series B-1 | Recent Financings

Noncontrolling Interests

Issuance of shares

37,649

^[2]

Noncontrolling interests

Noncontrolling Interests

Beginning balance

786,080

244,411

^[1]

142,213

^[2]

277,888

^[4]

Net loss

(14,196)

(71,453)

(58,748)

(106,197)

Noncontrolling interest reclass

Payment of employee payroll taxes on restricted equity units

^[4]

(919)

Distribution to noncontrolling interest

(131)

Distributions payable to noncontrolling interest holder

(14)

^[1]

(557)

^[4]

Noncash issuance of noncontrolling interest

^[4]

299

Distributions payable to noncontrolling interest holder

(238)

(131)

^[1]

(567)

^[2]

(131)

^[4]

Reclass of allocated income for FLP Subclass 3 to payable

(933)

^[1]

(933)

^[4]

Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return

^[2]

(6,942)

Reclass of BCH Preferred A.1 from temporary to permanent equity

^[2]

699,441

Issuance of noncontrolling interest

^[4]

2,430

Ending balance

563,636

^[2]

171,880

^[1],[4]

563,636

^[2]

171,880

^[1],[4]

Noncontrolling interests | Reduction of Noncontrolling Interests

Noncontrolling Interests

Issuance of shares

(3,272)

Noncontrolling interests | Recent Financings

Noncontrolling Interests

Issuance of shares

(3,193)

(3,060)

^[2]

Noncontrolling interests | Recent Financings, Shares Issued

Noncontrolling Interests

Issuance of shares

133

Noncontrolling interests | Recent Financings, Noncontrolling Interest Issued

Noncontrolling Interests

Issuance of shares

Noncontrolling interests | Trusts

Noncontrolling Interests

Beginning balance

(132,361)

(27,973)

(118,299)

982

Net loss

(3,591)

(72,843)

(17,457)

(101,554)

Distributions payable to noncontrolling interest holder

(14)

(557)

Noncash issuance of noncontrolling interest

299

Distributions payable to noncontrolling interest holder

(238)

(567)

Ending balance

(138,441)

(100,830)

(138,441)

(100,830)

Noncontrolling interests | Trusts | Reduction of Noncontrolling Interests

Noncontrolling Interests

Issuance of shares

(3,272)

Noncontrolling interests | Trusts | Recent Financings, Shares Issued

Noncontrolling Interests

Issuance of shares

133

Noncontrolling interests | Trusts | Recent Financings, Noncontrolling Interest Issued

Noncontrolling Interests

Issuance of shares

Noncontrolling interests | Class S Ordinary

Noncontrolling Interests

Beginning balance

19,311

63,329

52,560

69,831

Net loss

(9,614)

(1,781)

(38,979)

(7,824)

Noncontrolling interest reclass

1,116

Payment of employee payroll taxes on restricted equity units

(459)

Conversion of stock

^[2]

(3,884)

Ending balance

9,697

62,664

9,697

62,664

Noncontrolling interests | Class S Preferred

Noncontrolling Interests

Beginning balance

856

1,316

Noncontrolling interest reclass

1,117

Payment of employee payroll taxes on restricted equity units

(460)

Ending balance

856

1,973

856

1,973

Noncontrolling interests | FLP

Noncontrolling Interests

Beginning balance

Net loss

3,166

Noncontrolling interest reclass

(2,233)

Reclass of allocated income for FLP Subclass 3 to payable

(933)

Ending balance

Noncontrolling interests | Preferred Series A.1

Noncontrolling Interests

Beginning balance

691,825

Net loss

(570)

(1,244)

Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return

(6,942)

Reclass of BCH Preferred A.1 from temporary to permanent equity

699,441

Ending balance

691,255

Noncontrolling interests | Preferred Series C

Noncontrolling Interests

Beginning balance

205,759

Conversion of stock

(205,759)

^[2]

Ending balance

205,759

Noncontrolling interests | Class A of CT

Noncontrolling Interests

Beginning balance

690

2,440

1,337

Net loss

(421)

(1,068)

Distribution to noncontrolling interest

(131)

Issuance of noncontrolling interest

2,430

Ending balance

269

$ 2,314

269

$ 2,314

Noncontrolling interests | Preferred Series B-1 | Recent Financings

Noncontrolling Interests

Issuance of shares

$ 942

^[2]

[1]	Retroactively adjusted June 30, 2022 and three months ended September 30, 2022 for de-SPAC merger transaction as described in Note 4.
[2]	Retroactively adjusted March 31, 2023 for de-SPAC merger transaction as described in Note 4.
[3]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.
[4]	Retroactively adjusted March 31, 2022 and the six months ended September 30, 2022 for de-SPAC merger transaction as described in Note 4.

De-SPAC Merger Transaction - Additional Equity Securities Information (Details) shares in Thousands, $ in Thousands	Jun. 06, 2023 USD ($) shares
Preferred Series A Subclass 1
Class of Stock [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	$ 193,900
Preferred Series A Subclass 1 \| Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Class of Stock [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	191,405
Preferred Series A Subclass 1 \| Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Class of Stock [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	2,456
Preferred Series A Subclass 1 \| BHI \| Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Class of Stock [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	177,195
Preferred Series A Subclass 1 \| Hicks Holdings Operating, LLC \| Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Class of Stock [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	13,222
Preferred Series A Subclass 1 \| Board of Director, Bruce W. Schnitzer \| Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Class of Stock [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	988
Preferred Series A Subclass 1 \| Board of Director, Bruce W. Schnitzer \| Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Class of Stock [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	734
Preferred Series A Subclass 1 \| Board of Director, Richard W. Fisher \| Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Class of Stock [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	$ 1,722
Class S Ordinary Units Received \| Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Class of Stock [Line Items]
Units Received	15,313
Class S Ordinary Units Received \| Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Class of Stock [Line Items]
Units Received	1,397
Class S Ordinary Units Received \| BHI \| Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Class of Stock [Line Items]
Units Received	14,176
Class S Ordinary Units Received \| Hicks Holdings Operating, LLC \| Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Class of Stock [Line Items]
Units Received	1,058
Class S Ordinary Units Received \| Board of Director, Bruce W. Schnitzer \| Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Class of Stock [Line Items]
Units Received	79
Class S Ordinary Units Received \| Board of Director, Bruce W. Schnitzer \| Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Class of Stock [Line Items]
Units Received	659
Class S Ordinary Units Received \| Board of Director, Richard W. Fisher \| Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Class of Stock [Line Items]
Units Received	738
BCG Class B Units Received \| Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Class of Stock [Line Items]
Units Received	15,313
BCG Class B Units Received \| BHI \| Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Class of Stock [Line Items]
Units Received	14,176
BCG Class B Units Received \| Hicks Holdings Operating, LLC \| Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Class of Stock [Line Items]
Units Received	1,058
BCG Class B Units Received \| Board of Director, Bruce W. Schnitzer \| Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Class of Stock [Line Items]
Units Received	79
BCG Class A Units Received \| Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Class of Stock [Line Items]
Units Received	1,397
BCG Class A Units Received \| Board of Director, Bruce W. Schnitzer \| Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Class of Stock [Line Items]
Units Received	659
BCG Class A Units Received \| Board of Director, Richard W. Fisher \| Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Class of Stock [Line Items]
Units Received	738

Overview of the Business	6 Months Ended
Overview of the Business	Sep. 30, 2023
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 Non-Controlling 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. 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 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”). The Ben LLC A&R LLCA 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. In addition, certain additional amendments were made that principally focused on the management of Ben LLC by the managing member. After the adoption of the Ben LLC A&R LLCA, Beneficient contributed to Ben LLC all of the BCH limited partnership interests and general partnership interests 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. 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 September 30, 2023, BCH has issued and outstanding general partnership Subclass 1 Class A Units (“BCH Class A Units”), Class S Ordinary Units, 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, trustee, and trust administration products and services to alternative asset investors primarily comprised of 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 offers 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”), was recently launched and intends to provide 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. 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 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 earned on ownership of exchanged 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’ earnings on its alternative assets supports 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. 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 As of September 30, 2023, we had unrestricted cash and cash equivalents of $2.4 million. We generated net losses totaling $381.8 million and $73.9 million for the three months ended September 30, 2023 and 2022, respectively. For the six months ended September 30, 2023 and 2022, we generated net losses totaling $1.5 billion and $160.2 million, respectively. As of October 31, 2023, we had unrestricted cash and cash equivalents of approximately $17.4 million. All of these conditions raised substantial doubt about the Company’s ability to continue as a going concern; however, based on management’s plan, as described below, such substantial doubt has been alleviated. We expect to satisfy our obligations and fund our operations through anticipated operating cash flows, proceeds on ExAlt Loan payments and fee income derived from distributions on investments held by the Customer ExAlt Trusts or other investments held by Ben, potentially refinancing some or all of the existing borrowings due prior to their maturity, with either our current lender or other lenders, and through the implementation of measures designed to reduce corporate overhead, including through the use of furloughs, potential workforce reductions and other expense reductions. We also intend to raise capital through equity or debt investments by third parties. On June 27, 2023, we entered into a Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, Ltd. (“Yorkville”), whereby we have the right, but not the obligation, to sell to Yorkville up to $250.0 million of shares of the Company’s common stock. As more fully described in Note 19, 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 will be used to repay certain outstanding obligations, fund product distribution, and provide additional working capital. 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. Based on projections of growth in revenue and net income in the coming quarters, the expected additional investments into Ben by third parties, potentially refinancing certain existing borrowings with either our current lender or other lenders, the additional financing source from the SEPA, and expected proceeds from our debt and equity offerings, we believe that we will have sufficient cash resources to finance our operations, satisfy other obligations, and to fund expected lending transactions within one year after the date that the unaudited interim consolidated financial statements are issued. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern for a reasonable period of time. Operating Cost Reduction Plan On July 11, 2023, the Board approved certain measures to reduce the operating expenses of the Company with a view toward focusing resources on areas of current business needs. As part of this plan, we commenced the furlough of approximately 30 employees, representing approximately 20% of our workforce as of July 11, 2023. We also intend to reduce spending with third-party vendors in certain parts of our business as part of the plan to reduce operating expenses. Effective November 3, 2023, the Board approved additional measures to reduce the operating expenses of the Company, including the termination of the previously furloughed employees and the layoff of an additional 15 employees, representing approximately an additional 10% of our workforce as of November 3, 2023. We also intend to continue to reduce spending with third-party vendors in certain parts of our business as part of the plan to further reduce operating expenses.

Equity - Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands							3 Months Ended			6 Months Ended		57 Months Ended
	Jan. 01, 2025	Oct. 03, 2023	Jul. 10, 2023	Jun. 08, 2023	Jun. 07, 2023	Jun. 06, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Oct. 04, 2023	Oct. 02, 2023	Mar. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)							250,000,000			250,000,000		250,000,000			250,000,000
Preferred stock, par value (in dollars per share)							$ 0.001			$ 0.001		$ 0.001			$ 0.001
Valuation (in dollars per share)						$ 10.00
Potential exchange price (in usd per share)							$ 10.50			$ 10.50		10.50
Number of days preceding exchange date										20 days
Compensation expense							$ 8,503		$ 2,737	$ 35,504	$ 6,244
Conversion of BCG Common Class A Units
Class of Stock [Line Items]
Additional value								$ 15,000
Compensation expense								$ 15,000		$ 15,000
Minimum
Class of Stock [Line Items]
Potential exchange price (in usd per share)							$ 10.50			$ 10.50		$ 10.50
Series A preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)							50,000,000			50,000,000		50,000,000
Preferred stock, shares issued (in shares)				2,796,864	2,796,864		0			0		0			0
Preferred stock, shares outstanding (in shares)				2,796,864			0			0		0			0
Preferred stock, par value (in dollars per share)							$ 0.001			$ 0.001		$ 0.001
Units converted (in shares)					1
Preferred Series B-1
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)							3,768,995			3,768,995		3,768,995			0
Preferred stock, shares outstanding (in shares)							3,768,995			3,768,995		3,768,995			0
Liquidation preference (in dollars per share)							$ 10.00			$ 10.00		$ 10.00
Preferred stock, par value (in dollars per share)							0.001			0.001		0.001			$ 0.001
Conversion price (in dollars per share)							5.46			5.46		5.46
Preferred Series B-1 \| Subsequent Event
Class of Stock [Line Items]
Price per unit (in dollars per share)		$ 2.73
Conversion of stock (in shares)		3,768,995
Common Class A
Class of Stock [Line Items]
Price per unit (in dollars per share)							2.59			2.59		2.59
Valuation (in dollars per share)							$ 10.00			$ 10.00		$ 10.00
Annual conversion limit							9.99%			9.99%		9.99%
Units converted (in shares)						1,396,457
Common Class A \| Subsequent Event
Class of Stock [Line Items]
Price per unit (in dollars per share)													$ 1.27	$ 2.39
Conversion of stock (in shares)		13,805,841
Preferred Series A Subclass 0
Class of Stock [Line Items]
Quarterly guaranteed payment, annual basis							6.00%			6.00%		6.00%
Quarterly guaranteed payment, fiscal quarter basis							1.50%			1.50%		1.50%
Guaranteed payment accrual							$ 29,100			$ 29,100		$ 29,100			$ 20,900
Percentage redeemable							12.50%			12.50%		12.50%
Maximum percentage redeemable							50.00%			50.00%		50.00%
Convertible shares of preferred stock, percentage redeemable							12.50%			12.50%		12.50%
Preferred Series A Subclass 1
Class of Stock [Line Items]
Weighted average preferred return rate							0.00%		1.32%	0.46%	1.72%
Deemed dividend							$ 106,100			$ 106,100		$ 106,100
Limit on indebtedness, capital percent of NAV threshold							55.00%			55.00%		55.00%
Limit on indebtedness, debt percent of NAV threshold							40.00%			40.00%		40.00%
Aggregate capital accounts, converted						$ 193,900
Preferred Series A Subclass 1 \| Forecast
Class of Stock [Line Items]
Annual conversion limit	20.00%
Maximum conversion price (in dollars per share)	$ 18.00
Number of days preceding exchange date	30 days
Minimum conversion price (in dollars per share)	$ 10.50
Class S Ordinary
Class of Stock [Line Items]
Conversion of stock (in shares)				404,542
Units converted (in shares)						16,708,817
Common stock exchange ratio							1			1		1
Common Class B
Class of Stock [Line Items]
Units converted (in shares)						15,312,360
Common Class A and B
Class of Stock [Line Items]
Common stock exchange ratio							1			1		1
Preferred Series C Subclass 1
Class of Stock [Line Items]
Price per unit (in dollars per share)			$ 4.66
Units converted (in shares)			44,040,761
Trading days			20 days
Class S Preferred
Class of Stock [Line Items]
Preferred stock exchange ratio							1.2			1.2		1.2
Preferred return earned												$ 200

Investments, at Fair Value - Narrative (Details)

1 Months Ended

3 Months Ended

6 Months Ended

Apr. 27, 2022

USD ($)

Apr. 01, 2022

USD ($)

Sep. 30, 2023

USD ($)

investmentFund

underlyingInvestment

Sep. 30, 2023

USD ($)

investmentFund

underlyingInvestment

Sep. 30, 2022

USD ($)

Sep. 30, 2023

USD ($)

investmentFund

underlyingInvestment

Sep. 30, 2022

USD ($)

Aug. 01, 2023

USD ($)

Mar. 31, 2023

USD ($)

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Percent of investments not subject to redemption

98.00%

Alternative investment funds | investmentFund

247

Underlying investments | underlyingInvestment

896

Percent of underlying investments in private companies

92.00%

Purchase of put options

$ 0

$ 7,451,000

Notational amount of put options

$ 141,300,000

Proceeds from equity interest

^[1]

2,430,000

Proceeds from sale of put options by Ben

$ 1,000,000

968,000

Gain (loss) on investment

$ (42,775,000)

$ (21,037,000)

(46,236,000)

(33,058,000)

Investments

457,771,000

$ 497,221,000

(105,000)

9,505,000

4,185,000

7,707,000

Unrealized net gains

13,694,000

^[2]

12,600,000

Equity securities without readily determinable fair value

64,500,000

21,600,000

Equity impairment loss

Ben

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Equity securities without readily determinable fair value

223,000

Put options

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Gain (loss) on investment

(700,000)

1,000,000

(3,000,000)

2,700,000

Investments

4,000,000

Put options | Ben

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Gain (loss) on investment

(300,000)

$ 700,000

(2,000,000)

$ 2,000,000

CT Risk Management, L.L.C.

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Purchase of put options

$ 5,000,000

Proceeds from equity interest

$ 2,400,000

Class A common stock, par value $0.001 per share | GWG Holdings

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value of common stock

3,700,000

Class A common stock, par value $0.001 per share | Other Public Companies

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value of common stock

4,400,000

$ 8,800,000

Wind Down Trust | GWG Holdings

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair value of common stock

$ 22,500,000

$ 17,400,000

[1]	Retroactively adjusted March 31, 2022 and the six months ended September 30, 2022 for de-SPAC merger transaction as described in Note 4.
[2]	Retroactively adjusted March 31, 2023 for de-SPAC merger transaction as described in Note 4.

De-SPAC Merger Transaction

6 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

De-SPAC Merger Transaction

Forward Purchase Agreement

On June 5, 2023, BCG entered into a Prepaid Forward Purchase Agreement, by and between BCG and RiverNorth SPAC Arbitrage Fund, L.P. (the “Purchaser”), pursuant to which the Purchaser agreed to, among other things, effect certain purchases of shares of Avalon Class A common stock (“Avalon Class A Common Stock”) that would have been redeemed in connection with the special meeting of Avalon’s stockholders (the “Special Meeting”) to approve the transactions contemplated by the Business Combination Agreement (as amended through June 25, 2023, the “Forward Purchase Agreement”).

Pursuant to the Forward Purchase Agreement, Purchaser agreed to purchase shares of Avalon Class A Common Stock (the “AVAC FPA Shares”) at a purchase price per share of $10.588 (for aggregate consideration of $25.0 million from unaffiliated third-parties). The AVAC FPA Shares were redeemed in connection with the Special Meeting and converted into shares of Class A Common Stock, par value $0.001 per share, of Beneficient (“Class A Common Stock”) and Series A Convertible Preferred Stock, par value $0.001 per share, of Beneficient (“Series A Preferred Stock”) upon consummation of the Business Combination. The Series A Preferred Stock converted in accordance with its terms to shares of Class A Common Stock, and Purchaser held an aggregate of 2,956,480 shares of Class A Common Stock following such conversion in respect of the AVAC FPA Shares (such shares of Class A Common Stock, the “FPA Shares”).

The $25.0 million in proceeds (the “Disbursed Amount”) in respect of the FPA Shares was disbursed from the Avalon trust account following the consummation of the Business Combination. Specifically, $5.0 million of the Disbursed Amount was disbursed to Beneficient, with the remaining $20.0 million (the “Reserve Amount”) disbursed to Purchaser to be held by Purchaser until the Maturity Date (as defined below) or until its earlier release per the terms of the Forward Purchase Agreement. Such Reserve Amount is 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) 1,064,333 FPA Shares categorized as “Purchased Shares” (the “Purchased Shares”) and (ii) the remaining 1,892,147 FPA Shares categorized as “Prepaid Forward Shares” (the “Prepaid Forward Shares”).

If by the 10th anniversary of the close of the Business Combination, Purchaser has received less than $5.0 million, in gross proceeds from, and Purchaser has used good faith efforts to sell, the Purchased Shares, Beneficient has agreed to cause BCH to issue Purchaser an amount of BCH Preferred A-0 Units (or such other senior most preferred security of Beneficient) as consideration for any shortfall amounts less than $5.0 million from the sale of the Purchased Shares. Purchaser has agreed for the first six months following the Business Combination not to sell any Purchased Shares below $5.00 per share or to sell more than 10% of the daily trading volume of the Class A Common Stock if the volume weighted average price of the Class A Common Stock is between $5.00 and $8.00 for any such trading day.

Upon the sales of the Prepaid Forward Shares, the Purchaser will remit $10.588 per share, or such lesser price per share designated by the Company (“Designated Price”) by written notice setting forth the Designated Price and the number Prepaid Forward Shares that may be sold at such price (“Designated Price Notice”) delivered to Purchaser prior to any such sales, to the Company. On June 8, 2025 (“Maturity Date”), any Prepaid Forward Shares not sold by the Purchaser will be returned to the Company and any remaining amounts in respect of the Prepaid Forward Shares will be retained by the Purchaser, less any amounts still owed to the Company from sales effected prior to the Maturity Date. The Forward Purchase Agreement permits the Company, in its sole discretion, to lower the Designated Price to a per share amount lower than $10.588 in order to permit the Purchaser to effect additional sales of its Prepaid Forward Shares at a price lower than the prevailing trading price of the Company’s Class A common stock in exchange for the remitting of a portion of the proceeds of any such sales to the Company. The Prepaid Forward Shares include an embedded put option, which is accounted for separately and classified as a liability in the other liabilities line item of the consolidated statements of financial condition. The Prepaid Forward Shares are measured at fair value each reporting period with the change in fair value recognized in the gain (loss) on financial instruments, net line item of the consolidated statements of comprehensive income (loss).

Prior to June 30, 2023, the Purchaser received $5.0 million in gross proceeds from the sale of a portion of the Purchased Shares. No sales of any of the Prepaid Forward Shares have occurred as of September 30, 2023. To the Company’s knowledge, all shares purchased by the Purchaser in connection with the FPA were from unaffiliated third-parties.

Recapitalization of BCG

On June 6, 2023, immediately prior to the Conversion, the BCG Recapitalization occurred as follows: (i) the limited partnership agreement of BCG was amended to create the BCG Class B Common Units, and the existing common units were renamed the “BCG Class A Common Units”, and (ii) certain holders of the BCH Preferred A.1 entered into BCG Conversion and Exchange Agreements with BCG and BCH, pursuant to which they converted certain BCH Preferred A.1 to Class S Ordinary Units, which were then contributed to BCG in exchange for BCG Class A Common Units.

Prior to the Conversion on June 6, 2023, when the Company was a Delaware limited partnership, 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, and the capital account balance of the BCG Preferred B-2 Unit Accounts converted into shares of Class A common stock at a rate based on a 20% discount to the $10.00 valuation of the Class A common stock (or $8.00). As a result, in the Conversion, we issued 86,116,884 shares of Class A common stock with respect to the BCG Class A Common Units, 19,140,451 shares of Class B common stock with respect to the BCG Class B Units and 94,050,534 shares of Class A common stock with respect to the BCG Preferred B-2 Unit Accounts.

The following table provides additional information on the securities contributed and exchanged by each of BHI, Bruce W. Schnitzer and Hicks Holdings Operating, LLC (dollars and units in thousands):


Name	Converted Capital Account Balance of BCH Preferred A.1		Class S Ordinary Units Received	BCG Class B Units Received
BHI	$	177,195	14,176	14,176
Bruce W. Schnitzer	988		79	79
Hicks Holdings Operating, LLC	13,222		1,058	1,058
Total	$	191,405	15,313	15,313

The following table provides additional information on the securities contributed and exchanged by each of Bruce W. Schnitzer and Richard W. Fisher (dollars and units in thousands):


Name	Converted Capital Account Balance of BCH Preferred A.1		Class S Ordinary Units Received	BCG Class A Units Received
Bruce W. Schnitzer	$	734	659	659
Richard W. Fisher	1,722		738	738
Total	$	2,456	1,397	1,397

As part of the conversion to BCG Class A Units, additional value of approximately $15.0 million was provided to certain holders who are members of our board of directors. The additional value was accounted for as compensation, which resulted in stock-based compensation expense of $15.0 million during the quarter ended June 30, 2023.

Closing of the Transaction

On June 7, 2023, the Company completed its previously announced de-SPAC merger transaction with Avalon. 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 automatically converted into a Warrant (defined below).

Accordingly, the Company issued (i) an aggregate of 7,971,864 shares of Class A common stock to the former holders of Class A Common Stock of Avalon, par value $0.0001 per share (“Avalon Class A common stock”), and Class B Common Stock of Avalon, par value $0.0001 per share (“Avalon Class B common stock”), outstanding immediately prior to June 7, 2023, and (ii) an aggregate of 2,796,864 shares of Beneficient Series A preferred stock to non-redeeming Avalon Class A stockholders, and the Avalon Warrants converted into an aggregate of 23,625,000 redeemable Warrants. At closing, $27.9 million of cash remained in the trust account of Avalon. There were $26.1 million in transaction expenses, $20.0 million of which represented the Reserve Amount under the Forward Purchase Agreement, that were either paid by Avalon prior to closing or offset against proceeds received by the Company at closing, resulting in $1.8 million in net proceeds to the Company. Proceeds from the Transaction were used to pay expenses related to the Transaction.

Immediately after the Business Combination, 188,674,282 shares of Class A common stock were issued and outstanding, 19,140,451 shares of Class B common stock were issued and outstanding, 2,796,864 shares of Beneficient Series A preferred stock were issued and outstanding and 23,757,500 Warrants were issued and outstanding. Because the Series A preferred stock is not expected to be publicly listed, the Beneficient Series A preferred stock terms provide that upon its issuance, each share of Series A preferred stock will automatically convert into one-quarter of a share of Class A common stock of Beneficient, or an aggregate of 687,588 additional shares of Class A common stock. Following such conversion, there are 189,379,498 shares of Class A common stock of Beneficient outstanding following the Business Combination.

The Transaction is a capital transaction in substance and not a business combination under ASC 805, Business Combinations (“ASC 805”). As a result, Beneficient is treated as the accounting acquirer and Avalon is treated as the acquired company for financial reporting purposes per ASC 805. Accordingly, for accounting purposes, the Transaction is treated similar to an equity contribution in exchange for the issuance of shares of Common Stock. The financial statements of the combined entity represents a continuation of the financial statements of Beneficient, and the net assets of Avalon have been stated at historical cost, with no goodwill or other intangible assets recorded. The equity and net loss per unit attributable to common equity holders of the Company, prior to the closing, have been retroactively restated as shares reflecting the common unit conversion ratio discussed above.

The Company and Avalon incurred $21.7 million and $26.1 million, respectively, of expenses related to the Transaction. These expenses consist of underwriting fees, professional services (legal, accounting, advisory, etc.) and other direct expenses associated with the Transaction. Costs incurred by Ben were initially capitalized as incurred in the other assets on the consolidated statements of financial condition. As a result of the transaction, the transaction costs incurred by the Company related to the issuance of shares were recognized in additional paid-in capital as a reduction of proceeds. The expenses incurred by Avalon were either paid by Avalon prior to Closing or netted against proceeds received by the Company at Closing.

Common Stock Warrants

The Company assumed 15,525,000 publicly-traded Avalon Warrants (“Avalon Public Warrants”) and 8,100,000 private placement Avalon Warrants (“Avalon Private 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 $11.50 (each a “Warrant” and collectively, the “Warrants”).

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 $0.01 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 $18.00 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 $0.10 per Public Warrant if, among other things, the Reference Value equals or exceeds $10.00 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 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 of September 30, 2023, there were 24,699,725 Warrants outstanding with a fair value of $1.0 million, as reflected in the derivative warrants line item on the consolidated statements of financial condition. During the three and six months ended September 30, 2023, gains of $0.2 million and $1.7 million, 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.

De-SPAC Merger Transaction (Tables)

6 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Additional Equity Securities Information

The following table provides additional information on the securities contributed and exchanged by each of BHI, Bruce W. Schnitzer and Hicks Holdings Operating, LLC (dollars and units in thousands):


Name	Converted Capital Account Balance of BCH Preferred A.1		Class S Ordinary Units Received	BCG Class B Units Received
BHI	$	177,195	14,176	14,176
Bruce W. Schnitzer	988		79	79
Hicks Holdings Operating, LLC	13,222		1,058	1,058
Total	$	191,405	15,313	15,313

The following table provides additional information on the securities contributed and exchanged by each of Bruce W. Schnitzer and Richard W. Fisher (dollars and units in thousands):


Name	Converted Capital Account Balance of BCH Preferred A.1		Class S Ordinary Units Received	BCG Class A Units Received
Bruce W. Schnitzer	$	734	659	659
Richard W. Fisher	1,722		738	738
Total	$	2,456	1,397	1,397

Overview of the Business (Details)

3 Months Ended

6 Months Ended

Nov. 03, 2023

employee

Oct. 19, 2023

USD ($)

Jul. 11, 2023

employee

Dec. 07, 2021

$ / shares

Dec. 06, 2021

$ / shares

Sep. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Oct. 31, 2023

USD ($)

Jun. 27, 2023

USD ($)

Mar. 31, 2023

USD ($)

^[1]

Business Acquisition [Line Items]

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

Cash and cash equivalents

$ 2,394,000

$ 8,726,000

Net loss

$ (381,764,000)

$ (73,887,000)

$ (1,537,734,000)

$ (160,235,000)

Furloughed employees | employee

Percentage of workforce

20.00%

Maximum | Standby Equity Purchase Agreement

Business Acquisition [Line Items]

Standby Equity Purchase Agreement, sale of stock

$ 250,000,000

Subsequent Event

Business Acquisition [Line Items]

Cash and cash equivalents

$ 17,400,000

Furloughed employees | employee

Percentage of workforce

10.00%

Subsequent Event | HH-BDH | Term Loan

Business Acquisition [Line Items]

Debt term

3 years

Term loan

$ 25,000,000

BCH | Subclass 1 Class A Units

Business Acquisition [Line Items]

Ownership interest

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.

Equity

6 Months Ended

Sep. 30, 2023

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. The 8th Amended and Restated LPA of BCH (“BCH LPA”) 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 of directors 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 a Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, Ltd. (“Yorkville”), whereby the Company has 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 SEPA, subject to certain conditions. The Company expects to use the net proceeds received from this 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 456,204 shares of Class A common stock in July 2023. There were no shares sold during the six months ended September 30, 2023.

Preferred Stock:

Under the terms of our articles of incorporation, our board of directors are authorized to issue up to 250 million shares of preferred stock in one or more series, and 50 million shares of preferred stock are designated as shares of Series A preferred stock pursuant to a certificate of designation.

Series A Preferred Stock

As of September 30, 2023 and March 31, 2023, 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, expect as required by law.

Dividends. Holders of Series A preferred stock are entitled to receive ratably any dividends that our board of directors 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.

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-1 Preferred Stock:

As of September 30, 2023 and March 31, 2023, there were 3,768,995 and no shares of Series B-1 resettable convertible preferred stock, par value $0.001 per share (“Series B-1 preferred stock”), issued and outstanding, respectively. On October 3, 2023, 3,768,995 shares of Series B-1 preferred stock converted into 13,805,841 shares of Class A common stock at a price per share of approximately $2.73.

Maturity. Subject to the redemption and conversion rights described below, shares of Series B-1 preferred stock are perpetual securities.

Priority. Shares of Series B-1 preferred stock rank, with respect to dividend rights and/or distribution rights upon the liquidation, winding up or dissolution, as applicable, of Beneficient: (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-1 preferred stock are not entitled to vote on any matter, expect as required by law.

Dividends. Holders of Series B-1 preferred stock are entitled to receive ratably any dividends that our board of directors 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-1 preferred stock.

Liquidation or Dissolution. The initial liquidation preference of Series B-1 preferred stock is $10.00 per share, plus any declared but unpaid dividends (the “B-1 Liquidation Preference”). In the event of our liquidation, dissolution or winding up, holders of Series B-1 preferred stock are entitled to receive, per share of Series B-1 preferred stock, the B-1 Liquidation Preference amount such holder would have received had their shares of Series B-1 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-1 preferred stock outstanding immediately prior to such event will, without the consent of the holders of Series B-1 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-1 preferred stock into shares of Class A common stock immediately prior to such event.

Optional Conversion. The conversion price at issuance was $5.46 (the “Conversion Price”). Each share of Series B-1 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”). The Conversion Price shall be subject to reset on each date that is 30, 60, 90, 120 and 180 calendar days following the date of issuance of the Series B-1 preferred stock, subject to adjustment.

Mandatory Conversion. Each outstanding share of Series B-1 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 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 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 (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.

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 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. The guaranteed payment accrual totaled $29.1 million and $20.9 million as of September 30, 2023 and March 31, 2023, respectively, and is included in the accounts payable and accrued expenses 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 Class S Units at the election of the holder, at a price equal to the average of (i) $10.50, 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 $10.50.

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 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 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.

The BCH Preferred A.0 Unit Accounts 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.

The following tables present a rollforward of the noncontrolling interests for the three and six months ended September 30, 2023 and 2022:


	Noncontrolling Interests
(Dollars in thousands)	Trusts		Class S Ordinary		Class S Preferred		Preferred Series A.1		Preferred Series C		Class A of CT		Total Noncontrolling Interests
Balance, June 30, 2023	$	(132,361)	$	19,311	$	856	$	691,825	$	205,759	$	690	$	786,080
Net loss	(3,591)		(9,614)		—		(570)		—		(421)		(14,196)
Reduction of noncontrolling interest in connection with recent financings	(3,272)		—		—		—		—		—		(3,272)
Issuance of noncontrolling interest in connection with recent financings	79		—		—		—		—		—		79
Reclass of distributions payable to noncontrolling interest holder	(238)		—		—		—		—		—		(238)
Conversion of Preferred Series C to Class A common stock	—		—		—		—		(205,759)		—		(205,759)



Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings	942		—		—		—		—		—		942
Balance, September 30, 2023	$	(138,441)	$	9,697	$	856	$	691,255	$	—	$	269	$	563,636


	Noncontrolling Interests
(Dollars in thousands)	Trusts		Class S Ordinary		Class S Preferred		Preferred Series A.1		Preferred Series C		Class A of CT		Total Noncontrolling Interests
Balance, March 31, 2023	$	(118,299)	$	52,560	$	856	$	—	$	205,759	$	1,337	$	142,213
Net income (loss)	(17,457)		(38,979)		—		(1,244)		—		(1,068)		(58,748)



Issuance of shares in connection with recent financings	133		—		—		—		—		—		133
Reclass of distributions payable to noncontrolling interest holder	(567)		—		—		—		—		—		(567)
Reduction of noncontrolling interest in connection with recent financings	(3,272)		—		—		—		—		—		(3,272)
Issuance of noncontrolling interest in connection with recent financings	79		—		—		—		—		—		79


Conversion of Class S Ordinary to Class A common stock	—		(3,884)		—		—		—		—		(3,884)
Conversion of Preferred Series C to Class A common stock	—		—		—		—		(205,759)		—		(205,759)
Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return	—		—		—		(6,942)		—		—		(6,942)
Reclass of BCH Preferred A.1 from temporary to permanent equity	—		—		—		699,441		—		—		699,441
Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings	942		—		—		—		—		—		942

Balance, September 30, 2023	$	(138,441)	$	9,697	$	856	$	691,255	$	—	$	269	$	563,636


	Noncontrolling Interests
(Dollars in thousands)	Trusts		Class S Ordinary		Class S Preferred		FLP		Preferred Series C		Class A of CT		Total Noncontrolling Interests
Balance, June 30, 2022	$	(27,973)	$	63,329	$	856	$	—	$	205,759	$	2,440	$	244,411
Net income (loss)	(72,843)		(1,781)		—		3,166		—		5		(71,453)
Noncontrolling interest reclass	—		1,116		1,117		(2,233)		—		—		—

Distribution to noncontrolling interest	—		—		—		—		—		(131)		(131)
Reclass of distributions payable to noncontrolling interest holder	(14)		—		—		—		—		—		(14)
Reclass of allocated income for FLP Subclass 3 to payable	—		—		—		(933)		—		—		(933)


Balance, September 30, 2022	$	(100,830)	$	62,664	$	1,973	$	—	$	205,759	$	2,314	$	171,880


	Noncontrolling Interests
(Dollars in thousands)	Trusts		Class S Ordinary		Class S Preferred		FLP		Preferred Series C		Class A of CT		Total Noncontrolling Interests
Balance, March 31, 2022	$	982	$	69,831	$	1,316	$	—	$	205,759	$	—	$	277,888
Net income (loss)	(101,554)		(7,824)		—		3,166		—		15		(106,197)
Noncontrolling interest reclass	—		1,116		1,117		(2,233)		—		—		—
Payment of employee payroll taxes on restricted equity units	—		(459)		(460)		—		—		—		(919)
Distribution to noncontrolling interest	—		—		—		—		—		(131)		(131)
Noncash issuance of noncontrolling interest	299		—		—		—		—		—		299
Reclass of distributions payable to noncontrolling interest holder	(557)		—		—		—		—		—		(557)
Reclass of allocated income for FLP Subclass 3 to payable	—		—		—		(933)		—		—		(933)
Issuance of noncontrolling interest	—		—		—		—		—		2,430		2,430

Balance, September 30, 2022	$	(100,830)	$	62,664	$	1,973	$	—	$	205,759	$	2,314	$	171,880

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 three months ended September 30, 2023 and 2022 was approximately 0.00% and 1.32%, respectively. The weighted average preferred return rate for the six months ended September 30, 2023 and 2022 was approximately 0.46% and 1.72%, respectively. No amounts have been paid to the BCH Preferred A.1 holders related to the preferred return from inception through September 30, 2023, 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 September 30, 2023, approximately $106.1 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 Unit Accounts, in which event distributions may be requested by the holders of the BCH Preferred A-1 Unit Accounts, 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 Unit Accounts agreed to significantly reduce the BCH Preferred A-1 Unit Accounts 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 Unit Accounts 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 Unit Accounts 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 Unit Accounts 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 Unit Accounts equals or exceeds $18.00 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 Unit Accounts 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 $10.50. The holder of such newly issued Class S Ordinary Units may immediately convert them into Common Units.

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 or the Preferred Series B Unit Accounts. Further, BCH cannot, prior to the conversion of all the Preferred Series A Unit Accounts and the Preferred Series B 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 BCH LPA, the redemption feature of the Preferred A.1 was removed, which resulted in the Preferred A.1 no longer being required to be presented in temporary equity in the consolidated statement of financial condition as of June 30, 2023.

On June 6, 2023, in connection with the BCG Recapitalization as described in Note 4, $193.9 million of aggregate capital account balances in BCH Preferred A.1 converted to 16,708,817 units of BCH Class S Ordinary. Those BCH Class S Ordinary units then converted into 1,396,457 units of BCG Class A common units and 15,312,360 shares of BCG Class B common units on a one-for-one basis. As part of the conversion to BCG Class A Units, additional value of approximately $15.0 million was provided to certain holders who are members of our board of directors. The additional value was accounted for as compensation, which resulted in stock-based compensation expense of $15.0 million during the quarter ended June 30, 2023.

As of September 30, 2023, the BCH Preferred A.1 are recorded in the consolidated statements of financial condition in the noncontrolling interest line item. As of March 31, 2023, the BCH Preferred A.1 are recorded in the consolidated statements of financial condition in the redeemable noncontrolling interest line item.

Preferred Series C Subclass 1 Unit Accounts

On July 15, 2020, the Company entered into a Preferred Series C Unit Purchase Agreement (“UPA”) with GWG Holdings. Pursuant to the UPA, on July 10, 2023, the Preferred Series C Subclass 1 Unit Accounts of BCH (“BCH Preferred C.1”) automatically converted into 44,040,761 shares of Class A common stock at approximately $4.66 per share, which represents the volume-weighted average trading price of the Class A common stock for the 20 trading days following the closing of the Business Combination. The BCH Preferred C.1 were recorded in the consolidated statements of financial condition in the noncontrolling interest line item for periods presented prior to their conversion to Class A common stock.

Class S Ordinary Units

As of September 30, 2023 and March 31, 2023, BCH, a subsidiary of Ben, had issued 5.4 million and 5.8 million Class S Ordinary Units, respectively, which were all outstanding on each of the respective dates. The 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 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 Class A Unit of BCH for each share of Class A common stock issued.

On June 8, 2023, 404,542 BCH Class S Ordinary Units ultimately converted into shares of Class A common stock on a one-to-one basis pursuant to the terms of the Exchange Agreement and the BCH LPA.

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

Class S Preferred Units

The Class S Preferred Units of BCH (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 Class S Preferred Units are entitled to a quarterly preferred return. 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 Class S Preferred Units. In connection with the consummation of the Business Combination, the holders of the BCH Preferred A-1 Unit Accounts 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 Class S Preferred Units are exchangeable for Class S Ordinary Units on a 1.2-for-1 basis. The Class S Ordinary 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 Class A Unit of BCH for each share of Class A common stock issued. Holders of Class S Preferred Units may elect to convert into Class S Ordinary Units in connection with a sale or dissolution of BCH.

As of September 30, 2023 and March 31, 2023, a nominal number of shares of Class S Preferred Units have been issued, respectively. Preferred return earned by the Class S Preferred Units from inception in 2019 through September 30, 2023 is $0.2 million. No amounts have been paid to the Class S Preferred Unit holders related to the preferred return from inception through September 30, 2023 and any amounts earned have been accrued and are included in the balance of Class S Preferred Units presented on the consolidated statements of financial condition.

The 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 were issued to a Related Entity as part of the initial commercial operations of Ben. The FLP Subclass 2 Units are related to the BMP Equity Incentive Plan. Each subclass of the FLP Unit Accounts, with BCH FLP-1 Unit Accounts (receiving 50.5%) and the BCH FLP-2 Unit Accounts (receiving 49.5%), shall be allocated (i) fifteen percent (15%) of the profits and losses 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 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 Class S Ordinary Units and Class S Preferred Units.

During the three and six months ended September 30, 2023, there was no income allocated to the FLP Unit Accounts (Subclass 1 and 2), respectively. For the three and six months ended September 30, 2022, there was income of $3.2 million allocated to the FLP Unit Accounts (Subclass 1 and 2), respectively. 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 Subclass 1 Unit Accounts and FLP Subclass 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 Subclass 1 Unit Accounts and FLP Subclass 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 Class S Units, calculated based on the post-adjusted capital accounts of the then outstanding Class A and Class S Units. Immediately following any such allocation, the amount allocated is converted in Class S Ordinary Units at the then determined value. Furthermore, the amount allocated to the FLP Subclass 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 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 32,190,584 Class S Ordinary Units would be issuable as a result of the carrying value adjustment. However, due to the Company’s Compensation Policy, the number of Class S Ordinary Units that may be issued in 2023 or any subsequent year in connection with the consummation of the Business Combination will be limited and require approval of the board of directors; provided that any such Class S Ordinary Units that may not be issued in 2023 may be issued in subsequent years in accordance with the Compensation Policy. Subject to the limitation of the Compensation Policy and approval of the board of directors, it is anticipated that as a result of the Business

Combination, BHI, as the holder of the BCH FLP-1 Unit Accounts, could receive up to 1,515,000 BCH Class S Ordinary Units and BMP, as the holder of the BCH FLP-2 Unit Accounts, could receive up to 1,485,000 BCH Class S Ordinary Units as a result of the carrying value adjustment. No such adjustment has occurred as of September 30, 2023.

FLP Unit Accounts (Subclass 3)

The FLP Subclass 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 three and six months ended September 30, 2023, there was no income allocated to the FLP 3 Unit Accounts, respectively. During the three and six months ended September 30, 2022, there was income of $0.9 million allocated to the FLP 3 Unit Accounts, respectively.

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 three months ended September 30, 2023, $1.0 million of additional noncontrolling interests were recognized, compared to none for the three months ended September 30, 2022. For the six months ended September 30, 2023 and 2022, $1.2 million and $0.3 million, 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 Risk Management, L.L.C., a consolidated VIE of Ben (as further discussed in Note 14), was sold for $2.4 million in cash to the third-party involved in the loan participation transaction described in Note 7. As a Class A member of CT Risk Management, 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. As such, this interest is recorded on the consolidated statements of financial condition in the noncontrolling interests line item.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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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-Paragraph 2
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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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
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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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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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Investments, at Fair Value (Tables)

6 Months Ended

Sep. 30, 2023

Investments [Abstract]

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

The composition of investments recorded at fair value by holder is included in the table below (in thousands):


	September 30, 2023				March 31, 2023
	Ben		Customer ExAlt Trusts		Ben		Customer ExAlt Trusts
Alternative assets	$	—	$	363,332	$	—	$	385,851
Public equity securities and option	—		4,399		4,742		8,087
Debt securities available-for-sale	—		3,077		620		76,278
Other equity securities and interests	223		86,740		—		21,643
Total investments, at fair value	$	223	$	457,548	$	5,362	$	491,859


	As of September 30, 2023
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Public equity securities	$	4,399	$	—	$	—	$	4,399

Other equity interests	—		22,489		—		22,489
Debt securities available-for-sale, other	—		998		2,079		3,077
Liabilities:
Warrant liability	956		—		—		956
Prepaid forward liability	73		—		—		73
Derivative liability	—		—		1,932		1,932

	As of March 31, 2023
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Public equity securities	$	8,837	$	—	$	—	$	8,837
Put options	3,991		—		—		3,991
Debt securities available-for-sale
Corporate debt securities (L Bonds)	—		73,822		—		73,822
Other debt securities	—		998		2,078		3,076
Liabilities:
Derivative liability	—		—		3,513		3,513

Alternative Investments


	Alternative Investments Portfolio Summary
	September 30, 2023				March 31, 2023
Asset Class	Carrying Value		Unfunded Commitments		Carrying Value		Unfunded Commitments
Venture Capital	$	160,738	$	2,860	$	165,933	$	2,810
Private Equity	142,378		45,657		145,073		47,218
Natural Resources	27,829		4,556		27,756		5,240
Hedge Funds(1)	13,954		337		24,935		337
Private Real Estate	10,394		4,325		10,391		4,800
Other(2)	8,039		510		11,763		730
Total	$	363,332	$	58,245	$	385,851	$	61,135

Certain prior year items have been reclassified to conform with current year presentation.

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

Debt Securities, Available-for-Sale


	September 30, 2023
(Dollars in thousands)	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Other debt securities	$	2,685	$	1,452	$	(1,060)	$	3,077
Total available-for-sale debt securities	$	2,685	$	1,452	$	(1,060)	$	3,077

	March 31, 2023
(Dollars in thousands)	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate debt securities (L Bonds)	$	64,313	$	17,433	$	(7,924)	$	73,822
Other debt securities	2,685		1,347		(956)		3,076
Total available-for-sale debt securities	$	66,998	$	18,780	$	(8,880)	$	76,898

The contractual maturities of available-for-sale debt securities as of September 30, 2023 and March 31, 2023 are as follows:


	September 30, 2023				March 31, 2023
(Dollars in thousands)	Amortized Cost Basis		Fair Value		Amortized Cost Basis		Fair Value
Due in one year or less	$	1,687	$	2,079	$	66,000	$	75,900

No fixed maturity	998		998		998		998
	$	2,685	$	3,077	$	66,998	$	76,898

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 September 30, 2023 and March 31, 2023:


	September 30, 2023				March 31, 2023
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities (L Bonds):

Twelve months or longer	$	—	$	—	$	73,822	$	7,924
Other debt securities:
Less than twelve months	—		—		2,078		956
Twelve months or longer	2,079		1,060		—		—
Total available-for-sale debt securities with unrealized losses	$	2,079	$	1,060	$	75,900	$	8,880

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

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


(Dollars in thousands)	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Balance, beginning of period	$	31,290	$	31,277	$	31,290	$	18,669

Increase in amounts previously recognized	—		13		—		12,621
Balance, end of period	$	31,290	$	31,290	$	31,290	$	31,290

- Definition

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

+ References

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

+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date the financial statements were available to be 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. Termination of Customer ExAlt Trust Loan Payable As discussed in Note 7, the Customer ExAlt Trust loan payable is secured and repayment supported by a pro-rata portion of the cash flows from the $352.6 million of alternative assets acquired by the Customer ExAlt Trusts on December 7, 2021, the “Acquired Assets”. The percentage of the Acquired Assets allocated to supporting the repayment of the Customer ExAlt Trust loan payable amounted to approximately 27.8% (the “Participation Allocation”). On October 18, 2023, the applicable Customer ExAlt Trusts distributed, transferred and assigned the Participation Allocation (net of a qualified charitable distribution) to a subsidiary of the holder of the Customer ExAlt Trust loan payable. As a result, all obligations owed under the Customer ExAlt Trust loan payable have been repaid and the related participation interest no longer remains outstanding. Recent Debt Financing On October 19, 2023, Beneficient Financing, L.L.C. (the “Borrower”), a wholly owned subsidiary the Company, and BCH, as guarantor (the “Guarantor” and together with the Borrower, the “Loan Parties”), entered into a Credit and Guaranty Agreement (the “Credit Agreement”) with HH-BDH LLC (the “Lender”), as administrative agent. All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Credit Agreement. The Lender’s sole member is Hicks Holdings. The managing member of Hicks Holdings is Mr. Thomas O. Hicks, a member of the Company’s Board of Directors. The Lender will receive customary fees and expenses in its capacity as a lender and as the administrative agent under the Credit Agreement, as further described below. Hicks Holdings and Mr. Hicks may be deemed to have a direct or indirect material financial interest with respect to the transactions contemplated by the Credit Agreement, as described below. The Lender funded the amounts under the Credit Agreement with the proceeds of a third-party financing (the “Financing”). The 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. Borrowings under the Credit Agreement 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. Accrued and unpaid interest is payable monthly, upon prepayment, and at maturity. The Term Loan will mature on October 19, 2026, and all outstanding principal amounts and accrued and unpaid interest thereon shall be due and payable on such date. 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 September 30, 2023, represents approximately 44.9% of all assets held by the Customer ExAlt Trusts and (d) certain deposit accounts. The Credit Agreement 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 Credit Agreement contains certain financial maintenance covenants, including a debt service coverage ratio. Additionally, the Credit Agreement 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, and the occurrence of certain change of control events. 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. Hicks Holdings will receive the following fees and payments in connection with the Term Loan: •A non-refundable fee in an amount equal to 1.0% of the aggregate commitments under the Term Loan upon execution of the 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 the Lender’s receipt of interest payments as described above); •If any amounts under the 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. Letter Agreement with Hicks Holdings In connection with the Credit Agreement and the Financing, on October 19, 2023, the Guarantor, Ben LLC, and Hicks Holdings entered into the Letter Agreement. In connection with the Financing, Hicks Holdings agreed to assign to the Lender all of its rights, title and interest in and to the following partnership interests of the Guarantor: Preferred Series A Subclass 0 Unit Accounts with a capital account balance of $15.3 million as of June 30, 2023, Preferred Series A Subclass 1 Unit Accounts with a capital account balance of $48.1 million as of June 30, 2023, 48 Class S Preferred Units and 291,163 Class S Ordinary Units held by Lender (the “Pledged Guarantor Interests”). Hicks Holdings’ membership interest in Lender (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 Letter Agreement, the parties thereto agreed that if the Borrower and/or Guarantor default under the 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, Preferred Series A Subclass 0 Unit Accounts with a capital account balance of $15.3 million, Preferred Series A Subclass 1 Unit Accounts with a capital account balance of $48.1 million, 48 Class S Preferred Units and 291,163 Class S Ordinary Units (subject to a tax gross-up as provided in the 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 Class A Unit (as defined in the BCH LPA) issued to the Hicks Holdings pursuant to the 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 Credit Agreement, the Term Loan, the Financing and the Lender Pledge. Recent Equity Financings On September 29, 2023, a resale registration statement on Form S-1 was declared effective by the SEC, thereby permitting sales of Class A stock to Yorkville under the SEPA. On each of October 2, 2023 and October 4, 2023, Yorkville purchased 20,000 and 500,000 shares of Class A common stock for $2.39 and $1.27 per share, respectively, pursuant to the terms of the SEPA. On October 3, 2023, 3,768,995 shares of Series B-1 Preferred Stock converted into 13,805,841 shares of Class A common stock at a price per share of approximately $2.73. Potential Future Goodwill Impairment Through the date of this report, the Company continues to experience a further significant sustained decline in the price of its common stock from the values at September 30, 2023 of $2.59. A significant sustained decrease in the Company’s common stock, has in the past been, and in the future may be, a potential indicator that a portion of our goodwill is impaired and may require a quantitative impairment assessment of the Company’s assets, including goodwill and intangible assets, which may result in an additional impairment charge during the third fiscal quarter of 2024. While management cannot predict if or when additional future goodwill impairments may occur, additional goodwill impairments could have material adverse effects on the Company’s financial condition, operating income, net assets, and/or the Company’s cost of, or access to, capital.

Equity - Beneficiaries Customer ExAlt Trusts (Details) - USD ($)

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Class of Stock [Line Items]

Noncash issuance of noncontrolling interest

^[1]

$ 11,973,000

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%

Noncash issuance of noncontrolling interest

$ 1,000,000

$ 0

$ 1,200,000

$ 300,000

[1]	Retroactively adjusted March 31, 2022 and the six months ended September 30, 2022 for de-SPAC merger transaction as described in Note 4.

- Definition

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.

+ References

+ Details

Debt Due to Related Parties, Net (Tables)

6 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

As of September 30, 2023 and March 31, 2023, the Company’s debt due to related parties consisted of the following:


(Dollars in thousands)	September 30, 2023		March 31, 2023
First Lien Credit Agreement	$	22,401	$	21,350
Second Lien Credit Agreement	76,900		73,291
Other borrowings	2,128		2,076
Unamortized debt premiums	712		2,597
Total debt due to related parties	$	102,141	$	99,314

Schedule of Maturities of Long-Term Debt

Maturities of principal 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
2024	$	—
2025	24,529
2026	—
2027	—
2028	76,900

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)

Sep. 30, 2023

Mar. 31, 2023

Investments

$ 457,771,000

$ 497,221,000

Other assets, net (related party of $51 and $2,195)

28,783,000

32,903,000

^[1]

Accounts payable and accrued expenses (related party of $14,549 and $10,485)

104,958,000

65,724,000

^[1]

Other liabilities (related party of nil and $100)

$ 16,979,000

$ 14,622,000

^[1]

Preferred stock, par value (in dollars per share)

$ 0.001

Preferred stock, shares authorized (in shares)

250,000,000

Treasury stock common units (in shares)

544,000

Series A preferred stock

Preferred stock, shares issued (in shares)

Preferred stock, shares outstanding (in shares)

Series B-1 preferred stock

Preferred stock, shares issued (in shares)

3,769,000

Preferred stock, shares outstanding (in shares)

3,769,000

Common Class A

Common stock, par value (in dollars per share)

$ 0.001

Common stock, shares authorized (in shares)

1,500,000,000

Common stock, shares issued (in shares)

242,884,000

180,178,000

Common stock, shares outstanding (in shares)

242,340,000

179,634,000

Common Class B

Common stock, par value (in dollars per share)

$ 0.001

Common stock, shares authorized (in shares)

20,000,000

Common stock, shares issued (in shares)

19,140,000

Common stock, shares outstanding (in shares)

19,140,000

Variable Interest Entity, Primary Beneficiary

Investments

$ 457,548,000

$ 491,859,000

^[1]

Beneficient

Investments

223,000

5,362,000

^[1]

51,000

2,195,000

Accounts payable and accrued expenses (related party of $14,549 and $10,485)

14,549,000

10,485,000

Other liabilities (related party of nil and $100)

100,000

Investments

22,266,000

76,154,000

Related Party | Beneficient

Investments

$ 223,000

$ 1,371,000

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Sep. 30, 2023
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 and subleases aircraft under the Aircraft Sublease with Bradley Capital as discussed in Note 13. Rental expense for our premises and for the Aircraft Sublease for the three months ended September 30, 2023 and 2022, totaled $1.6 million and $1.8 million, respectively. Rental expense for our premises and for the Aircraft Sublease for the six months ended September 30, 2023 and 2022, totaled $3.3 million and $3.4 million, respectively. Unfunded Capital Commitments The Customer ExAlt Trusts had $58.2 million and $61.1 million of potential gross capital commitments as of September 30, 2023 and March 31, 2023, 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, in some instances, by certain of the Customer ExAlt Trusts created at the origination of each trust for up to $0.1 million. To the extent that the associated Customer ExAlt Trust 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 held by the associated Customer ExAlt Trusts 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 88%, 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 September 30, 2023 and March 31, 2023, 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, Murray Holland (part-owner of MHT and President and CEO of GWG Holdings) and James Turvey (an 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. Defendants continue to believe PCA’s claims are baseless and 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 Additionally, on December 16, 2022, a former member of the Board of Directors of Beneficient Management, LLC 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 seeks total damages of $36.3 million plus attorney’s fees and punitive damages. A hearing took place on August 23, 2023, and the arbitrator has notified the parties that the record is officially closed. A decision in the arbitration is expected in the near future. The Company denies the claims asserted in the arbitration. Given the uncertainties attendant to litigation, the Company cannot accurately predict the ultimate outcome of this matter or the range of reasonably possible losses. 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 be advanced against BCG as part of the Chapter 11 Cases or in separate litigation. Such claims and causes of action could include (i) a request to avoid some or all of such transactions, including the transaction whereby GWG Holdings released its right to appoint a majority of the members of Ben Management’s board of directors, (ii) challenges to the reasonableness of the value received by the Debtors in such transactions, and (iii) efforts to recover the value of any transfers to BCG. A mediator has been appointed to oversee the mediation of certain matters between BCG, GWG Holdings and its debtor-affiliates, and certain other constituencies. The mediation commenced on January 30, 2023 and is still ongoing. We estimate that the maximum potential negative impact of any Retained Causes of Action to be between approximately $155 million and $382 million. Further, the Official Committee of Bondholders (the “OBC”) in the Chapter 11 Cases has also 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. The OBC’s motion set forth causes of action related to certain past transactions between the Debtors and Ben, including its directors. The OBC’s motion stated the proposed claims could add a maximum exposure of up to $500 million worth of additional value to the Debtors’ estate. Ben and its CEO filed motions to object to the OBC’s motion that refutes the allegations. The Debtors have indicated they oppose the OBC’s motion for standing and intend to address such alleged claims, if any, as part of a global plan of reorganization, including a possible mediated resolution. Ben intends to vigorously defend itself against any claims, should they be brought by the Litigation Trust. 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 members of its board of directors (Brad K. Heppner, Peter T. Cangany, 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 suit alleges that the defendants defrauded GWG Holdings’ investors, and it asserts 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 alleges 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 does not allege the total amount of damages sought by the plaintiffs. 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 (the “Ben Individual Defendants”) filed a motion to dismiss the complaint on November 7, 2023. The remaining defendants have not yet responded to the complaint, as the deadlines to respond still extend to January 2024. The Company and the Ben Individual Defendants intend to vigorously defend themselves in the litigation. This litigation 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. Wells Notice On June 29, 2023, the Company received a “Wells Notice” from 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 appear 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. A Wells Notice is not a formal allegation or a finding of wrongdoing, but is a preliminary determination by the Staff to recommend to the SEC that a civil enforcement action or administrative proceeding be brought against the recipient. The Company maintains that our actions were appropriate and intends to vigorously defend this matter. The Company has made a Wells submission to the SEC demonstrating why an action against the Company would be unfounded. We intend to engage in further dialogue with the SEC Staff and contest any allegations of wrongdoing. The results of the Wells Notice process and any corresponding enforcement action, including the costs, timing and other potential consequences of responding and complying therewith, are unknown at this time.

Debt Due to Related Parties, Net - Maturities of Long-term Debt (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	24,529
2026	0
2027	0
2028	$ 76,900

Equity (Tables)

6 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Noncontrolling Interests

The following tables present a rollforward of the noncontrolling interests for the three and six months ended September 30, 2023 and 2022:


	Noncontrolling Interests
(Dollars in thousands)	Trusts		Class S Ordinary		Class S Preferred		Preferred Series A.1		Preferred Series C		Class A of CT		Total Noncontrolling Interests
Balance, June 30, 2023	$	(132,361)	$	19,311	$	856	$	691,825	$	205,759	$	690	$	786,080
Net loss	(3,591)		(9,614)		—		(570)		—		(421)		(14,196)
Reduction of noncontrolling interest in connection with recent financings	(3,272)		—		—		—		—		—		(3,272)
Issuance of noncontrolling interest in connection with recent financings	79		—		—		—		—		—		79
Reclass of distributions payable to noncontrolling interest holder	(238)		—		—		—		—		—		(238)
Conversion of Preferred Series C to Class A common stock	—		—		—		—		(205,759)		—		(205,759)



Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings	942		—		—		—		—		—		942
Balance, September 30, 2023	$	(138,441)	$	9,697	$	856	$	691,255	$	—	$	269	$	563,636


	Noncontrolling Interests
(Dollars in thousands)	Trusts		Class S Ordinary		Class S Preferred		Preferred Series A.1		Preferred Series C		Class A of CT		Total Noncontrolling Interests
Balance, March 31, 2023	$	(118,299)	$	52,560	$	856	$	—	$	205,759	$	1,337	$	142,213
Net income (loss)	(17,457)		(38,979)		—		(1,244)		—		(1,068)		(58,748)



Issuance of shares in connection with recent financings	133		—		—		—		—		—		133
Reclass of distributions payable to noncontrolling interest holder	(567)		—		—		—		—		—		(567)
Reduction of noncontrolling interest in connection with recent financings	(3,272)		—		—		—		—		—		(3,272)
Issuance of noncontrolling interest in connection with recent financings	79		—		—		—		—		—		79


Conversion of Class S Ordinary to Class A common stock	—		(3,884)		—		—		—		—		(3,884)
Conversion of Preferred Series C to Class A common stock	—		—		—		—		(205,759)		—		(205,759)
Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return	—		—		—		(6,942)		—		—		(6,942)
Reclass of BCH Preferred A.1 from temporary to permanent equity	—		—		—		699,441		—		—		699,441
Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings	942		—		—		—		—		—		942

Balance, September 30, 2023	$	(138,441)	$	9,697	$	856	$	691,255	$	—	$	269	$	563,636


	Noncontrolling Interests
(Dollars in thousands)	Trusts		Class S Ordinary		Class S Preferred		FLP		Preferred Series C		Class A of CT		Total Noncontrolling Interests
Balance, June 30, 2022	$	(27,973)	$	63,329	$	856	$	—	$	205,759	$	2,440	$	244,411
Net income (loss)	(72,843)		(1,781)		—		3,166		—		5		(71,453)
Noncontrolling interest reclass	—		1,116		1,117		(2,233)		—		—		—

Distribution to noncontrolling interest	—		—		—		—		—		(131)		(131)
Reclass of distributions payable to noncontrolling interest holder	(14)		—		—		—		—		—		(14)
Reclass of allocated income for FLP Subclass 3 to payable	—		—		—		(933)		—		—		(933)


Balance, September 30, 2022	$	(100,830)	$	62,664	$	1,973	$	—	$	205,759	$	2,314	$	171,880


	Noncontrolling Interests
(Dollars in thousands)	Trusts		Class S Ordinary		Class S Preferred		FLP		Preferred Series C		Class A of CT		Total Noncontrolling Interests
Balance, March 31, 2022	$	982	$	69,831	$	1,316	$	—	$	205,759	$	—	$	277,888
Net income (loss)	(101,554)		(7,824)		—		3,166		—		15		(106,197)
Noncontrolling interest reclass	—		1,116		1,117		(2,233)		—		—		—
Payment of employee payroll taxes on restricted equity units	—		(459)		(460)		—		—		—		(919)
Distribution to noncontrolling interest	—		—		—		—		—		(131)		(131)
Noncash issuance of noncontrolling interest	299		—		—		—		—		—		299
Reclass of distributions payable to noncontrolling interest holder	(557)		—		—		—		—		—		(557)
Reclass of allocated income for FLP Subclass 3 to payable	—		—		—		(933)		—		—		(933)
Issuance of noncontrolling interest	—		—		—		—		—		2,430		2,430

Balance, September 30, 2022	$	(100,830)	$	62,664	$	1,973	$	—	$	205,759	$	2,314	$	171,880

Related Parties	6 Months Ended
Related Parties	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Parties	Related Parties 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 (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 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 10, 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 currently is our Chief Executive Officer and Chairman of our Board of Directors, 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 CEO & Chairman is a member and Chairman. Our CEO and Chairman receives an annual salary from the Company of $0.2 million and both he and other employees of Bradley Capital can 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 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 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, 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 extends through December 31, 2023, with 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. During the three months ended September 30, 2023 and 2022, the Company recognized expenses totaling $0.7 million and $0.6 million related to this services agreement, respectively. During the six months ended September 30, 2023 and 2022, the Company recognized expenses totaling $1.4 million and $1.2 million related to this services agreement, respectively. As of September 30, 2023 and March 31, 2023, $4.9 million and $3.6 million, respectively, was owed to Bradley Capital related to this services agreement, which is reflected in the accounts payable and accrued expenses line item on the consolidated statements of financial condition. 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 subleases the aircraft described therein, without a crew, to Beneficient USA for discrete periods of use. Beneficient USA is required to pay a quarterly rental of $1.4 million plus direct operating expenses incurred for Ben’s use of the aircraft. Bradley Capital is required to pay any other fixed and variable costs of operating the aircraft. Beneficient USA is also required to provide its own pilot(s) and crew, and Beneficient USA has entered into a separate Flight Crew Services Agreement with an unrelated third-party to provide the qualified flight crew. The term of the Aircraft Sublease is one (1) year and may be terminated by either party upon three (3) days prior written notice and will automatically terminate upon the sale or similar disposition of the aircraft or the termination of the underlying lease agreement. 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. During the three months ended September 30, 2023 and 2022, BCH expensed $1.4 million and $1.5 million, respectively, in lease and direct operating expenses related to this agreement. During the six months ended September 30, 2023 and 2022, BCH expensed $2.9 million and $3.1 million, respectively, in lease and direct operating expenses related to this agreement. No amounts have been paid to Bradley Capital related to the aircraft sublease. As of September 30, 2023 and March 31, 2023, $9.6 million and $6.9 million, respectively, 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 (which as defined above is an entity associated with our founder), 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 income during the three and six months ended September 30, 2023 and 2022, respectively, in accordance with 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 Class S Ordinary Units of BCH. BCH further agrees to specially allocate to BHI’s sub-capital account related to its Class S Ordinary Units of BCH 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 Preferred A.0 holders are no longer deferred. BHI owns the majority of the Company’s Class B common stock, and the Class S Ordinary Units, Class S Preferred Units, BCH Preferred A.0, BCH Preferred A.1, and FLP Subclass 1 and Subclass 3 Unit Accounts issued by BCH. Additionally, BHI expects to receive tax distributions from HCLP arising from the repayment of the Second Lien Credit Agreement to cover any tax liability associated with the 2019 contribution of the Second Lien Credit Agreement to HCLP. Additionally, if HCLP is liquidated while the Second Lien Credit Agreement is still outstanding, the Second Lien Credit Agreement will transfer back to BHI. HCLP Nominees, L.L.C. HCLP is an indirect subsidiary of Highland Consolidated, L.L.C. (“Highland”). Ben’s Chairman and CEO 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 transactions between Highland and the Related Entities. A long-standing lending and investment relationship of 25 years exists between Highland (and its affiliates or related parties), on the one hand, and Related Entities, on the other. From time to time, Highland or its affiliates have advanced funds under various lending and investing arrangements to Related Entities, and such Related Entities have made repayments to Highland or its affiliates, as applicable, both in cash and in kind. As of June 30, 2021, Highland and the applicable Related Entity mutually agreed to satisfy all obligations under all outstanding loans among Highland and the Related Entity via full payment and satisfaction of the existing loan balances (the “Loan Balances”) by in-kind real property transfers (the “In-Kind Property Payment”) from certain of the Related Entities to Highland. The terms of the In-Kind Property Payment grant Highland the right to transfer the real property that was transferred pursuant to the In-Kind Property Payment 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, with such exchange to be satisfied from existing BCH Preferred A.1 that are held by such Related Entities. Since June 30, 2021, additional net advances have been made by Highland to a Related Entity. As of September 30, 2023 and March 31, 2023, Highland Consolidated, L.P. had outstanding loans in the principal amount of $12.3 million and $14.0 million, respectively, with a Related Entity. Ben is not a party to these loans, nor has it secured or guaranteed the loans. 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 Golden 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 $2.1 million as of September 30, 2023 and March 31, 2023. There were no payments made during the three and six months ended September 30, 2023, respectively, compared to $0.8 million for the three and six months ended September 30, 2022, respectively. The $0.8 million payment during the three and six months ended September 30, 2022 was made to the Funding Trusts in accordance with their respective trust agreements to pay down Funding Trust liabilities. Such payment was not made to any entity associated with Mr. Heppner. 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. During the year ended March 31, 2023, the trust advisor to certain of the Customer ExAlt Trusts reassigned the beneficial interest held at NPT to the Kansas TEFFI Economic Growth Trust. 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 $15.9 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; $6.3 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 $6.9 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 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 governed by a 13-member board of directors, nine 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 has the right to appoint eleven members of BHF’s Board of Directors. The remaining two board members are appointed by BMC. 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. 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. During the year ended March 31, 2023, the trust advisor to certain of the Customer ExAlt Trusts reassigned the beneficial interest held at NPT to the EGT. Ben has an outstanding payable to EGT of nil and $0.1 million as of September 30, 2023 and March 31, 2023, respectively. Ben paid $0.3 million and $0.7 million during the three and six months ended September 30, 2023, compared to $0.5 million and $1.2 million for the same periods of 2022, respectively. 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 receivable, which is reflected in the other assets line item on the consolidated statements of financial condition. Hicks Holdings, L.L.C. Hicks Holdings, L.L.C., an entity associated with one of Ben’s 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 a BCH Preferred A.0 Unit Account and BCH Preferred A.1 Unit Account among its investment holdings. Hicks Holdings Operating, LLC (“Hicks Holdings”), an entity associated with one of Ben’s current directors, owns directly a BCH Preferred A.0 Unit Account, BCH Preferred A.1 Unit Account, Class S Ordinary Units, and Class B common stock of Beneficient. Hicks Holdings was granted its BCH Preferred A.1 Unit Account and Class S Ordinary Units as compensation for services provided in 2018. Hicks Holdings was granted its BCH Preferred A.0 Unit Account 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 Class B common stock of Beneficient in June 2023 in connection with the recapitalization of BCG described in Note 4. The total preferred equity and Class S Ordinary balance as of September 30, 2023 and March 31, 2023, was $56.9 million and $72.6 million, respectively. Hicks Holdings held 1,322,208 shares of Class B common stock as of September 30, 2023. As more fully described in Note 19, on October 19, 2023, through its subsidiaries, the Company 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 will be used to repay certain outstanding obligations, fund development of our products, and provide additional working capital. HH-BDH LLC’s sole member is Hicks Holdings. In connection with the Term Loan and the Financing (each as defined herein), on October 19, 2023, BCH, Ben LLC and Hicks Holdings entered into a letter agreement (the “Letter Agreement”), pursuant to which the parties thereto agreed, among other things, that if BCH or Beneficient Financing, L.L.C. default under the Credit Agreement (as defined herein) and such default results in a foreclosure on, or other forfeiture of, the Pledged Equity Interests (as defined herein), BCH will promptly issue to Hicks Holdings, Replacement Equity Interests (as defined herein). Shared Services Agreement with GWG Holdings On May 27, 2020, Ben and GWG Holdings (acting through a then constituted special committee of the Board of Directors of GWG Holdings) entered into a shared services agreement effective as of January 1, 2020 (the “Shared Services Agreement”). Pursuant to the Shared Services Agreement, GWG Holdings pays a quarterly fee to Ben for the provision of accounting and finance, general and administrative, human resources, sales administration and marketing, underwriting and risk management, information technology and legal services for GWG Holdings and its direct or wholly-owned subsidiaries. The total service fee for each quarter is determined in good faith by Ben on the final day of such quarter in accordance with the cost allocation methodology maintained on Ben’s books and records, which provides that, to the extent the Services are eligible for the “services cost method,” as defined in Treasury Regulation §1.482-9(b), the Service Fee shall be equal to the total costs incurred by Ben during each quarter in connection with Ben’s provision of the Services to GWG Holdings or its direct or indirect wholly-owned subsidiaries, and that the Service Fee for Services that are not eligible for the services cost method shall be determined by reference to the “cost of services plus method,” as defined in Treasury Regulation §1.482-9(e). The term of the Shared Services Agreement had an initial term of one year from the effective date and renewed automatically for successive one-year terms. Due to the filing by GWG Holdings for reorganization under the Chapter 11 Bankruptcy Code in April 2022, neither party was authorized to terminate the Shared Services Agreement. The Shared Services Agreement terminated upon the effective of GWG Holdings’ bankruptcy plan on August 1, 2023. During the three and six months ended September 30, 2023, GWG Holdings paid approximately $0.1 million and $1.4 million, respectively, to Ben under the Shared Services Agreement. GWG Holdings paid no such expenses to Ben under the Shared Services Agreement during the three and six months ended September 30, 2022. As of September 30, 2023 and March 31, 2023, Ben has an outstanding gross receivable related to this Shared Services Agreement of approximately $0.1 million and $17.8 million, respectively. Due to the financial deterioration of GWG Holdings including the filing for reorganization under the Chapter 11 Bankruptcy Code in April 2022, the allowance for these receivables as of September 30, 2023 and March 31, 2023 was nil and $15.6 million, respectively. The reserve amount pertains to amounts owed by GWG Holdings at the time of their bankruptcy filing. As a result of the termination of the Shared Services Agreement, receivables and related allowance of $15.6 million were written off during the three months ended September 30, 2023.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Equity - Class S Ordinary (Details) - Class S Ordinary	Jun. 08, 2023 shares	Sep. 30, 2023 shares	Mar. 31, 2023 shares
Class of Stock [Line Items]
Units issued (in shares)		5,400,000	5,800,000
Units outstanding (in shares)		5,400,000	5,800,000
Common stock exchange ratio		1
Conversion of stock (in shares)	404,542

- Definition

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.

+ References

+ Details

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands			3 Months Ended			6 Months Ended
	Jun. 06, 2023 $ / shares shares	Apr. 01, 2023 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)
Subsequent Event [Line Items]
Discount rate	0.20
Valuation (in dollars per share) \| $ / shares	$ 10.00
Discounted valuation (in dollars per share) \| $ / shares	$ 8.00
Other expenses			$ (5,150)	$ (6,726)		$ (12,092)	$ (13,799)
Professional services			$ 6,657	$ 14,232		$ 17,030	$ 22,089
Cumulative Effect, Period of Adoption, Adjustment
Subsequent Event [Line Items]
Increase in allowance for loan losses		$ 61,100
Revision of Prior Period, Reclassification, Adjustment
Subsequent Event [Line Items]
Other expenses					$ 600
Professional services					$ 600
Common Class A
Subsequent Event [Line Items]
Units converted (in shares)	1.25
Valuation (in dollars per share) \| $ / shares			$ 10.00			$ 10.00
Common Class A \| Conversion of BCG Common Class A Units
Subsequent Event [Line Items]
Shares issued in connection to conversion (in shares) \| shares	86,116,884
Common Class A \| Conversion of BCG Preferred B-2 Units
Subsequent Event [Line Items]
Shares issued in connection to conversion (in shares) \| shares	94,050,534
Common Class B
Subsequent Event [Line Items]
Units converted (in shares)	1.25
Common Class B \| Conversion of BCG Common Class B Units
Subsequent Event [Line Items]
Shares issued in connection to conversion (in shares) \| shares	19,140,451

Supplemental Cash Flow Information

6 Months Ended

Sep. 30, 2023

Offsetting [Abstract]

Supplemental Cash Flow Information

Cash paid for taxes for the six months ended September 30, 2023 and 2022 was de minimis. Cash paid for interest for the six months ended September 30, 2023 and 2022, was nil and $4.2 million, respectively.

Supplemental disclosure of noncash investing and financing activities include:

Six Months Ended September 30, 2023:

–$793.4 million conversion of BCG Class A common units for Class A common stock

–$791.9 million conversion of BCG Preferred B.2 for Class A common stock

–$205.8 million conversion of BCH Preferred C for Class A common stock

–$193.9 million exchange of BCH Preferred A.1 for Class A common stock and Class B common stock in BCG Recapitalization.

–$36.7 million issuance of Issuance of Series B-1 preferred stock in connection with recent financings

–$8.3 million accrual for BCH Preferred A.0 guaranteed payment.

–$6.9 million deemed dividend from BCH Preferred A.1 to BCG Preferred B.2 for accrual of preferred return.

–$5.3 million issuance of Class A common for recent financings.

–$4.0 million settlement of liability for issuance of Class A common stock.

–$3.9 million conversion of BCH Class S Ordinary to Class A common stock.

–$1.1 million of noncash issuance of noncontrolling interest.

–$0.6 million of distributions payable to the Charitable Beneficiaries.

Six Months Ended September 30, 2022:

–$20.1 million issuance of BCG Preferred B.2 to satisfy the contingent consideration payable.

–$18.8 million deemed dividend from BCH Preferred A.1 to BCG Preferred B.2 for accrual of preferred return.

–$7.8 million accrual for BCH Preferred A.0 guaranteed payment.

–$2.4 million issuance of noncontrolling interest from reserved cash received in a prior period.

–$1.4 million promissory note receivable received as consideration in sale of fixed assets.

–$1.1 million exchange of BCH Preferred A.0 for BCH Preferred A.1.

–$0.6 million of distributions payable to the Charitable Beneficiaries.

–$0.3 million of noncash issuance of noncontrolling interest.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated statements of financial condition and that are shown in the consolidated statements of cash flows:


	September 30, 2023		March 31, 2023
Cash and cash equivalents	$	2,394	$	8,726
Restricted cash	20		819
Total cash, cash equivalents and restricted cash	$	2,414	$	9,545

Share-based Compensation - Assumptions (Details) - BMP Equity Incentive Plan	6 Months Ended
	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	4 years
Discount rate	32.10%
Discount for lack of marketability	23.10%
Long-term growth rate (after discrete projection period)	2.50%

- Definition

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.

+ References

+ Details

Customer ExAlt Trust Loan Payable

6 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Customer ExAlt Trust Loan Payable

As of September 30, 2023 and March 31, 2023, the Company’s debt due to related parties consisted of the following:


(Dollars in thousands)	September 30, 2023		March 31, 2023
First Lien Credit Agreement	$	22,401	$	21,350
Second Lien Credit Agreement	76,900		73,291
Other borrowings	2,128		2,076
Unamortized debt premiums	712		2,597
Total debt due to related parties	$	102,141	$	99,314

First and Second Lien Credit Agreements

amended the definition of “Change of Control” (as defined therein), and (iii) provided that Beneficient will be the “Parent” thereunder.

Maturities of principal 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
2024	$	—
2025	24,529
2026	—
2027	—
2028	76,900

- Definition

+ References

+ Details

Income Taxes

6 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The components of income tax expense for the three and six months ended September 30, 2023 and 2022, were as follows:


(Dollars in thousands)	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Deferred expense
Federal	$	—	$	887	$	—	$	1,284
Income tax expense	$	—	$	887	$	—	$	1,284

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
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-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements - Reconciliation of Level 3 Investments, Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Beginning balance	$ 2,095	$ 9,583	$ 3,513	$ 8,108
(Gains) losses recognized in earnings	(163)	(5,278)	(1,581)	(3,803)
Ending balance	$ 1,932	$ 4,305	$ 1,932	$ 4,305

Understanding our Financial Statements and the Impact to the Common Shareholder - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Interest and dividend income	$ 114	$ 97	$ 230	$ 182
Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)	(87)	8	15	15
Consolidating Eliminations
Related Party Transaction [Line Items]
Interest and dividend income	(13,022)	(10,894)	(25,028)	(25,205)
Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)	(6,482)	(7,767)	(13,050)	(15,049)
Provision for credit losses	(60,502)	17,069	(69,998)	(26,032)
Consolidating Eliminations \| Ben Liquidity
Related Party Transaction [Line Items]
Interest and dividend income	13,022	10,894	25,028	25,205
Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)	0	0	0	0
Provision for credit losses	60,502	(17,069)	69,998	26,032
Consolidating Eliminations \| Ben Custody
Related Party Transaction [Line Items]
Interest and dividend income	0	0	0	0
Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)	6,482	7,767	13,050	15,049
Provision for credit losses	$ 0	$ 0	$ 0	$ 0
Customer ExAlt Trusts
Related Party Transaction [Line Items]
One time fee, percentage	7.00%		7.00%
Recurring fee, percentage	2.80%		2.80%
Minimum \| Customer ExAlt Trusts
Related Party Transaction [Line Items]
Interest rate	5.00%		5.00%
Maximum \| Customer ExAlt Trusts
Related Party Transaction [Line Items]
Interest rate	14.00%		14.00%

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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”) 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 fees 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. The accompanying unaudited interim consolidated financial statements of the Company do not contain the detail or footnote disclosure concerning accounting policies and other matters that would be included in full fiscal year consolidated financial statements; therefore, they should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report. The consolidated statement of financial condition as of March 31, 2023 is from the Company’s audited financial statements. In the opinion of management, all material adjustments, consisting of normal and recurring adjustments, have been made that were considered necessary to present fairly the financial condition, results of operations and cash flows at the interim date and for the interim periods presented. Operating results for the interim periods disclosed herein are not necessarily indicative of results that may be expected for a full year. Initial Recapitalization and Common Unit Conversion On June 6, 2023, immediately prior to the Conversion, the BCG Recapitalization was as follows: (i) the limited partnership agreement of BCG was amended to create the BCG Class B Common Units, and the existing common units were renamed the “BCG Class A Common Units”; and (ii) certain holders of the BCH Preferred A.1 entered into BCG Conversion and Exchange Agreements with BCG and BCH, pursuant to which they converted certain BCH Preferred A.1 to Class S Ordinary Units, which were then contributed to BCG in exchange for BCG Class A Common Units. Prior to the conversion on June 6, 2023, when the Company was a Delaware limited partnership, 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, and the capital account balance of the BCG Preferred B-2 Unit Accounts converted into shares of Class A common stock at a rate based on a 20% discount to the $10.00 valuation of the Class A common stock (or $8.00). As a result, in the Conversion, we issued 86,116,884 shares of Class A common stock with respect to the BCG Class A Common Units, 19,140,451 shares of Class B common stock with respect to the BCG Class B Units and 94,050,534 shares of Class A common stock with respect to the BCG Preferred B-2 Unit Accounts. For the periods prior to the Closing, the number of outstanding units, weighted average number of outstanding units, loss per common unit, equity-based compensation and other financial amounts previously expressed on the basis of Common Units have been retroactively adjusted on the basis of Common Stock reflecting the common unit conversion ratio, as described above. 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, the fair value determination of the investment in debt securities, determination of the allowance for credit losses as an input to the allocation of income (loss) to Ben’s or BCH’s equity holders, evaluation of potential impairment of goodwill and other intangibles, and determining the grant date fair value for certain share-based compensation awards. Significant accounting policies are detailed in Note 2 to the consolidated financial statements included in the Company’s Annual Report. Other than new policies related to the adoption of ASU 2016-13 as described in Note 3 and those below, there are no new or revised significant accounting policies as of September 30, 2023. Warrant Liability The Company accounts for the warrants assumed in the Transaction (as described in Note 4), in accordance with the guidance contained in ASC 815, Derivatives and Hedging, whereby under that provision these warrants do not meet the criteria for equity treatment and must be recorded as a liability. Accordingly, the Company classifies these warrant instruments as a liability at fair value and adjusts the instruments to fair value at each reporting period using quoted market prices. This 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. Income Taxes On June 6, 2023, The Beneficient Company Group, L.P. changed both its regulatory and tax status from a Delaware Limited Partnership to a Nevada Corporation and changed its name from The Beneficient Company Group, L.P. to Beneficient. Beneficient made a tax election to be treated as a corporation for US tax purposes effective as of this date. As a result of this tax election, 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 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. Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation. Specifically, $0.6 million of other expenses was reclassified to professional services for the three months ended June 30, 2022. This reclassification had no effect on total operating expenses. Accounting Standards Recently Adopted On April 1, 2023, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) (“CECL”), along with the subsequently issued guidance amending and clarifying various aspects of ASU 2016-13, using the modified retrospective method as required. In accordance with that method, the comparative period’s information continues to be reported under the relevant accounting guidance in effect for that period. Upon adoption of ASU 2016-13, the incurred loss impairment method was replaced with a new impairment model that reflects current expected lifetime losses for our ExAlt Loans receivables. The adoption of ASU 2016-13 resulted in a cumulative-effect adjustment to decrease opening common units (in the absence of retained earnings or accumulated deficit) prior to the consolidation of the Customer ExAlt Trusts by $61.1 million, resulting from an increase to our allowance for credit losses on ExAlt Loans. There is no impact to the consolidated financial statements as loans receivable and its related allowance for credit losses is eliminated in the presentation of the consolidated financial statements. The adoption of this new guidance did not result in a material impact to our available-for-sale debt securities portfolio or asset classes other than loans receivable. Accounting Standards Not Yet Adopted 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 can be applied by all entities as of the beginning of the interim period that includes March 12, 2020, or any date thereafter, and entities may 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 extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024. We have not utilized the optional expedients and exceptions provided by this standard, and are currently evaluating the impact of this standard on our consolidated financial statements and disclosures.

Related Parties (Details) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

Oct. 19, 2023

Jun. 07, 2023

Jan. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Mar. 31, 2023

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

$ 5,150,000

$ 6,726,000

$ 12,092,000

$ 13,799,000

Due to related party

104,958,000

$ 65,724,000

^[1]

Direct operating expenses

339,003,000

35,055,000

1,492,230,000

83,960,000

Due to related party

16,979,000

14,622,000

^[1]

Receivable

28,783,000

32,903,000

^[1]

HH-BDH | Term Loan | Subsequent Event

Debt term

3 years

Term loan

$ 25,000,000

Highland Consolidated, L.P.

Outstanding loan balance

$ 12,300,000

14,000,000

Hicks Holdings L.L.C | Common Class B

Shares held (in shares)

1,322,208

Beneficient Management Counselors, L.L.C.

Percentage of board of directors, pre-decoupling

49.00%

Percentage of members on management committee to select

50.00%

Percentage of members on community committee to select

50.00%

Bradley Capital Company, L.L.C.

Due to related party

$ 4,900,000

3,600,000

Bradley Capital Company, L.L.C. | Services Agreement, Base Fee

Related party fee

$ 500,000

400,000

Bradley Capital Company, L.L.C. | Services Agreement, Supplemental Fee

Related party fee

$ 200,000

200,000

Bradley Capital Company, L.L.C. | Services Agreement

Costs for retired/departed employees

200,000

Minimum value of securities held

$ 10,000,000

Percentage of aggregate fair market value of Ben

1.00%

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

$ 700,000

600,000

$ 1,400,000

1,200,000

Bradley Capital Company, L.L.C. | Services Agreement | CEO and Chairman

Annual salary

200,000

Bradley Capital Company, L.L.C. | Aircraft Sublease

Related party fee

1,400,000

Due to related party

9,600,000

6,900,000

Direct operating expenses

1,400,000

1,500,000

2,900,000

3,100,000

Beneficient Holdings, Inc.

Related party fee

$ 30,000

Beneficient Holdings, Inc. | Minimum

Agreement term

5 years

Beneficient Holdings, Inc. | Maximum

Agreement term

7 years

Beneficient Holdings, Inc. | Contribution Agreement

Maximum costs per year

$ 250,000

RROC

Related party fee

800,000

Debt due to related parties, gross

2,100,000

Beneficient Heartland Foundation | Benficient Heartland Foundation Initial Charitable Initiative

Related party fee

$ 15,900,000

Beneficient Heartland Foundation | Charitable Contribution, Benefit for Development Projects and Promotion and Growth of Industry

Related party fee

2,700,000

Beneficient Heartland Foundation | Charitable Contribution, Benefit of Public Charities Dedicated to Economic Development

Related party fee

6,300,000

Beneficient Heartland Foundation | Charitable Contribution, Indirect Beneficiaries

Related party fee

$ 6,900,000

Kansas TEFFI Economic Growth Trust

Related party fee

300,000

500,000

700,000

1,200,000

100,000

1,400,000

56,900,000

72,600,000

GWG Holdings | Shared Services Agreement

Receivable

100,000

17,800,000

Cash received from related parties

100,000

$ 0

1,400,000

$ 0

Allowance for receivables

$ 0

$ (15,600,000)

Writeoff of receivables related allowance

$ 15,600,000

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.

Variable Interest Entities (Tables)

6 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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)	September 30, 2023		March 31, 2023
Assets:
Cash and cash equivalents	$	812	$	3,259
Restricted cash	20		819
Investments, at fair value	457,548		491,859
Other assets	5,542		5,891
Total Assets of VIEs	$	463,922	$	501,828

Liabilities:
Accounts payable and accrued expense	$	1,820	$	1,945
Other liabilities	108		132
Customer ExAlt Trusts loan payable, net	48,660		52,129
Total Liabilities of VIEs	$	50,588	$	54,206

Equity:
Treasury stock	$	(3,444)	$	(3,444)
Noncontrolling interests	(138,441)		(118,299)
Accumulated other comprehensive income	391		9,900
Total Equity of VIEs	$	(141,494)	$	(111,843)

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
(Dollars in thousands)
Revenues
Investment income (loss), net	$	(13)	$	(17,099)	$	487	$	(42,216)
Loss on financial instruments, net	(41,875)		(16,391)		(43,679)		(16,402)
Interest and dividend income	2		10		10		14

Total revenues	(41,886)		(33,480)		(43,182)		(58,604)

Operating expenses
Interest expense	1,794		1,965		3,668		4,294
Provision for credit losses	—		—		—		12,607
Professional services	885		2,374		2,146		2,956
Other expenses	26		—		383		600
Total operating expenses	2,705		4,339		6,197		20,457
Net income (loss)	$	(44,591)	$	(37,819)	$	(49,379)	$	(79,061)
Net income (loss) attributable to noncontrolling interests	$	(3,592)	$	(72,843)	$	(17,458)	$	(101,554)

- Definition

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.

+ References + Details

Fair Value Measurements - Narrative (Details)

3 Months Ended

6 Months Ended

Sep. 30, 2023

USD ($)

security

Jun. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Sep. 30, 2023

USD ($)

security

Sep. 30, 2022

USD ($)

Mar. 31, 2023

USD ($)

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Alternative assets

$ 363,332,000

$ 385,851,000

Gain (loss) on investments

(13,000)

$ (17,099,000)

487,000

$ (42,216,000)

Equity securities without readily determinable fair value

$ 64,500,000

21,600,000

Number of securities with an upward adjustment | security

Equity securities, cumulative upward adjustment

$ 10,800,000

Equity securities, upward adjustment

3,300,000

Loss on impairment of goodwill

306,684,000

$ 1,100,000,000

$ 0

1,402,989,000

$ 0

Cumulative impairment loss

$ 1,400,000,000

Long-term growth rate

3.00%

Goodwill

$ 964,937,000

2,367,926,000

^[1]

Ben Markets

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Loss on impairment of goodwill

Goodwill

$ 9,885,000

$ 9,900,000

$ 9,885,000

Minimum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Discount rates

25.30%

24.80%

25.30%

Maximum

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Discount rates

26.20%

25.60%

26.20%

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.

Cover - shares	6 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 09, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001775734
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Class A common stock, par value $0.001 per share
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
Warrants, each whole warrant exercisable for one share of Class A common stock, par value $0.001 per share, and one share of Series A convertible preferred stock, par value $0.001 per share
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	BENFW
Security Exchange Name	NASDAQ
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		257,209,584
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		19,140,451

Share-based Compensation - Narrative (Details) $ in Thousands					3 Months Ended			6 Months Ended
	Jun. 06, 2023 shares	Oct. 01, 2022 shares	Jun. 10, 2022 USD ($)	Apr. 01, 2022 shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2020 shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense					$ 8,503	$ 2,737		$ 35,504	$ 6,244
Unrecognized compensation costs					13,180			13,180
REUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense					7,318	1,253		16,041	2,686
Unrecognized compensation costs					10,566			10,566
Preferred equity
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense					286	$ 286		572	$ 858
Account balance										$ 5,700
Director \| Preferred equity
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Account balance										$ 3,800
Purchase price			$ 3,800
Employees \| Ben Liquidity
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense					$ 300			$ 2,600
BMP Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period								4 years
Ben Equity Incentive Plan \| REUs
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%			15.00%
Awards settleable ratio					1.25			1.25
Ben Equity Incentive Plan \| Director \| REUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units granted (in shares) \| shares							515,000
Compensation expense					$ 300			$ 5,500
Increase in units granted (in shares) \| shares	128,750
Unrecognized compensation costs					1,000			1,000
Increase in units granted rate	1.25
Ben Equity Incentive Plan \| Employees and Director \| REUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units granted (in shares) \| shares				513,533
Increase in units granted rate				1.25
Ben Equity Incentive Plan \| Employees and Director \| Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense					3,100			6,000
Increase in units granted (in shares) \| shares				128,383
Unrecognized compensation costs					$ 3,000			$ 3,000
Units forfeited (in shares) \| shares				65,238
Ben Equity Incentive Plan \| Employees \| REUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units granted (in shares) \| shares		40,180
Increase in units granted rate				1.25
Ben Equity Incentive Plan \| Employees \| Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increase in units granted (in shares) \| shares		10,045
Units forfeited (in shares) \| shares		6,550
2023 Incentive Plan \| REUs
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%			15.00%
Percentage of common units								15.00%

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

6 Months Ended

Sep. 30, 2023

Schedule of Segment Reporting Information, by Segment


(in thousands)	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Operating income (loss)
Ben Liquidity	$	(272,091)	$	24,211	$	(1,175,119)	$	(8,640)
Ben Custody	(80,847)		6,274		(270,844)		12,437
Corporate & Other	(25,234)		(29,749)		(74,313)		(58,505)
Less: Income tax expense	—		887		—		1,284
Less: Net (income) loss attributable to noncontrolling interests - Ben	10,604		(192)		41,290		7,344
Less: Net income attributable to noncontrolling interests - CT	—		(893)		—		(2,689)


Less: Noncontrolling interest guaranteed payment	(4,167)		(3,926)		(8,272)		(7,794)
Net loss attributable to common shareholders	$	(371,735)	$	(5,162)	$	(1,487,258)	$	(59,131)

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


	Three Months Ended September 30, 2023
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment loss, net	$	—	$	—	$	(13)	$	—	$	—	$	(13)
Loss on financial instruments, net	—		—		(41,875)		(900)		—		(42,775)
Interest and dividend income	—		—		2		112		—		114
Trust services and administration revenues	—		8		—		(95)		—		(87)


Intersegment revenues
Interest income	13,022		—		—		—		(13,022)		—
Trust services and administration revenues	—		6,482		—		—		(6,482)		—
Total revenues	13,022		6,490		(41,886)		(883)		(19,504)		(42,761)

External expenses
Employee compensation and benefits	1,482		545		—		13,371		—		15,398
Interest expense	2,120		—		1,794		1,200		—		5,114
Professional services	264		89		884		5,420		—		6,657

Loss on impairment of goodwill	220,212		86,472		—		—		—		306,684
Other expenses	533		231		26		4,360		—		5,150

Intersegment expenses
Interest expense	—		—		29,835		—		(29,835)		—
Provision for credit losses	60,502		—		—		—		(60,502)		—
Other expenses	—		—		3,850		—		(3,850)		—
Total expenses	285,113		87,337		36,389		24,351		(94,187)		339,003

Operating income (loss)	$	(272,091)	$	(80,847)	$	(78,275)	$	(25,234)	$	74,683	$	(381,764)


	Three Months Ended September 30, 2022
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment loss, net	$	—	$	—	$	(17,099)	$	—	$	—	$	(17,099)
Loss on financial instruments, net	—		—		(16,391)		(4,646)		—		(21,037)
Interest and dividend income	—		—		10		87		—		97
Trust services and administration revenues	—		8		—		—		—		8
Other income	—		—		—		86		—		86

Intersegment revenues
Interest income	10,894		—		—		—		(10,894)		—
Trust services and administration revenues	—		7,767		—		—		(7,767)		—
Total revenues	10,894		7,775		(33,480)		(4,473)		(18,661)		(37,945)

External expenses
Employee compensation and benefits	1,599		501		—		8,417		—		10,517
Interest expense	774		—		1,965		851		—		3,590
Professional services	815		820		2,374		10,223		—		14,232
Provision credit for credit losses	—		—		—		(10)		—		(10)
Other expenses	564		180		187		5,795		—		6,726

Intersegment expenses
Interest expense	—		—		26,927		—		(26,927)		—
Provision credit for loan losses	(17,069)		—		—		—		17,069		—
Other expenses	—		—		5,126		—		(5,126)		—
Total expenses	(13,317)		1,501		36,579		25,276		(14,984)		35,055

Operating income (loss)	$	24,211	$	6,274	$	(70,059)	$	(29,749)	$	(3,677)	$	(73,000)


	Six Months Ended September 30, 2023
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment income, net	$	—	$	—	$	487	$	—	$	—	$	487
Loss on financial instruments, net	—		—		(43,679)		(2,557)		—		(46,236)
Interest and dividend income	—		—		10		220		—		230
Trust services and administration revenues	—		15		—		—		—		15


Intersegment revenues
Interest income	25,028		—		—		—		(25,028)		—
Trust services and administration revenues	—		13,050		—		—		(13,050)		—
Total revenues	25,028		13,065		(43,182)		(2,337)		(38,078)		(45,504)

External expenses
Employee compensation and benefits	3,975		1,105		—		46,141		—		51,221
Interest expense	2,878		—		3,668		2,352		—		8,898
Professional services	897		589		2,145		13,399		—		17,030

Loss on impairment of goodwill	1,121,212		281,777		—		—		—		1,402,989
Other expenses	1,187		438		383		10,084		—		12,092

Intersegment expenses
Interest expense	—		—		59,615		—		(59,615)		—
Provision for credit losses	69,998		—		—		—		(69,998)		—
Other expenses	—		—		7,694		—		(7,694)		—
Total expenses	1,200,147		283,909		73,505		71,976		(137,307)		1,492,230

Operating loss	$	(1,175,119)	$	(270,844)	$	(116,687)	$	(74,313)	$	99,229	$	(1,537,734)


	Six Months Ended September 30, 2022
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment loss, net	$	—	$	—	$	(42,216)	$	—	$	—	$	(42,216)
Loss on financial instruments, net	—		—		(27,176)		(5,882)		—		(33,058)
Interest and dividend income	—		—		15		167		—		182
Trust services and administration revenues	—		15		—		—		—		15
Other income	—		—		—		86		—		86

Intersegment revenues
Interest income	25,205		—		—		—		(25,205)		—
Trust services and administration revenues	—		15,049		—		—		(15,049)		—
Total revenues	25,205		15,064		(69,377)		(5,629)		(40,254)		(74,991)

External expenses
Employee compensation and benefits	3,802		959		—		17,321		—		22,082
Interest expense	1,407		—		4,294		1,508		—		7,209
Professional services	1,509		1,325		2,956		16,299		—		22,089
Provision for credit losses	—		—		12,607		6,174		—		18,781
Other expenses	1,095		343		787		11,574		—		13,799

Intersegment expenses
Interest expense	—		—		50,618		—		(50,618)		—
Provision for loan losses	26,032		—		—		—		(26,032)		—
Other expenses	—		—		9,592		—		(9,592)		—
Total expenses	33,845		2,627		80,854		52,876		(86,242)		83,960

Operating income (loss)	$	(8,640)	$	12,437	$	(150,231)	$	(58,505)	$	45,988	$	(158,951)


	As of September 30, 2023
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	291,781	$	—	$	—	$	—	$	(291,781)	$	—
Investments, at fair value	—		—		457,548		223		—		457,771
Other assets	6,915		50,984		6,924		17,467		(51,093)		31,197
Goodwill and intangible assets, net	604,668		312,442		—		50,927		—		968,037
Total Assets	$	903,364	$	363,426	$	464,472	$	68,617	$	(342,874)	$	1,457,005

	As of March 31, 2023
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	376,253	$	—	$	—	$	—	$	(376,253)	$	—
Investments, at fair value	—		—		491,859		5,362		—		497,221
Other assets	9,447		47,466		10,447		21,849		(46,761)		42,448
Goodwill and intangible assets, net	1,725,880		594,219		—		50,927		—		2,371,026
Total Assets	$	2,111,580	$	641,685	$	502,306	$	78,138	$	(423,014)	$	2,910,695

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

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

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

Net loss

$ (381,764)

$ (73,887)

$ (1,537,734)

$ (160,235)

Less: Net (income) loss attributable to noncontrolling interests

14,196

72,651

58,748

108,898

Less: Noncontrolling interest guaranteed payment

(4,167)

(3,926)

(8,272)

(7,794)

Net loss attributable to Beneficient common shareholders

(371,735)

(5,162)

(1,487,258)

(59,131)

Common Class A

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

Net loss attributable to Beneficient common shareholders

$ (344,580)

$ (4,666)

$ (1,378,616)

$ (53,453)

Weighted average common units outstanding - diluted (in shares)

237,741,391

180,178,268

^[1]

211,618,712

180,178,268

^[1]

Weighted average common units outstanding - basic (in shares)

237,741,391

180,178,268

^[1]

211,618,712

180,178,268

^[1]

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

$ (1.45)

$ (0.03)

^[1]

$ (6.51)

$ (0.30)

^[1]

Net loss per common unit - basic (in dollars per share)

$ (1.45)

$ (0.03)

^[1]

$ (6.51)

$ (0.30)

^[1]

Common Class B

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

Net loss attributable to Beneficient common shareholders

$ (27,155)

$ (496)

$ (108,642)

$ (5,678)

Weighted average common units outstanding - diluted (in shares)

19,140,451

^[1]

19,140,451

^[1]

Weighted average common units outstanding - basic (in shares)

19,140,451

^[1]

19,140,451

^[1]

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

$ (1.42)

$ (0.03)

^[1]

$ (5.68)

$ (0.30)

^[1]

Net loss per common unit - basic (in dollars per share)

$ (1.42)

$ (0.03)

^[1]

$ (5.68)

$ (0.30)

^[1]

[1]	Retroactively adjusted the three and six months ended September 30, 2022 for the de-SPAC merger transaction as described in Note 4.

Segment Reporting (Tables)

6 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


(in thousands)	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Operating income (loss)
Ben Liquidity	$	(272,091)	$	24,211	$	(1,175,119)	$	(8,640)
Ben Custody	(80,847)		6,274		(270,844)		12,437
Corporate & Other	(25,234)		(29,749)		(74,313)		(58,505)
Less: Income tax expense	—		887		—		1,284
Less: Net (income) loss attributable to noncontrolling interests - Ben	10,604		(192)		41,290		7,344
Less: Net income attributable to noncontrolling interests - CT	—		(893)		—		(2,689)


Less: Noncontrolling interest guaranteed payment	(4,167)		(3,926)		(8,272)		(7,794)
Net loss attributable to common shareholders	$	(371,735)	$	(5,162)	$	(1,487,258)	$	(59,131)

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


	Three Months Ended September 30, 2023
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment loss, net	$	—	$	—	$	(13)	$	—	$	—	$	(13)
Loss on financial instruments, net	—		—		(41,875)		(900)		—		(42,775)
Interest and dividend income	—		—		2		112		—		114
Trust services and administration revenues	—		8		—		(95)		—		(87)


Intersegment revenues
Interest income	13,022		—		—		—		(13,022)		—
Trust services and administration revenues	—		6,482		—		—		(6,482)		—
Total revenues	13,022		6,490		(41,886)		(883)		(19,504)		(42,761)

External expenses
Employee compensation and benefits	1,482		545		—		13,371		—		15,398
Interest expense	2,120		—		1,794		1,200		—		5,114
Professional services	264		89		884		5,420		—		6,657

Loss on impairment of goodwill	220,212		86,472		—		—		—		306,684
Other expenses	533		231		26		4,360		—		5,150

Intersegment expenses
Interest expense	—		—		29,835		—		(29,835)		—
Provision for credit losses	60,502		—		—		—		(60,502)		—
Other expenses	—		—		3,850		—		(3,850)		—
Total expenses	285,113		87,337		36,389		24,351		(94,187)		339,003

Operating income (loss)	$	(272,091)	$	(80,847)	$	(78,275)	$	(25,234)	$	74,683	$	(381,764)


	Three Months Ended September 30, 2022
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment loss, net	$	—	$	—	$	(17,099)	$	—	$	—	$	(17,099)
Loss on financial instruments, net	—		—		(16,391)		(4,646)		—		(21,037)
Interest and dividend income	—		—		10		87		—		97
Trust services and administration revenues	—		8		—		—		—		8
Other income	—		—		—		86		—		86

Intersegment revenues
Interest income	10,894		—		—		—		(10,894)		—
Trust services and administration revenues	—		7,767		—		—		(7,767)		—
Total revenues	10,894		7,775		(33,480)		(4,473)		(18,661)		(37,945)

External expenses
Employee compensation and benefits	1,599		501		—		8,417		—		10,517
Interest expense	774		—		1,965		851		—		3,590
Professional services	815		820		2,374		10,223		—		14,232
Provision credit for credit losses	—		—		—		(10)		—		(10)
Other expenses	564		180		187		5,795		—		6,726

Intersegment expenses
Interest expense	—		—		26,927		—		(26,927)		—
Provision credit for loan losses	(17,069)		—		—		—		17,069		—
Other expenses	—		—		5,126		—		(5,126)		—
Total expenses	(13,317)		1,501		36,579		25,276		(14,984)		35,055

Operating income (loss)	$	24,211	$	6,274	$	(70,059)	$	(29,749)	$	(3,677)	$	(73,000)


	Six Months Ended September 30, 2023
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment income, net	$	—	$	—	$	487	$	—	$	—	$	487
Loss on financial instruments, net	—		—		(43,679)		(2,557)		—		(46,236)
Interest and dividend income	—		—		10		220		—		230
Trust services and administration revenues	—		15		—		—		—		15


Intersegment revenues
Interest income	25,028		—		—		—		(25,028)		—
Trust services and administration revenues	—		13,050		—		—		(13,050)		—
Total revenues	25,028		13,065		(43,182)		(2,337)		(38,078)		(45,504)

External expenses
Employee compensation and benefits	3,975		1,105		—		46,141		—		51,221
Interest expense	2,878		—		3,668		2,352		—		8,898
Professional services	897		589		2,145		13,399		—		17,030

Loss on impairment of goodwill	1,121,212		281,777		—		—		—		1,402,989
Other expenses	1,187		438		383		10,084		—		12,092

Intersegment expenses
Interest expense	—		—		59,615		—		(59,615)		—
Provision for credit losses	69,998		—		—		—		(69,998)		—
Other expenses	—		—		7,694		—		(7,694)		—
Total expenses	1,200,147		283,909		73,505		71,976		(137,307)		1,492,230

Operating loss	$	(1,175,119)	$	(270,844)	$	(116,687)	$	(74,313)	$	99,229	$	(1,537,734)


	Six Months Ended September 30, 2022
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment loss, net	$	—	$	—	$	(42,216)	$	—	$	—	$	(42,216)
Loss on financial instruments, net	—		—		(27,176)		(5,882)		—		(33,058)
Interest and dividend income	—		—		15		167		—		182
Trust services and administration revenues	—		15		—		—		—		15
Other income	—		—		—		86		—		86

Intersegment revenues
Interest income	25,205		—		—		—		(25,205)		—
Trust services and administration revenues	—		15,049		—		—		(15,049)		—
Total revenues	25,205		15,064		(69,377)		(5,629)		(40,254)		(74,991)

External expenses
Employee compensation and benefits	3,802		959		—		17,321		—		22,082
Interest expense	1,407		—		4,294		1,508		—		7,209
Professional services	1,509		1,325		2,956		16,299		—		22,089
Provision for credit losses	—		—		12,607		6,174		—		18,781
Other expenses	1,095		343		787		11,574		—		13,799

Intersegment expenses
Interest expense	—		—		50,618		—		(50,618)		—
Provision for loan losses	26,032		—		—		—		(26,032)		—
Other expenses	—		—		9,592		—		(9,592)		—
Total expenses	33,845		2,627		80,854		52,876		(86,242)		83,960

Operating income (loss)	$	(8,640)	$	12,437	$	(150,231)	$	(58,505)	$	45,988	$	(158,951)


	As of September 30, 2023
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	291,781	$	—	$	—	$	—	$	(291,781)	$	—
Investments, at fair value	—		—		457,548		223		—		457,771
Other assets	6,915		50,984		6,924		17,467		(51,093)		31,197
Goodwill and intangible assets, net	604,668		312,442		—		50,927		—		968,037
Total Assets	$	903,364	$	363,426	$	464,472	$	68,617	$	(342,874)	$	1,457,005

	As of March 31, 2023
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	376,253	$	—	$	—	$	—	$	(376,253)	$	—
Investments, at fair value	—		—		491,859		5,362		—		497,221
Other assets	9,447		47,466		10,447		21,849		(46,761)		42,448
Goodwill and intangible assets, net	1,725,880		594,219		—		50,927		—		2,371,026
Total Assets	$	2,111,580	$	641,685	$	502,306	$	78,138	$	(423,014)	$	2,910,695

Segment Reporting (Details)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2023

USD ($)

Jun. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Sep. 30, 2023

USD ($)

Segment

Sep. 30, 2022

USD ($)

Mar. 31, 2023

USD ($)

Segment Reporting [Abstract]

Reportable segments | Segment

Income Statement [Abstract]

Investment income (loss), net

$ (13)

$ (17,099)

$ 487

$ (42,216)

Loss on financial instruments, net (related party of $(41,960), $(27,759), $(45,526), and $(42,564), respectively)

(42,775)

(21,037)

(46,236)

(33,058)

Interest and dividend income

114

230

182

Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)

(87)

Other income

Total revenues

(42,761)

(37,945)

(45,504)

(74,991)

Employee compensation and benefits

15,398

10,517

51,221

22,082

Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)

5,114

3,590

8,898

7,209

Professional services

6,657

14,232

17,030

22,089

Provision (provision credit) for credit losses

(10)

18,781

Loss on impairment of goodwill

306,684

$ 1,100,000

1,402,989

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

5,150

6,726

12,092

13,799

Total operating expenses

339,003

35,055

1,492,230

83,960

Operating loss

(381,764)

(73,000)

(1,537,734)

(158,951)

Statement of Financial Position [Abstract]

Investments held by Ben (related party of $223 and $1,371)

457,771

$ 497,221

Other assets, net (related party of $51 and $2,195)

31,197

42,448

Goodwill and intangible assets, net

968,037

2,371,026

Total assets

1,457,005

2,910,695

^[1]

Ben Liquidity

Income Statement [Abstract]

Loss on impairment of goodwill

1,121,212

Ben Custody

Income Statement [Abstract]

Loss on impairment of goodwill

281,777

Corporate & Other

Income Statement [Abstract]

Investment income (loss), net

Loss on financial instruments, net (related party of $(41,960), $(27,759), $(45,526), and $(42,564), respectively)

(900)

(4,646)

(2,557)

(5,882)

Interest and dividend income

112

220

167

Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)

(95)

Other income

Total revenues

(883)

(4,473)

(2,337)

(5,629)

Employee compensation and benefits

13,371

8,417

46,141

17,321

Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)

1,200

851

2,352

1,508

Professional services

5,420

10,223

13,399

16,299

Provision (provision credit) for credit losses

(10)

6,174

Loss on impairment of goodwill

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

4,360

5,795

10,084

11,574

Total operating expenses

24,351

25,276

71,976

52,876

Operating loss

(25,234)

(29,749)

(74,313)

(58,505)

Statement of Financial Position [Abstract]

Investments held by Customer ExAlt Trusts (related party of $22,266 and $76,154)

Investments held by Ben (related party of $223 and $1,371)

223

5,362

Other assets, net (related party of $51 and $2,195)

17,467

21,849

Goodwill and intangible assets, net

50,927

Total assets

68,617

78,138

Operating Segments | Ben Liquidity

Income Statement [Abstract]

Investment income (loss), net

Loss on financial instruments, net (related party of $(41,960), $(27,759), $(45,526), and $(42,564), respectively)

Interest and dividend income

Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)

Other income

Total revenues

13,022

10,894

25,028

25,205

Employee compensation and benefits

1,482

1,599

3,975

3,802

Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)

2,120

774

2,878

1,407

Professional services

264

815

897

1,509

Provision (provision credit) for credit losses

Loss on impairment of goodwill

220,212

1,121,212

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

533

564

1,187

1,095

Total operating expenses

285,113

(13,317)

1,200,147

33,845

Operating loss

(272,091)

24,211

(1,175,119)

(8,640)

Statement of Financial Position [Abstract]

Investments held by Customer ExAlt Trusts (related party of $22,266 and $76,154)

291,781

376,253

Investments held by Ben (related party of $223 and $1,371)

Other assets, net (related party of $51 and $2,195)

6,915

9,447

Goodwill and intangible assets, net

604,668

1,725,880

Total assets

903,364

2,111,580

Operating Segments | Ben Custody

Income Statement [Abstract]

Investment income (loss), net

Loss on financial instruments, net (related party of $(41,960), $(27,759), $(45,526), and $(42,564), respectively)

Interest and dividend income

Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)

Other income

Total revenues

6,490

7,775

13,065

15,064

Employee compensation and benefits

545

501

1,105

959

Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)

Professional services

820

589

1,325

Provision (provision credit) for credit losses

Loss on impairment of goodwill

86,472

281,777

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

231

180

438

343

Total operating expenses

87,337

1,501

283,909

2,627

Operating loss

(80,847)

6,274

(270,844)

12,437

Statement of Financial Position [Abstract]

Investments held by Customer ExAlt Trusts (related party of $22,266 and $76,154)

Investments held by Ben (related party of $223 and $1,371)

Other assets, net (related party of $51 and $2,195)

50,984

47,466

Goodwill and intangible assets, net

312,442

594,219

Total assets

363,426

641,685

Operating Segments | Customer ExAlt Trusts

Income Statement [Abstract]

Investment income (loss), net

(13)

(17,099)

487

(42,216)

Loss on financial instruments, net (related party of $(41,960), $(27,759), $(45,526), and $(42,564), respectively)

(41,875)

(16,391)

(43,679)

(27,176)

Interest and dividend income

Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)

Other income

Total revenues

(41,886)

(33,480)

(43,182)

(69,377)

Employee compensation and benefits

Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)

1,794

1,965

3,668

4,294

Professional services

884

2,374

2,145

2,956

Provision (provision credit) for credit losses

12,607

Loss on impairment of goodwill

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

187

383

787

Total operating expenses

36,389

36,579

73,505

80,854

Operating loss

(78,275)

(70,059)

(116,687)

(150,231)

Statement of Financial Position [Abstract]

Investments held by Customer ExAlt Trusts (related party of $22,266 and $76,154)

Investments held by Ben (related party of $223 and $1,371)

457,548

491,859

Other assets, net (related party of $51 and $2,195)

6,924

10,447

Goodwill and intangible assets, net

Total assets

464,472

502,306

Consolidating Eliminations

Income Statement [Abstract]

Interest and dividend income

(13,022)

(10,894)

(25,028)

(25,205)

Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)

(6,482)

(7,767)

(13,050)

(15,049)

Total revenues

(19,504)

(18,661)

(38,078)

(40,254)

Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)

(29,835)

(26,927)

(59,615)

(50,618)

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

(3,850)

(5,126)

(7,694)

(9,592)

Provision for credit losses

(60,502)

17,069

(69,998)

(26,032)

Total operating expenses

(94,187)

(14,984)

(137,307)

(86,242)

Operating loss

74,683

(3,677)

99,229

45,988

Statement of Financial Position [Abstract]

Investments held by Customer ExAlt Trusts (related party of $22,266 and $76,154)

(291,781)

(376,253)

Investments held by Ben (related party of $223 and $1,371)

Other assets, net (related party of $51 and $2,195)

(51,093)

(46,761)

Goodwill and intangible assets, net

Total assets

(342,874)

$ (423,014)

Consolidating Eliminations | Ben Liquidity

Income Statement [Abstract]

Interest and dividend income

13,022

10,894

25,028

25,205

Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)

Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

Provision for credit losses

60,502

(17,069)

69,998

26,032

Consolidating Eliminations | Ben Custody

Income Statement [Abstract]

Interest and dividend income

Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)

6,482

7,767

13,050

15,049

Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

Provision for credit losses

Consolidating Eliminations | Customer ExAlt Trusts

Income Statement [Abstract]

Interest and dividend income

Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)

Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)

29,835

26,927

59,615

50,618

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

3,850

5,126

7,694

9,592

Provision for credit losses

$ 0

[1]	Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.

Net Loss per Share

6 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss per Share

Basic and diluted net income (loss) attributable to Beneficient per common share for the three and six months ended September 30, 2023 and 2022, are as follows:


(Dollars in thousands)	Three Months Ended September 30,				Six Months Ended September 30,
	2023		2022		2023		2022
Net loss	$	(381,764)	$	(73,887)	$	(1,537,734)	$	(160,235)
Less: Net (income) loss attributable to noncontrolling interests	14,196		72,651		58,748		108,898
Less: Noncontrolling interest guaranteed payment	(4,167)		(3,926)		(8,272)		(7,794)



Net loss attributable to Beneficient common shareholders	$	(371,735)	$	(5,162)	$	(1,487,258)	$	(59,131)
Net loss attributable to Class A common shareholders	(344,580)		(4,666)		(1,378,616)		(53,453)
Net loss attributable to Class B common shareholders	(27,155)		(496)		(108,642)		(5,678)

Weighted average of common shares outstanding - basic and diluted
Class A	237,741,391		180,178,268		211,618,712		180,178,268
Class B	19,140,451		19,140,451		19,140,451		19,140,451

Net loss attributable to Beneficient per common share - Basic and Diluted
Class A	$	(1.45)	$	(0.03)	$	(6.51)	$	(0.30)
Class B	$	(1.42)	$	(0.03)	$	(5.68)	$	(0.30)


	Shares		Shares
	Three Months Ended September 30,		Six Months Ended September 30,
	2023	2022	2023	2022
Preferred Series B-1	11,404,827	—	683,146	—
Class S Ordinary	5,358,597	5,871,512	5,434,863	5,871,512
Class S Preferred	48,403	115,219	48,403	115,219
Preferred Series A Subclass 0	90,445,956	19,796,120	32,916,204	19,795,875
Preferred Series A Subclass 1	291,066,987	63,706,518	110,618,486	63,826,455
Preferred Series C Subclass 1	2,393,520	16,068,912	12,153,325	16,068,912
Restricted Stock Units	10,219,365	8,541,679	9,882,852	8,533,622
Warrants	30,669,850	—	24,708,118	—
Total anti-dilutive shares	441,607,505	114,099,960	196,445,397	114,211,595

Conversion of BCH Preferred C-1 Unit Accounts

Pursuant to the UPA, on July 10, 2023, the BCH Preferred C-1 Unit Accounts automatically converted into 44,040,761 shares of Class A common stock at approximately $4.66 per share, which represents the volume-weighted average trading price of the Class A common stock for the 20 trading days following the closing of the Business Combination.

Share-based Compensation - Future Compensation Expense (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Six months ending 2024	$ 4,417
2025	4,322
2026	2,823
2027	1,263
2028	355
Total	13,180
BMP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Six months ending 2024	831
2025	662
2026	242
2027	14
2028	0
Total	1,749
RSU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Six months ending 2024	2,972
2025	3,469
2026	2,521
2027	1,249
2028	355
Total	10,566
Preferred
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Six months ending 2024	286
2025	0
2026	0
2027	0
2028	0
Total	286
Commissions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Six months ending 2024	328
2025	191
2026	60
2027	0
2028	0
Total	$ 579

Share-based Compensation - Award Activity (Details) - $ / shares shares in Thousands	6 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
BMP
Units
Beginning Balance (in shares)	438
Granted (in shares)	0
Vested (in shares)	(147)
Forfeited (in shares)	0
Ending Balance (in shares)	291
Weighted Average Grant Date Fair Value per Unit
Beginning Balance (in dollars per share)	$ 10.11	$ 10.04
Granted (in dollars per share)	0
Vested (in dollars per share)	9.88
Forfeited (in dollars per share)	0
Ending Balance (in dollars per share)	$ 10.11
RSU
Units
Beginning Balance (in shares)	1,749
Granted (in shares)	4,060
Vested (in shares)	(3,060)
Forfeited (in shares)	(98)
Ending Balance (in shares)	2,651
Weighted Average Grant Date Fair Value per Unit
Beginning Balance (in dollars per share)	$ 4.91	$ 10.00
Granted (in dollars per share)	2.73
Vested (in dollars per share)	4.95
Forfeited (in dollars per share)	4.18
Ending Balance (in dollars per share)	$ 4.91

Segment Reporting

6 Months Ended

Sep. 30, 2023

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 investments in the GWG Wind Down Trust (or common stock and L Bonds of GWG Holdings, as applicable) held by Ben;

•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 to determine allocation of resources and assess performance. 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 chief operating decision maker 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):


	Three Months Ended September 30, 2023
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment loss, net	$	—	$	—	$	(13)	$	—	$	—	$	(13)
Loss on financial instruments, net	—		—		(41,875)		(900)		—		(42,775)
Interest and dividend income	—		—		2		112		—		114
Trust services and administration revenues	—		8		—		(95)		—		(87)


Intersegment revenues
Interest income	13,022		—		—		—		(13,022)		—
Trust services and administration revenues	—		6,482		—		—		(6,482)		—
Total revenues	13,022		6,490		(41,886)		(883)		(19,504)		(42,761)

External expenses
Employee compensation and benefits	1,482		545		—		13,371		—		15,398
Interest expense	2,120		—		1,794		1,200		—		5,114
Professional services	264		89		884		5,420		—		6,657

Loss on impairment of goodwill	220,212		86,472		—		—		—		306,684
Other expenses	533		231		26		4,360		—		5,150

Intersegment expenses
Interest expense	—		—		29,835		—		(29,835)		—
Provision for credit losses	60,502		—		—		—		(60,502)		—
Other expenses	—		—		3,850		—		(3,850)		—
Total expenses	285,113		87,337		36,389		24,351		(94,187)		339,003

Operating income (loss)	$	(272,091)	$	(80,847)	$	(78,275)	$	(25,234)	$	74,683	$	(381,764)


	Three Months Ended September 30, 2022
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment loss, net	$	—	$	—	$	(17,099)	$	—	$	—	$	(17,099)
Loss on financial instruments, net	—		—		(16,391)		(4,646)		—		(21,037)
Interest and dividend income	—		—		10		87		—		97
Trust services and administration revenues	—		8		—		—		—		8
Other income	—		—		—		86		—		86

Intersegment revenues
Interest income	10,894		—		—		—		(10,894)		—
Trust services and administration revenues	—		7,767		—		—		(7,767)		—
Total revenues	10,894		7,775		(33,480)		(4,473)		(18,661)		(37,945)

External expenses
Employee compensation and benefits	1,599		501		—		8,417		—		10,517
Interest expense	774		—		1,965		851		—		3,590
Professional services	815		820		2,374		10,223		—		14,232
Provision credit for credit losses	—		—		—		(10)		—		(10)
Other expenses	564		180		187		5,795		—		6,726

Intersegment expenses
Interest expense	—		—		26,927		—		(26,927)		—
Provision credit for loan losses	(17,069)		—		—		—		17,069		—
Other expenses	—		—		5,126		—		(5,126)		—
Total expenses	(13,317)		1,501		36,579		25,276		(14,984)		35,055

Operating income (loss)	$	24,211	$	6,274	$	(70,059)	$	(29,749)	$	(3,677)	$	(73,000)


	Six Months Ended September 30, 2023
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment income, net	$	—	$	—	$	487	$	—	$	—	$	487
Loss on financial instruments, net	—		—		(43,679)		(2,557)		—		(46,236)
Interest and dividend income	—		—		10		220		—		230
Trust services and administration revenues	—		15		—		—		—		15


Intersegment revenues
Interest income	25,028		—		—		—		(25,028)		—
Trust services and administration revenues	—		13,050		—		—		(13,050)		—
Total revenues	25,028		13,065		(43,182)		(2,337)		(38,078)		(45,504)

External expenses
Employee compensation and benefits	3,975		1,105		—		46,141		—		51,221
Interest expense	2,878		—		3,668		2,352		—		8,898
Professional services	897		589		2,145		13,399		—		17,030

Loss on impairment of goodwill	1,121,212		281,777		—		—		—		1,402,989
Other expenses	1,187		438		383		10,084		—		12,092

Intersegment expenses
Interest expense	—		—		59,615		—		(59,615)		—
Provision for credit losses	69,998		—		—		—		(69,998)		—
Other expenses	—		—		7,694		—		(7,694)		—
Total expenses	1,200,147		283,909		73,505		71,976		(137,307)		1,492,230

Operating loss	$	(1,175,119)	$	(270,844)	$	(116,687)	$	(74,313)	$	99,229	$	(1,537,734)


	Six Months Ended September 30, 2022
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
External revenues
Investment loss, net	$	—	$	—	$	(42,216)	$	—	$	—	$	(42,216)
Loss on financial instruments, net	—		—		(27,176)		(5,882)		—		(33,058)
Interest and dividend income	—		—		15		167		—		182
Trust services and administration revenues	—		15		—		—		—		15
Other income	—		—		—		86		—		86

Intersegment revenues
Interest income	25,205		—		—		—		(25,205)		—
Trust services and administration revenues	—		15,049		—		—		(15,049)		—
Total revenues	25,205		15,064		(69,377)		(5,629)		(40,254)		(74,991)

External expenses
Employee compensation and benefits	3,802		959		—		17,321		—		22,082
Interest expense	1,407		—		4,294		1,508		—		7,209
Professional services	1,509		1,325		2,956		16,299		—		22,089
Provision for credit losses	—		—		12,607		6,174		—		18,781
Other expenses	1,095		343		787		11,574		—		13,799

Intersegment expenses
Interest expense	—		—		50,618		—		(50,618)		—
Provision for loan losses	26,032		—		—		—		(26,032)		—
Other expenses	—		—		9,592		—		(9,592)		—
Total expenses	33,845		2,627		80,854		52,876		(86,242)		83,960

Operating income (loss)	$	(8,640)	$	12,437	$	(150,231)	$	(58,505)	$	45,988	$	(158,951)


	As of September 30, 2023
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	291,781	$	—	$	—	$	—	$	(291,781)	$	—
Investments, at fair value	—		—		457,548		223		—		457,771
Other assets	6,915		50,984		6,924		17,467		(51,093)		31,197
Goodwill and intangible assets, net	604,668		312,442		—		50,927		—		968,037
Total Assets	$	903,364	$	363,426	$	464,472	$	68,617	$	(342,874)	$	1,457,005

	As of March 31, 2023
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	376,253	$	—	$	—	$	—	$	(376,253)	$	—
Investments, at fair value	—		—		491,859		5,362		—		497,221
Other assets	9,447		47,466		10,447		21,849		(46,761)		42,448
Goodwill and intangible assets, net	1,725,880		594,219		—		50,927		—		2,371,026
Total Assets	$	2,111,580	$	641,685	$	502,306	$	78,138	$	(423,014)	$	2,910,695

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Cash Flow Information (Tables)

6 Months Ended

Sep. 30, 2023

Offsetting [Abstract]

Schedule of Cash and Cash Equivalents


	September 30, 2023		March 31, 2023
Cash and cash equivalents	$	2,394	$	8,726
Restricted cash	20		819
Total cash, cash equivalents and restricted cash	$	2,414	$	9,545

Investments, at Fair Value - Alternative Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 363,332	$ 385,851
Unfunded Commitments	58,245	61,135
Venture Capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	160,738	165,933
Unfunded Commitments	2,860	2,810
Private Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	142,378	145,073
Unfunded Commitments	45,657	47,218
Natural Resources
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	27,829	27,756
Unfunded Commitments	4,556	5,240
Hedge Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	13,954	24,935
Unfunded Commitments	337	337
Redeemable investments	5,900
Private Real Estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	10,394	10,391
Unfunded Commitments	4,325	4,800
Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	8,039	11,763
Unfunded Commitments	$ 510	$ 730

Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Level 1 \| Carrying Amount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents	$ 2,394	$ 8,726
Restricted cash	20	819
Accounts payable and accrued expenses	104,958	65,724
Level 1 \| Estimated Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents	2,394	8,726
Restricted cash	20	819
Accounts payable and accrued expenses	104,958	65,724
Level 2 \| Carrying Amount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Customer ExAlt Trusts loan payable, net	48,660	52,129
Debt due to related parties	102,141	99,314
Level 2 \| Estimated Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Customer ExAlt Trusts loan payable, net	54,058	56,635
Debt due to related parties	$ 96,099	$ 96,465

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

3 Months Ended

6 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Revenues

Investment income (loss), net

$ (13)

$ (17,099)

$ 487

$ (42,216)

Loss on financial instruments, net (related party of $(41,960), $(27,759), $(45,526), and $(42,564), respectively)

(42,775)

(21,037)

(46,236)

(33,058)

Interest and dividend income

114

230

182

Trust services and administration revenues (related party of $8, $8, $15, and $15, respectively)

(87)

Other income

Total revenues

(42,761)

(37,945)

(45,504)

(74,991)

Operating expenses

Employee compensation and benefits

15,398

10,517

51,221

22,082

Interest expense (related party of $2,093, $749, $2,825, and $1,357, respectively)

5,114

3,590

8,898

7,209

Professional services

6,657

14,232

17,030

22,089

Provision (provision credit) for credit losses

(10)

18,781

Loss on impairment of goodwill

306,684

1,402,989

Other expenses (related party of $2,105, $2,132, $4,221, and $4,330, respectively)

5,150

6,726

12,092

13,799

Total operating expenses

339,003

35,055

1,492,230

83,960

Operating loss

(381,764)

(73,000)

(1,537,734)

(158,951)

Income tax expense

887

1,284

Net loss

(381,764)

(73,887)

(1,537,734)

(160,235)

Less: Net (income) loss attributable to noncontrolling interests

14,196

72,651

58,748

108,898

Less: Noncontrolling interest guaranteed payment

(4,167)

(3,926)

(8,272)

(7,794)

Net loss attributable to Beneficient common shareholders

(371,735)

(5,162)

(1,487,258)

(59,131)

Other comprehensive income (loss):

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

(105)

9,505

^[1]

4,185

^[2]

7,707

^[3]

Total comprehensive income (loss)

(371,840)

4,343

(1,483,073)

(51,424)

Less: comprehensive gain (loss) attributable to noncontrolling interests

(105)

9,505

4,185

7,707

Total comprehensive loss attributable to Beneficient

(371,735)

(5,162)

(1,487,258)

(59,131)

Common Class A

Operating expenses

Net loss attributable to Beneficient common shareholders

$ (344,580)

$ (4,666)

$ (1,378,616)

$ (53,453)

Earnings Per Share [Abstract]

Net loss per common unit - basic (in dollars per share)

$ (1.45)

$ (0.03)

^[4]

$ (6.51)

$ (0.30)

^[4]

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

$ (1.45)

$ (0.03)

^[4]

$ (6.51)

$ (0.30)

^[4]

Weighted Average Number of Shares Outstanding [Abstract]

Weighted average common units outstanding - basic (in shares)

237,741,391

180,178,268

^[4]

211,618,712

180,178,268

^[4]

Weighted average common units outstanding - diluted (in shares)

237,741,391

180,178,268

^[4]

211,618,712

180,178,268

^[4]

Common Class B

Operating expenses

Net loss attributable to Beneficient common shareholders

$ (27,155)

$ (496)

$ (108,642)

$ (5,678)

Earnings Per Share [Abstract]

Net loss per common unit - basic (in dollars per share)

$ (1.42)

$ (0.03)

^[4]

$ (5.68)

$ (0.30)

^[4]

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

$ (1.42)

$ (0.03)

^[4]

$ (5.68)

$ (0.30)

^[4]

Weighted Average Number of Shares Outstanding [Abstract]

Weighted average common units outstanding - basic (in shares)

19,140,451

^[4]

19,140,451

^[4]

Weighted average common units outstanding - diluted (in shares)

19,140,451

^[4]

19,140,451

^[4]

Variable Interest Entity, Primary Beneficiary

Operating expenses

Less: Net (income) loss attributable to noncontrolling interests

$ 3,592

$ 72,843

$ 17,458

$ 101,554

Consolidated Entity, Excluding Consolidated VIE

Operating expenses

Less: Net (income) loss attributable to noncontrolling interests

$ 10,604

$ (192)

$ 41,290

$ 7,344

[1]	Retroactively adjusted June 30, 2022 and three months ended September 30, 2022 for de-SPAC merger transaction as described in Note 4.
[2]	Retroactively adjusted March 31, 2023 for de-SPAC merger transaction as described in Note 4.
[3]	Retroactively adjusted March 31, 2022 and the six months ended September 30, 2022 for de-SPAC merger transaction as described in Note 4.
[4]	Retroactively adjusted the three and six months ended September 30, 2022 for the de-SPAC merger transaction as described in Note 4.

Debt Due to Related Parties, Net - Narrative (Details) - USD ($)					3 Months Ended		6 Months Ended
	Oct. 19, 2023	Jul. 12, 2023	Mar. 24, 2022	Aug. 13, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Oct. 19, 2026	Oct. 19, 2025	Mar. 31, 2023
Debt Instrument [Line Items]
Payment of deferred financing costs for debt					$ 0	$ 0	$ 0	$ 0
HCLP Nominees, L.L.C
Debt Instrument [Line Items]
Additional debt or borrowings				$ 10,000,000
BHI
Debt Instrument [Line Items]
Percentage of preferred units				5.00%
Grant tax liability				$ 30,000,000
Put liability					$ 0		$ 0				$ 0
First and Second Lien Credit Agreement
Debt Instrument [Line Items]
Installment payments		$ 5,000,000
Interest rate		9.50%
Amendment fee		$ 100,000
First and Second Lien Credit Agreement \| HCLP Nominees, L.L.C \| Beneficent Capital Company
Debt Instrument [Line Items]
Maximum interest rate				9.50%
Installment payments			$ 5,000,000
Fee percentage			6.50%
HH-BDH \| Term Loan \| Subsequent Event
Debt Instrument [Line Items]
Debt term	3 years
Term loan	$ 25,000,000
London Interbank Offered Rate (LIBOR) \| First and Second Lien Credit Agreement \| HCLP Nominees, L.L.C \| Beneficent Capital Company
Debt Instrument [Line Items]
Basis spread				8.00%
Secured Overnight Financing Rate (SOFR) \| HH-BDH \| Term Loan \| Forecast
Debt Instrument [Line Items]
Interest rate									5.50%	6.50%