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Investments, at Fair Value (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2023

Mar. 31, 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):

		June 30, 2023								March 31, 2023
		Ben				Customer ExAlt Trusts				Ben				Customer ExAlt Trusts
Alternative assets		$	—			$	374,603			$	—			$	385,851
Public equity securities and option			1,690				5,023				4,742				8,087
Debt securities available-for-sale			656				80,532				620				76,278
Other equity securities			—				26,786				—				21,643
Total investments, at fair value		$	2,346			$	486,944			$	5,362			$	491,859

The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on June 30, 2023 and March 31, 2023 are presented below.

		As of June 30, 2023
(Dollars in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Public equity securities		$	5,051			$	—			$	—			$	5,051
Put options			1,663				—				—				1,663
Debt securities available-for-sale
Corporate debt securities (L Bonds)			—				78,007				—				78,007
Other debt securities			—				998				2,183				3,181
Liabilities:
Warrant liability			1,128				—				—				1,128
Prepaid forward liability			92				—				—				92
Derivative liability			—				—				2,095				2,095

		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

The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on March 31, 2023 and March 31, 2022 are presented below.

		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

		As of March 31, 2022
(Dollars in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Public equity securities		$	69,769			$	—			$	—			$	69,769
Debt securities available-for-sale
Corporate debt securities (L Bonds)			—				74,295				—				74,295
Other debt securities			—				998				3,000				3,998
Liabilities:
Derivative liability			—				—				8,108				8,108

Alternative Investments

Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of June 30, 2023 and March 31, 2023, is summarized below (in thousands):

		Alternative Investments Portfolio Summary
		June 30, 2023								March 31, 2023
Asset Class		Carrying Value				Unfunded Commitments				Carrying Value				Unfunded Commitments
Venture Capital		$	164,097			$	2,877			$	165,933			$	2,810
Private Equity			143,714				46,838				145,073				47,218
Natural Resources			27,832				4,567				27,756				5,240
Hedge Funds(1)			19,291				337				24,935				337
Private Real Estate			10,436				4,808				10,391				4,800
Other(2)			9,233				730				11,763				730
Total		$	374,603			$	60,157			$	385,851			$	61,135

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

(1) As of June 30, 2023, $10.8 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, and private debt strategies.

Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of March 31, 2023 and March 31, 2022, is summarized below (in thousands):

		Alternative Investments Portfolio Summary
		March 31, 2023								March 31, 2022
Asset Class		Carrying Value				Unfunded Commitments				Carrying Value				Unfunded Commitments
Venture Capital		$	165,933			$	2,810			$	209,912			$	3,035
Private Equity			145,073				47,218				199,280				55,269
Hedge Funds(1)			24,935				337				51,974				358
Natural Resources			27,756				5,240				31,736				4,994
Private Real Estate			10,391				4,800				15,757				4,802
Other(2)			11,763				730				16,268				635
Total		$	385,851			$	61,135			$	524,927			$	69,093

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

(1) As of March 31, 2023, $16.4 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, and private debt strategies.

Debt Securities, Available-for-Sale

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

		June 30, 2023
(Dollars in thousands)		Amortized Cost Basis				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Corporate debt securities (L Bonds)		$	64,313			$	23,016			$	(9,322	)		$	78,007
Other debt securities			2,685				1,452				(956	)			3,181
Total available-for-sale debt securities		$	66,998			$	24,468			$	(10,278	)		$	81,188

		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 June 30, 2023 and March 31, 2023 are as follows:

		June 30, 2023								March 31, 2023
(Dollars in thousands)		Amortized Cost Basis				Fair Value				Amortized Cost Basis				Fair Value
Due in one year or less		$	66,000			$	80,190			$	66,000			$	75,900
No fixed maturity			998				998				998				998
		$	66,998			$	81,188			$	66,998			$	76,898

The amortized cost, estimated fair value, and unrealized gains and losses on investments in debt securities classified as available-for-sale as of March 31, 2023 and March 31, 2022 are summarized as follows:

		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

March 31, 2022
(Dollars in thousands)		Amortized Cost Basis				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Corporate debt securities (L Bonds)		$	76,934			$	132			$	(2,771	)		$	74,295
Other debt securities			2,685				1,313				—				3,998
Total available-for-sale debt securities		$	79,619			$	1,445			$	(2,771	)		$	78,293

The contractual maturities of available-for-sale debt securities as of March 31, 2023 and March 31, 2022 are as follows:

		March 31, 2023								March 31, 2022
(Dollars in thousands)		Amortized Cost Basis				Fair Value				Amortized Cost Basis				Fair Value
Due in one year or less		$	66,000			$	75,900			$	1,687			$	3,000
Due in one to five years			—				—				76,934				74,295
No fixed maturity			998				998				998				998
		$	66,998			$	76,898			$	79,619			$	78,293

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 June 30, 2023 and March 31, 2023:

		June 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		$	78,007			$	9,322			$	73,822			$	7,924
Other debt securities:
Less than twelve months			—				—				2,078				956
Twelve months or longer			2,183				956				—				—
Total available-for-sale debt securities with unrealized losses		$	80,190			$	10,278			$	75,900			$	8,880

The table below indicates the length of time individual debt securities have been in a continuous loss position as of March 31, 2023 and March 31, 2022:

		March 31, 2023								March 31, 2022
(Dollars in thousands)		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
Corporate debt securities (L Bonds):
Less than twelve months		$	—			$	—			$	74,295			$	2,771
Twelve months or longer			73,822				7,924				—				—
Other debt securities:
Less than twelve months			2,078				956				—				—
Total available-for-sale debt securities with unrealized losses		$	75,900			$	8,880			$	74,295			$	2,771

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

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

(Dollars in thousands)		Three Months Ended June 30,
		2023				2022
Balance, beginning of period		$	31,290			$	18,669
Increase in OTTI amounts previously recognized			—				12,608
Balance, end of period		$	31,290			$	31,277

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

(Dollars in thousands)		Year Ended March 31,				Three Months Ended March 31,				Year Ended December 31,
		2023				2022				2021				2020
Balance, beginning of period		$	18,669			$	13,726			$	—			$	—
Credit related OTTI not previously recognized			—				—				13,726				—
Increase in OTTI amounts previously recognized			12,621				4,943				—				—
Balance, end of period		$	31,290			$	18,669			$	13,726			$	—

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

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

		March 31, 2023								March 31, 2022
		Ben				Customer ExAlt Trusts				Ben				Customer ExAlt Trusts
Alternative assets		$	—			$	385,851			$	—			$	524,927
Public equity securities and option			4,742				8,087				13,625				56,144
Debt securities available-for-sale			620				76,278				624				77,669
Other equity securities			—				21,643				—				1,181
Total investments, at fair value		$	5,362			$	491,859			$	14,249			$	659,921

Schedule of Reconciliation of Investment Income

A reconciliation of investment income (loss), net for each of the periods presented herein is included in the table below (in thousands):

		Year Ended March 31,				Three Months Ended March 31,								Year Ended December 31,
		2023				2022				2021				2021				2020
										(unaudited)
(Loss) gain from change in NAV of alternative assets		$	(54,010	)		$	(10,811	)		$	2,091			$	15,534			$	(17,558	)
Gain on repurchase options (see Note 6)			—				—				—				—				61,664
Gain on Collateral Swap (see Note 4)			—				—				—				—				88,514
Investment (loss) income, net		$	(54,010	)		$	(10,811	)		$	2,091			$	15,534			$	132,620

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