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Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2023

Mar. 31, 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):

		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

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 June 30,
		2023				2022
Public equity securities:
Related party equity securities		$	(3,566	)		$	(14,805	)
Other public equity securities			(220	)			(514	)
Put options			(2,328	)			1,764
Warrant liability			1,485				—
Prepaid forward liability			(92	)			—
Derivative liability			1,418				(1,475	)
Other equity securities			(158	)			3,010
Gain (loss) on financial instruments, net		$	(3,461	)		$	(12,020	)

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

		Year Ended March 31,				Three Months Ended March 31,								Year Ended December 31,
		2023				2022				2021				2021				2020
										(unaudited)
Public equity securities
Related party equity securities		$	(63,536	)		$	(56,011	)		$	—			$	37,012			$	(22,913	)
Other public equity securities			523				—				—				—				—
Put options			(3,460	)			—				(2,180	)			(5,175	)			(7,757	)
Derivative liability			4,595				—				—				—				—
Other equity securities			10,457				—				—				—				—
Gain (loss) on financial instruments, net		$	(51,421	)		$	(56,011	)		$	(2,180	)		$	31,837			$	(30,670	)

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

June 30, 2023

$

2,183

Market Approach

Enterprise value-to-revenue multiple

0.2x - 18.9x

1.74x

March 31, 2023

$

2,078

Market Approach

Enterprise value-to-revenue multiple

0.2x - 18.9x

1.74x

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

		Fair Value				Valuation Methodology				Unobservable Inputs		Range of Targets
June 30, 2023		$	2,095				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
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 provides quantitative information about the significant unobservable inputs used in the fair value measure of the Level 3 other debt securities (dollars in thousands):

Fair Value

Valuation Methodology

Unobservable Inputs

Range

Weighted Average

March 31, 2023

$2,078

Market Approach

Enterprise value-to-revenue multiple

0.2x – 18.9x

1.74x

March 31, 2022

$3,000

Market Approach

Enterprise value-to-revenue multiple

0.2x – 18.9x

1.73x

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

		Fair Value				Valuation Methodology		Unobservable Inputs		Range of Targets
March 31, 2023			$3,513			Discounted cash flow		Alternative asset beta to equity markets		0.42 – 1.67
								Alternative asset market discount rate		0.10
								Distribution rate		0.03 – 0.06
								Equity market risk premiums		0.07
								Net asset value volatilities		0.09 – 0.84
								Enhanced return discount rate		0.12
March 31, 2022			$8,108			Discounted cash flow		Alternative asset beta to equity markets		0.51 – 1.69
								Alternative asset market discount rate		0.08
								Distribution rate		0.03 – 0.07
								Equity market risk premiums		0.08
								Net asset value volatilities		0.09 – 0.38
								Enhanced return discount rate		0.12

The following table provides information regarding the unobservable inputs utilized in determining the fair value of the non-recurring Level 3 measurement as of December 1, 2021:

(Dollars in thousands)
Level 3 Class		Fair Value at December 1, 2021				Valuation Technique		Unobservable Input		Target
Preferred A.0		$	249,907			Interpolation		Discount rate			28.26	%
								Preferred rate of return			6.00	%
Preferred A.1		$	961,801			Interpolation		Discount rate			29.26	%
								Preferred rate of return			5.78	%
								Growth rate			4.00	%
Preferred B.2		$	358,515			Interpolation		Discount rate			29.30	%
								Preferred rate of return			5.09	%
								Growth rate			4.00	%

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 June 30,
		2023				2022
Beginning balance		$	2,078			$	3,000
Gains (losses) recognized in accumulated other comprehensive income (loss)(1)			105				(52	)
Ending balance		$	2,183			$	2,948

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

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

(Dollars in thousands)		Year Ended March 31,				Three Months Ended March 31,				Year Ended December 31,
		2023				2022				2021				2020
Beginning balance		$	3,000			$	3,000			$	1,687			$	—
Initial fair value of financial instrument			—				—				—				1,687
Gains (losses) recognized in accumulated other comprehensive income (loss)(1)			(922	)			—				1,313				—
Ending balance		$	2,078			$	3,000			$	3,000			$	1,687

(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 June 30,
		2023				2022
Beginning balance		$	3,513			$	8,108
(Gains) losses recognized in earnings(1)			(1,418	)			1,475
Ending balance		$	2,095			$	9,583

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

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

		Year Ended March 31, 2023				Three Months Ended March 31, 2022
Beginning balance		$	8,108			$	—
Initial fair value of financial instrument			—				8,108
(Gains) losses recognized in earnings(1)			(4,595	)			—
Ending balance		$	3,513			$	8,108

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

The following table reconciles the beginning and ending fair value of our Level 3 repurchase options:

		Year Ended December 31, 2020
(Dollars in thousands)
Beginning balance		$	(61,664	)
Total gain in earnings			61,664
Ending balance		$	—

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

		As of June 30, 2023
(Dollars in thousands)		Level in Fair Value Hierarchy				Carrying Amount				Estimated Fair Value
Financial assets:
Cash and cash equivalents			1			$	3,057			$	3,057
Restricted cash			1				821				821
Financial liabilities:
Customer ExAlt Trusts loan payable, net			2				49,529				54,986
Debt due to related parties			2				100,072				96,558
Accounts payable and accrued expenses			1				93,413				93,413

		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				June 30, 2023
Ben Liquidity		$	1,725,880			$	(901,000	)		$	824,880
Ben Custody			594,219				(195,305	)			398,914
Ben Insurance			37,942				—				37,942
Ben Markets			9,885				—				9,885
Total Goodwill		$	2,367,926			$	(1,096,305	)		$	1,271,621

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