XML 76 R47.htm IDEA: XBRL DOCUMENT v3.23.3

Segment Reporting (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2023

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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 June 30, 2023
		Ben Liquidity				Ben Custody				Customer ExAlt Trusts				Corporate & Other				Consolidating Eliminations				Total
External revenues
Investment income, net		$	—			$	—			$	500			$	—			$	—			$	500
Loss on financial instruments, net			—				—				(1,803	)			(1,658	)			—				(3,461	)
Interest and dividend income			—				—				8				108				—				116
Trust services and administration revenues			—				8				—				94				—				102
Intersegment revenues
Interest income			12,007				—				—				—				(12,007	)			—
Trust services and administration revenues			—				6,568				—				—				(6,568	)			—
Total revenues			12,007				6,576				(1,295	)			(1,456	)			(18,575	)			(2,743	)
External expenses
Employee compensation and benefits			2,493				560				—				32,770				—				35,823
Interest expense			758				—				1,874				1,152				—				3,784
Professional services			633				501				1,261				7,978				—				10,373
Loss on impairment of goodwill			901,000				195,305				—				—				—				1,096,305
Other expenses			654				207				356				5,725				—				6,942
Intersegment expenses
Interest expense			—				—				29,780				—				(29,780	)			—
Provision for credit losses			9,495				—				—				—				(9,495	)			—
Other expenses			—				—				3,844				—				(3,844	)			—
Total expenses			915,033				196,573				37,115				47,625				(43,119	)			1,153,227
Operating income (loss)		$	(903,026	)		$	(189,997	)		$	(38,410	)		$	(49,081	)		$	24,544			$	(1,155,970	)

		Three Months Ended June 30, 2022
		Ben Liquidity				Ben Custody				Customer ExAlt Trusts				Corporate & Other				Consolidating Eliminations				Total
External revenues
Investment loss, net		$	—			$	—			$	(25,117	)		$	—			$	—			$	(25,117	)
Loss on financial instruments, net			—				—				(10,784	)			(1,236	)			—				(12,020	)
Interest and dividend income			—				—				4				81				—				85
Trust services and administration revenues			—				8				—				—								8
Intersegment revenues
Interest income			14,311				—				—				—				(14,311	)			—
Trust services and administration revenues			—				7,282				—				—				(7,282	)			—
Total revenues			14,311				7,290				(35,897	)			(1,155	)			(21,593	)			(37,044	)
External expenses
Employee compensation and benefits			2,204				459				—				8,902				—				11,565
Interest expense			634				—				2,329				656				—				3,619
Professional services			693				505				582				6,077				—				7,857
Provision for credit losses			—				—				12,607				6,183				—				18,790
Other expenses			531				163				600				5,782				—				7,076
Intersegment expenses
Interest expense			—				—				23,691				—				(23,691	)			—
Provision for loan losses			43,102				—				—				—				(43,102	)			—
Other expenses			—				—				4,466				—				(4,466	)			—
Total expenses			47,164				1,127				44,275				27,600				(71,259	)			48,907
Operating income (loss)		$	(32,853	)		$	6,163			$	(80,172	)		$	(28,755	)		$	49,666			$	(85,951	)

		As of June 30, 2023
		Ben Liquidity				Ben Custody				Customer ExAlt Trusts				Corporate & Other				Consolidating Eliminations				Total
Loans to Customer ExAlt Trusts, net		$	304,167			$	—			$	—			$	—			$	(304,167	)		$	—
Investments, at fair value			—				—				486,944				2,346				—				489,290
Other assets			6,275				49,631				8,378				16,807				(49,239	)			31,852
Goodwill and intangible assets, net			824,880				398,914				—				50,927				—				1,274,721
Total Assets		$	1,135,322			$	448,545			$	495,322			$	70,080			$	(353,406	)		$	1,795,863
		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

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

		Year Ended March 31, 2023
		Ben Liquidity				Ben Custody				Customer ExAlt Trusts				Corporate & Other				Consolidating Eliminations				Total
External revenues
Investment loss, net		$	—			$	—			$	(54,010	)		$	—			$	—			$	(54,010	)
Loss on financial instruments, net			—				—				(35,085	)			(16,336	)			—				(51,421	)
Interest income			—				—				54				358				—				412
Trust services and administration revenues			—				30				—				—				—				30
Other income			—				—				—				86				—				86
Intersegment revenues
Interest income			50,819				—				—				—				(50,819	)			—
Trust services and administration revenues			—				29,012				—				—				(29,012	)			—
Total revenues			50,819				29,042				(89,041	)			(15,892	)			(79,831	)			(104,903	)
External expenses
Employee compensation and benefits			8,527				2,219				—				34,781				—				45,527
Interest expense			2,893				—				8,957				3,621				—				15,471
Professional services			2,849				2,018				5,033				28,522				—				38,422
Provision for credit losses			—				—				13,843				6,737				—				20,580
Other expenses			2,313				759				1,905				23,292				—				28,269
Intersegment expenses
Interest expense			—				—				110,905				—				(110,905	)			—
Provision for loan losses			80,749				—				—				—				(80,749	)			—
Other expenses			—				—				18,354				—				(18,354	)			—
Total expenses			97,331				4,996				158,997				96,953				(210,008	)			148,269
Operating income (loss)		$	(46,512	)		$	24,046			$	(248,038	)		$	(112,845	)		$	130,177			$	(253,172	)

		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

		Three Months Ended March 31, 2022
		Ben Liquidity				Ben Custody				Customer ExAlt Trusts				Corporate & Other				Consolidating Eliminations				Total
External revenues
Investment loss, net		$	—			$	—			$	(10,811	)		$	—			$	—				(10,811	)
Loss on financial instruments, net			—				—				(44,661	)			(11,350	)			—				(56,011	)
Interest income			—				—				—				73				—				73
Trust services and administration revenues			121				8				—				—				—				129
Other income			—				—				—				2				—				2
Intersegment revenues
Interest income			17,790				—				—				—				(17,790	)			—
Trust services and administration revenues			—				8,408				—				—				(8,408	)			—
Total revenues			17,911				8,416				(55,472	)			(11,275	)			(26,198	)			(66,618	)
External expenses
Employee compensation and benefits			2,200				517				—				7,408				—				10,125
Interest expense			538				—				1,046				526				—				2,110
Professional services			915				446				—				4,088				—				5,449
Provision for credit losses			—				—				4,774				4,609				—				9,383
Other expenses			436				152				1,860				3,701				—				6,149
Intersegment expenses
Interest expense			—				—				24,694				—				(24,694	)			—
Provision for loan losses			34,121				—				—				—				(34,121	)			—
Other expenses			—				—				5,767				—				(5,767	)			—
Total expenses			38,210				1,115				38,141				20,332				(64,582	)			33,216
Operating income (loss)		$	(20,299	)		$	7,301			$	(93,613	)		$	(31,607	)		$	38,384			$	(99,834	)

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

		As of March 31, 2022
		Ben Liquidity				Ben Custody				Customer ExAlt Trusts				Corporate & Other				Consolidating Eliminations				Total
Loans to Customer ExAlt Trusts, net		$	418,793			$	—			$	—			$	—			$	(418,793	)		$	—
Investments, at fair value			—				—				659,921				14,249				—				674,170
Other assets			31,563				46,933				20,106				43,670				(46,284	)			95,988
Goodwill and intangible assets, net			—				—				—				2,370,850				—				2,370,850
Total Assets		$	450,356			$	46,933			$	680,027			$	2,428,769			$	(465,077	)		$	3,141,008

		Year Ended December 31, 2021
		Ben Liquidity				Ben Custody				Customer ExAlt Trusts				Corporate & Other				Consolidating Eliminations				Total
External revenues
Investment income, net		$	—			$	—			$	15,534			$	—			$	—				15,534
Gain on financial instruments, net			—				—				29,512				2,325				—				31,837
Interest income			—				—				7,110				288				—				7,398
Trust services and administration revenues			510				30				—				—				—				540
Other income			—				—				—				2				—				2
Intersegment revenues
Interest income			55,929				—				—				—				(55,929	)			—
Trust services and administration revenues			—				20,258				—				—				(20,258	)			—
Total revenues			56,439				20,288				52,156				2,615				(76,187	)			55,311
External expenses
Employee compensation and benefits			8,328				2,031				—				38,164				—				48,523
Interest expense			12,812				—				—				14,645				—				27,457
Professional services			3,100				1,552				350				12,799				—				17,801
Provision for credit losses			—				—				14,318				4,437				—				18,755
Other expenses			2,127				512				695				10,561				—				13,895
Intersegment expenses
Interest expense			—				—				70,963				—				(70,963	)			—
Provision for loan losses			8,881				—				—				—				(8,881	)			—
Other expenses			—				—				12,180				—				(12,180	)			—
Total expenses			35,248				4,095				98,506				80,606				(92,024	)			126,431
Operating income (loss)		$	21,191			$	16,193			$	(46,350	)		$	(77,991	)		$	15,837			$	(71,120	)

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

		Year Ended December 31, 2020
		Ben Liquidity				Ben Custody				Customer ExAlt Trusts				Corporate & Other				Consolidating Eliminations				Total
External revenues
Investment income, net		$	—			$	—			$	132,620			$	—			$	—				132,620
Loss on financial instruments, net			—				—				(15,838	)			(14,832	)			—				(30,670	)
Interest income			—				—				1,819				285				(22	)			2,082
Trust services and administration revenues			—				30				—				—				—				30
Other income			—				—				—				36,267				—				36,267
Intersegment revenues
Interest income			51,819				—				—				—				(51,819	)			—
Trust services and administration revenues			—				19,379				—				—				(19,379	)			—
Total revenues			51,819				19,409				118,601				21,720				(71,220	)			140,329
External expenses
Employee compensation and benefits			6,216				1,915				—				120,451				—				128,582
Interest expense			11,496				—				4,675				16,380				—				32,551
Professional services			3,656				1,190				—				14,199				—				19,045
Other expenses			(165	)			382				502				6,845				—				7,564
Intersegment expenses
Interest expense			—				—				63,463				—				(63,463	)			—
Provision for loan losses			5,378				—				—				—				(5,378	)			—
Other expenses			—				—				12,177				—				(12,177	)			—
Total expenses			26,581				3,487				80,817				157,875				(81,018	)			187,742
Operating income (loss)		$	25,238			$	15,922			$	37,784			$	(136,155	)		$	9,798			$	(47,413	)

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

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X

- References

No definition available.

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