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Investments, at Fair Value (Tables) | 9 Months Ended
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Dec. 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):
| December 31, 2023 |  | March 31, 2023
| Ben |  | Customer ExAlt Trusts |  | Ben |  | Customer ExAlt Trusts
Alternative assets | $ | — |  |  | $ | 302,810 |  |  | $ | — |  |  | $ | 385,851 |
Public equity securities and option | — |  |  | 4,210 |  |  | 4,742 |  |  | 8,087 |
Debt securities available-for-sale | — |  |  | 3,127 |  |  | 620 |  |  | 76,278 |
Other equity securities and interests | 38 |  |  | 68,235 |  |  | — |  |  | 21,643 |
Total investments, at fair value | $ | 38 |  |  | $ | 378,382 |  |  | $ | 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 December 31, 2023 and March 31, 2023 are presented below.
|  | As of December 31, 2023
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Public equity securities |  | $ | 4,210 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,210 |
Other equity interests |  | — |  |  | 3,797 |  |  | — |  |  | 3,797 |
Debt securities available-for-sale, other |  | — |  |  | 998 |  |  | 2,129 |  |  | 3,127 |
Liabilities: |  |  |  |  |  |  |  |
Warrant liability |  | 161 |  |  | — |  |  | — |  |  | 161 |
Prepaid forward liability |  | 12 |  |  | — |  |  | — |  |  | 12 |
|  | 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 | Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of December 31, 2023 and March 31, 2023, is summarized below (in thousands):
|  | Alternative Investments Portfolio Summary
|  | December 31, 2023 |  | March 31, 2023
Asset Class |  | Carrying Value |  | Unfunded Commitments |  | Carrying Value |  | Unfunded Commitments
Venture Capital |  | $ | 139,950 |  |  | $ | 2,366 |  |  | $ | 165,933 |  |  | $ | 2,810 |
Private Equity |  | 123,664 |  |  | 39,949 |  |  | 145,073 |  |  | 47,218 |
Natural Resources |  | 20,505 |  |  | 3,351 |  |  | 27,756 |  |  | 5,240 |
Private Real Estate |  | 9,119 |  |  | 3,134 |  |  | 10,391 |  |  | 4,800 |
Hedge Funds |  | 6,135 |  |  | 246 |  |  | 24,935 |  |  | 337 |
Other(1) |  | 3,437 |  |  | 383 |  |  | 11,763 |  |  | 730 |
Total |  | $ | 302,810 |  |  | $ | 49,429 |  |  | $ | 385,851 |  |  | $ | 61,135 |
Certain prior year items have been reclassified to conform with current year presentation. (1) “Other” includes earnouts, escrow, net other assets, private debt strategies and infrastructure.
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 December 31, 2023 and March 31, 2023 are summarized as follows:
|  | December 31, 2023
(Dollars in thousands) |  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Other debt securities |  | $ | 2,685 |  |  | $ | 1,502 |  |  | $ | (1,060) |  |  | $ | 3,127 |
Total available-for-sale debt securities |  | $ | 2,685 |  |  | $ | 1,502 |  |  | $ | (1,060) |  |  | $ | 3,127 |
|  | 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 December 31, 2023 and March 31, 2023 are as follows:
|  | December 31, 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 |  |  | $ | 2,129 |  |  | $ | 66,000 |  |  | $ | 75,900 |
No fixed maturity |  | 998 |  |  | 998 |  |  | 998 |  |  | 998 |
|  | $ | 2,685 |  |  | $ | 3,127 |  |  | $ | 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 December 31, 2023 and March 31, 2023:
|  | December 31, 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 |  | 2,129 |  |  | 1,060 |  |  | — |  |  | — |
Total available-for-sale debt securities with unrealized losses |  | $ | 2,129 |  |  | $ | 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 December 31, |  | Nine Months Ended December 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Balance, beginning of period |  | $ | 31,290 |  |  | $ | 31,290 |  |  | $ | 31,290 |  |  | $ | 18,669 |
Increase in amounts previously recognized |  | — |  |  | — |  |  | — |  |  | 12,621 |
Balance, end of period |  | $ | 31,290 |  |  | $ | 31,290 |  |  | $ | 31,290 |  |  | $ | 31,290 |

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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 8 -SubTopic 10 -Topic 320 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-8 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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