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Fair Value Measurements (Tables) | 9 Months Ended
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Dec. 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):
| 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 |
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 December 31, |  | Nine Months Ended December 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Public equity securities: |  |  |  |  |  |  |  |
Related party equity securities |  | $ | — |  |  | $ | (20,480) |  |  | $ | (3,702) |  |  | $ | (63,044) |
Other public equity securities |  | (189) |  |  | 3 |  |  | (925) |  |  | (6) |
Put options |  | — |  |  | (3,825) |  |  | (3,023) |  |  | (1,081) |
Warrant liability |  | 795 |  |  | — |  |  | 2,494 |  |  | — |
Prepaid forward liability |  | 61 |  |  | — |  |  | (12) |  |  | — |
Derivative liability |  | — |  |  | 1,275 |  |  | 1,581 |  |  | 5,078 |
Other equity securities and interests |  |  |  |  |  |  |  |
Related party, with a readily determinable fair value(1) |  | (18,691) |  |  | — |  |  | (60,515) |  |  | — |
Other, without a readily determinable fair value |  | — |  |  | (16) |  |  | (158) |  |  | 2,952 |
Gain (loss) on financial instruments, net |  | $ | (18,024) |  |  | $ | (23,043) |  |  | $ | (64,260) |  |  | $ | (56,101) |
(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 nine months ended December 31, 2023.
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
December 31, 2023 |  | $ | 2,129 |  |  | Market Approach |  | Enterprise value-to-revenue multiple |  | 0.2x - 18.9x |  | 1.80x
March 31, 2023 |  | $ | 2,078 |  |  | Market Approach |  | Enterprise value-to-revenue multiple |  | 0.2x - 18.9x |  | 1.74x
he following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Level 3 derivative liability as of March 31, 2023 (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
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 December 31, |  | Nine Months Ended December 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Beginning balance |  | $ | 2,079 |  |  | $ | 2,468 |  |  | $ | 2,078 |  |  | $ | 3,000 |
Gains (losses) recognized in accumulated other comprehensive income (loss)(1) |  | 50 |  |  | 34 |  |  | 51 |  |  | (498) |
Ending balance |  | $ | 2,129 |  |  | $ | 2,502 |  |  | $ | 2,129 |  |  | $ | 2,502 |
(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 December 31, |  | Nine Months Ended December 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Beginning balance |  | $ | 1,932 |  |  | $ | 4,305 |  |  | $ | 3,513 |  |  | $ | 8,108 |
Gains recognized in earnings(1) |  | — |  |  | (1,275) |  |  | (1,581) |  |  | (5,078) |
Gain recognized in loss on extinguishment of debt, net |  | (1,932) |  |  | — |  |  | (1,932) |  |  | — |
Ending balance |  | $ | — |  |  | $ | 3,030 |  |  | $ | — |  |  | $ | 3,030 |
(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 December 31, 2023 and March 31, 2023, were as noted in the table below:
| As of December 31, 2023
(Dollars in thousands) | Level in Fair Value Hierarchy |  | Carrying Amount |  | Estimated Fair Value
Financial assets: |  |  |  |  |
Cash and cash equivalents | 1 |  | $ | 11,248 |  |  | $ | 11,248 |
Restricted cash | 1 |  | 20 |  |  | 20 |
Financial liabilities: |  |  |  |  |
Debt due to related parties, net | 2 |  | 128,197 |  |  | 132,313 |
Accounts payable and accrued expenses | 1 |  | 96,194 |  |  | 96,194 |
| 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, net | 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 |  | December 31, 2023
Ben Liquidity |  | $ | 1,725,880 |  |  | $ | (1,725,880) |  |  | $ | — |
Ben Custody |  | 594,219 |  |  | (554,607) |  |  | 39,612 |
Ben Insurance |  | 37,942 |  |  | (5,725) |  |  | 32,217 |
Ben Markets |  | 9,885 |  |  | — |  |  | 9,885 |
Total Goodwill |  | $ | 2,367,926 |  |  | $ | (2,286,212) |  |  | $ | 81,714 |

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