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Segment Reporting (Tables) | 9 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table presents a reconciliation of operating income (loss) of our reportable segments, excluding the Customer ExAlt Trusts, to net income (loss) attributable to Beneficient’s common shareholders. This reconciliation serves to provide users of our financial statements an understanding and visual aide of the reportable segments that impact net income (loss) attributable to the common shareholder and reiterates that the consolidation of the Customer ExAlt Trusts has no impact on the net income (loss) attributable to Beneficient’s common shareholders.
(in thousands) |  | Three Months Ended December 31, |  | Nine Months Ended December 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating income (loss) |  |  |  |  |  |  |  |
Ben Liquidity |  | $ | (606,405) |  |  | $ | (18,997) |  |  | $ | (1,781,521) |  |  | $ | (27,651) |
Ben Custody |  | (267,995) |  |  | 5,879 |  |  | (538,840) |  |  | 18,320 |
Corporate & Other |  | (20,217) |  |  | (30,718) |  |  | (94,532) |  |  | (89,213) |
Less: Loss on extinguishment of debt, net (intersegment elimination) |  | 3,940 |  |  | — |  |  | 3,940 |  |  | — |
Less: Income tax expense (benefit) |  | 75 |  |  | (2,356) |  |  | 75 |  |  | (1,072) |
Less: Net loss attributable to noncontrolling interests - Ben |  | 360,695 |  |  | 5,887 |  |  | 401,985 |  |  | 13,231 |
Less: Net (income) loss attributable to noncontrolling interests - CT |  | — |  |  | 2,688 |  |  | — |  |  | (1) |
Less: Noncontrolling interest guaranteed payment |  | (4,229) |  |  | (3,984) |  |  | (12,501) |  |  | (11,778) |
Net loss attributable to common shareholders |  | $ | (542,166) |  |  | $ | (36,889) |  |  | $ | (2,029,424) |  |  | $ | (96,020) |
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 December 31, 2023
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
External revenues |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net |  | $ | — |  |  | $ | — |  |  | $ | 7,448 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,448 |
Gain (loss) on financial instruments, net |  | — |  |  | — |  |  | (18,695) |  |  | 671 |  |  | — |  |  | (18,024) |
Interest and dividend income |  | — |  |  | — |  |  | — |  |  | 118 |  |  | — |  |  | 118 |
Trust services and administration revenues |  | — |  |  | 158 |  |  | — |  |  | — |  |  | — |  |  | 158 |
Other income |  | — |  |  | — |  |  | 65 |  |  | — |  |  | — |  |  | 65 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 11,275 |  |  | — |  |  | — |  |  | — |  |  | (11,275) |  |  | — |
Trust services and administration revenues |  | — |  |  | 5,739 |  |  | — |  |  | — |  |  | (5,739) |  |  | — |
Total revenues |  | 11,275 |  |  | 5,897 |  |  | (11,182) |  |  | 789 |  |  | (17,014) |  |  | (10,235) |
External expenses |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 938 |  |  | 588 |  |  | — |  |  | 5,814 |  |  | — |  |  | 7,340 |
Interest expense |  | 3,045 |  |  | — |  |  | 423 |  |  | 1,203 |  |  | — |  |  | 4,671 |
Professional services |  | 490 |  |  | 173 |  |  | 572 |  |  | 3,735 |  |  | — |  |  | 4,970 |
Loss on impairment of goodwill |  | 604,668 |  |  | 272,830 |  |  | — |  |  | 5,725 |  |  | — |  |  | 883,223 |
Other expenses |  | 463 |  |  | 301 |  |  | 219 |  |  | 4,529 |  |  | — |  |  | 5,512 |
Intersegment expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | — |  |  | 32,976 |  |  | — |  |  | (32,976) |  |  | — |
Provision for credit losses |  | 8,076 |  |  | — |  |  | — |  |  | — |  |  | (8,076) |  |  | — |
Other expenses |  | — |  |  | — |  |  | 3,991 |  |  | — |  |  | (3,991) |  |  | — |
Total expenses |  | 617,680 |  |  | 273,892 |  |  | 38,181 |  |  | 21,006 |  |  | (45,043) |  |  | 905,716 |
Operating income (loss) |  | $ | (606,405) |  |  | $ | (267,995) |  |  | $ | (49,363) |  |  | $ | (20,217) |  |  | $ | 28,029 |  |  | $ | (915,951) |
|  | Three Months Ended December 31, 2022
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
External revenues |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net |  | $ | — |  |  | $ | — |  |  | $ | 11,478 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,478 |
Loss on financial instruments, net |  | — |  |  | — |  |  | (15,069) |  |  | (7,974) |  |  | — |  |  | (23,043) |
Interest and dividend income |  | — |  |  | — |  |  | 23 |  |  | 90 |  |  | — |  |  | 113 |
Trust services and administration revenues |  | — |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 12,716 |  |  | — |  |  | — |  |  | — |  |  | (12,716) |  |  | — |
Trust services and administration revenues |  | — |  |  | 7,208 |  |  | — |  |  | — |  |  | (7,208) |  |  | — |
Total revenues |  | 12,716 |  |  | 7,216 |  |  | (3,568) |  |  | (7,884) |  |  | (19,924) |  |  | (11,444) |
External expenses |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 2,380 |  |  | 692 |  |  | — |  |  | 9,598 |  |  | — |  |  | 12,670 |
Interest expense |  | 772 |  |  | — |  |  | 2,344 |  |  | 1,031 |  |  | — |  |  | 4,147 |
Professional services |  | 693 |  |  | 435 |  |  | 1,240 |  |  | 5,705 |  |  | — |  |  | 8,073 |
Provision credit for credit losses |  | — |  |  | — |  |  | 1,236 |  |  | 563 |  |  | — |  |  | 1,799 |
Other expenses |  | 664 |  |  | 210 |  |  | 262 |  |  | 5,937 |  |  | — |  |  | 7,073 |
Intersegment expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | — |  |  | 28,658 |  |  | — |  |  | (28,658) |  |  | — |
Provision for loan losses |  | 27,204 |  |  | — |  |  | — |  |  | — |  |  | (27,204) |  |  | — |
Other expenses |  | — |  |  | — |  |  | 4,545 |  |  | — |  |  | (4,545) |  |  | — |
Total expenses |  | 31,713 |  |  | 1,337 |  |  | 38,285 |  |  | 22,834 |  |  | (60,407) |  |  | 33,762 |
Operating income (loss) |  | $ | (18,997) |  |  | $ | 5,879 |  |  | $ | (41,853) |  |  | $ | (30,718) |  |  | $ | 40,483 |  |  | $ | (45,206) |
|  | Nine Months Ended December 31, 2023
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
External revenues |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net |  | $ | — |  |  | $ | — |  |  | $ | 7,935 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,935 |
Loss on financial instruments, net |  | — |  |  | — |  |  | (62,373) |  |  | (1,887) |  |  | — |  |  | (64,260) |
Interest and dividend income |  | — |  |  | — |  |  | 10 |  |  | 338 |  |  | — |  |  | 348 |
Trust services and administration revenues |  | — |  |  | 173 |  |  | — |  |  | — |  |  | — |  |  | 173 |
Other income |  | — |  |  | — |  |  | 65 |  |  | — |  |  | — |  |  | 65 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 36,303 |  |  | — |  |  | — |  |  | — |  |  | (36,303) |  |  | — |
Trust services and administration revenues |  | — |  |  | 18,788 |  |  | — |  |  | — |  |  | (18,788) |  |  | — |
Total revenues |  | 36,303 |  |  | 18,961 |  |  | (54,363) |  |  | (1,549) |  |  | (55,091) |  |  | (55,739) |
External expenses |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 4,912 |  |  | 1,693 |  |  | — |  |  | 51,956 |  |  | — |  |  | 58,561 |
Interest expense |  | 5,922 |  |  | — |  |  | 4,091 |  |  | 3,556 |  |  | — |  |  | 13,569 |
Professional services |  | 1,387 |  |  | 762 |  |  | 2,718 |  |  | 17,133 |  |  | — |  |  | 22,000 |
Loss on impairment of goodwill |  | 1,725,880 |  |  | 554,607 |  |  | — |  |  | 5,725 |  |  | — |  |  | 2,286,212 |
Other expenses |  | 1,649 |  |  | 739 |  |  | 603 |  |  | 14,613 |  |  | — |  |  | 17,604 |
Intersegment expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | — |  |  | 92,591 |  |  | — |  |  | (92,591) |  |  | — |
Provision for credit losses |  | 78,074 |  |  | — |  |  | — |  |  | — |  |  | (78,074) |  |  | — |
Other expenses |  | — |  |  | — |  |  | 11,685 |  |  | — |  |  | (11,685) |  |  | — |
Total expenses |  | 1,817,824 |  |  | 557,801 |  |  | 111,688 |  |  | 92,983 |  |  | (182,350) |  |  | 2,397,946 |
Operating loss |  | $ | (1,781,521) |  |  | $ | (538,840) |  |  | $ | (166,051) |  |  | $ | (94,532) |  |  | $ | 127,259 |  |  | $ | (2,453,685) |
|  | Nine Months Ended December 31, 2022
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
External revenues |  |  |  |  |  |  |  |  |  |  |  |
Investment loss, net |  | $ | — |  |  | $ | — |  |  | $ | (30,738) |  |  | $ | — |  |  | $ | — |  |  | $ | (30,738) |
Loss on financial instruments, net |  | — |  |  | — |  |  | (42,245) |  |  | (13,856) |  |  | — |  |  | (56,101) |
Interest and dividend income |  | — |  |  | — |  |  | 38 |  |  | 257 |  |  | — |  |  | 295 |
Trust services and administration revenues |  | — |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | 23 |
Other income |  | — |  |  | — |  |  | — |  |  | 86 |  |  | — |  |  | 86 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 37,920 |  |  | — |  |  | — |  |  | — |  |  | (37,920) |  |  | — |
Trust services and administration revenues |  | — |  |  | 22,257 |  |  | — |  |  | — |  |  | (22,257) |  |  | — |
Total revenues |  | 37,920 |  |  | 22,280 |  |  | (72,945) |  |  | (13,513) |  |  | (60,177) |  |  | (86,435) |
External expenses |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 6,196 |  |  | 1,647 |  |  | — |  |  | 26,909 |  |  | — |  |  | 34,752 |
Interest expense |  | 2,179 |  |  | — |  |  | 6,638 |  |  | 2,539 |  |  | — |  |  | 11,356 |
Professional services |  | 2,201 |  |  | 1,761 |  |  | 3,615 |  |  | 22,003 |  |  | — |  |  | 29,580 |
Provision for credit losses |  | — |  |  | — |  |  | 13,843 |  |  | 6,737 |  |  | — |  |  | 20,580 |
Other expenses |  | 1,759 |  |  | 552 |  |  | 1,631 |  |  | 17,512 |  |  | — |  |  | 21,454 |
Intersegment expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | — |  |  | 81,165 |  |  | — |  |  | (81,165) |  |  | — |
Provision for loan losses |  | 53,236 |  |  | — |  |  | — |  |  | — |  |  | (53,236) |  |  | — |
Other expenses |  | — |  |  | — |  |  | 14,137 |  |  | — |  |  | (14,137) |  |  | — |
Total expenses |  | 65,571 |  |  | 3,960 |  |  | 121,029 |  |  | 75,700 |  |  | (148,538) |  |  | 117,722 |
Operating income (loss) |  | $ | (27,651) |  |  | $ | 18,320 |  |  | $ | (193,974) |  |  | $ | (89,213) |  |  | $ | 88,361 |  |  | $ | (204,157) |
|  | As of December 31, 2023
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
Loans to Customer ExAlt Trusts, net |  | $ | 290,779 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (290,779) |  |  | $ | — |
Investments, at fair value |  | — |  |  | — |  |  | 378,382 |  |  | 38 |  |  | — |  |  | 378,420 |
Other assets |  | 10,445 |  |  | 47,679 |  |  | 29,647 |  |  | 13,393 |  |  | (63,835) |  |  | 37,329 |
Goodwill and intangible assets, net |  | — |  |  | 39,612 |  |  | — |  |  | 45,202 |  |  | — |  |  | 84,814 |
Total Assets |  | $ | 301,224 |  |  | $ | 87,291 |  |  | $ | 408,029 |  |  | $ | 58,633 |  |  | $ | (354,614) |  |  | $ | 500,563 |
|  | 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 |

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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 + Details
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