XML 42 R32.htm IDEA: XBRL DOCUMENT v3.24.0.1
Investments, at Fair Value (Tables)
 9 Months Ended
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, 2023March 31, 2023
BenCustomer ExAlt TrustsBenCustomer 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 1Level 2Level 3Total
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 liability161 — — 161 
Prepaid forward liability12 — — 12 
As of March 31, 2023
(Dollars in thousands)Level 1Level 2Level 3Total
Assets:
Public equity securities$8,837 $— $— $8,837 
Put options3,991 — — 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, 2023March 31, 2023
Asset ClassCarrying ValueUnfunded CommitmentsCarrying ValueUnfunded Commitments
Venture Capital$139,950 $2,366 $165,933 $2,810 
Private Equity123,664 39,949 145,073 47,218 
Natural Resources20,505 3,351 27,756 5,240 
Private Real Estate9,119 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 BasisGross Unrealized GainsGross Unrealized LossesFair 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 BasisGross Unrealized GainsGross Unrealized LossesFair Value
Corporate debt securities (L Bonds)$64,313 $17,433 $(7,924)$73,822 
Other debt securities2,685 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, 2023March 31, 2023
(Dollars in thousands)Amortized Cost BasisFair ValueAmortized Cost BasisFair Value
Due in one year or less$1,687 $2,129 $66,000 $75,900 
No fixed maturity998 998 998 998 
$2,685 $3,127 $66,998 $76,898 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The table below indicates the length of time individual debt securities have been in a continuous loss position as of December 31, 2023 and March 31, 2023:
December 31, 2023March 31, 2023
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized Losses
Corporate debt securities (L Bonds):
Twelve months or longer$— $— $73,822 $7,924 
Other debt securities:
Less than twelve months— — 2,078 956 
Twelve months or longer2,129 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,
2023202220232022
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