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Fair Value Measurements (Tables)
 9 Months Ended
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, 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 $— $— $8,837 
Put options3,991 — — 3,991 
Debt securities available-for-sale
Corporate debt securities (L Bonds)— 73,822 — 73,822 
Other debt securities— 998 2,078 3,076 
Liabilities:
Derivative liability— — 3,513 3,513 
Schedule of Reconciliation of Gain (Loss) on Investments
A reconciliation of gain (loss) on financial instruments, net for each of the periods presented herein is included in the tables below (in thousands):
Three Months Ended December 31,Nine Months Ended December 31,
2023202220232022
Public equity securities:
Related party equity securities$— $(20,480)$(3,702)$(63,044)
Other public equity securities(189)3 (925)(6)
Put options— (3,825)(3,023)(1,081)
Warrant liability795 — 2,494 — 
Prepaid forward liability61 — (12)— 
Derivative liability— 1,275 1,581 5,078 
Other equity securities and interests
Related party, with a readily determinable fair value(1)
(18,691)— (60,515)— 
Other, without a readily determinable fair value
— (16)(158)2,952 
Gain (loss) on financial instruments, net$(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 ValueValuation MethodologyUnobservable InputsRange Weighted Average
December 31, 2023$2,129 Market ApproachEnterprise value-to-revenue multiple
0.2x - 18.9x
1.80x
March 31, 2023$2,078 Market ApproachEnterprise 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 ValueValuation MethodologyUnobservable InputsRange of Targets
March 31, 2023$3,513 Discounted cash flowAlternative asset beta to equity markets
0.42 - 1.67
Alternative asset market discount rate0.10
Distribution rate
0.03 - 0.06
Equity market risk premiums0.07
Net asset value volatilities
0.09 - 0.84
Enhanced return discount rate0.12
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,
2023202220232022
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,
2023202220232022
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 HierarchyCarrying AmountEstimated Fair Value
Financial assets:
Cash and cash equivalents1$11,248 $11,248 
Restricted cash120 20 
Financial liabilities:
Debt due to related parties, net
2128,197 132,313 
Accounts payable and accrued expenses196,194 96,194 
As of March 31, 2023
(Dollars in thousands)Level in Fair Value HierarchyCarrying AmountEstimated Fair Value
Financial assets:
Cash and cash equivalents1$8,726 $8,726 
Restricted cash1819 819 
Financial liabilities:
Customer ExAlt Trusts loan payable, net252,129 56,635 
Debt due to related parties, net
299,314 96,465 
Accounts payable and accrued expenses165,724 65,724 
Schedule of Goodwill
The change in goodwill at each reporting unit was as follows:
March 31, 2023ImpairmentDecember 31, 2023
Ben Liquidity$1,725,880 $(1,725,880)$— 
Ben Custody594,219 (554,607)39,612 
Ben Insurance37,942 (5,725)32,217 
Ben Markets9,885 — 9,885 
Total Goodwill$2,367,926 $(2,286,212)$81,714