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Share-based Compensation (Tables)

9 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Valuation Assumptions

The table below summarizes the key inputs used in the valuation of the BMP Equity Units granted during the nine months ended December 31, 2022:

Unobservable Inputs												Nine Months Ended December 31, 2022
Expected term in years												4
Discount rate												32.1%
Discount for lack of marketability												23.1%
Long-term growth rate (after discrete projection period)												2.5%

Share-Based Payment Arrangement, Activity

The following table summarizes the award activity, in units, for the BMP and Ben Equity Incentive Plans during the nine months ended December 31, 2023:

			BMP												RSU
(units in thousands)			Units						Weighted Average Grant Date Fair Value per Unit						Units						Weighted Average Grant Date Fair Value per Unit
Balance, March 31, 2023			438						$	10.04					1,749						$	10.00
Granted during the period			—						—						4,060						2.73
Vested during the period			(181)						9.78						(3,059)						4.95
Forfeited during the period			(48)						10.47						(552)						4.32
Balance, December 31, 2023			209						$	9.95					2,198						$	4.97

Share-Based Payment Arrangement, Cost by Plan

The following table presents the components of share-based compensation expense, included in employee compensation and benefits, recognized in the consolidated statements of comprehensive income (loss) for the three and nine months ended December 31, 2023 and 2022:

						Three Months Ended December 31,												Nine Months Ended December 31,
(dollars in thousands)						2023						2022						2023						2022
BMP equity units						$	305					$	806					$	1,549					$	3,506
Restricted stock units						1,165						826						17,206						3,512
Preferred equity						286						286						858						1,144
Other(1)						270						—						17,917						—
Total share-based compensation						$	2,026					$	1,918					$	37,530					$	8,162

(1) The year-to-date period includes $15.0 million of compensation recognized related to the BCG Recapitalization and $2.9 million recognized for equity based compensation issued to employees for Ben Liquidity transactions.

Share-Based Payment Arrangement, Nonvested Award, Cost

The following table presents the share-based compensation expense expected to be recognized over the next five fiscal years ending March 31 for awards outstanding as of December 31, 2023:

(dollars in thousands)			BMP						RSU												Commissions						Total
Three months ending 2024			$	282					$	1,223											$	58					$	1,563
2025			492						2,897												191						3,580
2026			167						2,064												60						2,291
2027			—						1,027												—						1,027
2028			—						—												—						—
Total			$	941					$	7,211											$	309					$	8,461

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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