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Segment Reporting (Tables)

9 Months Ended

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
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-Section 50
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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

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