XML 57 R47.htm IDEA: XBRL DOCUMENT v3.24.0.1
De-SPAC Merger Transaction - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Jun. 29, 2023
USD ($)
Jun. 08, 2023
shares
Jun. 07, 2023
USD ($)
$ / shares
shares
Jun. 06, 2023
$ / shares
shares
Jun. 05, 2023
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
Oct. 04, 2023
$ / shares
Oct. 02, 2023
$ / shares
Mar. 31, 2023
USD ($)
$ / shares
shares
Class of Stock [Line Items]                          
Anniversary of closing date                 10 years        
Discount rate       0.20                  
Valuation (in dollars per share) | $ / shares       $ 10.00                  
Discounted valuation (in dollars per share) | $ / shares       $ 8.00                  
Compensation expense | $           $ 2,026   $ 1,918 $ 37,530 $ 8,162      
Cash and cash equivalents | $           11,248     11,248       $ 8,726 [1]
Net proceeds | $     $ 1,800                    
Fair value | $           161     161       $ 0 [1]
Gain (loss) on investment | $           $ (18,024)   $ (23,043) (64,260) $ (56,101)      
Conversion of BCG Common Class A Units                          
Class of Stock [Line Items]                          
Additional value | $             $ 15,000            
Compensation expense | $             $ 15,000   $ 15,000        
River North, L.P.                          
Class of Stock [Line Items]                          
Gross proceeds | $ $ 5,000                        
Avalon                          
Class of Stock [Line Items]                          
Cash and cash equivalents | $     27,900                    
Transaction expense | $     26,100                    
Ben | Additional Paid-in Capital                          
Class of Stock [Line Items]                          
Transaction expense | $     $ 21,700                    
Beneficient Warrants                          
Class of Stock [Line Items]                          
Units converted (in shares)     23,625,000                    
Warrants outstanding (in shares)   23,757,500       24,699,725     24,699,725        
Warrants issued (in shares)   23,757,500                      
Warrant exercise price (in dollars per share) | $ / shares     $ 11.50                    
Earnout period     5 years                    
Minimum number of days for written notice     30 days                    
Number of trading days     20 days                    
Number of consecutive trading days     30 days                    
Threshold business days     3 days                    
Share price (in dollars per share) | $ / shares     $ 10.00                    
Fair value | $           $ 200     $ 200        
Gain (loss) on investment | $           $ 800     $ 2,500        
Beneficient Warrants | $18.00 Minimum Share Price                          
Class of Stock [Line Items]                          
Repurchase price (in dollars per share) | $ / shares     0.01                    
Share price (in dollars per share) | $ / shares     18.00                    
Beneficient Warrants | $10.00 Minimum Share Price                          
Class of Stock [Line Items]                          
Repurchase price (in dollars per share) | $ / shares     $ 0.10                    
Avalon Warrants, Publicly Traded                          
Class of Stock [Line Items]                          
Warrants assumed (in shares)     15,525,000                    
Avalon Warrants, Private Placement                          
Class of Stock [Line Items]                          
Warrants assumed (in shares)     8,100,000                    
Closing period     30 days                    
Avalon Class A Common Stock                          
Class of Stock [Line Items]                          
Price per unit (in dollars per share) | $ / shares         $ 10.588                
Aggregate amount received | $         $ 25,000                
Reserve amount | $         20,000                
Units converted (in shares)     1                    
Transaction expense | $     $ 26,100                    
Avalon Class A Common Stock | Ben                          
Class of Stock [Line Items]                          
Aggregate amount received | $         5,000                
Disbursed amount | $         $ 5,000                
Avalon Class A Common Stock | River North, L.P.                          
Class of Stock [Line Items]                          
Aggregate amount received | $     $ 20,000                    
Series A Convertible Preferred Stock                          
Class of Stock [Line Items]                          
Common stock, par value (in dollars per share) | $ / shares         $ 0.001                
Common Class A                          
Class of Stock [Line Items]                          
Price per unit (in dollars per share) | $ / shares           $ 0.49     $ 0.49   $ 1.27 $ 2.39  
Common stock, par value (in dollars per share) | $ / shares         $ 0.001 0.001     0.001       $ 0.001
Shares held post conversion (in shares)         2,956,480                
Minimum price per share (in dollars per share) | $ / shares         $ 5.00                
Maximum percentage of stock to sell         10.00%                
Units converted (in shares)       1.25                  
Valuation (in dollars per share) | $ / shares           $ 10.00     $ 10.00        
Units converted (in shares)       1,396,457                  
Stock issued (in shares)     7,971,864                    
Units outstanding (in shares)   188,674,282       256,666,000     256,666,000       179,634,000
Units issued (in shares)   188,674,282       257,210,000     257,210,000       180,178,000
Conversion of shares upon issuance (in shares)     0.25                    
Additional shares (in shares)   687,588                      
Stock outstanding following combination (in shares)   189,379,498                      
Securities exercisable (in shares)     1                    
Common Class A | Conversion of BCG Common Class A Units                          
Class of Stock [Line Items]                          
Shares issued in connection to conversion (in shares)       86,116,884                  
Common Class A | Conversion of BCG Preferred B-2 Units                          
Class of Stock [Line Items]                          
Shares issued in connection to conversion (in shares)       94,050,534                  
Common Class A | Minimum                          
Class of Stock [Line Items]                          
Volume weighted average share price (in dollars per share) | $ / shares         $ 5.00                
Common Class A | Maximum                          
Class of Stock [Line Items]                          
Volume weighted average share price (in dollars per share) | $ / shares         $ 8.00                
Forward Purchase Agreement, Purchased Shares                          
Class of Stock [Line Items]                          
Purchase agreement, transaction shares (in shares)         1,064,333                
Forward Purchase Agreement, Prepaid Forward Shares                          
Class of Stock [Line Items]                          
Purchase agreement, transaction shares (in shares)         1,892,147                
Class A common stock, par value $0.001 per share                          
Class of Stock [Line Items]                          
Price per unit (in dollars per share) | $ / shares         $ 10.588                
Series A preferred stock                          
Class of Stock [Line Items]                          
Units converted (in shares)     1                    
Preferred stock, shares issued (in shares)   2,796,864 2,796,864     0     0       0
Preferred stock, shares outstanding (in shares)   2,796,864       0     0       0
Securities exercisable (in shares)     1                    
Avalon Class B Common Stock                          
Class of Stock [Line Items]                          
Common stock, par value (in dollars per share) | $ / shares     $ 0.0001                    
Common Class B                          
Class of Stock [Line Items]                          
Common stock, par value (in dollars per share) | $ / shares         $ 0.001 $ 0.001     $ 0.001       $ 0.001
Units converted (in shares)       1.25                  
Units converted (in shares)       15,312,360                  
Units outstanding (in shares)   19,140,451       19,140,000     19,140,000       19,140,000
Units issued (in shares)   19,140,451       19,140,000     19,140,000       19,140,000
Common Class B | Conversion of BCG Common Class B Units                          
Class of Stock [Line Items]                          
Shares issued in connection to conversion (in shares)       19,140,451                  
[1] Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.