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Understanding our Financial Statements and the Impact to the Common Shareholder (Tables)

9 Months Ended

Dec. 31, 2024

Related Party Transactions [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,
						2024						2023						2024						2023
Operating income (loss)
Ben Liquidity						$	(2,853)					$	(606,405)					$	(462)					$	(1,781,521)
Ben Custody						3,507						(267,995)						9,123						(538,840)
Corporate & Other						(8,935)						(20,217)						18,730						(94,532)
Loss on extinguishment of debt, net (intersegment elimination)						—						(3,940)						—						(3,940)
Gain on liability resolution						—						—						23,462						—
Income tax expense (allocable to Ben and BCH equity holders)						(713)						(75)						(741)						(75)
Net loss attributable to noncontrolling interests - Ben						4,844						360,695						15,098						401,985
Noncontrolling interest guaranteed payment						(4,489)						(4,229)						(13,268)						(12,501)
Net income (loss) attributable to common shareholders						$	(8,639)					$	(542,166)					$	51,942					$	(2,029,424)

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, 2024
						Ben Liquidity						Ben Custody						Customer ExAlt Trusts						Corporate & Other						Consolidating Eliminations						Total
External revenues
Investment income, net						$	—					$	—					$	4,742					$	—					$	—					$	4,742
Loss on financial instruments, net						—						—						(427)						(96)						—						(523)
Interest and dividend income						—						—						—						10						—						10
Trust services and administration revenues						—						188						—						—						—						188
Other income						—						—						2						—						—						2
Intersegment revenues
Interest income						11,297						—						—						—						(11,297)						—
Trust services and administration revenues						—						5,222						—						—						(5,222)						—
Total revenues						11,297						5,410						4,317						(86)						(16,519)						4,419
External expenses
Employee compensation and benefits						353						294						—						2,282						—						2,929
Interest expense						3,168						—						—						72						—						3,240
Professional services						69						80						508						4,426						—						5,083
Other expenses						361						189						61						2,069						—						2,680
Intersegment expenses
Interest expense						—						—						35,855						—						(35,855)						—
Provision for credit losses						10,199						1,340						—						—						(11,539)						—
Other expenses						—						—						3,437						—						(3,437)						—
Total expenses						14,150						1,903						39,861						8,849						(50,831)						13,932
Operating income (loss)						$	(2,853)					$	3,507					$	(35,544)					$	(8,935)					$	34,312					$	(9,513)

						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 loss						$	(606,405)					$	(267,995)					$	(49,363)					$	(20,217)					$	28,029					$	(915,951)

						Nine Months Ended December 31, 2024
						Ben Liquidity						Ben Custody						Customer ExAlt Trusts						Corporate & Other						Consolidating Eliminations						Total
External revenues
Investment income, net						$	—					$	—					$	24,311					$	—					$	—					$	24,311
Loss on financial instruments, net						—						—						(1,031)						(854)						—						(1,885)
Interest and dividend income						—						—						—						34						—						34
Trust services and administration revenues						—						564						—						—						—						564
Other income						—						—						2						—						—						2
Intersegment revenues
Interest income						34,124						—						—						—						(34,124)						—
Trust services and administration revenues						—						15,614						—						—						(15,614)						—
Total revenues						34,124						16,178						23,282						(820)						(49,738)						23,026
External expenses
Employee compensation and benefits						1,144						1,192						—						11,578						—						13,914
Interest expense						9,412						—						—						2,436						—						11,848
Professional services						938						506						1,675						14,765						—						17,884
Provision for credit losses						—						—						998						2						—						1,000
Loss on impairment of goodwill						—						3,427						—						265						—						3,692
Release of loss contingency related to arbitration award						—						—						—						(54,973)						—						(54,973)
Other expenses						1,214						590						370						6,377						—						8,551
Intersegment expenses
Interest expense						—						—						106,703						—						(106,703)						—
Provision for credit losses						21,878						1,340						—						—						(23,218)						—
Other expenses						—						—						10,258						—						(10,258)						—
Total expenses						34,586						7,055						120,004						(19,550)						(140,179)						1,916
Operating income (loss)						$	(462)					$	9,123					$	(96,722)					$	18,730					$	90,441					$	21,110

						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)

						As of December 31, 2024
						Ben Liquidity						Ben Custody						Customer ExAlt Trusts						Corporate & Other						Consolidating Eliminations						Total
Loans to Customer ExAlt Trusts, net						$	260,639					$	—					$	—					$	—					$	(260,639)					$	—
Investments, at fair value						—						—						334,278						—						—						334,278
Other assets						1,144						21,289						18,634						45,466						(33,813)						52,720
Goodwill and intangible assets, net						—						7,469						—						5,545						—						13,014
Total Assets						$	261,783					$	28,758					$	352,912					$	51,011					$	(294,452)					$	400,012
						As of March 31, 2024
						Ben Liquidity						Ben Custody						Customer ExAlt Trusts						Corporate & Other						Consolidating Eliminations						Total
Loans to Customer ExAlt Trusts, net						$	256,184					$	—					$	—					$	—					$	(256,184)					$	—
Investments, at fair value						—						—						329,113						6						—						329,119
Other assets						5,814						20,398						19,467						12,510						(35,513)						22,676
Goodwill and intangible assets, net						—						10,896						—						5,810						—						16,706
Total Assets						$	261,998					$	31,294					$	348,580					$	18,326					$	(291,697)					$	368,501

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X

- 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 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: 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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