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Fair Value Measurements (Tables)
 9 Months Ended
Dec. 31, 2024
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, 2024March 31, 2024
BenCustomer ExAlt TrustsBenCustomer ExAlt Trusts
Alternative assets$— $301,058 $— $293,916 
Public equity securities and option— 4,466 — 4,897 
Debt securities available-for-sale— 1,849 — 2,962 
Other equity securities and interests
— 26,905 6 27,338 
Total investments, at fair value$— $334,278 $6 $329,113 
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, 2024 and March 31, 2024 are presented below.
As of December 31, 2024
(Dollars in thousands)Level 1Level 2Level 3Total
Assets:
Public equity securities$4,466 $— $— $4,466 
Other equity interests— 12 — 12 
Debt securities available-for-sale, other— — 1,849 1,849 
Liabilities:
Convertible debt
— — 2,667 2,667 
Warrants liability
190 458 — 648 
As of March 31, 2024
(Dollars in thousands)Level 1Level 2Level 3Total
Assets:
Public equity securities$4,897 $— $— $4,897 
Other equity interests— 558 — 558 
Debt securities available-for-sale, other— 998 1,964 2,962 
Liabilities:
Warrant liability178 — — 178 
Prepaid forward liability14 — — 14 
Schedule of Reconciliation of Gain (Loss) on Investments
A reconciliation of gain (loss) on financial instruments, net for each of the periods presented herein is included in the tables below (in thousands):
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Public equity securities:
Related party equity securities$— $— $— $(3,702)
Other public equity securities(419)(189)(431)(925)
Put options— — — (3,023)
Loss on initial issuance of convertible debt and warrant issuance to Yorkville
(607)— (2,307)— 
Convertible debt
(92)— 133 — 
Warrants liability
603 795 1,311 2,494 
Prepaid forward liability— 61 14 (12)
Derivative liability— — — 1,581 
Other equity securities and interests
Related party, fair value using quoted market prices of similar assets in active market (1)
(8)(18,691)(546)(60,515)
Other, without a readily determinable fair value
— — (59)(158)
Gain (loss) on financial instruments, net$(523)$(18,024)$(1,885)$(64,260)
(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, 2024$1,849 Market ApproachEnterprise value-to-revenue multiple
0.2x - 18.9x
1.77x
March 31, 2024$1,964 Market ApproachEnterprise value-to-revenue multiple
0.2x - 18.9x
1.77x
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,
2024202320242023
Beginning balance$1,969 $2,079 $1,964 $2,078 
Gains (losses) recognized in accumulated other comprehensive income (loss)(1)
(120)50 (115)51 
Ending balance$1,849 $2,129 $1,849 $2,129 
(1) Recorded in unrealized gain (loss) on available-for-sale debt securities.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following is a summary of the change in the fair value of the convertible debentures for the three and nine months ended December 31, 2024 and 2023:
(Dollars in thousands)Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Beginning fair value
$1,936 $— $— $— 
Additions during the period
1,939 — 4,100 — 
Payment in cash during the period
(1,300)— (1,300)— 
Change in fair value during the period
92 — (133)— 
Ending fair value
$2,667 $— $2,667 $— 
The following table reconciles the beginning and ending fair value of our Level 3 derivative liability:
(Dollars in thousands)Three Months Ended December 31,Nine Months Ended December 31,
20232023
Beginning balance$1,932 $3,513 
Gains recognized in earnings(1)
— (1,581)
Gain recognized in loss on extinguishment of debt, net(1,932)(1,932)
Ending balance$— $— 
(1) Recorded in (gain) loss on financial instruments, net.
Schedule of Goodwill
The change in goodwill at each reporting unit was as follows:
March 31, 2024ImpairmentDecember 31, 2024
Ben Liquidity$— $— $— 
Ben Custody10,896 (3,427)7,469 
Ben Insurance— — — 
Ben Markets2,710 (265)2,445 
Total Goodwill$13,606 $(3,692)$9,914 
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, 2024 and March 31, 2024, were as noted in the table below:
As of December 31, 2024
(Dollars in thousands)Level in Fair Value HierarchyCarrying AmountEstimated Fair Value
Financial assets:
Cash and cash equivalents1$4,149 $4,149 
Restricted cash152 52 
Financial liabilities:
Debt due to related parties, net
2120,274 141,861 
Accounts payable and accrued expenses1149,204 149,204 
As of March 31, 2024
(Dollars in thousands)Level in Fair Value HierarchyCarrying AmountEstimated Fair Value
Financial assets:
Cash and cash equivalents1$7,913 $7,913 
Restricted cash164 64 
Financial liabilities:
Debt due to related parties, net
2120,505 129,327 
Accounts payable and accrued expenses1157,157 157,157