XML 51 R40.htm IDEA: XBRL DOCUMENT
v3.25.3

Segment Reporting (Tables) | 3 Months Ended
--- | ---
Jun. 30, 2025
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 shareholders 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 June 30, |  |
|  | 2025 |  | 2024 |  |  |  |
Operating income (loss)* |  |  |  |  |  |  |  |
Ben Liquidity |  | $ | (6,015) |  |  | $ | (514) |  |  |  |  |
Ben Custody |  | 3,128 |  |  | 1,287 |  |  |  |  |
Corporate & Other |  | (73,549) |  |  | 44,091 |  |  |  |  |
Income tax expense (allocable to Ben and BCH equity holders) |  | — |  |  | (28) |  |  |  |  |
Net loss attributable to noncontrolling interests - Ben |  | 15,984 |  |  | 7,187 |  |  |  |  |
Noncontrolling interest guaranteed payment |  | (4,624) |  |  | (4,356) |  |  |  |  |
Net income (loss) attributable to common shareholders |  | $ | (65,076) |  |  | $ | 47,667 |  |  |  |  |
*Includes amounts eliminated in consolidation. 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 June 30, 2025
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
External revenues |  |  |  |  |  |  |  |  |  |  |  |
Investment income (loss), net |  | $ | — |  |  | $ | — |  |  | $ | (12,776) |  |  | $ | — |  |  | $ | — |  |  | $ | (12,776) |
Gain (loss) on financial instruments, net |  | — |  |  | — |  |  | (75) |  |  | 30 |  |  | — |  |  | (45) |
Interest and dividend income |  | 2 |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 10 |
Trust services and administration revenues |  | — |  |  | 188 |  |  | — |  |  | — |  |  | — |  |  | 188 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 8,835 |  |  | — |  |  | — |  |  | — |  |  | (8,835) |  |  | — |
Trust services and administration revenues |  | — |  |  | 3,995 |  |  | — |  |  | — |  |  | (3,995) |  |  | — |
Total revenues |  | 8,837 |  |  | 4,183 |  |  | (12,851) |  |  | 38 |  |  | (12,830) |  |  | (12,623) |
External expenses |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 384 |  |  | 647 |  |  | — |  |  | 2,300 |  |  | — |  |  | 3,331 |
Interest expense |  | 3,346 |  |  | — |  |  | — |  |  | 69 |  |  | — |  |  | 3,415 |
Professional services |  | 614 |  |  | 209 |  |  | 406 |  |  | 6,728 |  |  | — |  |  | 7,957 |
Accrual (release) of loss contingency related to arbitration award |  | — |  |  | — |  |  | — |  |  | 62,831 |  |  | — |  |  | 62,831 |
Other expenses |  | 239 |  |  | 199 |  |  | 394 |  |  | 1,659 |  |  | — |  |  | 2,491 |
Intersegment expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | — |  |  | 37,145 |  |  | — |  |  | (37,145) |  |  | — |
Provision for credit losses |  | 10,269 |  |  | — |  |  | — |  |  | — |  |  | (10,269) |  |  | — |
Other expenses |  | — |  |  | — |  |  | 3,180 |  |  | — |  |  | (3,180) |  |  | — |
Total expenses |  | 14,852 |  |  | 1,055 |  |  | 41,125 |  |  | 73,587 |  |  | (50,594) |  |  | 80,025 |
Operating income (loss) |  | $ | (6,015) |  |  | $ | 3,128 |  |  | $ | (53,976) |  |  | $ | (73,549) |  |  | $ | 37,764 |  |  | $ | (92,648) |
|  | Three Months Ended June 30, 2024
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
External revenues |  |  |  |  |  |  |  |  |  |  |  |
Investment income (loss), net |  | $ | — |  |  | $ | — |  |  | $ | 11,028 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,028 |
Gain (loss) on financial instruments, net |  | — |  |  | — |  |  | (1,175) |  |  | (8) |  |  | — |  |  | (1,183) |
Interest and dividend income |  | — |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | 12 |
Trust services and administration revenues |  | — |  |  | 189 |  |  | — |  |  | — |  |  | — |  |  | 189 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 10,849 |  |  | — |  |  | — |  |  | — |  |  | (10,849) |  |  | — |
Trust services and administration revenues |  | — |  |  | 5,193 |  |  | — |  |  | — |  |  | (5,193) |  |  | — |
Total revenues |  | 10,849 |  |  | 5,382 |  |  | 9,853 |  |  | 4 |  |  | (16,042) |  |  | 10,046 |
External expenses |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 430 |  |  | 356 |  |  | — |  |  | 3,064 |  |  | — |  |  | 3,850 |
Interest expense |  | 3,081 |  |  | — |  |  | — |  |  | 1,207 |  |  | — |  |  | 4,288 |
Professional services |  | 474 |  |  | 396 |  |  | 622 |  |  | 4,052 |  |  | — |  |  | 5,544 |
Provision for credit losses |  | — |  |  | — |  |  | 522 |  |  | 2 |  |  | — |  |  | 524 |
Loss on impairment of goodwill |  | — |  |  | 3,129 |  |  | — |  |  | 265 |  |  | — |  |  | 3,394 |
Accrual (release) of loss contingency related to arbitration award |  | — |  |  | — |  |  | — |  |  | (54,973) |  |  | — |  |  | (54,973) |
Other expenses |  | 451 |  |  | 214 |  |  | 120 |  |  | 2,296 |  |  | — |  |  | 3,081 |
Intersegment expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | — |  |  | 34,799 |  |  | — |  |  | (34,799) |  |  | — |
Provision for credit losses |  | 6,927 |  |  | — |  |  | — |  |  | — |  |  | (6,927) |  |  | — |
Other expenses |  | — |  |  | — |  |  | 3,419 |  |  | — |  |  | (3,419) |  |  | — |
Total expenses |  | 11,363 |  |  | 4,095 |  |  | 39,482 |  |  | (44,087) |  |  | (45,145) |  |  | (34,292) |
Operating income (loss) |  | $ | (514) |  |  | $ | 1,287 |  |  | $ | (29,629) |  |  | $ | 44,091 |  |  | $ | 29,103 |  |  | $ | 44,338 |
|  | As of June 30, 2025
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
Loans to Customer ExAlt Trusts, net |  | $ | 230,669 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (230,669) |  |  | $ | — |
Investments, at fair value |  | — |  |  | — |  |  | 263,769 |  |  | — |  |  | — |  |  | 263,769 |
Other assets |  | 2,651 |  |  | 21,241 |  |  | 16,063 |  |  | 50,582 |  |  | (32,814) |  |  | 57,723 |
Goodwill and intangible assets, net |  | — |  |  | 7,469 |  |  | — |  |  | 5,545 |  |  | — |  |  | 13,014 |
Total Assets |  | $ | 233,320 |  |  | $ | 28,710 |  |  | $ | 279,832 |  |  | $ | 56,127 |  |  | $ | (263,483) |  |  | $ | 334,506 |
|  | As of March 31, 2025
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
Loans to Customer ExAlt Trusts, net |  | $ | 244,070 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (244,070) |  |  | $ | — |
Investments, at fair value |  | — |  |  | — |  |  | 291,371 |  |  | — |  |  | — |  |  | 291,371 |
Other assets |  | 859 |  |  | 19,339 |  |  | 16,328 |  |  | 45,209 |  |  | (31,245) |  |  | 50,490 |
Goodwill and intangible assets, net |  | — |  |  | 7,469 |  |  | — |  |  | 5,545 |  |  | — |  |  | 13,014 |
Total Assets |  | $ | 244,929 |  |  | $ | 26,808 |  |  | $ | 307,699 |  |  | $ | 50,754 |  |  | $ | (275,315) |  |  | $ | 354,875 |

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 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration