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Segment Reporting
 3 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has three reportable segments consisting of Ben Liquidity, Ben Custody and Customer ExAlt Trusts. As additional products and services are offered in the future, we expect to have additional reportable segments, including Ben Insurance Services and Ben Markets.
As the central operating hub of the company, Ben Liquidity is responsible for offering Ben’s fiduciary alternative asset liquidity and financing products through AltAccess. Ben Custody delivers products that address the administrative and regulatory burden of holding alternative assets by offering full service bespoke custody and trust administration services, and specialized document custodian services to Customers. Certain of Ben’s operating subsidiary products and services involve or are offered to certain of the Customer ExAlt Trusts. Certain of the Customer ExAlt Trusts hold interests in alternative assets and therefore recognize changes in such assets’ net asset value in earnings. Certain other Customer ExAlt Trusts pay interest on the ExAlt Loans to Ben Liquidity and transaction fees to Ben Liquidity and Ben Custody in connection with the liquidity transactions, and pay fees to Ben Custody for providing full-service trust administration services to the trustees of the Customer ExAlt Trusts. The amounts paid to Ben Liquidity and Ben Custody are eliminated solely for financial reporting purposes in our consolidated financial statements but directly impact the allocation of income (loss) to Ben’s and BCH’s equity holders.
The Corporate & Other category includes the following items, among others:
•Equity-based compensation;
•Gains (losses) on changes in the fair value of interests in the GWG Wind Down Trust held by Ben and warrants accounted for at fair value issued by Ben;
•Interest expense incurred on the corporate related debt transactions; and
•Operations of Ben Insurance Services and Ben Markets that are not considered reportable segments as they do not meet the quantitative criteria to be separately reported.
The Corporate & Other category also consists of unallocated corporate overhead and administrative costs.
These segments are differentiated by the products and services they offer as well as by the information used by the Company’s chief operating decision maker (“CODM”) to determine allocation of resources and assess performance. Our chief executive officer is the CODM. Operating income (loss) is the measure of profitability used by management to assess the performance of its segments and allocate resources. Performance is measured by the Company’s CODM on an unconsolidated basis because management makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and data that exclude the effects of consolidation of any of the Customer ExAlt Trusts.
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 LiquidityBen CustodyCustomer ExAlt TrustsCorporate & OtherConsolidating EliminationsTotal
External revenues
Investment income (loss), net
$— $— $(12,776)$— $— $(12,776)
Gain (loss) on financial instruments, net
— — (75)30 — (45)
Interest and dividend income
2 — — 8 — 10 
Trust services and administration revenues— 188 — — — 188 
Intersegment revenues
Interest income8,835 — — — (8,835)— 
Trust services and administration revenues— 3,995 — — (3,995)— 
Total revenues8,837 4,183 (12,851)38 (12,830)(12,623)
External expenses
Employee compensation and benefits384 647 — 2,300 — 3,331 
Interest expense3,346 — — 69 — 3,415 
Professional services614 209 406 6,728 — 7,957 
Accrual (release) of loss contingency related to arbitration award
— — — 62,831 — 62,831 
Other expenses239 199 394 1,659 — 2,491 
Intersegment expenses
Interest expense— — 37,145 — (37,145)— 
Provision for credit losses10,269 — — — (10,269)— 
Other expenses— — 3,180 — (3,180)— 
Total expenses14,852 1,055 41,125 73,587 (50,594)80,025 
Operating income (loss)$(6,015)$3,128 $(53,976)$(73,549)$37,764 $(92,648)
Three Months Ended June 30, 2024
Ben LiquidityBen CustodyCustomer ExAlt TrustsCorporate & OtherConsolidating EliminationsTotal
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 income10,849 — — — (10,849)— 
Trust services and administration revenues— 5,193 — — (5,193)— 
Total revenues10,849 5,382 9,853 4 (16,042)10,046 
External expenses
Employee compensation and benefits430 356 — 3,064 — 3,850 
Interest expense3,081 — — 1,207 — 4,288 
Professional services474 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 expenses451 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 expenses11,363 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 LiquidityBen CustodyCustomer ExAlt TrustsCorporate & OtherConsolidating EliminationsTotal
Loans to Customer ExAlt Trusts, net$230,669 $— $— $— $(230,669)$— 
Investments, at fair value— — 263,769 — — 263,769 
Other assets2,651 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 LiquidityBen CustodyCustomer ExAlt TrustsCorporate & OtherConsolidating EliminationsTotal
Loans to Customer ExAlt Trusts, net$244,070 $— $— $— $(244,070)$— 
Investments, at fair value— — 291,371 — — 291,371 
Other assets859 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