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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

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- References

No definition available.

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