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Fair Value Measurements (Tables) | 6 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The composition of investments recorded at fair value held by the Customer ExAlt Trusts is included in the table below (in thousands):
|  | September 30, 2025 |  | March 31, 2025
Alternative assets |  | $ | 211,324 |  |  | $ | 259,113 |
Public equity securities |  | 4,376 |  |  | 4,065 |
Debt securities available-for-sale |  | 1,777 |  |  | 1,687 |
Other equity securities and interests |  | 26,501 |  |  | 26,506 |
Total investments, at fair value |  | $ | 243,978 |  |  | $ | 291,371 |
The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on September 30, 2025 and March 31, 2025 are presented below.
|  | As of September 30, 2025
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Public equity securities |  | $ | 4,376 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,376 |
Debt securities available-for-sale, other |  | — |  |  | — |  |  | 1,777 |  |  | 1,777 |
Liabilities: |  |  |  |  |  |  |  |
Warrants liability |  | 355 |  |  | 10 |  |  | — |  |  | 365 |
|  | As of March 31, 2025
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Public equity securities |  | $ | 4,065 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,065 |
Other equity interests |  | — |  |  | 5 |  |  | — |  |  | 5 |
Debt securities available-for-sale, other |  | — |  |  | — |  |  | 1,687 |  |  | 1,687 |
Liabilities: |  |  |  |  |  |  |  |
Warrants liability |  | 180 |  |  | 47 |  |  | — |  |  | 227 |
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 September 30, |  | Six Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Public equity securities: |  |  |  |  |  |  |  |
Other public equity securities |  | $ | 384 |  |  | $ | 745 |  |  | $ | 310 |  |  | $ | (12) |
Loss on initial issuance of convertible debt and warrant issuance to Yorkville |  | — |  |  | (1,700) |  |  | — |  |  | (1,700) |
Convertible debt |  | — |  |  | 225 |  |  | — |  |  | 225 |
Warrants liability |  | (169) |  |  | 710 |  |  | (139) |  |  | 708 |
Prepaid forward liability |  | — |  |  | 14 |  |  | — |  |  | 14 |
Other equity securities and interests: |  |  |  |  |  |  |  |
Related party, fair value using quoted market prices of similar assets in active market |  | (4) |  |  | (173) |  |  | (5) |  |  | (538) |
Other, without a readily determinable fair value |  | — |  |  | — |  |  | — |  |  | (59) |
Gain (loss) on financial instruments, net |  | $ | 211 |  |  | $ | (179) |  |  | $ | 166 |  |  | $ | (1,362) |
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 Value |  | Valuation Methodology |  | Unobservable Inputs |  | Range |  | Weighted Average
September 30, 2025 |  | $ | 1,777 |  |  | Market Approach |  | Enterprise value-to-revenue multiple |  | 0.2x - 18.9x |  | 1.75x
March 31, 2025 |  | $ | 1,687 |  |  | Market Approach |  | Enterprise value-to-revenue multiple |  | 0.2x - 18.9x |  | 1.75x
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 September 30, |  | Six Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Beginning balance |  | $ | 1,687 |  |  | $ | 1,943 |  |  | $ | 1,687 |  |  | $ | 1,964 |
Gains (losses) recognized in accumulated other comprehensive income (loss)(1) |  | 90 |  |  | 26 |  |  | 90 |  |  | 5 |
Ending balance |  | $ | 1,777 |  |  | $ | 1,969 |  |  | $ | 1,777 |  |  | $ | 1,969 |
(1) Recorded in unrealized gain (loss) on available-for-sale debt securities.
Schedule of Goodwill | The change in goodwill at each reporting unit was as follows:
(Dollars in thousands) |  | March 31, 2025 |  | Impairment |  | September 30, 2025
Ben Liquidity |  | $ | — |  |  | $ | — |  |  | $ | — |
Ben Custody |  | 7,469 |  |  | — |  |  | 7,469 |
Ben Insurance |  | — |  |  | — |  |  | — |
Ben Markets |  | 2,445 |  |  | — |  |  | 2,445 |
Total Goodwill |  | $ | 9,914 |  |  | $ | — |  |  | $ | 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 September 30, 2025 and March 31, 2025, were as noted in the table below:
| As of September 30, 2025
(Dollars in thousands) | Level in Fair Value Hierarchy |  | Carrying Amount |  | Estimated Fair Value
Financial assets: |  |  |  |  |
Cash and cash equivalents | 1 |  | $ | 4,902 |  |  | $ | 4,902 |
Financial liabilities: |  |  |  |  |
Debt due to related parties, net (1) | 2 |  | 103,960 |  |  | 132,622 |
Accounts payable and accrued expenses | 1 |  | 234,348 |  |  | 234,348 |
| As of March 31, 2025
(Dollars in thousands) | Level in Fair Value Hierarchy |  | Carrying Amount |  | Estimated Fair Value
Financial assets: |  |  |  |  |
Cash and cash equivalents | 1 |  | $ | 1,346 |  |  | $ | 1,346 |
Financial liabilities: |  |  |  |  |
Debt due to related parties, net (1) | 2 |  | 117,896 |  |  | 143,260 |
Accounts payable and accrued expenses | 1 |  | 156,770 |  |  | 156,770 |
(1) - The estimated fair value of debt due to related parties, net, include the value of accrued but unpaid interest totaling $24.9 million and $19.4 million as of September 30, 2025 and March 31, 2025, respectively, that is included in other liabilities in the consolidated statements of financial condition.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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