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Investments, at Fair Value | 6 Months Ended
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Sep. 30, 2025
Investments [Abstract] |
Investments, at Fair Value | Investments, at Fair Value Investments held by the Customer ExAlt Trusts are comprised of investments in alternative assets, public equity securities, debt securities, and other equity securities and interests (including those of a related party). 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 |
Investments in Alternative Assets held by the Customer ExAlt Trusts The investments in alternative assets are held, either through direct ownership or through beneficial interests, by certain of the Customer ExAlt Trusts and consist primarily of limited partnership interests in various alternative investments, including private equity funds. These alternative investments are valued using NAV as a practical expedient. Changes in the NAV of these investments are recorded in investment income (loss), net in our consolidated statements of comprehensive income (loss). The investments in alternative assets provide the economic value that ultimately collateralizes the ExAlt Loans that Ben Liquidity originates with the Customer ExAlt Trusts in liquidity transactions and any associated fees due from the Customer ExAlt Trusts. The decrease in investments in alternative assets since March 31, 2025 of $47.8 million was principally related to the disposition of or proposed disposition of certain limited partnership interests, distributions and downward adjustments of NAV as reported by the investment managers or general partners, partially offset by approximately $11.8 million of new originations. The NAV calculation reflects the most current report of NAV and other data received from firm/fund sponsors. If no such report has been received, Ben estimates NAV based upon the last NAV calculation reported by the investment manager and adjusts it for capital calls and distributions made in the intervening time frame. Ben also considers whether adjustments to the NAV are necessary, in certain circumstances, in which management is aware of specific material events, changes in market conditions, and other relevant factors that have affected the value of an investment during the period between the date of the most recent NAV calculation reported by the investment manager or sponsor and the measurement date. Public equity securities known to be owned within an alternative investment fund, based on the most recent information reported by the general partners, are marked to market using quoted market prices on the balance sheet reporting date. When the sale of an investment in an alternative asset is deemed probable at an amount that differs from NAV, the investment in the alternative asset is recorded at its estimated fair value under FASB ASC 820, Fair Value Measurement. The underlying interests in alternative assets are primarily limited partnership interests. The transfer of the investments in private equity funds generally requires the consent of the corresponding private equity fund manager, and the transfer of certain fund investments is subject to rights of first refusal or other preemptive rights, potentially further limiting the ExAlt Plan TM from transferring an investment in a private equity fund. The investments are not subject to redemption with the funds. Distributions from funds are received as the underlying investments are liquidated. Timing of liquidation is currently unknown. Portfolio Information Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of September 30, 2025 and March 31, 2025, is summarized below (in thousands):
|  | Alternative Investments Portfolio Summary
|  | September 30, 2025 |  | March 31, 2025
Asset Class |  | Carrying Value |  | Unfunded Commitments |  | Carrying Value |  | Unfunded Commitments
Private Equity |  | $ | 109,837 |  |  | $ | 31,313 |  |  | $ | 120,008 |  |  | $ | 34,252 |
Venture Capital |  | 81,643 |  |  | 1,217 |  |  | 109,361 |  |  | 1,324 |
Natural Resources |  | 12,097 |  |  | 2,453 |  |  | 12,691 |  |  | 2,663 |
Private Real Estate |  | 6,567 |  |  | 1,663 |  |  | 6,454 |  |  | 2,777 |
Hedge Funds |  | 3,517 |  |  | — |  |  | 3,931 |  |  | 245 |
Other(1) |  | (2,337) |  |  | 376 |  |  | 6,668 |  |  | 383 |
Total |  | $ | 211,324 |  |  | $ | 37,022 |  |  | $ | 259,113 |  |  | $ | 41,644 |
(1) “Other” includes earnouts, escrow, net other assets (liabilities), and private debt strategies. As of September 30, 2025, the Custom er ExAlt Trusts collectively had exposure to 188 professionally managed alternative asset investment funds, comprised of 522 underlying investments, 85 percent of which are investments in private companies. Public Equity Securities Investment in public equity securities primarily represents ownership by certain of the Customer ExAlt Trusts in public companies. These investments are carried at fair value, which is determined using quoted market prices. Any realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss). As of September 30, 2025 and March 31, 2025, the fair value of investments in public equity securities was $4.4 million and $4.1 million, respectively. Refer to Note 6 for a reconciliation of the gain (loss) on financial instruments, net for each of the periods presented herein. Debt Securities Available-for-Sale As of September 30, 2025 and March 31, 2025, investments in debt securities represent ownership in privately held debt securities. Investments in debt securities are classified and accounted for as available-for-sale, with unrealized gains and losses presented as a separate component of equity under the accumulated other comprehensive income (loss) line item. The amortized cost, estimated fair value, and unrealized gains and losses on investments in debt securities classified as available-for-sale as of September 30, 2025 and March 31, 2025 are summarized as follows:
|  | September 30, 2025
(Dollars in thousands) |  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Other debt securities |  | $ | 1,687 |  |  | $ | 90 |  |  | $ | — |  |  | $ | 1,777 |
Total available-for-sale debt securities |  | $ | 1,687 |  |  | $ | 90 |  |  | $ | — |  |  | $ | 1,777 |
|  | March 31, 2025
(Dollars in thousands) |  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Other debt securities |  | $ | 2,685 |  |  | $ | — |  |  | $ | (998) |  |  | $ | 1,687 |
Total available-for-sale debt securities |  | $ | 2,685 |  |  | $ | — |  |  | $ | (998) |  |  | $ | 1,687 |
The table below indicates the length of time individual debt securities have been in a continuous loss position as of September 30, 2025 and March 31, 2025:
|  | September 30, 2025 |  | March 31, 2025
(Dollars in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Other debt securities: |  |  |  |  |  |  |  |
Less than twelve months |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Twelve months or longer |  | — |  |  | — |  |  | 1,687 |  |  | 998 |
Total available-for-sale debt securities with unrealized losses |  | $ | — |  |  | $ | — |  |  | $ | 1,687 |  |  | $ | 998 |
The noncredit-related portion of the net unrealized gains was $0.1 million and nominal for the three and six months ended September 30, 2025 and 2024, respectively, and recognized as a component of accumulated other comprehensive income (loss). During the three months ended September 30, 2025 and 2024, the Company determined there w as nil and $0.5 million, respectively, credit-related loss on its investment in debt securities available-for-sale. During the six months ended September 30, 2025 and 2024, the Company determined there was nil and $1.0 million credit-related loss on its investment in debt securities available-for-sale. The following table is a rollforward of credit-related losses recognized in earnings for the periods presented below:
(Dollars in thousands) |  | Three Months Ended September 30, |  | Six Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Balance, beginning of period |  | $ | 32,288 |  |  | $ | 31,812 |  |  | $ | 32,288 |  |  | $ | 31,290 |
Credit-related losses not previously recognized |  | — |  |  | — |  |  | — |  |  | 522 |
Increase in amounts previously recognized |  | — |  |  | 476 |  |  | — |  |  | 476 |
Balance, end of period |  | $ | 32,288 |  |  | $ | 32,288 |  |  | $ | 32,288 |  |  | $ | 32,288 |
The contractual maturities of available-for-sale debt securities as of September 30, 2025 and March 31, 2025 are as follows:
|  | September 30, 2025 |  | March 31, 2025
(Dollars in thousands) |  | Amortized Cost Basis |  | Fair Value |  | Amortized Cost Basis |  | Fair Value
Due in one year or less |  | $ | 1,687 |  |  | $ | 1,777 |  |  | $ | 1,687 |  |  | $ | 1,687 |
No fixed maturity |  | — |  |  | — |  |  | 998 |  |  | — |
|  | $ | 1,687 |  |  | $ | 1,777 |  |  | $ | 2,685 |  |  | $ | 1,687 |
Other Equity Securities and Interests Ben and certain of the Customer ExAlt Trusts hold investments in equity securities of private companies measured based on quoted prices for similar assets in active markets, including those of the GWG Wind Down Trust (as defined herein). On August 1, 2023, GWG Holdings’ plan of reorganization was declared effective and our investments in its common stock and L Bonds (previously accounted for as public equity securities and available-for-sale debt securities, respectively) were then transferred to an investment in the GWG Holdings Wind Down Trust created as part of the approved plan of reorganization. The fair value of these equity interests was nominal as of both September 30, 2025 and March 31, 2025. Refer to Note 6 for a reconciliation of the gain (loss) on financial instruments, net for each of the periods presented herein. Additionally, certain of the Customer ExAlt Trusts hold investments in equity securities that do not have a readily determinable fair value. These equity securities are measured, using the measurement alternative for equity investments that do not have readily determinable fair values, at cost, less impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The value of these equity securities was $26.5 million and $26.5 million as of September 30, 2025 and March 31, 2025, respectively. Refer to Note 6 for a reconciliation of the gain (loss) on financial instruments, net for each of the periods presented herein, which reflects any upward or downward adjustments to these equity securities for the periods presented herein. There were no impairments to these equity securities during the three and six months ended September 30, 2025 and 2024.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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