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Segment Reporting | 6 Months Ended
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Sep. 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 September 30, 2025
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
External revenues |  |  |  |  |  |  |  |  |  |  |  |
Investment income (loss), net |  | $ | — |  |  | $ | — |  |  | $ | (3,162) |  |  | $ | — |  |  | $ | — |  |  | $ | (3,162) |
Gain (loss) on financial instruments, net |  | — |  |  | — |  |  | 379 |  |  | (168) |  |  | — |  |  | 211 |
Interest and dividend income |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Trust services and administration revenues |  | — |  |  | 178 |  |  | — |  |  | — |  |  | — |  |  | 178 |
Other income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 8,497 |  |  | — |  |  | — |  |  | — |  |  | (8,497) |  |  | — |
Trust services and administration revenues |  | — |  |  | 2,903 |  |  | — |  |  | — |  |  | (2,903) |  |  | — |
Total revenues |  | 8,497 |  |  | 3,081 |  |  | (2,783) |  |  | (158) |  |  | (11,400) |  |  | (2,763) |
External expenses |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 248 |  |  | 499 |  |  | — |  |  | 1,682 |  |  | — |  |  | 2,429 |
Interest expense |  | 3,169 |  |  | — |  |  | — |  |  | 1,729 |  |  | — |  |  | 4,898 |
Professional services |  | 196 |  |  | 109 |  |  | 622 |  |  | 4,404 |  |  | — |  |  | 5,331 |
Other expenses |  | 209 |  |  | 181 |  |  | 471 |  |  | 1,582 |  |  | — |  |  | 2,443 |
Intersegment expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | — |  |  | 37,853 |  |  | — |  |  | (37,853) |  |  | — |
Provision for credit losses |  | 5,496 |  |  | — |  |  | — |  |  | — |  |  | (5,496) |  |  | — |
Other expenses |  | — |  |  | — |  |  | 2,903 |  |  | — |  |  | (2,903) |  |  | — |
Total expenses |  | 9,318 |  |  | 789 |  |  | 41,849 |  |  | 9,397 |  |  | (46,252) |  |  | 15,101 |
Operating income (loss) |  | $ | (821) |  |  | $ | 2,292 |  |  | $ | (44,632) |  |  | $ | (9,555) |  |  | $ | 34,852 |  |  | $ | (17,864) |
|  | Three Months Ended September 30, 2024
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
External revenues |  |  |  |  |  |  |  |  |  |  |  |
Investment income (loss), net |  | $ | — |  |  | $ | — |  |  | $ | 8,541 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,541 |
Gain (loss) on financial instruments, net |  | — |  |  | — |  |  | 571 |  |  | (750) |  |  | — |  |  | (179) |
Interest and dividend income |  | — |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | 12 |
Trust services and administration revenues |  | — |  |  | 187 |  |  | — |  |  | — |  |  | — |  |  | 187 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 11,978 |  |  | — |  |  | — |  |  | — |  |  | (11,978) |  |  | — |
Trust services and administration revenues |  | — |  |  | 5,199 |  |  | — |  |  | — |  |  | (5,199) |  |  | — |
Total revenues |  | 11,978 |  |  | 5,386 |  |  | 9,112 |  |  | (738) |  |  | (17,177) |  |  | 8,561 |
External expenses |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 361 |  |  | 542 |  |  | — |  |  | 6,232 |  |  | — |  |  | 7,135 |
Interest expense |  | 3,163 |  |  | — |  |  | — |  |  | 1,157 |  |  | — |  |  | 4,320 |
Professional services |  | 395 |  |  | 30 |  |  | 545 |  |  | 6,287 |  |  | — |  |  | 7,257 |
Provision for credit losses |  | — |  |  | — |  |  | 476 |  |  | — |  |  | — |  |  | 476 |
Loss on impairment of goodwill |  | — |  |  | 298 |  |  | — |  |  | — |  |  | — |  |  | 298 |
Other expenses |  | 402 |  |  | 187 |  |  | 189 |  |  | 2,012 |  |  | — |  |  | 2,790 |
Intersegment expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | — |  |  | 36,049 |  |  | — |  |  | (36,049) |  |  | — |
Provision for credit losses |  | 4,752 |  |  | — |  |  | — |  |  | — |  |  | (4,752) |  |  | — |
Other expenses |  | — |  |  | — |  |  | 3,402 |  |  | — |  |  | (3,402) |  |  | — |
Total expenses |  | 9,073 |  |  | 1,057 |  |  | 40,661 |  |  | 15,688 |  |  | (44,203) |  |  | 22,276 |
Operating income (loss) |  | $ | 2,905 |  |  | $ | 4,329 |  |  | $ | (31,549) |  |  | $ | (16,426) |  |  | $ | 27,026 |  |  | $ | (13,715) |
|  | Six Months Ended September 30, 2025
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
External revenues |  |  |  |  |  |  |  |  |  |  |  |
Investment income (loss), net |  | $ | — |  |  | $ | — |  |  | $ | (15,938) |  |  | $ | — |  |  | $ | — |  |  | $ | (15,938) |
Gain (loss) on financial instruments, net |  | — |  |  | — |  |  | 304 |  |  | (138) |  |  | — |  |  | 166 |
Interest and dividend income |  | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Trust services and administration revenues |  | — |  |  | 366 |  |  | — |  |  | — |  |  | — |  |  | 366 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 17,332 |  |  | — |  |  | — |  |  | — |  |  | (17,332) |  |  | — |
Trust services and administration revenues |  | — |  |  | 6,898 |  |  | — |  |  | — |  |  | (6,898) |  |  | — |
Total revenues |  | 17,332 |  |  | 7,264 |  |  | (15,634) |  |  | (118) |  |  | (24,230) |  |  | (15,386) |
External expenses |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 632 |  |  | 1,146 |  |  | — |  |  | 3,982 |  |  | — |  |  | 5,760 |
Interest expense |  | 6,515 |  |  | — |  |  | — |  |  | 1,798 |  |  | — |  |  | 8,313 |
Professional services |  | 810 |  |  | 318 |  |  | 1,028 |  |  | 11,132 |  |  | — |  |  | 13,288 |
Accrual (release) of loss contingency related to arbitration award |  | — |  |  | — |  |  | — |  |  | 62,831 |  |  | — |  |  | 62,831 |
Other expenses |  | 448 |  |  | 380 |  |  | 865 |  |  | 3,241 |  |  | — |  |  | 4,934 |
Intersegment expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | — |  |  | 74,998 |  |  | — |  |  | (74,998) |  |  | — |
Provision for credit losses |  | 15,765 |  |  | — |  |  | — |  |  | — |  |  | (15,765) |  |  | — |
Other expenses |  | — |  |  | — |  |  | 6,083 |  |  | — |  |  | (6,083) |  |  | — |
Total expenses |  | 24,170 |  |  | 1,844 |  |  | 82,974 |  |  | 82,984 |  |  | (96,846) |  |  | 95,126 |
Operating income (loss) |  | $ | (6,838) |  |  | $ | 5,420 |  |  | $ | (98,608) |  |  | $ | (83,102) |  |  | $ | 72,616 |  |  | $ | (110,512) |
|  | Six Months Ended September 30, 2024
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
External revenues |  |  |  |  |  |  |  |  |  |  |  |
Investment income (loss), net |  | $ | — |  |  | $ | — |  |  | $ | 19,569 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,569 |
Gain (loss) on financial instruments, net |  | — |  |  | — |  |  | (604) |  |  | (758) |  |  | — |  |  | (1,362) |
Interest and dividend income |  | — |  |  | — |  |  | — |  |  | 24 |  |  | — |  |  | 24 |
Trust services and administration revenues |  | — |  |  | 376 |  |  | — |  |  | — |  |  | — |  |  | 376 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | 22,827 |  |  | — |  |  | — |  |  | — |  |  | (22,827) |  |  | — |
Trust services and administration revenues |  | — |  |  | 10,392 |  |  | — |  |  | — |  |  | (10,392) |  |  | — |
Total revenues |  | 22,827 |  |  | 10,768 |  |  | 18,965 |  |  | (734) |  |  | (33,219) |  |  | 18,607 |
External expenses |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | 791 |  |  | 898 |  |  | — |  |  | 9,296 |  |  | — |  |  | 10,985 |
Interest expense |  | 6,244 |  |  | — |  |  | — |  |  | 2,364 |  |  | — |  |  | 8,608 |
Professional services |  | 869 |  |  | 426 |  |  | 1,167 |  |  | 10,339 |  |  | — |  |  | 12,801 |
Provision for credit losses |  | — |  |  | — |  |  | 998 |  |  | 2 |  |  | — |  |  | 1,000 |
Loss on impairment of goodwill |  | — |  |  | 3,427 |  |  | — |  |  | 265 |  |  | — |  |  | 3,692 |
Accrual (release) of loss contingency related to arbitration award |  | — |  |  | — |  |  | — |  |  | (54,973) |  |  | — |  |  | (54,973) |
Other expenses |  | 853 |  |  | 401 |  |  | 309 |  |  | 4,308 |  |  | — |  |  | 5,871 |
Intersegment expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | — |  |  | 70,848 |  |  | — |  |  | (70,848) |  |  | — |
Provision for credit losses |  | 11,679 |  |  | — |  |  | — |  |  | — |  |  | (11,679) |  |  | — |
Other expenses |  | — |  |  | — |  |  | 6,821 |  |  | — |  |  | (6,821) |  |  | — |
Total expenses |  | 20,436 |  |  | 5,152 |  |  | 80,143 |  |  | (28,399) |  |  | (89,348) |  |  | (12,016) |
Operating income (loss) |  | $ | 2,391 |  |  | $ | 5,616 |  |  | $ | (61,178) |  |  | $ | 27,665 |  |  | $ | 56,129 |  |  | $ | 30,623 |
|  | As of September 30, 2025
|  | Ben Liquidity |  | Ben Custody |  | Customer ExAlt Trusts |  | Corporate & Other |  | Consolidating Eliminations |  | Total
Loans to Customer ExAlt Trusts, net |  | $ | 223,129 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (223,129) |  |  | $ | — |
Investments, at fair value |  | — |  |  | — |  |  | 243,978 |  |  | — |  |  | — |  |  | 243,978 |
Other assets |  | 1,317 |  |  | 21,328 |  |  | 18,637 |  |  | 50,522 |  |  | (32,563) |  |  | 59,241 |
Goodwill and intangible assets, net |  | — |  |  | 7,469 |  |  | — |  |  | 5,545 |  |  | — |  |  | 13,014 |
Total Assets |  | $ | 224,446 |  |  | $ | 28,797 |  |  | $ | 262,615 |  |  | $ | 56,067 |  |  | $ | (255,692) |  |  | $ | 316,233 |
|  | 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 |

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- Definition The entire disclosure for reporting segments including data and tables. 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