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Segment Reporting
 6 Months Ended
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 LiquidityBen CustodyCustomer ExAlt TrustsCorporate & OtherConsolidating EliminationsTotal
External revenues
Investment income (loss), net
$— $— $(3,162)$— $— $(3,162)
Gain (loss) on financial instruments, net
— — 379 (168)— 211 
Interest and dividend income
— — — 10 — 10 
Trust services and administration revenues— 178 — — — 178 
Other income— — — — — — 
Intersegment revenues
Interest income8,497 — — — (8,497)— 
Trust services and administration revenues— 2,903 — — (2,903)— 
Total revenues8,497 3,081 (2,783)(158)(11,400)(2,763)
External expenses
Employee compensation and benefits248 499 — 1,682 — 2,429 
Interest expense3,169 — — 1,729 — 4,898 
Professional services196 109 622 4,404 — 5,331 
Other expenses209 181 471 1,582 — 2,443 
Intersegment expenses
Interest expense— — 37,853 — (37,853)— 
Provision for credit losses5,496 — — — (5,496)— 
Other expenses— — 2,903 — (2,903)— 
Total expenses9,318 789 41,849 9,397 (46,252)15,101 
Operating income (loss)$(821)$2,292 $(44,632)$(9,555)$34,852 $(17,864)
Three Months Ended September 30, 2024
Ben LiquidityBen CustodyCustomer ExAlt TrustsCorporate & OtherConsolidating EliminationsTotal
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 income11,978 — — — (11,978)— 
Trust services and administration revenues— 5,199 — — (5,199)— 
Total revenues11,978 5,386 9,112 (738)(17,177)8,561 
External expenses
Employee compensation and benefits361 542 — 6,232 — 7,135 
Interest expense3,163 — — 1,157 — 4,320 
Professional services395 30 545 6,287 — 7,257 
Provision for credit losses
— — 476 — — 476 
Loss on impairment of goodwill— 298 — — — 298 
Other expenses402 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 expenses9,073 1,057 40,661 15,688 (44,203)22,276 
Operating income (loss)
$2,905 $4,329 $(31,549)$(16,426)$27,026 $(13,715)
Six Months Ended September 30, 2025
Ben LiquidityBen CustodyCustomer ExAlt TrustsCorporate & OtherConsolidating EliminationsTotal
External revenues
Investment income (loss), net$— $— $(15,938)$— $— $(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 income17,332 — — — (17,332)— 
Trust services and administration revenues— 6,898 — — (6,898)— 
Total revenues17,332 7,264 (15,634)(118)(24,230)(15,386)
External expenses
Employee compensation and benefits632 1,146 — 3,982 — 5,760 
Interest expense6,515 — — 1,798 — 8,313 
Professional services810 318 1,028 11,132 — 13,288 
Accrual (release) of loss contingency related to arbitration award— — — 62,831 — 62,831 
Other expenses448 380 865 3,241 — 4,934 
Intersegment expenses
Interest expense— — 74,998 — (74,998)— 
Provision for credit losses15,765 — — — (15,765)— 
Other expenses— — 6,083 — (6,083)— 
Total expenses24,170 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 LiquidityBen CustodyCustomer ExAlt TrustsCorporate & OtherConsolidating EliminationsTotal
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 income22,827 — — — (22,827)— 
Trust services and administration revenues— 10,392 — — (10,392)— 
Total revenues22,827 10,768 18,965 (734)(33,219)18,607 
External expenses
Employee compensation and benefits791 898 — 9,296 — 10,985 
Interest expense6,244 — — 2,364 — 8,608 
Professional services869 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 expenses853 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 expenses20,436 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 LiquidityBen CustodyCustomer ExAlt TrustsCorporate & OtherConsolidating EliminationsTotal
Loans to Customer ExAlt Trusts, net$223,129 $— $— $— $(223,129)$— 
Investments, at fair value— — 243,978 — — 243,978 
Other assets1,317 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 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