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Fair Value Measurements (Tables)
 6 Months Ended
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, 2025March 31, 2025
Alternative assets$211,324 $259,113 
Public equity securities
4,376 4,065 
Debt securities available-for-sale1,777 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 1Level 2Level 3Total
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 1Level 2Level 3Total
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,
2025202420252024
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 ValueValuation MethodologyUnobservable InputsRange Weighted Average
September 30, 2025$1,777 Market ApproachEnterprise value-to-revenue multiple
0.2x - 18.9x
1.75x
March 31, 2025$1,687 Market ApproachEnterprise 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,
2025202420252024
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 $1,969 
(1) Recorded in unrealized gain (loss) on available-for-sale debt securities.
Schedule of Goodwill
The change in goodwill at each reporting unit was as follows:
(Dollars in thousands)March 31, 2025ImpairmentSeptember 30, 2025
Ben Liquidity$— $— $— 
Ben Custody7,469 — 7,469 
Ben Insurance— — — 
Ben Markets2,445 — 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 HierarchyCarrying AmountEstimated Fair Value
Financial assets:
Cash and cash equivalents1$4,902 $4,902 
Financial liabilities:
Debt due to related parties, net (1)
2103,960 132,622 
Accounts payable and accrued expenses1234,348 234,348 
As of March 31, 2025
(Dollars in thousands)Level in Fair Value HierarchyCarrying AmountEstimated Fair Value
Financial assets:
Cash and cash equivalents1$1,346 $1,346 
Financial liabilities:
Debt due to related parties, net (1)
2117,896 143,260 
Accounts payable and accrued expenses1156,770 156,770 
(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.