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Segment Reporting (Tables)

6 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents a reconciliation of operating income (loss) of our reportable segments, excluding the Customer ExAlt Trusts, to net income (loss) attributable to Beneficient’s common shareholders. This reconciliation serves to provide users of our financial statements an understanding and visual aide of the reportable segments that impact net income (loss)

attributable to the common shareholders and reiterates that the consolidation of the Customer ExAlt Trusts has no impact on the net income (loss) attributable to Beneficient’s common shareholders.

(in thousands)						Three Months Ended September 30,												Six Months Ended September 30,
						2025						2024						2025						2024
Operating income (loss)*
Ben Liquidity						$	(821)					$	2,905					$	(6,838)					$	2,391
Ben Custody						2,292						4,329						5,420						5,616
Corporate & Other						(9,555)						(16,426)						(83,102)						27,665
Gain on liability resolution						—						23,462						—						23,462
Income tax expense (allocable to Ben and BCH equity holders)						(43)						—						(43)						(28)
Net loss attributable to noncontrolling interests - Ben						9,191						3,067						25,175						10,254
Noncontrolling interest guaranteed payment						(4,693)						(4,423)						(9,317)						(8,779)
Net income (loss) attributable to common shareholders						$	(3,629)					$	12,914					$	(68,705)					$	60,581

*Includes amounts eliminated in consolidation.

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

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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