
(Dollars in thousands)	March 31, 2025		Impairment		March 31, 2026		Amortization Period
Goodwill

Ben Custody	$	7,469	$	—	$	7,469	Indefinite

Ben Markets	2,445		—		2,445		Indefinite
Total goodwill	9,914		—		9,914		Indefinite
Insurance license	3,100		(3,100)		—		Indefinite
Total goodwill and intangible assets	$	13,014	$	(3,100)	$	9,914


(Dollars in thousands)	March 31, 2024		Impairment		March 31, 2025		Amortization Period
Goodwill

Ben Custody	$	10,896	$	(3,427)	$	7,469	Indefinite

Ben Markets	2,710		(265)		2,445		Indefinite
Total goodwill	13,606		(3,692)		9,914		Indefinite
Insurance license	3,100		—		3,100		Indefinite
Total goodwill and intangible assets	$	16,706	$	(3,692)	$	13,014

Barring a triggering event that suggests possible impairment, the Company conducts impairment tests for goodwill and indefinite-lived assets during the fourth quarter each fiscal year, using generally accepted valuation methods. The Company conducts its annual impairment test on January 1 of each fiscal year.

As previously discussed in Note 6, during each of the fiscal quarters of 2025 and for the quarter ended March 31, 2026, primarily as a result of significant, sustained declines in our Class A common stock price and the Company’s related market capitalization, we concluded that it was more likely than not that the fair value of our reporting units was below their carrying amount. This resulted in us performing interim impairment assessments each fiscal quarter during fiscal year 2025 and for the quarter ended March 31, 2026. As a result, during fiscal 2025, we wrote the carrying value of the Ben Custody and Ben Markets reporting units down to their estimated fair value and recognized cumulatively during fiscal 2025 a non-cash goodwill impairment charge of $3.7 million. No non-cash goodwill impairment was recorded for the year ended March 31, 2026. However, for the quarter end March 31, 2026, impairment analysis related to our insurance license intangible asset held by PEN with the Bermuda Insurance Authority resulted in impairment of our intangible asset related to the insurance license due to our decision to abandon such licenses as we are in the process of dissolving the relevant Bermuda entities. Accordingly, $3.1 million of non-cash intangible asset impairment was recorded for the year ended March 31, 2026. Goodwill and intangible asset impairment is reflected in loss on impairment of goodwill and intangible assets in the consolidated statements of comprehensive income (loss).

For each impairment assessment during fiscal quarters of 2025 and for the quarter ended March 31, 2026, the Company computed the fair value of each reporting unit by computing the overall enterprise value of the Company by valuing its various equity instruments, primarily based on the Class A common stock price per share. The overall enterprise value was allocated to each reporting units using the discounted cash flow method to estimate the relative value of each reporting unit based on their future cash flows using a multi-year forecast, and a terminal value calculated using a long-term growth rate that was informed based on our industry, analyst reports of a public company peer set, current and expected future economic conditions and management expectations. The discount rate used to discount these future cash flows was determined using a capital asset pricing model based on the market value of equity of a public company peer set, adjusted for risk characteristics and expectations specific to the reporting unit, combined with an assessment of the cost of debt.