v3.26.1
Segment Reporting
 12 Months Ended
Mar. 31, 2026
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, warrants accounted for at fair value issued by Ben, and derivative asset recognized as part of the Limited Conversion accounted for at fair value;
•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):
Year Ended March 31, 2026
Ben LiquidityBen CustodyCustomer ExAlt TrustsCorporate & OtherConsolidating EliminationsTotal
External revenues
Investment income (loss), net
$— $— $(49,532)$— $— $(49,532)
Gain (loss) on financial instruments, net— — 358 9,416 — 9,774 
Interest and dividend income
— — — 40 — 40 
Trust services and administration revenues— 593 — — — 593 
Intersegment revenues
Interest income33,421 — — — (33,421)— 
Trust services and administration revenues— 12,150 — — (12,150)— 
Total revenues33,421 12,743 (49,174)9,456 (45,571)(39,125)
External expenses
Employee compensation and benefits1,597 2,473 — 7,775 — 11,845 
Interest expense13,466 — — 5,335 — 18,801 
Professional services1,296 527 1,880 17,351 — 21,054 
Provision for credit losses— 1,047 — 1 — 1,048 
Loss on impairment of goodwill and intangible assets
— — — 3,100 — 3,100 
Accrual (release) of loss contingency related to arbitration award— — — 62,831 — 62,831 
Other expenses854 742 921 6,191 — 8,708 
Intersegment expenses
Interest expense— — 150,983 — (150,983)— 
Provision for loan losses71,907 — — — (71,907)— 
Other expenses— — 11,548 — (11,548)— 
Total expenses89,120 4,789 165,332 102,584 (234,438)127,387 
Operating income (loss)$(55,699)$7,954 $(214,506)$(93,128)$188,867 $(166,512)
As of March 31, 2026
Ben LiquidityBen CustodyCustomer ExAlt TrustsCorporate & OtherConsolidating EliminationsTotal
Loans to Customer ExAlt Trusts, net$169,684 $— $— $— $(169,684)$— 
Investments, at fair value— — 195,536 — — 195,536 
Other assets464 20,829 15,542 33,110 (36,623)33,322 
Goodwill and intangible assets, net— 7,469 — 2,445 — 9,914 
Total Assets$170,148 $28,298 $211,078 $35,555 $(206,307)$238,772 
Year Ended March 31, 2025
Ben LiquidityBen CustodyCustomer ExAlt TrustsCorporate & OtherConsolidating EliminationsTotal
External revenues
Investment income (loss), net
$— $— $(6,500)$— $— $(6,500)
Gain (loss) on financial instruments, net— — (1,776)(466)— (2,242)
Interest and dividend income
— — — 44 — 44 
Trust services and administration revenues— 753 — — — 753 
Other income— — 2 — — 2 
Intersegment revenues
Interest income42,583 — — — (42,583)— 
Trust services and administration revenues— 20,821 — — (20,821)— 
Total revenues42,583 21,574 (8,274)(422)(63,404)(7,943)
External expenses
Employee compensation and benefits1,436 1,597 — 13,818 — 16,851 
Interest expense12,406 — — 2,502 — 14,908 
Professional services1,086 651 2,137 19,361 — 23,235 
Provision for credit losses— — 998 2 — 1,000 
Loss on impairment of goodwill and intangible assets
— 3,427 — 265 — 3,692 
Accrual (release) of loss contingency related to arbitration award
— — — (54,973)— (54,973)
Other expenses1,571 804 794 8,360 — 11,529 
Intersegment expenses
Interest expense— — 142,543 — (142,543)— 
Provision for loan losses38,886 1,807 — — (40,693)— 
Other expenses— — 13,681 — (13,681)— 
Total expenses55,385 8,286 160,153 (10,665)(196,917)16,242 
Operating income (loss)$(12,802)$13,288 $(168,427)$10,243 $133,513 $(24,185)
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