v3.26.1
Subsequent Events
12 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company has evaluated subsequent events the date the financial statements were issued, and determined that there have been no events, other than those disclosed below, that have occurred that would require adjustments to our disclosures in the consolidated financial statements.
Liquidity Transactions
On April 8, 2026, the Company, through one of its subsidiaries, funded the closing of a primary capital transaction pursuant to definitive agreements entered into on April 7, 2026 with a customer with respect to a limited partner interest in an investment fund with a net asset value of $8.75 million. Pursuant to the transaction, the Customer ExAlt Trusts acquired a limited partner interest, and in exchange for such, the customer received 875,214 shares of the Company’s Series B-10 Resettable Convertible Preferred Stock, par value $0.001 per share (the “Series B-10 preferred stock”), with such Series B-10 preferred stock being convertible into shares of the Company’s Class A common stock. Following the closing of the transaction, the Company participates in an unrealized gain of approximately $1.2 million, which represents the Company’s pro rata interest in the appreciation of the customer’s existing asset portfolio.
The Series B-10 preferred stock is convertible into Class A common stock initially at a conversion price of $3.5479 per share and is subject to reset from time to time, subject to a floor price of $1.2418 per share. A maximum of 7,047,947 shares of Class A common stock may be issued upon conversion of the Series B-10 preferred stock.
Asset Sales
In April and May 2026, entities held by a Customer ExAlt Trust completed the sale of beneficial interests with respect to certain limited partnership interests for gross proceeds of approximately $2.7 million. The entities paid brokerage commissions and certain transaction costs out of such gross proceeds. The remainder of the proceeds were distributed to the Customer ExAlt Trust, which then used such proceeds as follows: (i) a portion (2.5%) of the proceeds will be distributed to the beneficiaries of the Customer ExAlt Trust and (ii) the remainder was paid to a subsidiary of the Company as payment on outstanding accrued fees (if any) and/or a loan repayment on the outstanding loan issued by BFF to such Customer ExAlt Trust. The proceeds for the fee payment and the loan repayment were then available for use by the Company.
Appointment of Permanent Chief Executive Officer
James G. Silk, who has served as the Interim Chief Executive Officer since July 20, 2025, was named as the permanent Chief Executive Officer on June 24, 2026.