
	Year Ended March 31,
(in thousands)	2026		2025
Operating income (loss)*
Ben Liquidity	$	(55,699)	$	(12,802)
Ben Custody	7,954		13,288
Corporate & Other	(93,128)		10,243

Gain on liability resolution	1,996		23,462
Income tax expense (allocable to Ben and BCH equity holders)	(214)		(80)
Net loss attributable to noncontrolling interests - Ben	70,583		34,875
Noncontrolling interest guaranteed payment	(18,918)		(17,824)
Net income (loss) attributable to common shareholders	$	(87,426)	$	51,162


	Year Ended March 31, 2026
	Ben Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
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 income	33,421		—		—		—		(33,421)		—
Trust services and administration revenues	—		12,150		—		—		(12,150)		—
Total revenues	33,421		12,743		(49,174)		9,456		(45,571)		(39,125)

External expenses
Employee compensation and benefits	1,597		2,473		—		7,775		—		11,845
Interest expense	13,466		—		—		5,335		—		18,801
Professional services	1,296		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 expenses	854		742		921		6,191		—		8,708

Intersegment expenses
Interest expense	—		—		150,983		—		(150,983)		—
Provision for loan losses	71,907		—		—		—		(71,907)		—
Other expenses	—		—		11,548		—		(11,548)		—
Total expenses	89,120		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 Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
Loans to Customer ExAlt Trusts, net	$	169,684	$	—	$	—	$	—	$	(169,684)	$	—
Investments, at fair value	—		—		195,536		—		—		195,536
Other assets	464		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 Liquidity		Ben Custody		Customer ExAlt Trusts		Corporate & Other		Consolidating Eliminations		Total
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 income	42,583		—		—		—		(42,583)		—
Trust services and administration revenues	—		20,821		—		—		(20,821)		—
Total revenues	42,583		21,574		(8,274)		(422)		(63,404)		(7,943)

External expenses
Employee compensation and benefits	1,436		1,597		—		13,818		—		16,851
Interest expense	12,406		—		—		2,502		—		14,908
Professional services	1,086		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 expenses	1,571		804		794		8,360		—		11,529

Intersegment expenses
Interest expense	—		—		142,543		—		(142,543)		—
Provision for loan losses	38,886		1,807		—		—		(40,693)		—
Other expenses	—		—		13,681		—		(13,681)		—
Total expenses	55,385		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 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