Beneficient (BENF) S-1/A8 Nov 24IPO registration (amended)Financial data

Company Profile

Cover

Cover	3 Months Ended
Cover	Jun. 30, 2024
Entity Addresses [Line Items]
Document Type	S-1/A
Amendment Flag	true
Amendment Description	AMENDMENT NO. 3
Entity Registrant Name	BENEFICIENT
Entity Central Index Key	0001775734
Entity Primary SIC Number	6199
Entity Tax Identification Number	72-1573705
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	325 North St. Paul Street
Entity Address, Address Line Two	Suite 4850
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	445-4700
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	325 N. Saint Paul Street
Entity Address, Address Line Two	Suite 4850
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	445-4700
Contact Personnel Name	Gregory W. Ezell

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024		Mar. 31, 2023
ASSETS
Cash and cash equivalents	$ 4,399	$ 7,913		$ 8,726	[1]
Restricted cash	314	64		819	[1]
Investments, at fair value:
Investments	331,367	329,119		497,221
Other assets, net	11,912	14,699		32,903	[1]
Intangible assets	3,100	3,100		3,100	[1]
Goodwill	10,212	13,606		2,367,926	[1]
Total assets	361,304	368,501		2,910,695	[1]
LIABILITIES, TEMPORARY EQUITY, AND EQUITY
Accounts payable and accrued expenses	103,012	157,157		65,724	[1]
Other liabilities	34,796	31,727		14,622	[1]
Warrant liability	180	178			[1]
Customer ExAlt Trusts loan payable, net				52,129	[1]
Debt due to related parties	120,554	120,505		99,314	[1]
Total liabilities	258,542	309,567		231,789	[1]
Redeemable noncontrolling interests
Total temporary equity	251,052	251,052		950,493	[1]
Shareholder’s equity
Additional paid-in capital	1,852,187	1,848,068	[2]	1,579,742	[1],[2]
Accumulated deficit	(2,011,547)	(2,059,214)			[1]
Stock receivable	(20,038)	(20,038)			[1]
Treasury stock, at cost	(3,444)	(3,444)		(3,444)	[1]
Accumulated other comprehensive income (loss)	255	276		9,900	[1]
Noncontrolling interests	34,293	42,231		142,213	[1]
Total equity (deficit)	(148,290)	(192,118)		1,728,413	[1]
Total liabilities, temporary equity, and equity	361,304	368,501		2,910,695	[1]
Preferred Series A Subclass 0 [Member]
Redeemable noncontrolling interests
Preferred Series A Subclass 1 Unit Accounts, nonunitized	251,052	251,052		251,052	[1]
Series A Preferred Stock [Member]
Shareholder’s equity
Preferred stock, value					[1]
Series B Preferred Stock [Member]
Shareholder’s equity
Preferred stock, value					[1]
Common Class A [Member]
Shareholder’s equity
Common stock, value	4	3	[2]	2	[1],[2]
Common Class B [Member]
Shareholder’s equity
Common stock, value			[2]		[1],[2]
Preferred Series A Subclass 1 [Member]
Redeemable noncontrolling interests
Preferred Series A Subclass 1 Unit Accounts, nonunitized				699,441	[1]
Variable Interest Entity, Primary Beneficiary [Member]
Investments, at fair value:
Investments	331,367	329,113		491,859	[1]
Parent Company [Member]
Investments, at fair value:
Investments		$ 6		$ 5,362	[1]

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.[2]Periods presented have been adjusted to reflect the 1-for-80 reverse stock split on April 18, 2024. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Investments related party	$ 331,367	$ 329,119	$ 497,221
Accounts payable and accrued expenses related party	103,012	157,157	65,724	[1]
Other liabilities related party	$ 34,796	$ 31,727	$ 14,622	[1]
Preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized	250,000,000	250,000,000	250,000,000
Treasury stock common units	9,000	9,000	9,000
other assets related party	$ 11,912	$ 14,699	$ 32,903	[1]
Series A Preferred Stock [Member]
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Series B Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	226,932	226,932	0
Preferred stock, shares outstanding	226,932	226,932	0
Common Class A [Member]
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	18,750,000	18,750,000	18,750,000
Common stock, shares issued	4,006,000	3,348,000	2,252,000
Common stock, shares outstanding	4,000,000	3,339,000	2,244,000
Common Class B [Member]
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	250,000	250,000	250,000
Common stock, shares issued	239,000	239,000	239,000
Common stock, shares outstanding	239,000	239,000	239,000
Variable Interest Entity, Primary Beneficiary [Member]
Investments related party	$ 331,367	$ 329,113	$ 491,859	[1]
Parent Company [Member]
Investments related party		6	5,362	[1]
Related Party [Member]
Accounts payable and accrued expenses related party	13,635	14,143	10,485
Other liabilities related party	11,833	9,740	100
other assets related party			2,195
Related Party [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Investments related party	194	552	76,154
Related Party [Member] \| Parent Company [Member]
Investments related party		$ 6	$ 1,371

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024		Mar. 31, 2023
Revenues
Investment income (loss), net		$ 11,028	$ 500	$ 4,791		$ (54,010)
Loss on financial instruments, net		(1,183)	(3,461)	(104,521)		(51,421)
Interest and dividend income		12	116	457		412
Trust services and administration revenues		189	102	365		30
Other income				212		86
Total revenues		10,046	(2,743)	(98,696)		(104,903)
Operating expenses
Employee compensation and benefits		3,850	35,823	65,129		45,527
Interest expense, net		4,288	3,784	17,559		15,471
Professional services		5,544	10,373	29,999		38,422
Provision for credit losses		524		6,016		20,580
Loss on impairment of goodwill		3,394	1,096,305	2,354,320
Loss on arbitration				54,973
Release of loss contingency related to arbitration award		(54,973)		(55,000)
Other expenses, net		3,081	6,942	21,854		28,269
Total operating expenses		(34,292)	1,153,227	2,549,850		148,269
Operating loss		44,338	(1,155,970)	(2,648,546)		(253,172)
Loss on extinguishment of debt, net				8,846
Loss before income taxes		44,338	(1,155,970)	(2,657,392)		(253,172)
Income tax expense (benefit)		28		788		(1,072)
Net loss		44,310	(1,155,970)	(2,658,180)		(252,100)
Less: Net loss attributable to noncontrolling interests - Ben		(7,713)	(44,552)	(579,332)		(136,942)
Less: Noncontrolling interest guaranteed payment		(4,356)	(4,105)	(16,793)		(15,822)
Net loss attributable to Beneficient common shareholders		47,667	(1,115,523)	(2,095,641)		(130,980)
Other comprehensive income:
Unrealized gain on investments in available-for-sale debt securities		(21)	4,290	4,070	[1]	11,226	[1]
Total comprehensive loss		47,646	(1,111,233)	(2,091,571)		(119,754)
Less: comprehensive gain attributable to noncontrolling interests		(21)	4,290	4,070		11,226
Total comprehensive loss attributable to Beneficient		47,667	(1,115,523)	(2,095,641)		(130,980)
Common Class A [Member]
Operating expenses
Net loss attributable to Beneficient common shareholders		$ 44,770	$ (1,013,454)	$ (1,955,861)		$ (118,402)
Net loss per common share - basic and diluted (1) (2)
Net loss per common share - basic		$ 12.11	$ (440.25)	$ (673.31)	[2],[3]	$ (52.57)	[2],[3]
Net loss per common share - diluted		$ 0.17	$ (440.25)	$ (673.31)	[2],[3]	$ (52.57)	[2],[3]
Weighted average common shares outstanding - basic and diluted (1) (2)
Weighted average common shares outstanding - basic		3,696,979	2,302,000	2,904,851	[2],[3]	2,252,228	[2],[3]
Weighted average common shares outstanding - diluted	[2],[3]			2,904,851		2,252,228
Common Class B [Member]
Operating expenses
Net loss attributable to Beneficient common shareholders		$ 2,897	$ (102,069)	$ (139,780)		$ (12,578)
Net loss per common share - basic and diluted (1) (2)
Net loss per common share - basic		$ 12.11	$ (426.61)	$ (584.23)	[3]	$ (52.57)	[2],[3]
Net loss per common share - diluted		$ 0.17	$ (426.61)	$ (584.23)	[3]	$ (52.57)	[2],[3]
Weighted average common shares outstanding - basic and diluted (1) (2)
Weighted average common shares outstanding - basic		239,256	239,256	239,256	[2],[3]	239,256	[2]
Weighted average common shares outstanding - diluted	[2]			239,256	[3]	239,256
Variable Interest Entity, Primary Beneficiary [Member]
Revenues
Loss on financial instruments, net			$ 1,700
Operating expenses
Less: Net loss attributable to noncontrolling interests - Ben		$ 526	13,866	$ 44,175		$ 117,861
Consolidated Entity, Excluding Consolidated VIE [Member]
Operating expenses
Less: Net loss attributable to noncontrolling interests - Ben		$ 7,187	$ 30,686	$ 535,157		$ 19,081

[1]Retroactively adjusted the fiscal year ended March 31, 2023 for the de-SPAC merger transaction as described in Note 4.[2]Periods presented have been adjusted to reflect the 1-for-80 reverse stock split on April 18, 2024. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.[3]Retroactively adjusted the fiscal year ended March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Loss on financial instruments, net related party	$ (1,183)	$ (3,461)	$ (104,521)	$ (51,421)
Trust services and administration revenues related party	189	102	365	30
Interest expense, net related party	4,288	3,784	17,559	15,471
Other expenses related party	3,081	6,942	21,854	28,269
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Loss on financial instruments, net related party	(365)	(3,566)	(67,457)	(63,536)
Trust services and administration revenues related party	8	8	30	30
Interest expense, net related party	3,054	732	8,618	2,797
Other expenses related party	$ 694	$ 2,116	$ 7,046	$ 8,704

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands		Preferred Stock [Member] Series A Preferred Stock [Member]		Preferred Stock [Member] Series B Preferred Stock [Member]		Common Stock [Member] Common Class A [Member]		Common Stock [Member] Common Class B [Member]		Additional Paid-in Capital [Member]		Retained Earnings [Member]		Stock Receivable Equity Reserve Amount [Member]		Treasury Stock, Common [Member]		AOCI Including Portion Attributable to Noncontrolling Interest [Member]		Noncontrolling Interest [Member]		Series B Preferred Stock [Member]	Common Class A [Member]	Total		Redeemable Noncontrolling Interests [Member]
Balance at Mar. 31, 2022						$ 2				$ 1,634,217	[1]					$ (3,444)		$ (1,326)		$ 277,887				$ 1,907,336		$ 992,238
Balance, shares at Mar. 31, 2022						2,252	[1]	239	[1]
Net income (loss)	[2]									(130,980)	[1]									(132,644)				(263,624)		11,524
Noncontrolling interest reclass
Recognition of share-based compensation cost	[2]									10,085	[1]													10,085
Unrealized gain on available-for-sale debt securities	[2]										[1]							11,226						11,226
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual	[2]										[1]															(15,822)
Equity issuance costs	[2]									(15)	[1]													(15)
Payment of employee payroll taxes on restricted equity units	[2]									(206)	[1]									(919)				(1,125)
Reclass of distributions payable to noncontrolling interest holder	[2]										[1]									(1,719)				(1,719)
Non-cash dividend to related party	[2]									(147)	[1]													(147)
Share-based awards to related party employees	[2]									147	[1]													147
Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return	[2]									37,133	[1]													37,133		(37,133)
Redemption of BCG Preferred Series B.2 Unit Accounts	[2]									(4,637)	[1]													(4,637)
Distribution to noncontrolling interest																				131
Purchase of noncontrolling interest	[2]										[1]									(131)				(131)
Noncash issuance of noncontrolling interest and redeemable preferred equity	[2]									11,674	[1]									299				11,973
Issuance of noncontrolling interest	[2]										[1]									2,430				2,430
Deemed dividend upon issuance for U. S. GAAP to tax basis true-up	[2]									314	[1]													314		(314)
Reclass of allocated income for FLP Subclass 3 to payable	[2]										[1]									(933)				(933)
Issuance of BCG Preferred Series B.2 Unit Accounts	[2]									20,100	[1]													20,100
Annual reallocation of FLP	[2]									2,057	[1]									(2,057)
Balance at Mar. 31, 2023						$ 2				1,579,742	[1]					(3,444)		9,900		142,213				1,728,413	[3]	950,493
Balance, shares at Mar. 31, 2023						2,252	[1]	239	[1]
Net income (loss)										(36,432)		(1,079,091)								(44,552)				(1,160,075)		4,105
Recognition of share-based compensation cost										27,001														27,001
Unrealized gain on available-for-sale debt securities																		4,290						4,290
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual																										(4,105)
Issuance of common shares to settle liability		$ 3								(4,293)														(4,290)
Issuance of common shares to settle liability, shares		2,749				100
Payment of employee payroll taxes on restricted equity units										(84)														(84)
Conversion of Series A preferred stock to Class A common stock		$ (3)								3
Conversion of Series A preferred to Class A common, shares		(2,749)				9
Issuance of shares in connection with transactions closing post de-SPAC										5,153										133				5,286
Issuance of shares in connection with transactions closing post de-SPAC, shares						7
Reclass of distributions payable to noncontrolling interest holder																				(329)				(329)
Issuance of shares to settle liability assumed at de-SPAC										2,745														2,745
Issuance of shares to settle liability assumed at de-SPAC, shares						3
Non-cash dividend to related party										(110)														(110)
Share-based awards to related party employees										110														110
Conversion of Preferred Series C Unit Accounts to Class A common stock										3,884										(3,884)
Conversion of Preferred Series C Unit Accounts to Class A common stock, shares						5
Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return										6,942										(6,942)
Redemption of BCG Preferred Series B.2 Unit Accounts										(1,413)														(1,413)
Stock receivable on prepaid forward purchase														(20,038)										(20,038)
Reclass of BCH Preferred A.1 Unit Accounts from temporary to permanent equity																				699,441				699,441		(699,441)
Balance at Jun. 30, 2023						$ 2				1,583,248		(1,079,091)		(20,038)		(3,444)		14,190		786,080				1,280,947		251,052
Balance, shares at Jun. 30, 2023						2,376		239
Balance at Mar. 31, 2023						$ 2				1,579,742	[1]					(3,444)		9,900		142,213				1,728,413	[3]	950,493
Balance, shares at Mar. 31, 2023						2,252	[1]	239	[1]
Net income (loss)	[2]									(36,432)	[1]	(2,059,214)								(579,331)				(2,674,977)		16,793
Recognition of share-based compensation cost	[2]									39,103	[1]													39,103
Unrealized gain on available-for-sale debt securities	[2]										[1]							4,070						4,070
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual	[2]										[1]															(16,793)
Issuance of common shares to settle liability			[2]		[2]		[2]		[2]	5,251	[1],[2]		[2]		[2]		[2]		[2]		[2]	$ 38,700	$ 5,300	5,251	[2]		[2]
Issuance of common shares to settle liability, shares				27		98	[1]
Equity issuance costs	[2]									(1,895)	[1]													(1,895)
Payment of employee payroll taxes on restricted equity units	[2]									(116)	[1]													(116)
Conversion of Series A preferred stock to Class A common stock	[2]	$ (3)								3	[1]
Conversion of Series A preferred to Class A common, shares		(2,749)				9	[1]
Reclass of distributions payable to noncontrolling interest holder	[2]										[1]									(1,170)				(1,170)
Non-cash dividend to related party	[2]									(110)	[1]													(110)
Share-based awards to related party employees	[2]									110	[1]													110
Conversion of Preferred Series C Unit Accounts to Class A common stock	[2]					$ 1				205,758	[1]									(205,759)
Conversion of Preferred Series C Unit Accounts to Class A common stock, shares	[1]					551
Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return	[2]									6,942	[1]									(6,942)
Redemption of BCG Preferred Series B.2 Unit Accounts	[2]									(1,413)	[1]													(1,413)
Stock receivable on prepaid forward purchase	[2]										[1]			(20,038)										(20,038)
Reclass of BCH Preferred A.1 Unit Accounts from temporary to permanent equity	[2]										[1]									699,441				699,441		(699,441)
Issuance of common and preferred shares upon closing of de-SPAC merger transaction, net of issuance costs	[2]	$ 3								(4,293)	[1]													(4,290)
Issuance of common and preferred shares upon closing of de-SPAC transaction, net of issuance costs, shares		2,749				100	[1]
Issuance of shares in connection with recent financings	[2]									12,877	[1]									(3,060)				9,817
Issuance of shares in connection with recent financings, shares	[1]					92
Conversion of BCH Class S Ordinary to Class A common stock	[2]									3,884	[1]									(3,884)
Conversion of BCH Class S Ordinary to Class A common stock, shares	[1]					5
Reclassification of realized gain upon transfer from available-for-sale debt security to equity interest	[2]										[1]							(13,694)						(13,694)
Settlement of restricted stock units	[2]										[1]
Settlement of restricted stock units, shares	[1]					68
Issuance of Series B-1 preferred stock in connection with recent financings	[2]			$ 4						38,653	[1]									992				39,649
Issuance of Series B-1 preferred stock in connection with recent financings, shares				3,969
Distribution to noncontrolling interest	[2]										[1]									(269)				(269)
Conversion of Series B-1 preferred stock to Class A common stock	[2]			$ (4)						4	[1]
Conversion of Series B-1 preferred stock to Class A common stock, shares				(3,769)		173	[1]
Balance at Mar. 31, 2024						$ 3				1,848,068	[1]	(2,059,214)		(20,038)		(3,444)		276		42,231				(192,118)		251,052
Balance, shares at Mar. 31, 2024				227		3,348	[1]	239	[1]
Net income (loss)												47,667								(7,713)				39,954		4,356
Noncontrolling interest reclass																				(225)				(225)
Recognition of share-based compensation cost										994														994
Issuance of shares in connection with equity purchase agreement						$ 1				2,554														2,555
Issuance of shares (in shares)						449
Unrealized gain on available-for-sale debt securities																		(21)						(21)
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual																										(4,356)
Issuance of common shares to settle liability										914														914
Issuance of common shares to settle liability, shares						129
Equity issuance costs										(343)														(343)
Rounding adjustment in connection with reverse stock split
Rounding adjustment in connection with reverse stock split ( in shares)						80
Reclass of distributions payable to noncontrolling interest holder																				(225)
Balance at Jun. 30, 2024						$ 4				$ 1,852,187		$ (2,011,547)		$ (20,038)		$ (3,444)		$ 255		$ 34,293				$ (148,290)		$ 251,052
Balance, shares at Jun. 30, 2024				227		4,006		239

[1]Periods presented have been adjusted to reflect the 1-for-80 reverse stock split on April 18, 2024. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.[2]Retroactively adjusted the fiscal year ended March 31, 2023 for the de-SPAC merger transaction as described in Note 4.[3]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Cash flows used in operating activities:
Net loss	$ 44,310	$ (1,155,970)	$ (2,658,180)	$ (252,100)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	414	931	3,775	3,606
Net amortization of debt premium and discount (related party of $(1,849) and $(6,154))	38	(1,287)	(1,250)	(4,478)
Loss on extinguishment of debt, net			8,846
Loss on impairment of goodwill	3,394	1,096,305	2,354,320
Loss on arbitration			54,973
Loss on financial instruments, net (related party of $67,457 and $63,536)	1,183	3,461	104,521	51,421
Return on investments in alternative assets held by Customer ExAlt Trusts				12,409
Investment (income) loss, net	(11,028)	(500)	(4,791)	54,010
Non cash interest expense (related party of $9,463 and $324)	3,315	5,072	17,699	11,223
Non cash interest income	(12)	(108)	(446)	(359)
Non cash share-based compensation	994	27,001	39,103	10,085
Provision for credit losses	524		6,016	20,580
Provision for deferred taxes				(1,072)
Write-off of deferred financing costs for equity and fixed assets				1,653
Release of loss contingency related to arbitration award	(54,973)		(55,000)
Changes in assets and liabilities:
Changes in other assets	1,851	(1,102)	5,965	(13,013)
Changes in accounts payable and accrued expenses	(565)	12,031	8,628	11,236
Changes in other liabilities	(92)	256	2,605	(319)
Net cash used in operating activities	(10,647)	(13,910)	(58,216)	(95,118)
Cash flows from investing activities:
Return of investments in alternative assets held by Customer ExAlt Trusts	7,248	12,005	46,268	72,551
Purchase of investments in alternative assets held by Customer ExAlt Trusts	(192)	(256)	(1,420)	(2,589)
Purchase of premises and equipment	(664)	(523)	(1,759)	(2,077)
Proceeds from sale of put options by Ben			968
Proceeds from sale of public equity securities held by Customer ExAlt Trusts				2,583
Purchase of put options				(7,451)
Net cash provided by investing activities	6,392	11,226	44,057	63,017
Cash flows from financing activities:
Proceeds received from issuance of Class A common under equity purchase agreement	2,555		1,122
Proceeds from debt financings			25,000
Payments on Customer ExAlt Trust loan payable		(3,056)	(6,780)	(17,907)
Payment of deferred financing costs for debt			(1,585)
Payment of deferred financing costs for equity	(1,564)	(3,153)	(8,091)	(6,116)
Distribution to noncontrolling interest			(269)	(131)
Payment for prepaid forward purchase agreement			(20,038)
Payments on debt due to related parties				(750)
Payment of employee income taxes on restricted stock units and restricted equity units		(84)	(116)	(1,125)
Proceeds from de-SPAC merger		24,761	24,761
Payment for prepaid forward purchase agreement		(20,038)
Net cash (used in) provided by financing activities	991	(2,983)	12,591	(34,459)
Net decrease in cash, cash equivalents, and restricted cash	(3,264)	(5,667)	(1,568)	(66,560)
Cash, cash equivalents, and restricted cash at beginning of period	7,977	9,545	9,545	76,105
Cash, cash equivalents, and restricted cash at end of period	4,713	3,878	7,977	9,545
Preferred Series B Subclass 2 [Member]
Cash flows from financing activities:
Redemption of BCH Preferred Series A Subclass 1 Unit Accounts		$ (1,413)	(1,413)	(4,637)
Preferred Series A Subclass 1 [Member]
Cash flows from financing activities:
Redemption of BCH Preferred Series A Subclass 1 Unit Accounts				$ (3,793)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Net amortization of debt premium and discount	$ 38	$ (1,287)	$ (1,250)	$ (4,478)
Loss on financial instruments, net	(1,183)	(3,461)	(104,521)	(51,421)
Non cash interest expense	3,315	5,072	17,699	11,223
Loss on financial instruments, net	1,183	3,461	104,521	51,421
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Net amortization of debt premium and discount	38	(1,556)	(1,849)	(6,154)
Loss on financial instruments, net	(365)	(3,566)	(67,457)	(63,536)
Non cash interest expense	2,263	2,314	9,463	324
Loss on financial instruments, net	$ 365	$ 3,566	$ 67,457	$ 63,536

Overview of the Business

Overview of the Business	3 Months Ended	12 Months Ended
Overview of the Business	Jun. 30, 2024	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview of the Business	1. Overview of the Business Legal Structure Beneficient, a Nevada corporation, is a technology-enabled financial services holding company (including its subsidiaries, but excluding its noncontrolling interest holders, collectively, “Ben,” “our,” “the Company,” or “we”) that provides simple, rapid, cost-effective liquidity solutions and trust products and services to participants in the alternative assets industry through its end-to-end online platform, Ben AltAccess (as defined below). Prior to the conversion described below, Beneficient Management, L.L.C. (“Ben Management”), a Delaware limited liability company, was Ben’s general partner and Ben was controlled by, and the exclusive and complete authority to manage the operations and affairs of Ben was granted to, Ben Management’s Board of Directors. On June 6, 2023, the Company converted from a Delaware limited partnership to a Nevada corporation and changed its corporate name from “The Beneficient Company Group, L.P.” (“BCG”) to “Beneficient” (the “Conversion”). BCG, formerly known as Highland Consolidated Business Holdings, L.P., was formed on September 16, 2003. On June 6, 2023, following the BCG Recapitalization (as defined in Note 2) and the Conversion, the Company, as the sole member of Beneficient Company Group, L.L.C. (“Ben LLC”), adopted the First Amended and Restated Limited Liability Company Agreement of Ben LLC (the “Ben LLC A&R LLCA”). The Ben LLC A&R LLCA establishes managing member interests and non-managing members interests, referred to as the Class A Units of Ben LLC. Beneficient is designated as the sole managing member. In addition, certain additional amendments were made that principally focused on the management of Ben LLC by the managing member. After the adoption of the Ben LLC A&R LLCA, Beneficient contributed to Ben LLC all of the limited partnership interests and general partnership interests of Beneficient Company Holdings, L.P. (“BCH”) held by Beneficient (the “Contribution”), and Ben LLC became the general partner of BCH and the holder of 100 On June 7, 2023, in accordance with the Business Combination Agreement, dated September 21, 2022 and amended April 18, 2023, with Avalon Acquisition, Inc. (“Avalon”), (the “Business Combination Agreement,” and the transactions contemplated thereby, collectively, the “Business Combination”), the Company completed its previously announced de-SPAC merger transaction (the “Transaction”) with Avalon. On June 8, 2023, Beneficient began trading on the Nasdaq Global Market. See Note 4 for additional disclosures related to the Conversion and Transaction. BCH is a Delaware limited partnership formed on July 1, 2010. BCH is primarily a holding company that directly or indirectly receives all active and passive income of the Company and allocates that income among the partnership interests issued by BCH. As of June 30, 2024, BCH has issued and outstanding general partnership Subclass 1 Class A Units (“BCH Class A Units”), Class S Ordinary Units of BCH (the “BCH Class S Ordinary Units”), Class S Preferred Units of BCH (the “BCH Class S Preferred Units”), FLP Unit Accounts (Subclass 1, Subclass 2, and Subclass 3), Preferred Series A Subclass 0 Unit Accounts (“BCH Preferred A.0”), and Preferred Series A Subclass 1 Unit Accounts (“BCH Preferred A.1”). Business Overview Ben markets an array of liquidity solutions and related trustee, custody and trust administration services to participants in the alternative asset industry, with a focus on mid-to-high net worth (“MHNW”) individual investors (generally those with a net worth of $5.0 million to $30.0 million), small-to-midsize institutional (“STMI”) investors, family offices (“FAMOs”) and fund general partners and sponsors (“GPs” and together with MHNW individuals, STMI investors and FAMOs, “Customers”). Ben provides Customers seeking an early exit from their alternative asset investments a suite of bespoke liquidity solutions for their otherwise illiquid alternative asset investments through a proprietary financing and trust structure, which we implement for our customers (we refer to such trusts collectively as the “Customer ExAlt Trusts”). We plan to offer comprehensive alternative asset trust and custody services, and novel insurance products covering risks attendant to owning, managing and transferring alternative assets, and additional broker-dealer services in connection with our liquidity products and services. Ben’s primary operations, which commenced on September 1, 2017, relate to its liquidity and trust administration products and services. Ben offers or plans to offer its products and services through its operating subsidiaries, which include: (i) Ben AltAccess, L.L.C., a Delaware limited liability company (“Ben AltAccess”), which offers an online platform designed to provide a digital experience for Customers seeking liquidity, custody, trust and data services for their alternative assets, (ii) Ben Liquidity, L.L.C., a Delaware limited liability company, and its subsidiaries (collectively, “Ben Liquidity”), which offers liquidity products, (iii) Ben Custody, L.L.C., a Delaware limited liability company, and its subsidiaries (collectively, “Ben Custody”), which provides services for private fund, trustee, and trust administration, (iv) Ben Data, L.L.C., a Delaware limited liability company (“Ben Data”), which provides data analytics and evaluation services, (v) Ben Markets L.L.C., including its subsidiaries (“Ben Markets”), was recently launched and intends to provide broker-dealer services and transfer agency services in connection with offering Ben’s products and services, and (vi) Ben Insurance, L.L.C., including its subsidiaries (“Ben Insurance Services”), which intends to offer insurance products and services covering risks attendant to owning, managing and transferring alternative assets. Ben serves as trustee of certain of the Customer ExAlt Trusts, which operate for the benefit of the Charities (defined below) and Economic Growth Zones (defined below). Ben Liquidity offers simple, rapid and cost-effective liquidity products to its Customers through the use of the Customer ExAlt Trusts, which facilitate the exchange of a Customer’s alternative assets for consideration using a proprietary financing and trust structure (such structure and related process, the “ExAlt PlanTM”). In ExAlt PlanTM financings, a subsidiary of Ben Liquidity, Beneficient Fiduciary Financial, L.L.C. (“BFF”), a Kansas based trust company that provides fiduciary financing to fidfin trusts, makes fiduciary loans (each, an “ExAlt Loan”) to certain of the Customer ExAlt Trusts, which in turn employ a portion of the loan proceeds to acquire and deliver agreed upon consideration to the Customer, in exchange for their alternative assets. BFF is registered as a chartered Kansas Technology Enabled Fiduciary Financial Institution (“TEFFI”) under the Technology-Enabled Fiduciary Financial Institution Act (the “TEFFI Act”) and regulated by the Kansas Office of the State Bank Commissioner (“OSBC”). Only BFF, our subsidiary, is regulated by the OSBC. The OSBC does not regulate the entirety of Ben. Ben Liquidity generates interest and fee income earned in connection with the ExAlt Loans, which are collateralized by a portion of the cash flows from the exchanged alternative assets, then owned by Customer ExAlt Trusts (the “Collateral”). The ExAlt Loans are eliminated upon consolidation of the Customer ExAlt Trusts solely for financial reporting purposes. Under the applicable trust and other agreements, certain Texas and Kansas charities are the ultimate beneficiaries of the Customer ExAlt Trusts (which we refer to as “Charities” or “Economic Growth Zones” respectively, and collectively, the “Charitable Beneficiaries”), and their interests are reported as noncontrolling interests in our consolidated financial statements. The TEFFI Act requires that two and a half percent ( 2.5 0.025 1.00 0.05 0.95 Ben Custody currently provides full-service trust and custody administration services to the trustees (including BFF) of certain of the Customer ExAlt Trusts, which own the exchanged alternative assets following liquidity transactions in exchange for fees payable quarterly. The Customer ExAlt Trusts’ earnings on its alternative assets supports the repayment of the ExAlt Loans plus any related interest and fees. Since Ben consolidates the Customer ExAlt Trusts, Ben Liquidity’s ExAlt Loans and related interest and fee income and provision for credit losses and Ben Custody’s fee income are eliminated in the presentation of our consolidated financial statements solely for financial reporting purposes; however, such amounts directly impact the allocation of income (loss) to Ben’s or BCH’s equity holders. Likewise, the amounts expensed by the Customer ExAlt Trusts for interest and fees owed to Ben’s operating subsidiaries are eliminated in the presentation of our consolidated financial statements, but are recognized for purposes of the allocation of income (loss) to the beneficial owners of the Customer ExAlt Trusts. Refer to Note 3 for additional information. Ben’s existing and planned products and services are designed to be delivered digitally and provide liquidity, trust and custody solutions, data analytics and news, support the tax and estate planning objectives of its Customers, facilitate asset diversification and provide administrative management and reporting solutions tailored to the goals of investors of alternative investments. While Ben’s financial products and services are presently offered through Ben Liquidity and Ben Custody, Ben plans to expand its capabilities under Ben Custody and provide additional products and services through Ben Insurance Services and Ben Markets in the future. Ben Insurance Services, through two subsidiaries, PEN Indemnity Insurance Company, Ltd. (“PEN”), which has been chartered as a Bermuda based insurance company, and Beneficient Insurance Company, L.L.C. (“BIC”), an entity through which the Company has applied to become a Kansas captive property and casualty insurer, plans to offer to affiliated Customer ExAlt Trusts certain customized insurance products and services covering risks relating to owning, managing and transferring alternative assets. Ben Markets, through one of its subsidiaries, Ben Markets Management Holdings, L.P., received regulatory approval to acquire, and subsequently acquired, a captive registered broker-dealer, Beneficient Securities Company, L.P., an entity that will conduct its activities attendant to offering a suite of products and services from the Ben family of companies. Ben Markets, through another of its subsidiaries, Beneficient Transfer & Clearing Company, L.L.C., also received regulatory approval from the SEC on June 24, 2022 to operate as a registered transfer agent with respect to its securities, and intends to provide various services for customers transacting with Ben, including the Customer ExAlt Trusts. As discussed further in Note 3, certain of our operating subsidiary products and services involve or are offered to certain of the Customer ExAlt Trusts, which are consolidated subsidiaries of Ben solely for financial reporting purposes, and therefore transactions between our operating subsidiaries and the Customer ExAlt Trusts are eliminated in the presentation of our consolidated financial statements. Liquidity and Going Concern As of June 30, 2024, we had unrestricted cash and cash equivalents of $ 4.4 While we generated net income of 44.3 for the three months ended June 30, 2024, we have historically generated net losses and, in aggregate, these net losses have resulted in an accumulated deficit of 2.0 as of June 30, 2024 $ 1.7 We expect that the Company will require additional capital by issuing additional debt or equity to satisfy our obligations and fund our operations for the next twelve months. Also, we intend to potentially refinance some or all of the existing borrowings, including approximately $ 23.5 On June 27, 2023, we entered into the SEPA, whereby we have the right, but not the obligation, to sell to Yorkville up to $ 250.0 246.1 As more fully described in Note 8, on October 19, 2023, we entered into a three-year 25.0 4.0 1,325,382 2.63 2.0 662,691 Ben may not be able to refinance our indebtedness or obtain additional financing on terms favorable to the Company, or at all. To the extent that Ben or its subsidiaries raise additional capital through the future sale of equity or debt, the ownership interest of our existing equity holders may be diluted. The terms of these future equity or debt securities may include liquidation or other preferences that adversely affect the rights of our existing equity unitholders or involve negative covenants that restrict Ben’s ability to take specific actions, such as incurring additional debt or making additional investments in growing the operations of the Company. If Ben defaults on these borrowings, then the Company will be required to either (i) sell participation or other interests in our loans or other of our assets, or (ii) to raise additional capital through the sale of equity and the ownership interest of our equity holders may be diluted. We will utilize our cash flows toward our contractual obligations, to invest in our business, including new product initiatives and growth strategies, including any potential acquisitions, and, if determined by our Board, to pay dividends to our equity holders, including guaranteed payments on certain of BCH’s preferred equity securities, and to fund tax distributions for certain noncontrolling interest holders. Our ability to fund these capital needs will depend on our ongoing ability to generate cash from operations and via the capital markets. While we have concluded that there is substantial doubt about our ability to continue as a going concern, our financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty related to the Company’s ability to continue as a going concern. Reverse Stock Split In April 2024, the Company’s stockholders approved a reverse stock split of its Common Stock at a range of ratios between 1-for-10 to 1-for-100, and the Company’s board of directors approved the implementation of the reverse stock split at a ratio of 1-for-80 (the “Reverse Stock Split”). The Reverse Stock Split was effective as of April 18, 2024, and the Company regained compliance with the minimum bid price requirement in May 2024. As of the effective time of the Reverse Stock Split, every 80 issued and outstanding shares of the Company’s Common Stock was automatically reclassified into one issued and outstanding share of the Company’s Common Stock, with no change in the par value per share. No fractional shares of Common Stock were issued in connection with the Reverse Stock Split and all fractional shares were rounded up to the nearest whole share with respect to outstanding shares of common stock. All share and per share amounts of the Company’s Class A and Class B common stock presented in this Quarterly Report on Form 10-Q have been retroactively adjusted to reflect the 1-for-80 Reverse Stock Split, including reclassifying an amount equal to the reduction in par value of Common Stock to additional paid-in capital. Amendments to Organizational Documents In connection with the Reverse Stock Split, on April 11, 2024, the Company, in its capacity as the sole managing member and the sole non-managing member of Beneficient Company Group, L.L.C. (“Ben LLC”), entered into and adopted the Second Amended and Restated Limited Liability Company Agreement of Beneficient Company Group, L.L.C. (the “Ben LLC A&R LLCA”), which became effective on April 18, 2024, simultaneously with the effectiveness of the Reverse Stock Split. The Ben LLC A&R LLCA provides that, among other things, in the event that the Company at any time (i) subdivides (by any stock split, dividend, recapitalization or otherwise), the outstanding shares of the Class A common stock (and Class B common stock, as applicable) of the Company into a greater number of shares, Ben LLC shall (A) cause the issuance of additional Class A Units of Ben LLC (the “Ben LLC Class A Units”) and (B) cause Beneficient Company Holdings, L.P. (“BCH”) to issue additional Class A Units of BCH (the “BCH Class A Units”) (and such other limited partner interests, if any, as determined by Ben LLC in its capacity as general partner of BCH to be appropriate), in both cases to reflect the increase in the number of shares of Common Stock of the Company outstanding, and (ii) combines (by combination, reverse split or otherwise) the outstanding shares of Class A common stock (and Class B common stock, as applicable) of the Company into a smaller number of shares, Ben LLC shall (A) cause a reduction in the number of Ben LLC Class A Units outstanding and (B) cause BCH to reduce the number of BCH Class A Units (and such other limited partner interests, if any, as determined by Ben LLC in its capacity as the general partner of BCH to be appropriate), in both cases to reflect the decrease in the number of shares of Common Stock of the Company outstanding. Also in connection with the Reverse Stock Split, on April 11, 2024, Ben LLC, in its capacity as the sole general partner of BCH, entered into and adopted the Ninth Amended and Restated Limited Partnership Agreement of BCH (the “Ninth A&R BCH LPA”), which became effective on April 18, 2024, simultaneously with the effectiveness of the Reverse Stock Split. The Ninth A&R BCH LPA provides for, among other things, (i) the combination of certain units of BCH in connection with the Reverse Stock Split and the corresponding reverse unit split of the Ben LLC Class A Units as well as amendments to the definition of the Preferred Series A Subclass 0 Unit Conversion Price and Preferred Series A Subclass 1 Unit Conversion Price (each as defined in the Ninth A&R BCH LPA) and (ii) remove references to the previously authorized Preferred Series C Subclass 1 Unit Accounts (as defined in the Ninth A&R BCH LPA), which are no longer outstanding. Operating Cost Reduction Plan On July 11, 2023, Beneficient’s board of directors (the “Board”) approved certain measures to reduce the operating expenses of the Company with a view toward focusing resources on areas of current business needs. As part of this plan, we commenced the furlough of approximately 30 20 Effective November 3, 2023, the Board approved additional measures to reduce the operating expenses of the Company, including the termination of the previously furloughed employees and the layoff of an additional 15 10	1. Overview of the Business Legal Structure Beneficient, a Nevada corporation, is a technology-enabled financial services holding company (including its subsidiaries, but excluding its noncontrolling interest holders, collectively, “Ben,” “our,” “the Company,” or “we”) that provides simple, rapid, cost-effective liquidity solutions and trust products and services to participants in the alternative assets industry through its end-to-end online platform, Ben AltAccess (as defined below). Prior to the conversion described below, Beneficient Management, L.L.C. (“Ben Management”), a Delaware limited liability company, was Ben’s general partner and Ben was controlled by, and the exclusive and complete authority to manage the operations and affairs of Ben was granted to, Ben Management’s Board of Directors. On June 6, 2023, the Company converted from a Delaware limited partnership to a Nevada corporation and changed its corporate name from “The Beneficient Company Group, L.P.” (“BCG”) to “Beneficient” (the “Conversion”). BCG, formerly known as Highland Consolidated Business Holdings, L.P., was formed on September 16, 2003. On June 6, 2023, following the BCG Recapitalization (as defined in Note 4) and the Conversion, the Company, as the sole member of Beneficient Company Group, L.L.C. (“Ben LLC”), adopted the First Amended and Restated Limited Liability Company Agreement of Ben LLC (the “Ben LLC A&R LLCA”). The Ben LLC A&R LLCA establishes managing member interests and non-managing members interests, referred to as the Class A Units of Ben LLC. Beneficient is designated as the sole managing member. In addition, certain additional amendments were made that principally focused on the management of Ben LLC by the managing member. After the adoption of the Ben LLC A&R LLCA, Beneficient contributed to Ben LLC all of the limited partnership interests and general partnership interests of Beneficient Company Holdings, L.P. (“BCH”) held by Beneficient (the “Contribution”), and Ben LLC became the general partner of BCH and the holder of 100 On June 7, 2023, in accordance with the Business Combination Agreement, dated September 21, 2022 and amended April 18, 2023, with Avalon Acquisition, Inc. (“Avalon”), (the “Business Combination Agreement,” and the transactions contemplated thereby, collectively, the “Business Combination”), the Company completed its previously announced de-SPAC merger transaction (the “Transaction”) with Avalon. On June 8, 2023, Beneficient began trading on the Nasdaq Global Market. See Note 4 for additional disclosures related to the Conversion and Transaction. BCH is a Delaware limited partnership formed on July 1, 2010. BCH is primarily a holding company that directly or indirectly receives all active and passive income of the Company and allocates that income among the partnership interests issued by BCH. As of March 31, 2024, BCH has issued and outstanding general partnership Subclass 1 Class A Units (“BCH Class A Units”), Class S Ordinary Units of BCH (the “BCH Class S Ordinary Units”), Class S Preferred Units of BCH (the “BCH Class S Preferred Units”), FLP Unit Accounts (Subclass 1, Subclass 2, and Subclass 3), Preferred Series A Subclass 0 Unit Accounts (“BCH Preferred A.0”), and Preferred Series A Subclass 1 Unit Accounts (“BCH Preferred A.1”). Business Overview Ben markets an array of liquidity, trustee, and trust administration products and services to alternative asset investors primarily comprised of mid-to-high net worth (“MHNW”) individual investors (generally those with a net worth of $5.0 million to $30.0 million), small-to-midsize institutional (“STMI”) investors, family offices (“FAMOs”) and fund general partners and sponsors (“GPs” and together with MHNW individuals, STMI investors and FAMOs, “Customers”). Ben provides Customers seeking an early exit from their alternative asset investments a suite of bespoke liquidity solutions for their otherwise illiquid alternative asset investments through a proprietary financing and trust structure, which we implement for our customers (we refer to such trusts collectively as the “Customer ExAlt Trusts”). We plan to offer comprehensive alternative asset trust and custody services, and novel insurance products covering risks attendant to owning, managing and transferring alternative assets, and additional broker-dealer services in connection with our liquidity products and services. Ben’s primary operations, which commenced on September 1, 2017, relate to its liquidity and trust administration products and services. Ben offers or plans to offer its products and services through its operating subsidiaries, which include: (i) Ben AltAccess, L.L.C., a Delaware limited liability company (“Ben AltAccess”), which offers an online platform designed to provide a digital experience for Customers seeking liquidity, custody, trust and data services for their alternative assets, (ii) Ben Liquidity, L.L.C., a Delaware limited liability company, and its subsidiaries (collectively, “Ben Liquidity”), which offers liquidity products; (iii) Ben Custody, L.L.C., a Delaware limited liability company, and its subsidiaries (collectively, “Ben Custody”), which provides services for private fund, trustee, and trust administration; (iv) Ben Data, L.L.C., a Delaware limited liability company (“Ben Data”), which provides data analytics and evaluation services, (v) Ben Markets L.L.C., including its subsidiaries (“Ben Markets”), was recently launched and intends to provide broker-dealer services and transfer agency services in connection with offering Ben’s products and services; and (vi) Ben Insurance, L.L.C., including its subsidiaries (“Ben Insurance Services”), which intends to offer insurance products and services covering risks attendant to owning, managing and transferring alternative assets. Ben serves as trustee of certain of the Customer ExAlt Trusts, which operate for the benefit of the Charities (defined below) and Economic Growth Zones (defined below). Ben Liquidity offers simple, rapid and cost-effective liquidity products to its Customers through the use of the Customer ExAlt Trusts, which facilitate the exchange of a Customer’s alternative assets for consideration using a proprietary financing and trust structure (such structure and related process, the “ExAlt PlanTM”). In ExAlt PlanTM financings, a subsidiary of Ben Liquidity, Beneficient Fiduciary Financial, L.L.C. (“BFF”), a Kansas based trust company that provides fiduciary financing to fidfin trusts, makes fiduciary loans (each, an “ExAlt Loan”) to certain of the Customer ExAlt Trusts, which in turn employ a portion of the loan proceeds to acquire and deliver agreed upon consideration to the Customer, in exchange for their alternative assets. BFF is registered as a chartered Kansas Technology Enabled Fiduciary Financial Institution (“TEFFI”) under the Technology-Enabled Fiduciary Financial Institution Act (the “TEFFI Act”) and regulated by the Kansas Office of the State Bank Commissioner (“OSBC”). Only BFF, our subsidiary, is regulated by the OSBC. The OSBC does not regulate the entirety of Ben. Ben Liquidity generates interest and fee income earned in connection with the ExAlt Loans, which are collateralized by a portion of the cash flows from the exchanged alternative assets, then owned by Customer ExAlt Trusts (the “Collateral”). The ExAlt Loans are eliminated upon consolidation of the Customer ExAlt Trusts solely for financial reporting purposes. Under the applicable trust and other agreements, certain Texas and Kansas charities are the ultimate beneficiaries of the Customer ExAlt Trusts (which we refer to as “Charities” or “Economic Growth Zones” respectively, and collectively, the “Charitable Beneficiaries”), and their interests are reported as noncontrolling interests in our consolidated financial statements. The TEFFI Act requires that two and a half percent ( 2.5 0.025 1.00 0.05 0.95 Ben Custody currently provides full-service trust and custody administration services to the trustees (including BFF) of certain of the Customer ExAlt Trusts, which own the exchanged alternative assets following liquidity transactions in exchange for fees payable quarterly. The Customer ExAlt Trusts’ earnings on its alternative assets supports the repayment of the ExAlt Loans plus any related interest and fees. Since Ben consolidates the Customer ExAlt Trusts, Ben Liquidity’s ExAlt Loans and related interest and fee income and provision for credit losses and Ben Custody’s fee income are eliminated in the presentation of our consolidated financial statements solely for financial reporting purposes; however, such amounts directly impact the allocation of income (loss) to Ben’s or BCH’s equity holders. Likewise, the amounts expensed by the Customer ExAlt Trusts for interest and fees owed to Ben’s operating subsidiaries are eliminated in the presentation of our consolidated financial statements, but are recognized for purposes of the allocation of income (loss) to the beneficial owners of the Customer ExAlt Trusts. Refer to Note 3 for additional information. Ben’s existing and planned products and services are designed to be delivered digitally and provide liquidity, trust and custody solutions, data analytics and news, support the tax and estate planning objectives of its Customers, facilitate asset diversification and provide administrative management and reporting solutions tailored to the goals of investors of alternative investments. While Ben’s financial products and services are presently offered through Ben Liquidity and Ben Custody, Ben plans to expand its capabilities under Ben Custody and provide additional products and services through Ben Insurance Services and Ben Markets in the future. Ben Insurance Services, through two subsidiaries, PEN Indemnity Insurance Company, Ltd. (“PEN”), which has been chartered as a Bermuda based insurance company, and Beneficient Insurance Company, L.L.C. (“BIC”), an entity through which the Company has applied to become a Kansas captive property and casualty insurer, plans to offer to affiliated Customer ExAlt Trusts certain customized insurance products and services covering risks relating to owning, managing and transferring alternative assets. Ben Markets, through one of its subsidiaries, Ben Markets Management Holdings, L.P., received regulatory approval to acquire, and subsequently acquired, a captive registered broker-dealer, Beneficient Securities Company, L.P., an entity that will conduct its activities attendant to offering a suite of products and services from the Ben family of companies. Ben Markets, through another of its subsidiaries, Beneficient Transfer & Clearing Company, L.L.C., also received regulatory approval from the SEC on June 24, 2022 to operate as a registered transfer agent with respect to its securities, and intends to provide various services for customers transacting with Ben, including the Customer ExAlt Trusts. As discussed further in Note 3, certain of our operating subsidiary products and services involve or are offered to certain of the Customer ExAlt Trusts, which are consolidated subsidiaries of Ben solely for financial reporting purposes, and therefore transactions between our operating subsidiaries and the Customer ExAlt Trusts are eliminated in the presentation of our consolidated financial statements. Regulatory Developments PEN has been registered and licensed as a Class 3 insurer under the Bermuda Insurance Act of 1978, and Ben plans to seek approval from the Bermuda authorities for PEN to become operational. Pending approval from the Bermuda authorities, if approval is sought, PEN would write primary and re-insurance policies consistent with policies that would be underwritten domestically by BIC and fiduciary liability policies for managers and investors in alternative asset funds to cover losses from contractual indemnification and exculpation provisions arising under the governing documents of such funds. On December 9, 2022, BIC submitted an application, which remains under review by the Kansas Insurance Department, to become a Kansas captive property and casualty insurer. On March 28, 2022, a subsidiary of Ben Markets completed its 100% acquisition of MHT Securities, L.P. (“MHT Securities”), for $ 0.3 Liquidity and Going Concern The Company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of March 31, 2024, we had unrestricted cash and cash equivalents of $ 7.9 2.7 252.1 2.1 55 6.4 We expect that the Company will require additional capital by issuing additional debt or equity to satisfy our obligations and fund our operations for the next twelve months, especially in light of the $ 55 23.4 On June 27, 2023, we entered into a Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, Ltd. (“Yorkville”), whereby we have the right, but not the obligation, to sell to Yorkville up to $ 250.0 246.3 As more fully described in Note 11, on October 19, 2023, we entered into a three-year 25.0 Ben may not be able to refinance our indebtedness or obtain additional financing on terms favorable to the Company, or at all. To the extent that Ben or its subsidiaries raise additional capital through the future sale of equity or debt, the ownership interest of our existing equity holders may be diluted. The terms of these future equity or debt securities may include liquidation or other preferences that adversely affect the rights of our existing equity unitholders or involve negative covenants that restrict Ben’s ability to take specific actions, such as incurring additional debt or making additional investments in growing the operations of the Company. If Ben defaults on these borrowings, then the Company will be required to either (i) sell participation or other interests in our loans or other of our assets, or (ii) to raise additional capital through the sale of equity and the ownership interest of our equity holders may be diluted. We will utilize our cash flows toward our contractual obligations, to invest in our business, including new product initiatives and growth strategies, including any potential acquisitions, and, if determined by our Board, to pay dividends to our equity holders, including guaranteed payments on certain of BCH’s preferred equity securities, and to fund tax distributions for certain noncontrolling interest holders. Our ability to fund these capital needs will depend on our ongoing ability to generate cash from operations and via the capital markets. While we have concluded that there is substantial doubt about our ability to continue as a going concern, our financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty related to the Company’s ability to continue as a going concern. Operating Cost Reduction Plan On July 11, 2023, Beneficient’s board of directors (the “Board”) approved certain measures to reduce the operating expenses of the Company with a view toward focusing resources on areas of current business needs. As part of this plan, we commenced the furlough of approximately 30 20 Effective November 3, 2023, the Board approved additional measures to reduce the operating expenses of the Company, including the termination of the previously furloughed employees and the layoff of an additional 15 10

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended	12 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements of Ben are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a going concern basis, and include the accounts of Ben, its wholly-owned and majority-owned subsidiaries and, certain variable interest entities (“VIEs”), in which the Company is the primary beneficiary. An enterprise is determined to be the primary beneficiary of a VIE if it holds a controlling financial interest consistent with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation The Customer ExAlt Trusts are considered VIEs for which Ben has a variable interest and is considered the primary beneficiary. Thus, Ben is required to consolidate all of the Customer ExAlt Trusts. The entities in which the Customer ExAlt Trusts hold an ownership interest are investment companies (i.e., funds) under ASC 946, Financial Services — Investment Companies All intercompany accounts and transactions have been eliminated in consolidation, and the portion of income allocated to owners other than the Company is included in “net income (loss) attributable to noncontrolling interests” in the consolidated statements of comprehensive income (loss). With the consolidation of the Customer ExAlt Trusts, interest and fee income and any related receivable charged by Ben Liquidity and Ben Custody to the Customer ExAlt Trusts are eliminated in the presentation of our consolidated financial statements. While these amounts are eliminated solely for financial reporting purposes, such amounts are earned by Ben Liquidity and/or Ben Custody from the Customer ExAlt Trusts and directly impact the income (loss) allocable to Ben’s and BCH’s equity holders as further discussed in Note 3. The accompanying unaudited interim consolidated financial statements of the Company do not contain the detail or footnote disclosure concerning accounting policies and other matters that would be included in full fiscal year consolidated financial statements; therefore, they should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report. In the opinion of management, all material adjustments, consisting of normal and recurring adjustments, have been made that were considered necessary to present fairly the financial condition, results of operations and cash flows at the interim date and for the interim periods presented. Operating results for the interim periods disclosed herein are not necessarily indicative of results that may be expected for a full year. Reverse Stock Split Following stockholder approval on April 18, 2024, the Company effected a reverse stock split of our Common Stock at a ratio of 1-for-80 and a simultaneous proportionate reduction in the authorized shares of each class of Common Stock as required by Nevada Revised Statues Section 78.207. The Reverse Stock Split was effective as of April 18, 2024. Proportional adjustments were made to the number of shares of common stock issuable upon exercise or conversion of the Company’s equity award, warrants, and other equity instruments convertible into common stock, as well as the applicable exercise price. All share and per share amounts of our Class A and Class B common stock presented have been retroactively adjusted to reflect the Reverse Stock Split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid in capital. Initial Recapitalization and Common Unit Conversion On June 6, 2023, immediately prior to the Conversion, BCG was recapitalized, as further described in Note 4. For the periods prior to the closing, the number of outstanding units, weighted average number of outstanding units, loss per common unit, equity-based compensation and other financial amounts previously expressed on the basis of common units have been retroactively adjusted on the basis of Common Stock reflecting the common unit conversion ratio, as described above. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions are based on information available as of the date of the consolidated financial statements and could differ from actual results. Material estimates that are particularly susceptible to change in the near term relate to the fair value determination of investments in alternative assets held by the Customer ExAlt Trusts, determination of the allowance for credit losses as an input to the allocation of income (loss) to Ben’s or BCH’s equity holders, the allocation of income (loss) to Ben’s and BCH’s equity holders, evaluation of potential loss contingencies principally related to ongoing legal matters, and evaluation of potential impairment of goodwill and other intangibles. Significant accounting policies are detailed in Note 2 to the consolidated financial statements included in the Company’s Annual Report. Other than new policies related to the adoption of ASU 2016-13 (as defined below and described in Note 3) and those below, there are no new or revised significant accounting policies as of June 30, 2024. Warrant Liability The Company accounts for its outstanding warrants, which are principally comprised of those assumed in the Transaction (as described in Note 4), in accordance with the guidance contained in ASC 815, Derivatives and Hedging Schedule of Reconciliation of Provision for Credit Loss Income Taxes On June 6, 2023, The Beneficient Company Group, L.P. changed both its regulatory and tax status from a Delaware Limited Partnership to a Nevada Corporation and changed its name from The Beneficient Company Group, L.P. to Beneficient. Beneficient made a tax election to be treated as a corporation for US tax purposes effective as of this date. As a result of this tax election, Beneficient records current tax liabilities or assets through charges or credits to the current tax provision for the estimated taxes payable or refundable for the current year. Deferred tax assets and liabilities are recorded for future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A deferred tax valuation allowance is established if it is more likely than not that all or a portion of the deferred tax assets will not be realized. A tax position that fails to meet a more-likely-than-not recognition threshold will result in either reduction of current or deferred tax assets, and/or recording of current or deferred tax liabilities. Interest and penalties related to income taxes are recorded in the other expense line item of the consolidated statements of comprehensive income (loss). Prior to the restructuring that resulted in Beneficient becoming a corporation, Beneficient was taxed as a Delaware Limited Partnership. In the event the subsequent entity, Beneficient a corporation, is audited by the taxing authority and assessed additional amounts due to the underpayment of tax in previous tax years, management intends to make the push-out election allowed by the U.S. Treasury Department. That election allows Beneficient to notify its partners of their share of imputed underpayment amounts for inclusion in their current tax returns. Accounting Standards Not Yet Adopted ASU 2023-07, Segment Reporting ASU 2023-09, Income Taxes ASU 2020-04, Reference Rate Reform Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848	2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements of Ben are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a going concern basis, and include the accounts of Ben, its wholly-owned and majority-owned subsidiaries and, certain variable interest entities (“VIEs”), in which the Company is the primary beneficiary. An enterprise is determined to be the primary beneficiary of a VIE if it holds a controlling financial interest consistent with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation The Customer ExAlt Trusts are considered VIEs for which Ben has a variable interest and is considered the primary beneficiary. Thus, Ben is required to consolidate all of the Customer ExAlt Trusts. The entities in which the Customer ExAlt Trusts hold an ownership interest are investment companies (i.e., funds) under ASC 946, Financial Services — Investment Companies All intercompany accounts and transactions have been eliminated in consolidation, and the portion of income allocated to owners other than the Company is included in “net income (loss) attributable to noncontrolling interests” in the consolidated statements of comprehensive income (loss). With the consolidation of the Customer ExAlt Trusts, interest and fees income and any related receivable charged by Ben Liquidity and Ben Custody to the Customer ExAlt Trusts are eliminated in the presentation of our consolidated financial statements. While these amounts are eliminated solely for financial reporting purposes, such amounts are earned by Ben Liquidity and/or Ben Custody from the Customer ExAlt Trusts and directly impact the income (loss) allocable to Ben’s and BCH’s equity holders as further discussed in Note 3. Reverse Stock Split Following stockholder approval on April 18, 2024, the Company effected a reverse stock split of our Class A and Class B common stock at a ratio of 1-for-80 and a simultaneous proportionate reduction in the authorized shares of each class of Common Stock as required by Nevada Revised Statues Section 78.207 (the “Reverse Stock Split”). The Reverse Stock Split was effective as of April 18, 2024 (see Note 22). Proportional adjustments were made to the number of shares of common stock issuable upon exercise or conversion of the Company’s equity award, warrants, and other equity instruments convertible into common stock, as well as the applicable exercise price. All share and per share amounts of our Class A and Class B common stock presented have been retroactively adjusted to reflect the Reverse Stock Split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid in capital. Initial Recapitalization and Common Unit Conversion On June 6, 2023, immediately prior to the Conversion, BCG was recapitalized, as further described in Note 4. For the periods prior to the closing, the number of outstanding units, weighted average number of outstanding units, loss per common unit, equity-based compensation and other financial amounts previously expressed on the basis of common units have been retroactively adjusted on the basis of Common Stock reflecting the common unit conversion ratio, as described above. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions are based on information available as of the date of the consolidated financial statements and could differ from actual results. Material estimates that are particularly susceptible to change in the near term relate to the fair value determination of investments in alternative assets held by the Customer ExAlt Trusts, determination of the allowance for credit losses as an input to the allocation of income (loss) to Ben’s or BCH’s equity holders, the allocation of income (loss) to Ben’s and BCH’s equity holders, evaluation of potential loss contingencies principally related to ongoing legal matters, and evaluation of potential impairment of goodwill and other intangibles. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents represent cash held in banks or money market funds with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in interest and dividend income in the consolidated statements of comprehensive income (loss). Under the terms of certain of the ExAlt PlanTM trust agreements, certain trusts are required to maintain capital call reserves and administration reserves. These reserves are used to satisfy capital call obligations and pay fees and expenses for the trusts as required. The fees and expenses are primarily paid to Ben for serving as the administrative agent to the current trustees of certain Customer ExAlt Trusts. These reserves represent cash held in banks and are classified as restricted cash on the consolidated statements of financial condition. Refer to Note 21 for the reconciliation of cash, cash equivalents and restricted cash on our consolidated statements of cash flows. Investments, at Fair Value Investments held by Ben or held by the Customer ExAlt Trusts include investments in alternative assets, investments in public equity and debt securities, investments in private equity securities and other interests, and put options. ● Investments in Alternative Assets Investments in alternative assets represent the ownership interests in alternative assets and, along with other investments held by the Customer ExAlt Trusts, constitute the source of Collateral for the ExAlt Loans. These investments are predominantly private equity funds and are held by the Customer ExAlt Trusts, either through direct ownership or a beneficial interest. ASC Topic 820, Fair Value Measurement When a distribution is received, it is generally recorded as a reduction to the carrying value of that investment. Likewise, when a contribution is made, it is recorded as an increase to the carrying value of that investment. When our ownership percentage of an investment is less than three to five percent, the distribution is considered a return of investment and is classified on our consolidated statement of cash flows as a cash inflow from investing activities in accordance with ASC Topic 321, Investments — Equity Securities. Investments — Equity Method and Joint Ventures ● Investments in Public Equity Securities and Options Investments in public equity securities and options primarily represent common stock ownership in public companies (including GWG Holdings for periods prior to August 1, 2023) and investments made by Ben in put options, all of which are carried at fair value. Fair value is determined using quoted market prices. Any realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss). ● Investments in Debt Securities Investments in debt securities represent ownership in privately held debt securities. Prior to August 1, 2023, investments in debt securities also included ownership in corporate debt securities, specifically, L Bonds of GWG Holdings (“L Bonds”) held by certain of the Customer ExAlt Trusts. Upon the effectiveness of GWG Holdings’ plan of reorganization on August 1, 2023, the investments in L Bonds converted to equity interests in the GWG Wind Down Trust, which are reflected in “other equity securities and interests.” These investments are classified and accounted for as available-for-sale (“AFS”) securities and are reported at fair value with unrealized gains and losses presented as a separate component of equity in the accumulated other comprehensive income line item. The Company follows ASC 326 to assess whether an investment in debt securities is impaired in each reporting period. An investment in debt securities is impaired if the fair value of the investment is less than its amortized cost. If the Company intends to sell the debt security (that is, it has decided to sell the security), a credit loss is considered to have occurred. If the Company more likely than not will be required to sell the security before recovery of its amortized cost basis or it otherwise does not expect to recover the entire amortized cost basis of the security, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive income for available-for-sale securities. The Company considers the expected cash flows from the investment based on reasonable and supportable forecasts as well as several other factors to estimate whether a credit loss exists. If the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the credit loss is recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. During the years ended March 31, 2024 and 2023, the Company recognized a credit loss on its investment in debt securities of nil and $12.6 million, respectively. Prior period credit losses substantially resulted from the Company’s investment in GWG Holdings’ L Bonds. The impairment is recorded in the provision for credit losses line item on the consolidated statements of comprehensive income (loss). ● Investments in Other Equity Securities and Interests Ben and certain of the Customer ExAlt Trusts hold investments in equity securities of private companies with a readily determinable fair value, namely the GWG Wind Down Trust. As discussed above, on August 1, 2023, GWG Holdings’ plan of reorganization was declared effective and the Company’s investments in GWG Holdings’ common stock and L Bonds (previously accounted for as public equity securities and available-for-sale debt securities, respectively) were then transferred to an investment in the GWG Holdings Wind Down Trust. T he fair value of these equity interests is calculated using . Additionally, investments in other equity securities are held by certain of the Customer ExAlt Trusts and represent ownership in equity securities of privately held companies, which do not have a readily determinable fair value. Equity securities that do not have readily determinable fair values are initially recorded at cost and subsequently remeasured, using the measurement alternative for equity investments that do not have readily determinable fair values, when there is (i) an observable transaction involving the same investment, (ii) an observable transaction involving a similar investment from the same issuer, or (iii) an impairment. These remeasurements are reflected in the consolidated statements of comprehensive income (loss). Leases We account for leases in accordance with ASC 842, Leases Fixed Assets Fixed assets, including leasehold improvements, are stated at cost, less accumulated depreciation and amortization. Expenditures related to leasehold improvements; furniture and fixtures; computer hardware and software; and most office equipment purchases are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets (from three five years The Company capitalizes certain costs related to the development of internal-use software. Costs incurred during the application development phase are capitalized. The types of costs capitalized during the application development phase primarily include consulting fees for third-party developers working on these projects. Costs related to the preliminary project stage and post-implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over the estimated useful life of the asset, which ranges from one three years Goodwill and Other Intangibles The Company accounts for goodwill and intangible assets in accordance with ASC Topic 350, Intangibles Goodwill and Other Intangible assets include insurance licensing, which has an indefinite life and is assessed for impairment annually. Factors that would require an impairment assessment include, among other things, a significant change in the extent or manner in which an asset is used, a continual decline in the Company’s operating performance, or as a result of fundamental changes in a subsidiary’s business condition. Warrant Liability The Company accounts for its outstanding warrants, which are principally comprised of those assumed in the Transaction (as described in Note 4), in accordance with the guidance contained in ASC 815, Derivatives and Hedging Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist primarily of trade payables comprised principally of outstanding legal fees and other professional service fees; accrued employee payroll, bonus, and commissions; accrued fees and other costs under the Bradley Capital Company service agreement and Aircraft Sublease (Note 16); accrued guaranteed payments related to the Preferred Series A-0 Unit Accounts (Note 13); and an accrued liability related to the equity award arbitration (Note 20). Other Liabilities Other lia bilities consist principally of a liability related to an interest commitment, deferred loan fees, payables to affiliates, and trust payables. Business Combinations The Company includes the results of operations of the businesses that it acquires from the acquisition date. In allocating the purchase price of a business combination, the Company records all assets acquired and liabilities assumed at fair value as of the date of acquisition, with the excess of the purchase price over the aggregate fair values recorded as goodwill. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing as of the acquisition date. Acquisition-related costs are recognized separately from the business combination and are expensed as incurred. Income Taxes On June 6, 2023, The Beneficient Company Group, L.P. changed both its regulatory and tax status from a Delaware Limited Partnership to a Nevada Corporation and changed its name from The Beneficient Company Group, L.P. to Beneficient. Beneficient made a tax election to be treated as a corporation for US tax purposes effective as of this date. As a result of this tax election, Beneficient records current tax liabilities or assets through charges or credits to the current tax provision for the estimated taxes payable or refundable for the current year. Deferred tax assets and liabilities are recorded for future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A deferred tax valuation allowance is established if it is more likely than not that all or a portion of the deferred tax assets will not be realized. A tax position that fails to meet a more-likely-than-not recognition threshold will result in either reduction of current or deferred tax assets, and/or recording of current or deferred tax liabilities. Interest and penalties related to income taxes are recorded in the other expense line item of the consolidated statements of comprehensive income (loss). Prior to the restructuring that resulted in Beneficient becoming a corporation, Beneficient was taxed as a Delaware Limited Partnership. In the event the subsequent entity, Beneficient a corporation, is audited by the taxing authority and assessed additional amounts due to the underpayment of tax in previous tax years, management intends to make the push-out election allowed by the U.S. Treasury Department. That election allows Beneficient to notify its partners of their share of imputed underpayment amounts for inclusion in their current tax returns. Noncontrolling interests – Redeemable and Non-redeemable Noncontrolling interests represent the portion of certain consolidated subsidiaries’ limited partnership interests or interests in the Customer ExAlt Trusts that are held by third parties. Amounts are adjusted by the noncontrolling interest holder’s proportionate share of the subsidiaries’ earnings or losses each period and for any distributions that are paid. Noncontrolling interests are reported as a component of equity unless the noncontrolling interest is considered redeemable, in which case the noncontrolling interest is recorded as mezzanine or temporary equity (between liabilities and equity) in our consolidated statements of financial condition. The redeemable noncontrolling interest is adjusted at each balance sheet date to its maximum redemption value if the amount is greater than the carrying value. Changes in our redeemable noncontrolling interests are presented in the consolidated statements of changes in equity. Noncontrolling interests include: (i) holders, which consist of Related Entities, as defined below, an entity affiliated with a related party, and third parties, of Class S Ordinary Units issued by BCH, (ii) holders, which consists of Related Entities, an entity affiliated with a related party, and third parties, of Class S Preferred Units issued by BCH, (iii) holders, which consists of Related Entities, an entity affiliated with a related party, a third party, and certain directors, of Preferred A.1 issued by BCH, (iv) holders, which consists of unrelated charity organizations, of residual beneficial interests issued by certain of the Customer ExAlt Trusts and (v) holder, which consists of a third-party, of Class A of CT Risk Management. Redeemable noncontrolling interests are held by holders, which consist of Related Entities, an entity affiliated with a related party, a third party, and certain directors, of Preferred A.0 issued by BCH. Related Entities are defined as certain trusts and those entities held by such trusts that are controlled by our founder and in which our founder and his family members are also among classes of economic beneficiaries whether or not our founder is entitled to economic distributions from such trusts. See Note 13 for further information of the equity instruments of the Company, including those classified as redeemable noncontrolling interests and noncontrolling interests. Earnings (Loss) per Common Share The Company computes net earnings (loss) per share attributable to common shareholders using the two-class method required for participating securities. The two-class method requires income available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common and participating securities based on their respective rights if the participating security contractually participates in losses. The Company determined that it had participating securities in the form of convertible, preferred equity securities. Basic net earnings (loss) per share attributable to common shareholders is computed by dividing net earnings (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method or if-converted method based on the nature of such securities. See Note 14 for additional details. Investment Income (Loss), Net Investment income (loss), net consists of unrealized gains (losses) due to changes in NAV of alternative assets. Gain (Loss) on Financial Instruments, Net Gain (loss) on financial instruments, net consists of unrealized gains (losses) due to changes in fair value of financial instruments and realized gains (losses) from the sale of public equity securities. See Note 6 for a reconciliation of the financial statement line item. Administration Revenues Third-party administration fees are earned for the administration of third-party customer accounts. The Company’s performance obligation is satisfied over time and the resulting fees are recognized monthly, generally based upon the beginning of the quarter (in advance) net asset value under management and the applicable fee rate, depending on the terms of the contract. Third-party administration fee receivables are recorded on the consolidated statements of financial condition in the other assets line item and in administration revenues in the trust services and administration revenues line item on the consolidated statements of comprehensive income (loss). Professional Services Professional services primarily consist of legal fees, net of any expected insurance reimbursement, consulting fees, and advertising costs, which are expensed as incurred and are included in professional services in the accompanying consolidated statements of comprehensive income (loss). Share-based Compensation Compensation expense for all equity-based compensation awards is determined using the grant date fair value. For all equity-based plans, we record the impact of forfeitures when they occur. Expense is recognized on a straight-line basis over the requisite service period of the award, which is generally equal to the vesting period. The details of our equity-based compensation programs are discussed in Note 12. Provision for Credit Losses The provision for credit losses consists of charges against earnings for credit losses on AFS debt securities and other financial instruments, bad debt expense on receivables related to the Shared Services Agreement with GWG Holdings, and bad debt expenses on other miscellaneous receivables. A reconciliation of provision for credit losses for each of the periods presented herein is presented below: Schedule of Reconciliation of Provision for Credit Loss Year Ended March 31, (in thousands) 2024 2023 Credit loss on AFS debt securities (Note 5) $ — $ 12,621 Bad debt expense on related party receivable (Note 9) — 6,723 Bad debt expense on other receivables 6,016 1,236 Provision for credit losses $ 6,016 $ 20,580 Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on investments in available for sale debt securities carried at fair value, which are reported as a separate component of equity. Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement Fair values of financial instruments are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or market conditions could significantly affect these estimates. Accounting Standards Recently Adopted On April 1, 2023, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses 61.1 Accounting Standards Not Yet Adopted ASU 2023-09, Income Taxes ASU 2023-07, Segment Reporting ASU 2020-04, Reference Rate Reform Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848

Understanding our Financial Sta

Understanding our Financial Statements and the Impact to the Common Shareholder	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Understanding Our Financial Statements And Impact To Common Shareholder
Understanding our Financial Statements and the Impact to the Common Shareholder	3. Understanding our Financial Statements and the Impact to the Common Shareholder Ben’s current products and services, which are offered by the Ben Liquidity and Ben Custody business segments, involve or are principally offered to certain of the Customer ExAlt Trusts, which are consolidated VIEs solely for financial reporting purposes, and are not owned directly or indirectly by Ben or BCH equity holders. Transactions involving products and services between Ben’s operating subsidiaries and the Customer ExAlt Trusts are eliminated in the presentation of our consolidated financial statements. Thus, the consolidated financial statements reflect the (i) assets, liabilities, revenues, expenses, investment income and cash flows of Ben, including the Customer ExAlt Trusts, which hold the collateral for the ExAlt Loans, on a gross basis, and (ii) a portion of the economic interests of certain of the Customer ExAlt Trusts held by the residual beneficiaries that are attributed to noncontrolling interests in the accompanying consolidated financial statements. As a result, Ben’s primary tangible assets reflected on its consolidated statements of financial condition are investments, mainly comprised of alternative assets held by the Customer ExAlt Trusts and the primary sources of revenue reflected on our consolidated statements of comprehensive income (loss) are investment income (loss), net, which represents changes in the net asset value (“NAV”) of these investments held by the Customer ExAlt Trusts, and gain (loss) on financial instruments, net, which represents changes in fair value of equity securities, debt securities, a derivative liability, and put options, primarily held by the Customer ExAlt Trusts. Such investment income (loss), net, and gain (loss) on financial instruments that are held by the Customer ExAlt Trusts is included in the net income (loss) allocated to noncontrolling interests – Customer ExAlt Trusts in the consolidated statement of comprehensive income (loss). The revenues and expenses recognized in these line items for the activities of the Customer ExAlt Trusts do not directly impact net income (loss) attributable to Ben’s or BCH’s equity holders. Instead, the interest and fee income earned by Ben Liquidity and Ben Custody from the Customer ExAlt Trusts, which are eliminated in the presentation of our consolidated financial statements, directly impact the net income (loss) attributable to Ben’s and BCH’s equity holders. Our Ben Liquidity and Ben Custody business segments, which relate to our current operating subsidiaries, are owned by the Company’s equity holders (including those of BCH), and recognize revenue through (i) interest income on ExAlt Loans made to the Customer ExAlt Trusts in connection with our liquidity transactions for Customers with interest rates between 5.0 14.0 1.0 7.0 2.8 a. Ben Liquidity recognized $ 10.8 12.0 b. Ben Custody recognized $ 5.4 and $ 6.6 In addition, the Corporate/Other segment, which also relates to Ben or subsidiaries owned by the holders of equity in the Company (including BCH), may include fee revenue recognized through services provided to Customers or the Customer ExAlt Trusts through business lines not included within Ben Liquidity and Ben Custody. Additionally, Ben Liquidity’s provision for credit losses is eliminated in the presentation of our consolidated financial statements but directly impacts the net income (loss) attributable to the various equity securities of Ben and BCH. Likewise, the amounts expensed by the Customer ExAlt Trusts for interest and fees owed to Ben’s operating subsidiaries are eliminated in the presentation of our consolidated financial statements but are recognized for purposes of the allocation of net income (loss) attributable to the beneficial owners of the Customer ExAlt Trusts. 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 shareholder and reiterates that the consolidation of the Customer ExAlt Trusts has no impact on the net income (loss) attributable to Beneficient’s common shareholders. Schedule of Segment Reporting Information, by Segment 2024 2023  (in thousands) Three Months Ended June 30, 2024 2023 Operating income (loss) Ben Liquidity $ (514 ) $ (903,026 ) Ben Custody 1,287 (189,997 ) Corporate & Other 44,091 (49,081 ) Less: Income tax expense (28 ) — Less: Net loss attributable to noncontrolling interests - Ben 7,187 30,686 Less: Noncontrolling interest guaranteed payment (4,356 ) (4,105 ) Net income (loss) attributable to common shareholders $ 47,667 $ (1,115,523 ) Significant Accounting Policies - Impacting Allocation of Net Income (Loss) to Beneficient’s Equity Holders As described above, certain income and expenses involving transactions between Ben and the Customer ExAlt Trusts are eliminated for financial reporting purposes; however, the income or expenses are important to determine the net income (loss) allocable to Ben’s and BCH’s equity holders. Significant accounting policies related to the significant income and expense items eliminated in our consolidated financial statements, but	3. Understanding our Financial Statements and the Impact to the Common Shareholder Ben’s current products and services, which are offered by the Ben Liquidity and Ben Custody business segments, involve or are principally offered to certain of the Customer ExAlt Trusts, which are consolidated VIEs solely for financial reporting purposes, and are not owned directly or indirectly by Ben or BCH equity holders. Transactions involving products and services between Ben’s operating subsidiaries and the Customer ExAlt Trusts are eliminated in the presentation of our consolidated financial statements. Thus, the consolidated financial statements reflect the (i) assets, liabilities, revenues, expenses, investment income and cash flows of Ben, including the Customer ExAlt Trusts, which hold the collateral for the ExAlt Loans, on a gross basis, and (ii) a portion of the economic interests of certain of the Customer ExAlt Trusts held by the residual beneficiaries that are attributed to noncontrolling interests in the accompanying consolidated financial statements. As a result, Ben’s primary tangible assets reflected on its consolidated statements of financial condition are investments, mainly comprised of alternative assets held by the Customer ExAlt Trusts and the primary sources of revenue reflected on our consolidated statements of comprehensive income (loss) are investment income (loss), net, which represents changes in the net asset value (“NAV”) of these investments held by the Customer ExAlt Trusts, and gain (loss) on financial instruments, net, which represents changes in fair value of equity securities, debt securities, a derivative liability, and put options, primarily held by the Customer ExAlt Trusts. Such investment income (loss), net, and gain (loss) on financial instruments that are held by the Customer ExAlt Trusts is included in the net income (loss) allocated to noncontrolling interests – Customer ExAlt Trusts in the consolidated statement of comprehensive income (loss). The revenues and expenses recognized in these line items for the activities of the Customer ExAlt Trusts do not directly impact net income (loss) attributable to Ben’s or BCH’s equity holders. Instead, the interest and fee income earned by Ben Liquidity and Ben Custody from the Customer ExAlt Trusts, which are eliminated in the presentation of our consolidated financial statements, directly impact the net income (loss) attributable to Ben’s and BCH’s equity holders. Our Ben Liquidity and Ben Custody business segments, which relate to our current operating subsidiaries, are owned by the Company’s equity holders (including those of BCH), and recognize revenue through (i) interest income on ExAlt Loans made to the Customer ExAlt Trusts in connection with our liquidity transactions for Customers with interest rates between 5.0 14.0 1.0 7.0 2.8 a. Ben Liquidity recognized $ 46.9 50.8 b.Ben Custody recognized $ 24.5 29.0 In addition, the Corporate/Other segment, which also relates to Ben or subsidiaries owned by the holders of equity in the Company (including BCH), may include fee revenue recognized through services provided to Customers or the Customer ExAlt Trusts through business lines not included within Ben Liquidity and Ben Custody. Additionally, Ben Liquidity’s provision for loan losses is eliminated in the presentation of our consolidated financial statements but directly impacts the net income (loss) attributable to the various equity securities of Ben and BCH. Likewise, the amounts expensed by the Customer ExAlt Trusts for interest and fees owed to Ben’s operating subsidiaries are eliminated in the presentation of our consolidated financial statements but are recognized for purposes of the allocation of net income (loss) attributable to the beneficial owners of the Customer ExAlt Trusts. 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. Schedule of Segment Reporting Information, by Segment Year Ended March 31, (in thousands) 2024 2023 Operating income (loss) Ben Liquidity $ (1,810,964 ) $ (46,512 ) Ben Custody (588,811 ) 24,046 Corporate & Other (210,169 ) (112,845 ) Less: Loss on extinguishment of debt, net (intersegment elimination) 3,940 — Less: Income tax expense (benefit) (allocable to Ben and BCH equityholders) 121 (1,072 ) Less: Income tax expense 121 (1,072 ) Less: Net loss attributable to noncontrolling interests - Ben 535,157 19,081 Less: Noncontrolling interest guaranteed payment (16,793 ) (15,822 ) Net loss attributable to common shareholders $ (2,095,641 ) $ (130,980 ) Significant Accounting Policies — Impacting Allocation of Net Income (Loss) to Beneficient’s Equity Holders As described above, certain income and expenses involving transactions between Ben and the Customer ExAlt Trusts are eliminated for financial reporting purposes; however, the income or expenses are important to determine the net income (loss) allocable to Ben’s and BCH’s equity holders. Accounting policies related to the significant income and expense items eliminated in our consolidated financial statements but impacting the allocation of net income are described below. Revenues Eliminated In Consolidated Financial Statements Interest Income Interest income is generally comprised of contractual interest, interest recognized on certain of the ExAlt Loans through the effective yield method, and an amortized discount that is recognized ratably over the life of the ExAlt Loan. Contractual interest income is a computed using either a variable rate or a fixed rate that compounds monthly. As a result of the change-of-control event on December 31, 2019 and the resulting valuation performed under ASC 805, Ben’s existing loan portfolio composed of ExAlt Loans made to the Customer ExAlt Trusts was evaluated as of December 31, 2019 for credit deterioration based on the intentions of all parties that the income allocations provisions of Ben operate under U.S. GAAP as if the Customer ExAlt Trusts were not consolidated for financial reporting purposes. Further, as required under ASC 805, each loan between Ben and the Customer ExAlt Trusts was evaluated and classified as either purchased credit impaired (“PCI”) or non-purchased credit impaired (“non-PCI”). For PCI loans, expected cash flows as of the date of valuation in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of the future cash flows is reasonably estimable. Subsequently, increases in cash flows over those expected at the acquisition date are recognized prospectively as interest income. Decreases in expected cash flows due to credit deterioration are recognized by recording an allowance for loan loss. For non-PCI loans, the difference between the fair value and unpaid principal balance of the loan as of the date of valuation is amortized or accreted to interest income over the contractual life of the loans using the effective interest method. In the event of prepayment, the remaining unamortized amount is recognized in interest income, which is eliminated upon the consolidation of the Customer ExAlt Trusts for financial reporting purposes. Non-interest Income In accordance with ASC Topic 606, Revenue from Contracts with Customers Fiduciary financing, trust services and administration revenues include the following fees: Upfront Fees Non-refundable upfront fees are earned and recognized for setting up and providing the customer access to the ExAlt PlanTM. These activities do not transfer a separate promised service; therefore, they represent advanced payments for trust administration services. Upfront fees are billed at the origination of the liquidity transaction and are generally based on a percentage of NAV plus any unfunded capital commitments. Payment of the fees occurs in the first step of the waterfall allocation provision per the trust agreement. Upfront fees are deferred upon receipt and are recognized ratably over the period of benefit, which is generally consistent with estimated expected life of LiquidTrusts (typically seven ten years Trust Administration Revenues Trust administration fees are earned for providing administrative services to trustees for existing liquidity solution customers. The Company’s performance obligation under these agreements is satisfied over time as the administration and management services are provided. Fees are recognized monthly based upon the beginning of quarter (in advance) net asset value plus any remaining unfunded capital commitments and the applicable fee rate of the account as outlined in the agreement. Payment frequency is defined in the individual contracts, which primarily stipulate billings on a quarterly basis in advance. Expenses Eliminated In Consolidated Financial Statements Allowances for Loan Losses and related Provision The ExAlt Loans’ allowance for credit losses is an input to the allocation of income (loss) to Ben’s or BCH’s equity holders. Ben adopted CECL on April 1, 2023. CECL requires a company to estimate the credit losses expected over the life of a loan (or pool of loans). It replaced the incurred loss approach’s threshold that required the recognition of a credit loss when it was probable that a loss event was incurred. The allowance for credit losses is a valuation account that is deducted from, or added to, the loans’ amortized cost basis to present the net, lifetime amount expected to be collected on the loans. Credit losses are charged off against the allowance when management believes a loan balance is confirmed to be uncollectible. Expected recoveries can not exceed the aggregate of amounts previously charged off and expected to be charged off. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management analyzes the loans individually as the loans do not have similar risk characteristics. Management estimates the allowance using relevant available information from internal and external sources related to past events, current conditions, and reasonable and supportable economic forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Ben currently does not have adequate historical loss data to provide a basis for the long-term loss information associated with its loans. As such, Ben uses alternative, long-term historical average credit loss data from Preqin, a widely accepted commercial private equity database, in establishing the loss history as a proxy. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in credit concentrations, collateral values and underwriting standards as well as changes in economic conditions or other relevant factors. Management judgment is required at each point in the measurement process. Ben uses the discounted cash flow (“DCF”) method to estimate expected credit losses for the loan portfolio. Ben generates cash flow projections at the loan level wherein payment expectations are adjusted for changes in market risk premiums, risk free rate, NAV growth rate, and discount rate. The inputs are based on historical data from Preqin and adjusted, if necessary, based on the reasonable and supportable forecast of economic conditions. To adjust, management utilizes externally developed forward-looking macroeconomic factors as indicators of future expected cash flows: S&P500 Index data and US 3-Month Treasury. The economic forecasts are applied over the cashflow projection period. The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An allowance for credit loss is established for the difference between the instrument’s NPV and amortized cost basis. The DCF model also considers the need to qualitatively adjust expected loss estimates for information not already captured in the quantitative loss estimation process. Qualitative considerations include limitations inherent in the quantitative model; trends experienced in nonperforming loans; changes in value of underlying collateral; changes in underwriting policies and procedures; nature and composition of loans; portfolio concentrations that may affect loss experience across one or more components or the portfolio; and the effect of external factors such as competition, legal and regulatory requirements. These qualitative factor adjustments may increase or decrease Ben’s estimate of expected credit losses so that the allowance for credit loss is reflective of the estimate of lifetime losses that exist in the loan portfolio at the balance sheet date. Prior to the adoption of ASU 2016-13, management’s determination of the allowance was based upon an evaluation of the loan portfolio, impaired loans, economic conditions, volume, growth and composition of the collateral to the loan portfolio, and other risks inherent in the portfolio. Currently, management individually reviews all ExAlt Loans due to the low volume and non-homogenous nature of the current portfolio. Management relies heavily on statistical analysis, current NAV and distribution performance of the underlying alternative asset and industry trends related to alternative asset investments to estimate losses. Management evaluates the adequacy of the allowance by reviewing relevant internal and external factors that affect credit quality. The cash flows generated from the alternative asset interests supporting the collateral are the sole source of repayment of the ExAlt Loans and related interest. Ben recognizes any charge-off in the period in which it is determined, at which time impaired ExAlt Loans are written down to their estimated net present value. Interest income for purposes of determining income allocations to Ben’s and BCH’s equity holders is adjusted for any allowance for loan losses, which was approximately $ 113.4 80.7 25.5 6.0

De-SPAC Merger Transaction

De-SPAC Merger Transaction	3 Months Ended	12 Months Ended
De-SPAC Merger Transaction	Jun. 30, 2024	Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
De-SPAC Merger Transaction	4 De-SPAC Merger Transaction Forward Purchase Agreement On June 5, 2023, BCG entered into a Prepaid Forward Purchase Agreement, by and between BCG and RiverNorth SPAC Arbitrage Fund, L.P. (the “Purchaser”), pursuant to which the Purchaser agreed to, among other things, effect certain purchases of shares of Avalon Class A common stock (“Avalon Class A Common Stock”) that would have been redeemed in connection with the special meeting of Avalon’s stockholders (the “Special Meeting”) to approve the transactions contemplated by the Business Combination Agreement (as amended through June 25, 2023, the “Forward Purchase Agreement”). Pursuant to the Forward Purchase Agreement, Purchaser agreed to purchase shares of Avalon Class A Common Stock (the “AVAC FPA Shares”) at a purchase price per share of $ 847.04 25.0 0.001 36,956 The $ 25.0 5.0 20.0 The Forward Purchase Agreement provides for two categories of FPA Shares: (i) 13,305 23,651 If by the 10 5.0 5.0 400.00 10 400.00 640.00 Upon the sales of the Prepaid Forward Shares, the Purchaser will remit $ 847.04 847.04 The Purchaser has received at least $ 5.0 Recapitalization of BCG On June 6, 2023, immediately prior to the Conversion, the BCG was recapitalized (the “BCG Recapitalization”) as follows: (i) the limited partnership agreement of BCG was amended to create one new subclass of BCG common units, the Class B Common Units (the “BCG Class B Common Units”), and the existing common units were renamed the Class A Common Units (the “BCG Class A Common Units”); and (ii) certain holders of the BCH Preferred A.1 entered into conversion and exchange agreements (the “BCG Conversion and Exchange Agreements”) with BCG and BCH, pursuant to which they converted certain BCH Preferred A.1 to BCH Class S Ordinary Units, which were then contributed to BCG in exchange for BCG Class A Common Units. Prior to the Conversion on June 6, 2023, when the Company was a Delaware limited partnership, the Company’s equity interests consisted of common units, one series of preferred units, and noncontrolling interests. Pursuant to the Conversion, each BCG Class A Common Unit converted into 1.25 0.001 1.25 0.001 20 800.00 640.00 1,076,462 239,256 1,175,632 The following table provides additional information on the securities contributed and exchanged as part of the BCG Recapitalization by each of BHI, Bruce W. Schnitzer and Hicks Holdings Operating, LLC (dollars and units in thousands): Schedule of Additional Equity Securities Information Name Converted Capital Account Balance of BCH Preferred A.1 BCH Class S Ordinary Units Received BCG Class B Units Received BHI $ 177,195 178 178 Bruce W. Schnitzer 988 1 1 Hicks Holdings Operating, LLC 13,222 14 14 Total $ 191,405 193 193 The following table provides additional information on the securities contributed and exchanged as part of the BCG Recapitalization by each of Bruce W. Schnitzer and Richard W. Fisher (dollars and units in thousands): Name Converted Capital Account Balance of BCH Preferred A.1 BCH Class S Ordinary Units Received BCG Class A Units Received Bruce W. Schnitzer $ 734 9 9 Richard W. Fisher 1,722 10 10 Total $ 2,456 19 19 As part of the conversion to BCG Class A Common Units, additional value of approximately $ 15.0 15.0 Closing of the Transaction On June 7, 2023, the Company completed its previously announced de-SPAC merger transaction with Avalon. Each share of Avalon common stock issued and outstanding immediately prior to that date automatically converted into one one Accordingly, the Company issued (i) an aggregate of 99,649 0.0001 34,961 295,313 27.9 26.1 20.0 1.8 Immediately after the Business Combination, 2,358,429 239,256 34,962 296,969 8,595 2,367,244 The Transaction was accounted for as a capital transaction in substance and not a business combination under ASC 805, Business Combinations The Company and Avalon incurred $ 21.7 26.1 Common Stock Warrants The Company assumed 194,063 101,250 one one 920.00 The Public Warrants may only be exercised for a whole number of shares, and will expire on June 7, 2028 (i.e., five years 0.80 30 20 30 three 1,440.00 8.00 800.00 During any period when Ben fails to maintain an effective registration statement registering the Class A common stock issuable upon the exercise of the Warrants, Ben is required to permit holders of Warrants to exercise their Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act of 1933, as amended, or another exemption. The Private Warrants, which became transferable, assignable and salable on July 7, 2023 (i.e., 30 As of June 30, 2024, there were 24,699,725 0.2 1.5	4 De-SPAC Merger Transaction Forward Purchase Agreement On June 5, 2023, BCG entered into a Prepaid Forward Purchase Agreement, by and between BCG and RiverNorth SPAC Arbitrage Fund, L.P. (the “Purchaser”), pursuant to which the Purchaser agreed to, among other things, effect certain purchases of shares of Avalon Class A common stock (“Avalon Class A Common Stock”) that would have been redeemed in connection with the special meeting of Avalon’s stockholders (the “Special Meeting”) to approve the transactions contemplated by the Business Combination Agreement (as amended through June 25, 2023, the “Forward Purchase Agreement”). Pursuant to the Forward Purchase Agreement, Purchaser agreed to purchase shares of Avalon Class A Common Stock (the “AVAC FPA Shares”) at a purchase price per share of $ 847.04 25.0 0.001 36,956 The $ 25.0 5.0 20.0 The Forward Purchase Agreement provides for two categories of FPA Shares: (i) 13,305 23,651 If by the 10 5.0 5.0 400.00 10 400.00 640.00 Upon the sales of the Prepaid Forward Shares, the Purchaser will remit $ 847.04 847.04 The Purchaser has received at least $ 5.0 Recapitalization of BCG On June 6, 2023, immediately prior to the Conversion, BCG was recapitalized (the “BCG Recapitalization”) as follows: (i) the limited partnership agreement of BCG was amended to create one new subclass of BCG common units, the Class B Common Units (the “BCG Class B Common Units”), and the existing common units were renamed the Class A Common Units (the “BCG Class A Common Units”); and (ii) certain holders of the BCH Preferred A.1 entered into conversion and exchange agreements (the “BCG Conversion and Exchange Agreements”) with BCG and BCH, pursuant to which they converted certain BCH Preferred A.1 to BCH Class S Ordinary Units, which were then contributed to BCG in exchange for BCG Class A Common Units. Prior to the Conversion on June 6, 2023, when the Company was a Delaware limited partnership, the Company’s equity interests consisted of common units, one series of preferred units, and noncontrolling interests. Pursuant to the Conversion, each BCG Class A Common Unit converted into 1.25 0.001 1.25 0.001 20 800.00 640.00 1,076,462 239,256 1,175,632 The following table provides additional information on the securities contributed and exchanged by each of BHI, Bruce W. Schnitzer and Hicks Holdings Operating, LLC (dollars and units in thousands): Schedule of Additional Equity Securities Information Name Converted Capital Account Balance of BCH Preferred A.1 BCH Class S BCG Class B BHI $ 177,195 178 178 Bruce W. Schnitzer 988 1 1 Hicks Holdings Operating, LLC 13,222 14 14 Total $ 191,405 193 193 The following table provides additional information on the securities contributed and exchanged by each of Bruce W. Schnitzer and Richard W. Fisher (dollars and units in thousands): Name Converted Capital Account Balance of BCH Preferred A.1 BCH Class S BCG Class A Bruce W. Schnitzer $ 734 9 9 Richard W. Fisher 1,722 10 10 Total $ 2,456 19 19 As part of the conversion to BCG Class A Common Units, additional value of approximately $ 15.0 15.0 Closing of the Transaction On June 7, 2023, the Company completed its previously announced de-SPAC merger transaction with Avalon. Each share of Avalon common stock issued and outstanding immediately prior to that date automatically converted into one one Accordingly, the Company issued (i) an aggregate of 99,649 0.0001 34,961 A preferred stock to non-redeeming Avalon Class A stockholders, and the Avalon Warrants converted into an aggregate of 295,313 27.9 26.1 20.0 1.8 Immediately after the Business Combination, 2,358,429 239,256 34,962 296,969 one-quarter 8,595 2,367,244 The Transaction is accounted for as a capital transaction in substance and not a business combination under ASC 805, Business Combinations The Company and Avalon incurred $ 21.7 26.1 Common Stock Warrants The Company assumed 194,063 101,250 one 920.00 The Public Warrants may only be exercised for a whole number of shares, and will expire on June 7, 2028 (i.e., five years 0.80 30 20 30 1,440.00 8.00 800.00 During any period when Ben fails to maintain an effective registration statement registering the Class A common stock issuable upon the exercise of the Warrants, Ben is required to permit holders of Warrants to exercise their Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act of 1933, as amended, or another exemption. The Private Warrants, which became transferable, assignable and salable on July 7, 2023 (i.e., 30 As of March 31, 2024, there were 308,747 0.2 2.5

Investments, at Fair Value

Investments, at Fair Value	3 Months Ended	12 Months Ended
Investments, at Fair Value	Jun. 30, 2024	Mar. 31, 2024
Investments, All Other Investments [Abstract]
Investments, at Fair Value	5. Investments, at Fair Value Investments held by Ben or held by the Customer ExAlt Trusts are comprised of investments in alternative assets, public debt and equity securities, other equity securities and interests (including those of a related party), and put options. The composition of investments recorded at fair value by holder is included in the table below (in thousands): Schedule of Composition of Investments at Fair Value Ben Customer ExAlt Trusts Ben Customer ExAlt Trusts June 30, 2024 March 31, 2024 Ben Customer ExAlt Trusts Ben Customer ExAlt Trusts Alternative assets $ — $ 297,888 $ — $ 293,916 Public equity securities and option — 4,140 — 4,897 Debt securities available-for-sale — 2,419 — 2,962 Other equity securities and interests — 26,920 6 27,338 Total investments, at fair value $ — $ 331,367 $ 6 $ 329,113 Investments in Alternative Assets held by the Customer ExAlt Trusts The investments in alternative assets are held, either through direct ownership or through beneficial interests, by certain of the Customer ExAlt Trusts and consist primarily of limited partnership interests in various alternative investments, including private equity funds. These alternative investments are valued using NAV as a practical expedient. Changes in the NAV of these investments are recorded in investment income (loss), net in our consolidated statements of comprehensive income (loss). The investments in alternative assets provide the economic value that ultimately collateralizes the ExAlt Loans that Ben Liquidity originates with the Customer ExAlt Trusts in liquidity transactions and any associated fees due from the Customer ExAlt Trusts. The increase in investments in alternative assets since March 31, 2024, was primarily driven by net upward adjustments of NAV as reported by the investment managers or general partners offset by $ 7.2 The NAV calculation reflects the most current report of NAV and other data received from firm/fund sponsors. If no such report has been received, Ben estimates NAV based upon the last NAV calculation reported by the investment manager and adjusts it for capital calls and distributions made in the intervening time frame. Ben also considers whether adjustments to the NAV are necessary, in certain circumstances, in which management is aware of specific material events, changes in market conditions, and other relevant factors that have affected the value of an investment during the period between the date of the most recent NAV calculation reported by the investment manager or sponsor and the measurement date. Public equity securities known to be owned within an alternative investment fund, based on the most recent information reported by the general partners, are marked to market using quoted market prices on the balance sheet reporting date. The underlying interests in alternative assets are primarily limited partnership interests. The transfer of the investments in private equity funds generally requires the consent of the corresponding private equity fund manager, and the transfer of certain fund investments is subject to rights of first refusal or other preemptive rights, potentially further limiting the ExAlt PlanTM from transferring an investment in a private equity fund. The investments are not subject to redemption with the funds. Distributions from funds are received as the underlying investments are liquidated. Timing of liquidation is currently unknown. Portfolio Information Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of June 30, 2024 and March 31, 2024, is summarized below (in thousands): Schedule of Alternative Assets Investments Alternative Investments Portfolio Summary June 30, 2024 March 31, 2024 Asset Class Carrying Value Unfunded Commitments Carrying Value Unfunded Commitments Venture Capital $ 124,791 $ 2,317 $ 139,495 $ 2,548 Private Equity 137,372 38,051 116,462 38,401 Natural Resources 17,441 3,328 17,553 3,340 Private Real Estate 8,662 2,859 8,760 2,907 Hedge Funds 3,601 245 6,095 245 Other (1) 6,021 383 5,551 382 Total $ 297,888 $ 47,183 $ 293,916 $ 47,823 (1) “Other” includes earnouts, escrow, net other assets, private debt strategies. As of June 30, 2024 , the Custom 254 834 93 Public Equity Securities Investment in public equity securities primarily represents ownership by both Ben and certain of the Customer ExAlt Trusts in public companies. These investments are carried at fair value, which is determined using quoted market prices. Any realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss). As of June 30, 2024 and March 31, 2024, the fair value of investments in public equity securities was $ 4.1 4.9 Put Options On April 1, 2022, Ben, through CT Risk Management, L.L.C., (“CT”) made aggregate payments of $ 5.0 141.3 2.4 1.0 0.7 The put options were designed to protect the NAV of the interests in alternative assets, which generate the collateral to certain of the ExAlt Loans in Ben Liquidity’s loan portfolio or the loans related to the participation loan transaction and provide for distributions to the Customer ExAlt Trusts’ ultimate beneficiary, against market risk. The options were carried at fair value, which is determined using quoted market prices. Any realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses were recognized in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss). No 2.3 1.7 Debt Securities Available-for-Sale As of June 30, 2024, investments in debt securities represent ownership in privately held debt securities. Investments in debt securities are classified and accounted for as available-for-sale, with unrealized gains and losses presented as a separate component of equity under the accumulated other comprehensive income (loss) line item. Prior to August 1, 2023, investments in debt securities also included ownership in corporate debt securities, specifically, L Bonds of GWG Holdings (“L Bonds”) held by certain of the Customer ExAlt Trusts. The L Bonds had a maturity date of August 8, 2023. However, upon the effectiveness of GWG Holdings’ plan of reorganization on August 1, 2023, the investments in L Bonds converted to equity interests in the GWG Wind Down Trust, which are reflected in “other equity securities and interests,” as of June 30, 2024. The amortized cost, estimated fair value, and unrealized gains and losses on investments in debt securities classified as available-for-sale as of June 30, 2024 and March 31, 2024 are summarized as follows: Schedule of Debt Securities Available for Sale June 30, 2024 (Dollars in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Other debt securities $ 2,685 $ 794 $ (1,060 ) $ 2,419 Total available-for-sale debt securities $ 2,685 $ 794 $ (1,060 ) $ 2,419 March 31, 2024 (Dollars in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Other debt securities 2,685 1,337 (1,060 ) 2,962 Total available-for-sale debt securities $ 2,685 $ 1,337 $ (1,060 ) $ 2,962 The table below indicates the length of time individual debt securities have been in a continuous loss position as of June 30, 2024 and March 31, 2024: Schedule of Debt Securities Available for Sale Unrealized Loss Position June 30, 2024 March 31, 2024 (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Other debt securities: Less than twelve months — — — — Twelve months or longer 1,942 1,060 1,964 1,060 Total available-for-sale debt securities with unrealized losses $ 1,942 $ 1,060 $ 1,964 $ 1,060 The noncredit-related portion of the net unrealized gains of nil 4.3 During the three months ended June 30, 2024 and 2023, the Company determined there was $ 0.5 nil The following table is a rollforward of credit-related losses recognized in earnings for the periods presented below: Schedule of Debt Securities Available for Sale Allowance for Credit Loss 2024 2023 (Dollars in thousands) Three Months Ended June 30, 2024 2023 Balance, beginning of period $ 31,290 $ 31,290 Credit related losses not previously recognized 522 — Balance, end of period $ 31,812 $ 31,290 The contractual maturities of available-for-sale debt securities as of June 30, 2024 and March 31, 2024 are as follows: June 30, 2024 March 31, 2024 (Dollars in thousands) Amortized Cost Basis Fair Value Amortized Cost Basis Fair Value Due in one year or less $ 1,687 $ 1,942 $ 1,687 $ 1,964 No fixed maturity 998 477 998 998 $ 2,685 $ 2,419 $ 2,685 $ 2,962 Other Equity Securities and Interests Ben and certain of the Customer ExAlt Trusts hold investments in equity securities of private companies with a readily determinable fair value, including those of the GWG Wind Down Trust. On August 1, 2023, GWG Holdings’ plan of reorganization was declared effective and our investments in its common stock and L Bonds (previously accounted for as public equity securities and available-for-sale debt securities, respectively) were then transferred to an investment in the GWG Holdings Wind Down Trust. The fair value of these equity interests was $ 0.2 0.6 Additionally, certain of the Customer ExAlt Trusts hold investments in equity securities that do not have a readily determinable fair value. These equity securities are measured, using the measurement alternative for equity investments that do not have readily determinable fair values, at cost, less impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The value of these equity securities was $ 26.7 26.8	5. Investments, at Fair Value Investments held by Ben or held by the Customer ExAlt Trusts are comprised of investments in alternative assets, public debt and equity securities, other equity securities and interests (including those of a related party), and put options. The composition of investments recorded at fair value by holder is included in the table below (in thousands): Schedule of Composition of Investments at Fair Value March 31, 2024 March 31, 2023 Ben Customer ExAlt Trusts Ben Customer ExAlt Trusts Alternative assets $ — $ 293,916 $ — $ 385,851 Public equity securities and option — 4,897 4,742 8,087 Debt securities available-for-sale — 2,962 620 76,278 Other equity securities and interests 6 27,338 — 21,643 Total investments, at fair value $ 6 $ 329,113 $ 5,362 $ 491,859 Investments in Alternative Assets held by the Customer ExAlt Trusts The investments in alternative assets are held, either through direct ownership or through beneficial interests, by certain of the Customer ExAlt Trusts and consist primarily of limited partnership interests in various alternative investments, including private equity funds. These alternative investments are valued using NAV as a practical expedient. Changes in the NAV of these investments are recorded in investment income (loss), net in our consolidated statements of comprehensive income (loss). The investments in alternative assets provide the economic value that ultimately collateralizes the ExAlt Loans that Ben Liquidity originates with the Customer ExAlt Trusts in liquidity transactions and any associated fees due from the Customer ExAlt Trusts. The decrease in investments in alternative assets since March 31, 2023, was primarily driven by the transfer of $ 56.7 46.3 The NAV calculation reflects the most current report of NAV and other data received from firm/fund sponsors. If no such report has been received, Ben estimates NAV based upon the last NAV calculation reported by the investment manager and adjusts it for capital calls and distributions made in the intervening time frame. Ben also considers whether adjustments to the NAV are necessary, in certain circumstances, in which management is aware of specific material events, changes in market conditions, and other relevant factors that have affected the value of an investment during the period between the date of the most recent NAV calculation reported by the investment manager or sponsor and the measurement date. Public equity securities known to be owned within an alternative investment fund, based on the most recent information reported by the general partners, are marked to market using quoted market prices on the balance sheet reporting date. The underlying interests in alternative assets are primarily limited partnership interests. The transfer of the investments in private equity funds generally requires the consent of the corresponding private equity fund manager, and the transfer of certain fund investments is subject to rights of first refusal or other preemptive rights, potentially further limiting the ExAlt PlanTM from transferring an investment in a private equity fund. The investments are not subject to redemption with the funds. Distributions from funds are received as the underlying investments are liquidated. Timing of liquidation is currently unknown. Portfolio Information Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of March 31, 2024 and 2023, is summarized below (in thousands): Schedule of Alternative Assets Investments Alternative Investments Portfolio Summary March 31, 2024 March 31, 2023 Asset Class Carrying Value Unfunded Commitments Carrying Value Unfunded Commitments Venture Capital $ 139,495 $ 2,548 $ 165,933 $ 2,810 Private Equity 116,462 38,401 145,073 47,218 Natural Resources 17,553 3,340 27,756 5,240 Private Real Estate 8,760 2,907 10,391 4,800 Hedge Funds 6,095 245 24,935 337 Other(1) 5,551 382 11,763 730 Total $ 293,916 $ 47,823 $ 385,851 $ 61,135 (1) “Other” includes earnouts, escrow, net other assets, and private debt strategies. As of March 31, 2024 , the Customer ExAlt Trusts 257 901 91 Public Equity Securities Investment in public equity securities primarily represents ownership by both Ben and certain of the Customer ExAlt Trusts in public companies. These investments are carried at fair value, which is determined using quoted market prices. Any realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss). As of March 31, 2024 and March 31, 2023, the fair value of investments in public equity securities was $ 4.9 8.8 $3.7 million Put Options On April 1, 2022, Ben, through CT Risk Management, L.L.C., made aggregate payments of $ 5.0 141.3 2.4 1.0 0.7 The put options were designed to protect the NAV of the interests in alternative assets, which generate the collateral to certain of the ExAlt Loans in Ben Liquidity’s loan portfolio or the loans related to the participation loan transaction and provide for distributions to the Customer ExAlt Trusts’ ultimate beneficiary, against market risk. The options are carried at fair value, which is determined using quoted market prices. Any realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss). No 4.0 3.0 3.5 2.0 2.5 Debt Securities Available-for-Sale As of March 31, 2024, investments in debt securities represent ownership in privately held debt securities. Investments in debt securities are classified and accounted for as available-for-sale, with unrealized gains and losses presented as a separate component of equity under the accumulated other comprehensive income (loss) line item. Prior to August 1, 2023, investments in debt securities also included ownership in corporate debt securities, specifically, L Bonds of GWG Holdings (“L Bonds”) held by certain of the Customer ExAlt Trusts. The L Bonds had a maturity date of August 8, 2023. However, upon the effectiveness of GWG Holdings’ plan of reorganization on August 1, 2023, the investments in L Bonds converted to equity interests in the GWG Wind Down Trust, which are reflected in “other equity securities and interests,” as of March 31, 2024. The amortized cost, estimated fair value, and unrealized gains and losses on investments in debt securities classified as available-for-sale as of March 31, 2024 and 2023 are summarized as follows: Schedule of Debt Securities Available for Sale March 31, 2024 (Dollars in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Other debt securities $ 2,685 $ 1,337 $ (1,060 ) $ 2,962 Total available-for-sale debt securities $ 2,685 $ 1,337 $ (1,060 ) $ 2,962 March 31, 2023 (Dollars in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities (L Bonds) $ 64,313 $ 17,433 $ (7,924 ) $ 73,822 Other debt securities 2,685 1,347 (956 ) 3,076 Total available-for-sale debt securities $ 66,998 $ 18,780 $ (8,880 ) $ 76,898 The table below indicates the length of time individual debt securities have been in a continuous loss position as of March 31, 2024 and 2023: Schedule of Debt Securities Available for Sale Unrealized Loss Position March 31, 2024 March 31, 2023 (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities (L Bonds): Twelve months or longer $ — $ — $ 73,822 $ 7,924 Other debt securities: Less than twelve months — — 2,078 956 Twelve months or longer 1,964 1,060 — — Total available-for-sale debt securities with unrealized losses $ 1,964 $ 1,060 $ 75,900 $ 8,880 The noncredit-related portion of the net unrealized gains of $ 4.1 11.2 During the year ended March 31, 2024, there were no credit-related loss on its investment in debt securities available-for-sale. During the year ended March 31, 2023, the Company determined the credit-related portion on its investment in debt securities available-for-sale was $ 12.6 The following table is a rollforward of credit-related losses recognized in earnings for the periods presented below: Schedule of Debt Securities Available for Sale Allowance for Credit Loss Year Ended March 31, (Dollars in thousands) 2024 2023 Balance, beginning of period $ 31,290 $ 18,669 Increase in credit-related loss amounts previously recognized — 12,621 Balance, end of period $ 31,290 $ 31,290 The contractual maturities of available-for-sale debt securities as of March 31, 2024 and 2023 are as follows: March 31, 2024 March 31, 2023 (Dollars in thousands) Amortized Cost Basis Fair Value Amortized Cost Basis Fair Value Due in one year or less $ 1,687 $ 1,964 $ 66,000 $ 75,900 No fixed maturity 998 998 998 998 $ 2,685 $ 2,962 $ 66,998 $ 76,898 Other Equity Securities and Interests Ben and certain of the Customer ExAlt Trusts hold investments in equity securities of private companies with a readily determinable fair value, including those of the GWG Wind Down Trust. On August 1, 2023, GWG Holdings’ plan of reorganization was declared effective and our investments in its common stock and L Bonds (previously accounted for as public equity securities and available-for-sale debt securities, respectively) were then exchanged for an investment in the GWG Holdings Wind Down Trust. The fair value of these equity interests was $ 0.6 17.4 Additionally, certain of the Customer ExAlt Trusts hold investments in equity securities that do not have a readily determinable fair value. These equity securities are measured using the measurement alternative for equity investments that do not have readily determinable fair values at cost, less impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The value of these equity securities was $ 26.8 21.6 10.8 During the year ended March 31, 2024, an impairment of 37.8 was recognized, which is reflected in the gain (loss) on financial instruments, net line item on the consolidated statements of comprehensive income (loss). no

Fair Value Measurements

Fair Value Measurements	3 Months Ended	12 Months Ended
Fair Value Measurements	Jun. 30, 2024	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements Fair value is estimated based on a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are inputs that reflect the assumptions that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs to valuation techniques into three broad levels whereby the highest priority is given to Level 1 inputs and the lowest to Level 3 inputs. ● Level 1 - Quoted prices for identical instruments in active markets that the reporting entity has the ability to access as of the measurement date. ● Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable market data. ● Level 3 - Valuations for instruments with inputs that are significant and unobservable, are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such instruments. This hierarchy requires the use of observable market data when available. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments that are valued using NAV as a practical expedient are excluded from this hierarchy. As of June 30, 2024 and March 31, 2024 297.9 293.9 11.0 0.5 Financial instruments on a recurring basis The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on June 30, 2024 and March 31, 2024 Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis As of June 30, 2024 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Public equity securities $ 4,140 $ — $ — $ 4,140 Other equity interests — 194 — 194 Debt securities available-for-sale, other — 477 1,942 2,419 Liabilities: Warrant liability 180 — — 180 Prepaid forward liability 14 — — 14 As of March 31, 2024 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Public equity securities $ 4,897 $ — $ — $ 4,897 Other equity interests — 558 — 558 Debt securities available-for-sale, other — 998 1,964 2,962 Liabilities: Warrant liability 178 — — 178 Prepaid forward liability 14 — — 14 A reconciliation of gain (loss) on financial instruments, net for each of the periods presented herein is included in the tables below (in thousands): Schedule of Reconciliation of Gain (Loss) on Investments 2024 2023 Three Months Ended June 30, 2024 2023 Public equity securities: Related party equity securities $ — $ (3,566 ) Other public equity securities (757 ) (220 ) Put options — (2,328 ) Warrant liability (2 ) 1,485 Prepaid forward liability — (92 ) Derivative liability — 1,418 Other equity securities and interests Related party, with a readily determinable fair value (365 ) — Other, without a readily determinable fair value (59 ) (158 ) Gain (loss) on financial instruments, net $ (1,183 ) $ (3,461 ) The following is a description of the valuation methodologies used for financial instruments measured at fair value on a recurring basis: Investment in other equity securities and interests with a readily determinable fair value As of June 30, 2024 and , the fair value of these equity interests is calculated using . Investment in debt securities available-for-sale Other debt securities. Schedule of Fair value Measurement Inputs and Valuation Techniques Fair Value Valuation Methodology Unobservable Inputs Range Weighted Average June 30, 2024 $ 1,942 Market Approach Enterprise value-to-revenue multiple 0.2 18.9 1.80 March 31, 2024 $ 1,964 Market Approach Enterprise value-to-revenue multiple 0.2 18.9 1.77 The following table reconciles the beginning and ending fair value of our Level 3 other debt securities: Schedule of Fair Value Measured on Recurring Basis Unobservable Input Reconciliation 2024 2023 (Dollars in thousands) Three Months Ended June 30, 2024 2023 Beginning balance $ 1,964 $ 2,078 Gains (losses) recognized in accumulated other comprehensive income (loss) (1) (22 ) 105 Ending balance $ 1,942 $ 2,183 (1) Recorded in unrealized gain (loss) on available-for-sale debt securities. Derivative liability The fair value of the contingent interest feature derivative liability, as discussed in Note 7, is estimated using industry standard valuation models. Level 3 inputs were utilized to value the expected future cash flows from the portfolio held by the Customer ExAlt Trust and included the use of present value techniques employing cash flow estimates and incorporated assumptions that marketplace participants would use in estimating fair values. Specifically, the model includes assumptions related to (i) equity market risk premiums, (ii) alternative asset beta to public equities, (iii) NAVs, (iv) volatilities, (v), distribution rates, and (vi) market discount rates. These expected future cash flows were bifurcated between base cash flows and enhanced return cash flows (i.e., the contingent interest) and then the enhanced cash flows were further discounted to arrive at the fair value for the contingent interest feature derivative liability. In instances where reliable market information was not available, management used historical market data proxies and assumptions to determine a reasonable fair value. The derivative liability was extinguished along with its related debt on October 18, 2023, as discussed in Note 7. The following table reconciles the beginning and ending fair value of our Level 3 derivative liability: Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation Three Months Ended June 30, 2023 Beginning balance $ 3,513 Gains recognized in earnings (1) (1,418 ) Gain recognized in loss on extinguishment of debt, net — Ending balance $ 2,095 (1) Recorded in (gain) loss on financial instruments, net. There have been no transfers between levels for any assets or liabilities recorded at fair value on a recurring basis or any changes in the valuation techniques used for measuring the fair value as of June 30, 2024 and March 31, 2024 Financial instruments on a non-recurring basis Equity securities without a readily determinable fair value Certain of the Customer ExAlt Trusts hold investments in equity securities that do not have a readily determinable fair value. These equity securities are measured at cost, less impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or a similar investment of the same issuer. The Company classifies these assets as Level 2 within the fair value hierarchy. The value of these equity securities was $ 26.7 26.8 one 10.8 No Goodwill During the first quarter of fiscal 2025 and 2024, primarily as a result of a significant, sustained decline 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 and resulted in us performing an interim impairment assessment. As a result, we wrote the carrying value of each report unit with goodwill down to their estimated fair value and recognized a non-cash goodwill impairment charge of $ 3.4 1.1 For each interim impairment assessment, 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. The discount rates used for each reporting unit in the June 30, 2023 impairment analysis ranged from 24.8 25.6 June 30, 2024 impairment analysis ranged from 28.0 29.3 3.0 , there was no excess of reporting unit fair value over carrying value for Ben Custody or Ben Markets. The change in goodwill at each reporting unit was as follows: Schedule of Goodwill March 31, 2024 Impairment June 30, 2024 Ben Liquidity $ — $ — $ — Ben Custody 10,896 (3,129 ) 7,767 Ben Insurance — — — Ben Markets 2,710 (265 ) 2,445 Total Goodwill $ 13,606 $ (3,394 ) $ 10,212 There were no other assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2024 and March 31, 2024 Carrying amounts and estimated fair values The estimated fair value of financial instruments, whether or not recognized in the consolidated statements of financial condition, for which it is practicable to estimate those values, are disclosed below. These fair value estimates are determined based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price at which an asset could be sold or the price at which a liability could be transferred. However, our estimates of many of these fair values are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimated values. Nonfinancial instruments are excluded from disclosure requirements. The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value as of June 30, 2024 and March 31, 2024, were as noted in the table below: Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value As of June 30, 2024 (Dollars in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents 1 $ 4,399 $ 4,399 Restricted cash 1 314 314 Financial liabilities: Debt due to related parties, net 2 120,554 134,031 Accounts payable and accrued expenses 1 103,012 103,012 As of March 31, 2024 (Dollars in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents 1 $ 7,913 $ 7,913 Restricted cash 1 64 64 Financial liabilities: Debt due to related parties, net 2 120,505 129,327 Accounts payable and accrued expenses 1 157,157 157,157	6. Fair Value Measurements Fair value is estimated based on a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are inputs that reflect the assumptions that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs to valuation techniques into three broad levels whereby the highest priority is given to Level 1 inputs and the lowest to Level 3 inputs. ● Level 1 — Quoted prices for identical instruments in active markets that the reporting entity has the ability to access as of the measurement date. ● Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable market data. ● Level 3 — Valuations for instruments with inputs that are significant and unobservable are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such instruments. This hierarchy requires the use of observable market data when available. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments that are valued using NAV as a practical expedient are excluded from this hierarchy. As of March 31, 2024 293.9 385.9 4.8 54.0 Financial instruments on a recurring basis The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on March 31, 2024 and Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis As of March 31, 2024 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Public equity securities $ 4,897 $ — $ — $ 4,897 Other equity interests — 558 — 558 Debt securities available-for-sale, other — 998 1,964 2,962 Liabilities: Warrant liability 178 — — 178 Prepaid forward liability 14 — — 14 As of March 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Public equity securities $ 8,837 $ — $ — $ 8,837 Put Options 3,991 — — 3,991 Debt securities available-for-sale Corporate debt securities (L Bonds) — 73,822 — 73,822 Other debt securities — 998 2,078 3,076 Liabilities: Derivative liability — — 3,513 3,513 A reconciliation of gain (loss) on financial instruments, net for each of the periods presented herein is included in the tables below (in thousands): Schedule of Reconciliation of Gain (Loss) on Investments 2024 2023 Year Ended March 31, 2024 2023 Public equity securities Related party equity securities $ (3,702 ) $ (63,536 ) Other public equity securities (237 ) 523 Put options (3,023 ) (3,460 ) Warrant liability 2,477 — Prepaid forward liability (14 ) — Derivative liability 1,581 4,595 Other equity securities and interests Related party, with a readily determinable fair value( 1 (63,755 ) — Other, without a readily determinable fair value (37,848 ) 10,457 Gain (loss) on financial instruments, net $ (104,521 ) $ (51,421 ) (1) Includes realized net gains of $ 13.7 March 31, 2024 The following is a description of the valuation methodologies used for financial instruments measured at fair value on a recurring basis: Investment in other equity securities and interests with a readily determinable fair value As of March 31, 2024, the fair value of these equity interests is calculated using . There were no such securities as of March 31, 2023. Investment in debt securities available-for-sale Corporate debt securities (L Bonds). March 31, 2023 Other debt securities. Schedule of Fair value Measurement Inputs and Valuation Techniques Fair Value Valuation Methodology Unobservable Inputs Range Weighted Average March 31, 2024 $ 1,964 Market Approach Enterprise value-to-revenue multiple 0.2 18.9 1.77 March 31, 2023 $ 2,078 Market Approach Enterprise value-to-revenue multiple 0.2 18.9 1.74 The following table reconciles the beginning and ending fair value of our Level 3 other debt securities: Schedule of Fair Value Measured on Recurring Basis Unobservable Input Reconciliation (Dollars in thousands) 2024 2023 Year Ended March 31, (Dollars in thousands) 2024 2023 Beginning balance $ 2,078 $ 3,000 Gains (losses) recognized in accumulated other comprehensive income (loss)( 1 (114 ) (922 ) Ending balance $ 1,964 $ 2,078 (1) Recorded in unrealized gain (loss) on available-for-sale debt securities. Derivative liability The fair value of the contingent interest feature derivative liability, as discussed in Note 10, is estimated using industry standard valuation models. Level 3 inputs were utilized to value the expected future cash flows from the portfolio held by the Customer ExAlt Trust and included the use of present value techniques employing cash flow estimates and incorporated assumptions that marketplace participants would use in estimating fair values. Specifically, the model includes assumptions related to i) equity market risk premiums, ii) alternative asset beta to public equities, iii) NAVs, iv) volatilities, v), distribution rates, and vi) market discount rates. These expected future cash flows were bifurcated between base cash flows and enhanced return cash flows (i.e., the contingent interest) and then the enhanced cash flows were further discounted to arrive at the fair value for the contingent interest feature derivative liability. In instances where reliable market information was not available, management used historical market data proxies and assumptions to determine a reasonable fair value. The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Level 3 derivative liability at March 31, 2023. As discussed in Note 10, there was no such derivative liability at March 31, 2024 as the derivative liability was extinguished along with its related debt on October 18, 2023 (dollars in thousands): Fair Value Valuation Methodology Unobservable Inputs Range of Targets March 31, 2023 $ 3,513 Discounted cash flow Alternative asset beta to equity markets 0.42 1.67 Alternative asset market discount rate 0.10 Distribution rate 0.03 0.06 Equity market risk premiums 0.07 Net asset value volatilities 0.09 0.84 Enhanced return discount rate 0.12 The following table reconciles the beginning and ending fair value of our Level 3 derivative liability: Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (dollars in thousands) Year Ended Year Ended Beginning balance $ 3,513 $ 8,108 (Gains) losses recognized in earnings( 1 (1,581 ) (4,595 ) Gain recognized in loss on extinguishment of debt, net (1,932 ) — Ending balance $ — $ 3,513 (1) Recorded in (gain) loss on financial instruments, net. There have been no transfers between levels for any assets or liabilities recorded at fair value on a recurring basis or any changes in the valuation techniques used for measuring the fair value as of March 31, 2024 and Financial instruments on a non-recurring basis Equity securities without a readily determinable fair value Certain of the Customer ExAlt Trusts hold investments in equity securities that do not have a readily determinable fair value. These equity securities are measured using the measurement alternative for equity investments that do not have readily determinable fair values at cost, less impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or a similar investment of the same issuer. The Company classifies the fair value measurement that occurred during the periods presented as Level 2 within the fair value hierarchy. The value of these equity securities was $ 26.8 21.6 one 10.8 There were no other assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2024 and 2023. Goodwill During each of the fiscal quarters of 2024, 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. As a result, during fiscal 2024, we wrote the carrying value of the Ben Liquidity, Ben Custody, Ben Insurance, and Ben Markets reporting units down to their estimated fair values and recognized cumulatively during fiscal 2024 a non-cash goodwill impairment charge of $ 2.4 2.4 For each interim impairment assessment, 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. The discount rates used for each reporting unit ranged from: 24.8 25.6 25.3 26.2 26.3 27.2 28.0 29.3 3.0 The change in goodwill at each reporting unit was as follows: Schedule of Goodwill (dollars in thousands) March 31, 2023 Impairment March 31, 2024 Ben Liquidity $ 1,725,880 $ (1,725,880 ) $ — Ben Custody 594,219 (583,323 ) 10,896 Ben Insurance 37,942 (37,942 ) — Ben Markets 9,885 (7,175 ) 2,710 Total Goodwill $ 2,367,926 $ (2,354,320 ) $ 13,606 There were no other assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2024 and Carrying amounts and estimated fair values The estimated fair value of financial instruments, whether or not recognized in the consolidated statements of financial condition, for which it is practicable to estimate those values, are disclosed below. These fair value estimates are determined based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price at which an asset could be sold or the price at which a liability could be transferred. However, our estimates of many of these fair values are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimated values. Nonfinancial instruments are excluded from disclosure requirements. The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value as of March 31, 2024 and 2023, were as noted in the table below: Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value As of March 31, 2024 (Dollars in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents 1 $ 7,913 $ 7,913 Restricted cash 1 64 64 Financial liabilities: Debt due to related parties 2 120,505 129,327 Accounts payable and accrued expenses 1 157,157 157,157 As of March 31, 2023 (Dollars in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents 1 $ 8,726 $ 8,726 Restricted cash 1 819 819 Financial liabilities: Customer ExAlt Trusts loan payable, net 2 52,129 56,635 Debt due to related parties, net 2 99,314 96,465 Accounts payable and accrued expenses 1 65,724 65,724

Customer ExAlt Trust Loan Payab

Customer ExAlt Trust Loan Payable	3 Months Ended	12 Months Ended
Customer ExAlt Trust Loan Payable	Jun. 30, 2024	Mar. 31, 2024
Customer Exalt Trust Loan Payable
Customer ExAlt Trust Loan Payable	7. Customer ExAlt Trust Loan Payable On March 24, 2022, Ben Liquidity transferred a $ 72.5 72.5 The Customer ExAlt Trust loan payable does not have scheduled principal or interest payments due prior to its maturity date of December 7, 2033. Prepayment of the loans, in whole or in part, is permitted without premium or penalty. A pro-rata portion of the cash flows from $ 352.6 27.8 352.6 12 Termination of Customer ExAlt Trust Loan Payable On October 18, 2023, the applicable Customer ExAlt Trusts distributed, transferred and assigned the Participation Allocation (net of a qualified charitable distribution) to a subsidiary of the holder of the Customer ExAlt Trust loan payable. As a result, all obligations owed under the Customer ExAlt Trust loan payable have been repaid and the related participation interest no longer remains outstanding. As such, the Customer ExAlt Trusts repaid the entire outstanding principal balance of the ExAlt Trust Loan Payable of $ 50.9 56.7 Debt The loan agreement included a contingent interest feature whereby additional interest could be owed up to a maximum rate of 21 1.4 gain (loss) on financial instruments 0.3	10. Customer ExAlt Trust Loan Payable On March 24, 2022, Ben Liquidity transferred a $ 72.5 72.5 The Customer ExAlt Trust loan payable does not have scheduled principal or interest payments due prior to its maturity date of December 7, 2033. Prepayment of the loans, in whole or in part, is permitted without premium or penalty. A pro-rata portion of the cash flows from $ 352.6 27.8 352.6 12 Termination of Customer ExAlt Trust Loan Payable On October 18, 2023, the applicable Customer ExAlt Trusts distributed, transferred and assigned the Participation Allocation (net of a qualified charitable distribution) to a subsidiary of the holder of the Customer ExAlt Trust loan payable. As a result, all obligations owed under the Customer ExAlt Trust loan payable have been repaid and the related participation interest no longer remains outstanding. As such, the Customer ExAlt Trusts repaid the entire outstanding principal balance of the ExAlt Trust Loan Payable of $ 50.9 56.7 Debt 8.8 47.9 5.0 1.9 56.7 As of March 31, 2023, the outstanding principal, including interest paid-in-kind, was $ 54.2 52.1 3.5 5.6 The loan agreement includes a contingent interest feature whereby additional interest could be owed up to a maximum rate of 21 3.5 1.6 4.6 gain (loss) on financial instruments 0.6 1.7

Debt Due to Related Parties

Debt Due to Related Parties	3 Months Ended	12 Months Ended
Debt Due to Related Parties	Jun. 30, 2024	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt Due to Related Parties	8. Debt Due to Related Parties As of June 30, 2024 and March 31, 2024, the Company’s debt due to related parties consisted of the following: Schedule of Debt (Dollars in thousands) June 30, 2024 March 31, 2024 First Lien Credit Agreement $ 21,260 $ 21,264 Second Lien Credit Agreement 72,983 72,996 Term Loan 25,000 25,000 Other borrowings 2,208 2,180 Unamortized debt discount, net (897 ) (935 ) Total debt due to related parties $ 120,554 $ 120,505 First and Second Lien Credit Agreements On August 13, 2020, Ben, through its subsidiary Beneficient Capital Company II, L.L.C. (formerly known as Beneficient Capital Company, L.L.C.) (“BCC”), executed the Second Amended and Restated First Lien Credit Agreement (“First Lien Credit Agreement”) and the Second Amended and Restated Second Lien Credit Agreement (“Second Lien Credit Agreement”) collectively, (the “Second A&R Agreements”) with its lender, HCLP Nominees, L.L.C (“HCLP”), to amend its First Lien Credit Agreement and Second Lien Credit Agreement dated September 1, 2017 and December 28, 2018, respectively. The Second A&R Agreements have been further amended from time to time to extend the maturity date and defer principal and interest payments, among other things. In connection with the amendments to the Second A&R Agreements, Ben agreed to pay extension fees on a percentage of the amount outstanding under the credit agreements as of the date of the respective amendment. The interest rate on each loan under the Second A&R Agreements is 1-month LIBOR plus 8.0 9.5 On March 24, 2022, Ben executed Consents and Amendments No. 4 to the Second A&R Agreements with HCLP, which, among other things, (i) deferred the payment of accrued and unpaid interest to March 24, 2022, (ii) evidenced the terms agreed to in the December 1, 2021 term sheet, (iii) extended the maturity date of the loans to August 31, 2023, and (iv) established revised installment payments for each loan of $ 5.0 6.5 On February 15, 2023, Ben executed those certain Amendment No. 5 to Second Amended and Restated Credit Agreement and Consent and Amendment No. 5 to Second Amended and Restated Second Lien Credit Agreement with HCLP, pursuant to which, as required by Amendments No. 4, certain Ben subsidiaries became subsidiary guarantors and entered into those certain Amended and Restated Security and Pledge Agreement (First Lien) and Amended and Restated Security and Pledge Agreement (Second Lien), that certain first lien Guaranty and that certain second lien Guaranty. On June 5, 2023, BCH, entered into those certain Consent and Amendment No. 6 to Second Amended and Restated Credit Agreement, which amended the First Lien Credit Agreement, and Consent and Amendment No. 6 to Second Amended and Restated Second Lien Credit Agreement (collectively, the “Sixth Amendments”), which amended the Second Lien Credit Agreement, each among BCH, HCLP and the other parties thereto. Among other things, the Sixth Amendments (i) allowed for the consummation of the Transactions pursuant to the Business Combination Agreement, and effective as June 7, 2023 (ii) amended the definition of “Change of Control” (as defined therein), and (iii) provided that Beneficient will be the “Parent” thereunder. On July 12, 2023, BCH, entered into (a) that certain Amendment No. 7 to the First Lien Amendment, which amended the First Lien Credit Agreement, and (b) that certain Amendment No. 7 to Second Lien Amendment (together with the First Lien Amendment, the “Seventh Amendments”), which amended the Second Lien Credit Agreement, each among BCH, HCLP and the other parties thereto. Among other things, the Seventh Amendments (i) modified the interest rate to a fixed rate of 9.5 5.0 0.1 0.5 0.5 In connection with the Second A&R Agreements, Beneficient Holdings, Inc. (“BHI”), which owns a majority of the BCH Class S Ordinary Units, BCH Preferred A.1, and FLP Subclass 1 Unit Accounts issued by BCH, will grant certain tax-related concessions to HCLP as may be mutually agreed upon between the parties. In exchange for the tax-related concessions, 5.0 30.0 No The Second A&R Agreements and ancillary documents contain covenants that (i) prevent Ben from issuing any securities senior to the BCH Preferred A.0 or BCH Preferred A.1; (ii) prevent Ben from incurring additional debt or borrowings greater than $ 10.0 Term Loan On October 19, 2023, Beneficient Financing, L.L.C. (the “Borrower”), a wholly owned subsidiary of the Company, and BCH, as guarantor (the “Guarantor” and together with the Borrower, the “Loan Parties”), entered into a Credit and Guaranty Agreement (the “HH-BDH Credit Agreement”) with HH-BDH L.L.C. (the “HH-BDH”), as administrative agent. All capitalized terms used but not defined herein shall have the meanings ascribed to them in the HH-BDH Credit Agreement. HH-BDH’s sole member is Hicks Holdings. The managing member of Hicks Holdings is Mr. Thomas O. Hicks, a member of the Company’s Board of Directors. HH-BDH will receive customary fees and expenses in its capacity as a lender and as the administrative agent under the HH-BDH Credit Agreement, as further described below. Hicks Holdings and Mr. Hicks may be deemed to have a direct or indirect material financial interest with respect to the transactions contemplated by the HH-BDH Credit Agreement, as described below. HH-BDH funded the amounts under the HH-BDH Credit Agreement with the proceeds of a third-party financing (the “Financing”). The HH-BDH Credit Agreement provides for a three-year 25.0 Borrowings under the HH-BDH Credit Agreement bear interest, at the Company’s option, calculated according to a base rate, adjusted term SOFR rate, or adjusted daily simple SOFR rate, plus an applicable margin, subject to a Maximum Rate determined by applicable law in the State of New York. The Company elected the adjusted daily simple SOFR rate with a margin of 6.5 5.5 1.4 1.5 The Term Loan is secured in part by pledges of: (a) substantially all of the assets of the Borrower, (b) the Guarantor’s equity interests in the Borrower, (c) 97.5 39.0 41.5 The HH-BDH Credit Agreement contains customary representations, warranties, affirmative and negative covenants, including covenants which restrict the ability of the Loan Parties, the Custody Trust and certain affiliated entities to, among other things, create liens, incur additional indebtedness, make certain restricted payments and engage in certain other transactions, in each case subject to certain customary exceptions. In addition, the HH-BDH Credit Agreement contains certain financial maintenance covenants, including a debt service coverage ratio of 1.25 1.00 Additionally, the HH-BDH Credit Agreement contains customary events of default relating to, among other things, payment defaults, breach of covenants, cross default of material indebtedness, bankruptcy-related defaults, judgment defaults, and the occurrence of certain change of control events. The occurrence of an event of default may result in the acceleration of repayment obligations with respect to any outstanding principal amounts and foreclosure on the collateral. Hicks Holdings will receive the following fees and payments in connection with the Term Loan: ● A non-refundable fee in an amount equal to 1.0 ● On each Payment Date, from and including: (1) from the Closing Date until the second anniversary of the Closing Date, an interest payment at an interest rate equal to 3.0 2.0 ● If any amounts under the HH-BDH Credit Agreement are prepaid prior to the scheduled Make Whole Date, including by reason of acceleration, a make-whole payment equal to the product of the principal amounts being repaid and the applicable interest rate plus 3.0 ● Certain fees, payments and expenses incurred by Hicks Holdings in connection with the Financing. Aggregate maturities of principal on the debt due to related parties for the next five fiscal years ending March 31 are as follows: Schedule of Maturities of Long-Term Debt (Dollars in thousands) Debt Due to 2025 $ 23,468 2026 — 2027 25,000 2028 72,983 2029 —	11. Debt Due to Related Parties As of March 31, 2024 and 2023, the Company’s debt due to related parties consisted of the following: Schedule of Debt (Dollars in thousands) March 31, 2024 March 31, 2023 First Lien Credit Agreement $ 21,264 $ 21,350 Second Lien Credit Agreement 72,996 73,291 Term Loan 25,000 — Other borrowings 2,180 2,076 Unamortized debt (discount) premium, net (935 ) 2,597 Total debt due to related parties, net $ 120,505 $ 99,314 First and Second Lien Credit Agreements On August 13, 2020, Ben, through its subsidiary Beneficient Capital Company II, L.L.C. (formerly known as Beneficient Capital Company, L.L.C.) (“BCC”), executed the Second Amended and Restated First Lien Credit Agreement (“First Lien Credit Agreement”) and the Second Amended and Restated Second Lien Credit Agreement (“Second Lien Credit Agreement”) collectively, (the “Second A&R Agreements”) with its lender, HCLP Nominees, L.L.C (“HCLP”), to amend its First Lien Credit Agreement and Second Lien Credit Agreement dated September 1, 2017 and December 28, 2018, respectively. The Second A&R Agreements have been further amended from time to time to extend the maturity date and defer principal and interest payments, among other things. In connection with the amendments to the Second A&R Agreements, Ben agreed to pay extension fees on a percentage of the amount outstanding under the credit agreements as of the date of the respective amendment. The interest rate on each loan under the Second A&R Agreements is 1-month LIBOR plus 8.0 9.5 As part of Ben’s formative transactions in 2017, the First Lien Credit Agreement proceeds were loaned by HCLP to a subsidiary of Ben. Ben’s subsidiary then loaned the amount on to the Customer ExAlt Trusts so that the Customer ExAlt Trusts could acquire investments in alternative assets purchased from certain other constituent trusts of the formative ExAlt PlanTM of which MHT Financial, L.L.C. (“MHT Financial” or “MHT”) was named the beneficiary (such trusts, the “2017-18 Exchange Trusts”). As discussed in Note 16, the balance of this related party debt at the time of Ben’s September 1, 2017 commencement of Ben’s commercial operations reduced the balance of the preferred equity held by Ben’s founders. On February 15, 2023, Ben executed those certain Amendment No. 5 to Second Amended and Restated Credit Agreement and Consent and Amendment No. 5 to Second Amended and Restated Second Lien Credit Agreement with HCLP, pursuant to which, as required by the prior amendment, certain Ben subsidiaries became subsidiary guarantors and entered into those certain Amended and Restated Security and Pledge Agreement (First Lien) and Amended and Restated Security and Pledge Agreement (Second Lien), that certain first lien Guaranty and that certain second lien Guaranty. On June 5, 2023, BCH, entered into those certain Consent and Amendment No. 6 to Second Amended and Restated Credit Agreement, which amended the First Lien Credit Agreement, and Consent and Amendment No. 6 to Second Amended and Restated Second Lien Credit Agreement (collectively, the “Sixth Amendments”), which amended the Second Lien Credit Agreement, each among BCH, HCLP and the other parties thereto. Among other things, the Sixth Amendments (i) allowed for the consummation of the Transactions pursuant to the Business Combination Agreement, and effective as June 7, 2023 (ii) amended the definition of “Change of Control” (as defined therein), and (iii) provided that Beneficient will be the “Parent” thereunder. On July 12, 2023, BCH, entered into (a) that certain Amendment No. 7 to the First Lien Amendment, which amended the First Lien Credit Agreement, and (b) that certain Amendment No. 7 to Second Lien Amendment (together with the First Lien Amendment, the “Seventh Amendments”), which amended the Second Lien Credit Agreement, each among BCH, HCLP and the other parties thereto. Among other things, the Seventh Amendments (i) modified the interest rate to a fixed rate of 9.5 5.0 0.1 no 0.5 2.6 In connection with the Second A&R Agreements, Beneficient Holdings, Inc. (“BHI”), which owns a majority of the BCH Class S Ordinary Units, BCH Preferred A.1, and FLP Subclass 1 Unit Accounts issued by BCH, will grant certain tax-related concessions to HCLP as may be mutually agreed upon between the parties. In exchange for the tax-related concessions, 5.0 30.0 No The Second A&R Agreements and ancillary documents contain covenants that (i) prevent Ben from issuing any securities senior to the BCH Preferred A.0 or BCH Preferred A.1; (ii) prevent Ben from incurring additional debt or borrowings greater than $ 10.0 Term Loan On October 19, 2023, Beneficient Financing, L.L.C. (the “Borrower”), a wholly owned subsidiary of the Company, and BCH, as guarantor (the “Guarantor” and together with the Borrower, the “Loan Parties”), entered into a Credit and Guaranty Agreement (the “HH-BDH Credit Agreement”) with HH-BDH L.L.C. (the “HH-BDH”), as administrative agent. All capitalized terms used but not defined herein shall have the meanings ascribed to them in the HH-BDH Credit Agreement. HH-BDH’s sole member is Hicks Holdings. The managing member of Hicks Holdings is Mr. Thomas O. Hicks, a member of the Company’s Board. HH-BDH will receive customary fees and expenses in its capacity as a lender and as the administrative agent under the HH-BDH Credit Agreement, as further described below. Hicks Holdings and Mr. Hicks may be deemed to have a direct or indirect material financial interest with respect to the transactions contemplated by the HH-BDH Credit Agreement, as described below. HH-BDH funded the amounts under the HH-BDH Credit Agreement with the proceeds of a third-party financing (the “Financing”). The HH-BDH Credit Agreement provides for a three-year 25.0 Borrowings under the HH-BDH Credit Agreement bear interest, at the Company’s option, calculated according to a base rate, adjusted term SOFR rate, or adjusted daily simple SOFR rate, plus an applicable margin, subject to a Maximum Rate determined by applicable law in the State of New York. The Company elected the adjusted daily simple SOFR rate with a margin of 6.5 5.5 1.6 1.5 The Term Loan is secured in part by pledges of: (a) substantially all of the assets of the Borrower, (b) the Guarantor’s equity interests in the Borrower, (c) 97.5 41.5 The HH-BDH Credit Agreement contains customary representations, warranties, affirmative and negative covenants, including covenants which restrict the ability of the Loan Parties, the Custody Trust and certain affiliated entities to, among other things, create liens, incur additional indebtedness, make certain restricted payments and engage in certain other transactions, in each case subject to certain customary exceptions. In addition, the HH-BDH Credit Agreement contains certain financial maintenance covenants, including a debt service coverage ratio of 1.25 1.00 Additionally, the HH-BDH Credit Agreement contains customary events of default relating to, among other things, payment defaults, breach of covenants, cross default of material indebtedness, bankruptcy-related defaults, judgment defaults, and the occurrence of certain change of control events. The occurrence of an event of default may result in the acceleration of repayment obligations with respect to any outstanding principal amounts and foreclosure on the collateral. Hicks Holdings will receive the following fees and payments in connection with the Term Loan: ● A non-refundable fee in an amount equal to 1.0 ● On each Payment Date, from and including: (1) from the Closing Date until the second anniversary of the Closing Date, an interest payment at an interest rate equal to 3.0 2.0 ● If any amounts under the HH-BDH Credit Agreement are prepaid prior to the scheduled Make Whole Date, including by reason of acceleration, a make-whole payment equal to the product of the principal amounts being repaid and the applicable interest rate plus 3.0 ● Certain fees, payments and expenses incurred by Hicks Holdings in connection with the Financing. Aggregate maturities of principal and accrued interest on the debt due to related parties for the next five fiscal years ending March 31 are as follows: Schedule of Maturities of Long-Term Debt (Dollars in thousands) Debt Due to Related Parties 2025 $ 23,444 2026 — 2027 25,000 2028 72,996 2029 —

Share-based Compensation

Share-based Compensation	3 Months Ended	12 Months Ended
Share-based Compensation	Jun. 30, 2024	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	9. Share-based Compensation As of June 30, 2024 and the Company has outstanding share-based awards under the Beneficient Management Partners, L.P. ( BMP ) Equity Incentive Plan (the “BMP Equity Incentive Plan”), the Beneficient 2023 Long Term Incentive Plan (the “2023 Incentive Plan”), and , as more fully described below. Following stockholder approval on April 18, 2024, the Company effected a reverse stock split of our Class A and Class B common stock at a ratio of 1-for-80 and a simultaneous proportionate reduction in the authorized shares of each class of Common Stock as required by Nevada Revised Statues Section 78.207. All outstanding restricted stock units and restricted equity units, as well as the Company’s equity incentive plans have been retroactively adjusted to reflect the 1-for-80 Reverse Stock Split. BMP Equity Incentive Plan The Board of Directors of Ben Management, Ben’s general partner prior to the Conversion, adopted the BMP Equity Incentive Plan in 2019. Under the BMP Equity Incentive Plan, certain directors and employees of Ben are eligible to receive equity units in BMP, an entity affiliated with the Board of Directors of Ben Management, in return for their services to Ben. The BMP equity units eligible to be awarded to employees is comprised of BMP’s Class A Units and/or BMP’s Class B Units (collectively, the “BMP Equity Units”). As of June 30, 2024, the Board has authorized the issuance of up to 119,000,000 The BMP Equity Units include awards that fully vest upon grant and awards that are subject to service-based vesting of a four-year The fair value of the BMP Equity Units was determined on the grant-date using a probability-weighted discounted cash flow analysis. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The resultant probability-weighted cash flows are then discounted using a rate that reflects the uncertainty surrounding the expected outcomes, which the Company believes is appropriate and representative of a market participant assumption, and for lack of marketability given the underlying units of the awards are not publicly traded. There were no BMP Equity Units granted during the three months ended June 30, 2024. The table below summarizes the key inputs used in the valuation of the BMP Equity Units granted during the three months ended June 30, 2023: Schedule of Share-Based Payment Award, Valuation Assumptions Unobservable Inputs Three Months Ended June 30, 2023 Expected term in years 4 Discount rate 32.1 % Discount for lack of marketability 23.1 % Long-term growth rate (after discrete projection period) 2.5 % The expected term represents the average estimated time that a recipient will be an employee of Ben and thus eligible to participate fully in the BMP Equity Incentive Plan. The discount rate is based on a modified capital asset pricing model, which includes certain observable market inputs and other data for an identified group of comparable public companies. The discount for lack of marketability is based on a Finnerty put-option model, which similarly includes certain observable market inputs and other data for an identified group of comparable public companies. The long-term growth rate is the estimated growth rate of the earnings related to BMP Equity Units that is applied to the years subsequent to Ben’s discrete cash flow periods. 2018 Ben Equity Incentive Plan The Ben Equity Incentive Plan was adopted in September 2018 (the “2018 Ben Equity Incentive Plan”). Under the 2018 Ben Equity Incentive Plan, Ben was permitted to grant equity awards in the form of restricted equity units (“REUs”) up to a maximum of 160,141 15% 1.25 During the third quarter of 2020, 6,438 5.2 June 30, 2024 0.3 1.25 1,610 Effective April 1, 2022, Ben granted 6,420 1.25 1,605 1,788 503 1.25 126 82 June 30, 2024 and 0.2 2.9 1.3 2023 Incentive Plan On June 6, 2023, the Company’s Board adopted the 2023 Incentive Plan, which was approved by the Company’s stockholders. Under the 2023 Incentive Plan, Ben is permitted to grant equity awards in the form of restricted stock units (“RSUs”). Subject to certain adjustments, the aggregate number of shares of Class A common stock expected to be issuable under the 2023 Incentive Plan in respect of awards will be equal to 15% Awards are generally subject to service-based vesting over a multi-year period from the recipient’s grant date, though some awards may fully vest upon grant date, or be subject to performance conditions. While providing services to Ben, if applicable, certain of these awards are subject to minimum retained ownership rules requiring the award recipient to continuously hold RSUs equal to at least 15% 30,187 7,398 Preferred Equity On April 1, 2022, a certain director was assigned BCH Preferred A.1 with a grant date of December 31, 2021 and having an account balance of $ 5.7 3.8 In order to provide that certain director with cash to cover any tax liability arising from the BHI Grants, BCH and the director entered into a Unit Account Redemption Agreement, effective as of April 3, 2022, whereby BCH was required to purchase and redeem from that certain director all of the BCH Preferred A.1 granted to the director pursuant to the BHI Tax Grant for a purchase price of $ 3.8 Commissions Certain of our employees’ commission compensation is in the form of common stock. Such shares granted to employees are subject to service-based vesting conditions over a multi-year period from the recipient’s grant date. Awards granted through June 8, 2023 were also subject to a performance condition, which was met on June 8, 2023 when Ben became publicly listed. The Company recorded nominal and $ 2.3 June 30, 2024 and The following table summarizes the award activity, in units, for the BMP and Ben Equity Incentive Plans during the three months ended June 30, 2024: Schedule of Share-Based Payment Arrangement, Activity BMP RSU (units in thousands) Units Weighted Average Grant Date Fair Value per Unit Units Weighted Average Grant Date Fair Value per Unit Balance, March 31, 2024 117 $ 10.34 26 $ 375.47 Granted during the period 35 10.67 8 10.00 Vested during the period (15 ) 10.09 (3 ) 800.00 Forfeited during the period (10 ) 10.67 (2 ) 322.36 Balance, June 30, 2024 92 $ 10.35 21 $ 319.06 The following table presents the components of share-based compensation expense, included in employee compensation and benefits, recognized in the consolidated statements of comprehensive income ( loss) the three June 30, 2024 : Schedule of Share-Based Payment Arrangement, Cost by Plan (dollars in thousands) 2024 2023 Three Months Ended June 30, (dollars in thousands) 2024 2023 BMP equity units $ 113 $ 675 Restricted stock units 832 8,723 Preferred equity — 286 Other (1) 49 17,317 Total share-based compensation $ 994 $ 27,001 (1) For the quarter ended June 30, 2023 includes $ 15.0 2.3 Unrecognized share-based compensation expense totaled $ 5.5 June 30, 2024 June 30, 2024 June 30, 2024 Schedule of Share-Based Payment Arrangement, Nonvested Award, Cost (dollars in thousands) BMP RSU Commissions Total 2025 $ 331 $ 1,650 $ 142 $ 2,123 2026 225 1,871 60 2,156 2027 14 883 — 897 2028 — 372 — 372 2029 — — — — 2029 Total $ 570 $ 4,776 $ 202 $ 5,548	12. Share-based Compensation As of March 31, 2024 and the Company has outstanding share-based awards under the Beneficient Management Partners, L.P. ( BMP ) Equity Incentive Plan (the “BMP Equity Incentive Plan”), the Beneficient 2023 Long Term Incentive Plan (the “2023 Incentive Plan”), and , as more fully described below. Following stockholder approval on April 18, 2024, the Company effected a reverse stock split of our Class A and Class B common stock at a ratio of 1-for-80 and a simultaneous proportionate reduction in the authorized shares of each class of Common Stock as required by Nevada Revised Statues Section 78.207 (see Note 22). All outstanding restricted stock units and restricted equity units, as well as the Company’s equity incentive plans have been retroactively adjusted to reflect the 1-for-80 Reverse Stock Split. BMP Equity Incentive Plan The Board of Directors of Ben Management, Ben’s general partner prior to the Conversion, adopted the BMP Equity Incentive Plan in 2019. Under the BMP Equity Incentive Plan, certain directors and employees of Ben are eligible to receive equity units in BMP, an entity affiliated with the Board of Directors of Ben Management, in return for their services to Ben. The BMP equity units eligible to be awarded to employees is comprised of BMP’s Class A Units and/or BMP’s Class B Units (collectively, the “BMP Equity Units”). As of March 31, 2024 119,000,000 BMP’s Class A Units indirectly participate in profits from certain revenue streams and a portion of any upward carrying value adjustments associated with BCH through the FLP Subclass 2 Unit Accounts of BCH as described in Note 13. The income allocation from the FLP Subclass 2 Units is reinvested equally into Class S Ordinary Units and Class S Preferred Units issued by BCH on a quarterly basis. For vested Class A Units, on a quarterly basis and subject to certain restrictions, the holder can direct that all or a portion of the Class S Ordinary Units and Class S Preferred Units attributable to such vested units be converted into BCG’s Common Units and either i) distributed to the holder or ii) sold to another party with the proceeds less any transaction expenses distributed to the holder. Upon holder’s termination of employment from Ben for reasons other than cause, BMP will redeem the vested Class A Units for consideration comprised of either i) BCG Common Units or ii) cash proceeds from BCG Common Units being sold to another party less any transaction expenses. The value at redemption is based on the continued participation in the income allocated to the holder’s Class A Units for five years, with such continued participation reduced each year after termination by 20 The BMP Class B Units indirectly participate in 49.5 While providing services to Ben, if applicable, certain of these awards are subject to minimum retained ownership rules requiring the award recipient to continuously hold BMP Equity Units equivalents equal to at least 25 The BMP Equity Units include awards that fully vest upon grant and awards that are subject to service-based vesting of a four-year The fair value of the BMP Equity Units was determined on the grant-date using a probability-weighted discounted cash flow analysis. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. The resultant probability-weighted cash flows are then discounted using a rate that reflects the uncertainty surrounding the expected outcomes, which the Company believes is appropriate and representative of a market participant assumption, and for lack of marketability given the underlying units of the awards are not publicly traded. There were no BMP Equity Units granted during the year ended March 31, 2024 Schedule of Share-Based Payment Award, Valuation Assumptions Range of Targets Unobservable Inputs Year Ended March 31, 2023 Expected term in years 4 Discount rate 32.1 % Discount for lack of marketability 23.1 % Long-term growth rate (after discrete projection period) 2.5 % The expected term represents the average estimated time that a recipient will be an employee of Ben and thus eligible to participate fully in the BMP Equity Incentive Plan. The discount rate is based on a modified capital asset pricing model, which includes certain observable market inputs and other data for an identified group of comparable public companies. The discount for lack of marketability is based on a Finnerty put-option model, which similarly includes certain observable market inputs and other data for an identified group of comparable public companies. The long-term growth rate is the estimated growth rate of the earnings related to BMP Equity Units that is applied to the years subsequent to Ben’s discrete cash flow periods. 2018 Ben Equity Incentive Plan The Ben Equity Incentive Plan was adopted in September 2018 (the “2018 Ben Equity Incentive Plan”). Under the 2018 Ben Equity Incentive Plan, Ben was permitted to grant equity awards in the form of restricted equity units (“REUs”) up to a maximum of 160,141 15 1.25 During the third quarter of 2020, 6,438 6.1 1.25 1,610 0.3 Effective April 1, 2022, Ben granted 6,420 1.25 1,605 1,480 503 1.25 126 82 3.4 1.8 2023 Incentive Plan On June 6, 2023, the Company’s Board adopted the 2023 Incentive Plan, which was approved by the Company’s stockholders. Under the 2023 Incentive Plan, Ben is permitted to grant equity awards in the form of restricted stock units (“RSUs”). Subject to certain adjustments, the aggregate number of shares of Class A common stock expected to be issuable under the 2023 Incentive Plan in respect of awards will be equal to 15 Awards are generally subject to service-based vesting over a multi-year period from the recipient’s grant date, though some awards may fully vest upon grant date, or be subject to performance conditions. While providing services to Ben, if applicable, certain of these awards are subject to minimum retained ownership rules requiring the award recipient to continuously hold RSUs equal to at least 15 Preferred Equity On April 1, 2022, a certain director was assigned BCH Preferred A.1 with a grant date of December 31, 2021 and having an account balance of $ 5.7 3.8 In order to provide that certain director with cash to cover any tax liability arising from the BHI Grants, BCH and the director entered into a Unit Account Redemption Agreement, effective as of April 3, 2022, whereby BCH was required to purchase and redeem from that certain director all of the BCH Preferred A.1 granted to the director pursuant to the BHI Tax Grant for a purchase price of $ 3.8 Commissions Certain of our employees’ commission compensation is in the form of common stock. Such shares granted to employees are subject to service-based vesting conditions over a multi-year period from the recipient’s grant date. Awards granted through June 8, 2023 were also subject to a performance condition, which was met on June 8, 2023 when Ben became publicly listed. The Company recorded $ 3.0 March 31, 2024 The following table summarizes the award activity, in units, for the BMP and Ben Equity Incentive Plans during the years ended March 31, 2024 and : Schedule of Share-Based Payment Arrangement, Activity BMP RSU (units in thousands) Units Weighted Average Grant Date Fair Value per Unit Units Weighted Average Grant Date Fair Value per Unit Balance, March 31, 2022 1,118 $ 9.78 23 $ 10.00 Granted during the period 35 10.67 8 10.00 Vested during the period (646 ) 9.73 (8 ) 10.00 Forfeited during the period (69 ) 10.00 (1 ) 10.00 Balance, March 31, 2023 438 $ 10.04 22 $ 10.00 Granted during the period — — 51 2.73 Vested during the period (287 ) 9.75 (40 ) 5.17 Forfeited during the period (34 ) 10.18 (7 ) 4.09 Balance, March 31, 2024 117 $ 10.34 26 $ 4.69 The following table presents the components of share-based compensation expense, included in employee compensation and benefits, recognized in the consolidated statements of comprehensive income (loss) for the March 31, 2024 and : Schedule of Share-Based Payment Arrangement, Cost by Plan (dollars in thousands) 2024 2023 Year Ended March 31, (dollars in thousands) 2024 2023 BMP equity units $ 1,854 $ 4,297 Restricted stock units 18,415 4,358 Preferred equity 858 1,430 Other (1) 17,976 — Total share-based compensation $ 39,103 $ 10,085 (1) Includes $ 15.0 3.0 Unrecognized share-based compensation expense totaled $ 7.0 March 31, 2024 March 31, 2024 March 31, 2024 Schedule of Share-Based Payment Arrangement, Nonvested Award, Cost (dollars in thousands) BMP RSU Commissions Total Year one 2025 $ 540 $ 2,894 $ 191 $ 3,625 Year two $ 540 $ 2,894 $ 191 $ 3,625 2026 242 2,096 60 2,398 Year three 242 2,096 60 2,398 2027 14 994 — 1,008 Year four 14 994 — 1,008 2028 — — — — Year five — — — — 2029 — — — — Year six — — — — Total $ 796 $ 5,984 $ 251 $ 7,031 Weighted-average period to be recognized 1.56 2.64 1.40

Equity

Equity	3 Months Ended	12 Months Ended
Equity	Jun. 30, 2024	Mar. 31, 2024
Equity [Abstract]
Equity	10. Equity Below is a description of the outstanding classes of the equity of the Company, including quasi-equity amounts that are required to be reported as temporary equity between the liabilities and equity sections on the consolidated statements of financial condition. As of June 30, 2024, the 9th Amended and Restated LPA of BCH (“BCH LPA”) and the articles of incorporation and bylaws of Beneficient, govern the terms of these equity securities, as applicable. The Company’s governing documents authorize the issuance of additional classes of equity. All equity interests of BCH are limited partnership interests. Common Stock: Voting. one 10 Dividends. Conversion Standby Equity Purchase Agreement On June 27, 2023, the Company entered into the SEPA with Yorkville, whereby the Company has the right, but not the obligation, to sell to Yorkville up to $ 250.0 1.3 5,703 On September 29, 2023, a resale registration statement on Form S-1 was declared effective by the SEC, thereby permitting sales of Class A common stock to Yorkville under the SEPA. Subsequent to the effectiveness of this resale registration statement and through June 30, 2024, the Company sold a total of 498,125 3.9 449,307 2.6 Preferred Stock: Under the terms of our articles of incorporation, our Board is authorized to issue up to 250 50 4 Series A Preferred Stock As of June 30, 2024 and March 31, 2024, there were no Maturity. Priority. Voting Dividends Liquidation or Dissolution 0.001 Conversion, Transferability and Exchange. Redemption Series B Preferred Stock: The Series B preferred stock has various subclasses, however, the general rights, preferences, privileges and restrictions of these equity securities are described below. Each of the Series B preferred stock has a par value of $ 0.001 3,768,995 200,000 20,000 6,932 On October 3, 2023, 3,768,995 172,574 218.40 As of June 30, 2024 and March 31, 2024, there were a total of 226,932 Maturity. Priority. Voting Dividends Liquidation or Dissolution 10.00 Conversion, Transferability and Exchange. Optional Conversion. 5.38 436.80 10.00 50 165,037 Mandatory Conversion 210 60 210 60 one year 9.99 4.99 Redeemable Noncontrolling Interests: Preferred Series A Subclass 0 Unit Accounts The BCH Preferred A.0 receives a quarterly guaranteed payment calculated as 6 1.50 $ 42.0 37.7 Additionally, the BCH Preferred A.0 has the ability under the BCH LPA to elect, by a majority of holders of BCH Preferred A.0, to receive a full return of capital senior to any other security if an event causing mandatory returns of capital occurs. The BCH Preferred A.0 can be converted into Class S Units at the election of the holder, at a price equal to the average of (i) $ 840.00 20 840.00 Finally, a holder of BCH Preferred A.0, subsequent to January 1, 2023, may elect to require a redemption by BCH of up to 12.5 50 12.5 The BCH Preferred A.0 are recorded in the consolidated statements of financial condition in the redeemable noncontrolling interest line item. Noncontrolling Interests: Noncontrolling interests represent the portion of certain consolidated subsidiaries’ limited partnership interests or interests in the Customer ExAlt Trusts that are held by third parties. Amounts are adjusted by the noncontrolling interest holder’s proportionate share of the subsidiaries’ earnings or losses each period and for any distributions that are paid. Equity securities issued by BCH maintain capital account balances determined pursuant to Section 704 of the Internal Revenue Code. Because federal income tax regulations differ in certain respects from U.S. GAAP, income or loss allocations to BCH equity securities determined in accordance with tax regulations may materially differ from that recognized for financial reporting purposes. For example, the losses recognized for financial reporting purposes arising from the impairment of goodwill are not recognized under tax regulation, and the associated capital account balances have not been impacted by those losses. The following tables present a rollforward of the noncontrolling interests for the three months ended June 30, 2024 and 2023: Schedule of Noncontrolling Interests (Dollars in thousands) Trusts BCH Class S Ordinary BCH Class S Preferred FLP BCH Preferred Series A.1 BCH Preferred Series C Class A of CT Total Noncontrolling Interests Noncontrolling Interests (Dollars in thousands) Trusts BCH Class S Ordinary BCH Class S Preferred FLP BCH Preferred Series A.1 BCH Preferred Series C Class A of CT Total Noncontrolling Interests Balance, March 31, 2024 $ (165,712 ) $ — $ — $ — $ 207,943 $ — $ — $ 42,231 Net loss (526 ) — — — (7,187 ) — — (7,713 ) Reclass of distributions payable to noncontrolling interest holder (225 ) — — — — — — (225 ) Balance, June 30, 2024 $ (166,463 ) $ — $ — $ — $ 200,756 $ — $ — $ 34,293 Noncontrolling Interests (Dollars in thousands) Trusts BCH Class S Ordinary BCH Class S Preferred FLP BCH Preferred Series A.1 BCH Preferred Series C Class A of CT Total Noncontrolling Interests Balance, March 31, 2023 $ (118,299 ) $ 52,560 $ 856 $ — $ — $ 205,759 $ 1,337 $ 142,213 Net loss (13,866 ) (29,365 ) — — (674 ) — (647 ) (44,552 ) Reclass of BCH Preferred A.1 from temporary to permanent equity — — — — 699,441 — — 699,441 Issuance of shares in connection with transactions closing post de-SPAC 133 — — — — — — 133 Reclass of distributions payable to noncontrolling interest holder (329 ) — — — — — — (329 ) Conversion of Class S Ordinary to Class A common — (3,884 ) — — — — — (3,884 ) Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return — — — — (6,942 ) — — (6,942 ) Balance, June 30, 2023 $ (132,361 ) $ 19,311 $ 856 $ — $ 691,825 $ 205,759 $ 690 $ 786,080 Preferred Series A Subclass 1 Unit Accounts The BCH Preferred A.1 unit accounts are issued by BCH and are non-participating and convertible on a dollar basis. The weighted average preferred return rate for the three months ended June 30, 2024 and 2023 was approx imately nil 0.93 106.1 Beginning January 1, 2025, BCH Preferred A.1 may be converted into BCH Class S Ordinary Units at the election of the holder, subject to a 20 1,440 30 840 The BCH LPA also includes certain limitations of BCH, without the consent of a majority-in-interest of the Preferred Series A Unit Account holders, to (i) issue any new equity securities, and (ii) except as otherwise provided, incur indebtedness that is senior to or pari passu with any right of distribution, redemption, repayment, repurchase or other payments relating to the Preferred Series A Unit Accounts or the Preferred Series B Unit Accounts. Further, BCH cannot, prior to the conversion of all the Preferred Series A Unit Accounts and the Preferred Series B Unit Accounts, incur any additional long-term debt unless (i) after giving effect to the incurrence of the new long-term debt on a pro forma basis, the sum of certain preferred stock, existing debt and any new long-term indebtedness would not exceed 55 40 On June 6, 2023, in connection with the BCG Recapitalization as described in Note 4, $ 193.9 208,861 17,456 191,405 one 15.0 15.0 The BCH Preferred A.1 are recorded in the consolidated statements of financial condition in the noncontrolling interest line item. Preferred Series C Subclass 1 Unit Accounts On July 15, 2020, the Company entered into a Preferred Series C Unit Purchase Agreement (“UPA”) with GWG Holdings. Pursuant to the UPA, on July 10, 2023, the Preferred Series C Subclass 1 Unit Accounts of BCH (“BCH Preferred C.1”) automatically converted into 550,510 372.80 20 Class S Ordinary Units As of both June 30, 2024 and March 31, 2024, BCH, a subsidiary of Ben, had issued 67 one On June 8, 2023, 5,057 one The BCH Class S Ordinary Units are recorded in the consolidated statements of financial condition in the noncontrolling interests line item. Class S Preferred Units The BCH Class S Preferred Units also participate on a pro-rata basis in the share of the profits or losses of BCH and subsidiaries following all other allocations made by BCH and its subsidiaries. As limited partner interests, these units are generally non-voting and do not entitle participation in the management of the Company’s business and affairs. The BCH Class S Preferred Units are entitled to a quarterly preferred return. In accordance with the 8th BCH LPA, the preferred rate was waived and will not accrue from June 7, 2023 until December 31, 2024, except to the extent of allocations of income to the holders of the BCH Class S Preferred Units. In connection with the consummation of the Business Combination, the holders of the BCH Preferred A.1 agreed to significantly reduce the BCH Class S Preferred Units preferred return rate and also agreed to waive and defer the accrual of the preferred return as described above. In addition, until January 1, 2025, the hypothetical BCH Class S Preferred Units capital account will only be increased to the extent there are allocations of income during such period. The agreement to waive and not accrue the Quarterly Class S Preferred Return from June 7, 2023 until December 31, 2024 does not affect or waive any Quarterly Class S Preferred Return or hypothetical BCH Class S Preferred capital account already accrued as of the effective date. Generally, on a quarterly basis and at the election of the holder, the BCH Class S Preferred Units are exchangeable for BCH Class S Ordinary Units on a 1.2 As of June 30, 2024 and March 31, 2024, a nominal number of shares of BCH Class S Preferred Units have been issued, respectively. Preferred return earned by the BCH Class S Preferred Units from inception in 2019 through June 30, 2024 is $ 0.2 a The BCH Class S Preferred Units are recorded in the consolidated statements of financial condition in the noncontrolling interests line item. FLP Unit Accounts (Subclass 1 and Subclass 2) FLP Unit Accounts (Subclass 1 and Subclass 2) are non-unitized capital accounts. The FLP Subclass 1 Units (the “FLP-1 Unit Accounts”) were issued to a Related Entity (as defined in Note 13 ) as part of the initial commercial operations of Ben. The FLP Subclass 2 Units (the “FLP-2 Unit Accounts”) are related to the BMP Equity Incentive Plan. Each subclass of the FLP Unit Accounts, with FLP-1 Unit Accounts (receiving 50.5 49.5 15 50 20 Class S Ordinary Units and Class S Preferred Units on a quarterly basis at a price equal to the closing price of the units on such exchange on the date of allocation, thereby creating additional Class S Ordinary Units and Class S Preferred Units. During the three months ended June 30, 2024 and 2023, there was no nnually, a true up of the quarterly allocations is required to match amounts allocated with annual earnings. In addition to the above stated amounts, the FLP-1 Unit Accounts and FLP-2 Unit Accounts are entitled to a portion of any upward carrying value adjustment as calculated pursuant to Internal Revenue Code Section 704(b). In the event of an upward carrying value adjustment, the FLP-1 Unit Accounts and FLP-2 Unit Accounts are entitled to first be allocated gains associated with such carrying value adjustment equal to 15 BCH Class S Units. Immediately following any such allocation, the amount allocated is converted in BCH Class S Ordinary Units at the then determined value. Furthermore, the amount allocated to the FLP-1 Unit Accounts is reduced by the value of any previously allocated amount pursuant to an upward carrying value adjustment, calculated as the number of Class S Units previously received multiplied by the value of those units at the time of any subsequent carrying value adjustment. As a result of the consummation of the Business Combination, an adjustment to the carrying value of BCH’s assets of $ 321.9 402,383 BCH Class S Ordinary Units would be issuable as a result of the carrying value adjustment. Additionally, subsequent to the Business Combination, additional carrying value adjustments occurred, and approximately 260,000 as a result of such carrying value adjustments, subject to the Compensation Policy. Under the Compensation Policy, unless amended or waived, the number of Class S Ordinary Units that may be issued in 2024 or any subsequent year in connection with the consummation of the Business Combination will be limited and require approval of the Board; provided that any such Class S Ordinary Units that may not be issued in 2024 may be issued in subsequent years in accordance with the Compensation Policy. As of FLP Unit Accounts (Subclass 3) The FLP Subclass 3 Unit Accounts (the “FLP-3 Unit Accounts”) were issued to, and are currently held by, BHI. The FLP-3 Unit Accounts will be allocated profits from net financing revenues on a quarterly basis equal to the lesser of (i) 5 10 The FLP-3 Unit Accounts are entitled to tax and other distributions equal to 100 During the three months ended June 30, 2024 and 2023, there was no 0.9 Beneficiaries of the Customer ExAlt Trusts The ultimate beneficiaries of the Customer ExAlt Trusts are the Charitable Beneficiaries, unrelated third-party charities, that are entitled to (i) either, depending on the applicable trust agreements, 2.5 5.0 10 nil 0.1 The interests of the Charitable Beneficiaries in the Customer ExAlt Trusts are recorded on the consolidated statements of financial condition in the noncontrolling interests line item. Class A of CT Risk Management, L.L.C. On April 1, 2022, a minority interest in the Class A membership of CT Risk Management, L.L.C. (“CT”), a consolidated VIE of Ben (as further discussed in Note 14), was sold for $ 2.4 2.0	13. Equity Below is a description of the outstanding classes of the equity of the Company, including quasi-equity amounts that are required to be reported as temporary equity between the liabilities and equity sections on the consolidated statements of financial condition. The Amended and Restated LPA of BCH (“BCH LPA”) and the articles of incorporation and bylaws of Beneficient, govern the terms of these equity securities, as applicable. The Company’s governing documents authorize the issuance of additional classes of equity. All equity interests of BCH are limited partnership interests. Following stockholder approval on April 18, 2024, the Company effected a reverse stock split of our Class A and Class B common stock at a ratio of 1-for-80 and a simultaneous proportionate reduction in the authorized shares of each class of Common Stock as required by Nevada Revised Statues Section 78.207 (see Note 22). All share and per share amounts of our Class A and Class B common stock presented have been retroactively adjusted to reflect the Reverse Stock Split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid in capital. Common Stock: Voting. one 10 Dividends. Conversion Standby Equity Purchase Agreement On June 27, 2023, the Company entered into a Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, Ltd. (“Yorkville”), whereby the Company has the right, but not the obligation, to sell to Yorkville up to $ 250.0 36 1.3 5,703 On September 29, 2023, a resale registration statement on Form S-1 was declared effective by the SEC, thereby permitting sales of Class A common stock to Yorkville under the SEPA. Subsequent to the effectiveness of this resale registration statement and through March 31, 2024, the Company sold a total of 48,818 1.3 Preferred Stock: Under the terms of our articles of incorporation, our Board is authorized to issue up to 250 50 4 Series A Preferred Stock As of March 31, 2024 and 2023, there were no Maturity. Priority. Voting Dividends Liquidation or Dissolution 0.001 Conversion, Transferability and Exchange. one-quarter Redemption Series B Preferred Stock The Series B preferred stock has various subclasses, however, the general rights, preferences, privileges and restrictions of these equity securities are described below. Each of the Series B preferred stock has a par value of $ 0.001 3,768,995 200,000 20,000 6,932 During October 2023, the 3,768,995 172,574 218.40 As of March 31, 2024, there were a total of 226,932 No Maturity. Priority. Voting Dividends Liquidation or Dissolution 10.00 Conversion, Transferability and Exchange. Optional Conversion. 5.38 436.80 10.00 50 165,037 Mandatory Conversion 210 60 210 60 one year 9.99 4.99 Redeemable Noncontrolling Interests: Preferred Series A Subclass 0 Unit Accounts The BCH Preferred A.0 receives a quarterly guaranteed payment calculated as 6 1.50 37.7 20.9 Additionally, the BCH Preferred A.0 has the ability under the BCH LPA to elect, by a majority of holders of BCH Preferred A.0, to receive a full return of capital senior to any other security if an event causing mandatory returns of capital occurs. The BCH Preferred A.0 can be converted into Class S Units at the election of the holder, at a price equal to the average of (i) $ 840.00 20 840.00 Finally, a holder of BCH Preferred A.0, subsequent to January 1, 2023, may elect to require a redemption by BCH of up to 12.5 50 12.5 The BCH Preferred A.0 Unit Accounts are recorded in the consolidated statements of financial condition in the redeemable noncontrolling interest line item. The following table presents a rollforward of the redeemable noncontrolling interests for the years ended March 31, 2024 and 2023: Schedule of Redeemable Non Controlling Interests (Dollars in thousands) Preferred Series A.0 Preferred Series A.1 Noncontrolling Interests Redeemable Noncontrolling Interests Total Redeemable (Dollars in thousands) Preferred Series A.0 Preferred Series A.1 Noncontrolling Interests Balance, March 31, 2022 249,907 742,331 992,238 Net income (loss) 15,822 (4,298 ) 11,524 Deemed dividend upon issuance for U. S. GAAP to tax basis true-up — (314 ) (314 ) Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return — (37,133 ) (37,133 ) Transfer from BCH Preferred Series A.1 Unit Accounts to BCH Preferred Series A.0 Unit Accounts 1,145 (1,145 ) — BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual (15,822 ) — (15,822 ) Balance, March 31, 2023 251,052 699,441 950,493 Beginning balance 251,052 699,441 950,493 Net income (loss) 16,793 — 16,793 Reclass of BCH Preferred A.1 from temporary to permanent equity — (699,441 ) (699,441 ) BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual (16,793 ) — (16,793 ) Balance, March 31, 2024 $ 251,052 $ — $ 251,052 Ending balance $ 251,052 $ — $ 251,052 Noncontrolling Interests: Noncontrolling interests represent the portion of certain consolidated subsidiaries’ limited partnership interests or interests in the Customer ExAlt Trusts that are held by third parties. Amounts are adjusted by the noncontrolling interest holder’s proportionate share of the subsidiaries’ earnings or losses each period and for any distributions that are paid. Equity securities issued by BCH maintain capital account balances determined pursuant to Section 704 of the Internal Revenue Code. Because federal income tax regulations differ in certain respects from U.S. GAAP, income or loss allocations to BCH equity securities determined in accordance with tax regulations may materially differ from that recognized for financial reporting purposes. For example, the losses recognized for financial reporting purposes arising from the impairment of goodwill are not recognized under tax regulation, and the associated capital account balances have not been impacted by those losses. The following table presents a rollforward of the noncontrolling interests for the years ended March 31, 2024 and 2023: Schedule of Noncontrolling Interests (Dollars in thousands) Trusts BCH Class S Ordinary BCH Class S Preferred FLP BCH Preferred Series A.1 BCH Preferred Series C Class A of CT Total Noncontrolling Interests Noncontrolling Interests (Dollars in thousands) Trusts BCH Class S Ordinary BCH Class S Preferred FLP BCH Preferred Series A.1 BCH Preferred Series C Class A of CT Total Noncontrolling Interests Balance, March 31, 2022 982 69,831 1,315 — — 205,759 — 277,887 Net income (loss) (117,861 ) (16,987 ) — 3,166 — — (962 ) (132,644 ) Noncontrolling interest reclass — 1,116 1,117 (2,233 ) — — — — Payment of employee payroll taxes on restricted equity units — (459 ) (460 ) — — — — (919 ) Distribution to noncontrolling interest — — — — — — (131 ) (131 ) Noncash issuance of noncontrolling interest 299 — — — — — — 299 Reclass of distributions payable to noncontrolling interest holder (1,719 ) — — — — — — (1,719 ) Reclass of allocated income for FLP Subclass 3 to payable — — — (933 ) — — — (933 ) Issuance of noncontrolling interest — — — — — — 2,430 2,430 Annual reallocation of FLP — (941 ) (1,116 ) — — — — (2,057 ) Balance, March 31, 2023 (118,299 ) 52,560 856 — — 205,759 1,337 142,213 Beginning balance (118,299 ) 52,560 856 — — 205,759 1,337 142,213 Net income (loss) (44,175 ) (48,676 ) (856 ) — (484,556 ) — (1,068 ) (579,331 ) Issuance of shares in connection with recent financings 133 — — — — — — 133 Reclass of distributions payable to noncontrolling interest holder (1,170 ) — — — — — — (1,170 ) Reduction of noncontrolling interest in connection with recent financings (3,272 ) — — — — — — (3,272 ) Issuance of noncontrolling interest in connection with recent financings 79 — — — — — — 79 Conversion of BCH Class S Ordinary to Class A common stock — (3,884 ) — — — — — (3,884 ) Conversion of Preferred Series C to Class A common stock — — — — — (205,759 ) — (205,759 ) Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return — — — — (6,942 ) — — (6,942 ) Reclass of BCH Preferred A.1 from temporary to permanent equity — — — — 699,441 — — 699,441 Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings 992 — — — — — — 992 Distribution to noncontrolling interest — — — — — — (269 ) (269 ) Balance, March 31, 2024 $ (165,712 ) $ — $ — $ — $ 207,943 $ — $ — $ 42,231 Ending balance $ (165,712 ) $ — $ — $ — $ 207,943 $ — $ — $ 42,231 Preferred Series A Subclass 1 Unit Accounts The BCH Preferred A.1 Unit accounts are issued by BCH and are non-participating and convertible on a dollar basis. The weighted average preferred return rate for the years ended March 31, 2024 and 2023, was approximately 0.23 1.38 106.1 PA until December 31, 2024 does Beginning January 1, 2025, BCH Preferred A.1 may be converted into BCH Class S Ordinary Units at the election of the holder, subject to a 20 1,440.00 30 840.00 The BCH LPA also includes certain limitations of BCH, without the consent of a majority-in-interest of the Preferred Series A Unit Account holders, to i) issue any new equity securities and ii) except as otherwise provided, incur indebtedness that is senior to or pari passu with any right of distribution, redemption, repayment, repurchase or other payments relating to the Preferred Series A Unit Accounts. Further, BCH cannot, prior to the conversion of all the Preferred Series A Unit Accounts, incur any additional long-term debt unless i) after giving effect to the incurrence of the new long-term debt on a pro forma basis, the sum of certain preferred stock, existing debt and any new long-term indebtedness would not exceed 55 40 On June 6, 2023, in connection with the BCG Recapitalization as described in Note 4, $ 193.9 208,861 17,456 191,405 one 15.0 15.0 As of March 31, 2024, the BCH Preferred A.1 are recorded in the consolidated statements of financial condition in the noncontrolling interest line item. As of March 31, 2023, the BCH Preferred A.1 are recorded in the consolidated statements of financial condition in the redeemable noncontrolling interest line item. Preferred Series C Subclass 1 Unit Accounts The BCH Preferred C.1 are non-participating and convertible. The Preferred Series C purchased by GWG Holdings under the Preferred Series C Unit Purchase Agreement (“UPA”) will automatically exchange for BCG Common Units, or another unit of Ben as the parties may mutually agree (the “Ben Units”), at the lower of (i) the volume-weighted average of the Ben Units for the 20 trading days following the listing of Common Units of Ben on a national securities exchange, and (ii) $ 1,020 Account holders are entitled to a compounded quarterly preferred return based on a fraction, the numerator of which is (a) the sum of an inflation adjustment amount, plus (1) 0.5 0.75 The only conversion, redemption, or exchange rights available to the BCH Preferred C.1 are those rights afforded in accordance with the Preferred Series C UPA, or such similar agreement. While any amount of Preferred Series C Unit Accounts are outstanding, BCH cannot make any distributions, other than tax distributions and redemptions, distributions upon a liquidation of BCH, and distributions of net consideration received from a sale of BCH, without the prior consent of a majority in interest of the holders of the Preferred Series C Unit Accounts. The weighted average preferred return rate for the years ended March 31, 2024 and 2023 was approximately 0.23 1.38 Pursuant to the UPA executed in 2020, the BCH Preferred C-1 Unit Accounts automatically converted on July 10, 2023 into 550,510 372.80 20 The BCH Preferred C.1 were recorded in the consolidated statements of financial condition in the noncontrolling interest line item for periods presented prior to their conversion to Class A common stock of Beneficient. Class S Ordinary Units As of March 31, 2024 and 2023, BCH, a subsidiary of Ben, had issued 67.0 72.0 one On June 8, 2023, 5,057 The BCH Class S Ordinary Units are recorded in the consolidated statements of financial condition in the noncontrolling interests line item. Class S Preferred Units The BCH Class S Preferred Units also participate on a pro-rata basis in the share of the profits or losses of BCH and subsidiaries following all other allocations made by BCH and its subsidiaries. As limited partner interests, these units are generally non-voting and do not entitle participation in the management of the Company’s business and affairs. The BClass S Preferred Units are entitled to a quarterly preferred return. In accordance with the BCH LPA, the preferred rate was waived and will not accrue from June 7, 2023 until December 31, 2024, except to the extent of allocations of income to the holders of the BCH Class S Preferred Units. In connection with the consummation of the Business Combination, the holders of the BCH Class S Preferred Units agreed to significantly reduce the BCH Class S Preferred Units preferred return rate and also agreed to waive and defer the accrual of the preferred return as described above. In addition, until January 1, 2025, the hypothetical BCH Class S Preferred Units capital account will only be increased to the extent there are allocations of income during such period. The agreement to waive and not accrue the Quarterly Class S Preferred Return from June 7, 2023 until December 31, 2024 does not affect or waive any Quarterly Class S Preferred Return or hypothetical BCH Class S Preferred capital account already accrued as of the effective date. Generally, the BCH Class S Preferred Units are exchangeable for BCH Class S Ordinary Units in Ben on a 1.2 Units for each share of Class A common stock issued. Holders of BCH Class S Preferred Units may elect to convert into BCH Class S Ordinary Units in connection with a sale or dissolution of BCH. As of March 31, 2024 and 2023, a nominal number of shares of BCH Class S Preferred Units have been issued, respectively. Preferred return earned by the BCH Class S Preferred Units from inception in 2019 through March 31, 2024 is $ 0.2 a The BCH Class S Preferred Units are recorded in the consolidated statements of financial condition in the noncontrolling interests line item. FLP Unit Accounts (Subclass 1 and Subclass 2) FLP Unit Accounts (Subclass 1 and Subclass 2) are non-unitized capital accounts. The FLP Subclass 1 Units (the “FLP-1 Unit Accounts”) were issued to a Related Entity (as defined in Note 16) as part of the initial commercial operations of Ben. The FLP Subclass 2 Units (the “FLP-2 Unit Accounts”) are related to the BMP Equity Incentive Plan. Each subclass of the FLP Unit Accounts with FLP-1 Unit Accounts (receiving 50.5 49.5 15 50 20 BCH Class S Ordinary Units and Class S Preferred Units on a quarterly basis at a price equal to the closing price of the units on such exchange on the date of allocation, thereby creating additional Class S Ordinary Units and Class S Preferred Units. During the years ended nil 2.2 allocated to the FLP Unit Accounts (Subclass 1 and 2). Annually, a true up of the quarterly allocations is required to match amounts allocated with annual ear . During the year ended , the annual reallocation, which occur on a calendar year basis, was for $ 2.1 In addition to the above stated amounts, the FLP-1 Unit Accounts and FLP-2 Unit Accounts are entitled to a portion of any upward carrying value adjustment as calculated pursuant to Internal Revenue Code Section 704(b). In the event of an upward carrying value adjustment, the FLP-1 Unit Accounts and FLP-2 Unit Accounts are entitled to first be allocated gains associated with such carrying value adjustment equal to 15 BCH Class S Units. Immediately following any such allocation, the amount allocated is converted in BCH Class S Ordinary Units at the then determined value. Furthermore, the amount allocated to the FLP-1 Unit Accounts is reduced by the value of any previously allocated amount pursuant to an upward carrying value adjustment, calculated as the number of Class S Units previously received multiplied by the value of those units at the time of any subsequent carrying value adjustment. As a result of the consummation of the Business Combination, an adjustment to the carrying value of BCH’s assets of $ 321.9 402,383 BCH Class S Ordinary Units would be issuable as a result of the carrying value adjustment. 160,000 he Compensation Policy, unless waived or amended, the number of Class S Ordinary Units that may be issued in 2024 or any subsequent year in connection with the such carrying value adjustments will be restricted and require approval of the Board; provided that any such Class S Ordinary Units that may not be issued in 2024 may be issued in subsequent years in accordance with the Compensation Policy. As of FLP Unit Accounts (Subclass 3) The FLP Subclass 3 Unit Accounts (the “FLP-3 Unit Accounts”) were issued to, and are currently held by, BHI. The FLP-3 Unit Accounts will be allocated profits from net financing revenues on a quarterly basis equal to the lesser of (i) 5 10 The FLP-3 Unit Accounts are entitled to tax and other distributions equal to 100 During the years ended March 31, 2024 and 2023 , nil 0.9 0.9 Beneficiaries of the Customer ExAlt Trusts The ultimate beneficiaries of the Customer ExAlt Trusts are the Charitable Beneficiaries, unrelated third-party charities, that are entitled to i) either, depending on the applicable trust agreements, 2.5 5.0 10 1.1 0.3 The interests of the Charitable Beneficiaries in the Customer ExAlt Trusts are recorded on the consolidated statements of financial condition in the noncontrolling interests line item. Class A of CT Risk Management, L.L.C. On April 1, 2022, a minority interest in the Class A membership of CT Risk Management, L.L.C., a consolidated VIE of Ben (as further discussed in Note 17), was sold for $ 2.4 0.1 2.0 0.3

Net Income (Loss) per Share

Net Income (Loss) per Share	3 Months Ended	12 Months Ended
Net Income (Loss) per Share	Jun. 30, 2024	Mar. 31, 2024
Net loss per common share - basic and diluted (1) (2)
Net Income (Loss) per Share	11. Net Income (Loss) per Share Basic net income (loss) attributable to Beneficient per common share for the three months ended June 30, 2024 and 2023 Schedule of Earnings Per Share, Basic and Diluted 2024 2023 (Dollars in thousands) Three Months Ended June 30, 2024 2023 Net income (loss) $ 44,310 $ (1,155,970 ) Plus: Net loss attributable to noncontrolling interests 7,713 44,552 Less: Noncontrolling interest guaranteed payment (4,356 ) (4,105 ) Net income (loss) attributable to Beneficient common shareholders $ 47,667 $ (1,115,523 ) Net income (loss) attributable to Class A common shareholders 44,770 (1,013,454 ) Net income (loss) attributable to Class B common shareholders 2,897 (102,069 ) Net income (loss) attributable to Beneficient common shareholders 2,897 (102,069 ) Basic weighted average of common shares outstanding Class A 3,696,979 2,302,000 Class B 239,256 239,256 Basic weighted average of common shares outstanding 239,256 239,256 Basic net income (loss) attributable to Beneficient per common share Class A $ 12.11 $ (440.25 ) Class B $ 12.11 $ (426.61 ) Basic net income (loss) attributable to Beneficient per common share $ 12.11 $ (426.61 ) Diluted net income attributable to Beneficient per common share for the three months ended June 30, 2024, is as follows: (Dollars in thousands) Diluted income per share Three Months Ended June 30, 2024 Net income attributable to Beneficient common shareholders - Basic $ 47,667 Less: Net loss attributable to noncontrolling interests - Ben (7,187 ) Plus: Noncontrolling interest guaranteed payment 4,356 Net income attributable to Beneficient common shareholders - Diluted $ 44,836 Basic weighted average of common shares outstanding (Class A and Class B) 3,936,235 Dilutive effect of: Preferred Series B-1 165,151 Class S Ordinary 66,982 Class S Preferred 605 Preferred Series A Subclass 0 62,093,987 Preferred Series A Subclass 1 199,826,619 Restricted Stock Units 21,118 Dilutive effect 21,118 Diluted weighted average of common shares outstanding (Class A and Class B) 266,110,697 Diluted net income attributable to Beneficient per common share (Class A and Class B) $ 0.17 For the quarter ended June 30, 2023, as the Company was in a net loss position, the diluted EPS calculation for the Beneficient common shareholders is the same as basic EPS per common share disclosed above for that period. Diluted EPS for the Class A shareholders is $ (440.25) (426.61) In computing diluted net loss per share, we considered potentially dilutive shares. Anti-dilutive shares not recognized in the diluted net loss per share calculation for the three months ended June 30, 2024 and 2023, were as follows: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share 2024 2023 Shares Three Months Ended June 30, 2024 2023 Class S Ordinary — 68,900 Class S Preferred — 605 Preferred Series A Subclass 0 — 32,060,425 Preferred Series A Subclass 1 — 112,360,624 Preferred Series C Subclass 1 — 550,510 Restricted Stock Units 129,002 99,581 Warrants 30,874,686 29,696,875 Total anti-dilutive shares 31,003,688 174,837,520 Conversion of BCH Preferred C-1 Unit Accounts Pursuant to the UPA, on July 10, 2023, the BCH Preferred C-1 Unit Accounts automatically converted into 550,510 372.80 20 Conversion of Series B-1 Preferred Stock On October 3, 2023, 3,768,995 172,574 218.40 Warrants The disclosed amount of anti-dilutive securities for the warrants does not consider the assumed proceeds under the treasury stock method as the exercise price was greater than the average market price of the Class A common stock, which results in negative incremental shares, that would be anti-dilutive.	14. Net Loss per Share Net Income (Loss) per Share Basic and diluted net loss attributable to Beneficient per common share for the years ended March 31, 2024 and 2023, are as follows: Schedule of Earnings Per Share, Basic and Diluted (Dollars in thousands) 2024 2023 Year Ended March 31, (Dollars in thousands) 2024 2023 Net loss $ (2,658,180 ) $ (252,100 ) Less: Net (income) loss attributable to noncontrolling interests 579,332 136,942 Less: Noncontrolling interest guaranteed payment (16,793 ) (15,822 ) Net loss attributable to Beneficient (2,095,641 ) (130,980 ) Net loss attributable to Beneficient common shareholders $ (2,095,641 ) $ (130,980 ) Net loss attributable to Class A common shareholders (1,955,861 ) (118,402 ) Net loss attributable to Class B common shareholders (139,780 ) (12,578 ) Net loss attributable to Beneficient common shareholders (139,780 ) (12,578 ) Net income (loss) attributable to Beneficient common shareholders (139,780 ) (12,578 ) Weighted average of common shares outstanding — basic and diluted Class A 2,904,851 2,252,228 Class B 239,256 239,256 Net loss attributable to Beneficient per common share - Basic and Diluted Class A $ (673.31 ) $ (52.57 ) Class B $ (584.23 ) $ (52.57 ) In computing diluted net loss per share, we considered potentially dilutive shares. Anti-dilutive shares not recognized in the diluted net loss per share calculation for the years ended March 31, 2024 and 2023, were as follows: Schedule of Computing Diluted Net Loss Per Share 2024 2023 Shares Year Ended March 31, 2024 2023 Series B Preferred Stock 29,786 — Class S Ordinary 67,936 72,948 Class S Preferred 606 1,171 Preferred Series A Subclass 0 1,044,524 247,450 Preferred Series A Subclass 1 3,510,235 797,395 Preferred Series C 151,917 200,861 Restricted Stock Units 100,214 105,133 Warrants 312,012 — Total anti-dilutive securities 5,217,230 1,424,958 Conversion of BCH Preferred C-1 Unit Accounts Pursuant to the UPA, on July 10, 2023, the BCH Preferred C-1 Unit Accounts automatically converted into 550,510 372.80 20 Conversion of Series B-1 Preferred Stock On October 3, 2023, 3,768,995 172,574 218.40 Warrants The disclosed amount of anti-dilutive securities for the warrants does not consider the assumed proceeds under the treasury stock method as the exercise price was greater than the average market price of the Class A common stock, which results in negative incremental shares, that would be anti-dilutive.

Income Taxes

Income Taxes	3 Months Ended	12 Months Ended
Income Taxes	Jun. 30, 2024	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The components of income tax expense for the three months ended June 30, 2024 and 2023 Schedule of Components of Income Tax Expense (Benefit) 2024 2023 (Dollars in thousands) Three Months Ended June 30, 2024 2023 Current expense Federal $ 28 $ — Deferred expense Federal — — Income tax expense $ 28 $ —	15. Income Taxes The components of income tax expense (benefit) for the years ended March 31, 2024 and 2023, were as follows: Schedule of Components of Income Tax Expense (Benefit) (Dollars in thousands) 2024 2023 Year Ended March 31, (Dollars in thousands) 2024 2023 Deferred expense Federal $ 788 $ (1,072 ) Income tax expense (benefit) $ 788 $ (1,072 ) Income tax expense differs from the amounts computed by applying the Federal statutory rate to pre-tax income (loss). A reconciliation between the Federal statutory income tax rate of 21% to the effective income tax rate for the years ended March 31, 2024 and 2023 are shown below: Schedule of Effective Income Tax Rate Reconciliation (Dollars in thousands) 2024 2023 Year Ended March 31, (Dollars in thousands) 2024 2023 Expected statutory income tax benefit $ (558,052 ) $ (51,011 ) Amounts not deductible for income tax - goodwill impairment 490,969 — Amounts not deductible for income tax - other 4,919 505 Amounts attributable to non-taxable flow-through entities 2,855 41,240 Change in valuation allowance 60,097 8,194 Income tax expense (benefit) $ 788 $ (1,072 ) The components of gross deferred tax assets and gross deferred tax liabilities as of March 31, 2024 and 2023 , Schedule of Deferred Tax Assets and Liabilities (Dollars in thousands) March 31, 2024 March 31, 2023 Deferred income tax assets: Passthrough differences - temporary $ 28,130 $ 17,142 Loss on arbitration 11,544 — Share-based compensation 4,567 — Net operating loss 17,658 991 Non-current deferred income tax assets 61,899 18,133 Deferred income tax liabilities: Other — — Non-current deferred income tax liabilities — — Less: valuation allowance 61,899 18,133 Total deferred income tax liability $ — $ — As of March 31, 2024 and 2023 , 82.4 4.7 The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred over the past three years and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the net deferred tax assets as of March 31, 2024 and 2023. The Company does not have any significant uncertain tax positions as of March 31, 2024 and 2023, and the 2020, 2021 and 2022 tax years remain subject to examination by major tax jurisdictions as of the date of this report.

Related Parties

Related Parties	3 Months Ended	12 Months Ended
Related Parties	Jun. 30, 2024	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	13. Related Parties The Company considers its employees and directors to be related parties. A “Related Entity” or “Related Entities” include certain trusts that are directly or indirectly controlled by, or operate for the benefit of, Mr. Heppner or his family, and those entities directly or indirectly held by, or that are under common control with, such trusts, and in which he and his family members are among classes of economic beneficiaries, whether or not Mr. Heppner is entitled to economic distributions from such trusts. Mr. Heppner is a beneficiary of the trust that is the sole shareholder of BHI (such trust, the “Related Entity Trust”). Relationship with Beneficient Management Counselors, L.L.C. For periods prior to the conversion of BCG to a Nevada corporation, Ben Management was the general partner of Ben and Ben Management was governed by a board of directors. The governing document of Ben Management provided that Beneficient Management Counselors, L.L.C. (“BMC”), wholly owned by one of several Related Entities, determined the directors of Ben Management who filled 49 50 50 Services Agreement with Bradley Capital Company, L.L.C. BCG and BCH entered into an agreement with Bradley Capital Company, L.L.C. (“Bradley Capital”) and BMC effective June 1, 2017 (the “Bradley Capital Agreement”), which was then amended and restated effective January 1, 2022 (the “A&R Bradley Capital Agreement”). Bradley Capital is a Related Entity. Under the Bradley Capital Agreement and the A&R Bradley Capital Agreement, Bradley Capital is entitled to a current base fee of $ 0.4 0.2 two 0.2 0.2 The Bradley Capital Agreement and the A&R Bradley Capital Agreement requires Ben to reimburse Bradley Capital or its affiliates for taxes, fees, and expenses, including legal fees and related costs, relating to the contributions by affiliates of Bradley Capital of equity or debt interests in Ben to public charitable trusts in connection with the 2017-18 Exchange Trusts, as well as the contribution of beneficial interests in customer trusts administered by Ben. The A&R Bradley Capital Agreement further requires that Ben indemnify and hold Bradley Capital harmless against any and all losses, damages, costs, fees and any other expenses incurred by Bradley Capital as air travel expenses owed in connection with the operation of the aircraft identified in the Aircraft Sublease (as defined below) for periods prior to January 1, 2022. Additionally, the Company provides office space and access to needed technology systems and telephone services. Payments by Ben to Bradley Capital and its affiliates are guaranteed and subject to enforcement by the state courts in Delaware in the event of default. The A&R Bradley Capital Agreement extended through December 31, 2022, with an automatic annual one 10.0 1 On June 7, 2023 BCG’s existing Bradley Capital Agreement, was replaced by a Second Amended and Restated Services Agreement (the “Second A&R Bradley Capital Agreement”) with the Company as a party. The Second A&R Bradley Capital Agreement is substantially similar to the existing Bradley Capital Agreement, subject to certain changes as follows. The Executive Committee (as defined in the Second A&R Bradley Capital Agreement) reference was revised to refer to the Executive Committee of the Board, and the Second A&R Bradley Capital Agreement expressly states that it shall in no way limit the authority of Board to appoint and remove officers of the Company, including its chief executive officer. The term of the Second A&R Bradley Capital Agreement extends through December 31, 2023, with an annual one 0.5 0.2 During the three months ended June 30, 2024 and 2023, the Company recognized expenses totaling $ 0.7 0.7 2.8 2.7 As of June 30, 2024 and March 31, 2024, we have nil 0.7 1.2 In addition to the above, the Company incurred legal fees on behalf of Mr. Heppner under certain indemnification provisions. During the three months ended June 30, 2024 and 2023, these legal fees totaled approximately $ 1.2 $ 1.2 Substantially all of these legal fees have or are expected to be eligible for reimbursement by the directors and officers insurance carriers. Aircraft Sublease with Bradley Capital Effective January 1, 2022 and January 1, 2023, The Beneficient Company Group (USA), L.L.C. (“Beneficient USA”), a subsidiary of BCH, as sublessee, Bradley Capital, as sublessor, and BCG, solely as it relates to the guarantee it makes to Bradley Capital as set forth therein, entered into an Aircraft Sublease Agreement (the “Aircraft Sublease”). Pursuant to the Aircraft Sublease, Bradley Capital subleases the aircraft described therein, without a crew, to Beneficient USA for discrete periods of use. Beneficient USA is required to pay a quarterly rental of $ 1.4 1 3 During the three months ended June 30, 2023, BCH expensed $ 1.4 10.8 As discussed below, BHI, a Related Entity, entered into a Contribution Agreement with BCH and BCG pursuant to which BHI has agreed to reimburse BCG for a significant portion of the costs incurred by Beneficient USA under the Aircraft Sublease. Relationship with Beneficient Holdings, Inc. Beneficient USA, a subsidiary of BCH, entered into with BHI, a Related Entity, a Services Agreement effective July 1, 2017 (the “BHI Services Agreement”). BHI pays an annual fee of $ 30,000 five years seven years In conjunction with the execution of the Aircraft Sublease, BHI, a Related Entity, BCH, and BCG entered into a Contribution Agreement effective as of January 1, 2022 and January 1, 2023 (the “Contribution Agreement”). Pursuant to the Contribution Agreement, BHI agrees to pay to BCH, on the last business day of each calendar quarter, any amounts paid by BCH during the quarter for the use of an aircraft under the Aircraft Sublease, or any similar lease or sublease, which would include the quarterly rental under the Aircraft Sublease. In addition, BHI agrees to pay to BCH any amounts paid related to fixed monthly or quarterly costs incurred in connection with such aircraft lease or sublease in an amount not to exceed $ 250,000 BHI owns the majority of the Company’s Class B common stock, and the BCH Class S Ordinary Units, BCH Class S Preferred Units, BCH Preferred A.0, BCH Preferred A.1, and FLP Subclass 1 and Subclass 3 Unit Accounts issued by BCH. HCLP Nominees, L.L.C. HCLP is an indirect subsidiary of Highland Consolidated, L.L.C. (“Highland”). Ben’s Chairman and CEO is a beneficiary and trust investment advisor of the trusts that control, and are the partners of, Highland. Loans to and investments with or in the Related Entities have been and may be made by Highland, or its affiliates, as applicable, using proceeds from loan repayments made by Ben to HCLP in its capacity as lender to Ben. Ben is not a party to these transactions between Highland and the Related Entities. A long-standing lending and investment relationship of 26 As of June 30, 2021, Highland and the applicable Related Entity mutually agreed to satisfy all obligations under all outstanding loans among Highland and the Related Entity via full payment and satisfaction of the existing loan balances (the “Loan Balances”) by in-kind real property transfers (the “In-Kind Property Payment”) from certain of the Related Entities to Highland. The terms of the In-Kind Property Payment grant Highland the right to transfer the real property that was transferred pursuant to the In-Kind Property Payment back to certain of the Related Entities, in exchange for a BCH Preferred A.1 capital account balance in BCH in an amount equal to the Loan Balances, with such exchange to be satisfied from existing BCH Preferred A.1 that are held by such Related Entities. Since June 30, 2021, additional net advances have been made by Highland to a Related Entity. As of June 30, 2024 and March 31, 2024, Highland Consolidated, L.P. had outstanding loans in the principal amount of $ 11.1 11.5 The Company incurred legal fees of approximately $ 0.5 0.1 Relationship with The Heppner Endowment for Research Organizations, L.L.C. (“HERO”) and Research Ranch Operating Company, L.L.C (“RROC”). HERO and RROC are indirectly owned by The Highland Investment Holdings Trust, The Highland Great Plains Trust and The Highland Partner Holdings Trust. Mr. Heppner is a permissible beneficiary of The Highland Investment Holdings Trust and The Highland Partner Holdings Trust, but he is not a beneficiary of The Highland Great Plains Trust. Mr. Heppner’s family members are potential beneficiaries of each of these three RROC’s purpose is to provide funding and operational support for the research activities conducted by the qualified charities. The funding received by RROC, from proceeds of trusts settled and funded by customers of Ben, may be used, in RROC’s discretion, to (i) provide appropriate facilities and properties for the charitable organizations to utilize as part of their charitable initiatives (those properties and facilities being owned by a Related Entity), and (ii) provide fee revenue to RROC. RROC is granted such rights and authority pursuant to trust instruments entered into between a customer and subsidiaries of Ben as well as an agreement with NPT. Ben’s subsidiaries provide financing to the Customer ExAlt Trusts and Ben is paid as an agent of the trustees for administrative services it provides to the trusts. Ben has certain outstanding payables, including accrued interest, to RROC and the Charitable Accounts (for the benefit of the Texas universities as discussed above) of $ 2.2 2.2 no Beneficient Heartland Foundation, Inc.; Initial Charitable Initiative In connection with each of Ben’s liquidity transactions following the adoption of the TEFFI legislation and BFF’s receipt of a fully-operational trust company charter under the Kansas TEFFI Act, pursuant to Section 28 of the TEFFI Act, a “Qualified Distribution” is made for the benefit of certain economic growth zones and rural communities in the State of Kansas (each, a “Charitable Distribution”). In January 2022, Ben announced its initial $ 15.4 2.7 0.2 12.5 On January 20, 2022, BHF was formed as a Kansas nonprofit corporation to receive economic growth contributions pursuant to the TEFFI legislation. BHF is currently governed by an eight six two 5,000 BFF is the sole member of BHF and has the right to appoint eleven two The Kansas TEFFI Economic Growth Trust The Kansas Economic Growth Trust (the “EGT”) is a common law trust formed on December 7, 2021 by and between an individual as independent trustee, Ben Custody as administrator, and BCH as advisor. The purpose of the EGT is to receive the proceeds of the Customer ExAlt Trusts that are allocable to the Charitable Beneficiaries and to allocate such proceeds between the Kansas Department of Commerce and qualified charitable organizations (including the Beneficient Heartland Foundation, Inc.) in accordance with the requirements of the TEFFI legislation. The proceeds received by the EGT are dedicated exclusively to charitable purposes and the trust agreement prohibits any of the EGT’s assets or earnings from inuring to the benefit of Ben Custody, BCH, any director, officer or other private individual. As noted above, Ben Custody provides administrative and accounting services to the EGT, and BCH serves as advisor to the trustee with respect to the administration and distribution of the trust. Neither Ben Custody nor BCH charges a fee for these services. During the year ended March 31, 2023, the trust advisor to certain of the Customer ExAlt Trusts reassigned the beneficial interest held at NPT to the EGT. Ben has an outstanding payable to EGT of nil 0.1 0.2 0.4 1.4 Hicks Holdings, L.L.C. Hicks Holdings, L.L.C., an entity associated with one of Ben’s current directors, is one of the owners and serves as the manager of a limited liability company (“SPV”). A Related Entity also has ownership in the SPV. The SPV holds BCH Preferred A.0 and BCH Preferred A.1 among its investment holdings. Hicks Holdings Operating, LLC (“Hicks Holdings”), an entity associated with one of Ben’s current directors, directly owns BCH Preferred A.0, , Class S Ordinary Units, BCH Class S Preferred Units and Class B common stock of Beneficient. Hicks Holdings was granted its and Class S Ordinary Units as compensation for services provided in 2018. Hicks Holdings was granted its Preferred A.0 when a portion of the existing Preferr BCG 27.0 27.5 16,528 The Company has outstanding payable amounts to Hicks Holdings related to the HH-BDH Credit Agreement totaling appr oximately $ 0.1 No Letter Agreement with Hicks Holdings In connection with the HH-BDH Credit Agreement and the Financing, on October 19, 2023, the Guarantor, Ben LLC, and Hicks Holdings entered into a letter agreement (the “Letter Agreement”). In connection with the Financing, Hicks Holdings agreed to assign to HH-BDH (which is wholly-owned by Hicks Holdings) all of its rights, title and interest in and to the following partnership interests of the Guarantor: BCH Preferred A.0 with a capital account balance of $ 15.3 48.1 1 3,640 Pursuant to the terms of the Letter Agreement, the parties thereto agreed that if the Borrower and/or Guarantor default under the HH-BDH Credit Agreement and such default results in a foreclosure on, or other forfeiture of, the Pledged Equity Interests, the Guarantor will promptly issue to Hicks Holdings, BCH Preferred A.0 with a capital account balance of $ 15.3 48.1 1 3,640 Shared Services Agreement with GWG Holdings On May 27, 2020, Ben and GWG Holdings (acting through a then constituted special committee of the Board of Directors of GWG Holdings) entered into a shared services agreement effective as of January 1, 2020 (the “Shared Services Agreement”). The term of the Shared Services Agreement had an initial term of one year one During the three months ended June 30, 2023, GWG Holdings paid approximately $ 1.4 Consulting agreements with certain board members During fiscal 2024, the Company entered into consulting agreements with certain non-management board members. Pursuant to the consulting agreements, Thomas O. Hicks, Richard W. Fisher and Bruce W. Schnitzer agreed to mentor, advise and support Beneficient and its related entities regarding its business of providing services, insurance, liquidity and financing for alternative asset holders and each receive an annual cash fee of $ 150,000 1 1 Mr. Fisher retired from our Board effective March 15, 2024 and thus his above referenced consulting agreement terminated during fiscal 2024. Following his resignation, Mr. Fisher has agreed to continue to serve as a consultant to the Company. In connection with such role, Mr. Fisher will receive an annual payment of $ 50,000	16. Related Parties The Company considers its employees and directors to be related parties. A “Related Entity” or “Related Entities” include certain trusts that are directly or indirectly controlled by, or operate for the benefit of, Mr. Heppner or his family, and those entities directly or indirectly held by, or that are under common control with, such trusts, and in which he and his family members are among classes of economic beneficiaries, whether or not Mr. Heppner is entitled to economic distributions from such trusts. Mr. Heppner is a beneficiary of the trust that is the sole shareholder of BHI (such trust, the “Related Entity Trust”). Relationship with Beneficient Management Counselors, L.L.C. For periods prior to the conversion of BCG to a Nevada corporation, Ben Management was the general partner of Ben and Ben Management was governed by a board of directors. The governing document of Ben Management provided that Beneficient Management Counselors, L.L.C. (“BMC”), wholly owned by one of several Related Entities, determined the directors of Ben Management who filled 49 50 50 Services Agreement with Bradley Capital Company, L.L.C. BCG and BCH entered into an agreement with Bradley Capital Company, L.L.C. (“Bradley Capital”) and BMC effective June 1, 2017 (the “Bradley Capital Agreement”), which was then amended and restated effective January 1, 2022 (the “A&R Bradley Capital Agreement”). Bradley Capital is a Related Entity. Under the Bradley Capital Agreement and the A&R Bradley Capital Agreement, Bradley Capital is entitled to a current base fee of $ 0.4 0.2 two 0.2 0.2 The Bradley Capital Agreement and the A&R Bradley Capital Agreement requires Ben to reimburse Bradley Capital or its affiliates for taxes, fees, and expenses, including legal fees and related costs, relating to the contributions by affiliates of Bradley Capital of equity or debt interests in Ben to public charitable trusts in connection with the 2017-18 Exchange Trusts, as well as the contribution of beneficial interests in customer trusts administered by Ben. The A&R Bradley Capital Agreement further requires that Ben indemnify and hold Bradley Capital harmless against any and all losses, damages, costs, fees and any other expenses incurred by Bradley Capital as air travel expenses owed in connection with the operation of the aircraft identified in the Aircraft Sublease (as defined below) for periods prior to January 1, 2022. Additionally, the Company provides office space and access to needed technology systems and telephone services. Payments by Ben to Bradley Capital and its affiliates are guaranteed and subject to enforcement by the state courts in Delaware in the event of default. The A&R Bradley Capital Agreement extended through December 31, 2022, with an automatic annual one 10.0 1 On June 7, 2023 BCG’s existing Bradley Capital Agreement, was replaced by a Second Amended and Restated Services Agreement (the “Second A&R Bradley Capital Agreement”) with the Company as a party. The Second A&R Bradley Capital Agreement is substantially similar to the existing Bradley Capital Agreement, subject to certain changes as follows. The Executive Committee (as defined in the Second A&R Bradley Capital Agreement) reference was revised to refer to the Executive Committee of the Board, and the Second A&R Bradley Capital Agreement expressly states that it shall in no way limit the authority of Board to appoint and remove officers of the Company, including its chief executive officer. The term of the Second A&R Bradley Capital Agreement extends through December 31, 2024, with an annual one 0.5 0.2 During the years ended March 31, 2024 and 2023, the Company recognized expenses totaling $ 2.7 2.6 2.9 2.7 3.6 0.7 3.5 In addition to the above, on October 20, 2023, the Company paid legal fees of approximately $ 2.4 3.5 1.8 1.0 Aircraft Sublease with Bradley Capital Effective January 1, 2022 and January 1, 2023, The Beneficient Company Group (USA), L.L.C. (“Beneficient USA”), a subsidiary of BCH, as sublessee, Bradley Capital, as sublessor, and BCG, solely as it relates to the guarantee it makes to Bradley Capital as set forth therein, entered into an Aircraft Sublease Agreement (the “Aircraft Sublease”). Pursuant to the Aircraft Sublease, Bradley Capital subleases the aircraft described therein, without a crew, to Beneficient USA for discrete periods of use. Beneficient USA is required to pay a quarterly rental of $ 1.4 1 3 4.3 6.1 10.8 6.9 As discussed below, BHI, a Related Entity, entered into a Contribution Agreement with BCH and BCG pursuant to which BHI has agreed to reimburse BCG for a significant portion of the costs incurred by Beneficient USA under the Aircraft Sublease. Relationship with Beneficient Holdings, Inc. Beneficient USA, a subsidiary of BCH, entered into with BHI, a Related Entity, a Services Agreement effective July 1, 2017 (the “BHI Services Agreement”). BHI pays an annual fee of $ 30,000 five years seven years In conjunction with the execution of the Aircraft Sublease, BHI, a Related Entity, BCH, and BCG entered into a Contribution Agreement effective as of January 1, 2022 and January 1, 2023 (the “Contribution Agreement”). Pursuant to the Contribution Agreement, BHI agrees to pay to BCH, on the last business day of each calendar quarter, any amounts paid by BCH during the quarter for the use of an aircraft under the Aircraft Sublease, or any similar lease or sublease, which would include the quarterly rental under the Aircraft Sublease. In addition, BHI agrees to pay to BCH any amounts paid related to fixed monthly or quarterly costs incurred in connection with such aircraft lease or sublease in an amount not to exceed $ 250,000 BHI owns the majority of the Company’s Class B common stock, and the BCH Class S Ordinary Units, BCH Class S Preferred Units, BCH Preferred A.0, BCH Preferred A.1, and FLP Subclass 1 and Subclass 3 Unit Accounts issued by BCH. Additionally, BHI expects to receive tax distributions from HCLP arising from the repayment of the Second Lien Credit Agreement to cover any tax liability associated with the 2019 contribution of the Second Lien Credit Agreement to HCLP. Additionally, if HCLP is liquidated while the Second Lien Credit Agreement is still outstanding, the Second Lien Credit Agreement will transfer back to BHI. HCLP Nominees, L.L.C. HCLP is an indirect subsidiary of Highland Consolidated, L.L.C. (“Highland”). Ben’s Chairman and CEO is a beneficiary and trust investment advisor of the trusts that control, and are the partners of, Highland. Loans to and investments with or in the Related Entities have been and may be made by Highland, or its affiliates, as applicable, using proceeds from loan repayments made by Ben to HCLP in its capacity as lender to Ben. Ben is not a party to these transactions between Highland and the Related Entities. A long-standing lending and investment relationship of 26 As of June 30, 2021, Highland and the applicable Related Entity mutually agreed to satisfy all obligations under all outstanding loans among Highland and the Related Entity via full payment and satisfaction of the existing loan balances (the “Loan Balances”) by in-kind real property transfers (the “In-Kind Property Payment”) from certain of the Related Entities to Highland. The terms of the In-Kind Property Payment grant Highland the right to transfer the real property that was transferred pursuant to the In-Kind Property Payment back to certain of the Related Entities, in exchange for a BCH Preferred A.1 capital account balance in BCH in an amount equal to the Loan Balances, with such exchange to be satisfied from existing BCH Preferred A.1 that are held by such Related Entities. Since June 30, 2021, additional net advances have been made by Highland to a Related Entity. As of March 31, 2024 and 2023, Highland Consolidated, L.P. had outstanding loans in the principal amount of $ 11.5 14.0 The Company paid legal fees of approximately $ 1.0 Relationship with The Heppner Endowment for Research Organizations, L.L.C. (“HERO”) and Research Ranch Operating Company, L.L.C (“RROC”). HERO and RROC are indirectly owned by The Highland Investment Holdings Trust, The Highland Great Plains Trust and The Highland Partner Holdings Trust. Mr. Heppner is a permissible beneficiary of The Highland Investment Holdings Trust and The Highland Partner Holdings Trust, but he is not a beneficiary of The Highland Great Plains Trust. Mr. Heppner’s family members are potential beneficiaries of each of these three RROC’s purpose is to provide funding and operational support for the research activities conducted by the qualified charities. The funding received by RROC, from proceeds of trusts settled and funded by customers of Ben, may be used, in RROC’s discretion, to (i) provide appropriate facilities and properties for the charitable organizations to utilize as part of their charitable initiatives (those properties and facilities being owned by a Related Entity), and (ii) provide fee revenue to RROC. RROC is granted such rights and authority pursuant to trust instruments entered into between a customer and subsidiaries of Ben as well as an agreement with NPT. Ben’s subsidiaries provide financing to the Customer ExAlt Trusts and Ben is paid as an agent of the trustees for administrative services it provides to the trusts. Ben has certain outstanding payables, including accrued interest, to RROC and the Charitable Accounts (for the benefit of the Texas universities as discussed above) of $ 2.2 2.1 nil 0.8 0.8 Beneficient Heartland Foundation, Inc.; Initial Charitable Initiative In connection with each of Ben’s liquidity transactions following the adoption of the TEFFI legislation and BFF’s receipt of a fully-operational trust company charter under the Kansas TEFFI Act, pursuant to Section 28 of the TEFFI Act, a “Qualified Distribution” is made for the benefit of certain economic growth zones and rural communities in the State of Kansas (each, a “Charitable Distribution”). In January 2022, Ben announced its initial $ 15.4 2.7 0.2 12.5 On January 20, 2022, BHF was formed as a Kansas nonprofit corporation to receive economic growth contributions pursuant to the TEFFI legislation. BHF is currently governed by a 8 six two 5,000 BFF is the sole member of BHF and has the right to appoint eleven two The Kansas TEFFI Economic Growth Trust The Kansas Economic Growth Trust (the “EGT”) is a common law trust formed on December 7, 2021 by and between an individual as independent trustee, Ben Custody as administrator, and BCH as advisor. The purpose of the EGT is to receive the proceeds of the Customer ExAlt Trusts that are allocable to the Charitable Beneficiaries and to allocate such proceeds between the Kansas Department of Commerce and qualified charitable organizations (including the Beneficient Heartland Foundation, Inc.) in accordance with the requirements of the TEFFI legislation. The proceeds received by the EGT are dedicated exclusively to charitable purposes and the trust agreement prohibits any of the EGT’s assets or earnings from inuring to the benefit of Ben Custody, BCH, any director, officer or other private individual. As noted above, Ben Custody provides administrative and accounting services to the EGT, and BCH serves as advisor to the trustee with respect to the administration and distribution of the trust. Neither Ben Custody nor BCH charges a fee for these services. During the year ended March 31, 2023, the trust advisor to certain of the Customer ExAlt Trusts reassigned the beneficial interest held at NPT to the EGT. Ben has an outstanding payable to EGT of $ 0.1 0.1 1.4 2.7 1.4 Hicks Holdings, L.L.C. Hicks Holdings, L.L.C., an entity associated with one of Ben’s current directors, is one of the owners and serves as the manager of a limited liability company (“SPV”). A Related Entity also has ownership in the SPV. The SPV holds a BCH Preferred A.0 and BCH Preferred A.1 among its investment holdings. Hicks Holdings Operating, LLC (“Hicks Holdings”), an entity associated with one of Ben’s current directors, directly owns BCH Preferred A.0, , Class S Ordinary Units, BCH Class S Preferred Units and Class B common stock of Beneficient. Hicks Holdings was granted its and BCH Class S Ordinary Units as compensation for services provided in 2018. Hicks Holdings was granted its Preferred A.0 when a portion of the existing Preferr 27.5 72.6 16,528 Letter Agreement with Hicks Holdings In connection with the HH-BDH Credit Agreement and the Financing, on October 19, 2023, the Guarantor, Ben LLC, and Hicks Holdings entered into a letter agreement (the “Letter Agreement”). In connection with the Financing, Hicks Holdings agreed to assign to HH-BDH (which is wholly-owned by Hicks Holdings) all of its rights, title and interest in and to the following partnership interests of the Guarantor: BCH Preferred A.0 with a capital account balance of $ 15.3 48.1 1 3,640 Pursuant to the terms of the Letter Agreement, the parties thereto agreed that if the Borrower and/or Guarantor default under the HH-BDH Credit Agreement and such default results in a foreclosure on, or other forfeiture of, the Pledged Equity Interests, the Guarantor will promptly issue to Hicks Holdings, BCH Preferred A.0 with a capital account balance of $ 15.3 48.1 1 3,640 Shared Services Agreement with GWG Holdings On May 27, 2020, Ben and GWG Holdings (acting through a then constituted special committee of the Board of Directors of GWG Holdings) entered into a shared services agreement effective as of January 1, 2020 (the “Shared Services Agreement”). Pursuant to the Shared Services Agreement, GWG Holdings pays a quarterly fee to Ben for the provision of accounting and finance, general and administrative, human resources, sales administration and marketing, underwriting and risk management, information technology and legal services for GWG Holdings and its direct or wholly-owned subsidiaries. The total service fee for each quarter is determined in good faith by Ben on the final day of such quarter in accordance with the cost allocation methodology maintained on Ben’s books and records, which provides that, to the extent the Services are eligible for the “services cost method,” as defined in Treasury Regulation §1.482-9(b), the Service Fee shall be equal to the total costs incurred by Ben during each quarter in connection with Ben’s provision of the Services to GWG Holdings or its direct or indirect wholly-owned subsidiaries, and that the Service Fee for Services that are not eligible for the services cost method shall be determined by reference to the “cost of services plus method,” as defined in Treasury Regulation §1.482-9(e). The term of the Shared Services Agreement had an initial term of one year one 1.4 0.4 nil 17.8 nil 15.6 15.6 Consulting agreements with certain board members During fiscal 2024, the Company entered into consulting agreements with certain non-management board members. Pursuant to the consulting agreements, Thomas O. Hicks, Richard W. Fisher and Bruce W. Schnitzer agreed to mentor, advise and support Beneficient and its related entities regarding its business of providing services, insurance, liquidity and financing for alternative asset holders and each receive an annual cash fee of $ 150,000 1 1 0.4 Mr. Fisher retired from our Board effective March 15, 2024 and thus his above referenced consulting agreement terminated during fiscal 2024. In connection with his retirement from the Board, we agreed to enter into a different consulting agreement with Mr. Fisher, pursuant to which he is entitled to an annual fee of $ 50,000

Variable Interest Entities

Variable Interest Entities	3 Months Ended	12 Months Ended
Variable Interest Entities	Jun. 30, 2024	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	14. Variable Interest Entities In accordance with ASC 810, an enterprise is determined to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Ben holds a variable interest is a VIE and (b) whether Ben’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (for example, management and performance-related fees), would give it a controlling financial interest. The performance of that analysis requires the exercise of judgment. Based on management’s analysis, there are no VIEs that require consolidation, other than those described below. VIEs for Which the Company is the Primary Beneficiary CT Risk Management, L.L.C. CT, a Delaware limited liability company, is currently governed by the Fourth Amended and Restated Limited Liability Company Agreement entered into on April 27, 2022. CT was created to reduce the impact of a potential market downturn on the interests in alternative assets held by the Customer ExAlt Trusts that collateralize the loans receivable from the Customer ExAlt Trusts held by BFF, or other Ben entities (such loans receivable are eliminated solely for financial reporting purposes in our consolidated financial statements) by distributing any potential profits to certain of the Customer ExAlt Trusts thereby offsetting any reduction in the value of the alternative assets. CT is considered a VIE as the at-risk equity holder, BFF, does not have all of the characteristics of a controlling financial interest due to BFF’s receipt of returns being limited to its initial investment in CT. The Company concluded that BFF is the primary beneficiary of CT as BFF has the power to direct the most significant activities and has an obligation to absorb potential losses of CT. Accordingly, the results of CT are included in the Company’s consolidated financial statements. As of June 30, 2024 and March 31, 2024, the consolidated statements of financial condition include assets of this consolidated VIE with a carrying value of nil 2.3 1.7 Customer ExAlt Trusts The Company determined that all of the Customer ExAlt Trusts used in connection with its operations are VIEs of which Ben is the primary beneficiary as defined under ASC 810. The Company concluded that it is the primary beneficiary of the Customer ExAlt Trusts as it has the power to direct the most significant activities and has an obligation to absorb potential losses of the Customer ExAlt Trusts. Accordingly, the results of the Customer ExAlt Trusts are included in the Company’s consolidated financial statements. Although the Company is deemed to be the primary beneficiary of the Customer ExAlt Trusts for purposes of ASC 810, it is neither designated as a beneficiary under the trust agreements nor recognized as a beneficiary of such trusts under applicable state trust law. The assets of the Customer ExAlt Trusts may only be used to settle obligations of the Customer ExAlt Trusts. Other than potentially funding capital calls above the related reserve (refer to Note 17), there is no recourse to the Company for the Customer ExAlt Trusts’ liabilities. The cash flows generated by these VIEs are included within the Company’s consolidated statements of cash flows. The consolidated statements of financial condition include the following amounts from these consolidated VIEs as of the dates presented: Schedule of Variable Interest Entities (Dollars in thousands) June 30, 2024 March 31, 2024 Assets: Cash and cash equivalents $ 1,244 $ 963 Restricted cash 314 64 Investments, at fair value 331,367 329,113 Other assets 34 30 Total Assets of VIEs $ 332,959 $ 330,170 Liabilities: Accounts payable and accrued expense $ 1,823 $ 1,670 Other liabilities 19 109 Total Liabilities of VIEs $ 1,842 $ 1,779 Equity: Treasury stock $ (3,444 ) $ (3,444 ) Noncontrolling interests (166,463 ) (165,712 ) Accumulated other comprehensive income 255 276 Total Equity of VIEs $ (169,652 ) $ (168,880 ) The consolidated statements of comprehensive income (loss) for the periods presented include the following amounts from these consolidated VIEs. 2024 2023 Three Months Ended June 30, 2024 2023 (Dollars in thousands) Revenues Investment income, net $ 11,028 $ 500 Loss on financial instruments, net (1,175 ) (1,803 ) Interest and dividend income — 8 Total revenues 9,853 (1,295 ) Operating expenses Interest expense — 1,874 Provision for credit losses 522 — Professional services 622 1,261 Other expenses 121 357 Total operating expenses 1,265 3,492 Net income (loss) $ 8,588 $ (4,787 ) Net loss attributable to noncontrolling interests $ (526 ) $ (13,866 )	17. Variable Interest Entities In accordance with ASC 810, an enterprise is determined to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Ben holds a variable interest is a VIE and (b) whether Ben’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (for example, management and performance-related fees), would give it a controlling financial interest. The performance of that analysis requires the exercise of judgment. Based on management’s analysis, there are no VIEs that require consolidation, other than those described below. VIEs for Which the Company is the Primary Beneficiary CT Risk Management, L.L.C. CT Risk Management, L.L.C. (“CT”), which is currently governed by the Fourth Amended and Restated Limited Liability Company Agreement entered into on April 27, 2022. CT was created to reduce the impact of a potential market downturn on the interests in alternative assets held by the Customer ExAlt Trusts that collateralize the loans receivable from the Customer ExAlt Trusts held by BFF, or other Ben entities (such loans receivable are eliminated solely for financial reporting purposes in our consolidated financial statements) by distributing any potential profits to certain of the Customer ExAlt Trusts thereby offsetting any reduction in the value of the alternative assets. CT is considered a VIE as the at-risk equity holder, BFF, does not have all of the characteristics of a controlling financial interest due to BFF’s receipt of returns being limited to its initial investment in CT. The Company concluded that BCC is the primary beneficiary of CT as BFF has the power to direct the most significant activities and has an obligation to absorb potential losses of CT. Accordingly, the results of CT are included in the Company’s consolidated financial statements. As of March 31, 2024 and 2023, the consolidated statements of financial condition include assets of this consolidated VIE with a carrying value of nil 4.0 3.0 3.5 Customer ExAlt Trusts The Company determined that all of the Customer ExAlt Trusts used in connection with its operations are VIEs of which Ben is the primary beneficiary as defined under ASC 810. The Company concluded that it is the primary beneficiary of the Customer ExAlt Trusts as it has the power to direct the most significant activities and has an obligation to absorb potential losses of the Customer ExAlt Trusts. Accordingly, the results of the Customer ExAlt Trusts are included in the Company’s consolidated financial statements. Although the Company is deemed to be the primary beneficiary of the Customer ExAlt Trusts for purposes of ASC 810, it is neither designated as a beneficiary under the trust agreements nor recognized as a beneficiary of such trusts under applicable state trust law. The assets of the Customer ExAlt Trusts may only be used to settle obligations of the Customer ExAlt Trusts. Other than potentially funding capital calls above the related reserve (refer to Note 20), there is no recourse to the Company for the Customer ExAlt Trusts’ liabilities. The cash flows generated by these VIEs are included within the Company’s consolidated statements of cash flows. The consolidated statements of financial condition includes the following amounts from these consolidated VIEs as of the dates presented: Schedule of Variable Interest Entities (Dollars in thousands) March 31, 2024 March 31, 2023 Assets: Cash and cash equivalents $ 963 $ 3,259 Restricted cash 64 819 Investments, at fair value 329,113 491,859 Other assets 30 5,891 Total Assets of VIEs $ 330,170 $ 501,828 Liabilities: Accounts payable and accrued expense $ 1,670 $ 1,945 Other liabilities 109 132 Customer ExAlt Trusts loan payable, net — 52,129 Total Liabilities of VIEs $ 1,779 $ 54,206 Equity: Treasury stock $ (3,444 ) $ (3,444 ) Noncontrolling interests (165,712 ) (118,299 ) Accumulated other comprehensive income (loss) 276 9,900 Total Equity of VIEs $ (168,880 ) $ (111,843 ) The consolidated statements of comprehensive income (loss) for the periods presented include the following amounts from these consolidated VIEs. (Dollars in thousands) Year Ended March 31, 2024 Year Ended March 31, 2023 Revenues Investment income (loss), net $ 4,791 $ (54,010 ) (Gain) loss on financial instruments, net (102,584 ) (35,085 ) Interest income 10 54 Other income 215 — Total revenues (97,568 ) (89,041 ) Operating expenses Interest expense 4,091 8,957 Provision for credit losses 254 13,843 Professional services 3,277 5,032 Other expenses 1,191 1,905 Total operating expenses 8,813 29,737 Loss on extinguishment of debt, net 8,846 — Net income (loss) $ (115,227 ) $ (118,778 ) Net income (loss) attributable to noncontrolling interests $ (44,175 ) $ (117,861 )

Segment Reporting

Segment Reporting	3 Months Ended	12 Months Ended
Segment Reporting	Jun. 30, 2024	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	15. Segment Reporting The Company has three 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 (or common stock and L Bonds of GWG Holdings, as applicable) held by Ben; ● 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 to determine allocation of resources and assess performance. 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 chief operating decision maker 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): Schedule of Segment Reporting Information, by Segment Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Three Months Ended June 30, 2024 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment income, net $ — $ — $ 11,028 $ — $ — $ 11,028 Loss on financial instruments, net — — (1,175 ) (8 ) — (1,183 ) Interest income — — — 12 — 12 Trust services and administration revenues — 189 — — — 189 Other income — — — — — — Intersegment revenues Interest income 10,849 — — — (10,849 ) — Trust services and administration revenues — 5,193 — — (5,193 ) — Total revenues 10,849 5,382 9,853 4 (16,042 ) 10,046 External expenses Employee compensation and benefits 430 356 — 3,064 — 3,850 Interest expense 3,081 — — 1,207 — 4,288 Professional services 474 396 622 4,052 — 5,544 Provision for credit losses — — 522 2 — 524 Loss on impairment of goodwill — 3,129 — 265 — 3,394 Release of loss contingency related to arbitration award — — — (54,973 ) — (54,973 ) Other expenses 451 214 120 2,296 — 3,081 Intersegment expenses Interest expense — — 34,799 — (34,799 ) — Provision for credit losses 6,927 — — — (6,927 ) — Other expenses — — 3,419 — (3,419 ) — Total expenses 11,363 4,095 39,482 (44,087 ) (45,145 ) (34,292 ) Operating income (loss) $ (514 ) $ 1,287 $ (29,629 ) $ 44,091 $ 29,103 $ 44,338 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Three Months Ended June 30, 2023 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment income, net $ — $ — $ 500 $ — $ — $ 500 Loss on financial instruments, net — — (1,803 ) (1,658 ) — (3,461 ) Interest income — — 8 108 — 116 Trust services and administration revenues — 8 — 94 — 102 Intersegment revenues Interest income 12,007 — — — (12,007 ) — Trust services and administration revenues — 6,568 — — (6,568 ) — Total revenues 12,007 6,576 (1,295 ) (1,456 ) (18,575 ) (2,743 ) External expenses Employee compensation and benefits 2,493 560 — 32,770 — 35,823 Interest expense 758 — 1,874 1,152 — 3,784 Professional services 633 501 1,261 7,978 — 10,373 Loss on impairment of goodwill 901,000 195,305 — — — 1,096,305 Other expenses 654 207 356 5,725 — 6,942 Intersegment expenses Interest expense — — 29,780 — (29,780 ) — Provision for loan losses 9,495 — — — (9,495 ) — Other expenses — — 3,844 — (3,844 ) — Total expenses 915,033 196,573 37,115 47,625 (43,119 ) 1,153,227 Operating income (loss) $ (903,026 ) $ (189,997 ) $ (38,410 ) $ (49,081 ) $ 24,544 $ (1,155,970 ) Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total As of June 30, 2024 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 255,858 $ — $ — $ — $ (255,858 ) $ — Investments, at fair value — — 331,367 — — 331,367 Other assets 2,310 21,884 19,362 9,250 (36,181 ) 16,625 Goodwill and intangible assets, net — 7,767 — 5,545 — 13,312 Total Assets $ 258,168 $ 29,651 $ 350,729 $ 14,795 $ (292,039 ) $ 361,304 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total As of March 31, 2024 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 256,184 $ — $ — $ — $ (256,184 ) $ — Investments, at fair value — — 329,113 6 — 329,119 Other assets 5,814 20,398 19,467 12,510 (35,513 ) 22,676 Goodwill and intangible assets, net — 10,896 — 5,810 — 16,706 Total Assets $ 261,998 $ 31,294 $ 348,580 $ 18,326 $ (291,697 ) $ 368,501	18. Segment Reporting The Company has three 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 (or common stock and L Bonds of GWG Holdings, as applicable) held by Ben; ● 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 to determine allocation of resources and assess performance. 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 chief operating decision maker 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 (dollars in thousands): Schedule of Segment Reporting Information, by Segment Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Year Ended March 31, 2024 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment loss, net $ — $ — $ 4,791 $ — $ — $ 4,791 Loss on financial instruments, net — — (102,584 ) (1,937 ) — (104,521 ) Interest income — — 10 447 — 457 Trust services and administration revenues — 365 — — — 365 Other income — — 215 (3 ) — 212 Intersegment revenues Interest income 46,947 — — — (46,947 ) — Trust services and administration revenues — 24,169 — — (24,169 ) — Total revenues 46,947 24,534 (97,568 ) (1,493 ) (71,116 ) (98,696 ) External expenses Employee compensation and benefits 5,903 2,297 — 56,929 — 65,129 Interest expense 8,724 — 4,091 4,744 — 17,559 Professional services 1,993 1,187 3,277 23,542 — 29,999 Provision for credit losses — — 254 5,762 — 6,016 Loss on impairment of goodwill 1,725,880 583,323 — 45,117 — 2,354,320 Loss on arbitration — — — 54,973 — 54,973 Other expenses 2,057 997 1,191 17,609 — 21,854 Intersegment expenses Interest expense — — 126,339 — (126,339 ) — Provision for loan losses 113,354 25,541 — — (138,895 ) — Other expenses — — 15,345 — (15,345 ) — Total expenses 1,857,911 613,345 150,497 208,676 (280,579 ) 2,549,850 Operating income (loss) $ (1,810,964 ) $ (588,811 ) $ (248,065 ) $ (210,169 ) $ 209,463 $ (2,648,546 ) Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total As of March 31, 2024 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 256,184 $ — $ — $ — $ (256,184 ) $ — Investments, at fair value — — 329,113 6 — 329,119 Other assets 5,814 20,398 19,467 12,510 (35,513 ) 22,676 Goodwill and intangible assets, net — 10,896 — 5,810 — 16,706 Total Assets $ 261,998 $ 31,294 $ 348,580 $ 18,326 $ (291,697 ) $ 368,501 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Year Ended March 31, 2023 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment loss, net $ — $ — $ (54,010 ) $ — $ — (54,010 ) Loss on financial instruments, net — — (35,085 ) (16,336 ) — (51,421 ) Interest income — — 54 358 — 412 Trust services and administration revenues — 30 — — — 30 Other income — — — 86 — 86 Intersegment revenues Interest income 50,819 — — — (50,819 ) — Trust services and administration revenues — 29,012 — — (29,012 ) — Total revenues 50,819 29,042 (89,041 ) (15,892 ) (79,831 ) (104,903 ) External expenses Employee compensation and benefits 8,527 2,219 — 34,781 — 45,527 Interest expense 2,893 — 8,957 3,621 — 15,471 Professional services 2,849 2,018 5,033 28,522 — 38,422 Provision for credit losses — — 13,843 6,737 — 20,580 Other expenses 2,313 759 1,905 23,292 — 28,269 Intersegment expenses Interest expense — — 110,905 — (110,905 ) — Provision for loan losses 80,749 — — — (80,749 ) — Other expenses — — 18,354 — (18,354 ) — Total expenses 97,331 4,996 158,997 96,953 (210,008 ) 148,269 Operating income (loss) $ (46,512 ) $ 24,046 $ (248,038 ) $ (112,845 ) $ 130,177 $ (253,172 ) Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total As of March 31, 2023 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 366,760 $ — $ — $ — $ (366,760 ) $ — Investments, at fair value — — 491,859 5,362 — 497,221 Other assets 9,447 47,466 10,447 21,849 (46,761 ) 42,448 Goodwill and intangible assets, net 1,725,880 594,219 — 50,927 — 2,371,026 Total Assets $ 2,102,087 $ 641,685 $ 502,306 $ 78,138 $ (413,521 ) $ 2,910,695

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended	12 Months Ended
Risks and Uncertainties	Jun. 30, 2024	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Risks and Uncertainties	16. Risks and Uncertainties The Customer ExAlt Trusts hold investments in alternative assets, public and private equity securities, and debt securities that are exposed to market risk, credit risk, currency risk, and interest rate risk. Currently, these investments, whose cash flows serve as collateral to the ExAlt Loans, primarily are comprised of alternative assets consisting of private equity limited partnership interests, which are primarily denominated in the U.S. dollar, Euro, and Canadian dollar The portfolio of alternative assets covers the following industry sectors and geographic regions for the periods shown below (dollar amounts in thousands): Schedules of Concentration of Risk, by Risk Factor June 30, 2024 March 31, 2024 Industry Sector Value Percent of Total Value Percent of Total Food and staples retailing $ 66,516 22.3 % $ 41,721 14.2 % Software and services 41,935 14.1 42,908 14.6 Utilities 28,656 9.6 28,768 9.8 Diversified financials 23,386 7.9 30,297 10.3 Energy 19,796 6.6 19,930 6.8 Capital goods 15,337 5.1 23,146 7.9 Health care equipment and services 16,155 5.4 16,520 5.6 Semiconductors and Semiconductor Equipment 12,090 4.1 16,144 5.5 Other (1) 74,017 24.9 74,482 25.3 Total $ 297,888 100.0 % $ 293,916 100.0 % (1) Industries in this category each comprise less than 5 percent. Semiconductors and Semiconductor Equipment is shown separately as it comprised greater than 5 percent in the prior period. June 30, 2024 March 31, 2024 Geography Value Percent of Total Value Percent of Total North America $ 150,944 50.7 % $ 164,205 55.9 % South America 68,284 22.9 43,543 14.8 Asia 43,265 14.5 49,385 16.8 Europe 34,695 11.6 35,870 12.2 Africa 700 0.3 913 0.3 Total $ 297,888 100.0 % $ 293,916 100.0 % The ExAlt Loans, which are eliminated upon consolidation solely for financial reporting purposes , are collateralized by the cash flows originating from the Customer ExAlt Trusts’ investments in alternative assets, public and private equity securities, and debt securities, without recourse to the customer. These ExAlt Loans are a key determinant in income (loss) allocable to Ben’s and BCH’s equity holders. Ben Finally, the Customer ExAlt Trusts provide for excess cash flows from a collective pool of alternative assets, public and private equity securities, and debt securities, to be utilized to repay the ExAlt Loans to Ben from the Customer ExAlt Trusts when cash flows from the customer’s original alternative assets are not sufficient to repay the outstanding principal, interest, and fees. Excess cash flows from the collective pool of alternative assets, public and private equity securities, and debt securities, above those needed to satisfy the outstanding principal interest and fees of the ExAlt Loans are available to pay contingent interest to Ben on the ExAlt Loans up to a specified contingent interest rate. As discussed in Note 1, Ben received a charter from the state of Kansas and established an office in the state of Kansas. If we are unable to maintain the Kansas charter or obtain a charter from another state if we no longer hold the Kansas charter, our ability to affect parts of our business plan, as currently constituted, may be compromised. In October 2023, following a series of attacks by Hamas on Israeli civilian and military targets, Israel declared war on Hamas in Gaza. In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine and as a result, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. The ongoing Russia-Ukraine conflict and Israel-Hamas conflict could have a negative impact on the economy and business activity globally (including in the countries in which the Customer ExAlt Trusts currently holds investments or may hold investments in the future), and therefore, could adversely affect the performance of the Customer ExAlt Trusts’ investments. The extent and impact of any sanctions imposed in connection with the Russia-Ukraine conflict may cause financial market volatility and impact the global economy. Volatility and disruption in the equity and credit markets can adversely affect the portfolio companies underlying the investments held by the Customer ExAlt Trusts and adversely affect the investment performance. Our ability to manage exposure to market conditions is limited. Market deterioration could cause the Company to experience reduced liquidity, earnings and cash flow, recognize impairment charges, or face challenges in raising capital, and making investments on attractive terms. Adverse market conditions can also affect the ability of investment funds held by the Customer ExAlt Trusts to liquidate positions in a timely and efficient manner. As a result, this presents material uncertainty and risk with respect to the performance of the investments held by the Customer ExAlt Trusts, even though the Customer ExAlt Trusts do not hold any investments with material operations in Russia, Ukraine, or Israel. The cash flows from the investment held by the Customer ExAlt Trusts serve as the collateral to the ExAlt Loans and the fees that are paid by the Customer ExAlt Trusts to Ben for administering these trusts, both of which are key determinants in the income allocated to BCG’s and BCH’s equity holders. Further, these events may result in reduced opportunities for future liquidity solution transactions with our customers and make it more difficult for the Customer ExAlt Trusts to exit and realize value from its existing investments, potentially resulting in a decline in the value of the investments held in the Customer ExAlt Trusts. Such a decline could cause our revenue and net income to decline, including the revenues and net income allocated to BCG’s and BCH’s equity holders. The Company continues to evaluate the impact of the ongoing Russia-Ukraine conflict, Israel-Hamas conflict and other items, such as inflation and rising interest rates, and assess the impact on financial markets and the Company’s business. The Company’s future results may be adversely affected by slowdowns in fundraising activity and the pace of new liquidity transactions with our customers. Management is continuing to evaluate the impact of the Russia-Ukraine conflict and the Israel-Hamas conflict and has concluded that while it is reasonably possible that such conflicts could have a negative effect on the Company’s financial position and/or results of its operations, the specific impact is not readily determinable as of the date of these consolidated financial statements. Consequently, the consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.	19. Risks and Uncertainties The Customer ExAlt Trusts hold investments in alternative assets, public and private equity securities, and debt securities that are exposed to market risk, credit risk, currency risk, and interest rate risk. Currently, these investments, whose cash flows serve as collateral to the ExAlt Loans, primarily are comprised of alternative assets consisting of private equity limited partnership interests, which are primarily denominated in the U.S. dollar, Euro, and Canadian dollar. The financial statements risks, stemming from such investments, are those associated with the determination of estimated fair values, the diminished ability to monetize certain investments in times of strained market conditions, the recognition of income and recognition of impairments on certain investments. The portfolio of alternative assets covers the following industry sectors and geographic regions for the periods shown below (dollars in thousands): Schedules of Concentration of Risk, by Risk Factor March 31, 2024 March 31, 2023 Industry Sector Value Percent of Total Value Percent of Total Software and services $ 42,908 14.6 % $ 54,944 14.2 % Food and staples retailing 41,721 14.2 38,210 9.9 Diversified financials 30,297 10.3 52,544 13.6 Utilities 28,768 9.8 28,043 7.3 Capital goods 23,146 7.9 27,707 7.2 Energy 19,930 6.8 26,721 6.9 Health care equipment and services 16,520 5.6 23,626 6.1 Semiconductors and semiconductor equipment 16,144 5.5 17,935 4.6 Other (1) 74,482 25.3 116,121 30.2 Total $ 293,916 100.0 % $ 385,851 100.0 % (1) Industries in this category each comprise less than 5 percent. March 31, 2024 March 31, 2023 Geography Value Percent of Total Value Percent of Total North America $ 164,205 55.9 % $ 239,951 62.2 % Asia 49,385 16.8 62,016 16.1 South America 43,543 14.8 41,423 10.7 Europe 35,870 12.2 38,874 10.1 Africa 913 0.3 3,587 0.9 Total $ 293,916 100.0 % $ 385,851 100.0 % The ExAlt Loans, which are eliminated upon consolidation solely for financial reporting purposes , are collateralized by the cash flows originating from the Customer ExAlt Trusts’ investments in alternative assets, public and private equity securities, and debt securities, without recourse to the customer. These ExAlt Loans are a key determinant in income (loss) allocable to Ben’s and BCH’s equity holders. Ben Finally, the Customer ExAlt Trusts provide for excess cash flows from a collective pool of alternative assets, public and private equity securities, and debt securities, to be utilized to repay the ExAlt Loans to Ben from the Customer ExAlt Trusts when cash flows from the customer’s original alternative assets are not sufficient to repay the outstanding principal, interest, and fees. Excess cash flows from the collective pool of alternative assets, public and private equity securities, and debt securities, above those needed to satisfy the outstanding principal interest and fees of the ExAlt Loans are available to pay contingent interest to Ben on the ExAlt Loans up to a specified contingent interest rate. As discussed in Note 1, Ben received a charter from the state of Kansas and established an office in the state of Kansas. If we are unable to maintain the Kansas charter or obtain a charter from another state if we no longer hold the Kansas charter, our ability to affect parts of our business plan, as currently constituted, may be compromised. In October 2023, following a series of attacks by Hamas on Israeli civilian and military targets, Israel declared war on Hamas in Gaza. In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine and as a result, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. The ongoing Russia-Ukraine conflict and Israel-Hamas conflict could have a negative impact on the economy and business activity globally (including in the countries in which the Customer ExAlt Trusts currently holds investments or may hold investments in the future), and therefore, could adversely affect the performance of the Customer ExAlt Trusts’ investments. The extent and impact of any sanctions imposed in connection with the Russia-Ukraine conflict may cause financial market volatility and impact the global economy. Volatility and disruption in the equity and credit markets can adversely affect the portfolio companies underlying the investments held by the Customer ExAlt Trusts and adversely affect the investment performance. Our ability to manage exposure to market conditions is limited. Market deterioration could cause the Company to experience reduced liquidity, earnings and cash flow, recognize impairment charges, or face challenges in raising capital, and making investments on attractive terms. Adverse market conditions can also affect the ability of investment funds held by the Customer ExAlt Trusts to liquidate positions in a timely and efficient manner. As a result, this presents material uncertainty and risk with respect to the performance of the investments held by the Customer ExAlt Trusts, even though the Customer ExAlt Trusts do not hold any investments with material operations in Russia, Ukraine, or Israel. The cash flows from the investment held by the Customer ExAlt Trusts serve as the collateral to the ExAlt Loans and the fees that are paid by the Customer ExAlt Trusts to Ben for administering these trusts, both of which are key determinants in the income allocated to BCG’s and BCH’s equity holders. Further, these events may result in reduced opportunities for future liquidity solution transactions with our customers and make it more difficult for the Customer ExAlt Trusts to exit and realize value from its existing investments, potentially resulting in a decline in the value of the investments held in the Customer ExAlt Trusts. Such a decline could cause our revenue and net income to decline, including the revenues and net income allocated to BCG’s and BCH’s equity holders. The Company continues to evaluate the impact of the ongoing Russia-Ukraine conflict, Israel-Hamas conflict and other items, such as inflation and rising interest rates, and assess the impact on financial markets and the Company’s business. The Company’s future results may be adversely affected by slowdowns in fundraising activity and the pace of new liquidity transactions with our customers. Management is continuing to evaluate the impact of the Russia-Ukraine conflict and the Israel-Hamas conflict and has concluded that while it is reasonably possible that such conflicts could have a negative effect on the Company’s financial position and/or results of its operations, the specific impact is not readily determinable as of the date of these consolidated financial statements. Consequently, the consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended	12 Months Ended
Commitments and Contingencies	Jun. 30, 2024	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies In the normal course of business, we have various outstanding commitments and contingent liabilities that are not reflected in the accompanying consolidated financial statements. There are no significant commitments and contingencies other than those disclosed below. Ben is a party to legal actions incidental to the business. Based on the opinion of legal counsel, management has concluded with regard to all commitments and contingencies disclosed below that either the outcome is not probable or the potential liability cannot be reasonably estimated, or both. Lease Commitments The Company operates on a month-to-month rental basis for its office premises. The Company also subleased an aircraft under the Aircraft Sublease, which expired on January 1, 2024, with Bradley Capital as discussed in Note 13. Rental expense for our premises and for the Aircraft Sublease for the three months ended June 30, 2024 and 2023, totaled $ 0.1 1.7 Unfunded Capital Commitments The Customer ExAlt Trusts had $ 47.2 47.8 0.1 Capital commitments generally originate from limited partner agreements having fixed or expiring expiration dates. The total limited partner capital funding commitment amounts may not necessarily represent future cash requirements. The majority, or 90 Legal Proceedings Paul Capital Advisors Lawsuit On February 18, 2022, Paul Capital Advisors (“PCA”) filed a lawsuit against MHT, Ben, and two trust advisors (the “Trust Advisors”), Murray Holland (part-owner of MHT and who served as the President and CEO of GWG Holdings beginning in mid-2019 through November 2022) and James Turvey (an employee of Ben). While Ben was named as a defendant, PCA did not assert claims against or seek relief from Ben but instead only sought the removal and replacement of the Trust Advisors. The lawsuit concerns a set of transactions that utilized a trust structure with MHT as the sole beneficiary. On April 18, 2022, PCA amended its original complaint. The amended complaint asserted six new causes of action arising out of the same set of transactions, including, (i) purported breaches of contract against Ben, MHT, and the Trust Advisors; (ii) purported fraud against MHT, Ben and certain officers of Ben; and (iii) promissory estoppel against MHT, Ben, and the Trust Advisors. The amended complaint also sought additional relief in the form of (x) damages “in an amount to be proven at trial” and (y) an order granting rescission of an amendment to one of the transaction agreements or a holding declaring it invalid. On October 3, 2022, the Court entered an order dismissing count I of PCA’s complaint in accordance with its memorandum opinion and count II in light of the parties’ agreement that it should also be dismissed. On November 1, 2022, defendants filed their opening briefs in support of their motions to dismiss the remaining counts. On December 20, 2022, PCA filed its answering brief in opposition to defendants’ motions to dismiss the remaining counts. In accordance with the parties’ stipulated briefing schedule, defendants’ reply briefs were due by January 24, 2023. Oral argument on the motions to dismiss was held on May 8, 2023. On August 29, 2023, the Court issued a letter opinion that denied defendants’ motions to dismiss with respect to most of the remaining counts, explaining that the Court was unwilling to determine the parties’ rights under the various agreements at the pleadings stage and that discovery may make these issues ripe for summary judgment. The Court did, however, grant defendants’ motions to dismiss as to one of PCA’s promissory estoppel claims and its claim for equitable fraud. On October 25, 2023, defendants filed their respective answers to PCA’s second amended complaint. On November 9, 2023, defendants filed a motion to bifurcate, requesting that the Court of Chancery first resolve the threshold issue of PCA’s standing under the CVR Contract and Exchange Trust Agreements before proceeding on the merits. On November 29, 2023, PCA filed its opposition to defendants’ motion to bifurcate, and on December 8, 2023, defendants filed their reply brief. On June 24, 2024, the Court of Chancery heard oral argument and issued its ruling granting defendants’ motion to bifurcate. In its ruling, the Court of Chancery ordered the parties to promptly conduct limited standing-related discovery to allow final resolution of the standing issue on summary judgment by January 2025. Defendants intend to vigorously defend against each and every cause of action asserted against them in the second amended complaint. Due to the inherent uncertainties of litigation, we cannot accurately predict the ultimate outcome of this matter. Given the uncertainty of litigation and the preliminary stage of this claim, we are currently unable to estimate the probability of the outcome of these actions or the range of reasonably possible losses, if any, or the impact on our results of operations, financial condition or cash flows; however, the maximum exposure of the litigation with PCA could be up to $ 350 Equity Awards Arbitration On December 16, 2022, a former member of the Board of Directors of Beneficient Management, LLC (the “Claimant”) initiated a private arbitration in the International Court of Arbitration of the International Chamber of Commerce, challenging the termination of certain equity awards under two incentive plans by the administrator of the incentive plans. The Claimant sought total damages of $ 36.3 On April 23, 2024, the sole arbitrator held that in terminating the Claimant’s equity awards, the Company had breached its contractual obligations, and as a result, awarded the Claimant 55.3 in compensatory damages, including pre-judgment interest, plus post-judgment interest (the “Arbitration Award”). Neither attorneys’ fees nor punitive damages were awarded to the Claimant. The Company was also asked to pay arbitration-related costs in the amount of approximately $ 0.1 55.0 . The liability associated with the Arbitration Award was reflected in the accounts payable and accrued expenses line item in the consolidated statement of financial condition. On July 29, 2024, the Texas State District Court, Dallas County 134th Judicial District (the “Texas District Court”) entered an order vacating the Arbitration Award in its entirety. The Texas District Court directed the parties to file motions requesting any further relief that may be available within twenty days As a result of the order, during the three-months ended June 30, 2024, the Company released the liability associated with the Arbitration Award, which resulted in the release of the previously recognized loss contingency accrual in the amount of $ 55.0 statement of comprehensive income (loss). GWG Holdings Reorganization and Other Litigation On April 20, 2022 and October 31, 2022, GWG Holdings and certain of its subsidiaries (the “Debtors”) filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code thereby commencing those certain chapter 11 cases (the “Chapter 11 Cases”). As part of the Chapter 11 reorganization process, it is possible that claims or causes of action arising from prior transactions with GWG Holdings could be advanced against BCG as part of the Chapter 11 Cases or in separate litigation. Such claims and causes of action could include (i) a request to avoid some or all of such transactions, including the transaction whereby GWG Holdings released its right to appoint a majority of the members of Ben Management’s board of directors, (ii) challenges to the reasonableness of the value received by the Debtors in such transactions, and (iii) efforts to recover the value of any transfers to BCG. A mediator has been appointed to oversee the mediation of certain matters between BCG, GWG Holdings and its debtor-affiliates, and certain other constituencies. The mediation commenced on January 30, 2023 and is still ongoing. We estimate that the maximum potential negative impact of any Retained Causes of Action to be between approximately $ 155 382 Further, the Official Committee of Bondholders (the “OBC”) in the Chapter 11 Cases has also filed a motion seeking standing to prosecute causes of actions on behalf of the Debtors’ estate. The OBC’s motion was deemed to be withdrawn upon the effective date of the Debtors’ bankruptcy plan, which occurred on August 1, 2023. The OBC’s motion set forth causes of action related to certain past transactions between the Debtors and Ben, including its directors. The OBC’s motion stated the proposed claims could add a maximum exposure of up to $ 500 Scura Action On March 30, 2023, David Scura and Clifford Day, on behalf of themselves and all others similarly situated, filed a class action lawsuit in the United States District Court for Northern District of Texas against Ben, certain members of its board of directors (Brad K. Heppner, Peter T. Cangany, Richard W. Fisher, Thomas O. Hicks, Dennis P. Lockhart, and Bruce W. Schnitzer), certain past members of the board of directors of GWG Holdings (Jon R. Sabes and Steven F. Sabes), FOXO Technologies Inc. (“FOXO”), and Emerson Equity LLC (“Emerson”) (the “Scura Action”). The suit alleges that the defendants defrauded GWG Holdings’ investors, and it asserts claims on behalf of a putative class consisting of all persons and entities who purchased or otherwise acquired GWG Holdings’ L Bonds or preferred stock of GWG Holdings between December 23, 2017, and April 20, 2022. The suit alleges that (i) BCG, the individual defendants, and FOXO violated Sections 10(b) of the Exchange Act and SEC Rule 10b-5 promulgated thereunder, (ii) that the individual defendants violated Section 20(a) of the Exchange Act, and (iii) that Emerson violated Section 15(c)(1)(A) of the Exchange Act. The complaint does not allege the total amount of damages sought by the plaintiffs. Bayati Action On May 3, 2023, Thomas Horton and Frank Moore, in their capacities as the Lead Plaintiffs in the Bayati Action (the “Lead Plaintiffs”), filed a motion to lift the automatic stay in the Chapter 11 Cases in order to file a motion in the Northern District of Texas seeking to consolidate the Bayati and Scura Actions under the Private Securities Litigation Reform Act. On June 8, 2023, the plaintiffs in the Scura Action filed a voluntary notice of dismissal without prejudice. On August 16, 2023, Thomas Horton and Frank Moore, in their capacities as the Lead Plaintiffs in the Bayati Action, filed a notice regarding the confirmation of the Debtors’ Chapter 11 plan in the GWG bankruptcy, a motion seeking to lift the bankruptcy stay and a motion to consolidate the Bayati and Horton Actions. On September 12, 2023, the court entered an order consolidating the Bayati and Horton Actions. The court ordered that the consolidated action shall bear the caption “In re GWG Holdings, Inc. Securities Litigation.” The court lifted the bankruptcy stay and ordered the Lead Plaintiffs to file a new consolidated complaint within 20 On October 2, 2023, the Lead Plaintiffs filed a Consolidated Class Action Complaint against the Company, Brad K. Heppner, Peter T. Cangany, Jr., Thomas O. Hicks, Dennis P. Lockhart, Bruce W. Schnitzer, Murray T. Holland, Timothy L. Evans, David H. de Weese, Roy W. Bailey, David F. Chavenson, and Whitley Penn LLP, alleging Securities Act violations arising out of the Offering. The complaint alleges that the individual defendants violated Sections 11, 12(a)(2), and 15 of the Securities Act, and further alleges that the Company violated Section 15 of the Securities Act. The Company, Brad K. Heppner, Peter T. Cangany, Jr., Thomas O. Hicks, Dennis P. Lockhart, and Bruce W. Schnitzer (the “Ben Individual Defendants”) filed a motion to dismiss the complaint on November 7, 2023. On January 4, 2024, defendants Murray Holland, Tim Evans, Roy Bailey, Whitley Penn, David Chavenson and David H. de Weese filed motions to dismiss. The Lead Plaintiffs’ responded to the various motions to dismiss on February 20, 2024, and the defendants (other than Whitley Penn) filed replies in support of the motions to dismiss on March 21, 2024. The Company and the Ben Individual Defendants intend to vigorously defend themselves in the litigation. On October 27, 2023, David Scura filed a petition in Dallas County District Court against Brad K. Heppner, Jon R. Sabes, Steven F. Sabes, Peter T. Cangany, Jr., Thomas O. Hicks, Dennis P. Lockhart, Bruce W. Schnitzer, the Company and FOXO, alleging violation of the Texas Securities Act, common law fraud, unjust enrichment, and civil conspiracy to defraud and seeking compensatory damages, costs and expenses. The same day, Clifford Day and Carla Monahan filed a petition in Dallas County District Court against the same defendants, alleging the same claims. The parties agreed to move the defendants’ deadline to respond to the petition to February 19, 2024. On April 10, 2024, the plaintiffs and Ben parties entered into a twelve-month tolling agreement, and the plaintiffs filed motions to nonsuit their claims that the courts granted on April 12, 2024 and April 16, 2024, respectively. The Company and the Ben Individual Defendants intend to vigorously defend themselves in the litigation. This litigation can subject us and certain of our directors to substantial costs and divert resources and the attention of management from our business. If these claims are successful, our business could be seriously harmed. Even if the claims do not result in protracted litigation or are resolved in our favor and the favor of our directors, the time and resources needed to resolve such claims could divert our management’s resources and adversely affect our business. GWG Litigation Trust Adversary Proceedings On April 19, 2024, the Litigation Trustee filed a complaint (the “LT Complaint”) as an Adversary Proceeding in the bankruptcy of GWG Holdings, Inc. currently pending in the United States Bankruptcy Court in the Southern District of Texas against Ben Management, the Company, BCH, Beneficient Capital Company II, L.L.C., f/k/a Beneficient Capital Company, L.L.C. (together with New BCC, defined herein, “BCC”), Beneficient Capital Company, L.L.C. (“New BCC”), Beneficient Holdings, Inc. (“BHI”), various current or former officers and directors of the Company, HCLP and certain of its affiliates, former officers and directors of the Company’s former parent company, trustees of certain trusts that are directly or indirectly controlled by, or operate for the benefit of, Ben’s CEO and founder or his family, entities directly or indirectly held by, or that are under common control with, such trusts, and in which Ben’s CEO and his family members are among classes of economic beneficiaries, whether or not Ben’s CEO is entitled to economic distributions from such trusts, and others. The LT Complaint alleges causes of action that include (i) actual or constructive fraudulent transfer for certain transactions between GWG and the Company or its affiliates, (ii) breaches of fiduciary duty, aiding and abetting breaches of fiduciary duty, and civil conspiracy, (iii) unjust enrichment, (iv) avoidance of any purported releases of the defendants, and (v) disallowance of the claims filed by certain defendants, including the Company, in the GWG bankruptcy case. More specifically, such challenged transactions relate to (i) GWG’s purchase of $ 10 65 50 15 79 145 Wells Notice On June 29, 2023, the Company received a “Wells Notice” from the Staff of the SEC’s Division of Enforcement, stating that the Staff has made a preliminary determination to recommend that the SEC file a civil enforcement action against the Company alleging violations of certain provisions of the Securities Act and the Exchange Act. The staff’s allegations appeared to relate to, among other things, the Company’s association with an amendment to the debt coverage ratio calculation approved by certain holders of GWG Holdings issued debt in 2019 under an indenture and related disclosures by GWG, the December 31, 2019 valuation of the Company’s goodwill by a third-party valuation agent, potential contractual rights concerning an amendment to the Company’s governing documents, and other items in the historical disclosures of GWG. On July 1, 2024, the Company received a termination letter from the SEC advising the Company that the SEC’s investigation related to the Company had concluded and that the Staff does not intend to recommend any enforcement actions by the SEC. The termination letter was provided to the Company under the guidelines of the final paragraph of Securities Act Release No. 5310 which states, among other things, that “[such notice] must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff’s investigation of that particular matter.” While there have been no further actions to date, there can be no assurance that there will not be any further action on this or other matters by the SEC.	20. Commitments and Contingencies In the normal course of business, we have various outstanding commitments and contingent liabilities that are not reflected in the accompanying consolidated financial statements. There are no significant commitments and contingencies other than those disclosed below. Ben is a party to legal actions incidental to the business. Based on the opinion of legal counsel, management has concluded with regard to all commitments and contingencies disclosed below that either the outcome is not probable, or the potential liability cannot be reasonably estimated, or both. Lease Commitments The Company operates on a month-to-month rental basis for its office premises. The Company also had subleased an aircraft under the Aircraft Sublease with Bradley Capital as discussed in Note 16. Rental expense for our premises and for the Aircraft Sublease for the years ended March 31, 2024 and 2023, totaled $ 5.1 6.6 Unfunded Capital Commitments The Customer ExAlt Trusts had $ 47.8 61.1 0.1 Capital commitments generally originate from limited partner agreements having fixed or expiring expiration dates. The total limited partner capital funding commitment amounts may not necessarily represent future cash requirements. The majority, or 90 no Legal Proceedings Paul Capital Advisors Lawsuit On February 18, 2022, Paul Capital Advisors (“PCA”) filed a lawsuit against MHT, Ben, and two trust advisors (the “Trust Advisors”), Murray Holland (part-owner of MHT and President and CEO of GWG Holdings) and James Turvey (an employee of Ben). While Ben was named as a defendant, PCA did not assert claims against or seek relief from Ben but instead only sought the removal and replacement of the Trust Advisors. The lawsuit concerns a set of transactions that utilized a trust structure with MHT as the sole beneficiary. On April 18, 2022, PCA amended its original complaint. The amended complaint asserted six new causes of action arising out of the same set of transactions, including, (i) purported breaches of contract against Ben, MHT, and the Trust Advisors; (ii) purported fraud against MHT, Ben and certain officers of Ben; and (iii) promissory estoppel against MHT, Ben, and the Trust Advisors. The amended complaint also sought additional relief in the form of (x) damages “in an amount to be proven at trial” and (y) an order granting rescission of an amendment to one of the transaction agreements or a holding declaring it invalid. On October 3, 2022, the Court entered an order dismissing count I of PCA’s complaint in accordance with its memorandum opinion and count II in light of the parties’ agreement that it should also be dismissed. On November 1, 2022, defendants filed their opening briefs in support of their motions to dismiss the remaining counts. On December 20, 2022, PCA filed its answering brief in opposition to defendants’ motions to dismiss the remaining counts. In accordance with the parties’ stipulated briefing schedule, defendants’ reply briefs were due by January 24, 2023. Oral argument on the motions to dismiss was held on May 8, 2023. On August 29, 2023, the Court issued a letter opinion that denied defendants’ motions to dismiss with respect to most of the remaining counts, explaining that the Court was unwilling to determine the parties’ rights under the various agreements at the pleadings stage and that discovery may make these issues ripe for summary judgment. The Court did, however, grant defendants’ motions to dismiss as to one of PCA’s promissory estoppel claims and its claim for equitable fraud. On October 25, 2023, defendants filed their respective answers to PCA’s second amended complaint. On November 9, 2023, defendants filed a motion to bifurcate, requesting that the Court of Chancery first resolve the threshold issue of PCA’s standing under the CVR Contract and Exchange Trust Agreements before proceeding on the merits. On November 29, 2023, PCA filed its opposition to defendants’ motion to bifurcate, and on December 8, 2023, defendants filed their reply brief. On June 24, 2024, the Court of Chancery heard oral argument and issued its ruling granting defendants’ motion to bifurcate. In its ruling, the Court of Chancery ordered the parties to promptly conduct limited standing-related discovery to allow final resolution of the standing issue on summary judgment by January 2025. Defendants intend to vigorously defend against each and every cause of action asserted against them in the second amended complaint. Due to the inherent uncertainties of litigation, we cannot accurately predict the ultimate outcome of this matter. Given the uncertainty of litigation and the preliminary stage of this claim, we are currently unable to estimate the probability of the outcome of these actions or the range of reasonably possible losses, if any, or the impact on our results of operations, financial condition or cash flows; however, the maximum exposure of the litigation with PCA could be up to $ 350 Equity Awards Arbitration On December 16, 2022, a former member of the Board of Directors of Beneficient Management, LLC initiated a private arbitration in the International Court of Arbitration of the International Chamber of Commerce, challenging the termination of certain equity awards under two incentive plans by the administrator of the incentive plans. The claimant sought total damages of $ 36.3 On April 23, 2024, the sole arbitrator held that in terminating the claimant’s equity awards, the Company had breached its contractual obligations, and as a result, awarded the claimant $ 55.3 0.1 55.0 GWG Holdings Reorganization and Other Litigation On April 20, 2022 and October 31, 2022, GWG Holdings and certain of its subsidiaries (the “Debtors”) filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code thereby commencing those certain chapter 11 cases (the “Chapter 11 Cases”). As part of the Chapter 11 reorganization process, it is possible that claims or causes of action arising from prior transactions with GWG Holdings could be advanced against BCG as part of the Chapter 11 Cases or in separate litigation. Such claims and causes of action could include (i) a request to avoid some or all of such transactions, including the transaction whereby GWG Holdings released its right to appoint a majority of the members of Ben Management’s board of directors, (ii) challenges to the reasonableness of the value received by the Debtors in such transactions, and (iii) efforts to recover the value of any transfers to BCG. A mediator has been appointed to oversee the mediation of certain matters between BCG, GWG Holdings and its debtor-affiliates, and certain other constituencies. The mediation commenced on January 30, 2023 and is still ongoing. We estimate that the maximum potential negative impact of any Retained Causes of Action to be between approximately $ 155 382 Further, the Official Committee of Bondholders (the “OBC”) in the Chapter 11 Cases has also filed a motion seeking standing to prosecute causes of actions on behalf of the Debtors’ estate. The OBC’s motion was deemed to be withdrawn upon the effective date of the Debtors’ bankruptcy plan, which occurred on August 1, 2023. The OBC’s motion sets forth causes of action related to certain past transactions between the Debtors and Ben, including its directors. The OBC’s motion states the proposed claims could add a maximum exposure of up to $ 500 Scura Action On March 30, 2023, David Scura and Clifford Day, on behalf of themselves and all others similarly situated, filed a class action lawsuit in the United States District Court for Northern District of Texas against Ben, certain members of its board of directors (Brad K. Heppner, Peter T. Cangany, Richard W. Fisher, Thomas O. Hicks, Dennis P. Lockhart, and Bruce W. Schnitzer), certain past members of the board of directors of GWG Holdings (Jon R. Sabes and Steven F. Sabes), FOXO Technologies Inc. (“FOXO”), and Emerson Equity LLC (“Emerson”) (the “Scura Action”). The suit alleges that the defendants defrauded GWG Holdings’ investors, and it asserts claims on behalf of a putative class consisting of all persons and entities who purchased or otherwise acquired GWG Holdings’ L Bonds or preferred stock of GWG Holdings between December 23, 2017, and April 20, 2022. The suit alleges that (i) BCG, the individual defendants, and FOXO violated Sections 10(b) of the Exchange Act and SEC Rule 10b-5 promulgated thereunder, (ii) that the individual defendants violated Section 20(a) of the Exchange Act and (iii) that Emerson violated Section 15(c)(1)(A) of the Exchange Act. The complaint does not allege the total amount of damages sought by the plaintiffs. Bayati Action On May 3, 2023, Thomas Horton and Frank Moore, in their capacities as the lead plaintiffs in the Bayati Action (the “Lead Plaintiffs”), filed a motion to lift the automatic stay in the Chapter 11 Cases in order to file a motion in the Northern District of Texas seeking to consolidate the Bayati and Scura Actions under the Private Securities Litigation Reform Act. On June 8, 2023, the plaintiffs in the Scura Action filed a voluntary notice of dismissal without prejudice. On August 16, 2023, Thomas Horton and Frank Moore, in their capacities as the Lead Plaintiffs in the Bayati Action, filed a notice regarding the confirmation of the Debtors’ Chapter 11 plan in the GWG bankruptcy, a motion seeking to lift the bankruptcy stay and a motion to consolidate the Bayati and Horton Actions. On September 12, 2023, the court entered an order consolidating the Bayati and Horton Actions. The court ordered that the consolidated action shall bear the caption “In re GWG Holdings, Inc. Securities Litigation”. The court lifted the bankruptcy stay and ordered the Lead Plaintiffs to file a new consolidated complaint within 20 On October 2, 2023, the Lead Plaintiffs filed a Consolidated Class Action Complaint against the Company, Brad K. Heppner, Peter T. Cangany, Jr., Thomas O. Hicks, Dennis P. Lockhart, Bruce W. Schnitzer, Murray T. Holland, Timothy L. Evans, David H. de Weese, Roy W. Bailey, David F. Chavenson, and Whitley Penn LLP, alleging Securities Act violations arising out of the Offering. The complaint alleges that the individual defendants violated Sections 11, 12(a)(2), and 15 of the Securities Act, and further alleges that the Company violated Section 15 of the Securities Act. The Company, Brad K. Heppner, Peter T. Cangany, Jr., Thomas O. Hicks, Dennis P. Lockhart, and Bruce W. Schnitzer (the “Ben Individual Defendants”) filed a motion to dismiss the complaint on November 7, 2023. On January 4, 2024, defendants Murray Holland, Roy Bailey, Tim Evans, Whitley Penn, David Chavenson and David H. de Weese filed motions to dismiss. The Lead Plaintiffs’ responded to the various motions to dismiss on February 20, 2024, and the defendants (other than Whitley Penn) filed replies in support of the motions to dismiss on March 21, 2024. The Company and the Ben Individual Defendants intend to vigorously defend themselves in the litigation. On October 27, 2023, David Scura filed a petition in Dallas County District Court against Brad K. Heppner, Jon R. Sabes, Steven F. Sabes, Peter T. Cangany, Jr., Thomas O. Hicks, Dennis P. Lockhart, Bruce W. Schnitzer, the Company and FOXO, alleging violation of the Texas Securities Act, common law fraud, unjust enrichment, and civil conspiracy to defraud and seeking compensatory damages, costs and expenses. The same day, Clifford Day and Carla Monahan filed a petition in Dallas County District Court against the same defendants, alleging the same claims. The parties agreed to move the defendants’ deadline to respond to the petition to February 19, 2024. On April 10, 2024, the plaintiffs and Ben parties entered into a twelve-month tolling agreement, and the plaintiffs filed motions to nonsuit their claims that the courts granted on April 12, 2024 and April 16, 2024, respectively. The Company and the Ben Individual Defendants intend to vigorously defend themselves in the litigation. This litigation can subject us and certain of our directors to substantial costs and divert resources and the attention of management from our business. If these claims are successful, our business could be seriously harmed. Even if the claims do not result in protracted litigation or are resolved in our favor and the favor of our directors, the time and resources needed to resolve such claims could divert our management’s resources and adversely affect our business. GWG Litigation Trust Adversary Proceedings On April 19, 2024, the Litigation Trustee filed a complaint (the “LT Complaint”) as an Adversary Proceeding in the bankruptcy of GWG Holdings, Inc. currently pending in the United States Bankruptcy Court in the Southern District of Texas against Ben Management, the Company, BCH, Beneficient Capital Company II, L.L.C., f/k/a Beneficient Capital Company, L.L.C. (together with New BCC, defined herein, “BCC”), Beneficient Capital Company, L.L.C. (“New BCC”), Beneficient Holdings, Inc. (“BHI”), various current or former officers and directors of the Company, HCLP and certain of its affiliates, former officers and directors of the Company’s former parent company, trustees of certain trusts that are directly or indirectly controlled by, or operate for the benefit of, Ben’s CEO and founder or his family, entities directly or indirectly held by, or that are under common control with, such trusts, and in which Ben’s CEO and his family members are among classes of economic beneficiaries, whether or not Ben’s CEO is entitled to economic distributions from such trusts, and others. The LT Complaint alleges causes of action that include (i) actual or constructive fraudulent transfer for certain transactions between GWG and the Company or its affiliates, (ii) breaches of fiduciary duty, aiding and abetting breaches of fiduciary duty, and civil conspiracy, (iii) unjust enrichment, (iv) avoidance of any purported releases of the defendants, and (v) disallowance of the claims filed by certain defendants, including the Company, in the GWG bankruptcy case. More specifically, such challenged transactions relate to (i) GWG’s purchase of $ 10 65 50 15 79 145 Wells Notice On June 29, 2023, the Company received a “Wells Notice” from the Staff of the SEC’s Division of Enforcement, stating that the Staff has made a preliminary determination to recommend that the SEC file a civil enforcement action against the Company alleging violations of certain provisions of the Securities Act and the Exchange Act. The staff’s allegations appeared to relate to, among other things, the Company’s association with an amendment to the debt coverage ratio calculation approved by certain holders of GWG Holdings issued debt in 2019 under an indenture and related disclosures by GWG, the December 31, 2019 valuation of the Company’s goodwill by a third-party valuation agent, potential contractual rights concerning an amendment to the Company’s governing documents, and other items in the historical disclosures of GWG. On July 1, 2024, the Company received a termination letter from the SEC advising the Company that the SEC’s investigation related to the Company had concluded and that the Staff does not intend to recommend any enforcement actions by the SEC. The termination letter was provided to the Company under the guidelines of the final paragraph of Securities Act Release No. 5310 which states, among other things, that “[such notice] must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff’s investigation of that particular matter.” While there have been no further actions to date, there can be no assurance that there will not be any further action on this or other matters by the SEC.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended	12 Months Ended
Supplemental Cash Flow Information	Jun. 30, 2024	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	18. Supplemental Cash Flow Information Cash paid for taxes for the three months ended June 30, 2024 and 2023 was de minimis. Cash paid for interest for the three months ended June 30, 2024 and 2023, was $ 1.0 nil Supplemental disclosure of noncash investing and financing activities include: Three Months Ended June 30, 2024: – $ 4.4 – $ 0.9 – $ 0.2 Three Months Ended June 30, 2023: – $ 793.4 – $ 791.9 – $ 193.9 – $ 6.9 – $ 5.3 – $ 4.1 – $ 3.9 – $ 2.7 – $ 0.3 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated statements of financial condition and that are shown in the consolidated statements of cash flows: Schedule of Cash and Cash Equivalents June 30, 2024 March 31, 2024 Cash and cash equivalents $ 4,399 $ 7,913 Restricted cash 314 64 Total cash, cash equivalents and restricted cash $ 4,713 $ 7,977	21. Supplemental Cash Flow Information Cash paid for taxes for the years ended March 31, 2024 and 2023, was $ 0.8 1.1 8.7 Supplemental disclosure of noncash investing and financing activities include: Year Ended March 31, 2024: – $ 793.4 – $ 791.9 – $ 205.8 – $ 193.9 – $ 56.7 – $ 38.7 – $ 16.8 – $ 6.9 – $ 5.3 – $ 4.5 – $ 3.9 – $ 1.1 – $ 1.2 Year Ended March 31, 2023: – $ 37.1 – $ 20.1 – $ 15.8 – $ 2.4 – $ 1.7 – $ 1.4 – $ 1.1 – $ 0.3 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated statements of financial condition and that are shown in the consolidated statements of cash flows: Schedule of Cash and Cash Equivalents March 31, 2024 March 31, 2023 Cash and cash equivalents $ 7,913 $ 8,726 Restricted cash 64 819 Total cash, cash equivalents and restricted cash $ 7,977 $ 9,545

Subsequent Events

Subsequent Events	3 Months Ended	12 Months Ended
Subsequent Events	Jun. 30, 2024	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events The Company has evaluated subsequent events through the date the financial statements were available to be 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. Securities Purchase Agreement On August 6, 2024, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with Yorkville, pursuant to which the Company agreed to issue and sell to Yorkville, convertible debentures in an aggregate principal amount of up to $ 4.0 1,325,382 0.001 2.63 2.0 662,691 18.0 10 Potential Future Goodwill Impairment Through the date of this report, the Company has not experienced any further significant sustained decline in the price of its common stock from the values at June 30, 2024 of $ 2.22	22. 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. Reverse Stock Split In November 2023, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC notifying the Company, as the bid price for its common stock had closed below $1.00 per share for the last 30 consecutive business days, it was not in compliance with Nasdaq Listing Rule 5450(a)(1), which is the minimum bid price requirement for continued listing on the Nasdaq Global Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided a 180-calendar day period, or until May 28, 2024, to regain compliance with the minimum bid price requirement. The continued listing standard would be met once the closing bid price of the Company’s Class A common stock was at least $1.00 per share for a minimum of ten consecutive business days during the 180-calendar day period. In April 2024, the Company’s stockholders approved a reverse stock split of its common stock at a range of ratios between 1-for-10 to 1-for-100 1-for-80 As of the effective time of the Reverse Stock Split, every 80 issued and outstanding shares of the Company’s Common Stock was automatically reclassified into one issued and outstanding share of the Company’s Common Stock. 268.7 3.4 19.1 239 shares for Class B common stock 18.75 250 Amendments to Organizational Documents In connection with the Reverse Stock Split, on April 11, 2024, the Company, in its capacity as the sole managing member and the sole non-managing member of Beneficient Company Group, L.L.C. (“Ben LLC”), entered into and adopted the Second Amended and Restated Limited Liability Company Agreement of Beneficient Company Group, L.L.C. (the “Ben LLC A&R LLCA”), which became effective on April 18, 2024, simultaneously with the effectiveness of the Reverse Stock Split. The Ben LLC A&R LLCA provides that, among other things, in the event that the Company at any time (i) subdivides (by any stock split, dividend, recapitalization or otherwise), the outstanding shares of the Class A Common Stock (and Class B Common Stock, as applicable) of the Company into a greater number of shares, Ben LLC shall (A) cause the issuance of additional Class A Units of Ben LLC (the “Ben LLC Class A Units”) and (B) cause Beneficient Company Holdings, L.P. (“BCH”) to issue additional Class A Units of BCH (the “BCH Class A Units”) (and such other limited partner interests, if any, as determined by Ben LLC in its capacity as general partner of BCH to be appropriate), in both cases to reflect the increase in the number of shares of Common Stock of the Company outstanding, and (ii) combines (by combination, reverse split or otherwise) the outstanding shares of Class A Common Stock (and Class B Common Stock, as applicable) of the Company into a smaller number of shares, Ben LLC shall (A) cause a reduction in the number of Ben LLC Class A Units outstanding and (B) cause BCH to reduce the number of BCH Class A Units (and such other limited partner interests, if any, as determined by Ben LLC in its capacity as the general partner of BCH to be appropriate), in both cases to reflect the decrease in the number of shares of Common Stock of the Company outstanding. Also in connection with the Reverse Stock Split, on April 11, 2024, Ben LLC, in its capacity as the sole general partner of BCH, entered into and adopted the Ninth Amended and Restated Limited Partnership Agreement of BCH (the “Ninth A&R BCH LPA”), which became effective on April 18, 2024, simultaneously with the effectiveness of the Reverse Stock Split. The Ninth A&R BCH LPA provides for, among other things, (i) the combination of certain units of BCH in connection with the Reverse Stock Split and the corresponding reverse unit split of the Ben LLC Class A Units as well as amendments to the definition of the Preferred Series A Subclass 0 Unit Conversion Price and Preferred Series A Subclass 1 Unit Conversion Price (each as defined in the Ninth A&R BCH LPA) and (ii) remove references to the previously authorized Preferred Series C Subclass 1 Unit Accounts (as defined in the Ninth A&R BCH LPA), which are no longer outstanding. Potential Future Goodwill Impairment Through the date of this report, the Company continues to experience a further significant sustained decline in the price of its common stock from the values at March 31, 2024 of $ 5.36

Fixed Assets

Fixed Assets	12 Months Ended
Fixed Assets	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Fixed Assets	7. Fixed Assets Fixed assets are included in other assets in the consolidated statements of financial condition and consist of the following: Schedule of Property Plant and Equipment (Dollars in thousands) March 31, 2024 March 31, 2023 Computer hardware and software $ 11,864 $ 9,899 Buildings 188 188 Furniture, fixtures, and equipment 139 139 Leasehold improvements 109 109 Other 73 73 Fixed assets, gross 12,373 10,408 Accumulated depreciation and amortization (10,327 ) (6,551 ) Internal use software in process 282 487 Fixed assets, net $ 2,328 $ 4,344 Depreciation and amortization expense related to fixed assets was $ 3.8 3.6 3.7 3.4 1.8 3.5

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
Goodwill and Other Intangibles	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	8. Goodwill and Other Intangibles The following tables present activity in the Company’s goodwill and finite-lived and indefinite-lived intangible assets for the years ended March 31, 2024 and 2023. Schedule of Intangible Assets and Goodwill (Dollars in thousands) March 31, 2023 Impairment March 31, 2024 Amortization Goodwill Ben Liquidity $ 1,725,880 $ (1,725,880 ) $ — Indefinite Ben Custody 594,219 (583,323 ) 10,896 Indefinite Ben Insurance 37,942 (37,942 ) — Indefinite Ben Markets 9,885 (7,175 ) 2,710 Indefinite Total goodwill 2,367,926 (2,354,320 ) 13,606 Indefinite Insurance license 3,100 — 3,100 Indefinite Total goodwill and intangible assets $ 2,371,026 $ (2,354,320 ) $ 16,706 (Dollars in thousands) March 31, 2022 Additions 1 Reporting Unit Allocation Impairment March 31, 2023 Amortization Goodwill $ 2,367,750 $ 176 $ (2,367,926 ) $ — $ — Indefinite Ben Liquidity — — 1,725,880 — 1,725,880 Indefinite Ben Custody — — 594,219 — 594,219 Indefinite Ben Insurance — — 37,942 — 37,942 Indefinite Ben Markets — — 9,885 — 9,885 Indefinite Total goodwill 2,367,750 176 — — 2,367,926 Indefinite Insurance license 3,100 — — — 3,100 Indefinite Total goodwill and intangible assets $ 2,370,850 $ 176 $ — $ — $ 2,371,026 1 The additional goodwill resulted from the purchase of MHT Securities, as discussed in Note 1. 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, d uring each of the fiscal quarters of 2024, 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. As a result, during fiscal 2024, we wrote the carrying value of the Ben Liquidity, Ben Custody, Ben Insurance, and Ben Markets reporting units down to their estimated fair value and recognized cumulatively during fiscal 2024 a non-cash goodwill impairment charge of $ 2.4 2.4 The Company determined there was no impairment of goodwill or indefinite-lived intangible assets during the year ended March 31, 2023. For each impairment assessment during 2024, 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. For its 2023 annual impairment assessment, the Company used a linear interpolation method to estimate the enterprise value between two valuation dates, which were each valued using third-party market transactions involving the Company’s equity securities. The significant assumptions used in these two approaches include growth rates and the weighted-average cost of capital used to discount future cash flows. The Company believes that the linear interpolation methodology provides the most reasonable basis for the valuation of its enterprise value because the Company did not identify any significant events that occurred during the intervening periods that would have caused a material change in fair value. Prior to 2023, the Company had one reporting unit. As previously mentioned, Ben filed a Registration Statement on Form S-4 on December 9, 2022, which initiated the requirement for Ben to comply with segment reporting and thus allocate its goodwill to its reporting units based on their relative fair values. As such, for 2023, the Company allocated the total enterprise value to each of its reporting units. This allocation involved the use of multiple assumptions, including estimated discounted cash flows and other estimates that may change over time. For example, a key assumption in determining the allocation of Ben’s overall enterprise value to each of our reporting units involves the use of forecasted free cash flows generated by our business over the next five years and includes assumptions regarding expected growth of new service offerings and products. While our assumption reflects management’s best estimates of future performance, predicting the rate of growth attributable to newly launched products results in increased estimation uncertainty. Finally, management has determined that none of the Company’s goodwill is deductible for tax purposes.

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
Other Assets and Other Liabilities	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets and Other Liabilities	9. Other Assets and Other Liabilities The following table details the components of other assets: Schedule of Other Assets (Dollars in thousands) March 31, 2024 March 31, 2023 Promissory note receivable $ 5,515 $ 5,104 Allowance for promissory note receivable and other receivables (5,515 ) — Prepaid expenses 4,054 2,329 Loan fee receivable 2,932 — Insurance reimbursable receivable 2,840 3,211 Fixed assets (Note 7) 2,328 4,344 Distribution receivables — 5,891 Deferred costs of equity offering 343 7,778 Related party receivables — 17,795 Allowance for related party receivables — (15,600 ) Other assets 2,202 2,051 Total Other assets, net $ 14,699 $ 32,903 Related Party Receivables Related party receivables consisted of amounts owed to the Company in connection with the Shared Services Agreement with GWG Holdings discussed in Note 16. The Shared Services Agreement terminated upon the execution of GWG Holdings’ bankruptcy plan on August 1, 2023. As of March 31, 2024 and 2023, reserves related to these receivables were nil 15.6 15.6 Promissory Note Receivable There are amounts due under two promissory note agreements for funds advanced outside of our normal liquidity arrangements with and original principal balances of $ 2.5 0.9 2.5 9.0 0.9 18 5.00 5.00 Both promissory note agreements matured in April 2024. The Company is negotiating with the counterparty on potentially extending these note agreements or otherwise coming to a resolution on these outstanding balances. The n 5.5 5.1 5.5 nil The following table details the components of other liabilities: Schedule of other liabilities (Dollars in thousands) March 31, 2024 March 31, 2023 Interest commitments $ 18,243 $ 13,499 Accrued interest on debt due to related parties 9,740 — Deferred upfront fees 2,717 — Other 1,027 1,123 Total Other liabilities $ 31,727 $ 14,622 Interest Commitments The primary closing conditions of the Company’s formative transactions consisted of (i) MHT Financial entering into purchase and sale agreements with certain counterparties, which were owners of alternative asset funds to acquire their portfolios of alternative assets (collectively, the “Formative Transactions Exchange Portfolio”) in exchange for agreed upon consideration and (ii) MHT Financial’s subsequent contribution of the Formative Transactions Exchange Portfolio into the custody of certain constituent trusts (each a “Custody Trust”) of the ExAlt PlanTM (as structured for the formative transactions, the “Formative ExAlt PlanTM”) in exchange for Common Units of Ben and debt and equity securities of GWG Holdings of an agreed upon value issued to certain other constituent trusts of the Formative ExAlt PlanTM of which MHT Financial was named the sole beneficiary (such trusts, the “2017-18 Exchange Trusts”). In connection with these formative transactions and related closing conditions, the Company agreed with certain other sellers to MHT Financial to accrue interest beginning on August 10, 2018, at a rate of 1-month London Interbank Offered Rate (“LIBOR”) plus 3.95 thirty 4.7 3.6 interest on this commitment is reflected in other liabilitie

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements of Ben are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a going concern basis, and include the accounts of Ben, its wholly-owned and majority-owned subsidiaries and, certain variable interest entities (“VIEs”), in which the Company is the primary beneficiary. An enterprise is determined to be the primary beneficiary of a VIE if it holds a controlling financial interest consistent with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation The Customer ExAlt Trusts are considered VIEs for which Ben has a variable interest and is considered the primary beneficiary. Thus, Ben is required to consolidate all of the Customer ExAlt Trusts. The entities in which the Customer ExAlt Trusts hold an ownership interest are investment companies (i.e., funds) under ASC 946, Financial Services — Investment Companies All intercompany accounts and transactions have been eliminated in consolidation, and the portion of income allocated to owners other than the Company is included in “net income (loss) attributable to noncontrolling interests” in the consolidated statements of comprehensive income (loss). With the consolidation of the Customer ExAlt Trusts, interest and fee income and any related receivable charged by Ben Liquidity and Ben Custody to the Customer ExAlt Trusts are eliminated in the presentation of our consolidated financial statements. While these amounts are eliminated solely for financial reporting purposes, such amounts are earned by Ben Liquidity and/or Ben Custody from the Customer ExAlt Trusts and directly impact the income (loss) allocable to Ben’s and BCH’s equity holders as further discussed in Note 3. The accompanying unaudited interim consolidated financial statements of the Company do not contain the detail or footnote disclosure concerning accounting policies and other matters that would be included in full fiscal year consolidated financial statements; therefore, they should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report. In the opinion of management, all material adjustments, consisting of normal and recurring adjustments, have been made that were considered necessary to present fairly the financial condition, results of operations and cash flows at the interim date and for the interim periods presented. Operating results for the interim periods disclosed herein are not necessarily indicative of results that may be expected for a full year.	Basis of Presentation and Principles of Consolidation The consolidated financial statements of Ben are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a going concern basis, and include the accounts of Ben, its wholly-owned and majority-owned subsidiaries and, certain variable interest entities (“VIEs”), in which the Company is the primary beneficiary. An enterprise is determined to be the primary beneficiary of a VIE if it holds a controlling financial interest consistent with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation The Customer ExAlt Trusts are considered VIEs for which Ben has a variable interest and is considered the primary beneficiary. Thus, Ben is required to consolidate all of the Customer ExAlt Trusts. The entities in which the Customer ExAlt Trusts hold an ownership interest are investment companies (i.e., funds) under ASC 946, Financial Services — Investment Companies All intercompany accounts and transactions have been eliminated in consolidation, and the portion of income allocated to owners other than the Company is included in “net income (loss) attributable to noncontrolling interests” in the consolidated statements of comprehensive income (loss). With the consolidation of the Customer ExAlt Trusts, interest and fees income and any related receivable charged by Ben Liquidity and Ben Custody to the Customer ExAlt Trusts are eliminated in the presentation of our consolidated financial statements. While these amounts are eliminated solely for financial reporting purposes, such amounts are earned by Ben Liquidity and/or Ben Custody from the Customer ExAlt Trusts and directly impact the income (loss) allocable to Ben’s and BCH’s equity holders as further discussed in Note 3.
Reverse Stock Split	Reverse Stock Split Following stockholder approval on April 18, 2024, the Company effected a reverse stock split of our Common Stock at a ratio of 1-for-80 and a simultaneous proportionate reduction in the authorized shares of each class of Common Stock as required by Nevada Revised Statues Section 78.207. The Reverse Stock Split was effective as of April 18, 2024. Proportional adjustments were made to the number of shares of common stock issuable upon exercise or conversion of the Company’s equity award, warrants, and other equity instruments convertible into common stock, as well as the applicable exercise price. All share and per share amounts of our Class A and Class B common stock presented have been retroactively adjusted to reflect the Reverse Stock Split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid in capital.	Reverse Stock Split Following stockholder approval on April 18, 2024, the Company effected a reverse stock split of our Class A and Class B common stock at a ratio of 1-for-80 and a simultaneous proportionate reduction in the authorized shares of each class of Common Stock as required by Nevada Revised Statues Section 78.207 (the “Reverse Stock Split”). The Reverse Stock Split was effective as of April 18, 2024 (see Note 22). Proportional adjustments were made to the number of shares of common stock issuable upon exercise or conversion of the Company’s equity award, warrants, and other equity instruments convertible into common stock, as well as the applicable exercise price. All share and per share amounts of our Class A and Class B common stock presented have been retroactively adjusted to reflect the Reverse Stock Split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid in capital.
Initial Recapitalization and Common Unit Conversion	Initial Recapitalization and Common Unit Conversion On June 6, 2023, immediately prior to the Conversion, BCG was recapitalized, as further described in Note 4. For the periods prior to the closing, the number of outstanding units, weighted average number of outstanding units, loss per common unit, equity-based compensation and other financial amounts previously expressed on the basis of common units have been retroactively adjusted on the basis of Common Stock reflecting the common unit conversion ratio, as described above.	Initial Recapitalization and Common Unit Conversion On June 6, 2023, immediately prior to the Conversion, BCG was recapitalized, as further described in Note 4. For the periods prior to the closing, the number of outstanding units, weighted average number of outstanding units, loss per common unit, equity-based compensation and other financial amounts previously expressed on the basis of common units have been retroactively adjusted on the basis of Common Stock reflecting the common unit conversion ratio, as described above.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions are based on information available as of the date of the consolidated financial statements and could differ from actual results. Material estimates that are particularly susceptible to change in the near term relate to the fair value determination of investments in alternative assets held by the Customer ExAlt Trusts, determination of the allowance for credit losses as an input to the allocation of income (loss) to Ben’s or BCH’s equity holders, the allocation of income (loss) to Ben’s and BCH’s equity holders, evaluation of potential loss contingencies principally related to ongoing legal matters, and evaluation of potential impairment of goodwill and other intangibles. Significant accounting policies are detailed in Note 2 to the consolidated financial statements included in the Company’s Annual Report. Other than new policies related to the adoption of ASU 2016-13 (as defined below and described in Note 3) and those below, there are no new or revised significant accounting policies as of June 30, 2024.	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions are based on information available as of the date of the consolidated financial statements and could differ from actual results. Material estimates that are particularly susceptible to change in the near term relate to the fair value determination of investments in alternative assets held by the Customer ExAlt Trusts, determination of the allowance for credit losses as an input to the allocation of income (loss) to Ben’s or BCH’s equity holders, the allocation of income (loss) to Ben’s and BCH’s equity holders, evaluation of potential loss contingencies principally related to ongoing legal matters, and evaluation of potential impairment of goodwill and other intangibles.
Warrant Liability	Warrant Liability The Company accounts for its outstanding warrants, which are principally comprised of those assumed in the Transaction (as described in Note 4), in accordance with the guidance contained in ASC 815, Derivatives and Hedging Schedule of Reconciliation of Provision for Credit Loss
Income Taxes	Income Taxes On June 6, 2023, The Beneficient Company Group, L.P. changed both its regulatory and tax status from a Delaware Limited Partnership to a Nevada Corporation and changed its name from The Beneficient Company Group, L.P. to Beneficient. Beneficient made a tax election to be treated as a corporation for US tax purposes effective as of this date. As a result of this tax election, Beneficient records current tax liabilities or assets through charges or credits to the current tax provision for the estimated taxes payable or refundable for the current year. Deferred tax assets and liabilities are recorded for future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A deferred tax valuation allowance is established if it is more likely than not that all or a portion of the deferred tax assets will not be realized. A tax position that fails to meet a more-likely-than-not recognition threshold will result in either reduction of current or deferred tax assets, and/or recording of current or deferred tax liabilities. Interest and penalties related to income taxes are recorded in the other expense line item of the consolidated statements of comprehensive income (loss). Prior to the restructuring that resulted in Beneficient becoming a corporation, Beneficient was taxed as a Delaware Limited Partnership. In the event the subsequent entity, Beneficient a corporation, is audited by the taxing authority and assessed additional amounts due to the underpayment of tax in previous tax years, management intends to make the push-out election allowed by the U.S. Treasury Department. That election allows Beneficient to notify its partners of their share of imputed underpayment amounts for inclusion in their current tax returns.	Income Taxes On June 6, 2023, The Beneficient Company Group, L.P. changed both its regulatory and tax status from a Delaware Limited Partnership to a Nevada Corporation and changed its name from The Beneficient Company Group, L.P. to Beneficient. Beneficient made a tax election to be treated as a corporation for US tax purposes effective as of this date. As a result of this tax election, Beneficient records current tax liabilities or assets through charges or credits to the current tax provision for the estimated taxes payable or refundable for the current year. Deferred tax assets and liabilities are recorded for future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A deferred tax valuation allowance is established if it is more likely than not that all or a portion of the deferred tax assets will not be realized. A tax position that fails to meet a more-likely-than-not recognition threshold will result in either reduction of current or deferred tax assets, and/or recording of current or deferred tax liabilities. Interest and penalties related to income taxes are recorded in the other expense line item of the consolidated statements of comprehensive income (loss). Prior to the restructuring that resulted in Beneficient becoming a corporation, Beneficient was taxed as a Delaware Limited Partnership. In the event the subsequent entity, Beneficient a corporation, is audited by the taxing authority and assessed additional amounts due to the underpayment of tax in previous tax years, management intends to make the push-out election allowed by the U.S. Treasury Department. That election allows Beneficient to notify its partners of their share of imputed underpayment amounts for inclusion in their current tax returns.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted ASU 2023-07, Segment Reporting ASU 2023-09, Income Taxes ASU 2020-04, Reference Rate Reform Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848	Accounting Standards Not Yet Adopted ASU 2023-09, Income Taxes ASU 2023-07, Segment Reporting ASU 2020-04, Reference Rate Reform Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848
Cash, Cash Equivalents, and Restricted Cash		Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents represent cash held in banks or money market funds with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in interest and dividend income in the consolidated statements of comprehensive income (loss). Under the terms of certain of the ExAlt PlanTM trust agreements, certain trusts are required to maintain capital call reserves and administration reserves. These reserves are used to satisfy capital call obligations and pay fees and expenses for the trusts as required. The fees and expenses are primarily paid to Ben for serving as the administrative agent to the current trustees of certain Customer ExAlt Trusts. These reserves represent cash held in banks and are classified as restricted cash on the consolidated statements of financial condition. Refer to Note 21 for the reconciliation of cash, cash equivalents and restricted cash on our consolidated statements of cash flows.
Investments, at Fair Value		Investments, at Fair Value Investments held by Ben or held by the Customer ExAlt Trusts include investments in alternative assets, investments in public equity and debt securities, investments in private equity securities and other interests, and put options. ● Investments in Alternative Assets Investments in alternative assets represent the ownership interests in alternative assets and, along with other investments held by the Customer ExAlt Trusts, constitute the source of Collateral for the ExAlt Loans. These investments are predominantly private equity funds and are held by the Customer ExAlt Trusts, either through direct ownership or a beneficial interest. ASC Topic 820, Fair Value Measurement When a distribution is received, it is generally recorded as a reduction to the carrying value of that investment. Likewise, when a contribution is made, it is recorded as an increase to the carrying value of that investment. When our ownership percentage of an investment is less than three to five percent, the distribution is considered a return of investment and is classified on our consolidated statement of cash flows as a cash inflow from investing activities in accordance with ASC Topic 321, Investments — Equity Securities. Investments — Equity Method and Joint Ventures ● Investments in Public Equity Securities and Options Investments in public equity securities and options primarily represent common stock ownership in public companies (including GWG Holdings for periods prior to August 1, 2023) and investments made by Ben in put options, all of which are carried at fair value. Fair value is determined using quoted market prices. Any realized gains and losses are recorded on a trade-date basis. Realized and unrealized gains and losses are recognized in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss). ● Investments in Debt Securities Investments in debt securities represent ownership in privately held debt securities. Prior to August 1, 2023, investments in debt securities also included ownership in corporate debt securities, specifically, L Bonds of GWG Holdings (“L Bonds”) held by certain of the Customer ExAlt Trusts. Upon the effectiveness of GWG Holdings’ plan of reorganization on August 1, 2023, the investments in L Bonds converted to equity interests in the GWG Wind Down Trust, which are reflected in “other equity securities and interests.” These investments are classified and accounted for as available-for-sale (“AFS”) securities and are reported at fair value with unrealized gains and losses presented as a separate component of equity in the accumulated other comprehensive income line item. The Company follows ASC 326 to assess whether an investment in debt securities is impaired in each reporting period. An investment in debt securities is impaired if the fair value of the investment is less than its amortized cost. If the Company intends to sell the debt security (that is, it has decided to sell the security), a credit loss is considered to have occurred. If the Company more likely than not will be required to sell the security before recovery of its amortized cost basis or it otherwise does not expect to recover the entire amortized cost basis of the security, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive income for available-for-sale securities. The Company considers the expected cash flows from the investment based on reasonable and supportable forecasts as well as several other factors to estimate whether a credit loss exists. If the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the credit loss is recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. During the years ended March 31, 2024 and 2023, the Company recognized a credit loss on its investment in debt securities of nil and $12.6 million, respectively. Prior period credit losses substantially resulted from the Company’s investment in GWG Holdings’ L Bonds. The impairment is recorded in the provision for credit losses line item on the consolidated statements of comprehensive income (loss). ● Investments in Other Equity Securities and Interests Ben and certain of the Customer ExAlt Trusts hold investments in equity securities of private companies with a readily determinable fair value, namely the GWG Wind Down Trust. As discussed above, on August 1, 2023, GWG Holdings’ plan of reorganization was declared effective and the Company’s investments in GWG Holdings’ common stock and L Bonds (previously accounted for as public equity securities and available-for-sale debt securities, respectively) were then transferred to an investment in the GWG Holdings Wind Down Trust. T he fair value of these equity interests is calculated using . Additionally, investments in other equity securities are held by certain of the Customer ExAlt Trusts and represent ownership in equity securities of privately held companies, which do not have a readily determinable fair value. Equity securities that do not have readily determinable fair values are initially recorded at cost and subsequently remeasured, using the measurement alternative for equity investments that do not have readily determinable fair values, when there is (i) an observable transaction involving the same investment, (ii) an observable transaction involving a similar investment from the same issuer, or (iii) an impairment. These remeasurements are reflected in the consolidated statements of comprehensive income (loss).
Leases		Leases We account for leases in accordance with ASC 842, Leases
Fixed Assets		Fixed Assets Fixed assets, including leasehold improvements, are stated at cost, less accumulated depreciation and amortization. Expenditures related to leasehold improvements; furniture and fixtures; computer hardware and software; and most office equipment purchases are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets (from three five years The Company capitalizes certain costs related to the development of internal-use software. Costs incurred during the application development phase are capitalized. The types of costs capitalized during the application development phase primarily include consulting fees for third-party developers working on these projects. Costs related to the preliminary project stage and post-implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over the estimated useful life of the asset, which ranges from one three years
Goodwill and Other Intangibles		Goodwill and Other Intangibles The Company accounts for goodwill and intangible assets in accordance with ASC Topic 350, Intangibles Goodwill and Other Intangible assets include insurance licensing, which has an indefinite life and is assessed for impairment annually. Factors that would require an impairment assessment include, among other things, a significant change in the extent or manner in which an asset is used, a continual decline in the Company’s operating performance, or as a result of fundamental changes in a subsidiary’s business condition.
Warrant Liability		Warrant Liability The Company accounts for its outstanding warrants, which are principally comprised of those assumed in the Transaction (as described in Note 4), in accordance with the guidance contained in ASC 815, Derivatives and Hedging
Accounts Payable and Accrued Expenses		Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist primarily of trade payables comprised principally of outstanding legal fees and other professional service fees; accrued employee payroll, bonus, and commissions; accrued fees and other costs under the Bradley Capital Company service agreement and Aircraft Sublease (Note 16); accrued guaranteed payments related to the Preferred Series A-0 Unit Accounts (Note 13); and an accrued liability related to the equity award arbitration (Note 20).
Other Liabilities		Other Liabilities Other lia bilities consist principally of a liability related to an interest commitment, deferred loan fees, payables to affiliates, and trust payables.
Business Combinations		Business Combinations The Company includes the results of operations of the businesses that it acquires from the acquisition date. In allocating the purchase price of a business combination, the Company records all assets acquired and liabilities assumed at fair value as of the date of acquisition, with the excess of the purchase price over the aggregate fair values recorded as goodwill. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing as of the acquisition date. Acquisition-related costs are recognized separately from the business combination and are expensed as incurred.
Noncontrolling interests – Redeemable and Non-redeemable		Noncontrolling interests – Redeemable and Non-redeemable Noncontrolling interests represent the portion of certain consolidated subsidiaries’ limited partnership interests or interests in the Customer ExAlt Trusts that are held by third parties. Amounts are adjusted by the noncontrolling interest holder’s proportionate share of the subsidiaries’ earnings or losses each period and for any distributions that are paid. Noncontrolling interests are reported as a component of equity unless the noncontrolling interest is considered redeemable, in which case the noncontrolling interest is recorded as mezzanine or temporary equity (between liabilities and equity) in our consolidated statements of financial condition. The redeemable noncontrolling interest is adjusted at each balance sheet date to its maximum redemption value if the amount is greater than the carrying value. Changes in our redeemable noncontrolling interests are presented in the consolidated statements of changes in equity. Noncontrolling interests include: (i) holders, which consist of Related Entities, as defined below, an entity affiliated with a related party, and third parties, of Class S Ordinary Units issued by BCH, (ii) holders, which consists of Related Entities, an entity affiliated with a related party, and third parties, of Class S Preferred Units issued by BCH, (iii) holders, which consists of Related Entities, an entity affiliated with a related party, a third party, and certain directors, of Preferred A.1 issued by BCH, (iv) holders, which consists of unrelated charity organizations, of residual beneficial interests issued by certain of the Customer ExAlt Trusts and (v) holder, which consists of a third-party, of Class A of CT Risk Management. Redeemable noncontrolling interests are held by holders, which consist of Related Entities, an entity affiliated with a related party, a third party, and certain directors, of Preferred A.0 issued by BCH. Related Entities are defined as certain trusts and those entities held by such trusts that are controlled by our founder and in which our founder and his family members are also among classes of economic beneficiaries whether or not our founder is entitled to economic distributions from such trusts. See Note 13 for further information of the equity instruments of the Company, including those classified as redeemable noncontrolling interests and noncontrolling interests.
Earnings (Loss) per Common Share		Earnings (Loss) per Common Share The Company computes net earnings (loss) per share attributable to common shareholders using the two-class method required for participating securities. The two-class method requires income available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common and participating securities based on their respective rights if the participating security contractually participates in losses. The Company determined that it had participating securities in the form of convertible, preferred equity securities. Basic net earnings (loss) per share attributable to common shareholders is computed by dividing net earnings (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method or if-converted method based on the nature of such securities. See Note 14 for additional details.
Investment Income (Loss), Net		Investment Income (Loss), Net Investment income (loss), net consists of unrealized gains (losses) due to changes in NAV of alternative assets.
Gain (Loss) on Financial Instruments, Net		Gain (Loss) on Financial Instruments, Net Gain (loss) on financial instruments, net consists of unrealized gains (losses) due to changes in fair value of financial instruments and realized gains (losses) from the sale of public equity securities. See Note 6 for a reconciliation of the financial statement line item.
Administration Revenues		Administration Revenues Third-party administration fees are earned for the administration of third-party customer accounts. The Company’s performance obligation is satisfied over time and the resulting fees are recognized monthly, generally based upon the beginning of the quarter (in advance) net asset value under management and the applicable fee rate, depending on the terms of the contract. Third-party administration fee receivables are recorded on the consolidated statements of financial condition in the other assets line item and in administration revenues in the trust services and administration revenues line item on the consolidated statements of comprehensive income (loss).
Professional Services		Professional Services Professional services primarily consist of legal fees, net of any expected insurance reimbursement, consulting fees, and advertising costs, which are expensed as incurred and are included in professional services in the accompanying consolidated statements of comprehensive income (loss).
Share-based Compensation		Share-based Compensation Compensation expense for all equity-based compensation awards is determined using the grant date fair value. For all equity-based plans, we record the impact of forfeitures when they occur. Expense is recognized on a straight-line basis over the requisite service period of the award, which is generally equal to the vesting period. The details of our equity-based compensation programs are discussed in Note 12.
Provision for Credit Losses		Provision for Credit Losses The provision for credit losses consists of charges against earnings for credit losses on AFS debt securities and other financial instruments, bad debt expense on receivables related to the Shared Services Agreement with GWG Holdings, and bad debt expenses on other miscellaneous receivables. A reconciliation of provision for credit losses for each of the periods presented herein is presented below: Schedule of Reconciliation of Provision for Credit Loss Year Ended March 31, (in thousands) 2024 2023 Credit loss on AFS debt securities (Note 5) $ — $ 12,621 Bad debt expense on related party receivable (Note 9) — 6,723 Bad debt expense on other receivables 6,016 1,236 Provision for credit losses $ 6,016 $ 20,580
Comprehensive Income (Loss)		Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on investments in available for sale debt securities carried at fair value, which are reported as a separate component of equity.
Fair Value of Financial Instruments		Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement Fair values of financial instruments are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or market conditions could significantly affect these estimates.
Accounting Standards Recently Adopted		Accounting Standards Recently Adopted On April 1, 2023, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses 61.1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2024	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Reconciliation of Provision for Credit Loss	Schedule of Reconciliation of Provision for Credit Loss	Schedule of Reconciliation of Provision for Credit Loss Year Ended March 31, (in thousands) 2024 2023 Credit loss on AFS debt securities (Note 5) $ — $ 12,621 Bad debt expense on related party receivable (Note 9) — 6,723 Bad debt expense on other receivables 6,016 1,236 Provision for credit losses $ 6,016 $ 20,580

Understanding our Financial S_2

Understanding our Financial Statements and the Impact to the Common Shareholder (Tables)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Understanding Our Financial Statements And Impact To Common Shareholder
Schedule of Segment Reporting Information, by Segment	Schedule of Segment Reporting Information, by Segment 2024 2023  (in thousands) Three Months Ended June 30, 2024 2023 Operating income (loss) Ben Liquidity $ (514 ) $ (903,026 ) Ben Custody 1,287 (189,997 ) Corporate & Other 44,091 (49,081 ) Less: Income tax expense (28 ) — Less: Net loss attributable to noncontrolling interests - Ben 7,187 30,686 Less: Noncontrolling interest guaranteed payment (4,356 ) (4,105 ) Net income (loss) attributable to common shareholders $ 47,667 $ (1,115,523 )	Schedule of Segment Reporting Information, by Segment Year Ended March 31, (in thousands) 2024 2023 Operating income (loss) Ben Liquidity $ (1,810,964 ) $ (46,512 ) Ben Custody (588,811 ) 24,046 Corporate & Other (210,169 ) (112,845 ) Less: Loss on extinguishment of debt, net (intersegment elimination) 3,940 — Less: Income tax expense (benefit) (allocable to Ben and BCH equityholders) 121 (1,072 ) Less: Income tax expense 121 (1,072 ) Less: Net loss attributable to noncontrolling interests - Ben 535,157 19,081 Less: Noncontrolling interest guaranteed payment (16,793 ) (15,822 ) Net loss attributable to common shareholders $ (2,095,641 ) $ (130,980 )

De-SPAC Merger Transaction (Tab

De-SPAC Merger Transaction (Tables)	3 Months Ended	12 Months Ended
De-SPAC Merger Transaction (Tables)	Jun. 30, 2024	Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Additional Equity Securities Information	The following table provides additional information on the securities contributed and exchanged as part of the BCG Recapitalization by each of BHI, Bruce W. Schnitzer and Hicks Holdings Operating, LLC (dollars and units in thousands): Schedule of Additional Equity Securities Information Name Converted Capital Account Balance of BCH Preferred A.1 BCH Class S Ordinary Units Received BCG Class B Units Received BHI $ 177,195 178 178 Bruce W. Schnitzer 988 1 1 Hicks Holdings Operating, LLC 13,222 14 14 Total $ 191,405 193 193 The following table provides additional information on the securities contributed and exchanged as part of the BCG Recapitalization by each of Bruce W. Schnitzer and Richard W. Fisher (dollars and units in thousands): Name Converted Capital Account Balance of BCH Preferred A.1 BCH Class S Ordinary Units Received BCG Class A Units Received Bruce W. Schnitzer $ 734 9 9 Richard W. Fisher 1,722 10 10 Total $ 2,456 19 19	The following table provides additional information on the securities contributed and exchanged by each of BHI, Bruce W. Schnitzer and Hicks Holdings Operating, LLC (dollars and units in thousands): Schedule of Additional Equity Securities Information Name Converted Capital Account Balance of BCH Preferred A.1 BCH Class S BCG Class B BHI $ 177,195 178 178 Bruce W. Schnitzer 988 1 1 Hicks Holdings Operating, LLC 13,222 14 14 Total $ 191,405 193 193 The following table provides additional information on the securities contributed and exchanged by each of Bruce W. Schnitzer and Richard W. Fisher (dollars and units in thousands): Name Converted Capital Account Balance of BCH Preferred A.1 BCH Class S BCG Class A Bruce W. Schnitzer $ 734 9 9 Richard W. Fisher 1,722 10 10 Total $ 2,456 19 19

Investments, at Fair Value (Tab

Investments, at Fair Value (Tables)	3 Months Ended	12 Months Ended
Investments, at Fair Value (Tables)	Jun. 30, 2024	Mar. 31, 2024
Investments, All Other Investments [Abstract]
Schedule of Composition of Investments at Fair Value	Investments held by Ben or held by the Customer ExAlt Trusts are comprised of investments in alternative assets, public debt and equity securities, other equity securities and interests (including those of a related party), and put options. The composition of investments recorded at fair value by holder is included in the table below (in thousands): Schedule of Composition of Investments at Fair Value Ben Customer ExAlt Trusts Ben Customer ExAlt Trusts June 30, 2024 March 31, 2024 Ben Customer ExAlt Trusts Ben Customer ExAlt Trusts Alternative assets $ — $ 297,888 $ — $ 293,916 Public equity securities and option — 4,140 — 4,897 Debt securities available-for-sale — 2,419 — 2,962 Other equity securities and interests — 26,920 6 27,338 Total investments, at fair value $ — $ 331,367 $ 6 $ 329,113	Investments held by Ben or held by the Customer ExAlt Trusts are comprised of investments in alternative assets, public debt and equity securities, other equity securities and interests (including those of a related party), and put options. The composition of investments recorded at fair value by holder is included in the table below (in thousands): Schedule of Composition of Investments at Fair Value March 31, 2024 March 31, 2023 Ben Customer ExAlt Trusts Ben Customer ExAlt Trusts Alternative assets $ — $ 293,916 $ — $ 385,851 Public equity securities and option — 4,897 4,742 8,087 Debt securities available-for-sale — 2,962 620 76,278 Other equity securities and interests 6 27,338 — 21,643 Total investments, at fair value $ 6 $ 329,113 $ 5,362 $ 491,859
Schedule of Alternative Assets Investments	Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of June 30, 2024 and March 31, 2024, is summarized below (in thousands): Schedule of Alternative Assets Investments Alternative Investments Portfolio Summary June 30, 2024 March 31, 2024 Asset Class Carrying Value Unfunded Commitments Carrying Value Unfunded Commitments Venture Capital $ 124,791 $ 2,317 $ 139,495 $ 2,548 Private Equity 137,372 38,051 116,462 38,401 Natural Resources 17,441 3,328 17,553 3,340 Private Real Estate 8,662 2,859 8,760 2,907 Hedge Funds 3,601 245 6,095 245 Other (1) 6,021 383 5,551 382 Total $ 297,888 $ 47,183 $ 293,916 $ 47,823 (1) “Other” includes earnouts, escrow, net other assets, private debt strategies.	Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of March 31, 2024 and 2023, is summarized below (in thousands): Schedule of Alternative Assets Investments Alternative Investments Portfolio Summary March 31, 2024 March 31, 2023 Asset Class Carrying Value Unfunded Commitments Carrying Value Unfunded Commitments Venture Capital $ 139,495 $ 2,548 $ 165,933 $ 2,810 Private Equity 116,462 38,401 145,073 47,218 Natural Resources 17,553 3,340 27,756 5,240 Private Real Estate 8,760 2,907 10,391 4,800 Hedge Funds 6,095 245 24,935 337 Other(1) 5,551 382 11,763 730 Total $ 293,916 $ 47,823 $ 385,851 $ 61,135 (1) “Other” includes earnouts, escrow, net other assets, and private debt strategies.
Schedule of Debt Securities Available for Sale	The amortized cost, estimated fair value, and unrealized gains and losses on investments in debt securities classified as available-for-sale as of June 30, 2024 and March 31, 2024 are summarized as follows: Schedule of Debt Securities Available for Sale June 30, 2024 (Dollars in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Other debt securities $ 2,685 $ 794 $ (1,060 ) $ 2,419 Total available-for-sale debt securities $ 2,685 $ 794 $ (1,060 ) $ 2,419 March 31, 2024 (Dollars in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Other debt securities 2,685 1,337 (1,060 ) 2,962 Total available-for-sale debt securities $ 2,685 $ 1,337 $ (1,060 ) $ 2,962 The contractual maturities of available-for-sale debt securities as of June 30, 2024 and March 31, 2024 are as follows: June 30, 2024 March 31, 2024 (Dollars in thousands) Amortized Cost Basis Fair Value Amortized Cost Basis Fair Value Due in one year or less $ 1,687 $ 1,942 $ 1,687 $ 1,964 No fixed maturity 998 477 998 998 $ 2,685 $ 2,419 $ 2,685 $ 2,962	The amortized cost, estimated fair value, and unrealized gains and losses on investments in debt securities classified as available-for-sale as of March 31, 2024 and 2023 are summarized as follows: Schedule of Debt Securities Available for Sale March 31, 2024 (Dollars in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Other debt securities $ 2,685 $ 1,337 $ (1,060 ) $ 2,962 Total available-for-sale debt securities $ 2,685 $ 1,337 $ (1,060 ) $ 2,962 March 31, 2023 (Dollars in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities (L Bonds) $ 64,313 $ 17,433 $ (7,924 ) $ 73,822 Other debt securities 2,685 1,347 (956 ) 3,076 Total available-for-sale debt securities $ 66,998 $ 18,780 $ (8,880 ) $ 76,898 The contractual maturities of available-for-sale debt securities as of March 31, 2024 and 2023 are as follows: March 31, 2024 March 31, 2023 (Dollars in thousands) Amortized Cost Basis Fair Value Amortized Cost Basis Fair Value Due in one year or less $ 1,687 $ 1,964 $ 66,000 $ 75,900 No fixed maturity 998 998 998 998 $ 2,685 $ 2,962 $ 66,998 $ 76,898
Schedule of Debt Securities Available for Sale Unrealized Loss Position	The table below indicates the length of time individual debt securities have been in a continuous loss position as of June 30, 2024 and March 31, 2024: Schedule of Debt Securities Available for Sale Unrealized Loss Position June 30, 2024 March 31, 2024 (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Other debt securities: Less than twelve months — — — — Twelve months or longer 1,942 1,060 1,964 1,060 Total available-for-sale debt securities with unrealized losses $ 1,942 $ 1,060 $ 1,964 $ 1,060	The table below indicates the length of time individual debt securities have been in a continuous loss position as of March 31, 2024 and 2023: Schedule of Debt Securities Available for Sale Unrealized Loss Position March 31, 2024 March 31, 2023 (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities (L Bonds): Twelve months or longer $ — $ — $ 73,822 $ 7,924 Other debt securities: Less than twelve months — — 2,078 956 Twelve months or longer 1,964 1,060 — — Total available-for-sale debt securities with unrealized losses $ 1,964 $ 1,060 $ 75,900 $ 8,880
Schedule of Debt Securities Available for Sale Allowance for Credit Loss	The following table is a rollforward of credit-related losses recognized in earnings for the periods presented below: Schedule of Debt Securities Available for Sale Allowance for Credit Loss 2024 2023 (Dollars in thousands) Three Months Ended June 30, 2024 2023 Balance, beginning of period $ 31,290 $ 31,290 Credit related losses not previously recognized 522 — Balance, end of period $ 31,812 $ 31,290	The following table is a rollforward of credit-related losses recognized in earnings for the periods presented below: Schedule of Debt Securities Available for Sale Allowance for Credit Loss Year Ended March 31, (Dollars in thousands) 2024 2023 Balance, beginning of period $ 31,290 $ 18,669 Increase in credit-related loss amounts previously recognized — 12,621 Balance, end of period $ 31,290 $ 31,290

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended	12 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis	The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on June 30, 2024 and March 31, 2024 Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis As of June 30, 2024 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Public equity securities $ 4,140 $ — $ — $ 4,140 Other equity interests — 194 — 194 Debt securities available-for-sale, other — 477 1,942 2,419 Liabilities: Warrant liability 180 — — 180 Prepaid forward liability 14 — — 14 As of March 31, 2024 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Public equity securities $ 4,897 $ — $ — $ 4,897 Other equity interests — 558 — 558 Debt securities available-for-sale, other — 998 1,964 2,962 Liabilities: Warrant liability 178 — — 178 Prepaid forward liability 14 — — 14	The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on March 31, 2024 and Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis As of March 31, 2024 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Public equity securities $ 4,897 $ — $ — $ 4,897 Other equity interests — 558 — 558 Debt securities available-for-sale, other — 998 1,964 2,962 Liabilities: Warrant liability 178 — — 178 Prepaid forward liability 14 — — 14 As of March 31, 2023 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Public equity securities $ 8,837 $ — $ — $ 8,837 Put Options 3,991 — — 3,991 Debt securities available-for-sale Corporate debt securities (L Bonds) — 73,822 — 73,822 Other debt securities — 998 2,078 3,076 Liabilities: Derivative liability — — 3,513 3,513
Schedule of Reconciliation of Gain (Loss) on Investments	A reconciliation of gain (loss) on financial instruments, net for each of the periods presented herein is included in the tables below (in thousands): Schedule of Reconciliation of Gain (Loss) on Investments 2024 2023 Three Months Ended June 30, 2024 2023 Public equity securities: Related party equity securities $ — $ (3,566 ) Other public equity securities (757 ) (220 ) Put options — (2,328 ) Warrant liability (2 ) 1,485 Prepaid forward liability — (92 ) Derivative liability — 1,418 Other equity securities and interests Related party, with a readily determinable fair value (365 ) — Other, without a readily determinable fair value (59 ) (158 ) Gain (loss) on financial instruments, net $ (1,183 ) $ (3,461 )	A reconciliation of gain (loss) on financial instruments, net for each of the periods presented herein is included in the tables below (in thousands): Schedule of Reconciliation of Gain (Loss) on Investments 2024 2023 Year Ended March 31, 2024 2023 Public equity securities Related party equity securities $ (3,702 ) $ (63,536 ) Other public equity securities (237 ) 523 Put options (3,023 ) (3,460 ) Warrant liability 2,477 — Prepaid forward liability (14 ) — Derivative liability 1,581 4,595 Other equity securities and interests Related party, with a readily determinable fair value( 1 (63,755 ) — Other, without a readily determinable fair value (37,848 ) 10,457 Gain (loss) on financial instruments, net $ (104,521 ) $ (51,421 ) (1) Includes realized net gains of $ 13.7 March 31, 2024
Schedule of Fair Value Measured on Recurring Basis Unobservable Input Reconciliation	Schedule of Fair value Measurement Inputs and Valuation Techniques Fair Value Valuation Methodology Unobservable Inputs Range Weighted Average June 30, 2024 $ 1,942 Market Approach Enterprise value-to-revenue multiple 0.2 18.9 1.80 March 31, 2024 $ 1,964 Market Approach Enterprise value-to-revenue multiple 0.2 18.9 1.77	Schedule of Fair value Measurement Inputs and Valuation Techniques Fair Value Valuation Methodology Unobservable Inputs Range Weighted Average March 31, 2024 $ 1,964 Market Approach Enterprise value-to-revenue multiple 0.2 18.9 1.77 March 31, 2023 $ 2,078 Market Approach Enterprise value-to-revenue multiple 0.2 18.9 1.74 The following table reconciles the beginning and ending fair value of our Level 3 other debt securities: Schedule of Fair Value Measured on Recurring Basis Unobservable Input Reconciliation (Dollars in thousands) 2024 2023 Year Ended March 31, (Dollars in thousands) 2024 2023 Beginning balance $ 2,078 $ 3,000 Gains (losses) recognized in accumulated other comprehensive income (loss)( 1 (114 ) (922 ) Ending balance $ 1,964 $ 2,078 (1) Recorded in unrealized gain (loss) on available-for-sale debt securities. Fair Value Valuation Methodology Unobservable Inputs Range of Targets March 31, 2023 $ 3,513 Discounted cash flow Alternative asset beta to equity markets 0.42 1.67 Alternative asset market discount rate 0.10 Distribution rate 0.03 0.06 Equity market risk premiums 0.07 Net asset value volatilities 0.09 0.84 Enhanced return discount rate 0.12
Schedule of Fair Value Measured on Recurring Basis Unobservable Input Reconciliation	The following table reconciles the beginning and ending fair value of our Level 3 other debt securities: Schedule of Fair Value Measured on Recurring Basis Unobservable Input Reconciliation 2024 2023 (Dollars in thousands) Three Months Ended June 30, 2024 2023 Beginning balance $ 1,964 $ 2,078 Gains (losses) recognized in accumulated other comprehensive income (loss) (1) (22 ) 105 Ending balance $ 1,942 $ 2,183 (1) Recorded in unrealized gain (loss) on available-for-sale debt securities.	The following table reconciles the beginning and ending fair value of our Level 3 other debt securities: Schedule of Fair Value Measured on Recurring Basis Unobservable Input Reconciliation (Dollars in thousands) 2024 2023 Year Ended March 31, (Dollars in thousands) 2024 2023 Beginning balance $ 2,078 $ 3,000 Gains (losses) recognized in accumulated other comprehensive income (loss)( 1 (114 ) (922 ) Ending balance $ 1,964 $ 2,078 (1) Recorded in unrealized gain (loss) on available-for-sale debt securities.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation Three Months Ended June 30, 2023 Beginning balance $ 3,513 Gains recognized in earnings (1) (1,418 ) Gain recognized in loss on extinguishment of debt, net — Ending balance $ 2,095 (1) Recorded in (gain) loss on financial instruments, net.	Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (dollars in thousands) Year Ended Year Ended Beginning balance $ 3,513 $ 8,108 (Gains) losses recognized in earnings( 1 (1,581 ) (4,595 ) Gain recognized in loss on extinguishment of debt, net (1,932 ) — Ending balance $ — $ 3,513 (1) Recorded in (gain) loss on financial instruments, net.
Schedule of Goodwill	The change in goodwill at each reporting unit was as follows: Schedule of Goodwill March 31, 2024 Impairment June 30, 2024 Ben Liquidity $ — $ — $ — Ben Custody 10,896 (3,129 ) 7,767 Ben Insurance — — — Ben Markets 2,710 (265 ) 2,445 Total Goodwill $ 13,606 $ (3,394 ) $ 10,212	The change in goodwill at each reporting unit was as follows: Schedule of Goodwill (dollars in thousands) March 31, 2023 Impairment March 31, 2024 Ben Liquidity $ 1,725,880 $ (1,725,880 ) $ — Ben Custody 594,219 (583,323 ) 10,896 Ben Insurance 37,942 (37,942 ) — Ben Markets 9,885 (7,175 ) 2,710 Total Goodwill $ 2,367,926 $ (2,354,320 ) $ 13,606
Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value	The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value as of June 30, 2024 and March 31, 2024, were as noted in the table below: Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value As of June 30, 2024 (Dollars in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents 1 $ 4,399 $ 4,399 Restricted cash 1 314 314 Financial liabilities: Debt due to related parties, net 2 120,554 134,031 Accounts payable and accrued expenses 1 103,012 103,012 As of March 31, 2024 (Dollars in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents 1 $ 7,913 $ 7,913 Restricted cash 1 64 64 Financial liabilities: Debt due to related parties, net 2 120,505 129,327 Accounts payable and accrued expenses 1 157,157 157,157	The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value as of March 31, 2024 and 2023, were as noted in the table below: Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value As of March 31, 2024 (Dollars in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents 1 $ 7,913 $ 7,913 Restricted cash 1 64 64 Financial liabilities: Debt due to related parties 2 120,505 129,327 Accounts payable and accrued expenses 1 157,157 157,157 As of March 31, 2023 (Dollars in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents 1 $ 8,726 $ 8,726 Restricted cash 1 819 819 Financial liabilities: Customer ExAlt Trusts loan payable, net 2 52,129 56,635 Debt due to related parties, net 2 99,314 96,465 Accounts payable and accrued expenses 1 65,724 65,724

Debt Due to Related Parties (Ta

Debt Due to Related Parties (Tables)	3 Months Ended	12 Months Ended
Debt Due to Related Parties (Tables)	Jun. 30, 2024	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	As of June 30, 2024 and March 31, 2024, the Company’s debt due to related parties consisted of the following: Schedule of Debt (Dollars in thousands) June 30, 2024 March 31, 2024 First Lien Credit Agreement $ 21,260 $ 21,264 Second Lien Credit Agreement 72,983 72,996 Term Loan 25,000 25,000 Other borrowings 2,208 2,180 Unamortized debt discount, net (897 ) (935 ) Total debt due to related parties $ 120,554 $ 120,505	As of March 31, 2024 and 2023, the Company’s debt due to related parties consisted of the following: Schedule of Debt (Dollars in thousands) March 31, 2024 March 31, 2023 First Lien Credit Agreement $ 21,264 $ 21,350 Second Lien Credit Agreement 72,996 73,291 Term Loan 25,000 — Other borrowings 2,180 2,076 Unamortized debt (discount) premium, net (935 ) 2,597 Total debt due to related parties, net $ 120,505 $ 99,314
Schedule of Maturities of Long-Term Debt	Aggregate maturities of principal on the debt due to related parties for the next five fiscal years ending March 31 are as follows: Schedule of Maturities of Long-Term Debt (Dollars in thousands) Debt Due to 2025 $ 23,468 2026 — 2027 25,000 2028 72,983 2029 —	Aggregate maturities of principal and accrued interest on the debt due to related parties for the next five fiscal years ending March 31 are as follows: Schedule of Maturities of Long-Term Debt (Dollars in thousands) Debt Due to Related Parties 2025 $ 23,444 2026 — 2027 25,000 2028 72,996 2029 —

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended	12 Months Ended
Share-based Compensation (Tables)	Jun. 30, 2024	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Award, Valuation Assumptions	There were no BMP Equity Units granted during the three months ended June 30, 2024. The table below summarizes the key inputs used in the valuation of the BMP Equity Units granted during the three months ended June 30, 2023: Schedule of Share-Based Payment Award, Valuation Assumptions Unobservable Inputs Three Months Ended June 30, 2023 Expected term in years 4 Discount rate 32.1 % Discount for lack of marketability 23.1 % Long-term growth rate (after discrete projection period) 2.5 %	There were no BMP Equity Units granted during the year ended March 31, 2024 Schedule of Share-Based Payment Award, Valuation Assumptions Range of Targets Unobservable Inputs Year Ended March 31, 2023 Expected term in years 4 Discount rate 32.1 % Discount for lack of marketability 23.1 % Long-term growth rate (after discrete projection period) 2.5 %
Schedule of Share-Based Payment Arrangement, Activity	The following table summarizes the award activity, in units, for the BMP and Ben Equity Incentive Plans during the three months ended June 30, 2024: Schedule of Share-Based Payment Arrangement, Activity BMP RSU (units in thousands) Units Weighted Average Grant Date Fair Value per Unit Units Weighted Average Grant Date Fair Value per Unit Balance, March 31, 2024 117 $ 10.34 26 $ 375.47 Granted during the period 35 10.67 8 10.00 Vested during the period (15 ) 10.09 (3 ) 800.00 Forfeited during the period (10 ) 10.67 (2 ) 322.36 Balance, June 30, 2024 92 $ 10.35 21 $ 319.06	The following table summarizes the award activity, in units, for the BMP and Ben Equity Incentive Plans during the years ended March 31, 2024 and : Schedule of Share-Based Payment Arrangement, Activity BMP RSU (units in thousands) Units Weighted Average Grant Date Fair Value per Unit Units Weighted Average Grant Date Fair Value per Unit Balance, March 31, 2022 1,118 $ 9.78 23 $ 10.00 Granted during the period 35 10.67 8 10.00 Vested during the period (646 ) 9.73 (8 ) 10.00 Forfeited during the period (69 ) 10.00 (1 ) 10.00 Balance, March 31, 2023 438 $ 10.04 22 $ 10.00 Granted during the period — — 51 2.73 Vested during the period (287 ) 9.75 (40 ) 5.17 Forfeited during the period (34 ) 10.18 (7 ) 4.09 Balance, March 31, 2024 117 $ 10.34 26 $ 4.69
Schedule of Share-Based Payment Arrangement, Cost by Plan	The following table presents the components of share-based compensation expense, included in employee compensation and benefits, recognized in the consolidated statements of comprehensive income ( loss) the three June 30, 2024 : Schedule of Share-Based Payment Arrangement, Cost by Plan (dollars in thousands) 2024 2023 Three Months Ended June 30, (dollars in thousands) 2024 2023 BMP equity units $ 113 $ 675 Restricted stock units 832 8,723 Preferred equity — 286 Other (1) 49 17,317 Total share-based compensation $ 994 $ 27,001 (1) For the quarter ended June 30, 2023 includes $ 15.0 2.3	The following table presents the components of share-based compensation expense, included in employee compensation and benefits, recognized in the consolidated statements of comprehensive income (loss) for the March 31, 2024 and : Schedule of Share-Based Payment Arrangement, Cost by Plan (dollars in thousands) 2024 2023 Year Ended March 31, (dollars in thousands) 2024 2023 BMP equity units $ 1,854 $ 4,297 Restricted stock units 18,415 4,358 Preferred equity 858 1,430 Other (1) 17,976 — Total share-based compensation $ 39,103 $ 10,085 (1) Includes $ 15.0 3.0
Schedule of Share-Based Payment Arrangement, Nonvested Award, Cost	Schedule of Share-Based Payment Arrangement, Nonvested Award, Cost (dollars in thousands) BMP RSU Commissions Total 2025 $ 331 $ 1,650 $ 142 $ 2,123 2026 225 1,871 60 2,156 2027 14 883 — 897 2028 — 372 — 372 2029 — — — — 2029 Total $ 570 $ 4,776 $ 202 $ 5,548	Schedule of Share-Based Payment Arrangement, Nonvested Award, Cost (dollars in thousands) BMP RSU Commissions Total Year one 2025 $ 540 $ 2,894 $ 191 $ 3,625 Year two $ 540 $ 2,894 $ 191 $ 3,625 2026 242 2,096 60 2,398 Year three 242 2,096 60 2,398 2027 14 994 — 1,008 Year four 14 994 — 1,008 2028 — — — — Year five — — — — 2029 — — — — Year six — — — — Total $ 796 $ 5,984 $ 251 $ 7,031 Weighted-average period to be recognized 1.56 2.64 1.40

Equity (Tables)

Equity (Tables)	3 Months Ended	12 Months Ended
Equity (Tables)	Jun. 30, 2024	Mar. 31, 2024
Equity [Abstract]
Schedule of Noncontrolling Interests	The following tables present a rollforward of the noncontrolling interests for the three months ended June 30, 2024 and 2023: Schedule of Noncontrolling Interests (Dollars in thousands) Trusts BCH Class S Ordinary BCH Class S Preferred FLP BCH Preferred Series A.1 BCH Preferred Series C Class A of CT Total Noncontrolling Interests Noncontrolling Interests (Dollars in thousands) Trusts BCH Class S Ordinary BCH Class S Preferred FLP BCH Preferred Series A.1 BCH Preferred Series C Class A of CT Total Noncontrolling Interests Balance, March 31, 2024 $ (165,712 ) $ — $ — $ — $ 207,943 $ — $ — $ 42,231 Net loss (526 ) — — — (7,187 ) — — (7,713 ) Reclass of distributions payable to noncontrolling interest holder (225 ) — — — — — — (225 ) Balance, June 30, 2024 $ (166,463 ) $ — $ — $ — $ 200,756 $ — $ — $ 34,293 Noncontrolling Interests (Dollars in thousands) Trusts BCH Class S Ordinary BCH Class S Preferred FLP BCH Preferred Series A.1 BCH Preferred Series C Class A of CT Total Noncontrolling Interests Balance, March 31, 2023 $ (118,299 ) $ 52,560 $ 856 $ — $ — $ 205,759 $ 1,337 $ 142,213 Net loss (13,866 ) (29,365 ) — — (674 ) — (647 ) (44,552 ) Reclass of BCH Preferred A.1 from temporary to permanent equity — — — — 699,441 — — 699,441 Issuance of shares in connection with transactions closing post de-SPAC 133 — — — — — — 133 Reclass of distributions payable to noncontrolling interest holder (329 ) — — — — — — (329 ) Conversion of Class S Ordinary to Class A common — (3,884 ) — — — — — (3,884 ) Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return — — — — (6,942 ) — — (6,942 ) Balance, June 30, 2023 $ (132,361 ) $ 19,311 $ 856 $ — $ 691,825 $ 205,759 $ 690 $ 786,080	The following table presents a rollforward of the noncontrolling interests for the years ended March 31, 2024 and 2023: Schedule of Noncontrolling Interests (Dollars in thousands) Trusts BCH Class S Ordinary BCH Class S Preferred FLP BCH Preferred Series A.1 BCH Preferred Series C Class A of CT Total Noncontrolling Interests Noncontrolling Interests (Dollars in thousands) Trusts BCH Class S Ordinary BCH Class S Preferred FLP BCH Preferred Series A.1 BCH Preferred Series C Class A of CT Total Noncontrolling Interests Balance, March 31, 2022 982 69,831 1,315 — — 205,759 — 277,887 Net income (loss) (117,861 ) (16,987 ) — 3,166 — — (962 ) (132,644 ) Noncontrolling interest reclass — 1,116 1,117 (2,233 ) — — — — Payment of employee payroll taxes on restricted equity units — (459 ) (460 ) — — — — (919 ) Distribution to noncontrolling interest — — — — — — (131 ) (131 ) Noncash issuance of noncontrolling interest 299 — — — — — — 299 Reclass of distributions payable to noncontrolling interest holder (1,719 ) — — — — — — (1,719 ) Reclass of allocated income for FLP Subclass 3 to payable — — — (933 ) — — — (933 ) Issuance of noncontrolling interest — — — — — — 2,430 2,430 Annual reallocation of FLP — (941 ) (1,116 ) — — — — (2,057 ) Balance, March 31, 2023 (118,299 ) 52,560 856 — — 205,759 1,337 142,213 Beginning balance (118,299 ) 52,560 856 — — 205,759 1,337 142,213 Net income (loss) (44,175 ) (48,676 ) (856 ) — (484,556 ) — (1,068 ) (579,331 ) Issuance of shares in connection with recent financings 133 — — — — — — 133 Reclass of distributions payable to noncontrolling interest holder (1,170 ) — — — — — — (1,170 ) Reduction of noncontrolling interest in connection with recent financings (3,272 ) — — — — — — (3,272 ) Issuance of noncontrolling interest in connection with recent financings 79 — — — — — — 79 Conversion of BCH Class S Ordinary to Class A common stock — (3,884 ) — — — — — (3,884 ) Conversion of Preferred Series C to Class A common stock — — — — — (205,759 ) — (205,759 ) Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return — — — — (6,942 ) — — (6,942 ) Reclass of BCH Preferred A.1 from temporary to permanent equity — — — — 699,441 — — 699,441 Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings 992 — — — — — — 992 Distribution to noncontrolling interest — — — — — — (269 ) (269 ) Balance, March 31, 2024 $ (165,712 ) $ — $ — $ — $ 207,943 $ — $ — $ 42,231 Ending balance $ (165,712 ) $ — $ — $ — $ 207,943 $ — $ — $ 42,231
Schedule of Redeemable Non Controlling Interests		The following table presents a rollforward of the redeemable noncontrolling interests for the years ended March 31, 2024 and 2023: Schedule of Redeemable Non Controlling Interests (Dollars in thousands) Preferred Series A.0 Preferred Series A.1 Noncontrolling Interests Redeemable Noncontrolling Interests Total Redeemable (Dollars in thousands) Preferred Series A.0 Preferred Series A.1 Noncontrolling Interests Balance, March 31, 2022 249,907 742,331 992,238 Net income (loss) 15,822 (4,298 ) 11,524 Deemed dividend upon issuance for U. S. GAAP to tax basis true-up — (314 ) (314 ) Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return — (37,133 ) (37,133 ) Transfer from BCH Preferred Series A.1 Unit Accounts to BCH Preferred Series A.0 Unit Accounts 1,145 (1,145 ) — BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual (15,822 ) — (15,822 ) Balance, March 31, 2023 251,052 699,441 950,493 Beginning balance 251,052 699,441 950,493 Net income (loss) 16,793 — 16,793 Reclass of BCH Preferred A.1 from temporary to permanent equity — (699,441 ) (699,441 ) BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual (16,793 ) — (16,793 ) Balance, March 31, 2024 $ 251,052 $ — $ 251,052 Ending balance $ 251,052 $ — $ 251,052

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	3 Months Ended	12 Months Ended
Net Income (Loss) per Share (Tables)	Jun. 30, 2024	Mar. 31, 2024
Net loss per common share - basic and diluted (1) (2)
Schedule of Earnings Per Share, Basic and Diluted	Basic net income (loss) attributable to Beneficient per common share for the three months ended June 30, 2024 and 2023 Schedule of Earnings Per Share, Basic and Diluted 2024 2023 (Dollars in thousands) Three Months Ended June 30, 2024 2023 Net income (loss) $ 44,310 $ (1,155,970 ) Plus: Net loss attributable to noncontrolling interests 7,713 44,552 Less: Noncontrolling interest guaranteed payment (4,356 ) (4,105 ) Net income (loss) attributable to Beneficient common shareholders $ 47,667 $ (1,115,523 ) Net income (loss) attributable to Class A common shareholders 44,770 (1,013,454 ) Net income (loss) attributable to Class B common shareholders 2,897 (102,069 ) Net income (loss) attributable to Beneficient common shareholders 2,897 (102,069 ) Basic weighted average of common shares outstanding Class A 3,696,979 2,302,000 Class B 239,256 239,256 Basic weighted average of common shares outstanding 239,256 239,256 Basic net income (loss) attributable to Beneficient per common share Class A $ 12.11 $ (440.25 ) Class B $ 12.11 $ (426.61 ) Basic net income (loss) attributable to Beneficient per common share $ 12.11 $ (426.61 ) Diluted net income attributable to Beneficient per common share for the three months ended June 30, 2024, is as follows: (Dollars in thousands) Diluted income per share Three Months Ended June 30, 2024 Net income attributable to Beneficient common shareholders - Basic $ 47,667 Less: Net loss attributable to noncontrolling interests - Ben (7,187 ) Plus: Noncontrolling interest guaranteed payment 4,356 Net income attributable to Beneficient common shareholders - Diluted $ 44,836 Basic weighted average of common shares outstanding (Class A and Class B) 3,936,235 Dilutive effect of: Preferred Series B-1 165,151 Class S Ordinary 66,982 Class S Preferred 605 Preferred Series A Subclass 0 62,093,987 Preferred Series A Subclass 1 199,826,619 Restricted Stock Units 21,118 Dilutive effect 21,118 Diluted weighted average of common shares outstanding (Class A and Class B) 266,110,697 Diluted net income attributable to Beneficient per common share (Class A and Class B) $ 0.17	Basic and diluted net loss attributable to Beneficient per common share for the years ended March 31, 2024 and 2023, are as follows: Schedule of Earnings Per Share, Basic and Diluted (Dollars in thousands) 2024 2023 Year Ended March 31, (Dollars in thousands) 2024 2023 Net loss $ (2,658,180 ) $ (252,100 ) Less: Net (income) loss attributable to noncontrolling interests 579,332 136,942 Less: Noncontrolling interest guaranteed payment (16,793 ) (15,822 ) Net loss attributable to Beneficient (2,095,641 ) (130,980 ) Net loss attributable to Beneficient common shareholders $ (2,095,641 ) $ (130,980 ) Net loss attributable to Class A common shareholders (1,955,861 ) (118,402 ) Net loss attributable to Class B common shareholders (139,780 ) (12,578 ) Net loss attributable to Beneficient common shareholders (139,780 ) (12,578 ) Net income (loss) attributable to Beneficient common shareholders (139,780 ) (12,578 ) Weighted average of common shares outstanding — basic and diluted Class A 2,904,851 2,252,228 Class B 239,256 239,256 Net loss attributable to Beneficient per common share - Basic and Diluted Class A $ (673.31 ) $ (52.57 ) Class B $ (584.23 ) $ (52.57 )
Schedule of Computing Diluted Net Loss Per Share	In computing diluted net loss per share, we considered potentially dilutive shares. Anti-dilutive shares not recognized in the diluted net loss per share calculation for the three months ended June 30, 2024 and 2023, were as follows: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share 2024 2023 Shares Three Months Ended June 30, 2024 2023 Class S Ordinary — 68,900 Class S Preferred — 605 Preferred Series A Subclass 0 — 32,060,425 Preferred Series A Subclass 1 — 112,360,624 Preferred Series C Subclass 1 — 550,510 Restricted Stock Units 129,002 99,581 Warrants 30,874,686 29,696,875 Total anti-dilutive shares 31,003,688 174,837,520	In computing diluted net loss per share, we considered potentially dilutive shares. Anti-dilutive shares not recognized in the diluted net loss per share calculation for the years ended March 31, 2024 and 2023, were as follows: Schedule of Computing Diluted Net Loss Per Share 2024 2023 Shares Year Ended March 31, 2024 2023 Series B Preferred Stock 29,786 — Class S Ordinary 67,936 72,948 Class S Preferred 606 1,171 Preferred Series A Subclass 0 1,044,524 247,450 Preferred Series A Subclass 1 3,510,235 797,395 Preferred Series C 151,917 200,861 Restricted Stock Units 100,214 105,133 Warrants 312,012 — Total anti-dilutive securities 5,217,230 1,424,958

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended	12 Months Ended
Income Taxes (Tables)	Jun. 30, 2024	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense for the three months ended June 30, 2024 and 2023 Schedule of Components of Income Tax Expense (Benefit) 2024 2023 (Dollars in thousands) Three Months Ended June 30, 2024 2023 Current expense Federal $ 28 $ — Deferred expense Federal — — Income tax expense $ 28 $ —	The components of income tax expense (benefit) for the years ended March 31, 2024 and 2023, were as follows: Schedule of Components of Income Tax Expense (Benefit) (Dollars in thousands) 2024 2023 Year Ended March 31, (Dollars in thousands) 2024 2023 Deferred expense Federal $ 788 $ (1,072 ) Income tax expense (benefit) $ 788 $ (1,072 )
Schedule of Effective Income Tax Rate Reconciliation		Income tax expense differs from the amounts computed by applying the Federal statutory rate to pre-tax income (loss). A reconciliation between the Federal statutory income tax rate of 21% to the effective income tax rate for the years ended March 31, 2024 and 2023 are shown below: Schedule of Effective Income Tax Rate Reconciliation (Dollars in thousands) 2024 2023 Year Ended March 31, (Dollars in thousands) 2024 2023 Expected statutory income tax benefit $ (558,052 ) $ (51,011 ) Amounts not deductible for income tax - goodwill impairment 490,969 — Amounts not deductible for income tax - other 4,919 505 Amounts attributable to non-taxable flow-through entities 2,855 41,240 Change in valuation allowance 60,097 8,194 Income tax expense (benefit) $ 788 $ (1,072 )
Schedule of Deferred Tax Assets and Liabilities		The components of gross deferred tax assets and gross deferred tax liabilities as of March 31, 2024 and 2023 , Schedule of Deferred Tax Assets and Liabilities (Dollars in thousands) March 31, 2024 March 31, 2023 Deferred income tax assets: Passthrough differences - temporary $ 28,130 $ 17,142 Loss on arbitration 11,544 — Share-based compensation 4,567 — Net operating loss 17,658 991 Non-current deferred income tax assets 61,899 18,133 Deferred income tax liabilities: Other — — Non-current deferred income tax liabilities — — Less: valuation allowance 61,899 18,133 Total deferred income tax liability $ — $ —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended	12 Months Ended
Variable Interest Entities (Tables)	Jun. 30, 2024	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The consolidated statements of financial condition include the following amounts from these consolidated VIEs as of the dates presented: Schedule of Variable Interest Entities (Dollars in thousands) June 30, 2024 March 31, 2024 Assets: Cash and cash equivalents $ 1,244 $ 963 Restricted cash 314 64 Investments, at fair value 331,367 329,113 Other assets 34 30 Total Assets of VIEs $ 332,959 $ 330,170 Liabilities: Accounts payable and accrued expense $ 1,823 $ 1,670 Other liabilities 19 109 Total Liabilities of VIEs $ 1,842 $ 1,779 Equity: Treasury stock $ (3,444 ) $ (3,444 ) Noncontrolling interests (166,463 ) (165,712 ) Accumulated other comprehensive income 255 276 Total Equity of VIEs $ (169,652 ) $ (168,880 ) The consolidated statements of comprehensive income (loss) for the periods presented include the following amounts from these consolidated VIEs. 2024 2023 Three Months Ended June 30, 2024 2023 (Dollars in thousands) Revenues Investment income, net $ 11,028 $ 500 Loss on financial instruments, net (1,175 ) (1,803 ) Interest and dividend income — 8 Total revenues 9,853 (1,295 ) Operating expenses Interest expense — 1,874 Provision for credit losses 522 — Professional services 622 1,261 Other expenses 121 357 Total operating expenses 1,265 3,492 Net income (loss) $ 8,588 $ (4,787 ) Net loss attributable to noncontrolling interests $ (526 ) $ (13,866 )	The consolidated statements of financial condition includes the following amounts from these consolidated VIEs as of the dates presented: Schedule of Variable Interest Entities (Dollars in thousands) March 31, 2024 March 31, 2023 Assets: Cash and cash equivalents $ 963 $ 3,259 Restricted cash 64 819 Investments, at fair value 329,113 491,859 Other assets 30 5,891 Total Assets of VIEs $ 330,170 $ 501,828 Liabilities: Accounts payable and accrued expense $ 1,670 $ 1,945 Other liabilities 109 132 Customer ExAlt Trusts loan payable, net — 52,129 Total Liabilities of VIEs $ 1,779 $ 54,206 Equity: Treasury stock $ (3,444 ) $ (3,444 ) Noncontrolling interests (165,712 ) (118,299 ) Accumulated other comprehensive income (loss) 276 9,900 Total Equity of VIEs $ (168,880 ) $ (111,843 ) The consolidated statements of comprehensive income (loss) for the periods presented include the following amounts from these consolidated VIEs. (Dollars in thousands) Year Ended March 31, 2024 Year Ended March 31, 2023 Revenues Investment income (loss), net $ 4,791 $ (54,010 ) (Gain) loss on financial instruments, net (102,584 ) (35,085 ) Interest income 10 54 Other income 215 — Total revenues (97,568 ) (89,041 ) Operating expenses Interest expense 4,091 8,957 Provision for credit losses 254 13,843 Professional services 3,277 5,032 Other expenses 1,191 1,905 Total operating expenses 8,813 29,737 Loss on extinguishment of debt, net 8,846 — Net income (loss) $ (115,227 ) $ (118,778 ) Net income (loss) attributable to noncontrolling interests $ (44,175 ) $ (117,861 )

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended	12 Months Ended
Segment Reporting (Tables)	Jun. 30, 2024	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables include the results of each of the Company’s reportable segments reconciled to the consolidated financial statements (in thousands): Schedule of Segment Reporting Information, by Segment Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Three Months Ended June 30, 2024 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment income, net $ — $ — $ 11,028 $ — $ — $ 11,028 Loss on financial instruments, net — — (1,175 ) (8 ) — (1,183 ) Interest income — — — 12 — 12 Trust services and administration revenues — 189 — — — 189 Other income — — — — — — Intersegment revenues Interest income 10,849 — — — (10,849 ) — Trust services and administration revenues — 5,193 — — (5,193 ) — Total revenues 10,849 5,382 9,853 4 (16,042 ) 10,046 External expenses Employee compensation and benefits 430 356 — 3,064 — 3,850 Interest expense 3,081 — — 1,207 — 4,288 Professional services 474 396 622 4,052 — 5,544 Provision for credit losses — — 522 2 — 524 Loss on impairment of goodwill — 3,129 — 265 — 3,394 Release of loss contingency related to arbitration award — — — (54,973 ) — (54,973 ) Other expenses 451 214 120 2,296 — 3,081 Intersegment expenses Interest expense — — 34,799 — (34,799 ) — Provision for credit losses 6,927 — — — (6,927 ) — Other expenses — — 3,419 — (3,419 ) — Total expenses 11,363 4,095 39,482 (44,087 ) (45,145 ) (34,292 ) Operating income (loss) $ (514 ) $ 1,287 $ (29,629 ) $ 44,091 $ 29,103 $ 44,338 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Three Months Ended June 30, 2023 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment income, net $ — $ — $ 500 $ — $ — $ 500 Loss on financial instruments, net — — (1,803 ) (1,658 ) — (3,461 ) Interest income — — 8 108 — 116 Trust services and administration revenues — 8 — 94 — 102 Intersegment revenues Interest income 12,007 — — — (12,007 ) — Trust services and administration revenues — 6,568 — — (6,568 ) — Total revenues 12,007 6,576 (1,295 ) (1,456 ) (18,575 ) (2,743 ) External expenses Employee compensation and benefits 2,493 560 — 32,770 — 35,823 Interest expense 758 — 1,874 1,152 — 3,784 Professional services 633 501 1,261 7,978 — 10,373 Loss on impairment of goodwill 901,000 195,305 — — — 1,096,305 Other expenses 654 207 356 5,725 — 6,942 Intersegment expenses Interest expense — — 29,780 — (29,780 ) — Provision for loan losses 9,495 — — — (9,495 ) — Other expenses — — 3,844 — (3,844 ) — Total expenses 915,033 196,573 37,115 47,625 (43,119 ) 1,153,227 Operating income (loss) $ (903,026 ) $ (189,997 ) $ (38,410 ) $ (49,081 ) $ 24,544 $ (1,155,970 ) Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total As of June 30, 2024 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 255,858 $ — $ — $ — $ (255,858 ) $ — Investments, at fair value — — 331,367 — — 331,367 Other assets 2,310 21,884 19,362 9,250 (36,181 ) 16,625 Goodwill and intangible assets, net — 7,767 — 5,545 — 13,312 Total Assets $ 258,168 $ 29,651 $ 350,729 $ 14,795 $ (292,039 ) $ 361,304 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total As of March 31, 2024 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 256,184 $ — $ — $ — $ (256,184 ) $ — Investments, at fair value — — 329,113 6 — 329,119 Other assets 5,814 20,398 19,467 12,510 (35,513 ) 22,676 Goodwill and intangible assets, net — 10,896 — 5,810 — 16,706 Total Assets $ 261,998 $ 31,294 $ 348,580 $ 18,326 $ (291,697 ) $ 368,501	The following tables include the results of each of the Company’s reportable segments reconciled to the consolidated financial statements (dollars in thousands): Schedule of Segment Reporting Information, by Segment Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Year Ended March 31, 2024 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment loss, net $ — $ — $ 4,791 $ — $ — $ 4,791 Loss on financial instruments, net — — (102,584 ) (1,937 ) — (104,521 ) Interest income — — 10 447 — 457 Trust services and administration revenues — 365 — — — 365 Other income — — 215 (3 ) — 212 Intersegment revenues Interest income 46,947 — — — (46,947 ) — Trust services and administration revenues — 24,169 — — (24,169 ) — Total revenues 46,947 24,534 (97,568 ) (1,493 ) (71,116 ) (98,696 ) External expenses Employee compensation and benefits 5,903 2,297 — 56,929 — 65,129 Interest expense 8,724 — 4,091 4,744 — 17,559 Professional services 1,993 1,187 3,277 23,542 — 29,999 Provision for credit losses — — 254 5,762 — 6,016 Loss on impairment of goodwill 1,725,880 583,323 — 45,117 — 2,354,320 Loss on arbitration — — — 54,973 — 54,973 Other expenses 2,057 997 1,191 17,609 — 21,854 Intersegment expenses Interest expense — — 126,339 — (126,339 ) — Provision for loan losses 113,354 25,541 — — (138,895 ) — Other expenses — — 15,345 — (15,345 ) — Total expenses 1,857,911 613,345 150,497 208,676 (280,579 ) 2,549,850 Operating income (loss) $ (1,810,964 ) $ (588,811 ) $ (248,065 ) $ (210,169 ) $ 209,463 $ (2,648,546 ) Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total As of March 31, 2024 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 256,184 $ — $ — $ — $ (256,184 ) $ — Investments, at fair value — — 329,113 6 — 329,119 Other assets 5,814 20,398 19,467 12,510 (35,513 ) 22,676 Goodwill and intangible assets, net — 10,896 — 5,810 — 16,706 Total Assets $ 261,998 $ 31,294 $ 348,580 $ 18,326 $ (291,697 ) $ 368,501 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Year Ended March 31, 2023 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment loss, net $ — $ — $ (54,010 ) $ — $ — (54,010 ) Loss on financial instruments, net — — (35,085 ) (16,336 ) — (51,421 ) Interest income — — 54 358 — 412 Trust services and administration revenues — 30 — — — 30 Other income — — — 86 — 86 Intersegment revenues Interest income 50,819 — — — (50,819 ) — Trust services and administration revenues — 29,012 — — (29,012 ) — Total revenues 50,819 29,042 (89,041 ) (15,892 ) (79,831 ) (104,903 ) External expenses Employee compensation and benefits 8,527 2,219 — 34,781 — 45,527 Interest expense 2,893 — 8,957 3,621 — 15,471 Professional services 2,849 2,018 5,033 28,522 — 38,422 Provision for credit losses — — 13,843 6,737 — 20,580 Other expenses 2,313 759 1,905 23,292 — 28,269 Intersegment expenses Interest expense — — 110,905 — (110,905 ) — Provision for loan losses 80,749 — — — (80,749 ) — Other expenses — — 18,354 — (18,354 ) — Total expenses 97,331 4,996 158,997 96,953 (210,008 ) 148,269 Operating income (loss) $ (46,512 ) $ 24,046 $ (248,038 ) $ (112,845 ) $ 130,177 $ (253,172 ) Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total As of March 31, 2023 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 366,760 $ — $ — $ — $ (366,760 ) $ — Investments, at fair value — — 491,859 5,362 — 497,221 Other assets 9,447 47,466 10,447 21,849 (46,761 ) 42,448 Goodwill and intangible assets, net 1,725,880 594,219 — 50,927 — 2,371,026 Total Assets $ 2,102,087 $ 641,685 $ 502,306 $ 78,138 $ (413,521 ) $ 2,910,695

Risks and Uncertainties (Tables

Risks and Uncertainties (Tables)	3 Months Ended	12 Months Ended
Risks and Uncertainties (Tables)	Jun. 30, 2024	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The portfolio of alternative assets covers the following industry sectors and geographic regions for the periods shown below (dollar amounts in thousands): Schedules of Concentration of Risk, by Risk Factor June 30, 2024 March 31, 2024 Industry Sector Value Percent of Total Value Percent of Total Food and staples retailing $ 66,516 22.3 % $ 41,721 14.2 % Software and services 41,935 14.1 42,908 14.6 Utilities 28,656 9.6 28,768 9.8 Diversified financials 23,386 7.9 30,297 10.3 Energy 19,796 6.6 19,930 6.8 Capital goods 15,337 5.1 23,146 7.9 Health care equipment and services 16,155 5.4 16,520 5.6 Semiconductors and Semiconductor Equipment 12,090 4.1 16,144 5.5 Other (1) 74,017 24.9 74,482 25.3 Total $ 297,888 100.0 % $ 293,916 100.0 % (1) Industries in this category each comprise less than 5 percent. Semiconductors and Semiconductor Equipment is shown separately as it comprised greater than 5 percent in the prior period. June 30, 2024 March 31, 2024 Geography Value Percent of Total Value Percent of Total North America $ 150,944 50.7 % $ 164,205 55.9 % South America 68,284 22.9 43,543 14.8 Asia 43,265 14.5 49,385 16.8 Europe 34,695 11.6 35,870 12.2 Africa 700 0.3 913 0.3 Total $ 297,888 100.0 % $ 293,916 100.0 %	The portfolio of alternative assets covers the following industry sectors and geographic regions for the periods shown below (dollars in thousands): Schedules of Concentration of Risk, by Risk Factor March 31, 2024 March 31, 2023 Industry Sector Value Percent of Total Value Percent of Total Software and services $ 42,908 14.6 % $ 54,944 14.2 % Food and staples retailing 41,721 14.2 38,210 9.9 Diversified financials 30,297 10.3 52,544 13.6 Utilities 28,768 9.8 28,043 7.3 Capital goods 23,146 7.9 27,707 7.2 Energy 19,930 6.8 26,721 6.9 Health care equipment and services 16,520 5.6 23,626 6.1 Semiconductors and semiconductor equipment 16,144 5.5 17,935 4.6 Other (1) 74,482 25.3 116,121 30.2 Total $ 293,916 100.0 % $ 385,851 100.0 % (1) Industries in this category each comprise less than 5 percent. March 31, 2024 March 31, 2023 Geography Value Percent of Total Value Percent of Total North America $ 164,205 55.9 % $ 239,951 62.2 % Asia 49,385 16.8 62,016 16.1 South America 43,543 14.8 41,423 10.7 Europe 35,870 12.2 38,874 10.1 Africa 913 0.3 3,587 0.9 Total $ 293,916 100.0 % $ 385,851 100.0 %

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended	12 Months Ended
Supplemental Cash Flow Information (Tables)	Jun. 30, 2024	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated statements of financial condition and that are shown in the consolidated statements of cash flows: Schedule of Cash and Cash Equivalents June 30, 2024 March 31, 2024 Cash and cash equivalents $ 4,399 $ 7,913 Restricted cash 314 64 Total cash, cash equivalents and restricted cash $ 4,713 $ 7,977	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated statements of financial condition and that are shown in the consolidated statements of cash flows: Schedule of Cash and Cash Equivalents March 31, 2024 March 31, 2023 Cash and cash equivalents $ 7,913 $ 8,726 Restricted cash 64 819 Total cash, cash equivalents and restricted cash $ 7,977 $ 9,545

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
Fixed Assets (Tables)	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property Plant and Equipment	Fixed assets are included in other assets in the consolidated statements of financial condition and consist of the following: Schedule of Property Plant and Equipment (Dollars in thousands) March 31, 2024 March 31, 2023 Computer hardware and software $ 11,864 $ 9,899 Buildings 188 188 Furniture, fixtures, and equipment 139 139 Leasehold improvements 109 109 Other 73 73 Fixed assets, gross 12,373 10,408 Accumulated depreciation and amortization (10,327 ) (6,551 ) Internal use software in process 282 487 Fixed assets, net $ 2,328 $ 4,344

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
Goodwill and Other Intangibles (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The following tables present activity in the Company’s goodwill and finite-lived and indefinite-lived intangible assets for the years ended March 31, 2024 and 2023. Schedule of Intangible Assets and Goodwill (Dollars in thousands) March 31, 2023 Impairment March 31, 2024 Amortization Goodwill Ben Liquidity $ 1,725,880 $ (1,725,880 ) $ — Indefinite Ben Custody 594,219 (583,323 ) 10,896 Indefinite Ben Insurance 37,942 (37,942 ) — Indefinite Ben Markets 9,885 (7,175 ) 2,710 Indefinite Total goodwill 2,367,926 (2,354,320 ) 13,606 Indefinite Insurance license 3,100 — 3,100 Indefinite Total goodwill and intangible assets $ 2,371,026 $ (2,354,320 ) $ 16,706 (Dollars in thousands) March 31, 2022 Additions 1 Reporting Unit Allocation Impairment March 31, 2023 Amortization Goodwill $ 2,367,750 $ 176 $ (2,367,926 ) $ — $ — Indefinite Ben Liquidity — — 1,725,880 — 1,725,880 Indefinite Ben Custody — — 594,219 — 594,219 Indefinite Ben Insurance — — 37,942 — 37,942 Indefinite Ben Markets — — 9,885 — 9,885 Indefinite Total goodwill 2,367,750 176 — — 2,367,926 Indefinite Insurance license 3,100 — — — 3,100 Indefinite Total goodwill and intangible assets $ 2,370,850 $ 176 $ — $ — $ 2,371,026 1 The additional goodwill resulted from the purchase of MHT Securities, as discussed in Note 1.

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
Other Assets and Other Liabilities (Tables)	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table details the components of other assets: Schedule of Other Assets (Dollars in thousands) March 31, 2024 March 31, 2023 Promissory note receivable $ 5,515 $ 5,104 Allowance for promissory note receivable and other receivables (5,515 ) — Prepaid expenses 4,054 2,329 Loan fee receivable 2,932 — Insurance reimbursable receivable 2,840 3,211 Fixed assets (Note 7) 2,328 4,344 Distribution receivables — 5,891 Deferred costs of equity offering 343 7,778 Related party receivables — 17,795 Allowance for related party receivables — (15,600 ) Other assets 2,202 2,051 Total Other assets, net $ 14,699 $ 32,903
Schedule of other liabilities	The following table details the components of other liabilities: Schedule of other liabilities (Dollars in thousands) March 31, 2024 March 31, 2023 Interest commitments $ 18,243 $ 13,499 Accrued interest on debt due to related parties 9,740 — Deferred upfront fees 2,717 — Other 1,027 1,123 Total Other liabilities $ 31,727 $ 14,622

Overview of the Business (Detai

Overview of the Business (Details Narrative) $ / shares in Units, $ in Thousands												1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Aug. 14, 2024 USD ($) shares	Aug. 06, 2024 USD ($) $ / shares shares	Nov. 03, 2023 Integer	Oct. 19, 2023 USD ($)	Jul. 11, 2023	Jul. 11, 2023 Integer	Jul. 11, 2023 Employee	Jun. 27, 2023 USD ($)	Mar. 28, 2022 USD ($)	Dec. 07, 2021 $ / shares	Dec. 06, 2021 $ / shares	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)		Jul. 31, 2024 USD ($)	Jun. 20, 2024 USD ($)	May 31, 2024 USD ($)	Jun. 07, 2023 shares
Charitable contribution percentage													2.50%		2.50%	2.50%	2.50%
Portion allocated to noncontrolling interest holders \| $ / shares										$ 0.025	$ 0.05
Portion allocated to lender \| $ / shares										$ 1	$ 0.95
Cash and cash equivalents at carrying value													$ 4,399		$ 7,913	$ 4,399	$ 7,913	$ 8,726	[1]
Net loss													44,310	$ (1,155,970)			(2,658,180)	(252,100)
Accumulated deficit													2,011,547		2,059,214	2,011,547	2,059,214		[1]
Outstanding borrowing maturing													23,500			23,500
Furloughed employees			15			30	30
Percentage of workforce			10%		20%
Gain loss litigation settlement												$ 55,000					(54,973)
Outstanding borrowing maturing															23,400		$ 23,400
MHT Securities, L.P [Member]
Business combination consideration transferred									$ 300
Standby Equity Purchase Agreement [Member]
Standby equity purchase agreement, sale of stock													$ 2,600		$ 1,300	$ 3,900
Standby Equity Purchase Agreement [Member] \| Maximum [Member]
Standby equity purchase agreement, sale of stock								$ 250,000
HHBDH [Member] \| Term Loan [Member]
Debt Instrument, Term				3 years
Term loan				$ 25,000
Subsequent Event [Member]
Cash and cash equivalents at carrying value																				$ 1,700		$ 6,400
Securities exercisable \| shares		1,325,382
Subsequent Event [Member] \| Common Class A [Member]
Securities exercisable \| shares	662,691	1,325,382
Warrant exercise price \| $ / shares		$ 2.63
Subsequent Event [Member] \| Securities Purchase Agreement [Member] \| Convertible Debt [Member]
Aggregate principal amount		$ 4,000
Conversion amount	$ 2,000	$ 2,000
Common Class A [Member]
Stock value issuable																					$ 246,100
Securities exercisable \| shares																							1
Common Class A [Member] \| Subsequent Event [Member]
Stock value issuable																					$ 246,300
Warrant exercise price \| $ / shares		$ 2.63
BCH [Member] \| Subclass 1 Class A Units [Member]
Ownership interest													100%		100%	100%	100%
Related Party [Member]
Outstanding borrowing maturing													$ 23,468		$ 23,444	$ 23,468	$ 23,444
Related Party [Member] \| HHBDH [Member] \| Term Loan [Member]
Debt Instrument, Term				3 years
Term loan				$ 25,000

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Schedule of Segment Reporting I

Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023		Mar. 31, 2022
Operating income (loss)		$ 44,338	$ (1,155,970)	$ (2,648,546)	$ (253,172)
Less: Income tax expense		(28)		(788)	1,072
Less: Net loss attributable to noncontrolling interests - Ben		(7,713)	(44,552)	(579,332)	(136,942)
Less: Noncontrolling interest guaranteed payment		(4,356)	(4,105)	(16,793)	(15,822)
Net loss attributable to common shareholders		47,667	(1,115,523)	(2,095,641)	(130,980)
External revenues
Investment loss, net		11,028	500	4,791	(54,010)
Loss on financial instruments, net		(1,183)	(3,461)	(104,521)	(51,421)
Interest income		12	116	457	412
Trust services and administration revenues		189	102	365	30
Other income				212	86
Intersegment revenues
Interest income
Trust services and administration revenues
Total revenues		10,046	(2,743)	(98,696)	(104,903)
External expenses
Employee compensation and benefits		3,850	35,823	65,129	45,527
Interest expense		4,288	3,784	17,559	15,471
Professional services		5,544	10,373	29,999	38,422
Provision for credit losses		524		6,016	20,580
Loss on impairment of goodwill		3,394	1,096,305	2,354,320
Release of loss contingency related to arbitration award		(54,973)		(55,000)
Other expenses		3,081	6,942	21,854	28,269
Intersegment expenses
Interest expense
Provision for loan losses
Other expenses
Total expenses		(34,292)	1,153,227	2,549,850	148,269
Loans to Customer ExAlt Trusts, net
Investments, at fair value		331,367		329,119	497,221
Other assets		16,625		22,676	42,448
Goodwill and intangible assets, net		13,312		16,706	2,371,026		$ 2,370,850
Total Assets		361,304		368,501	2,910,695	[1]
Less: Loss on extinguishment of debt, net (intersegment elimination)				(8,846)
Less: Income tax expense		28		788	(1,072)
Loss on arbitration	$ (55,000)			54,973
Provision for credit losses					20,580
Consolidated Entity, Excluding Consolidated VIE [Member]
Less: Net loss attributable to noncontrolling interests - Ben		7,187	30,686	535,157	19,081
Parent Company [Member]
Less: Income tax expense				(121)	1,072
Intersegment expenses
Investments, at fair value				6	5,362	[1]
Less: Income tax expense				121	(1,072)
Ben Liquidity [Member]
External expenses
Loss on impairment of goodwill				1,725,880
Ben Custody [Member]
External expenses
Loss on impairment of goodwill		3,129		583,323
Operating Segments [Member] \| Ben Liquidity [Member]
Operating income (loss)		(514)	(903,026)	(1,810,964)	(46,512)
External revenues
Investment loss, net
Loss on financial instruments, net
Interest income
Trust services and administration revenues
Other income
Intersegment revenues
Interest income		10,849	12,007	46,947	50,819
Trust services and administration revenues
Total revenues		10,849	12,007	46,947	50,819
External expenses
Employee compensation and benefits		430	2,493	5,903	8,527
Interest expense		3,081	758	8,724	2,893
Professional services		474	633	1,993	2,849
Provision for credit losses
Loss on impairment of goodwill			901,000	1,725,880
Release of loss contingency related to arbitration award
Other expenses		451	654	2,057	2,313
Intersegment expenses
Interest expense
Provision for loan losses		6,927	9,495	113,354	80,749
Other expenses
Total expenses		11,363	915,033	1,857,911	97,331
Loans to Customer ExAlt Trusts, net		255,858		256,184	366,760
Investments, at fair value
Other assets		2,310		5,814	9,447
Goodwill and intangible assets, net					1,725,880
Total Assets		258,168		261,998	2,102,087
Loss on arbitration
Provision for credit losses
Operating Segments [Member] \| Ben Custody [Member]
Operating income (loss)		1,287	(189,997)	(588,811)	24,046
External revenues
Investment loss, net
Loss on financial instruments, net
Interest income
Trust services and administration revenues		189	8	365	30
Other income
Intersegment revenues
Interest income
Trust services and administration revenues		5,193	6,568	24,169	29,012
Total revenues		5,382	6,576	24,534	29,042
External expenses
Employee compensation and benefits		356	560	2,297	2,219
Interest expense
Professional services		396	501	1,187	2,018
Provision for credit losses
Loss on impairment of goodwill		3,129	195,305	583,323
Release of loss contingency related to arbitration award
Other expenses		214	207	997	759
Intersegment expenses
Interest expense
Provision for loan losses				25,541
Other expenses
Total expenses		4,095	196,573	613,345	4,996
Loans to Customer ExAlt Trusts, net
Investments, at fair value
Other assets		21,884		20,398	47,466
Goodwill and intangible assets, net		7,767		10,896	594,219
Total Assets		29,651		31,294	641,685
Loss on arbitration
Provision for credit losses
Operating Segments [Member] \| Corporate Segment and Other Operating Segment [Member]
Operating income (loss)		44,091	(49,081)	(210,169)	(112,845)
Operating Segments [Member] \| Customer Ex Alt Trusts [Member]
Operating income (loss)		(29,629)	(38,410)	(248,065)	(248,038)
External revenues
Investment loss, net		11,028	500	4,791	(54,010)
Loss on financial instruments, net		(1,175)	(1,803)	(102,584)	(35,085)
Interest income			8	10	54
Trust services and administration revenues
Other income				215
Intersegment revenues
Interest income
Trust services and administration revenues
Total revenues		9,853	(1,295)	(97,568)	(89,041)
External expenses
Employee compensation and benefits
Interest expense			1,874	4,091	8,957
Professional services		622	1,261	3,277	5,033
Provision for credit losses		522		254
Loss on impairment of goodwill
Release of loss contingency related to arbitration award
Other expenses		120	356	1,191	1,905
Intersegment expenses
Interest expense		34,799	29,780	126,339	110,905
Provision for loan losses
Other expenses		3,419	3,844	15,345	18,354
Total expenses		39,482	37,115	150,497	158,997
Loans to Customer ExAlt Trusts, net
Investments, at fair value		331,367		329,113	491,859
Other assets		19,362		19,467	10,447
Goodwill and intangible assets, net
Total Assets		350,729		348,580	502,306
Loss on arbitration
Provision for credit losses					13,843
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Operating income (loss)		44,091	(49,081)	(210,169)	(112,845)
External revenues
Investment loss, net
Loss on financial instruments, net		(8)	(1,658)	(1,937)	(16,336)
Interest income		12	108	447	358
Trust services and administration revenues			94
Other income				(3)	86
Intersegment revenues
Interest income
Trust services and administration revenues
Total revenues		4	(1,456)	(1,493)	(15,892)
External expenses
Employee compensation and benefits		3,064	32,770	56,929	34,781
Interest expense		1,207	1,152	4,744	3,621
Professional services		4,052	7,978	23,542	28,522
Provision for credit losses		2		5,762
Loss on impairment of goodwill		265		45,117
Release of loss contingency related to arbitration award		(54,973)
Other expenses		2,296	5,725	17,609	23,292
Intersegment expenses
Interest expense
Provision for loan losses
Other expenses
Total expenses		(44,087)	47,625	208,676	96,953
Loans to Customer ExAlt Trusts, net
Investments, at fair value				6	5,362
Other assets		9,250		12,510	21,849
Goodwill and intangible assets, net		5,545		5,810	50,927
Total Assets		14,795		18,326	78,138
Loss on arbitration				54,973
Provision for credit losses					6,737
Intersegment Eliminations [Member]
Operating income (loss)		29,103	24,544	209,463	130,177
External revenues
Investment loss, net
Loss on financial instruments, net
Interest income
Trust services and administration revenues
Other income
Intersegment revenues
Interest income		(10,849)	(12,007)	(46,947)	(50,819)
Trust services and administration revenues		(5,193)	(6,568)	(24,169)	(29,012)
Total revenues		(16,042)	(18,575)	(71,116)	(79,831)
External expenses
Employee compensation and benefits
Interest expense
Professional services
Provision for credit losses
Loss on impairment of goodwill
Release of loss contingency related to arbitration award
Other expenses
Intersegment expenses
Interest expense		(34,799)	(29,780)	(126,339)	(110,905)
Provision for loan losses		(6,927)	(9,495)	(138,895)	(80,749)
Other expenses		(3,419)	(3,844)	(15,345)	(18,354)
Total expenses		(45,145)	$ (43,119)	(280,579)	(210,008)
Loans to Customer ExAlt Trusts, net		(255,858)		(256,184)	(366,760)
Investments, at fair value
Other assets		(36,181)		(35,513)	(46,761)
Goodwill and intangible assets, net
Total Assets		$ (292,039)		(291,697)	(413,521)
Less: Loss on extinguishment of debt, net (intersegment elimination)				3,940
Loss on arbitration
Provision for credit losses
Intersegment Eliminations [Member] \| Ben Liquidity [Member]
Intersegment expenses
Provision for credit losses				$ 113,400	$ 80,700

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Understanding our Financial S_3

Understanding our Financial Statements and the Impact to the Common Shareholder (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Total revenues	$ 10,046	$ (2,743)	$ (98,696)	$ (104,903)
Financing receivable credit loss expense reversal				20,580
Operating Segments [Member] \| Ben Liquidity [Member]
Total revenues	10,849	12,007	46,947	50,819
Financing receivable credit loss expense reversal
Operating Segments [Member] \| Ben Custody [Member]
Total revenues	5,382	6,576	24,534	29,042
Financing receivable credit loss expense reversal
Intersegment Eliminations [Member]
Total revenues	$ (16,042)	$ (18,575)	(71,116)	(79,831)
Financing receivable credit loss expense reversal
Intersegment Eliminations [Member] \| Ben Liquidity [Member]
Financing receivable credit loss expense reversal			113,400	$ 80,700
Financing fee receivable credit loss expense reversal			25,500
Note receivable credit loss expense reversal			$ 6,000
Minimum [Member]
Trust useful life			7 years
Maximum [Member]
Trust useful life			10 years
Customer Ex Alt Trusts [Member]
Recurring fee, percentage	2.80%		2.80%
Customer Ex Alt Trusts [Member] \| Minimum [Member]
Financing receivable interest rate stated percentage	5%		5%
One time fee, percentage	1%		1%
Customer Ex Alt Trusts [Member] \| Maximum [Member]
Financing receivable interest rate stated percentage	14%		14%
One time fee, percentage	7%		7%

Schedule of Additional Equity S

Schedule of Additional Equity Securities Information (Details) shares in Thousands, $ in Thousands	Jun. 06, 2023 USD ($) shares
Preferred Series A Subclass 1 [Member]
Business Acquisition [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	$ 193,900
Committed Capital A1 Preferred Exchanged for Class S and Class B Transaction [Member] \| Preferred Series A Subclass 1 [Member]
Business Acquisition [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	191,405
Committed Capital A1 Preferred Exchanged for Class S and Class B Transaction [Member] \| Preferred Series A Subclass 1 [Member] \| Board of Director Bruce W Schnitzer [Member]
Business Acquisition [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	988
Committed Capital A1 Preferred Exchanged for Class S and Class B Transaction [Member] \| Preferred Series A Subclass 1 [Member] \| Beneficient Holdings Inc [Member]
Business Acquisition [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	177,195
Committed Capital A1 Preferred Exchanged for Class S and Class B Transaction [Member] \| Preferred Series A Subclass 1 [Member] \| Hicks Holdings Operating, LLC [Member]
Business Acquisition [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	$ 13,222
Committed Capital A1 Preferred Exchanged for Class S and Class B Transaction [Member] \| Class S Ordinary [Member]
Business Acquisition [Line Items]
Units received	193
Committed Capital A1 Preferred Exchanged for Class S and Class B Transaction [Member] \| Class S Ordinary [Member] \| Board of Director Bruce W Schnitzer [Member]
Business Acquisition [Line Items]
Units received	1
Committed Capital A1 Preferred Exchanged for Class S and Class B Transaction [Member] \| Class S Ordinary [Member] \| Beneficient Holdings Inc [Member]
Business Acquisition [Line Items]
Units received	178
Committed Capital A1 Preferred Exchanged for Class S and Class B Transaction [Member] \| Class S Ordinary [Member] \| Hicks Holdings Operating, LLC [Member]
Business Acquisition [Line Items]
Units received	14
Committed Capital A1 Preferred Exchanged for Class S and Class B Transaction [Member] \| BCG Class B Units [Member]
Business Acquisition [Line Items]
Units received	193
Committed Capital A1 Preferred Exchanged for Class S and Class B Transaction [Member] \| BCG Class B Units [Member] \| Board of Director Bruce W Schnitzer [Member]
Business Acquisition [Line Items]
Units received	1
Committed Capital A1 Preferred Exchanged for Class S and Class B Transaction [Member] \| BCG Class B Units [Member] \| Beneficient Holdings Inc [Member]
Business Acquisition [Line Items]
Units received	178
Committed Capital A1 Preferred Exchanged for Class S and Class B Transaction [Member] \| BCG Class B Units [Member] \| Hicks Holdings Operating, LLC [Member]
Business Acquisition [Line Items]
Units received	14
Committed Capital A1 Preferred Exchanged for Class S and Class A Transaction [Member] \| Preferred Series A Subclass 1 [Member]
Business Acquisition [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	$ 2,456
Committed Capital A1 Preferred Exchanged for Class S and Class A Transaction [Member] \| Preferred Series A Subclass 1 [Member] \| Board of Director Bruce W Schnitzer [Member]
Business Acquisition [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	734
Committed Capital A1 Preferred Exchanged for Class S and Class A Transaction [Member] \| Preferred Series A Subclass 1 [Member] \| Board of Director Richard W Fisher [Member]
Business Acquisition [Line Items]
Converted Capital Account Balance of BCH Preferred A.1 \| $	$ 1,722
Committed Capital A1 Preferred Exchanged for Class S and Class A Transaction [Member] \| Class S Ordinary [Member]
Business Acquisition [Line Items]
Units received	19
Committed Capital A1 Preferred Exchanged for Class S and Class A Transaction [Member] \| Class S Ordinary [Member] \| Board of Director Bruce W Schnitzer [Member]
Business Acquisition [Line Items]
Units received	9
Committed Capital A1 Preferred Exchanged for Class S and Class A Transaction [Member] \| Class S Ordinary [Member] \| Board of Director Richard W Fisher [Member]
Business Acquisition [Line Items]
Units received	10
Committed Capital A1 Preferred Exchanged for Class S and Class A Transaction [Member] \| BCG Class A Units [Member]
Business Acquisition [Line Items]
Units received	19
Committed Capital A1 Preferred Exchanged for Class S and Class A Transaction [Member] \| BCG Class A Units [Member] \| Board of Director Bruce W Schnitzer [Member]
Business Acquisition [Line Items]
Units received	9
Committed Capital A1 Preferred Exchanged for Class S and Class A Transaction [Member] \| BCG Class A Units [Member] \| Board of Director Richard W Fisher [Member]
Business Acquisition [Line Items]
Units received	10

De-SPAC Merger Transaction (Det

De-SPAC Merger Transaction (Details Narrative) $ / shares in Units, $ in Thousands							3 Months Ended		12 Months Ended
	Jul. 10, 2023 $ / shares shares	Jun. 29, 2023 USD ($)	Jun. 08, 2023 shares	Jun. 07, 2023 USD ($) $ / shares shares	Jun. 06, 2023 $ / shares shares	Jun. 05, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2024 USD ($) $ / shares shares		Mar. 31, 2023 USD ($) $ / shares shares		Oct. 03, 2023 $ / shares
Business Acquisition [Line Items]
Anniversary of closing date							10 years		10 years
Discount rate					0.20
Valuation \| $ / shares					$ 800
Compensation expense \| $							$ 994	$ 27,001	$ 39,103		$ 10,085
Cash and cash equivalents \| $							4,399		7,913		8,726	[1]
Net proceeds \| $				$ 1,800
Fair value \| $							180		178			[1]
Fair value \| $							$ (1,183)	(3,461)	$ (104,521)		$ (51,421)
Public Warrants [Member]
Business Acquisition [Line Items]
Share price \| $ / shares				$ 800
Beneficient Warrants [Member]
Business Acquisition [Line Items]
Units converted				295,313
Warrants issued			296,969
Warrants outstanding			296,969				24,699,725		308,747
Warrant exercise price \| $ / shares				$ 920
Earnout period				5 years
Repurchase price \| $ / shares				$ 8
Number of trading days				30 days
Number of consecutive trading days				30 days
Threshold business days				3 days
Share price \| $ / shares				$ 1,440
Fair value \| $							$ 200		$ 200
Fair value \| $							$ 1,500	1,500	2,500
Beneficient Warrants [Member] \| Public Warrants [Member]
Business Acquisition [Line Items]
Repurchase price \| $ / shares				$ 0.80
Beneficient Warrants [Member] \| Common Stock [Member]
Business Acquisition [Line Items]
Number of trading days				20 days
Avalon Warrants Publicly Traded [Member]
Business Acquisition [Line Items]
Warrants assumed				194,063
Avalon Warrants Private Placement [Member]
Business Acquisition [Line Items]
Warrants assumed				101,250
Closing period				30 days
Conversion of BCG Common Class A Units [Member]
Business Acquisition [Line Items]
Additional value \| $								15,000	15,000
Compensation expense \| $								$ 15,000	$ 15,000
River North LP [Member]
Business Acquisition [Line Items]
Gross proceeds \| $		$ 5,000
Avalon [Member]
Business Acquisition [Line Items]
Cash and cash equivalents \| $				$ 27,900
Transaction expense \| $				26,100
Beneficient [Member] \| Additional Paid-in Capital [Member]
Business Acquisition [Line Items]
Transaction expense \| $				21,700
River North LP [Member]
Business Acquisition [Line Items]
Aggregate amount received \| $				$ 20,000
Avalon Class A Common Stock [Member]
Business Acquisition [Line Items]
Price per unit \| $ / shares						$ 847.04
Aggregate amount received \| $						$ 25,000
Reserve amount \| $						20,000
Units converted				1
Transaction expense \| $				$ 26,100
Avalon Class A Common Stock [Member] \| Beneficient [Member]
Business Acquisition [Line Items]
Aggregate amount received \| $						5,000
Disbursed amount \| $						$ 5,000
Series A Convertible Preferred Stock [Member]
Business Acquisition [Line Items]
Common stock, par value \| $ / shares						$ 0.001
Common Class A [Member]
Business Acquisition [Line Items]
Price per unit \| $ / shares							$ 2.22						$ 218.40
Common stock, par value \| $ / shares	$ 372.80					$ 0.001	0.001		$ 0.001		$ 0.001
Shares held post conversion						36,956
Minimum price per share \| $ / shares						$ 400
Maximum percentage of stock to sell						10%
Units converted					1.25
Valuation \| $ / shares							$ 10		$ 10
Units converted	550,510				17,456
Stock issued				99,649
Units issued			2,358,429				4,006,000		3,348,000		2,252,000
Units outstanding			2,358,429				4,000,000		3,339,000		2,244,000
Additional shares			8,595
Stock outstanding following combination			2,367,244
Securities exercisable				1
Common Class A [Member] \| Common Stock [Member]
Business Acquisition [Line Items]
Stock issued							129,000	100,000	98,000	[2]
Common Class A [Member] \| Conversion of BCG Common Class A Units [Member]
Business Acquisition [Line Items]
Shares issued in connection to conversion					1,076,462
Common Class A [Member] \| Conversion of BCG Preferred B2 Units [Member]
Business Acquisition [Line Items]
Shares issued in connection to conversion					1,175,632
Common Class A [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Volume weighted average share price \| $ / shares						$ 400
Common Class A [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Volume weighted average share price \| $ / shares						$ 640
Forward Purchase Agreement Purchased Shares [Member]
Business Acquisition [Line Items]
Purchase agreement, transaction shares						13,305
Forward Purchase Agreement Prepaid Forward Shares [Member]
Business Acquisition [Line Items]
Purchase agreement, transaction shares						23,651
Common Stock [Member]
Business Acquisition [Line Items]
Price per unit \| $ / shares						$ 847.04
Common Class B [Member]
Business Acquisition [Line Items]
Common stock, par value \| $ / shares						$ 0.001	$ 0.001		$ 0.001		$ 0.001
Units converted					1.25
Units converted					191,405
Units issued			239,256				239,000		239,000		239,000
Units outstanding			239,256				239,000		239,000		239,000
Common Class B [Member] \| Conversion of BCG Common Class B Units [Member]
Business Acquisition [Line Items]
Shares issued in connection to conversion					239,256
Preferred Series A Stock [Member]
Business Acquisition [Line Items]
Units converted				1
Preferred stock, shares issued			34,962	34,961			0		0		0
Preferred stock, shares outstanding							0		0		0
Securities exercisable				1
Avalon Class B Common Stock [Member]
Business Acquisition [Line Items]
Common stock, par value \| $ / shares				$ 0.0001
Series A Preferred Stock [Member]
Business Acquisition [Line Items]
Preferred stock, shares issued			34,962				0		0		0
Preferred stock, shares outstanding			34,962				0		0		0

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.[2]Periods presented have been adjusted to reflect the 1-for-80 reverse stock split on April 18, 2024. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.

Schedule of Composition of Inve

Schedule of Composition of Investments at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Alternative assets	$ 297,888	$ 293,916	$ 385,851
Debt securities available-for-sale	2,419	2,962	76,898
Other equity securities and interests	26,700	26,800	21,600
Beneficient [Member]
Alternative assets
Public equity securities and option			4,742
Debt securities available-for-sale			620
Other equity securities and interests		6
Total investments, at fair value		6	5,362
Customer Ex Alt Trusts [Member]
Alternative assets	297,888	293,916	385,851
Public equity securities and option	4,140	4,897	8,087
Debt securities available-for-sale	2,419	2,962	76,278
Other equity securities and interests	26,920	27,338	21,643
Total investments, at fair value	$ 331,367	$ 329,113	$ 491,859

Schedule of Alternative Assets

Schedule of Alternative Assets Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024		Mar. 31, 2024		Mar. 31, 2023
Schedule of Investments [Line Items]
Carrying Value	$ 297,888		$ 293,916		$ 385,851
Unfunded Commitments	47,183		47,823		61,135
Carrying Value	297,888		293,916		385,851
Unfunded Commitments	47,183		47,823		61,135
Venture Capital Funds [Member]
Schedule of Investments [Line Items]
Carrying Value	124,791		139,495		165,933
Unfunded Commitments	2,317		2,548		2,810
Carrying Value	124,791		139,495		165,933
Unfunded Commitments	2,317		2,548		2,810
Private Equity Funds [Member]
Schedule of Investments [Line Items]
Carrying Value	137,372		116,462		145,073
Unfunded Commitments	38,051		38,401		47,218
Carrying Value	137,372		116,462		145,073
Unfunded Commitments	38,051		38,401		47,218
Natural Resources Funds [Member]
Schedule of Investments [Line Items]
Carrying Value	17,441		17,553		27,756
Unfunded Commitments	3,328		3,340		5,240
Carrying Value	17,441		17,553		27,756
Unfunded Commitments	3,328		3,340		5,240
Real Estate Funds [Member]
Schedule of Investments [Line Items]
Carrying Value	8,662		8,760		10,391
Unfunded Commitments	2,859		2,907		4,800
Carrying Value	8,662		8,760		10,391
Unfunded Commitments	2,859		2,907		4,800
Hedge Funds [Member]
Schedule of Investments [Line Items]
Carrying Value	3,601		6,095		24,935
Unfunded Commitments	245		245		337
Carrying Value	3,601		6,095		24,935
Unfunded Commitments	245		245		337
Other Investments [Member]
Schedule of Investments [Line Items]
Carrying Value	6,021	[1]	5,551	[1],[2]	11,763	[2]
Unfunded Commitments	383	[1]	382	[1],[2]	730	[2]
Carrying Value	6,021	[1]	5,551	[1],[2]	11,763	[2]
Unfunded Commitments	$ 383	[1]	$ 382	[1],[2]	$ 730	[2]

[1]“Other” includes earnouts, escrow, net other assets, private debt strategies.[2]“Other” includes earnouts, escrow, net other assets, and private debt strategies.

Schedule of Debt Securities Ava

Schedule of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost Basis	$ 2,685	$ 2,685	$ 66,998
Gross Unrealized Gains	794	1,337	18,780
Gross Unrealized Losses	(1,060)	(1,060)	(8,880)
Fair Value	2,419	2,962	76,898
Other Debt Obligations [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost Basis	2,685	2,685	2,685
Gross Unrealized Gains	794	1,337	1,347
Gross Unrealized Losses	(1,060)	(1,060)	(956)
Fair Value	$ 2,419	$ 2,962	3,076
Corporate Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost Basis			64,313
Gross Unrealized Gains			17,433
Gross Unrealized Losses			(7,924)
Fair Value			$ 73,822

Schedule of Debt Securities A_2

Schedule of Debt Securities Available for Sale Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total available-for-sale debt securities with fair value	$ 1,942	$ 1,964	$ 75,900
Total available-for-sale debt securities with unrealized losses	1,060	1,060	8,880
Other Debt Obligations [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Fair value, Less than twelve months			2,078
Unrealized losses, Less than twelve months			956
Fair value, Less than twelve months	1,942	1,964
Unrealized losses, Less than twelve months	$ 1,060	1,060
Corporate Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Fair value, Less than twelve months			73,822
Unrealized losses, Less than twelve months			$ 7,924

Schedule of Debt Securities A_3

Schedule of Debt Securities Available for Sale Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Balance, beginning of period	$ 31,290	$ 31,290	$ 31,290	$ 18,669
Increase in credit-related loss amounts previously recognized	522			12,621
Balance, end of period	$ 31,812	$ 31,290	$ 31,290	$ 31,290

Investments, at Fair Value (Det

Investments, at Fair Value (Details Narrative)				1 Months Ended	3 Months Ended		12 Months Ended
Investments, at Fair Value (Details Narrative)		Apr. 27, 2022 USD ($)	Apr. 01, 2022 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Integer	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($) Integer	Mar. 31, 2023 USD ($)		Aug. 01, 2023 USD ($)
Combined distribution value					$ 7,248,000	$ 12,005,000	$ 46,268,000	$ 72,551,000
Alternative investment funds \| Integer					254		257
Underlying investments \| Integer					834		901
Percent of underlying investments in private companies					93%		91%
Purchase of put options								7,451,000
Notational amount of put options			$ 141,300,000
Proceeds from equity interest	[1]							2,430,000
Proceeds from sale of put options by Ben				$ 1,000,000			968,000
Loss on financial instruments, net					$ (1,183,000)	(3,461,000)	(104,521,000)	(51,421,000)
Investments					331,367,000		329,119,000	497,221,000
Loss on financial instruments, net					1,183,000	3,461,000	104,521,000	51,421,000
Noncredit-related portion of net unrealized gains (losses)					(21,000)	4,290,000	4,070,000	11,226,000
Loss on investment in debt securities					500,000		12,600,000
Due in one year or less,amortized cost basis					1,687,000		1,687,000	66,000,000
Due in one year or less, fair value					1,942,000		1,964,000	75,900,000
No fixed maturity, amortized cost basis					998,000		998,000	998,000
No fixed maturity, fair value					477,000		998,000	998,000
Amortized Cost Basis					2,685,000		2,685,000	66,998,000
Fair Value					2,419,000		2,962,000	76,898,000
Other equity securities and interests					26,700,000		26,800,000	21,600,000
Transfer from Investments					56,700,000		56,700,000
Other equity securities and interests					0	0		10,800,000
Impairments on equity securities							37,800,000	0
Beneficient [Member]
Fair Value								620,000
Other equity securities and interests							6,000
Noncredit Related Portion [Member]
Noncredit-related portion of net unrealized gains (losses)						4,300,000
Parent Company [Member]
Investments							6,000	5,362,000	[2]
Put Option [Member]
Loss on financial instruments, net				700,000		(2,328,000)	(3,023,000)	(3,460,000)
Investments					0		0	3,991,000
Loss on financial instruments, net				$ (700,000)		2,328,000	3,023,000	3,460,000
Put Option [Member] \| Beneficient [Member]
Loss on financial instruments, net							2,000,000	2,500,000
Loss on financial instruments, net							(2,000,000)	(2,500,000)
Put Option [Member] \| Parent Company [Member]
Loss on financial instruments, net						(1,700,000)
Loss on financial instruments, net						1,700,000
Other Public Companies [Member] \| Common Stock Including Additional Paid in Capital [Member]
Fair value of common stock					4,100,000		4,900,000	$ 8,800,000
CT Risk Management LLC [Member]
Purchase of put options			$ 5,000,000
Proceeds from equity interest		$ 2,400,000
GWG Holdings [Member] \| Wind Down Trust [Member]
Fair value of common stock					200,000		600,000			$ 17,400,000
Beneficient Warrants [Member]
Combined distribution value					7,200,000
Loss on financial instruments, net					1,500,000	1,500,000	2,500,000
Loss on financial instruments, net					$ (1,500,000)	$ (1,500,000)	$ (2,500,000)

[1]Retroactively adjusted the fiscal year ended March 31, 2023 for the de-SPAC merger transaction as described in Note 4.[2]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Schedule of Fair Value Assets a

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 331,367,000	$ 329,119,000	$ 497,221,000
Warrant liability	180,000	178,000		[1]
Prepaid forward liability	14,000	14,000
Other debt securities	2,419,000	2,962,000	76,898,000
Derivative liabilities			3,513,000
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	4,140,000	4,897,000	8,837,000
Other Equity Interests [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	194,000	558,000
Other Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,419,000	2,962,000
Other debt securities	2,419,000	2,962,000	3,076,000
Put Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0	3,991,000
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other debt securities			73,822,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	180,000	178,000
Prepaid forward liability	14,000	14,000
Derivative liabilities
Fair Value, Inputs, Level 1 [Member] \| Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	4,140,000	4,897,000	8,837,000
Fair Value, Inputs, Level 1 [Member] \| Other Equity Interests [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments
Fair Value, Inputs, Level 1 [Member] \| Other Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments
Other debt securities
Fair Value, Inputs, Level 1 [Member] \| Put Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			3,991,000
Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other debt securities
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability
Prepaid forward liability
Derivative liabilities
Fair Value, Inputs, Level 2 [Member] \| Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments
Fair Value, Inputs, Level 2 [Member] \| Other Equity Interests [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	194,000	558,000
Fair Value, Inputs, Level 2 [Member] \| Other Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	477,000	998,000
Other debt securities		998,000	998,000
Fair Value, Inputs, Level 2 [Member] \| Put Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments
Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other debt securities			73,822,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability
Derivative liabilities			3,513,000
Fair Value, Inputs, Level 3 [Member] \| Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments
Fair Value, Inputs, Level 3 [Member] \| Other Equity Interests [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments
Fair Value, Inputs, Level 3 [Member] \| Other Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 1,942,000	1,964,000
Other debt securities		$ 1,964,000	2,078,000
Fair Value, Inputs, Level 3 [Member] \| Put Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments
Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other debt securities

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Schedule of Reconciliation of G

Schedule of Reconciliation of Gain (Loss) on Investments (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
		Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024		Mar. 31, 2023
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Loss on financial instruments, net			$ (1,183)	$ (3,461)	$ (104,521)		$ (51,421)
Gain (loss) on financial instruments, net			(1,183)	(3,461)	(104,521)		(51,421)
Other comprehensive income loss	[1]				13,694
Related Party Public Equity Securities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Loss on financial instruments, net				(3,566)	(3,702)		(63,536)
Gain (loss) on financial instruments, net				(3,566)	(3,702)		(63,536)
Other Public Equity Securities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Loss on financial instruments, net			(757)	(220)	(237)		523
Gain (loss) on financial instruments, net			(757)	(220)	(237)		523
Put Option [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Loss on financial instruments, net		$ 700		(2,328)	(3,023)		(3,460)
Gain (loss) on financial instruments, net		$ 700		(2,328)	(3,023)		(3,460)
Warrant [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Loss on financial instruments, net			(2)	1,485	2,477
Gain (loss) on financial instruments, net			(2)	1,485	2,477
Prepaid Forward Liability [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Loss on financial instruments, net				(92)	(14)
Gain (loss) on financial instruments, net				(92)	(14)
Derivative [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Loss on financial instruments, net				1,418	1,581		4,595
Gain (loss) on financial instruments, net				1,418	1,581		4,595
Other Equity Interests [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Loss on financial instruments, net			(365)		(63,755)	[2]		[2]
Gain (loss) on financial instruments, net			(365)		(63,755)	[2]		[2]
Other Equity Securities [Member] \| Without Readily Determinable Fair Value [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Loss on financial instruments, net			(59)	(158)	(37,848)		10,457
Gain (loss) on financial instruments, net			$ (59)	$ (158)	$ (37,848)		$ 10,457

[1]Retroactively adjusted the fiscal year ended March 31, 2023 for the de-SPAC merger transaction as described in Note 4.[2]Includes realized net gains of $ 13.7 March 31, 2024

Schedule of Fair value Measurem

Schedule of Fair value Measurement Inputs and Valuation Techniques (Details) $ in Thousands	Jun. 30, 2024 USD ($) Integer	Mar. 31, 2024 USD ($) Integer	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) Integer	Mar. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value \| $	$ 1,942	$ 1,964	$ 2,183	$ 2,078	$ 3,000
Minimum [Member] \| Measurement Input, Revenue Multiple [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.2	0.2		0.2
Maximum [Member] \| Measurement Input, Revenue Multiple [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	18.9	18.9		18.9
Weighted Average [Member] \| Measurement Input, Revenue Multiple [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	1.80	1.77		1.74
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value \| $	$ 1,942	$ 1,964		$ 2,078

Schedule of Fair Value Measured

Schedule of Fair Value Measured on Recurring Basis Unobservable Input Reconciliation (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Jun. 30, 2024 USD ($) Integer		Jun. 30, 2023 USD ($)		Mar. 31, 2024 USD ($) Integer		Mar. 31, 2023 USD ($) Integer
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Beginning balance	$ 1,964		$ 2,078		$ 2,078		$ 3,000
Gains (losses) recognized in accumulated other comprehensive income (loss)()	(22)	[1]	105	[1]	(114)	[2]	(922)	[2]
Ending balance	1,942		2,183		1,964		2,078
Fair value	$ 1,942		2,183		$ 1,964		$ 2,078
Minimum [Member] \| Measurement Input, Revenue Multiple [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs \| Integer	0.2				0.2		0.2
Maximum [Member] \| Measurement Input, Revenue Multiple [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs \| Integer	18.9				18.9		18.9
Weighted Average [Member] \| Measurement Input, Revenue Multiple [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs \| Integer	1.80				1.77		1.74
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Beginning balance	$ 1,964		$ 2,078		$ 2,078
Ending balance	1,942				1,964		$ 2,078
Fair value	$ 1,942				$ 1,964		$ 2,078

[1]Recorded in unrealized gain (loss) on available-for-sale debt securities.[2]Recorded in unrealized gain (loss) on available-for-sale debt securities.

Schedule of Fair Value, Liabili

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2023		Mar. 31, 2024		Mar. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Beginning balance	$ 3,513		$ 3,513		$ 8,108
Ending balance	2,095				3,513
Gain (Loss) on Investments [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gain recognized in loss on extinguishment of debt, net	(1,418)	[1]	(1,581)	[2]	(4,595)	[2]
Gain Loss On Extinguishment Of Debt [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Gain recognized in loss on extinguishment of debt, net			$ (1,932)

[1]Recorded in (gain) loss on financial instruments, net.[2]Recorded in (gain) loss on financial instruments, net.

Schedule of Goodwill (Details)

Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
Schedule of Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023		Mar. 31, 2024		Mar. 31, 2023
Beginning balance	$ 13,606	$ 2,367,926	[1]	$ 2,367,926	[1]	$ 2,367,750
Impairment	(3,394)	(1,096,305)		(2,354,320)
Ending balance	10,212			13,606		2,367,926	[1]
Impairment	3,394	1,096,305		2,354,320
Ben Liquidity [Member]
Beginning balance		1,725,880		1,725,880
Impairment				(1,725,880)
Ending balance						1,725,880
Impairment				1,725,880
Ben Custody [Member]
Beginning balance	10,896	594,219		594,219
Impairment	(3,129)			(583,323)
Ending balance	7,767			10,896		594,219
Impairment	3,129			583,323
Ben Insurance [Member]
Beginning balance		37,942		37,942
Impairment				(37,942)
Ending balance						37,942
Impairment				37,942
Ben Markets [Member]
Beginning balance	2,710	$ 9,885		9,885
Impairment	(265)			(7,175)
Ending balance	2,445			2,710		9,885
Impairment	$ 265			$ 7,175

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Schedule of Fair Value Disclosu

Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Inputs, Level 1 [Member] \| Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 4,399	$ 7,913	$ 8,726
Restricted cash	314	64	819
Accounts payable and accrued expenses	103,012	157,157	65,724
Fair Value, Inputs, Level 1 [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	4,399	7,913	8,726
Restricted cash	314	64	819
Accounts payable and accrued expenses	103,012	157,157	65,724
Fair Value, Inputs, Level 2 [Member] \| Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt due to related parties, net	120,554	120,505	99,314
Customer exAlt trusts loan payable, net			52,129
Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt due to related parties, net	$ 134,031	$ 129,327	96,465
Customer exAlt trusts loan payable, net			$ 56,635

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative)	3 Months Ended		12 Months Ended
Fair Value Measurements (Details Narrative)	Jun. 30, 2024 USD ($) Security	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($) Integer	Mar. 31, 2023 USD ($) Security	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative Investment \| $	$ 297,888,000		$ 293,916,000	$ 385,851,000
Gain (loss) on investments \| $	11,028,000	$ 500,000	4,791,000	(54,010,000)
Equity securities without readily determinable fair value \| $	$ 26,700,000		26,800,000	$ 21,600,000
Number of securities with an upward adjustment \| security \| Security	1			1
Equity securities, cumulative upward adjustment \| $	$ 10,800,000			$ 10,800,000
Equity securities, upward adjustment \| $	0	0		10,800,000
Loss on impairment of goodwill \| $	$ 3,394,000	$ 1,096,305,000	$ 2,354,320,000
Long-term growth rate		3%	3%
Fair value \| $		$ 2,095,000		3,513,000			$ 8,108,000
Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			0.10
Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input Equity Market Risk Premiums [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			0.07
Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input Return Discount Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			0.12
Fair Value Measured at Net Asset Value Per Share [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (loss) on investments \| $			$ 4,800,000	$ 54,000,000
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rates	28%	24.80%	28%		26.30%	25.30%
Minimum [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input Asset to Equity Market [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			0.42
Minimum [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input Distribution Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			0.03
Minimum [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input Asset Value Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			0.09
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rates	29.30%	25.60%	29.30%		27.20%	26.20%
Maximum [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input Asset to Equity Market [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			1.67
Maximum [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input Distribution Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			0.06
Maximum [Member] \| Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input Asset Value Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input			0.84

Customer ExAlt Trust Loan Pay_2

Customer ExAlt Trust Loan Payable (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023		Oct. 18, 2023	Mar. 24, 2022	Dec. 07, 2021
Asset Acquisition [Line Items]
Loan receivable fair value							$ 72,500
Proceeds from transfer of loan							$ 72,500
Transfer of investments	$ 56,700		$ 56,700
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Loss on financial instruments, net	Loss on financial instruments, net
Amortization of debt discount	$ 38	$ (1,287)	$ (1,250)	$ (4,478)
Extinguishment of debt			8,846
Derivative liabilities				52,129	[1]	$ 47,900
Unamortized debt discount				5,600
Derivative liabilities				3,513
Customer Ex Alt Trusts [Member]
Asset Acquisition [Line Items]
Derivative gain (loss) on derivative, net		1,400	1,600	4,600
Derivative liabilities				3,500
Derivative liabilities			$ 1,900	3,500
Customer Ex Alt Trusts [Member] \| Loans Payable [Member]
Asset Acquisition [Line Items]
Interest rate	12%		12%
Loans payable				54,200		50,900
Maximum rate	21%		21%
Amortization of debt discount		$ 300	$ 600	$ 1,700
Unamortized debt discount						$ 5,000
Customer Ex Alt Trusts [Member]
Asset Acquisition [Line Items]
Alternative assets acquired								$ 352,600
Percentage allocated to payable repayment								27.80%

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Schedule of Debt (Details)

Schedule of Debt (Details) - Beneficent Capital Company [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
HCLP Nominees LLC [Member]
Short-Term Debt [Line Items]
Unamortized debt discount, net	$ (897)	$ (935)	$ 2,597
Related Party [Member]
Short-Term Debt [Line Items]
Total debt due to related parties	120,554	120,505	99,314
First Lien Credit Agreement [Member] \| HCLP Nominees LLC [Member]
Short-Term Debt [Line Items]
Debt due to related parties, gross	21,260	21,264	21,350
Second Lien Credit Agreement [Member] \| HCLP Nominees LLC [Member]
Short-Term Debt [Line Items]
Debt due to related parties, gross	72,983	72,996	73,291
Term Loan [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Debt due to related parties, gross	25,000	25,000
Other Borrowings [Member] \| Related Party [Member]
Short-Term Debt [Line Items]
Debt due to related parties, gross	$ 2,208	$ 2,180	$ 2,076

Schedule of Maturities of Long-

Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
2025		$ 23,400
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
2025	$ 23,468	23,444
2026
2027	25,000	25,000
2028	72,983	72,996
2029

Debt Due to Related Parties (De

Debt Due to Related Parties (Details Narrative) - USD ($)					12 Months Ended
Debt Due to Related Parties (Details Narrative) - USD ($)	Oct. 19, 2023	Jul. 12, 2023	Mar. 24, 2022	Aug. 13, 2020	Mar. 31, 2024	Mar. 31, 2023	Oct. 19, 2026	Oct. 19, 2025	Jun. 30, 2024
Debt Instrument [Line Items]
Unamortized debt discount						$ 5,600,000
Payment of deferred financing costs for debt					$ 1,585,000
Deferred financing costs					$ 1,600,000
E P00117 Custody Trust [Member]
Debt Instrument [Line Items]
Percentage of assets held in trust					41.50%				39%
Forecast [Member] \| E P00117 Custody Trust [Member]
Debt Instrument [Line Items]
Ownership interest								97.50%
HCLP Nominees LLC [Member]
Debt Instrument [Line Items]
Additional debt or borrowings				$ 10,000,000
Beneficient Holdings Inc [Member]
Debt Instrument [Line Items]
Percentage of preferred units				5%
Grant tax liability				$ 30,000,000
Put liability					$ 0	0			$ 0
First and Second Lien Credit Agreement [Member]
Debt Instrument [Line Items]
Installment payments		$ 5,000,000
Interest rate		9.50%
Amendment fee		$ 100,000
Unamortized premium					500,000	2,600,000			500,000
Payment of deferred financing costs for debt					0	$ 0
First and Second Lien Credit Agreement [Member] \| HCLP Nominees LLC [Member] \| Beneficent Capital Company [Member]
Debt Instrument [Line Items]
Maximum interest rate				9.50%
Installment payments			$ 5,000,000
Fee percentage			6.50%
First and Second Lien Credit Agreement [Member] \| L I B O R [Member] \| HCLP Nominees LLC [Member] \| Beneficent Capital Company [Member]
Debt Instrument [Line Items]
Basis spread				8%
HHBDH [Member]
Debt Instrument [Line Items]
Unamortized debt discount					$ 1,500,000				$ 1,400,000
HHBDH [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Debt term	3 years
Term loan	$ 25,000,000
HHBDH [Member] \| Term Loan [Member] \| Non Refundable Fee Of Aggregate Commitments [Member]
Debt Instrument [Line Items]
Fee percentage	1%
HHBDH [Member] \| Term Loan [Member] \| Interest Payment Rate First Period [Member]
Debt Instrument [Line Items]
Fee percentage	3%
HHBDH [Member] \| Term Loan [Member] \| Interest Payment Rate Second Period [Member]
Debt Instrument [Line Items]
Fee percentage	2%
HHBDH [Member] \| Term Loan [Member] \| Make Whole Payment Interest Rate [Member]
Debt Instrument [Line Items]
Fee percentage	3%
HHBDH [Member] \| Term Loan [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt service coverage ratio					1.25				1.25
HHBDH [Member] \| Term Loan [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt service coverage ratio					1				1
HHBDH [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| Term Loan [Member] \| Forecast [Member]
Debt Instrument [Line Items]
Interest rate							5.50%	6.50%

Schedule of Share-Based Payment

Schedule of Share-Based Payment Award, Valuation Assumptions (Details) - BMP Equity Incentive Plan [Member]	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	4 years	4 years
Discount rate	32.10%	32.10%
Discount for lack of marketability	23.10%	23.10%
Long-term growth rate (after discrete projection period)	2.50%	2.50%

Schedule of Share-Based Payme_2

Schedule of Share-Based Payment Arrangement, Activity (Details) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
BMP Equity Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unit, Beginning Balance	117	438	1,118
Weighted Average Grant Date Fair Value per Unit, Beginning Balance	$ 10.34	$ 10.04	$ 9.78
Unit, Granted			35
Weighted Average Grant Date Fair Value per Unit, Granted			$ 10.67
Unit, Vested	(15)	287	646
Weighted Average Grant Date Fair Value per Unit, Vested	$ 10.09	$ 9.75	$ 9.73
Unit, Forfeited	(10)	(34)	(69)
Weighted Average Grant Date Fair Value per Unit, Forfeited	$ 10.67	$ 10.18	$ 10
Unit, Ending Balance	92	117	438
Weighted Average Grant Date Fair Value per Unit, Ending Balance	$ 10.35	$ 10.34	$ 10.04
Unit, Vested	15	(287)	(646)
Restricted Equity Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unit, Beginning Balance	26	22	23
Weighted Average Grant Date Fair Value per Unit, Beginning Balance	$ 375.47	$ 10	$ 10
Unit, Granted		51	8
Weighted Average Grant Date Fair Value per Unit, Granted		$ 2.73	$ 10
Unit, Vested	(3)	40	8
Weighted Average Grant Date Fair Value per Unit, Vested	$ 800	$ 5.17	$ 10
Unit, Forfeited	(2)	(7)	(1)
Weighted Average Grant Date Fair Value per Unit, Forfeited	$ 322.36	$ 4.09	$ 10
Unit, Ending Balance	21	26	22
Weighted Average Grant Date Fair Value per Unit, Ending Balance	$ 319.06	$ 375.47	$ 10
Unit, Vested	3	(40)	(8)
Restricted Equity Units [Member] \| Pre-reverse Split [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted Average Grant Date Fair Value per Unit, Beginning Balance	$ 4.69
Weighted Average Grant Date Fair Value per Unit, Ending Balance		$ 4.69

Schedule of Share-Based Payme_3

Schedule of Share-Based Payment Arrangement, Cost by Plan (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Jun. 30, 2024		Jun. 30, 2023		Mar. 31, 2024		Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	$ 994		$ 27,001		$ 39,103		$ 10,085
BMP Equity Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	113		675		1,854		4,297
Restricted Equity Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	832		8,723		18,415		4,358
Share Based Payment Arrangement Preferred Equity [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation			286		858		1,430
Share Based Payment Arrangement Other Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	$ 49	[1]	$ 17,317	[1]	$ 17,976	[2]		[2]

[1]For the quarter ended June 30, 2023 includes $ 15.0 2.3 15.0 3.0

Schedule of Share-Based Payme_4

Schedule of Share-Based Payment Arrangement, Cost by Plan (Details) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Compensation expense	$ 994	$ 27,001	$ 39,103	$ 10,085
Employees [Member] \| Ben Liquidity [Member]
Compensation expense	$ 2,300	2,300	3,000
Conversion of BCG Common Class A Units [Member]
Compensation expense		$ 15,000	$ 15,000

Schedule of Share-Based Payme_5

Schedule of Share-Based Payment Arrangement, Nonvested Award, Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Year one		$ 2,123
Year two	$ 3,625	2,156
Year three	2,398	897
Year four	1,008	372
Year five
Year six
Total	7,031	5,548
BMP Equity Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Year one		331
Year two	540	225
Year three	242	14
Year four	14
Year five
Year six
Total	$ 796	570
Weighted-average period to be recognized	1 year 6 months 21 days
Restricted Equity Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Year one		1,650
Year two	$ 2,894	1,871
Year three	2,096	883
Year four	994	372
Year five
Year six
Total	$ 5,984	4,776
Weighted-average period to be recognized	2 years 7 months 20 days
Commissions Equity Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Year one		142
Year two	$ 191	60
Year three	60
Year four
Year five
Year six
Total	$ 251	$ 202
Weighted-average period to be recognized	1 year 4 months 24 days

Share-based Compensation (Detai

Share-based Compensation (Details Narrative) $ in Thousands					3 Months Ended			12 Months Ended
Share-based Compensation (Details Narrative) $ in Thousands	Jun. 06, 2023 shares	Oct. 01, 2022 shares	Jun. 10, 2022 USD ($)	Apr. 01, 2022 shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Dec. 31, 2020 shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2018 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense \| $					$ 994	$ 27,001		$ 39,103	$ 10,085
Unrecognized compensation costs \| $					5,548			7,031
Employees [Member] \| Ben Liquidity [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense \| $					2,300	2,300		3,000
Restricted Equity Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense \| $					832	8,723		18,415	4,358
Unrecognized compensation costs \| $					4,776			5,984
Share Based Payment Arrangement Preferred Equity [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense \| $						286		$ 858	$ 1,430
Account balance \| $										$ 5,700
Share Based Payment Arrangement Preferred Equity [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Account balance \| $										$ 3,800
Purchase price \| $			$ 3,800
BMP Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance \| shares					119,000,000			119,000,000
Vesting period					4 years			4 years
Continued participation reduction percentage								20%
Income participation percentage								49.50%
Minimum required retained ownership of unit equivalents, percentage								25%
Ben Equity Incentive Plan [Member] \| Restricted Equity Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance \| shares											160,141
Shares reserved for issuance, as a percentage of fully diluted common units outstanding					15%			15%
Awards settleable ratio					1.25			1.25
Ben Equity Incentive Plan [Member] \| Restricted Equity Units [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units granted \| shares							6,438
Compensation expense \| $					$ 300	5,200		$ 6,100
Increase in units granted rate	1.25
Increase in units granted \| shares	1,610
Unrecognized compensation costs \| $								300
Ben Equity Incentive Plan [Member] \| Restricted Equity Units [Member] \| Employees and Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units granted \| shares				6,420
Increase in units granted rate				1.25
Ben Equity Incentive Plan [Member] \| Restricted Equity Units [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units granted \| shares		503
Increase in units granted rate		1.25
Ben Equity Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units forfeited \| shares				1,480
Ben Equity Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Employees and Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense \| $					200	$ 2,900		3,400
Increase in units granted \| shares				1,605
Units forfeited \| shares				1,788
Unrecognized compensation costs \| $					$ 1,300			$ 1,800
Ben Equity Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increase in units granted \| shares		126
Units forfeited \| shares		82
A 2023 Incentive Plan [Member] \| Restricted Equity Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for issuance, as a percentage of fully diluted common units outstanding					15%			15%
Percentage of common units					15%			15%
A 2023 Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Employees and Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units granted \| shares					30,187
Units forfeited \| shares					7,398

Schedule of Noncontrolling Inte

Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands		3 Months Ended			12 Months Ended
		Jun. 30, 2024	Jun. 30, 2023		Mar. 31, 2024		Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		$ (192,118)	$ 1,728,413	[1]	$ 1,728,413	[1]	$ 1,907,336
Net income (loss)		44,310	(1,155,970)		(2,658,180)		(252,100)
Reclass of distributions payable to noncontrolling interest holder			(329)		(1,170)	[2]	(1,719)	[2]
Balance		(148,290)	1,280,947		(192,118)		1,728,413	[1]
Reclass of BCH Preferred A.1 from temporary to permanent equity			699,441		699,441	[2]
Conversion of Preferred Series C to Class A common stock						[2]
Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return						[2]	37,133	[2]
Noncontrolling interest reclass		(225)
Payment of employee payroll taxes on restricted equity units			(84)		(116)	[2]	(1,125)	[2]
Distribution to noncontrolling interest	[2]				269
Noncash issuance of noncontrolling interest	[2]						11,973
Reclass of allocated income for FLP Subclass 3 to payable	[2]						(933)
Issuance of noncontrolling interest	[2]						2,430
Annual reallocation of FLP	[2]
Distribution to noncontrolling interest	[2]				(269)
Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		42,231	142,213		142,213		277,887
Net income (loss)		(7,713)	(44,552)		(579,331)		(132,644)
Reclass of distributions payable to noncontrolling interest holder		(225)	(329)		(1,170)	[2]	(1,719)	[2]
Balance		34,293	786,080		42,231		142,213
Reclass of BCH Preferred A.1 from temporary to permanent equity			699,441		699,441	[2]
Issuance of shares in connection with transactions closing post de-SPAC			133
Conversion of Preferred Series C to Class A common stock			(3,884)		(205,759)	[2]
Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return			(6,942)		(6,942)	[2]		[2]
Noncontrolling interest reclass		(225)
Payment of employee payroll taxes on restricted equity units						[2]	(919)	[2]
Distribution to noncontrolling interest					269	[2]	(131)
Noncash issuance of noncontrolling interest	[2]						299
Reclass of allocated income for FLP Subclass 3 to payable	[2]						(933)
Issuance of noncontrolling interest	[2]						2,430
Annual reallocation of FLP	[2]						(2,057)
Issuance of shares in connection with recent financings					133
Reduction of noncontrolling interest in connection with recent financings					(3,272)
Issuance of noncontrolling interest in connection with recent financings					79
Conversion of BCH Class S Ordinary to Class A common stock					(3,884)
Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings					992
Distribution to noncontrolling interest					(269)	[2]	131
Noncontrolling Interest [Member] \| Trusts [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		(165,712)	(118,299)		(118,299)		982
Net income (loss)		(526)	(13,866)		(44,175)		(117,861)
Reclass of distributions payable to noncontrolling interest holder		(225)	(329)		(1,170)		(1,719)
Balance		(166,463)	(132,361)		(165,712)		(118,299)
Reclass of BCH Preferred A.1 from temporary to permanent equity
Issuance of shares in connection with transactions closing post de-SPAC			133
Conversion of Preferred Series C to Class A common stock
Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return
Noncontrolling interest reclass
Payment of employee payroll taxes on restricted equity units
Distribution to noncontrolling interest
Noncash issuance of noncontrolling interest							299
Reclass of allocated income for FLP Subclass 3 to payable
Issuance of noncontrolling interest
Annual reallocation of FLP
Issuance of shares in connection with recent financings					133
Reduction of noncontrolling interest in connection with recent financings					(3,272)
Issuance of noncontrolling interest in connection with recent financings					79
Conversion of BCH Class S Ordinary to Class A common stock
Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings					992
Distribution to noncontrolling interest
Noncontrolling Interest [Member] \| Class S Ordinary [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			52,560		52,560		69,831
Net income (loss)			(29,365)		(48,676)		(16,987)
Reclass of distributions payable to noncontrolling interest holder
Balance			19,311				52,560
Reclass of BCH Preferred A.1 from temporary to permanent equity
Issuance of shares in connection with transactions closing post de-SPAC
Conversion of Preferred Series C to Class A common stock			(3,884)
Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return
Noncontrolling interest reclass							1,116
Payment of employee payroll taxes on restricted equity units							(459)
Distribution to noncontrolling interest
Noncash issuance of noncontrolling interest
Reclass of allocated income for FLP Subclass 3 to payable
Issuance of noncontrolling interest
Annual reallocation of FLP							(941)
Issuance of shares in connection with recent financings
Reduction of noncontrolling interest in connection with recent financings
Issuance of noncontrolling interest in connection with recent financings
Conversion of BCH Class S Ordinary to Class A common stock					(3,884)
Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings
Distribution to noncontrolling interest
Noncontrolling Interest [Member] \| Class S Preferred [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			856		856		1,315
Net income (loss)					(856)
Reclass of distributions payable to noncontrolling interest holder
Balance			856				856
Reclass of BCH Preferred A.1 from temporary to permanent equity
Issuance of shares in connection with transactions closing post de-SPAC
Conversion of Preferred Series C to Class A common stock
Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return
Noncontrolling interest reclass							1,117
Payment of employee payroll taxes on restricted equity units							(460)
Distribution to noncontrolling interest
Noncash issuance of noncontrolling interest
Reclass of allocated income for FLP Subclass 3 to payable
Issuance of noncontrolling interest
Annual reallocation of FLP							(1,116)
Issuance of shares in connection with recent financings
Reduction of noncontrolling interest in connection with recent financings
Issuance of noncontrolling interest in connection with recent financings
Conversion of BCH Class S Ordinary to Class A common stock
Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings
Distribution to noncontrolling interest
Noncontrolling Interest [Member] \| FLP Units [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance
Net income (loss)							3,166
Reclass of distributions payable to noncontrolling interest holder
Balance
Reclass of BCH Preferred A.1 from temporary to permanent equity
Issuance of shares in connection with transactions closing post de-SPAC
Conversion of Preferred Series C to Class A common stock
Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return
Noncontrolling interest reclass							(2,233)
Payment of employee payroll taxes on restricted equity units
Distribution to noncontrolling interest
Noncash issuance of noncontrolling interest
Reclass of allocated income for FLP Subclass 3 to payable							(933)
Issuance of noncontrolling interest
Annual reallocation of FLP
Issuance of shares in connection with recent financings
Reduction of noncontrolling interest in connection with recent financings
Issuance of noncontrolling interest in connection with recent financings
Conversion of BCH Class S Ordinary to Class A common stock
Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings
Distribution to noncontrolling interest
Noncontrolling Interest [Member] \| Preferred Series A Subclass 1 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		207,943
Net income (loss)		(7,187)	(674)		(484,556)
Reclass of distributions payable to noncontrolling interest holder
Balance		200,756	691,825		207,943
Reclass of BCH Preferred A.1 from temporary to permanent equity			699,441		699,441
Issuance of shares in connection with transactions closing post de-SPAC
Conversion of Preferred Series C to Class A common stock
Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return			(6,942)		(6,942)
Noncontrolling interest reclass
Payment of employee payroll taxes on restricted equity units
Distribution to noncontrolling interest
Noncash issuance of noncontrolling interest
Reclass of allocated income for FLP Subclass 3 to payable
Issuance of noncontrolling interest
Annual reallocation of FLP
Issuance of shares in connection with recent financings
Reduction of noncontrolling interest in connection with recent financings
Issuance of noncontrolling interest in connection with recent financings
Conversion of BCH Class S Ordinary to Class A common stock
Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings
Distribution to noncontrolling interest
Noncontrolling Interest [Member] \| Preferred Series C [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			205,759		205,759		205,759
Net income (loss)
Reclass of distributions payable to noncontrolling interest holder
Balance			205,759				205,759
Reclass of BCH Preferred A.1 from temporary to permanent equity
Issuance of shares in connection with transactions closing post de-SPAC
Conversion of Preferred Series C to Class A common stock					(205,759)
Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return
Noncontrolling interest reclass
Payment of employee payroll taxes on restricted equity units
Distribution to noncontrolling interest
Noncash issuance of noncontrolling interest
Reclass of allocated income for FLP Subclass 3 to payable
Issuance of noncontrolling interest
Annual reallocation of FLP
Issuance of shares in connection with recent financings
Reduction of noncontrolling interest in connection with recent financings
Issuance of noncontrolling interest in connection with recent financings
Conversion of BCH Class S Ordinary to Class A common stock
Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings
Distribution to noncontrolling interest
Noncontrolling Interest [Member] \| Class AOfCT [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			1,337		1,337
Net income (loss)			(647)		(1,068)		(962)
Reclass of distributions payable to noncontrolling interest holder
Balance			690				1,337
Reclass of BCH Preferred A.1 from temporary to permanent equity
Issuance of shares in connection with transactions closing post de-SPAC
Conversion of Preferred Series C to Class A common stock
Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return
Noncontrolling interest reclass
Payment of employee payroll taxes on restricted equity units
Distribution to noncontrolling interest					269		(131)
Noncash issuance of noncontrolling interest
Reclass of allocated income for FLP Subclass 3 to payable
Issuance of noncontrolling interest							2,430
Annual reallocation of FLP
Issuance of shares in connection with recent financings
Reduction of noncontrolling interest in connection with recent financings
Issuance of noncontrolling interest in connection with recent financings
Conversion of BCH Class S Ordinary to Class A common stock
Issuance of Series B-1 preferred stock and noncontrolling interest in connection with recent financings
Distribution to noncontrolling interest					$ (269)		$ 131

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.[2]Retroactively adjusted the fiscal year ended March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Equity (Details Narrative)

Equity (Details Narrative)										1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended				51 Months Ended		66 Months Ended
Equity (Details Narrative)		Jan. 01, 2025 $ / shares	Oct. 03, 2023 $ / shares shares	Jul. 10, 2023 $ / shares shares	Jun. 27, 2023 USD ($) shares	Jun. 08, 2023 shares	Jun. 07, 2023 shares	Jun. 06, 2023 USD ($) $ / shares shares	Apr. 01, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Integer $ / shares shares	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($) Integer $ / shares shares	Jun. 30, 2024 USD ($) Integer $ / shares shares	Mar. 31, 2024 USD ($) Integer $ / shares shares		Mar. 31, 2023 USD ($) $ / shares shares		Mar. 31, 2023 USD ($) $ / shares shares		Jun. 30, 2024 USD ($) Integer $ / shares shares	Jun. 05, 2023 $ / shares
Class of Stock [Line Items]
Standby equity purchase agreement, shares issued \| shares					5,703
Preferred stock, shares authorized \| shares											250,000,000		250,000,000	250,000,000	250,000,000		250,000,000		250,000,000		250,000,000
Preferred stock, par value \| $ / shares											$ 0.001		$ 0.001	$ 0.001	$ 0.001		$ 0.001		$ 0.001		$ 0.001
Valuation \| $ / shares								$ 800
Potential exchange price \| $ / shares											$ 840		$ 840	$ 840	$ 840						$ 840
Number of days preceding exchange date											20 days				20 days
Compensation expense											$ 994,000	$ 27,001,000			$ 39,103,000		$ 10,085,000
Profit loss											44,310,000	(1,155,970,000)			(2,658,180,000)		(252,100,000)
Asset valuation adjustment											321,900,000		$ 321,900,000	$ 321,900,000	321,900,000						$ 321,900,000
Accounts payable and accrued expense											103,012,000		157,157,000	103,012,000	157,157,000		65,724,000	[1]	$ 65,724,000	[1]	$ 103,012,000
Noncash issuance of noncontrolling interest	[2]																11,973,000
Annual reallocation of FLP	[2]
Distribution to noncontrolling interest															269,000		131,000
Purchase of noncontrolling interest	[2]														269,000
Noncontrolling Interest [Member]
Class of Stock [Line Items]
Profit loss											(7,713,000)	$ (44,552,000)			(579,331,000)		(132,644,000)
Noncash issuance of noncontrolling interest	[2]																299,000
Annual reallocation of FLP	[2]																2,057,000
Purchase of noncontrolling interest															$ 269,000	[2]	$ (131,000)
Standby Equity Purchase Agreement [Member]
Class of Stock [Line Items]
Standby equity purchase agreement, sale of stock											$ 2,600,000		$ 1,300,000	$ 3,900,000
Commitment fee					$ 1,300,000
Standby equity purchase agreement, shares issued \| shares											449,307		48,818	498,125
Standby Equity Purchase Agreement, expiration period					36 months
Standby Equity Purchase Agreement [Member] \| Maximum [Member]
Class of Stock [Line Items]
Standby equity purchase agreement, sale of stock					$ 250,000,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized \| shares											4,000,000		4,000,000	4,000,000	4,000,000						4,000,000
Common Class A [Member]
Class of Stock [Line Items]
Number of votes per share \| Integer											1		1	1	1						1
Conversion of stock \| shares			172,574
Price per unit \| $ / shares			$ 218.40								$ 2.22			$ 2.22							$ 2.22
Valuation \| $ / shares											$ 10		$ 10	$ 10	$ 10						$ 10
Initial conversion price, percentage											50%		50%	50%	50%						50%
Units issuable \| shares											165,037		165,037	165,037	165,037						165,037
Annual conversion limit											9.99%		9.99%	9.99%	9.99%						9.99%
Units converted \| shares				550,510				17,456
Common stock, par value \| $ / shares				$ 372.80							$ 0.001		$ 0.001	$ 0.001	$ 0.001		$ 0.001		$ 0.001		$ 0.001	$ 0.001
Common Class B [Member]
Class of Stock [Line Items]
Number of votes per share \| Integer											10		10	10	10						10
Units converted \| shares								191,405
Common stock, par value \| $ / shares											$ 0.001		$ 0.001	$ 0.001	$ 0.001		$ 0.001		$ 0.001		$ 0.001	$ 0.001
Preferred Series A Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized \| shares											50,000,000		50,000,000	50,000,000	50,000,000						50,000,000
Preferred stock, shares issued \| shares						34,962	34,961				0		0	0	0		0		0		0
Preferred stock, shares outstanding \| shares											0		0	0	0		0		0		0
Preferred stock, par value \| $ / shares											$ 0.001		$ 0.001	$ 0.001	$ 0.001						$ 0.001
Units converted \| shares							1
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued \| shares											226,932		226,932	226,932	226,932		0		0		226,932
Preferred stock, shares outstanding \| shares											226,932		226,932	226,932	226,932		0		0		226,932
Preferred stock, par value \| $ / shares											$ 0.001		$ 0.001	$ 0.001	$ 0.001						$ 0.001
Annual conversion limit											499%		499%	499%	499%						499%
Series B Preferred Stock [Member] \| Maximum [Member]
Class of Stock [Line Items]
Conversion price \| $ / shares											$ 436.80		$ 436.80	$ 436.80	$ 436.80						$ 436.80
Series B Preferred Stock [Member] \| Minimum [Member]
Class of Stock [Line Items]
Conversion price \| $ / shares											5.38		5.38	5.38	5.38						5.38
Preferred Series B Subclass 1 [Member]
Class of Stock [Line Items]
Conversion of stock \| shares			3,768,995
Price per unit \| $ / shares			$ 218.40
Liquidation preference \| $ / shares											$ 10		$ 10	$ 10	$ 10						$ 10
Calendar days after original issuance date											210 days				210 days
Calendar days after original issuance date											60 months				60 months
Calendar days after original issuance date											1 year				1 year
Preferred Series B Subclass 2 [Member]
Class of Stock [Line Items]
Conversion of stock \| shares			200,000
Preferred Series B Subclass 3 [Member]
Class of Stock [Line Items]
Conversion of stock \| shares			20,000
Preferred Series B Subclass 4 [Member]
Class of Stock [Line Items]
Conversion of stock \| shares			6,932
Preferred Series A Subclass 0 [Member]
Class of Stock [Line Items]
Quarterly guaranteed payment, annual basis											6%		6%	6%	6%						6%
Quarterly guaranteed payment, fiscal quarter basis											1.50%		1.50%	1.50%	1.50%						1.50%
Guaranteed payment accrual											$ 42,000,000		$ 37,700,000	$ 42,000,000	$ 37,700,000		$ 20,900,000		$ 20,900,000		$ 42,000,000
Percentage redeemable											12.50%		12.50%	12.50%	12.50%						12.50%
Maximum percentage redeemable											50%		50%	50%	50%						50%
Convertible shares of preferred stock, percentage redeemable											12.50%		12.50%	12.50%	12.50%						12.50%
Preferred Series A Subclass 1 [Member]
Class of Stock [Line Items]
Weighted average preferred return rate											0%	0.93%			0.23%		1.38%
Deemed dividend											$ 106,100,000		$ 106,100,000	$ 106,100,000	$ 106,100,000						$ 106,100,000
Limit on indebtedness, capital percent of NAV threshold											55%			55%							55%
Limit on indebtedness, debt percent of NAV threshold											40%			40%							40%
Aggregate capital accounts, converted								$ 193,900,000
Preferred Series A Subclass 1 [Member] \| Noncontrolling Interest [Member]
Class of Stock [Line Items]
Profit loss											$ (7,187,000)	$ (674,000)			(484,556,000)
Noncash issuance of noncontrolling interest
Annual reallocation of FLP
Purchase of noncontrolling interest
Preferred Series A Subclass 1 [Member] \| Forecast [Member]
Class of Stock [Line Items]
Annual conversion limit		20%
Maximum conversion price \| $ / shares		$ 1,440
Number of days preceding exchange date		30 days
Class S Ordinary [Member]
Class of Stock [Line Items]
Conversion of stock \| shares						5,057
Units issuable \| shares											402,383		402,383	402,383	402,383						402,383
Units converted \| shares								208,861
Common stock exchange ratio						1					1		1	1	1						1
Units issued \| shares											67,000		67,000	67,000	67,000						67,000
Units outstanding \| shares											67,000		67,000	67,000	67,000		72,000		72,000		67,000
BCH Class S ordinary units \| shares											260,000		160,000	260,000	160,000						260,000
Class S Ordinary [Member] \| Noncontrolling Interest [Member]
Class of Stock [Line Items]
Profit loss												(29,365,000)			$ (48,676,000)		$ (16,987,000)
Noncash issuance of noncontrolling interest
Annual reallocation of FLP																	941,000
Purchase of noncontrolling interest
Common Class A And B [Member]
Class of Stock [Line Items]
Common stock exchange ratio											1			1							1
Conversion of BCG Common Class A Units [Member]
Class of Stock [Line Items]
Additional value												15,000,000
Compensation expense										$ 15,000,000		15,000,000
Preferred Series C Subclass 1 [Member]
Class of Stock [Line Items]
Price per unit \| $ / shares				$ 372.80
Units converted \| shares				550,510
Trading days				20 days
Compounded quarterly return prior to IPO, numerator													0.50%		0.50%
Compounded quarterly return following IPO, numerator													0.75%		0.75%
Preferred Series C Subclass 1 [Member] \| Forecast [Member]
Class of Stock [Line Items]
Minimum conversion price \| $ / shares		$ 1,020
Class S Preferred [Member]
Class of Stock [Line Items]
Preferred stock exchange ratio											1.2		1.2	1.2	1.2						1.2
Preferred return earned																			$ 200,000		$ 200,000
Class S Preferred [Member] \| Noncontrolling Interest [Member]
Class of Stock [Line Items]
Profit loss															$ (856,000)
Noncash issuance of noncontrolling interest
Annual reallocation of FLP																	1,116,000
Purchase of noncontrolling interest
FLP Units Subclass 1 [Member]
Class of Stock [Line Items]
Allocation percentage											50.50%		50.50%	50.50%	50.50%						50.50%
FLP Units Subclass 2 [Member]
Class of Stock [Line Items]
Allocation percentage											49.50%		49.50%	49.50%	49.50%						49.50%
FLP Units Subclass 1 And 2 [Member]
Class of Stock [Line Items]
Profits interest on financing and other tax pass-through businesses											15%		15%	15%	15%						15%
Profit loss											$ 0	0					2,200,000
Upward carrying value adjustment, percentage of capital accounts											15%		15%	15%	15%						15%
FLP Units Subclass 1 And 2 [Member] \| Maximum [Member]
Class of Stock [Line Items]
Net service fee revenue interest, EBITDA to revenue ratio											50%		50%	50%	50%						50%
FLP Units Subclass 1 And 2 [Member] \| Minimum [Member]
Class of Stock [Line Items]
Net service fee revenue interest, EBITDA to revenue ratio											20%		20%	20%	20%						20%
FLP Units Subclass 3 [Member]
Class of Stock [Line Items]
Profit loss											$ 0	0					900,000
Net financing revenues, quarterly percentage											5%		5%	5%	5%						5%
Net financing revenues allocated, annualized stated interest percentage											10%		10%	10%	10%						10%
Tax and distributions, percentage of profits allocated											100%		100%	100%	100%						100%
Accounts payable and accrued expense											$ 900,000		$ 900,000	$ 900,000	$ 900,000						$ 900,000
Charitable Beneficiaries [Member]
Class of Stock [Line Items]
Percentage of distributions entitled to residual beneficiary, distributions received											2.50%				2.50%
Percent of distributions entitled to residual beneficiary, payments on amounts due											5%				5%
Percent of distributions entitled to residual beneficiary, amount of excess cash collateral											10%
Noncash issuance of noncontrolling interest												100,000			$ 1,100,000		300,000
Class AOfCT [Member]
Class of Stock [Line Items]
Minority interest sold									$ 2,400,000			$ 2,400,000
Percent of distributions entitled to residual beneficiary, amount of excess of capital contributions												2%			2%
Class AOfCT [Member] \| Noncontrolling Interest [Member]
Class of Stock [Line Items]
Profit loss												$ (647,000)			$ (1,068,000)		(962,000)
Noncash issuance of noncontrolling interest
Annual reallocation of FLP
Purchase of noncontrolling interest															$ 269,000		$ (131,000)

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.[2]Retroactively adjusted the fiscal year ended March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Schedule of Earnings Per Share,

Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024		Mar. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss		$ 44,310	$ (1,155,970)	$ (2,658,180)		$ (252,100)
Less: Net (income) loss attributable to noncontrolling interests		7,713	44,552	579,332		136,942
Less: Noncontrolling interest guaranteed payment		(4,356)	(4,105)	(16,793)		(15,822)
Net income (loss) attributable to Beneficient common shareholders		47,667	(1,115,523)	(2,095,641)		(130,980)
Plus: Noncontrolling interest guaranteed payment		4,356	4,105	16,793		15,822
Net income attributable to Beneficient common shareholders - Diluted		$ 44,836
Net loss attributable to Beneficient				(2,095,641)		(130,980)
Preferred B.1 [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive effect		165,151
Class S Ordinary [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive effect		66,982
Class S Preferred [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive effect		605
Preferred Series A Subclass 0 [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive effect		62,093,987
Preferred Series A Subclass 1 [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive effect		199,826,619
Restricted Stock Units (RSUs) [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive effect		21,118
Consolidated Entity, Excluding Consolidated VIE [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Less: Net (income) loss attributable to noncontrolling interests		$ (7,187)	(30,686)	(535,157)		(19,081)
Common Class A [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to Beneficient common shareholders		$ 44,770	$ (1,013,454)	$ (1,955,861)		$ (118,402)
Weighted average of common shares outstanding - Basic		3,696,979	2,302,000	2,904,851	[1],[2]	2,252,228	[1],[2]
Net loss attributable to Beneficient per common share - Basic		$ 12.11	$ (440.25)	$ (673.31)	[1],[2]	$ (52.57)	[1],[2]
Weighted average of common shares outstanding - Diluted	[1],[2]			2,904,851		2,252,228
Net loss attributable to Beneficient per common share - Diluted		$ 0.17	$ (440.25)	$ (673.31)	[1],[2]	$ (52.57)	[1],[2]
Common Class B [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to Beneficient common shareholders		$ 2,897	$ (102,069)	$ (139,780)		$ (12,578)
Weighted average of common shares outstanding - Basic		239,256	239,256	239,256	[1],[2]	239,256	[1]
Net loss attributable to Beneficient per common share - Basic		$ 12.11	$ (426.61)	$ (584.23)	[2]	$ (52.57)	[1],[2]
Weighted average of common shares outstanding - Diluted	[1]			239,256	[2]	239,256
Net loss attributable to Beneficient per common share - Diluted		$ 0.17	$ (426.61)	$ (584.23)	[2]	$ (52.57)	[1],[2]
Common Class A And B [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average of common shares outstanding - Basic		3,936,235
Weighted average of common shares outstanding - Diluted		266,110,697
Net loss attributable to Beneficient per common share - Diluted		$ 0.17

[1]Periods presented have been adjusted to reflect the 1-for-80 reverse stock split on April 18, 2024. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.[2]Retroactively adjusted the fiscal year ended March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Schedule of Antidilutive Securi

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	31,003,688	174,837,520	5,217,230	1,424,958
Class S Ordinary [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares		68,900	67,936	72,948
Class S Preferred [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares		605	606	1,171
Preferred Series A Subclass 0 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares		32,060,425	1,044,524	247,450
Preferred Series A Subclass 1 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares		112,360,624	3,510,235	797,395
Preferred Series C [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares		550,510	151,917	200,861
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	129,002	99,581	100,214	105,133
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares	30,874,686	29,696,875	312,012

Net Income (Loss) per Share (De

Net Income (Loss) per Share (Details Narrative) - $ / shares				3 Months Ended		12 Months Ended
	Oct. 03, 2023	Jul. 10, 2023	Jun. 06, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	[2]	Mar. 31, 2023	[1],[2]
Common Class A [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) per common share - diluted				$ 0.17	$ (440.25)	$ (673.31)	[1]	$ (52.57)
Units converted		550,510	17,456
Price per unit	$ 218.40			2.22
Conversion of stock	172,574
Common Class B [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) per common share - diluted				$ 0.17	$ (426.61)	$ (584.23)		$ (52.57)
Units converted			191,405
Preferred Series C Subclass 1 [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Units converted		550,510
Price per unit		$ 372.80
Trading day duration period		20 days
Preferred Series B Subclass 1 [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Price per unit	$ 218.40
Conversion of stock	3,768,995

[1]Periods presented have been adjusted to reflect the 1-for-80 reverse stock split on April 18, 2024. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.[2]Retroactively adjusted the fiscal year ended March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Schedule of Components of Incom

Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Current expense
Federal	$ 28
Deferred expense
Federal			$ 788	$ (1,072)
Income tax expense (benefit)	$ 28		$ 788	$ (1,072)

Related Parties (Details Narrat

Related Parties (Details Narrative)

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 15, 2024 USD ($)

Nov. 07, 2023 USD ($)

Oct. 20, 2023 USD ($)

Jun. 07, 2023 USD ($)

Jan. 31, 2022 USD ($)

Jun. 30, 2024 USD ($) Trust shares

Jun. 30, 2023 USD ($)

Mar. 31, 2024 USD ($) Trust shares

Mar. 31, 2023 USD ($)

Dec. 31, 2022

Oct. 19, 2023 USD ($) shares

Jan. 20, 2022 Director Resident

Related Party Transaction [Line Items]

Related party fee

$ 2,900,000

Other expenses

$ 3,081,000

$ 6,942,000

21,854,000

$ 28,269,000

Accounts payable and accrued expense

103,012,000

157,157,000

65,724,000

[1]

Operating expenses

(34,292,000)

1,153,227,000

2,549,850,000

148,269,000

Other liabilities

34,796,000

31,727,000

14,622,000

[1]

Other Assets

$ 11,912,000

$ 14,699,000

32,903,000

[1]

Preferred Series A Subclass 0 [Member]

Related Party Transaction [Line Items]

Debt due to related parties

$ 15,300,000

Preferred Series A Subclass 1 [Member]

Related Party Transaction [Line Items]

Debt due to related parties

$ 48,100,000

Class S Preferred [Member]

Related Party Transaction [Line Items]

Shares held in stock | shares

Class S Ordinary [Member]

Related Party Transaction [Line Items]

Shares held in stock | shares

3,640

Highland Consolidated LP [Member]

Related Party Transaction [Line Items]

Agreement term

26 years

Outstanding loan balance

$ 11,100,000

$ 11,500,000

14,000,000

Hicks Holdings LLC [Member] | Common Class B [Member]

Related Party Transaction [Line Items]

Shares held in common stock | shares

16,528

Services Agreement [Member]

Related Party Transaction [Line Items]

Related party fee

$ 1,200,000

Consulting Agreement [Member]

Related Party Transaction [Line Items]

Related party fee

$ 400,000

Renewal provision term

1 year

Agreement term

1 year

Beneficient Management Counselors LLC [Member]

Related Party Transaction [Line Items]

Percentage of board of directors, pre-decoupling

49%

Percentage of members on management committee to select

50%

Percentage of members on community committee to select

50%

Bradley Capital Company LLC [Member]

Related Party Transaction [Line Items]

Accounts payable and accrued expense

$ 2,800,000

$ 2,700,000

3,600,000

Bradley Capital Company LLC [Member] | Services Agreement Base Fee [Member]

Related Party Transaction [Line Items]

Related party fee

$ 500,000

400,000

Bradley Capital Company LLC [Member] | Services Agreement Supplemental Fee [Member]

Related Party Transaction [Line Items]

Related party fee

$ 200,000

200,000

Bradley Capital Company LLC [Member] | Services Agreement [Member]

Related Party Transaction [Line Items]

Costs for retired departed employees

$ 200,000

Renewal provision term

1 year

Minimum value of securities held

$ 10,000,000

Percentage of aggregate fair market value of ben

Other expenses

$ 700,000

700,000

$ 2,700,000

2,600,000

Related party transaction, accrued reimbursements

700,000

3,500,000

Bradley Capital Company LLC [Member] | Services Agreement [Member] | CEO and Chairman [Member]

Related Party Transaction [Line Items]

Annual salary

200,000

Bradley Capital Company LLC [Member] | Services Agreement Legal Fees [Member]

Related Party Transaction [Line Items]

Related party fee

$ 3,500,000

$ 2,400,000

1,200,000

1,800,000

Bradley Capital Company LLC [Member] | Aircraft Sublease [Member]

Related Party Transaction [Line Items]

Related party fee

1,400,000

Accounts payable and accrued expense

$ 10,800,000

6,900,000

Agreement term

1 year

Related party transaction, termination period

3 days

Operating expenses

$ 1,400,000

$ 4,300,000

6,100,000

Bradley Capital Company LLC [Member] | Services Agreement Legal Fees Retainer [Member]

Related Party Transaction [Line Items]

Related party fee

1,000,000

Beneficient Holdings Inc [Member]

Related Party Transaction [Line Items]

Related party fee

$ 30,000

Beneficient Holdings Inc [Member] | Minimum [Member]

Related Party Transaction [Line Items]

Agreement term

5 years

Beneficient Holdings Inc [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Agreement term

7 years

Beneficient Holdings Inc [Member] | Contribution Agreement [Member]

Related Party Transaction [Line Items]

Maximum costs per year

$ 250,000

HCLP Nominees LLC [Member] | Indemnification Obligation Legal Fees [Member]

Related Party Transaction [Line Items]

Related party fee

500,000

100,000

1,000,000

Research Ranch Operating Company LLC [Member]

Related Party Transaction [Line Items]

Related party fee

$ 0

800,000

Number of trusts | Trust

Debt due to related parties, gross

$ 2,200,000

Debt due to related parties, gross

2,200,000

2,100,000

Beneficient Heartland Foundation [Member]

Related Party Transaction [Line Items]

Number of board of directors | Director

Population maximum resident | Resident

5,000

Number of board of directors allowed to appoint | Director

Number of board of directors appointed by counterparty | Director

Beneficient Heartland Foundation [Member] | Initial Charitable Contribution Initiative [Member]

Related Party Transaction [Line Items]

Related party fee

$ 15,400,000

Beneficient Heartland Foundation [Member] | Charitable Contribution Benefit For Development Projects And Promotion And Growth Of Industry [Member]

Related Party Transaction [Line Items]

Related party fee

2,700,000

Beneficient Heartland Foundation [Member] | Charitable Contribution Benefit Of Public Charities Dedicated To Economic Development [Member]

Related Party Transaction [Line Items]

Related party fee

200,000

Beneficient Heartland Foundation [Member] | Charitable Contribution Indirect Beneficiaries [Member]

Related Party Transaction [Line Items]

Related party fee

$ 12,500,000

Beneficient Heartland Foundation Community Leaders [Member]

Related Party Transaction [Line Items]

Number of board of directors | Director

Beneficient Heartland Foundation Ben Employees Individuals [Member]

Related Party Transaction [Line Items]

Number of board of directors | Director

Kansas TEFFI Economic Growth Trust [Member]

Related Party Transaction [Line Items]

Related party fee

200,000

400,000

1,400,000

2,700,000

Other liabilities

100,000

Other Assets

1,400,000

Hicks Holdings LLC [Member]

Related Party Transaction [Line Items]

Accounts payable and accrued expense

100,000

Debt due to related parties

$ 27,000,000

$ 27,500,000

72,600,000

GWG Holdings [Member] | Shared Services Agreement [Member]

Related Party Transaction [Line Items]

Renewal provision term

1 year

Agreement term

1 year

Other Assets

17,800,000

Cash received from related parties

1,400,000

400,000

Allowance for receivables

$ 15,600,000

Richard W Fisher [Member] | Consulting Agreement [Member]

Related Party Transaction [Line Items]

Related party fee

$ 50,000

Richard W Fisher [Member] | Consulting Agreement [Member] | Board [Member]

Related Party Transaction [Line Items]

Annual salary

$ 150,000

[1]Retroactively
adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Schedule of Variable Interest E

Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023		Oct. 18, 2023	Mar. 31, 2022
Assets:
Cash and cash equivalents	$ 4,399		$ 7,913	$ 8,726	[1]
Restricted cash	314		64	819	[1]
Investments, at fair value	331,367		329,119	497,221
Other assets, net	11,912		14,699	32,903	[1]
Total assets	361,304		368,501	2,910,695	[1]
Liabilities:
Accounts payable and accrued expense	103,012		157,157	65,724	[1]
Other liabilities	34,796		31,727	14,622	[1]
Total liabilities	258,542		309,567	231,789	[1]
Equity:
Treasury stock	(3,444)		(3,444)	(3,444)	[1]
Noncontrolling interests	34,293		42,231	142,213	[1]
Accumulated other comprehensive income (loss)	255		276	9,900	[1]
Total equity (deficit)	(148,290)	$ 1,280,947	(192,118)	1,728,413	[1]		$ 1,907,336
Revenues
Investment income (loss), net	11,028	500	4,791	(54,010)
Loss on financial instruments, net	(1,183)	(3,461)	(104,521)	(51,421)
Interest income	12	116	457	412
Total revenues	10,046	(2,743)	(98,696)	(104,903)
Operating expenses
Interest expense	4,288	3,784	17,559	15,471
Provision for credit losses	524		6,016	20,580
Professional services	5,544	10,373	29,999	38,422
Other expenses	3,081	6,942	21,854	28,269
Total operating expenses	(34,292)	1,153,227	2,549,850	148,269
Net loss	44,310	(1,155,970)	(2,658,180)	(252,100)
Net income (loss) attributable to noncontrolling interests	7,713	44,552	579,332	136,942
Customer ExAlt Trusts loan payable, net				52,129	[1]	$ 47,900
Other income			212	86
Loss on extinguishment of debt, net			(8,846)
Variable Interest Entity, Primary Beneficiary [Member]
Assets:
Investments, at fair value	331,367		329,113	491,859	[1]
Revenues
Loss on financial instruments, net		1,700
Operating expenses
Net income (loss) attributable to noncontrolling interests	(526)	(13,866)	(44,175)	(117,861)
Customer Ex Alt Trusts [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Assets:
Cash and cash equivalents	1,244		963	3,259
Restricted cash	314		64	819
Investments, at fair value	331,367		329,113	491,859
Other assets, net	34		30	5,891
Total assets	332,959		330,170	501,828
Liabilities:
Accounts payable and accrued expense	1,823		1,670	1,945
Other liabilities	19		109	132
Total liabilities	1,842		1,779	54,206
Equity:
Treasury stock	(3,444)		(3,444)	(3,444)
Noncontrolling interests	(166,463)		(165,712)	(118,299)
Accumulated other comprehensive income (loss)	255		276	9,900
Total equity (deficit)	(169,652)		(168,880)	(111,843)
Revenues
Investment income (loss), net	11,028	500	4,791	(54,010)
Loss on financial instruments, net	(1,175)	(1,803)	(102,584)	(35,085)
Interest income		8	10	54
Total revenues	9,853	(1,295)	(97,568)	(89,041)
Operating expenses
Interest expense		1,874	4,091	8,957
Provision for credit losses	522		254	13,843
Professional services	622	1,261	3,277	5,032
Other expenses	121	357	1,191	1,905
Total operating expenses	1,265	3,492	8,813	29,737
Net loss	8,588	(4,787)	(115,227)	(118,778)
Net income (loss) attributable to noncontrolling interests	$ (526)	$ (13,866)	(44,175)	(117,861)
Customer ExAlt Trusts loan payable, net				52,129
Other income			215
Loss on extinguishment of debt, net			$ 8,846

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Variable Interest Entities (Det

Variable Interest Entities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets	$ 361,304		$ 368,501	$ 2,910,695	[1]
Loss on financial instruments, net	(1,183)	$ (3,461)	(104,521)	(51,421)
Variable Interest Entity, Primary Beneficiary [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Loss on financial instruments, net		1,700
CT Risk Management LLC [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets				4,000
Loss on financial instruments, net		$ 2,300	$ 3,000	$ 3,500

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Segment Reporting (Details Narr

Segment Reporting (Details Narrative) - Segment	3 Months Ended	12 Months Ended
Segment Reporting (Details Narrative) - Segment	Jun. 30, 2024	Mar. 31, 2024
Segment Reporting [Abstract]
Number of reportable segments	3	3

Schedules of Concentration of R

Schedules of Concentration of Risk, by Risk Factor (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024		Mar. 31, 2024		Mar. 31, 2023
Concentration Risk [Line Items]
Alternative Investment	$ 297,888		$ 293,916		$ 385,851
Industry Risk [Member] \| Alternative Investments [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 297,888		$ 293,916		$ 385,851
Alternative Investment	100%		100%		100%
Geographic Concentration Risk [Member] \| Net Assets, Geographic Area [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 297,888		$ 293,916		$ 385,851
Alternative Investment	100%		100%		100%
Geographic Concentration Risk [Member] \| Net Assets, Geographic Area [Member] \| North America [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 150,944		$ 164,205		$ 239,951
Alternative Investment	50.70%		55.90%		62.20%
Geographic Concentration Risk [Member] \| Net Assets, Geographic Area [Member] \| South America [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 68,284		$ 43,543		$ 41,423
Alternative Investment	22.90%		14.80%		10.70%
Geographic Concentration Risk [Member] \| Net Assets, Geographic Area [Member] \| Asia [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 43,265		$ 49,385		$ 62,016
Alternative Investment	14.50%		16.80%		16.10%
Geographic Concentration Risk [Member] \| Net Assets, Geographic Area [Member] \| Europe [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 34,695		$ 35,870		$ 38,874
Alternative Investment	11.60%		12.20%		10.10%
Geographic Concentration Risk [Member] \| Net Assets, Geographic Area [Member] \| Africa [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 700		$ 913		$ 3,587
Alternative Investment	0.30%		0.30%		0.90%
Food and Staples Retailing Sector [Member] \| Industry Risk [Member] \| Alternative Investments [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 66,516		$ 41,721		$ 38,210
Alternative Investment	22.30%		14.20%		9.90%
Software and Services Sector [Member] \| Industry Risk [Member] \| Alternative Investments [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 41,935		$ 42,908		$ 54,944
Alternative Investment	14.10%		14.60%		14.20%
Utilities Sector [Member] \| Industry Risk [Member] \| Alternative Investments [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 28,656		$ 28,768		$ 28,043
Alternative Investment	9.60%		9.80%		7.30%
Diversified Financials Sector [Member] \| Industry Risk [Member] \| Alternative Investments [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 23,386		$ 30,297		$ 52,544
Alternative Investment	7.90%		10.30%		13.60%
Energy Sector [Member] \| Industry Risk [Member] \| Alternative Investments [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 19,796		$ 19,930		$ 26,721
Alternative Investment	6.60%		6.80%		6.90%
Capital Goods Sector [Member] \| Industry Risk [Member] \| Alternative Investments [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 15,337		$ 23,146		$ 27,707
Alternative Investment	5.10%		7.90%		7.20%
Health Care Equipment and Services [Member] \| Industry Risk [Member] \| Alternative Investments [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 16,155		$ 16,520		$ 23,626
Alternative Investment	5.40%		5.60%		6.10%
Semiconductors and Semiconductor Equipment [Member] \| Industry Risk [Member] \| Alternative Investments [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 12,090		$ 16,144		$ 17,935
Alternative Investment	4.10%		5.50%		4.60%
Other Sector [Member] \| Industry Risk [Member] \| Alternative Investments [Member]
Concentration Risk [Line Items]
Alternative Investment	$ 74,017	[1]	$ 74,482	[1]	$ 116,121
Alternative Investment	24.90%	[1]	25.30%	[1],[2]	30.20%	[2]

[1]Industries in this category each comprise less than 5 percent. Semiconductors and Semiconductor Equipment is shown separately as it comprised greater than 5 percent in the prior period.[2]Industries in this category each comprise less than 5 percent.

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Jul. 29, 2024

Apr. 23, 2024

Dec. 16, 2022

Jun. 30, 2024

Jun. 30, 2023

Mar. 31, 2024

Mar. 31, 2023

Jan. 30, 2023

Dec. 31, 2020

Dec. 31, 2019

Nov. 22, 2019

Jun. 12, 2019

Jun. 03, 2019

May 31, 2019

Loss Contingencies [Line Items]

Rental expense

$ 100

$ 1,700

$ 5,100

$ 6,600

Potential gross capital commitments

47,200

47,800

$ 61,100

Capital funding commitment reserves

$ 100

Portfolio percentage of unfunded commitment

90%

Maximum potential negative impact

$ 350,000

Loss contingency related to arbitration award

55,000

Release of loss contingency related to arbitration award

$ 54,973

$ 55,000

Bayati Action [Member]

Loss Contingencies [Line Items]

Complaint filing period

20 days

Private Arbitration [Member]

Loss Contingencies [Line Items]

Damages sought

$ 36,300

Loss contingency

$ 55,300

Legal fees

$ 100

Private Arbitration [Member] | Subsequent Event [Member]

Loss Contingencies [Line Items]

Relief motion filing period

20 days

Chapter 11 Cases [Member] | Minimum [Member]

Loss Contingencies [Line Items]

Maximum potential negative impact

$ 155,000

Chapter 11 Cases [Member] | Maximum [Member]

Loss Contingencies [Line Items]

Maximum potential negative impact

382,000

Official Committee of Bondholders Motion [Member]

Loss Contingencies [Line Items]

Maximum potential negative impact

$ 500,000

Parent Purchase Of Equity [Member]

Loss Contingencies [Line Items]

Amounts under litigation

$ 10,000

Parent Loan Trust Commitment [Member]

Loss Contingencies [Line Items]

Amounts under litigation

$ 79,000

$ 65,000

Parent Loan Trust Commitment Tranche One [Member]

Loss Contingencies [Line Items]

Amounts under litigation

$ 50,000

Parent Loan Trust Commitment Tranche Two [Member]

Loss Contingencies [Line Items]

Amounts under litigation

$ 15,000

Parent Capital Contribution Preferred Units [Member]

Loss Contingencies [Line Items]

Amounts under litigation

$ 145,000

Schedule of Cash and Cash Equiv

Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023		Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 4,399	$ 7,913		$ 8,726	[1]
Restricted cash	314	64		819	[1]
Total cash, cash equivalents and restricted cash	$ 4,713	$ 7,977	$ 3,878	$ 9,545		$ 76,105

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024		Mar. 31, 2023
Dividends Payable [Line Items]
Cash paid for interest	$ 1,000		$ 1,100		$ 8,700
Guaranteed payment accrual				[1]		[1]
Distributions payable to charitable beneficiaries	200	300	1,200		1,700
Deemed dividend				[1]	37,133	[1]
Issuance of shares	914	(4,290)	5,251	[1]
Cash paid for taxes			800
Transfer of alternative assets for settlement			56,700
Noncash issuance of noncontrolling interest			1,100
Issuance of noncontrolling interest from reserved cash received					2,400
Promissory note received as consideration in sale of fixed assets					1,400
Common Class A [Member]
Dividends Payable [Line Items]
Settlement of liability for issuance	900	2,700	4,500
Issuance of shares			5,300
Common Class A [Member] \| Post De-SPAC Transaction [Member]
Dividends Payable [Line Items]
Issuance of shares		5,300
BCG Class A Units [Member]
Dividends Payable [Line Items]
Exchange of preferred stock		793,400	793,400
Preferred B.2 [Member]
Dividends Payable [Line Items]
Exchange of preferred stock		791,900	791,900
Issuance of shares					20,100
Preferred A.1 [Member]
Dividends Payable [Line Items]
Exchange of preferred stock		193,900	193,900		1,100
Deemed dividend		6,900	6,900		37,100
Class S Ordinary [Member]
Dividends Payable [Line Items]
Exchange of preferred stock		3,900	3,900
Noncash issuance of noncontrolling interest					300
Preferred Series C [Member]
Dividends Payable [Line Items]
Exchange of preferred stock			205,800
Series B Preferred Stock [Member]
Dividends Payable [Line Items]
Issuance of shares			38,700
Preferred A.0 [Member]
Dividends Payable [Line Items]
Guaranteed payment accrual	$ 4,400	$ 4,100	$ 16,800		$ 15,800

[1]Retroactively adjusted the fiscal year ended March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ / shares in Units, $ in Millions				1 Months Ended
	Aug. 14, 2024 USD ($)	Aug. 06, 2024 USD ($) $ / shares shares	Apr. 18, 2024 shares	Apr. 30, 2024	Jun. 30, 2024 $ / shares shares	Mar. 31, 2024 $ / shares shares	Oct. 03, 2023 $ / shares	Jul. 10, 2023 $ / shares	Jun. 08, 2023 shares	Jun. 07, 2023 shares	Jun. 05, 2023 $ / shares	Mar. 31, 2023 $ / shares shares
Subsequent Event [Line Items]
Decline price per common stock \| $ / shares						$ 5.36
Common Class A [Member]
Subsequent Event [Line Items]
Securities exercisable, shares										1
Common stock, par value \| $ / shares					$ 0.001	$ 0.001		$ 372.80			$ 0.001	$ 0.001
Price per unit \| $ / shares					$ 2.22		$ 218.40
Common stock, shares outstanding					4,000,000	3,339,000			2,358,429			2,244,000
Common stock, shares authorized					18,750,000	18,750,000						18,750,000
Common Class B [Member]
Subsequent Event [Line Items]
Common stock, par value \| $ / shares					$ 0.001	$ 0.001					$ 0.001	$ 0.001
Common stock, shares outstanding					239,000	239,000			239,256			239,000
Common stock, shares authorized					250,000	250,000						250,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Securities exercisable, shares		1,325,382
Reverse stock split			As of the effective time of the Reverse Stock Split, every 80 issued and outstanding shares of the Company’s Common Stock was automatically reclassified into one issued and outstanding share of the Company’s Common Stock.	1-for-10 to 1-for-100
Subsequent Event [Member] \| Director [Member]
Subsequent Event [Line Items]
Reverse stock split				1-for-80
Subsequent Event [Member] \| Security Purchase Agreement [Member]
Subsequent Event [Line Items]
Securities exercisable, shares		662,691
Subsequent Event [Member] \| Common Class A [Member]
Subsequent Event [Line Items]
Common stock, par value \| $ / shares		$ 0.001
Warrant exercise price \| $ / shares		$ 2.63
Common stock, shares outstanding			268,700,000
Subsequent Event [Member] \| Common Class B [Member]
Subsequent Event [Line Items]
Common stock, shares outstanding			19,100,000
Securities Purchase Agreement [Member] \| Convertible Debt [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Aggregate principal amount \| $		$ 4
Conversion amount \| $	$ 2	$ 2
Potential interest rate of debt	0.180
Original issue discount		10%

Schedule of Reconciliation of P

Schedule of Reconciliation of Provision for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Subsequent Events [Abstract]
Credit loss on AFS debt securities (Note 5)				$ 12,621
Bad debt expense on related party receivable (Note 9)				6,723
Bad debt expense on other receivables			6,016	1,236
Provision for credit losses	$ 524		$ 6,016	$ 20,580

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Millions	Apr. 01, 2023	Mar. 31, 2024
Increase in allowance for credit losses	$ 61.1
Minimum [Member]
Property plant and equipment useful life		3 years
Finite-lived intangible asset useful life		1 year
Maximum [Member]
Property plant and equipment useful life		5 years
Finite-lived intangible asset useful life		3 years

Schedule of Property Plant and

Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 12,373	$ 10,408
Accumulated depreciation and amortization	(10,327)	(6,551)
Internal use software in process	282	487
Fixed assets, net	2,328	4,344
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Computer hardware and software	11,864	9,899
Building [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	188	188
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	139	139
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	109	109
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 73	$ 73

Fixed Assets (Details Narrative

Fixed Assets (Details Narrative) - USD ($) $ in Millions	12 Months Ended
Fixed Assets (Details Narrative) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 3.8	$ 3.6
Software Development [Member]
Property, Plant and Equipment [Line Items]
Capitalized computer software, amortization	3.7	3.4
Capitalized computer software, net	$ 1.8	$ 3.5

Schedule of Intangible Assets a

Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands		3 Months Ended			12 Months Ended
		Jun. 30, 2024	Jun. 30, 2023		Mar. 31, 2024		Mar. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Beginning balance		$ 13,606	$ 2,367,926	[1]	$ 2,367,926	[1]	$ 2,367,750
Impairment		3,394	1,096,305		2,354,320
Ending balance		10,212			13,606		2,367,926	[1]
Goodwill and intangible assets, net		16,706	2,371,026		2,371,026		2,370,850
Goodwill and intangible assets, net		13,312			16,706		2,371,026
Goodwill, Acquired During Period	[2]						176
Goodwill transfers							(2,367,926)
Impairment		(3,394)	(1,096,305)		(2,354,320)
Insurance License [Member]
Indefinite-Lived Intangible Assets [Line Items]
Insurance license		3,100	3,100		3,100		3,100
Insurance license					3,100		3,100
Ben Liquidity [Member]
Indefinite-Lived Intangible Assets [Line Items]
Beginning balance			1,725,880		1,725,880
Impairment					1,725,880
Ending balance							1,725,880
Goodwill transfers							1,725,880
Impairment					(1,725,880)
Ben Custody [Member]
Indefinite-Lived Intangible Assets [Line Items]
Beginning balance		10,896	594,219		594,219
Impairment		3,129			583,323
Ending balance		7,767			10,896		594,219
Goodwill transfers							594,219
Impairment		(3,129)			(583,323)
Ben Insurance [Member]
Indefinite-Lived Intangible Assets [Line Items]
Beginning balance			37,942		37,942
Impairment					37,942
Ending balance							37,942
Goodwill transfers							37,942
Impairment					(37,942)
Ben Markets [Member]
Indefinite-Lived Intangible Assets [Line Items]
Beginning balance		2,710	$ 9,885		9,885
Impairment		265			7,175
Ending balance		2,445			2,710		9,885
Goodwill transfers							9,885
Impairment		$ (265)			$ (7,175)

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.[2]The additional goodwill resulted from the purchase of MHT Securities, as discussed in Note 1.

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment	$ 3,394	$ 1,096,305	$ 2,354,320

Schedule of Other Assets (Detai

Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Promissory note receivable		$ 5,515	$ 5,104
Allowance for promissory note receivable and other receivables		(5,515)
Prepaid expenses		4,054	2,329
Loan fee receivable		2,932
Insurance reimbursable receivable		2,840	3,211
Fixed assets (Note 7)		2,328	4,344
Distribution receivables			5,891
Deferred costs of equity offering		343	7,778
Other assets		2,202	2,051
Total Other assets, net	$ 11,912	14,699	32,903	[1]
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Related party receivables			17,795
Allowance for related party receivables			(15,600)
Total Other assets, net			$ 2,195

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Schedule of other liabilities (

Schedule of other liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Interest commitments		$ 18,243	$ 13,499
Accrued interest on debt due to related parties		9,740
Deferred upfront fees		2,717
Other		1,027	1,123
Total Other liabilities	$ 34,796	$ 31,727	$ 14,622	[1]

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Schedule of Redeemable Non Cont

Schedule of Redeemable Non Controlling Interests (Details) - USD ($) $ in Thousands		3 Months Ended			12 Months Ended
		Jun. 30, 2024	Jun. 30, 2023		Mar. 31, 2024		Mar. 31, 2023
Beginning balance		$ 251,052	$ 950,493	[1]	$ 950,493	[1]
Deemed dividend upon issuance for U. S. GAAP to tax basis true-up	[2]						$ 314
Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return						[2]	37,133	[2]
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual						[2]		[2]
Reclass of BCH Preferred A.1 from temporary to permanent equity			699,441		699,441	[2]
Ending balance		251,052			251,052		950,493	[1]
Redeemable Noncontrolling Interests [Member]
Beginning balance		251,052	950,493		950,493		992,238
Net income (loss)					16,793		11,524
Deemed dividend upon issuance for U. S. GAAP to tax basis true-up	[2]						(314)
Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return						[2]	(37,133)	[2]
Transfer from BCH Preferred Series A.1 Unit Accounts to BCH Preferred Series A.0 Unit Accounts
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual		(4,356)	(4,105)		(16,793)	[2]	(15,822)	[2]
Reclass of BCH Preferred A.1 from temporary to permanent equity			(699,441)		(699,441)	[2]
Ending balance					251,052		950,493
Preferred Series A Subclass 0 [Member] \| Redeemable Noncontrolling Interests [Member]
Beginning balance		251,052	251,052		251,052		249,907
Net income (loss)					16,793		15,822
Deemed dividend upon issuance for U. S. GAAP to tax basis true-up
Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return
Transfer from BCH Preferred Series A.1 Unit Accounts to BCH Preferred Series A.0 Unit Accounts							1,145
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual					(16,793)		(15,822)
Reclass of BCH Preferred A.1 from temporary to permanent equity
Ending balance					251,052		251,052
Preferred Series A Subclass 1 [Member] \| Redeemable Noncontrolling Interests [Member]
Beginning balance			$ 699,441		699,441		742,331
Net income (loss)							(4,298)
Deemed dividend upon issuance for U. S. GAAP to tax basis true-up							(314)
Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return							(37,133)
Transfer from BCH Preferred Series A.1 Unit Accounts to BCH Preferred Series A.0 Unit Accounts							(1,145)
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual
Reclass of BCH Preferred A.1 from temporary to permanent equity					(699,441)
Ending balance							$ 699,441

[1]Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4.[2]Retroactively adjusted the fiscal year ended March 31, 2023 for the de-SPAC merger transaction as described in Note 4.

Schedule of Computing Diluted N

Schedule of Computing Diluted Net Loss Per Share (Details) - shares	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	31,003,688	174,837,520	5,217,230	1,424,958
Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities			29,786
Class S Ordinary [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		68,900	67,936	72,948
Class S Preferred [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		605	606	1,171
Preferred Series A Subclass 0 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		32,060,425	1,044,524	247,450
Preferred Series A Subclass 1 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		112,360,624	3,510,235	797,395
Preferred Series C [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities		550,510	151,917	200,861
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	129,002	99,581	100,214	105,133
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities	30,874,686	29,696,875	312,012

Schedule of Effective Income Ta

Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Expected statutory income tax benefit			$ (558,052)	$ (51,011)
Amounts not deductible for income tax - goodwill impairment			490,969
Amounts not deductible for income tax - other			4,919	505
Amounts attributable to non-taxable flow-through entities			2,855	41,240
Change in valuation allowance			60,097	8,194
Income tax expense (benefit)	$ 28		$ 788	$ (1,072)

Schedule of Deferred Tax Assets

Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Passthrough differences - temporary	$ 28,130	$ 17,142
Loss on arbitration	11,544
Share-based compensation	4,567
Net operating loss	17,658	991
Non-current deferred income tax assets	61,899	18,133
Other
Non-current deferred income tax liabilities
Less: valuation allowance	61,899	18,133
Total deferred income tax liability

Other Assets and Other Liabil_3

Other Assets and Other Liabilities (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Aug. 10, 2018
Defined Benefit Plan Disclosure [Line Items]
Notes receivable principal and interest	$ 5,515	$ 5,104
Receivables allowance for credit loss	5,500
Net operating loss carryforwards	82,400	4,700
L I B O R [Member]
Defined Benefit Plan Disclosure [Line Items]
Debt instrument percentage			3.95%
2017-18 Exchange Trusts Interest Commitment [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest expense	4,700	3,600
Promissory Note [Member]
Defined Benefit Plan Disclosure [Line Items]
Notes receivable, principal	$ 2,500	$ 900
Debt instrument percentage	9%	18%
Promissory Note Receivable [Member]
Defined Benefit Plan Disclosure [Line Items]
Debt instrument percentage	5%	5%
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Allowance for related party receivables		$ 15,600