Beneficient (BENF) 10-K 13 Jul 23 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Mar. 31, 2023	Jul. 10, 2023	Jun. 07, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-41715
Entity Registrant Name	Beneficient
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	72-1573705
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 207,638,020
Documents Incorporated by Reference	None.
Entity Central Index Key	0001775734
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.001 per share
Trading Symbol	BENF
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		234,543,727
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	BENFW
Security Exchange Name	NASDAQ
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		19,140,451

Audit Information

Audit Information	12 Months Ended
	Mar. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	410
Auditor Name	Weaver and Tidwell, L.L.P.
Auditor Location	San Antonio, Texas

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)	Mar. 31, 2023	Mar. 31, 2022
ASSETS
Cash and cash equivalents	$ 8,726,000	$ 70,588,000
Restricted cash	819,000	5,517,000
Investments	497,221,000	674,170,000
Other assets, net (related party of $2,195 and nil)	32,903,000	19,883,000
Intangible assets	3,100,000	3,100,000
Goodwill	2,367,926,000	2,367,750,000
Total assets	2,910,695,000	3,141,008,000
LIABILITIES, TEMPORARY EQUITY, AND EQUITY
Accounts payable and accrued expenses	65,724,000	37,332,000
Other liabilities (related party of $100 and $748)	14,622,000	12,359,000
Contingent consideration payable	0	20,152,000
Customer ExAlt Trusts loan payable, net	52,129,000	65,674,000
Debt due to related parties	99,314,000	105,917,000
Total liabilities	231,789,000	241,434,000
Total temporary equity	1,930,712,000	1,907,888,000
The Beneficient Company Group, L.P. Partners’ Capital:
Common units (67,486 units issued and outstanding as of March 31, 2023 and March 31, 2022)	599,524,000	718,568,000
Treasury common units, at cost (544 units as of March 31, 2023 and March 31, 2022)	(3,444,000)	(3,444,000)
Noncontrolling interests	142,214,000	277,888,000
Accumulated other comprehensive income (loss)	9,900,000	(1,326,000)
Total equity	748,194,000	991,686,000
Total liabilities, temporary equity, and equity	2,910,695,000	3,141,008,000
Nonrelated Party
ASSETS
Other assets, net (related party of $2,195 and nil)	32,903,000	19,883,000
LIABILITIES, TEMPORARY EQUITY, AND EQUITY
Other liabilities (related party of $100 and $748)	14,622,000	12,359,000
Related Party
ASSETS
Other assets, net (related party of $2,195 and nil)	2,195,000	0
LIABILITIES, TEMPORARY EQUITY, AND EQUITY
Other liabilities (related party of $100 and $748)	100,000	748,000
Redeemable Preferred Stock
LIABILITIES, TEMPORARY EQUITY, AND EQUITY
Total temporary equity	786,359,000	721,790,000
Preferred Series A Subclass 0
LIABILITIES, TEMPORARY EQUITY, AND EQUITY
Preferred Series, nonunitized	251,051,000	249,907,000
Preferred Series A Subclass 1
LIABILITIES, TEMPORARY EQUITY, AND EQUITY
Preferred Series, nonunitized	893,302,000	936,191,000
Variable Interest Entity, Primary Beneficiary | Nonrelated Party
ASSETS
Investments	491,859,000	659,921,000
Variable Interest Entity, Primary Beneficiary | Related Party
ASSETS
Investments	76,154,000	127,284,000
Beneficient | Nonrelated Party
ASSETS
Investments	5,362,000	14,249,000
Beneficient | Related Party
ASSETS
Investments	$ 1,371,000	$ 14,249,000

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) shares in Thousands	Mar. 31, 2023	Mar. 31, 2022
Investments held by Ben (related party of $1,371 and $14,249)	$ 497,221,000	$ 674,170,000
Other assets, net (related party of $2,195 and nil)	32,903,000	19,883,000
Other liabilities (related party of $100 and $748)	$ 14,622,000	$ 12,359,000
Units issued (in shares)	67,486	67,486
Units outstanding (in shares)	67,486	67,486
Treasury stock common units (in shares)	544	544
Related Party
Other assets, net (related party of $2,195 and nil)	$ 2,195,000	$ 0
Other liabilities (related party of $100 and $748)	100,000	748,000
Related Party | Variable Interest Entity, Primary Beneficiary
Investments held by Ben (related party of $1,371 and $14,249)	76,154,000	127,284,000
Related Party | Beneficient
Investments held by Ben (related party of $1,371 and $14,249)	$ 1,371,000	$ 14,249,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Revenues
Investment income (loss), net	$ (10,811)	$ 2,091	$ (54,010)	$ 15,534	$ 132,620
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	(56,011)	(2,180)	(51,421)	31,837	(30,670)
Interest income (related party of nil, nil, and $1,777, respectively)	73		412	7,398	2,082
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	129		30	540	30
Other income	2	0	86	2	36,267
Total revenues	(66,618)	2,364	(104,903)	55,311	140,329
Operating expenses
Employee compensation and benefits	10,125	10,910	45,527	48,523	128,582
Interest expense (related party of $2,797, $514, and $6,651, respectively)	2,110		15,471	27,457	32,551
Professional services	5,449	4,939	38,422	17,801	19,045
Provision for credit losses	9,383	0	20,580	18,755	0
Other expenses (related party of $8,704, $2,297, and $576, respectively)	6,149		28,269	13,895	7,564
Total operating expenses	33,216	25,601	148,269	126,431	187,742
Operating loss	(99,834)	(23,237)	(253,172)	(71,120)	(47,413)
Loss on extinguishment of debt, related parties	0		0	(34,013)	0
Loss before income taxes				(105,133)	(47,413)
Income tax expense (benefit)	1,072	(273)	(1,072)	0	3,459
Net loss	(100,906)	(22,964)	(252,100)	(105,133)	(50,872)
Less: Net loss attributable to noncontrolling interests	60,267		136,942	43,383	(7,168)
Less: Noncash deemed contribution on extinguishment of redeemable noncontrolling interest	0		0	14,200	0
Less: Noncash deemed dividend on extinguishment of preferred equity interests of noncontrolling interest holders	0		0	(46,202)	0
Less: Noncontrolling interest guaranteed payment	(3,788)	0	(15,822)	(1,264)	0
Net loss attributable to The Beneficient Company Group, L.P. common unitholders	(44,427)	(6,796)	(130,980)	(95,016)	(58,040)
Other comprehensive income:
Unrealized gain on investments in available-for-sale debt securities	110	0	11,226	(1,436)	0
Total comprehensive loss	(44,317)	(6,796)	(119,754)	(96,452)	(58,040)
Less: comprehensive gain attributable to noncontrolling interests	110	0	11,226	(1,436)	0
Total comprehensive loss attributable to The Beneficient Company Group, L.P.	$ (44,427)	$ (6,796)	$ (130,980)	$ (95,016)	$ (58,040)
Earnings Per Share [Abstract]
Net loss per common unit attributable to common unitholders- basic (in dollars per share)	$ (0.66)	$ (0.14)	$ (1.94)	$ (1.84)	$ (1.27)
Net loss per common unit attributable to common unitholders- diluted (in dollars per share)	$ (0.66)	$ (0.14)	$ (1.94)	$ (1.84)	$ (1.27)
Weighted Average Number of Shares Outstanding [Abstract]
Weighted average common units outstanding - basic (in shares)	67,486,168	48,205,800	67,486,168	51,534,365	45,807,648
Weighted average common units outstanding - diluted (in shares)	67,486,168	48,205,800	67,486,168	51,534,365	45,807,648
Nonrelated Party
Revenues
Investment income (loss), net				$ 15,534	$ 132,620
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	$ (56,011)	$ (2,180)	$ (51,421)	31,837	(30,670)
Interest income (related party of nil, nil, and $1,777, respectively)	73	1,937	412	7,398	2,082
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	129	516	30	540	30
Operating expenses
Interest expense (related party of $2,797, $514, and $6,651, respectively)	2,110	7,184	15,471	27,457	32,551
Other expenses (related party of $8,704, $2,297, and $576, respectively)	6,149	2,568	28,269	13,895	7,564
Related Party
Revenues
Investment income (loss), net				0	88,514
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	(56,011)	0	(63,536)	37,012	(22,913)
Interest income (related party of nil, nil, and $1,777, respectively)	0	1,777	0	7,110	1,777
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	8	8	30	30	30
Operating expenses
Interest expense (related party of $2,797, $514, and $6,651, respectively)	514	6,651	2,797	25,307	30,171
Other expenses (related party of $8,704, $2,297, and $576, respectively)	2,297	576	8,704	4,105	3,763
Loss on extinguishment of debt, related parties				(34,013)	0
Variable Interest Entity, Primary Beneficiary
Operating expenses
Less: Net loss attributable to noncontrolling interests	55,229	12,832	117,861	30,513	(47,582)
Consolidated Entity, Excluding Consolidated VIE
Operating expenses
Less: Net loss attributable to noncontrolling interests	$ 5,038	$ 3,336	$ 19,081	$ 12,870	$ 40,414

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Investment income (loss), net	$ (10,811)	$ 2,091	$ (54,010)	$ 15,534	$ 132,620
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	(56,011)	(2,180)	(51,421)	31,837	(30,670)
Interest income (related party of nil, nil, and $1,777, respectively)	73		412	7,398	2,082
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	129		30	540	30
Interest expense (related party of $2,797, $514, and $6,651, respectively)	2,110		15,471	27,457	32,551
Other expenses (related party of $8,704, $2,297, and $576, respectively)	6,149		28,269	13,895	7,564
Related Party
Investment income (loss), net				0	88,514
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	(56,011)	0	(63,536)	37,012	(22,913)
Interest income (related party of nil, nil, and $1,777, respectively)	0	1,777	0	7,110	1,777
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	8	8	30	30	30
Interest expense (related party of $2,797, $514, and $6,651, respectively)	514	6,651	2,797	25,307	30,171
Other expenses (related party of $8,704, $2,297, and $576, respectively)	$ 2,297	$ 576	$ 8,704	$ 4,105	$ 3,763

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Class A common stock, par value $0.001 per share	Treasury Stock	Noncontrolling interests (Note 13)	Accumulated Other Comprehensive Income (Loss)	Redeemable Preferred Series B	Redeemable noncontrolling interests (Note 13)
Beginning balance (in shares) at Dec. 31, 2019		44,147
Beginning balance at Dec. 31, 2019	$ 676,493	$ 563,966	$ 0	$ 112,527	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(14,995)	(58,040)		43,045
Recognition of share-based compensation cost	107,808	107,808
Forfeiture of vested share-based compensation	(36,267)	(36,267)
Payment for employee payroll taxes on restricted equity units	(1,522)	$ (1,522)
Noncash issuance of noncontrolling interest and redeemable preferred equity	5,978			5,978
Reclass of distributions payable to noncontrolling interest holder	(737)			(737)
Common units in treasury (in shares)		(544)
Common units in treasury	(3,444)		(3,444)
Non-cash dividend to related party	(2,931)	$ (2,931)
Share-based awards to related party employees	2,931	$ 2,931
Exercise of option (in shares)		4,603
Exercise of option	57,456	$ 57,456
Cash contribution for BCH Preferred Series C Unit Accounts	130,200			130,200
Noncash issuance of BCH Preferred Series C Unit Accounts	313			313
Promissory note exchange for BCH Preferred Series C Unit Accounts	65,065	(5,220)		70,285
Unrealized gain on investments in available-for-sale debt securities	0
Adjustment for change in ownership interest	0	$ (3,233)		3,233
Ending balance (in shares) at Dec. 31, 2020		48,206
Ending balance at Dec. 31, 2020	986,348	$ 624,948	(3,444)	364,844	0
Beginning balance, noncontrolling interests at Dec. 31, 2019						$ 0	$ 1,588,604
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss), temporary equity							(35,877)
Tax distribution to noncontrolling interest							(5,592)
Ending balance, noncontrolling interests at Dec. 31, 2020						0	1,547,135
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(20,039)	(6,796)		(13,243)
Recognition of share-based compensation cost	5,007	5,007
Payment for employee payroll taxes on restricted equity units	(1,228)	(38)		(1,190)
Noncash issuance of noncontrolling interest and redeemable preferred equity	374			374
Reclass of distributions payable to noncontrolling interest holder	(621)			(621)
Non-cash dividend to related party	205	205
Share-based awards to related party employees	(205)	$ (205)
Cash contribution for BCH Preferred Series C Unit Accounts	14,800			14,800
Noncash issuance of BCH Preferred Series C Unit Accounts	246			246
Unrealized gain on investments in available-for-sale debt securities	0
Ending balance (in shares) at Mar. 31, 2021		48,206
Ending balance at Mar. 31, 2021	984,887	$ 623,121	(3,444)	365,210	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss), temporary equity							(2,925)
Ending balance, noncontrolling interests at Mar. 31, 2021						0	1,544,210
Beginning balance (in shares) at Dec. 31, 2020		48,206
Beginning balance at Dec. 31, 2020	986,348	$ 624,948	(3,444)	364,844	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(96,865)	$ (63,014)		(33,851)
Recognition of share-based compensation cost (in shares)		29
Recognition of share-based compensation cost	23,153	$ 23,153
Payment for employee payroll taxes on restricted equity units	(1,465)	(275)		(1,190)
Noncash issuance of noncontrolling interest and redeemable preferred equity	9,189			9,189
Reclass of distributions payable to noncontrolling interest holder	(1,539)			(1,539)
Non-cash dividend to related party	(830)	(830)
Share-based awards to related party employees	830	$ 830
Settlement of commercial loan agreement for common units (in shares)		19,251
Units issued	207,390	$ 207,390
Cash contribution for BCH Preferred Series C Unit Accounts	14,800			14,800
Noncash issuance of BCH Preferred Series C Unit Accounts	246			246
Redemption of BCH Preferred Series C Unit Accounts	(14,800)			(14,800)
Unrealized gain on investments in available-for-sale debt securities	(1,436)				(1,436)
Reclass of allocated income for FLP Subclass 3 to payable	(23)			(23)
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity	(32,002)	$ (32,002)				46,202	(14,200)
Ending balance (in shares) at Dec. 31, 2021		67,486
Ending balance at Dec. 31, 2021	1,092,996	$ 760,200	(3,444)	337,676	(1,436)
Beginning balance, noncontrolling interests at Dec. 31, 2020						0	1,547,135
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss), temporary equity							(8,268)
Noncash issuance of noncontrolling interest and redeemable preferred equity						343,798
Deemed dividend upon issuance for U. S. GAAP to tax basis true-up						(9,247)	9,247
Exchange of BCH Preferred Series A.1 Unit Accounts for BCG Preferred Series B.2 Unit Accounts						312,312	(312,312)
Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return	(2,200)					2,239	(2,239)
Put option liability on grant of BCH Preferred A.1	(3,800)						(3,793)
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual	(1,300)						(1,264)
Equity issuance costs						(432)
Ending balance, noncontrolling interests at Dec. 31, 2021						713,366	1,195,812
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(103,404)	(44,427)		(58,977)
Recognition of share-based compensation cost	2,828	2,828
Payment for employee payroll taxes on restricted equity units	(33)	(33)
Reclass of distributions payable to noncontrolling interest holder	(811)			(811)
Non-cash dividend to related party	(120)	(120)
Share-based awards to related party employees	120	$ 120
Unrealized gain on investments in available-for-sale debt securities	$ 110				110
Ending balance (in shares) at Mar. 31, 2022	67,486	67,486
Ending balance at Mar. 31, 2022	$ 991,686	$ 718,568	(3,444)	277,888	(1,326)
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss), temporary equity							2,498
Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return	(8,400)					8,424	(8,424)
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual	(3,800)						(3,788)
Ending balance, noncontrolling interests at Mar. 31, 2022	1,907,888					721,790	1,186,098
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(263,624)	(130,980)		(132,644)
Recognition of share-based compensation cost	10,085	10,085
Payment for employee payroll taxes on restricted equity units	(1,125)	(206)		(919)
Purchase of noncontrolling interest	131			131
Noncash issuance of noncontrolling interest and redeemable preferred equity	299			299
Reclass of distributions payable to noncontrolling interest holder	(1,719)			(1,719)
Issuance of noncontrolling interest	2,430			2,430
Non-cash dividend to related party	(147)	(147)
Share-based awards to related party employees	147	147
Units issued						20,100
Unrealized gain on investments in available-for-sale debt securities	11,226				11,226
Reclass of allocated income for FLP Subclass 3 to payable	$ (933)			(933)
Annual reallocation of FLP		$ 2,057		(2,057)
Ending balance (in shares) at Mar. 31, 2023	67,486	67,486
Ending balance at Mar. 31, 2023	$ 748,194	$ 599,524	$ (3,444)	$ 142,214	$ 9,900
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss), temporary equity							11,524
Noncash issuance of noncontrolling interest and redeemable preferred equity						11,674
Deemed dividend upon issuance for U. S. GAAP to tax basis true-up						314	(314)
Exchange of BCH Preferred Series A.1 Unit Accounts for BCG Preferred Series B.2 Unit Accounts	(1,100)
Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return	(37,100)					37,133	(37,133)
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual	15,800						(15,822)
Equity issuance costs						(15)
Redemption of BCG Preferred Series B.2 Unit Accounts						4,637
Ending balance, noncontrolling interests at Mar. 31, 2023	$ 1,930,712					$ 786,359	$ 1,144,353

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (100,906)	$ (22,964)	$ (252,100)	$ (105,133)	$ (50,872)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	612	512	3,606	1,990	1,055
Loss on extinguishment of debt, related parties	0		0	34,013	0
Loss on financial instruments, net (related party of $63,536, $56,011, and nil, respectively)	56,011	2,180	51,421	(31,837)	30,670
Return on investments in alternative assets held by Customer ExAlt Trusts	173	551	12,409	8,745	3,683
Investment (income) loss, net	10,811	(2,091)	54,010	(15,534)	(132,620)
Non cash interest income	(73)	(67)	(359)	(881)	(875)
Non cash share-based compensation	2,828	5,007	10,085	23,153	107,808
Non cash forfeiture of vested share-based compensation				0	36,267
Provision for credit losses	9,383	0	20,580	18,755	0
Provision for deferred taxes	1,072	(273)	(1,072)	0	3,459
Write-off of deferred financing costs for equity and fixed assets	0	0	1,653
Changes in assets and liabilities:
Changes in other assets	10,021	256	(13,013)	(16,992)	(2,258)
Changes in accounts payable and accrued expenses	(1,002)	(5,198)	11,236	5,194	1,977
Changes in other liabilities	(63)	(45)	(319)	(501)	(207)
Net cash used in operating activities	(11,332)	(17,720)	(95,118)	(57,003)	(54,010)
Cash flows from investing activities:
Return of investments in alternative assets held by Customer ExAlt Trusts	13,280	9,476	72,551	51,403	20,394
Purchase of investments in alternative assets held by Customer ExAlt Trusts	0	(4,452)	(2,589)	(4,452)	(8,378)
Purchase of premises and equipment	(975)	(720)	(2,077)	(4,203)	(3,221)
Proceeds from sale of public equity securities held by Customer ExAlt Trusts	0	0	2,583
Proceeds from sale of put options held by Ben				1,843	0
Purchase of debt securities of related party	(815)	0	0
Purchase of put options	0	0	(7,451)	0	(14,775)
Net cash provided by investing activities	11,490	4,304	63,017	44,591	(5,980)
Cash flows from financing activities:
Proceeds from Customer ExAlt Trust loan payable	72,500	0	0
Payments on Customer ExAlt Trust loan payable	(3,822)	0	(17,907)
Issuance of BCH Preferred Series C Unit Accounts to related party	0	14,800	0	14,800	130,200
Payment of deferred financing costs for debt	(8,628)	(100)	0	(1,114)	(3,207)
Payment of deferred financing costs for equity	0	(185)	(6,116)	(517)	(633)
Purchase of noncontrolling interest	0	0	(131)	0	(5,592)
Payment of employee income taxes on restricted equity units	(33)	(1,228)	(1,125)	(1,464)	(1,554)
Proceeds from borrowings on debt due to related parties				17,950	0
Payments on debt due to related parties	(4,391)	0	(750)	0	(75,356)
Net cash (used in) provided by financing activities	55,626	13,287	(34,459)	14,855	43,858
Net (decrease) increase in cash, cash equivalents, and restricted cash	55,784	(129)	(66,560)	2,443	(16,132)
Cash, cash equivalents, and restricted cash at beginning of period	20,321	17,878	76,105	17,878	34,010
Cash, cash equivalents, and restricted cash at end of period	76,105	17,749	9,545	20,321	17,878
Nonrelated Party
Adjustments to reconcile net loss to net cash used in operating activities:
Net amortization of debt premium and discount (related party of $(6,154), $(1,972), and $2,616, respectively)	(1,098)	2,616	(4,478)	8,837	9,392
Loss on financial instruments, net (related party of $63,536, $56,011, and nil, respectively)	56,011	2,180	51,421	(31,837)	30,670
Investment (income) loss, net				(15,534)	(132,620)
Non cash interest expense (related party of $324, $199, and $1,287, respectively)	899	1,796	11,223	13,188	11,045
Preferred Series B Subclass 2
Cash flows from financing activities:
Redemption of Preferred Unit Accounts	0	0	(4,637)
Preferred Series A Subclass 1
Cash flows from financing activities:
Redemption of Preferred Unit Accounts	$ 0	$ 0	$ (3,793)
Preferred Series C
Cash flows from financing activities:
Redemption of Preferred Unit Accounts				$ (14,800)	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	$ 56,011	$ 2,180	$ 51,421	$ (31,837)	$ 30,670
Investment income (loss), net	10,811	(2,091)	54,010	(15,534)	(132,620)
Related Party
Net amortization of debt premium and discount (related party of $(6,154), $(1,972), and $2,616, respectively)	(1,972)	2,616	(6,154)	8,837	9,392
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	56,011	0	63,536	(37,012)	22,913
Investment income (loss), net				0	(88,514)
Non cash interest expense (related party of $324, $199, and $1,287, respectively)	$ 199	$ 1,287	$ 324	$ 11,134	$ 8,757

Overview of the Business

Overview of the Business	12 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview of the Business	Overview of the Business Legal Structure Beneficient, a Nevada corporation (formerly known as The Beneficient Company Group, L.P. (“BCG”), a Delaware limited partnership), is a technology-enabled financial services holding company (including its subsidiaries, but excluding its Non-Controlling 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 regulated platform, Ben AltAccess. Beneficient Management, L.L.C. (“Ben Management”), a Delaware limited liability company, is Ben’s general partner. Ben is controlled by, and the exclusive and complete authority to manage the operations and affairs of Ben is granted to, Ben Management’s Board of Directors. Ben, formerly known as Highland Consolidated Business Holdings, L.P., was formed on September 16, 2003. As of March 31, 2023, Ben is the general partner of Beneficient Company Holdings, L.P. (“BCH”) and owns 100% of the Subclass 1 Class A Units of BCH and 100% of the Preferred Series B Subclass 2 Units of BCH. 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, 2023, BCH has issued general partnership Subclass 1 Class A Units, Class S Ordinary Units, 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”), Preferred Series A Subclass 1 Unit Accounts (“BCH Preferred A.1”), Preferred Series B Subclass 2 Unit Accounts (“BCH Preferred B.2”), and Preferred Series C Subclass 1 Unit Accounts (“BCH Preferred C.1”). Business Combination and Registration Statement On September 21, 2022, we entered into a Business Combination Agreement (as amended on April 18, 2023, and as it may be amended, supplemented or otherwise modified from time to time, the “Business Combination Agreement,” and the transactions contemplated thereby, collectively, the “Business Combination”) with Avalon Acquisition Inc. (“Avalon”), a publicly traded special purpose acquisition company. BCG initially filed a Registration Statement on Form S-4, as amended, with the Securities and Exchange Commission (“SEC”) on December 9, 2022 along with subsequent amendments on January 24, 2023, March 6, 2023, April 19, 2023, May 8, 2023, and May 11, 2023, in connection with the registration of the shares of Beneficient’s Class A common stock to be issued under the Business Combination Agreement. Such Registration Statement was declared effective by the SEC on May 12, 2023. 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.” to “Beneficient” (the “Conversion”). On June 7, 2023, in accordance with the Business Combination Agreement, 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. The Transaction is a capital transaction in substance and not a business combination under ASC 805, Business Combinations (“ASC 805”). As a result, Beneficient is treated as the accounting acquirer and Avalon is treated as the acquired company for financial reporting purposes per ASC 805. Accordingly, for accounting purposes, the Transaction will be treated similar to an equity contribution in exchange for the issuance of Common Shares. The financial statements of the combined entity will represent a continuation of the financial statements of Beneficient, and the net assets of Avalon will be stated at historical cost, with no goodwill or other intangible assets recorded. The equity and net loss per unit attributable to common equity holders of the Company, prior to the closing, will be retroactively restated as shares reflecting the common unit conversion ratio. At closing, $27.9 million of cash remained in the trust account of Avalon. There were $26.1 million in transaction expenses, $20.0 million of which represented the Reserve Amount under the Forward Purchase Agreement, that were either paid by Avalon prior to closing or offset against proceeds received by the Company at closing, resulting in $1.8 million in net proceeds. Refer to Note 22 for additional information. 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 Plan TM ”). In ExAlt Plan TM 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. 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’ e arnings 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 loan 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 BCG’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. 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%) of the cash distributions from alternative assets serving as collateral to Ben Liquidity loans be charitably contributed by certain of the ExAlt Trusts to a designated Kansas Economic Growth Zone . Accordingly, for ExAlt Loans originated on or after December 7, 2021, Economic Growth Zones are paid $0.025 for every $1.00 earned on ownership of exchanged alternative assets. For ExAlt Loans originated prior to December 7, 2021, in accordance with the terms of the applicable trust and other agreements, the Charitable Beneficiaries of the Customer ExAlt Trusts formed prior to such date, are paid $0.05 for every $0.95 paid to the applicable ExAlt Loan lender. 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 BCG 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 March 28, 2022, a subsidiary of Ben Markets completed its 100% acquisition of MHT Securities, L.P. (“MHT Securities”) , for $0.3 million. MHT Securities is an SEC-registered broker dealer and Financial Industry Regulation Authority (“FINRA”) member that is authorized to engage in private placements of securities. On May 3, 2022, FINRA issued its full approval of the change in ownership and MHT Securities’ name was changed to Beneficient Securities Company, L.P. As of May 3, 2022, Beneficient Securities Company, L.P. is registered as a securities broker-dealer with the SEC, FINRA, and certain states as determined by its business operations. 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. Liquidity and Going Concern As of March 31, 2023, we had unrestricted cash and cash equivalents of $8.7 million. For the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and December 31, 2020, we generated net losses totaling $252.1 million, $100.9 million, $105.1 million, and $50.9 million, respectively. As of May 31, 2023, we had unrestricted cash and cash equivalents of approximately $3.5 million. All of these conditions raised substantial doubt about the Company’s ability to continue as a going concern. We expect to satisfy our obligations and fund our operations through anticipated operating cash flows, proceeds on ExAlt Loan payments and fee income derived from distributions on investments held by the Customer ExAlt Trusts or other investments held by Ben, potentially refinancing some or all of the existing borrowings due prior to their maturity, with either our current lender or other lenders, and through the implementation of measures designed to reduce corporate overhead, including through the use of furloughs, potential workforce reductions and other expense reductions. We also intend to raise capital through equity or debt investments by third parties. As further discussed in Note 22, 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 million of shares of the Company’s common stock. 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. Based on projections of growth in revenue and net income in the coming quarters, the expected additional investments into Ben by third parties, potentially refinancing certain existing borrowings with either our current lender or other lenders, the additional financing source from the SEPA, and expected proceeds from our debt and equity offerings, we believe that we will have sufficient cash resources to finance our operations, satisfy other obligations, and to fund expected lending transactions within one year after the date that the consolidated financial statements are issued. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern for a reasonable period of time.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Change in Fiscal Year On March 30, 2022, the Board of Directors of Ben Management approved a change in the Company’s fiscal year end from December 31 to March 31. The Company elected to change its fiscal year end in order to better align with its peers and with the timing in which more recent audited financial statements of its investments, whose cash flows serve as collateral to the ExAlt Loans, would be available. The change in the Company’s fiscal year end resulted in a transition period that began on January 1, 2022 and ended on March 31, 2022. 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”) 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 (“ASC 810”), as amended. 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 (“ASC 946”). Thus, the investments in non-investment companies made by these funds are accounted for in accordance with ASC 946 and are not subject to consolidation or the disclosure requirements of ASC 810. Moreover, further consolidation provisions of ASC 946 are not applicable to Ben since these investment companies do not have an investment in an operating entity that provides services to the investment company or to Ben. 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 BCG’s and BCH’s equity holders as further discussed in Note 3 . 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, the fair value determination of the investment in debt securities, determination of the allowance for loan losses as an input to the allocation of income (loss) to BCG’s or BCH’s equity holders, evaluation of potential impairment of goodwill and other intangibles, and determining the grant date fair value for share-based compensation awards. Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation. Specifically, our redeemable noncontrolling interests as of March 31, 2022, were separated to show each class on the consolidated statements of financial condition to maintain consistency with the current year presentation. This reclassification had no effect on the total redeemable noncontrolling interests or temporary equity. 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 income in the consolidated statements of comprehensive income (loss). Under the terms of certain of the ExAlt Plan TM 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 (principally of a related party), investments in private equity securities, 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 , permits, as a practical expedient, to estimate the fair value of these types of investments based on the net asset value (“NAV”) per share, or its equivalent, if the investment does not have a readily determinable fair value and if the NAV of such investments is calculated in a manner consistent with the measurement principles of ASC 946. The Company has elected to use NAV as a practical expedient to measure the fair value of these investments. These investments are valued based on the most recent available information, which typically has a delay due to the timing of financial information received from the individual investments. Accordingly, in determining the value of the investment, we may consider whether adjustments to the NAV are necessary in certain circumstances in which management is aware of material events that affect the value of the investments during the intervening period. 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. When our ownership percentage of an investment is greater than three to five percent, we categorize distributions from investments in alternative assets on our consolidated statement of cash flows using the cumulative earnings approach in accordance with ASC Topic 323, Investments — Equity Method and Joint Ventures . Under this approach, distributions received are classified as cash inflows from operating activities until such time that the cumulative distributions exceed cumulative earnings for the investment. When such an excess occurs, the excess portion of the current period distribution is considered a return of investment and is classified as a cash inflow from investing activities. • Investments in Public Equity Securities and Options Investments in public equity securities and options primarily represent common stock ownership in GWG Holdings, Inc. (“GWG Holdings” or “GWG”) along with investments in other public companies 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 primarily represent ownership in GWG Holdings’ L Bonds by certain of the Customer ExAlt Trusts. Investments in debt securities also represent ownership in privately held debt owned by certain of the Customer ExAlt Trusts. 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 320 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), an other-than-temporary impairment (“OTTI”) 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, an OTTI is considered to have occurred. 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 OTTI 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 year ended March 31, 2023 and the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, the Company recognized an OTTI on its investment in debt securities of $12.6 million, $4.9 million, $13.7 million, and nil, respectively, which substantially results from its 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 Investments in other equity securities are held by certain of the Customer ExAlt Trusts and represent ownership in equity securities of privately held companies. Equity securities that do not have readily determinable fair values are initially recorded at cost and subsequently remeasured 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 . We determine if an arrangement is or contains a lease at inception. Operating leases with a term greater than one year are included in right-of-use-assets and lease liabilities. The right-of-use asset represents the Company’s right to use an underlying asset for the lease term. Related lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term, using the rate the Company would pay to borrow amounts equal to the lease payments over the lease term (the Company’s incremental borrowing rate). Lease expense is recognized on a straight-line basis over the lease term in other expenses in the consolidated statements of comprehensive income (loss). Common area maintenance and other related costs are considered variable lease payments and are expensed as incurred. The Company made an accounting policy election not to recognize short-term lease assets and liabilities (less than a 12-month term) or immaterial equipment leases in its balance sheets. The Company recognizes the lease expense for these leases on a straight-line basis over the life of the lease. 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 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 Goodwill and Other Intangibles The Company accounts for goodwill and intangible assets in accordance with ASC Topic 350, Intangibles – Goodwill and Other . The amount of goodwill initially recorded is based on the fair value of the acquired entity at the time of acquisition. Management performs goodwill and intangible asset impairment testing annually, as of January 1, or when events occur, or circumstances change that would more likely than not indicate impairment has occurred. Goodwill impairment exists when the carrying value of goodwill exceeds its implied fair value. The Company conducted the annual impairment test for the years ended December 31, 2021 and 2020 on October 1. The Company conducted the annual impairment test for the three months ended March 31, 2022 and the year ended March 31, 2023 on January 1. This was considered a change in accounting principle as of March 31, 2022, as the impairment test for the year ended December 31, 2021 and 2020 was for the twelve months ended. The Company deemed the change of impairment test timing to be appropriate as the January 1 date better aligns with the Company’s new fiscal year end. The change in accounting principle related to the annual testing date did not delay, accelerate or avoid an impairment charge. This change was not applied retrospectively as it is impracticable to do so because retrospective application would require application of significant estimates and assumptions with the use of hindsight. Accordingly, the change was applied prospectively. 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. Other Liabilities Other liabilities consist principally of a liability related to an interest commitment, payables to affiliates, and trust payables. Refer to Note 9 for more information on these other liabilities. 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 The Company and most of its subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes. Certain of our entities are corporations for tax purposes. In addition, certain of the wholly-owned subsidiaries of the Company will be subject to federal, state, and local corporate income taxes at the entity level and the related tax provision attributable to the Company’s share of this income tax is reflected in the consolidated financial statements. Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities, if any, are recorded within accounts payable and accrued expenses and other liabilities in the consolidated statements of financial condition. The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. The Company records uncertain tax positions on the basis of a two-step process: (a) determination is made whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (b) those tax positions that meet the more likely than not threshold are recognized as the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes accrued interest and penalties related to uncertain tax positions in other expenses within the consolidated statements of comprehensive income (loss). 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) holder, which consists of GWG Holdings, of Preferred Series C Unit Accounts 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 (i) a Related Entity, an entity affiliated with a related party, a third party, and certain directors, of Preferred A.0 issued by BCH, and (ii) a Related Entity, an entity affiliated with a related party, a third party, and certain directors, of Preferred A.1 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 Unit The Com pany computes net earnings (loss) per unit attributable to common unitholders using the two-class method required for participating securities. The two-class method requires income available to common unitholders 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 unit attributable to common unitholders is computed by dividing net earnings (loss) available to common unitholders by the weighted average number of common units outstanding during the period. Diluted earnings per common units is computed in a similar manner, except that first the denominator is increased to include the number of additional common units 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. For certain periods presented herein, it also consists of unrealized gains (losses) on repurchase options and unrealized gains (losses) on other noncash transactions. Refer to Note 5 for a reconciliation of the financial statement line item. 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 insurance reimbursable, 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 OTTI on AFS debt securities and bad debt expense on receivables related to the Shared Services Agreement with GWG Holdings. A reconciliation of provision for credit losses for each of the periods presented herein is presented below: Year Ended March 31, Three Months Ended March 31, Year Ended December 31, (in thousands) 2023 2022 2021 2021 2020 (unaudited) OTTI on AFS debt securities (Note 5) $ 12,621 $ 4,943 $ — $ 13,726 $ — Bad debt expense on related party receivable (Note 9) 6,723 4,440 — 5,029 — Bad debt expense on other receivables 1,236 — — — — Provision for credit losses $ 20,580 $ 9,383 $ — $ 18,755 $ — 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 , (Topic 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. 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 Not Yet Adopted ASU 2016-13, Financial Instruments , Credit Losses , (Topic 326) was issued in June 2016. This standard broadens the information that an entity must consider in developing its current expected credit loss (“CECL”) estimate for loans and other financial assets measured either collectively or individually. Current U.S. GAAP delays recognition of credit losses until it is probable a loss has occurred, generally only considering past events and current conditions in measuring the incurred loss. Once implemented, this new standard will eliminate the probable initial recognition threshold and instead, will require the measurement of expected credit losses based on historical experience, current conditions, and reasonable and supportable forecasts covering the entire term of the instrument through contractual maturity. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. This standard requires enhanced disclosures around significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of the portfolio. The effective date of Topic 326 has been extended for smaller reporting companies and private companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Our most significant implementation activities included selection of measurement methodologies and related model development, data accumulation and verification, identification of reasonable and supportable forecast periods, selection of timelines and methods for reversion to unadjusted historical information, multiple preliminary analyses including parallel runs against existing loan loss estimation processes, and design and evaluation of internal controls over the new estimation processes. We have determined we will utilize discounted cash flow methods. Based on implementation efforts, we expect to incur an increase of approximately $61.1 million as of April 1, 2023, related to an increase in the allowance for loan losses as well as an increase in the reserve for unfunded commitments. A significant portion of this impact relates to the initial recognition of an allowance for newly originated loans. Management is in the final stages of documenting the accounting, reporting and governance processes associated with the adoption of Topic 326. We also assessed asset classes other than loans receivable that are within the scope of CECL and determined that the adoption effects for the change in measurement of credit risk were minimal for these classes. Additionally, we have also evaluated the composition of its AFS securities and determined that the changes in Topic 326 will not have a significant effect on the current portfolio. ASU 2020-04, Reference Rate Reform , (Topic 848) was issued in March 2020. The amendments in Topic 848 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. Topic 848 can be applied by all entities as of the beginning of the interim period that includes March 12, 2020, or any date thereafter, and entities may elect to apply the amendments prospectively through December 31, 2022. On December 31, 2022, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 was issued, which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024. We have not utilized the optional expedients and exceptions provided by this standard, and are currently evaluating the impact of this standard on our consolidated financial statements and disclosures.

Understanding our Financial Sta

Understanding our Financial Statements and the Impact to the Common Unitholder	12 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Understanding our Financial Statements and the Impact to the Common Unitholder	Understanding our Financial Statements and the Impact to the Common Unitholder 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 BCG or BCH equity holders. T ransactions 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, t he 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 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 BCG’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 BCG’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 7.0% and 14.0% per annum charged against the outstanding principal balance of the ExAlt Loan, (ii) fee income billed at closing, but recognized as revenue ratably over the expected life of the alternative asset, for each liquidity transaction with Customers for services including access to and use of the AltAccess Platform, transfer of the alternative assets, and delivery of the consideration to the client, with fee rates of 7.0% of the sum of the NAV and remaining unfunded commitment of the transacted alternative asset, and (iii) recurring fee income recognized each period for providing services including trustee, custody, and trust administration of the Customer ExAlt Trusts while they hold investments, with fee rates of 2.8% per annum of the sum of the NAV and remaining unfunded commitment of the alternative assets held. a. Ben Liquidity recognized $50.8 million, $17.8 million, $55.9 million, and $51.8 million, in interest income during the fiscal year ended March 31, 2023 , the three-month transition period ended March 31, 2022 and the fiscal years ended December 31, 2021 and 2020, respectively. b. Ben Custody recognized $29.0 million, $8.4 million, $20.3 million, and $19.4 million, in trust services and administration revenues during the fiscal year ended March 31, 2023 , the three-month transition period ended March 31, 2022, and the fiscal years ended December 31, 2021 and 2020, respectively, comprised of both the fee income billed at the closing of the transactions that is being amortized into revenue and the recurring fee income billed during the periods. In addition, the Corporate/Other segment, which also relates to BCG 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 BCG 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 The Beneficient Company Group, L.P. common unitholder. 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 unitholder and reiterates that the consolidation of the Customer ExAlt Trusts has no impact on the net income (loss) attributable to The Beneficient Company Group, L.P. common unitholder. (in thousands) Year Ended Three Months Ended Year Ended Year Ended Operating income (loss) Ben Liquidity $ (46,512) $ (20,299) $ 21,191 $ 25,238 Ben Custody 24,046 7,301 16,193 15,922 Corporate & Other (112,845) (31,607) (77,991) (136,155) Loss on extinguishment of debt, related parties — — (34,013) — Less: Income tax expense (benefit) (1,072) 1,072 — 3,459 Less: Net loss attributable to noncontrolling interests—Ben 19,081 5,038 12,870 40,414 Less: Noncash deemed contribution on extinguishment of redeemable noncontrolling interest — — 14,200 — Less: Noncash deemed dividend on extinguishment of redeemable noncontrolling interest — — (46,202) — Less: Noncontrolling interest guaranteed payment (15,822) (3,788) (1,264) — Net loss attributable to common unitholders $ (130,980) $ (44,427) $ (95,016) $ (58,040) 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 BCG’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 In accordance with ASC Topic 606, Revenue from Contracts with Customers , the Company recognizes revenues when it transfers promised goods or services to customers in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. ASC Topic 606 does not apply to revenue associated with financial instruments, including debt or equity securities accounted for under ASC Topic 320, ASC Topic 321 or ASC Topic 323. ASC Topic 606 applies to income such as up-front fees, trust services fees and administration fees. Ben’s income considered in-scope of ASC Topic 606 is discussed below. 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 variable 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. 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 Plan TM . 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 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 allowance for loan losses is an input to the allocation of income (loss) to BCG’s or BCH’s equity holders . The allowance for loan losses is a valuation allowance for probable incurred credit losses in the loan portfolio. Management’s determination of the allowance is 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, m anagement 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 BCG’s and BCH’s equity holders is adjusted for any allowance for loan losses, which was approximately $80.7 million, $34.1 million, $8.9 million, and $5.4 million for the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020, respectively.

Strategic Transactions with GWG

Strategic Transactions with GWG Holdings, Inc. and GWG Life, LLC	12 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Strategic Transactions with GWG Holdings, Inc. and GWG Life, LLC	Strategic Transactions with GWG Holdings, Inc. and GWG Life, LLC In 2018 and 2019, we consummated a series of transactions with GWG Holdings, certain of which, relevant to the financial statements presented herein, are more fully described below. As a result of certain of these transactions, on December 31, 2019, GWG Holdings obtained the right to appoint a majority of the members of the Board of Directors of Ben Management, and Ben became a consolidated subsidiary for financial reporting purposes of GWG Holdings beginning on December 31, 2019. Decoupling Transactions with GWG Holdings On November 12, 2021, amendments to the organizational documents of BCG, BCH, and Ben Management were approved by the Board of Directors of Ben Management and GWG Holdings (the “Amendments”). On November 29, 2021, the Amendments became effective. These Amendments are part of, and effectuate, the series of transactions (the “Decoupling Transactions”), which resulted in, among other things, (i) GWG Holdings converting its capital account balance of $319.0 million in BCH Preferred A.1 to an equal amount of Preferred Series B Subclass 2 Unit Accounts issued by BCG (“BCG Preferred B.2”), which are a preferential class of equity in BCG with enhanced conversion rights; (ii) GWG Holdings no longer having certain voting rights or the right to nominate or appoint members of the Board of Directors of Ben Management; and (iii) Ben no longer being a consolidated subsidiary of GWG Holdings and therefore operating as a wholly independent and separate company. Commercial Loan Agreement On December 28, 2018, BCG, as borrower, entered into a commercial loan agreement (the “Commercial Loan Agreement”) with GWG Life, LLC, a wholly-owned subsidiary of GWG Holdings (“GWG Life”), as lender, providing for a loan in a principal amount of $192.5 million (the “Commercial Loan”). The principal amount under the Commercial Loan Agreement bore interest at 5.00% per year, compounded annually. One-half of the interest, or 2.50% per year, was due and payable monthly in cash, and one-half of the interest, or 2.50% per year, accrued and compounded annually. In connection with the Decoupling Transactions, on November 26, 2021, GWG Holdings and BCG executed a payoff letter for the Commercial Loan Agreement pursuant to which BCG repaid the entire outstanding principal balance of the Commercial Loan Agreement of $202.3 million plus accrued interest of $5.8 million, by issuing to GWG Life 19,250,795 Common Units. The payoff of the Commercial Loan Agreement was accounted for as a debt extinguishment in accordance with ASC 470. Accordingly, BCG recorded a $14.6 million loss on extinguishment related to the payoff for the year ended December 31, 2021, which is reflected in the loss on extinguishment of debt line item on the consolidated statements of comprehensive income (loss). The loss on extinguishment represents the difference between the carrying value of the Commercial Loan Agreement at payoff of $192.8 million, net of an unamortized discount of $15.3 million, and the fair value of the Commercial Loan Agreement of $207.4 million, which was determined to have the most readily determinable fair value at the time of the nonmonetary transaction. Unit Purchase Agreement On July 15, 2020, the Company entered into a Preferred Series C Unit Purchase Agreement (“UPA”) with GWG Holdings (acting through a then constituted special committee of the Board of Directors of GWG Holdings). Pursuant to the UPA, and provided it has adequate liquidity, GWG Holdings agreed to make capital contributions from time to time to BCH in exchange for Preferred Series C Unit accounts of BCH during a period which commenced on the date of the UPA and continued until November 29, 2021, when Ben ceased to be a consolidated subsidiary of GWG Holdings. Durin g the years ended December 31, 2021 and December 31, 2020, BCH issued $14.8 million and $130.2 million, respectively, of Preferred Series C rel ated to this agreement for cash consideration of equal value. The Company redeemed $14.8 million of Preferred Series C during the year ended December 31, 2021 for cash consideration of equal value. Option Agreement Conversion Effective August 11, 2020, as a result of the Exchange Agreement entered into by the parties on December 31, 2019, and the mutual agreement of the parties, the Option Agreement was exercised under the provisions of the Option Agreement. As such, GWG Holdings received $57.5 million of BCG Common Units at a price per unit equal to $12.50. The exercise of the Option Agreement decreased other liabilities and increased common units outstanding. Collateral Swap On September 30, 2020, certain of the Customer ExAlt Trusts (collectively, the “Participating Customer ExAlt Trusts”), at the sole direction of the independent trustee of each such trust, with the intention of protecting the value of certain assets of the Participating Customer ExAlt Trusts underlying part of the Collateral portfolio, the Participating Customer ExAlt Trusts entered into that certain Contribution and Exchange Agreement with certain of the 2017-18 Exchange Trusts, (collectively, the “Participating Exchange Trusts”), each of which entered into such agreement at the direction of its applicable trust advisor and by and through its applicable corporate trustee (the “Contribution and Exchange Agreement”). Under the Contribution and Exchange Agreement, the Participating Exchange Trusts agreed to exchange 9,837,264 shares of GWG Holdings’ common stock valued at $84.6 million, 543,874 shares of BCG Common Units valued at $6.8 million, and GWG Holdings’ L Bonds due 2023 in the aggregate principal amount of $94.8 million to the Participating Customer ExAlt Trusts for $94.3 million in NAV of the alternative asset investments held by the Participating Customer ExAlt Trusts. This transaction ( the “Collateral Swap”) resulted in the Participating Customer ExAlt Trusts recognizing an additional $84.6 million of investment in public equity securities of related party, $94.8 million of debt securities of related party, $3.4 million of treasury shares of BCG’s Common Units, and gain of $88.5 million, which was recorded in investment income, net in the consolidated statements of comprehensive income (loss). LiquidTrust Promissory Note Repayment On May 31, 2019, certain LiquidTrusts executed a Promissory Note (the “Promissory Note”) with GWG Life (acting through a then constituted special committee of the Board of Directors of GWG Holdings) for a principal amount of $65.0 million. On September 30, 2020, GWG Holdings, GWG Life (which, collectively with GWG Holdings, acted through a then constituted special committee of the Board of Directors of GWG Holdings), and the Borrowers agreed to the repayment of the Promissory Note and any related accrued interest for a $75.0 million BCH Preferred C.1 Unit Account that BCG issued to the Borrowers. The Company determined the fair value of the BCH Preferred C.1 was $71.2 million as of September 30, 2020. The carrying value of the Promissory Note on September 30, 2020, with accrued and unpaid interest thereon, was $65.1 million. Accordingly, the difference between the fair value of the BCH Preferred C.1 and the carrying value of the settled debt was settled between equity holders. Additionally, as a result of the change in ownership of BCG while BCG retained a controlling interest in BCH, a rebalancing of the noncontrolling interests was performed in accordance with ASC 810-10, Consolidation — Overall , which resulted in a $3.2 million net increase to noncontrolling interest. Relationship with Beneficient Management Counselors, L.L.C. Ben Management is the general partner of Ben and is governed by a board of directors. The governing document of Ben Management provides that Beneficient Management Counselors, L.L.C. (“BMC”), wholly owned by one of several Related Entities, determine the directors of Ben Management who fill 49% of the Board seats. BMC is also entitled to select (a) 50% of the membership of the Ben Management’s Nominating Committee and Executive Committee and appoint the chair of each of these committees, and (b) 50% of the membership of the Community Reinvestment Committee (CRC) and the CRC’s chairperson and lead committee member . Certain decisions with respect to Ben’s charitable giving program are delegated to the CRC, including certain decisions on behalf of BFF as a Kansas TEFFI. Decisions regarding appointment and removal of Ben Management’s directors, other than directors appointed by BMC, are delegated, with certain exceptions, to the Nominating Committee of Ben Management of which our Chief Executive Officer and Chairman is a member and Chairman. In the event of a tie vote of the Nominating Committee on a vote for the appointment or removal of a director, the majority of the then total number of directors serving on the board of directors will break the tie; provided that upon and following a “trigger event” (as defined in Ben Management’s governing document) the chair of the Nominating Committee may cast the tie-breaking vote. Services Agreement with Bradley Capital Company, L.L.C. Ben is the general partner of BCH and together they 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 million per quarter for executive level services provided by an executive of Bradley Capital, who is currently designated as our Chief Executive Officer and Chairman of Ben Management’s Board of Directors, together with a current supplemental fee of $0.2 million per quarter for administrative and financial analysis, with both the base fee and supplemental fee, subject to an annual inflation adjustment. The base fee may be increased by the provider up to two times the initial base fee per quarter to cover increases in the cost of providing the services, or in the event of an expansion of the scope of the services, with the approval of the Executive Committee of the Board of Ben Management of which our CEO & Chairman of Ben Management’s Board of Directors is a member and Chairman. Our CEO and Chairman of Ben Management’s Board of Directors receives an annual salary from the Company of $0.2 million and both he and other employees of Bradley Capital can participate in equity incentive plans sponsored by the Company. The Bradley Capital Agreement and the A&R Bradley Capital Agreement also includes a payment from Ben of $0.2 million per year, paid in equal quarterly installments, to cover on-going employee costs for retired and/or departed employees of predecessor entities prior to September 1, 2017, which on-going costs were assumed by Bradley Capital, as well as a further payment to Bradley Capital in respect of the cost of health and retirement benefits for current employees of Bradley Capital all of which are reimbursed by Ben. Under the Bradley Capital Agreement, Ben was also required to reimburse Bradley Capital for out-of-pocket expenses incurred by Bradley Capital employees, including reimbursement for private travel for the family members of designated executives of Bradley Capital for both business and personal use. Under the A&R Bradley Capital Agreement, Ben is no longer required to reimburse Bradley Capital for private travel of designated executives of Bradley Capital and their family members. 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. 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. 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 extends through December 31, 2022, with an automatic annual one-year renewal provision thereafter. The A&R Bradley Capital Agreement may be terminated by the mutual agreement of the parties, by the unanimous approval of the Executive Committee of the Board of Ben Management of which an executive of a Related Entity is a member, or without such approval if the Related Entity no longer holds the lesser of $10.0 million of Ben’s securities or 1% of the aggregate fair market value of Ben on both December 31, 2022, or any applicable extension date, and the date of termination. As part of the May 2018 change of control of Ben, the Company obtained a valuation of the enterprise and its classes of equity as required by ASC 805 due to the application of pushdown accounting. This valuation incorporated, among other things, estimates of current and future costs arising from related party contracts, including the Bradley Capital Agreement and the BHI Services Agreement (defined below). Each class of the Company’s equity was then recorded at its fair value as set forth in valuation analysis, with the preferred equity held by Ben’s founders reduced for, among other things, (i) the balance of outstanding debt of the Company, including related party debt, and (ii) any decrease in the value of the Company, up to the entire founders’ preferred equity amount outstanding, including decreases arising from the present value of the estimated costs of the related party contracts, including estimated costs related to private travel under the terms of the Bradley Capital Agreement. During the year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, the Company recognized expenses totaling $2.6 million, $0.6 million, $4.1 million, and $3.8 million, respectively, related to this services agreement, respectively. As of March 31, 2023 and March 31, 2022, $3.6 million and $3.5 million, respectively, was owed to Bradley Capital related to this services agreement. 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 million plus direct operating expenses incurred for Ben’s use of the aircraft. Bradley Capital is required to pay any other fixed and variable costs of operating the aircraft. Beneficient USA is also required to provide its own pilot(s) and crew, and Beneficient USA has entered into a separate Flight Crew Services Agreement with an unrelated third-party to provide the qualified flight crew. The term of the Aircraft Sublease is one (1) year and may be terminated by either party upon three (3) days prior written notice and will automatically terminate upon the sale or similar disposition of the aircraft or the termination of the underlying lease agreement. Additionally, BCG agrees to unconditionally guarantee, for the benefit of Bradley Capital, all of the obligations of Beneficient USA to Bradley Capital under the Aircraft Sublease. During the year ended March 31, 2023 and the three months ended March 31, 2022 , BCH expensed $6.1 million and $1.7 million, respectively, in lease and direct operating expenses related to this agreement. As discussed below, BHI, a Related Entity (which as defined above is an entity associated with our founder), 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. Guaranty made to Bradley Capital In conjunction with the execution of the A&R Bradley Capital Agreement and the Aircraft Sublease, Bradley Capital and BCH entered into a Guaranty effective as of January 1, 2022 (the “Guaranty”). Pursuant to the Guaranty, BCH provides an unlimited, irrevocable, and unconditional guaranty in favor of Bradley Capital guaranteeing the complete and timely payment of any and all amounts due up to $20.0 million from Bradley Capital to a lender under any financing arrangement with Bradley Capital, the proceeds of which were used in the acquisition of the aircraft under the Aircraft Sublease or any other aircraft acquired by Bradley Capital in connection with Bradley Capital’s obligations under the Bradley Capital Agreement. No guaranty payments were required from BCH as of March 31, 2023 and March 31, 2022. Bradley Capital does not currently have an outstanding guarantee to any third-party lender, and none are currently contemplated at the time of the issuance of these financial statements. Effective as of December 9, 2022, Bradley Capital and BCH entered into an agreement pursuant to which Bradley Capital agreed not to enforce the Guaranty or any obligations of BCH thereunder nor utilize the Guaranty in any manner unless and until the withdrawal of the registration statement on Form S-4 BCG originally filed with the SEC on December 9, 2022 (the “Forbearance Agreement”). 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 to Ben for the provision of trust administration services for Related Entities and all trusts affiliated with its family trustee as that term is defined in the governing documents for a Related Entity. Beneficient USA also is required to provide any other services requested by BHI, subject to any restrictions in the operating agreement of BHI, at cost. The term of the BHI Services Agreement extends for the longer of (i) five years past the expiration or termination of the Bradley Capital Agreement, or (ii) seven years after the family trustee of the Related Entity is no longer a primary beneficiary of any trust affiliated with the family trustee. The Company recognized income during the year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, respectively, in accordance with the agreement. 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 per year. This additional payment is intended to partially cover flight crew costs and other related costs. Each contribution is conditioned upon (i) the effectiveness of the Aircraft Sublease, (ii) the effectiveness of the Guaranty (as defined above), and (iii) BCH’s timely payment to BHI of the guaranteed payment to be made to holders of BCH Preferred A.0 for the respective quarter in which such contribution is to be paid (whether or not waived in accordance with the terms of the BCH LPA); provided, that if such guaranteed payment is not timely paid, or is only paid in part, for any given quarter, then any contributions contemplated under the Contribution Agreement for such quarter will not be owed. In the event such guaranteed payment is subsequently paid in full, then any previously unfunded contributions for the applicable quarter under the Contribution Agreement will become immediately due and payable on the last business day of the calendar quarter in which such guaranteed payment is paid in full. All payments made by BHI to BCH pursuant to the Contribution Agreement shall be treated as capital contributions, as defined in the BCH LPA, by BHI to BCH and shall be added to BHI’s sub-capital account related to its Class S Ordinary Units of BCH. BCH further agrees to specially allocate to BHI’s sub-capital account related to its Class S Ordinary Units of BCH any expenses or deductions derived from amounts paid or accrued by BCH for use of the aircraft to the extent such expenditures are offset by the contributions made by BHI pursuant to the Contribution Agreement. There have been no contributions from BHI related to this agreement, which is expected and will continue to occur until the guaranteed payments to Preferred A.0 holders are no longer deferred. BHI owns the majority of the Class S Ordinary Units, 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. Finally, see discussion above under “ Services Agreement with Bradley Capital” related to the May 2018 change of control of Ben. 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 25 years exists between Highland (and its affiliates or related parties), on the one hand, and Related Entities, on the other. From time to time, Highland or its affiliates have advanced funds under various lending and investing arrangements to Related Entities, and such Related Entities have made repayments to Highland or its affiliates, as applicable, both in cash and in kind. 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, 2023 and March 31, 2022, Highland Consolidated, L.P. had outstanding loans in the principal amount of $14.0 million and $3.3 million, respectively, with a Related Entity. Ben is not a party to these loans, nor has it secured or guaranteed the loans. Administrative Services Agreement between Constitution Private Capital Company, L.L.C. (“Constitution”) and Beneficient USA. Constitution is an entity owned 50.5% by a Related Entity and 49.5% by an entity controlled by our Board of Directors. It was founded in 1986 and acquired by a Related Entity in 1996. Constitution currently manages three private equity fund-of-funds. Effective January 1, 2017, Constitution entered into an Administrative Services Agreement (the “ASA”) with Beneficient USA, a subsidiary of BCH, whereby Beneficient USA provides personnel to administer the portfolio assets advised by Constitution. Under the ASA, Constitution pays Beneficient USA a monthly fee equal to 0.01% of the month-end net assets of its portfolio. The ASA automatically renews on an annual basis and may be terminated at any time by Constitution. Beneficient USA may only terminate the ASA in the event of a breach by Constitution. There was no income recognized by the Company related to this services agreement for the year ended March 31, 2023, the three months ended March 31, 2022, or the years ended December 31, 2021 and 2020 . Preferred Liquidity Provider Agreement with Constitution. In May 2019, BCC entered into an agreement with Constitution (the “Preferred Liquidity Provider Agreement”) under which at Constitution’s option, BCC will provide liquidity to alternative asset funds sponsored by Constitution at an advance rate of not less than 82% of NAV, to the extent such funds meet certain specified qualifications. For a fund to qualify for the liquidity option, it must, among other things, hold investments that were approved or deemed approved by BCC at the time a fund makes such investments. BCC is required to provide liquidity in any combination, at its discretion, of cash, U.S. exchange traded funds registered under the Investment Company Act of 1940, or securities traded on a national securities exchange. BCC’s obligation under the Preferred Liquidity Provider Agreement is guaranteed by Ben and BCH. The Preferred Liquidity Provider Agreement may be terminated solely by mutual consent of Ben and Constitution. Ben and Constitution have not contracted for any liquidity under this agreement through March 31, 2023 . 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 a Related Entity. HERO’s purposes are (i) to serve as an advisor to National Philanthropic Trust (“NPT”), an unrelated third-party charitable organization, regarding the disbursement of grants to qualifying organizations, and (ii) to serve as an advisor to NPT regarding the administration of charitable contributions made for the benefit of such qualifying organizations. Although HERO can advise on these matters, NPT has all final decision-making authority on charitable contributions and complete control over the proceeds received by the charitable organizations. The charitable accounts administered by NPT (“Charitable Accounts”), the beneficiaries of which have historically been multiple Texas universities, have historically received proceeds from certain trusts settled and funded by customers of Ben, in support of their charitable initiatives. HERO does not receive any proceeds from trusts settled and funded by customers of Ben. RROC’s purpose is to provide funding and operational support for the research activities conducted by qualified charities. The funding received by RROC, from proceeds of trusts settled and funded by certain 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 approximately $2.1 million and $2.7 million as of March 31, 2023 and March 31, 2022 , respectively. During the year ended March 31, 2023, Ben paid $0.8 million. There were no payments made during the three months ended March 31, 2022 and the years ended December 31, 2021 and 2020 . Due to changes in the Customer ExAlt Trust agreements, no incremental amounts are expected to be allocated to RROC or the Charitable Accounts other than those amounts already provided by certain prior trust agreements. 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 Kansas TEFFI Economic Growth Trust. Beneficient Heartland Foundation, Inc. On January 20, 2022, Beneficient Heartland Foundation, Inc. (“BHF”) was formed as a Kansas nonprofit corporation to receive economic growth contributions pursuant to the TEFFI legislation. BHF is governed by a 13-member board of directors, nine of whom are community leaders within the Hesston, Kansas community and four of whom are Ben employees or individuals otherwise affiliated with Ben. BHF is organized and operated exclusively for charitable and educational purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code. Its purpose is to provide grants and other support to benefit growth, development and expansion of opportunities in rural Kansas communities with populations of 5,000 residents or less, including job and income growth, main street revitalization, educational facility improvements, construction and development, healthcare facility enhancements, senior facility improvements, and support for post-secondary institutions. BHF has the exclusive decision-making authority over all of the economic growth contributions it receives. BFF is the sole member of BHF and has the right to appoint eleven members of BHF’s Board of Directors. The remaining two board members are appointed by BMC. Pursuant to the requirements of the Internal Revenue Code, BFF’s governing documents prohibit any of BHF’s assets or earnings from inuring to the benefit of BFF, BMC, or any director, officer or other private individual. 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 million and $0.7 million as of March 31, 2023 and March 31, 2022 , respectively . Ben paid $2.7 million during the year ended March 31, 2023. There were no amounts paid during the three months ended March 31, 2022 and the years ended

Investments, at Fair Value

Investments, at Fair Value	12 Months Ended
	Mar. 31, 2023
Investments [Abstract]
Investments, at Fair Value	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 (principally of a related party), other equity securities and put options. The composition of investments recorded at fair value by holder is included in the table below (in thousands): March 31, 2023 March 31, 2022 Ben Customer ExAlt Trusts Ben Customer ExAlt Trusts Alternative assets $ — $ 385,851 $ — $ 524,927 Public equity securities and option 4,742 8,087 13,625 56,144 Debt securities available-for-sale 620 76,278 624 77,669 Other equity securities — 21,643 — 1,181 Total investments, at fair value $ 5,362 $ 491,859 $ 14,249 $ 659,921 A reconciliation of investment income (loss), net for each of the periods presented herein is included in the table below (in thousands): Year Ended March 31, Three Months Ended March 31, Year Ended December 31, 2023 2022 2021 2021 2020 (unaudited) (Loss) gain from change in NAV of alternative assets $ (54,010) $ (10,811) $ 2,091 $ 15,534 $ (17,558) Gain on repurchase options (see Note 6) — — — — 61,664 Gain on Collateral Swap (see Note 4) — — — — 88,514 Investment (loss) income, net $ (54,010) $ (10,811) $ 2,091 $ 15,534 $ 132,620 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 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 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 Plan TM from transferring an investment in a private equity fund. The majority (96 percent) of 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, 2023 and March 31, 2022, is summarized below (in thousands): Alternative Investments Portfolio Summary March 31, 2023 March 31, 2022 Asset Class Carrying Value Unfunded Commitments Carrying Value Unfunded Commitments Venture Capital $ 165,933 $ 2,810 $ 209,912 $ 3,035 Private Equity 145,073 47,218 199,280 55,269 Hedge Funds (1) 24,935 337 51,974 358 Natural Resources 27,756 5,240 31,736 4,994 Private Real Estate 10,391 4,800 15,757 4,802 Other (2) 11,763 730 16,268 635 Total $ 385,851 $ 61,135 $ 524,927 $ 69,093 Certain prior year items have been reclassified to conform with current year presentation. (1) As of March 31, 2023 , $16.4 million of the investments in this asset class are currently redeemable with no restrictions apart from the notice period. The redemption frequency ranges from weekly to quarterly and the redemption notice period ranges from 2 to 90 days. (2) “Other” includes earnouts, escrow, net other assets, and private debt strategies. As of March 31, 2023 , the Customer ExAlt Trusts collectively had exposure to 286 professionally managed alternative asset investment funds, comprised of 952 underlying investments, 91 percent of which are investments in private companies. Public Equity Securities Investment in public equity securities primarily represents ownership by both Ben and certain of the Customer ExAlt Trusts in GWG Holdings combined with direct investments in other 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, 2023 and March 31, 2022, the fair value of the GWG Holdings’ common stock held by Ben and the Customer ExAlt Trusts is $3.7 million and $67.2 million, respectiv ely. The fluctuation in the amount of GWG Holdings’ common stock between each period end is determined by the quoted market price. The decline in market price from March 31, 2022 to March 31, 2023, is due to a variety of factors, including GWG Holdings’ pending reorganization under the Chapter 11 Bankruptcy Code . The fair value of the investments in other public companies was $5.1 million and $2.5 million as of March 31, 2023 and March 31, 2022, respectively . Refer to No te 6 for a reconciliation of the gain (loss) on financial instruments, net for each of the periods presented herein. Put Options On July 17, 2020, Ben, through its consolidated subsidiary, CT Risk Management, L.L.C, purchased put options with an aggregate notional amount of $300.0 million for aggregate payments of $14.8 million. Those options were sold in November 2021 for $1.8 million, resulting in a recognized loss of $12.9 million. On April 1, 2022, Ben, through CT Risk Management, L.L.C., made aggregate payments of $5.0 million to purchase additional put options in the S&P 500 Index with an aggregate notional amount of $141.3 million. Half of the notional expires in April 2024, while the other half expires in April 2025. On April 27, 2022, CT Risk Management, L.L.C., sold an equity interest for $2.4 million to the third-party involved in a participation loan transaction described in Note 10 and utilized the proceeds to purchase additional put options similar to the put options purchased on April 1, 2022. The put options are 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) . As of March 31, 2023, the fair value of the options was $4.0 million. For the year ended March 31, 2023 , Ben has recognized net losses totaling $3.5 million on the put options, of which approximately $2.5 million is attributable to Ben or Ben’s loan portfolio, with the remainder attributable principally to the loan involved in the participation loan transaction. No options were held as of or during the three months ended March 31, 2022. The related loss recognized in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2021 and December 31, 2020 , was $5.2 million and $7.8 million, respectively. Refer to Note 6 for a reconciliation of the gain (loss) on financial instruments, net for each of the periods presented herein. Debt Securities Available-for-Sale Investments in debt securities primarily represent ownership in corporate debt securities, specifically, GWG Holdings’ L Bonds held by certain of the Customer ExAlt Trusts. Investments in debt securities also 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. The L Bonds have a maturity of August 8, 2023; however, the Company expects that any recovery on the investment in L Bonds will occur during the calendar year ending 2025 upon GWG Holdings’ emergence from bankruptcy and successful monetization of its assets that will provide for the recovery (if any) to GWG Holding’s creditors. A portion of GWG Holdings’ investment in the Ben Common Units, cash, or a combination thereof, may be used as consideration, at the option of GWG Holdings, for retiring the L Bonds upon a redemption event, which is at the option of the holder, or at the maturity of the L Bonds. 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, 2023 and March 31, 2022 are summarized as follows: 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 March 31, 2022 (Dollars in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities (L Bonds) $ 76,934 $ 132 $ (2,771) $ 74,295 Other debt securities 2,685 1,313 — 3,998 Total available-for-sale debt securities $ 79,619 $ 1,445 $ (2,771) $ 78,293 The table below indicates the length of time individual debt securities have been in a continuous loss position as of March 31, 2023 and March 31, 2022 : March 31, 2023 March 31, 2022 (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities (L Bonds): Less than twelve months $ — $ — $ 74,295 $ 2,771 Twelve months or longer 73,822 7,924 — — Other debt securities: Less than twelve months 2,078 956 — — Total available-for-sale debt securities with unrealized losses $ 75,900 $ 8,880 $ 74,295 $ 2,771 The noncredit-related portion of the net unrealized gains of $11.2 million and $0.1 million for the year ended March 31, 2023 and the three months ended March 31, 2022, respectively, and the net unrealized losses of $1.4 million for the year ended December 31, 2021, was recognized as a component of accumulated other comprehensive income (loss). During the year ended March 31, 2023, the three months ended March 31, 2022 , and t he year ended December 31, 2021, the Company determined the credit-related portion of OTTI on its investment in debt securities available-for-sale was $12.6 million, $4.9 million, and $13.7 million respectively, which is recorded in the provision for credit losses on the consolidated statements of comprehensive income (loss). The Company determined these losses were other-than-temporary as it does not expect to recover the entire amortized cost basis of the security. The following table is a rollforward of credit-related OTTI recognized in earnings for the periods presented below: (Dollars in thousands) Year Ended March 31, Three Months Ended Year Ended 2023 2022 2021 2020 Balance, beginning of period $ 18,669 $ 13,726 $ — $ — Credit related OTTI not previously recognized — — 13,726 — Increase in OTTI amounts previously recognized 12,621 4,943 — — Balance, end of period $ 31,290 $ 18,669 $ 13,726 $ — The contractual maturities of available-for-sale debt securities as of March 31, 2023 and March 31, 2022 are as follows: March 31, 2023 March 31, 2022 (Dollars in thousands) Amortized Cost Basis Fair Value Amortized Cost Basis Fair Value Due in one year or less $ 66,000 $ 75,900 $ 1,687 $ 3,000 Due in one to five years — — 76,934 74,295 No fixed maturity 998 998 998 998 $ 66,998 $ 76,898 $ 79,619 $ 78,293 Other Equity Securities 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 the identical or a similar investment of the same issuer. The value of these equity securities was $21.6 million and $1.2 million as of March 31, 2023 and March 31, 2022, respectively. The increase in value is primarily due to new investments held as of March 31, 2023 that were not held as of March 31, 2022 . Additionally, during the year ended March 31, 2023 , one security received an upward adjustment of $10.8 million based upon observable price changes, including a recent equity offering and stock to stock transactions. Such adjustment also represents the cumulative adjustment. Refer to Note 6 for a reconciliation of the gain (loss) on financial instruments, net for each of the periods presented herein, which reflects any upward or downward adjustments to these equity securities for the periods presented herein. There were no impairments to these equity securities during the year ended March 31, 2023, the three months ended March 31, 2022, or the years ended December 31, 2021 and 2020 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	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, 2023 and March 31, 2022 , the fair value of these investments using the NAV per share practical expedient was $385.9 million and $524.9 million, respectively. During the year ended March 31, 2023, the three months ended March 31, 2022 , and years ended December 31, 2021 and 2020, losses of $54.0 million and $10.8 million, gains of $15.5 million, and losses of $17.6 million, respectively, were recognized from changes in NAV, which are recorded within the investment income (loss), net, line item of our consolidated statements of comprehensive income (loss). 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, 2023 and March 31, 2022 are presented below. 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 As of March 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Public equity securities $ 69,769 $ — $ — $ 69,769 Debt securities available-for-sale Corporate debt securities (L Bonds) — 74,295 — 74,295 Other debt securities — 998 3,000 3,998 Liabilities: Derivative liability — — 8,108 8,108 A reconciliation of gain (loss) on financial instruments, net for each of the periods presented herein is included in the tables below (in thousands): Year Ended March 31, Three Months Ended Year Ended 2023 2022 2021 2021 2020 (unaudited) Public equity securities Related party equity securities $ (63,536) $ (56,011) $ — $ 37,012 $ (22,913) Other public equity securities 523 — — — — Put options (3,460) — (2,180) (5,175) (7,757) Derivative liability 4,595 — — — — Other equity securities 10,457 — — — — Gain (loss) on financial instruments, net $ (51,421) $ (56,011) $ (2,180) $ 31,837 $ (30,670) The following is a description of the valuation methodologies used for financial instruments measured at fair value on a recurring basis: Investment in debt securities available-for-sale Corporate debt securities (L Bonds). As of March 31, 2023 and March 31, 2022 , the fair value of these debt securities is calculated using quoted spreads for similar instruments observed in the fixed income market and is classified as a Level 2 investment in the fair value hierarchy. Other debt securities. The fair value of these debt securities is calculated using the market approach adjusted for the recoverability of the security. The following table provides quantitative information about the significant unobservable inputs used in the fair value measure of the Level 3 other debt securities (dollars in thousands): Fair Value Valuation Methodology Unobservable Inputs Range Weighted Average March 31, 2023 $ 2,078 Market Approach Enterprise value-to-revenue multiple 0.2x – 18.9x 1.74x March 31, 2022 $ 3,000 Market Approach Enterprise value-to-revenue multiple 0.2x – 18.9x 1.73x The following table reconciles the beginning and ending fair value of our Level 3 other debt securities: (Dollars in thousands) Year Ended March 31, Three Months Ended Year Ended 2023 2022 2021 2020 Beginning balance $ 3,000 $ 3,000 $ 1,687 $ — Initial fair value of financial instrument — — — 1,687 Gains (losses) recognized in accumulated other comprehensive income (loss) (1) (922) — 1,313 — Ending balance $ 2,078 $ 3,000 $ 3,000 $ 1,687 (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 period end (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 March 31, 2022 $ 8,108 Discounted cash flow Alternative asset beta to equity markets 0.51 – 1.69 Alternative asset market discount rate 0.08 Distribution rate 0.03 – 0.07 Equity market risk premiums 0.08 Net asset value volatilities 0.09 – 0.38 Enhanced return discount rate 0.12 The following table reconciles the beginning and ending fair value of our Level 3 derivative liability: Year Ended Three Months Ended March 31, 2022 Beginning balance $ 8,108 $ — Initial fair value of financial instrument — 8,108 (Gains) losses recognized in earnings (1) (4,595) — Ending balance $ 3,513 $ 8,108 (1) Recorded in (gain) loss on financial instruments, net. Repurchase options Repurchase options were fair valued using a Black-Scholes option pricing model with a time-dependent strike price for the repurchase price. The option pricing model has assumptions related to a period of restricted exercise price, dividend yield, underlying NAVs, alternative asset growth rates, volatilities, and market discount rate. The Company uses Level 3 inputs for its fair value estimates. The unrealized impact of this Level 3 measurement on earnings is reflected in investment income (loss). The following table reconciles the beginning and ending fair value of our Level 3 repurchase options: Year Ended December 31, 2020 (Dollars in thousands) Beginning balance $ (61,664) Total gain in earnings 61,664 Ending balance $ — The repurchase options, all of which were unexercised, expired during the third and fourth quarters of 2020, which is recognized in the investment income line item of the consolidated statements of comprehensive income (loss). 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, 2023 and March 31, 2022 , respectively. Financial instruments on a non-recurring basis In connection with the Ben LPA and BCH LPA and related modifications to equity securities issued as described in Note 13, certain of the Company’s equity securities, including noncontrolling interests, were measured at fair value as of December 1, 2021 using Level 3 measurement methodologies. To determine the fair value of the equity securities, the Company used a linear interpolation method between two valuation dates, which were each valued using third-party market transactions involving the Company’s equity securities. The total enterprise value was then allocated to the various classes of equity based on the security class preference. The following table provides information regarding the unobservable inputs utilized in determining the fair value of the non-recurring Level 3 measurement as of December 1, 2021: (Dollars in thousands) Level 3 Class Fair Value at December 1, 2021 Valuation Technique Unobservable Input Target Preferred A.0 $ 249,907 Interpolation Discount rate 28.26% Preferred rate of return 6.00% Preferred A.1 $ 961,801 Interpolation Discount rate 29.26% Preferred rate of return 5.78% Growth rate 4.00% Preferred B.2 $ 358,515 Interpolation Discount rate 29.30% Preferred rate of return 5.09% Growth rate 4.00% 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 3 within the fair value hierarchy. The value of these equity securities was $21.6 million and $1.2 million as of March 31, 2023 and March 31, 2022, respectively. The increase in value is primarily due to new investments held as of March 31, 2023 that were not held as of March 31, 2022 . Additionally, during the year ended March 31, 2023 , one security received an upward adjustment of $10.8 million based upon observable price changes, including a recent equity offering and stock to stock transactions. Such adjustment also represents the cumulative adjustment. There were no other assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2023 and March 31, 2022. 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, given there is no active market or observable market transactions for many of Ben’s financial instruments, 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, 2023 and March 31, 2022, were as noted in the table below: 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 2 99,314 96,465 Accounts payable and accrued expenses 1 65,724 65,724 As of March 31, 2022 (Dollars in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents 1 $ 70,588 $ 70,588 Restricted cash 1 5,517 5,517 Financial liabilities: Customer ExAlt Trusts loan payable, net 2 65,674 64,811 Debt due to related parties 2 105,917 119,036 Accounts payable and accrued expenses 1 37,332 37,332

Fixed Assets

Fixed Assets	12 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed Assets Fixed assets are included in other assets in the consolidated statements of financial condition and consist of the following: (Dollars in thousands) March 31, 2023 March 31, 2022 Computer hardware and software $ 9,899 $ 7,506 Land — 750 Buildings 188 265 Furniture, fixtures, and equipment 139 133 Leasehold improvements 109 109 Other 73 73 Fixed assets, gross 10,408 8,836 Accumulated depreciation and amortization (6,551) (3,271) Internal use software in process 487 1,771 Fixed assets, net $ 4,344 $ 7,336 Depreciation and amortization expense related to fixed assets was $3.6 million, $0.6 million, $1.8 million and $0.9 million, for the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020, respectively. The majority of our depreciation and amortization expense is related to the amortization of capitalized computer software costs, which was $3.4 million, $0.6 million, $1.6 million and $0.7 million, for the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020, respectively. As of March 31, 2023 and March 31, 2022, the unamortized computer software costs were $3.5 million and $4.3 million, respectively.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles The following tables present activity in the Company’s goodwill and finite-lived and indefinite-lived intangible assets for the year ended March 31, 2023, the three months ended March 31, 2022, and the year ended December 31, 2021. (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. (Dollars in thousands) December 31, 2021 Impairment March 31, 2022 Amortization Goodwill $ 2,367,750 $ — $ 2,367,750 Indefinite Insurance license 3,100 — 3,100 Indefinite Total goodwill and intangible assets $ 2,370,850 $ — $ 2,370,850 (Dollars in thousands) December 31, 2020 Amortization Impairment December 31, 2021 Amortization Goodwill $ 2,367,750 $ — $ — $ 2,367,750 Indefinite Non-compete agreement 185 (185) — — 2 years Insurance license 3,100 — — 3,100 Indefinite Total goodwill and intangible assets $ 2,371,035 $ (185) $ — $ 2,370,850 (Dollars in thousands) December 31, 2019 Amortization Impairment December 31, 2020 Amortization Goodwill $ 2,367,750 $ — $ — $ 2,367,750 Indefinite Non-compete agreement 349 (164) — 185 3 years Insurance license 3,100 — — 3,100 Indefinite Total goodwill and intangible assets $ 2,371,199 $ (164) $ — $ 2,371,035 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 conducted the annual impairment test for the year ended March 31, 2023 and the three months ended March 31, 2022 on January 1. The Company conducted the annual impairment test for the years ended December 31, 2021 and 2020 on October 1. As previously disclosed in Note 2 , this change in date for impairment testing is considered a change in accounting principle as the impairment test for the years ended December 31, 2021 and 2020 was for the twelve months ended. The Company determined there was no impairment of goodwill or indefinite-lived intangible assets during the year ended March 31, 2023, the three months ended March 31, 2022, or the years ended December 31, 2021 and 2020. For 2021, 2022, and 2023, 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. For 2020, two valuation approaches were used in the assessment. The income approach, comprised of the discounted cash flow method, and the market approach, comprised of the guideline public company method were completed. Significant assumptions utilized in the discount cash flow method include management operating forecasts and the discount rate. Significant assumptions used in the guideline public company method include management revenue forecasts. 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
	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities The following table details the components of other assets: (Dollars in thousands) March 31, 2023 March 31, 2022 Related party receivables $ 17,795 $ 8,877 Allowance for related party receivables (15,600) (8,877) Deferred costs of equity offering 7,778 1,310 Distribution receivables 5,891 2,010 Promissory Note receivable 5,104 4,513 Fixed assets (Note 7) 4,344 7,336 Insurance reimbursable receivable 3,211 — Prepaid expenses 2,329 2,345 Other assets 2,051 2,369 Total Other assets, net $ 32,903 $ 19,883 Certain prior year amounts have been reclassified to conform to current year presentation. Related Party Receivables Related party receivables consist of amounts owed to the Company in connection with the Shared Services Agreement with GWG Holdings discussed in Note 16. Due to the financial deterioration of GWG Holdings, including GWG Holdings’ filing for reorganization under the Chapter 11 Bankruptcy Code in April 2022, receivables prior to the bankruptcy filing were fully reserved. As of March 31, 2023 and March 31, 2022, reserves related to these receivables were $15.6 million and $8.9 million , respectively. Promissory Note Receivable There are amounts due under two promissory note agreements for funds advanced outside of our normal liquidity arrangements with a principal balance of $2.5 million and $0.9 million for the year ended March 31, 2023, respectively . The $2.5 million note bears interest at 9.0% per annum. The $0.9 million note bears interest at the lesser of 18% or the mid-term federal rate (360 day year). As such, the interest rate was 5.00% per annum as of March 31, 2023 and 0.50% per annum as of March 31, 2022 . Both promissory note agreements mature in April 2024 and may be prepaid at any time without penalty. Mandatory prepayments are required if certain conditions are met. Total principal and interest due for both promissory notes as of March 31, 2023 and March 31, 2022 was $5.1 million and $4.5 million, respectively. The following table details the components of other liabilities: (Dollars in thousands) March 31, 2023 March 31, 2022 Interest commitments $ 13,499 $ 9,879 Deferred tax liability (Note 15) — 1,072 Other 1,123 1,408 Total Other liabilities $ 14,622 $ 12,359 Interest Commitment 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 Plan TM (as structured for the formative transactions, the “Formative ExAlt Plan TM ”) 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 Plan TM 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% for thirty percent of the value of the Ben Common Units held by these 2017-18 Exchange Trusts until such time that these 2017-18 Exchange Trusts liquidate their holdings of Ben Common Units. The Company does not have an obligation to repurchase or redeem the Ben Common Units held by the 2017-18 Exchange Trusts. Interest expense of $3.6 million, $0.5 million, $2.1 million, and $2.3 million was recognized during the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020 , respectively. Accrued interest on this commitment is reflected in other liabilitie s. No amount of accrued interest has been paid through March 31, 2023.
Other Assets and Other Liabilities	Other Assets and Other Liabilities The following table details the components of other assets: (Dollars in thousands) March 31, 2023 March 31, 2022 Related party receivables $ 17,795 $ 8,877 Allowance for related party receivables (15,600) (8,877) Deferred costs of equity offering 7,778 1,310 Distribution receivables 5,891 2,010 Promissory Note receivable 5,104 4,513 Fixed assets (Note 7) 4,344 7,336 Insurance reimbursable receivable 3,211 — Prepaid expenses 2,329 2,345 Other assets 2,051 2,369 Total Other assets, net $ 32,903 $ 19,883 Certain prior year amounts have been reclassified to conform to current year presentation. Related Party Receivables Related party receivables consist of amounts owed to the Company in connection with the Shared Services Agreement with GWG Holdings discussed in Note 16. Due to the financial deterioration of GWG Holdings, including GWG Holdings’ filing for reorganization under the Chapter 11 Bankruptcy Code in April 2022, receivables prior to the bankruptcy filing were fully reserved. As of March 31, 2023 and March 31, 2022, reserves related to these receivables were $15.6 million and $8.9 million , respectively. Promissory Note Receivable There are amounts due under two promissory note agreements for funds advanced outside of our normal liquidity arrangements with a principal balance of $2.5 million and $0.9 million for the year ended March 31, 2023, respectively . The $2.5 million note bears interest at 9.0% per annum. The $0.9 million note bears interest at the lesser of 18% or the mid-term federal rate (360 day year). As such, the interest rate was 5.00% per annum as of March 31, 2023 and 0.50% per annum as of March 31, 2022 . Both promissory note agreements mature in April 2024 and may be prepaid at any time without penalty. Mandatory prepayments are required if certain conditions are met. Total principal and interest due for both promissory notes as of March 31, 2023 and March 31, 2022 was $5.1 million and $4.5 million, respectively. The following table details the components of other liabilities: (Dollars in thousands) March 31, 2023 March 31, 2022 Interest commitments $ 13,499 $ 9,879 Deferred tax liability (Note 15) — 1,072 Other 1,123 1,408 Total Other liabilities $ 14,622 $ 12,359 Interest Commitment 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 Plan TM (as structured for the formative transactions, the “Formative ExAlt Plan TM ”) 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 Plan TM 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% for thirty percent of the value of the Ben Common Units held by these 2017-18 Exchange Trusts until such time that these 2017-18 Exchange Trusts liquidate their holdings of Ben Common Units. The Company does not have an obligation to repurchase or redeem the Ben Common Units held by the 2017-18 Exchange Trusts. Interest expense of $3.6 million, $0.5 million, $2.1 million, and $2.3 million was recognized during the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020 , respectively. Accrued interest on this commitment is reflected in other liabilitie s. No amount of accrued interest has been paid through March 31, 2023.

Customer ExAlt Trust Loan Payab

Customer ExAlt Trust Loan Payable	12 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Customer ExAlt Trust Loan Payable	Customer ExAlt Trust Loan Payable On March 24, 2022, Ben Liquidity transferred a $72.5 million ExAlt Loan to a third-party in return for $72.5 million of cash. The loan participation transaction resulted in a third party now holding the transferred ExAlt Loan, which was previously eliminated in consolidation against the loan payable issued by a Customer ExAlt Trust for financial reporting purposes. Accordingly, the loan payable issued by the Customer ExAlt Trusts is no longer eliminated upon consolidation for financial reporting purposes and is reflected in the Customer ExAlt Trust loan payable line item on the consolidated statements of financial condition. 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 million of alternative assets acquired by the Customer ExAlt Trusts on December 7, 2021 are the sole source of cash flows to be used by the Customer ExAlt Trusts to satisfy its obligations under the terms of the loan agreement. Ben and its subsidiaries have no obligation or other requirements to repay the Customer ExAlt Trust loan payable should the pro-rata cash flows from the $352.6 million of alternative assets associated with the loan be insufficient to pay all contractual obligations owed under the terms of the loan agreement. The Customer ExAlt Trust loan payable bears interest at 12% per annum. The loan agreement includes a contingent interest feature whereby additional interest could be owed up to a maximum rate of 21% under certain circumstances, dependent principally on the cash flows generated by the pro rata portion of the underlying collateral. As the contingent interest feature is not based on creditworthiness, such feature is not clearly and closely related to the host instrument and is therefore bifurcated and recognized as a derivative liability with a resulting debt discount at inception. The fair value of the contingent interest derivative liability was $3.5 million and $8.1 million as of March 31, 2023 and March 31, 2022 , respectively, and is recognized as a component of the Customer ExAlt Trust loan payable in the consolidated statements of financial condition. The related net gain of $4.6 million is reflected in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss) for the year ended March 31, 2023. No gain or loss was recognized during the three months ended March 31, 2022. The amortization of the debt discount, which is reflected as a component of interest expense in the consolidated statements of comprehensive income (loss), was $1.7 million and $0.9 million for the year ended March 31, 2023, and the three months ended March 31, 2022, respectively. As of March 31, 2023 and March 31, 2022 , the outstanding principal, including interest paid-in-kind, was $54.2 million and $64.8 million, respectively. The balance reflected on the consolidated statement of financial condition as of March 31, 2023 and March 31, 2022 , was $52.1 million and $65.7 million, respectively, which includes the fair value of the contingent interest derivative liability of $3.5 million and $8.1 million, respectively, and is net of the unamortized debt discount of $5.6 million and $7.2 million, respectively. The unamortized debt discount had a remaining amortization period of approximately 10.7 years and effective interest rate of 13.89% as of March 31, 2023. As of March 31, 2023 and March 31, 2022, the Company’s debt due to related parties consisted of the following: (Dollars in thousands) March 31, 2023 March 31, 2022 First Lien Credit Agreement $ 21,350 $ 21,298 Second Lien Credit Agreement 73,291 73,120 Other borrowings 2,076 2,747 Unamortized debt premiums 2,597 8,752 Total debt due to related parties $ 99,314 $ 105,917 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” or the “lender”), 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%, with a maximum interest rate of 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 Plan TM of which MHT Financial was named the beneficiary (such trusts, the “2017-18 Exchange Trusts”). Refer to the Common Units section of Note 13 for further information. 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 December 1, 2021, Ben executed a binding term sheet with HCLP, in which HCLP agreed to return up to $20.0 million of principal and interest payments (the “Returned Amount”) previously made by BCG pursuant to the Second A&R Agreements. The Returned Amount was applied to, and increased the outstanding principal balance of, the First Lien Credit Agreement. HCLP returned $17.95 million to BCG on December 1, 2021, and the remainder of the Returned Amount is available for return to BCG at its discretion. BCH used a portion of such payment to redeem GWG Holdings’ Preferred C.0 Unit Accounts as further described in Note 13. BCG agreed to pay HCLP an amendment fee of $1.0 million as well as HCLP’s legal fees incurred in connection with the amendment. On March 24, 2022, Ben executed Consents and Amendments No. 4 to the Second A&R Agreements with its lender, 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 discussed above, (iii) extended the maturity date of the loans to August 31, 2023, and (iv) established revised installment payments for each loan of $5.0 million due on May 10, 2022, August 10, 2022, December 10, 2022, and March 10, 2023, so long as each payment does not cause the Company to incur a going concern, and (v) amended the occurrence of an event of default to require notice from HCLP on almost all potential defaults listed under the Second A&R Agreements. In addition, Ben agreed to pay fees totaling approximately 6.5% of the outstanding principal before giving effect to the amendments. During the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020, Ben paid nil, $8.6 million, $1.1 million, and $3.2 million, respectively, in deferred financing costs to the lender. Through March 31, 2023, all required principal and interest payments due under the Second A&R Agreements have been paid. In connection with the term sheet executed on December 1, 2021 and Consents and Amendments No. 4 to the Second A&R Agreements, Ben recorded a $19.5 million loss on extinguishment of debt during the year ended December 31, 2021, which is reflected in the loss on extinguishment of debt line item on the consolidated statements of comprehensive income (loss). 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. In connection with the Second A&R Agreements, Beneficient Holdings, Inc. (“BHI”), which owns a majority of the Class S Ordinary Units, BCH Preferred A.1, and FLP Subclass 1 Unit Accounts issued by BCH, will grant certain tax-related concessions to the Lender as may be mutually agreed upon between the parties. In exchange for the tax-related concessions, 5.0% of BHI’s BCH Preferred A.1, which will be held by the Lender, may convert to BCH Preferred A.0. In addition, recipients of a grant of BCH Preferred A.1 from BHI will have the right to put an amount of BCH Preferred A.1 to Ben equal to any associated tax liability stemming from any such grant; provided that the aggregated associated tax liability shall not relate to more than $30.0 million of grants of BCH Preferred A.1 from BHI. A liability of $3.8 million was recorded for the put right as of March 31, 2022 related to the BHI Grants (as defined in Note 12). No such liability existed as of March 31, 2023 as the liability was settled for cash during June 2022. 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 Unit Accounts; (ii) prevent Ben from incurring additional debt or borrowings greater than $10.0 million, other than trade payables, while the loans are outstanding; and (iii) prevent, without the written consent of the lender, GWG Holdings from selling, transferring, or otherwise disposing of any BCH Preferred A.1 held as of May 15, 2020, other than to its subsidiary GWG DLP Funding V, LLC. As of March 31, 2023, the Company was in compliance with all covenants. Maturities of principal on the debt due to related parties for the next five fiscal years ending March 31 are as follows: (Dollars in thousands) Debt Due to Related Parties 2023 $ — 2024 94,641 2025 2,076 2026 — 2027 —

Debt Due to Related Parties

Debt Due to Related Parties	12 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt Due to Related Parties	Customer ExAlt Trust Loan Payable On March 24, 2022, Ben Liquidity transferred a $72.5 million ExAlt Loan to a third-party in return for $72.5 million of cash. The loan participation transaction resulted in a third party now holding the transferred ExAlt Loan, which was previously eliminated in consolidation against the loan payable issued by a Customer ExAlt Trust for financial reporting purposes. Accordingly, the loan payable issued by the Customer ExAlt Trusts is no longer eliminated upon consolidation for financial reporting purposes and is reflected in the Customer ExAlt Trust loan payable line item on the consolidated statements of financial condition. 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 million of alternative assets acquired by the Customer ExAlt Trusts on December 7, 2021 are the sole source of cash flows to be used by the Customer ExAlt Trusts to satisfy its obligations under the terms of the loan agreement. Ben and its subsidiaries have no obligation or other requirements to repay the Customer ExAlt Trust loan payable should the pro-rata cash flows from the $352.6 million of alternative assets associated with the loan be insufficient to pay all contractual obligations owed under the terms of the loan agreement. The Customer ExAlt Trust loan payable bears interest at 12% per annum. The loan agreement includes a contingent interest feature whereby additional interest could be owed up to a maximum rate of 21% under certain circumstances, dependent principally on the cash flows generated by the pro rata portion of the underlying collateral. As the contingent interest feature is not based on creditworthiness, such feature is not clearly and closely related to the host instrument and is therefore bifurcated and recognized as a derivative liability with a resulting debt discount at inception. The fair value of the contingent interest derivative liability was $3.5 million and $8.1 million as of March 31, 2023 and March 31, 2022 , respectively, and is recognized as a component of the Customer ExAlt Trust loan payable in the consolidated statements of financial condition. The related net gain of $4.6 million is reflected in gain (loss) on financial instruments, net in the consolidated statements of comprehensive income (loss) for the year ended March 31, 2023. No gain or loss was recognized during the three months ended March 31, 2022. The amortization of the debt discount, which is reflected as a component of interest expense in the consolidated statements of comprehensive income (loss), was $1.7 million and $0.9 million for the year ended March 31, 2023, and the three months ended March 31, 2022, respectively. As of March 31, 2023 and March 31, 2022 , the outstanding principal, including interest paid-in-kind, was $54.2 million and $64.8 million, respectively. The balance reflected on the consolidated statement of financial condition as of March 31, 2023 and March 31, 2022 , was $52.1 million and $65.7 million, respectively, which includes the fair value of the contingent interest derivative liability of $3.5 million and $8.1 million, respectively, and is net of the unamortized debt discount of $5.6 million and $7.2 million, respectively. The unamortized debt discount had a remaining amortization period of approximately 10.7 years and effective interest rate of 13.89% as of March 31, 2023. As of March 31, 2023 and March 31, 2022, the Company’s debt due to related parties consisted of the following: (Dollars in thousands) March 31, 2023 March 31, 2022 First Lien Credit Agreement $ 21,350 $ 21,298 Second Lien Credit Agreement 73,291 73,120 Other borrowings 2,076 2,747 Unamortized debt premiums 2,597 8,752 Total debt due to related parties $ 99,314 $ 105,917 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” or the “lender”), 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%, with a maximum interest rate of 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 Plan TM of which MHT Financial was named the beneficiary (such trusts, the “2017-18 Exchange Trusts”). Refer to the Common Units section of Note 13 for further information. 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 December 1, 2021, Ben executed a binding term sheet with HCLP, in which HCLP agreed to return up to $20.0 million of principal and interest payments (the “Returned Amount”) previously made by BCG pursuant to the Second A&R Agreements. The Returned Amount was applied to, and increased the outstanding principal balance of, the First Lien Credit Agreement. HCLP returned $17.95 million to BCG on December 1, 2021, and the remainder of the Returned Amount is available for return to BCG at its discretion. BCH used a portion of such payment to redeem GWG Holdings’ Preferred C.0 Unit Accounts as further described in Note 13. BCG agreed to pay HCLP an amendment fee of $1.0 million as well as HCLP’s legal fees incurred in connection with the amendment. On March 24, 2022, Ben executed Consents and Amendments No. 4 to the Second A&R Agreements with its lender, 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 discussed above, (iii) extended the maturity date of the loans to August 31, 2023, and (iv) established revised installment payments for each loan of $5.0 million due on May 10, 2022, August 10, 2022, December 10, 2022, and March 10, 2023, so long as each payment does not cause the Company to incur a going concern, and (v) amended the occurrence of an event of default to require notice from HCLP on almost all potential defaults listed under the Second A&R Agreements. In addition, Ben agreed to pay fees totaling approximately 6.5% of the outstanding principal before giving effect to the amendments. During the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020, Ben paid nil, $8.6 million, $1.1 million, and $3.2 million, respectively, in deferred financing costs to the lender. Through March 31, 2023, all required principal and interest payments due under the Second A&R Agreements have been paid. In connection with the term sheet executed on December 1, 2021 and Consents and Amendments No. 4 to the Second A&R Agreements, Ben recorded a $19.5 million loss on extinguishment of debt during the year ended December 31, 2021, which is reflected in the loss on extinguishment of debt line item on the consolidated statements of comprehensive income (loss). 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. In connection with the Second A&R Agreements, Beneficient Holdings, Inc. (“BHI”), which owns a majority of the Class S Ordinary Units, BCH Preferred A.1, and FLP Subclass 1 Unit Accounts issued by BCH, will grant certain tax-related concessions to the Lender as may be mutually agreed upon between the parties. In exchange for the tax-related concessions, 5.0% of BHI’s BCH Preferred A.1, which will be held by the Lender, may convert to BCH Preferred A.0. In addition, recipients of a grant of BCH Preferred A.1 from BHI will have the right to put an amount of BCH Preferred A.1 to Ben equal to any associated tax liability stemming from any such grant; provided that the aggregated associated tax liability shall not relate to more than $30.0 million of grants of BCH Preferred A.1 from BHI. A liability of $3.8 million was recorded for the put right as of March 31, 2022 related to the BHI Grants (as defined in Note 12). No such liability existed as of March 31, 2023 as the liability was settled for cash during June 2022. 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 Unit Accounts; (ii) prevent Ben from incurring additional debt or borrowings greater than $10.0 million, other than trade payables, while the loans are outstanding; and (iii) prevent, without the written consent of the lender, GWG Holdings from selling, transferring, or otherwise disposing of any BCH Preferred A.1 held as of May 15, 2020, other than to its subsidiary GWG DLP Funding V, LLC. As of March 31, 2023, the Company was in compliance with all covenants. Maturities of principal on the debt due to related parties for the next five fiscal years ending March 31 are as follows: (Dollars in thousands) Debt Due to Related Parties 2023 $ — 2024 94,641 2025 2,076 2026 — 2027 —

Share-based Compensation

Share-based Compensation	12 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation As of March 31, 2023 and March 31, 2022, the Company has outstanding share-based awards under the Beneficient Management Partners, L.P. ( “ BMP ” ) Equity Incentive Plan, the Ben Equity Incentive Plan, and BCH Preferred A.1 Unit Accounts , as more fully described below. BMP Equity Incentive Plan The Board of Directors of Ben Management, Ben’s general partner, 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, 2023 , the Board has authorized the issuance of up to 119,000,000 units each of the BMP Equity Units. All awards are classified in equity upon issuance. BMP’s Class A Units indirectly participate in profits from certain revenue streams 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 percent. The BMP Class B Units indirectly participate in 49.5 percent of the income of Constitution Private Capital Company, L.L.C. Upon a recipient’s termination of employment from Ben for reasons other than cause, BMP will reacquire the outstanding vested Class B Units from the recipient for consideration valued at eight times normalized earnings before interest, taxes, depreciation, and amortization as forecasted by the Partnership’s General Partner in its sole discretion. 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% of their cumulatively granted awards that have the minimum retained ownership requirement. The awards are generally non-transferable. Awards under the BMP Equity Incentive Plan that vest ultimately dilute Ben’s Common Unitholders. The BMP Equity Units include awards that fully vest upon grant and awards that are subject to service-based vesting of a four-year period from the date of hire. Expense associated with the vesting of these awards is based on the fair value of the BMP Equity Units on the date of grant. Compensation cost is recognized for the granted awards on a straight-line basis using the graded vesting method, and forfeitures are accounted for at the time that such forfeitures occur. Expense recognized for these awards is specially allocated to certain holders of redeemable noncontrolling interests. 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. The table below summarizes the key inputs used in the valuation of the BMP Equity Units granted during each of the periods ended below: Range of Targets Unobservable Inputs Year Ended Three Months Ended March 31, 2022 Year Ended Year Ended December 31, 2020 Expected term in years 4 4 4 4 Discount rate 32.1% 32.1% 32.1% 27.8% Discount for lack of marketability 23.1% 23.1% 23.1% 19.4% Long-term growth rate (after discrete projection period) 2.5% 2.5% 2.5% 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. During the second quarter of 2020, 1,963,969 vested units were forfeited and returned as a result of an agreement allowing Ben to recover the aforementioned units held by one former director of Ben. Ben recognized $36.3 million of other income as a result of the forfeiture of vested share-based compensation, including both BMP Equity Units and restricted equity units issued under the Ben Equity Incentive Plan described below. A substantial majority of the former director’s share-based compensation units were fully vested, and the majority of the related expense was allocated to certain holders of noncontrolling interests and recorded in prior periods. The same certain holders of noncontrolling interests were allocated the majority of the related income arising from the forfeiture in 2020. The forfeiture of these units is being challenged in private arbitration. Refer to Note 20 for more information. Ben Equity Incentive Plan The Board of Directors of Ben Management, BCG’s general partner, adopted the Ben Equity Incentive Plan in September 2018. Under the Ben Equity Incentive Plan, Ben is permitted to grant equity awards in the form of restricted equity units (“REUs”) up to a maximum of 12,811,258, representing ownership interests in BCG Common Units. Settled awards under the Ben Equity Incentive Plan dilute BCG’s Common Unitholders. The total number of BCG Common Units that may be issued under the Ben Equity Incentive Plan is equivalent to 15% of the number of fully diluted BCG Common Units outstanding, subject to annual adjustment. All awards are classified in equity upon issuance. Awards are generally subject to service-based vesting over a multi-year period from the recipient’s date of hire, though some awards are expected to be fully vested upon grant date, both subject to the completion of certain 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 BCG Common Unit equivalents equal to at least 15% of their cumulatively granted awards that have the minimum retained ownership requirement. For substantially all of the awards granted in 2020, we estimated the fair value of REUs using the valuation techniques consistent with those utilized to determine the acquisition date equity values arising from GWG Holdings obtaining a controlling financial interest in BCG. These valuation techniques principally relied upon the Option Pricing Model Backsolve approach under the market method. For the REUs granted in the latter portion of 2020, which is a de minimis amount of the total 2020 REUs, and for periods thereafter, we utilized valuation techniques consisting of the income approach and market approach. During the second quarter of 2020, 507,500 vested units were forfeited as a result of an agreement allowing Ben to recover the aforementioned units held by one former director of Ben as further discussed above. During the third quarter of 2020, 515,000 units were granted to a senior partner director subject to a performance condition. The performance condition has not been met as of March 31, 2023. As the performance condition of the grant is based on a liquidity event, recognition of the related compensation cost is deferred until the condition is met. Total unrecognized compensation cost related to this award is approximately $6.4 million as of March 31, 2023. Effective April 1, 2022, Ben granted 513,533 REUs to employees and directors, 39,691 of which have been forfeited. Effective October 1, 2022, 40,180 REUs were granted to employees. Awards will generally be subject to service-based vesting over a multi-year period from the grant date, subject to a performance condition. The performance condition has not been met as of March 31, 2023. As the performance condition of the grant is based on a liquidity event, recognition of the related compensation cost is deferred until the condition is met. Total unrecognized compensation cost related to these awards is approximately $6.4 million as of March 31, 2023. Preferred Equity On April 25, 2019, BCH Preferred A.1 Unit Accounts were assigned to three board directors, with each having a capital account balance of $4.0 million, subject to a performance condition, in return for each of the board directors providing to BCH their knowledge and abilities in helping with the formation of and growth for the Company. BHI, a Related Entity, assigned the BCH Preferred A.1 Unit Accounts it holds to the directors for those individuals providing services to BCH. One director subsequently forfeited their award, which reverted back to BHI. Accounting for services provided to the Company but paid by a principal shareholder follows the substance of the transaction and is therefore accounted for similar to a share-based payment in exchange for services rendered. For the remaining awards, the performance condition was met during the fourth quarter of 2020 and expense of $11.4 million was recognized and specially allocated to certain BCH Preferred A.1 Unit Account holders on a pro-rata basis based on their capital account balance. The expense recognized upon vesting is reflective of the value calculated after the determination of overall enterprise value in connection with the December 31, 2019 transaction with GWG Holdings (discussed in Note 4). 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 million (the “Initial Grant”). Further, effective as of April 3, 2022, the director was assigned additional BCH Preferred A.1 (the “Additional Grant” and together with the Initial Grant, the “BHI Grants”) with a grant date of December 31, 2021 and having an account balance of $3.8 million. The Initial Grant is subject to a service condition, which requires compensation cost to be recognized over the explicit, substantive service vesting period that extends after the grant date. The Additional Grant was fully vested upon issuance. As such, $7.2 million of compensation expense was recognized during the year ended December 31, 2021 related to these grants. 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 million, in cash. Such redemption occurred in full on June 10, 2022. The following table summarizes the award activity, in units, for the BMP and Ben Equity Incentive Plans during the year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020: BMP REU (units in thousands) Units Weighted Average Grant Date Fair Value per Unit Units Weighted Average Grant Date Fair Value per Unit Balance, December 31, 2019 180 $ 11.82 247 $ 12.50 Granted during the period 7,363 9.61 5,603 12.50 Vested during the period (5,037) 9.61 (3,354) 12.50 Forfeited during the period (380) 9.61 (303) 12.50 Balance, December 31, 2020 2,126 $ 9.61 2,193 $ 12.50 Granted during the period 216 10.67 216 12.50 Vested during the period (788) 9.67 (619) 12.50 Forfeited during the period (203) 9.69 (152) 12.50 Balance, December 31, 2021 1,351 $ 9.73 1,638 $ 12.50 Granted during the period 40 10.67 111 12.50 Vested during the period (195) 9.70 (195) 12.50 Forfeited during the period (78) 9.61 (51) 12.50 Balance, March 31, 2022 1,118 $ 9.78 1,503 $ 12.50 Granted during the period 35 10.67 510 12.50 Vested during the period (646) 9.73 (524) 12.50 Forfeited during the period (69) 10.00 (90) 12.50 Balance, March 31, 2023 438 $ 10.04 1,399 $ 12.50 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 year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020: Year Ended Three Months Ended Year Ended (dollars in thousands) 2023 2022 2021 2020 BMP equity units $ 4,297 $ 1,289 $ 7,390 $ 51,963 Restricted equity units 4,358 1,539 8,537 44,402 Preferred equity 1,430 — 7,226 11,443 Total share-based compensation $ 10,085 $ 2,828 $ 23,153 $ 107,808 Unrecognized share-based compensation expense, excluding the expense related to the REU performance award discussed above, totaled $6.4 million as of March 31, 2023 , which we expect to recognize based on scheduled vesting of awards outstanding at March 31, 2023 . The following table presents the share-based compensation expense expected to be recognized over the next five fiscal years ending March 31 for awards outstanding, excluding the REU awards subject to the performance condition discussed above, as of March 31, 2023 : (dollars in thousands) BMP REU Total 2024 $ 2,075 $ 2,503 $ 4,578 2025 662 736 1,398 2026 242 150 392 2027 14 — 14 2028 — — — Total $ 2,993 $ 3,389 $ 6,382 Weighted-average period to be recognized 1.61 1.46

Equity

Equity	12 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity	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 7th Amended and Restated LPA of BCH (“BCH LPA”) and 3rd Amended and Restated LPA of BCG (“BCG LPA”), govern the terms of these equity securities, as applicable. BCG, as the general partner of BCH, and BHI, as the limited partner holding a majority interest of the BCH Preferred A.1, entered into the First Amendment to the BCH LPA, effective as of December 7, 2021 (the “BCH LPA Amendment”). The Company’s governing documents authorize the issuance of additional classes of equity. All equity interests are limited partnership interests. Common Units As of March 31, 2023 and March 31, 2022, BCG had a total of 67,486 Common Units (in thousands) issued and outstanding. As limited partner interests, these units are generally non-voting and do not entitle the limited partner to participate in the management of the Company’s business and affairs. For each Common Unit issued by BCG, BCG owns one unit of the Subclass 1 Class A Units issued by BCH. The Subclass 1 Class A Units are entitled to share in the profits of BCH. Ben’s common equity units were first issued on September 1, 2017 as part of the commencement of Ben’s commercial operations when Ben’s first outside third-party investor, through the 2017-18 Exchange Trusts, purchased Ben’s common equity units. Ben used a portion of the proceeds from the issuance of these common equity units to retire a series of six loan agreements with our founder or entities related to our founder, in addition to other payables with our founder or related entities. The amounts used by the 2017-18 Exchange Trusts to acquire the Ben common units were generated by the 2017-18 Exchange Trust from its sale of alternative investment assets to the Customer ExAlt Trusts as part of Ben’s transactions in 2017. A portion of the funds used by the Customer ExAlt Trusts to acquire these alternative investment assets included amounts borrowed by the Customer ExAlt Trusts from a subsidiary of Ben, which in turn borrowed the amount pursuant to the First Lien Credit Agreement as described in Note 11. Redeemable Preferred Equity: Preferred Series B Subclass 1 Unit Accounts The Preferred Series B Subclass 1 Unit Accounts of BCG (“BCG Preferred B.1”) are allowed to be issued pursuant to the BCG LPA. The Preferred Series B Subclass 1 Unit Accounts of BCH (“BCH Preferred B.1”) are allowed to be issued pursuant to the BCH LPA. The BCG Preferred B.1 will correspond to the BCH Preferred B.1 to be issued by BCH to BCG, as the sole holder of the BCH Preferred B.1. Upon BCG’s receipt of any allocation, distribution, or return of capital on the BCH Preferred B.1, BCG will make a corresponding allocation, distribution, or return of capital to the holders of the BCG Preferred B.1 in accordance with the BCG LPA. BCG Preferred B.1 have not been issued as of March 31, 2023. Preferred Series B Subclass 2 Unit Accounts The BCG LPA allows for the creation of Preferred Series B Subclass 2 Unit Accounts of BCG (“BCG Preferred B.2”). The BCH LPA allows for the creation of Preferred Series B Subclass 2 Unit Accounts of BCH (“BCH Preferred B.2”). The BCG Preferred B.2 correspond to the BCH Preferred B.2 issued by BCH to BCG, as the sole holder of the BCH Preferred B.2. The BCH Preferred B.2 are entitled to certain distributions and income allocations. Upon BCG’s receipt of any allocation, distribution, or return of capital on the BCH Preferred B.2, BCG will make a corresponding allocation, distribution, or return of capital to the holders of the BCG Preferred B.2 in accordance with the BCG LPA. Pursuant to the terms of the BCH LPA Amendment, the definition for “Preferred Series B Subclass 2 Preferred Return Amount” was amended such that holders of Preferred B.2 would recognize a preferred return on their Preferred B.2 immediately, solely for U.S. GAAP purposes, instead of recognizing such returns upon any Initial Listing Event or return of capital. Further, the BCH LPA Amendment provided that the Preferred Series B Subclass 2 Preferred Return accrued each quarter would be reflected on the U.S. GAAP capital accounts related to each Preferred B.2 Unit Account on the last business day of each quarter. To the extent that the Preferred Series B Subclass 2 Preferred Return Amount exceeds the U.S. GAAP earnings of BCH, such excess Preferred Series B Subclass 2 Preferred Return Amount will be deducted, on a pro rata basis, from the U.S. GAAP capital account of the Preferred Series A.1 Unit Accounts. During the year ended March 31, 2023, the three months ended March 31, 2022, and the year ended December 31, 2021, Ben accrued $37.1 million, $8.4 million, and $2.2 million, respectively, for the Preferred B.2 preferred return, which was recognized in the Preferred B.2 balance per the BCH LPA Amendment. Upon an Initial Listing Event, each BCH Preferred B.2 Unit Account is to be cancelled and converted into a certain number of BCG’s Common Units, dependent on certain other conditions being met. Similarly, upon an Initial Listing Event, the BCH Preferred B.2 Unit Accounts held by BCG will be cancelled and converted into a certain number of BCH Class A Units, dependent on certain other conditions being met. The BCG Preferred B.2 are convertible into BCG Common Units using the formula of the investor’s initial Preferred Series B.2 capital account balance plus any accrued and unpaid preferred return through the date of conversion divided by 80% or 85% of the initial public listing price (depending on the date of the initial public listing). Other allocations, distributions or returns of capital may be made subject to the provisions of the BCH LPA and BCG LPA. Additionally, holders of BCG Preferred B.2 may be entitled to a return of capital, pending certain conditions, on December 31, 2025. With respect to BCG, upon its sale, liquidation, dissolution or winding up, the BCG Preferred B.2 will rank (a) junior to the BCG Preferred B.1 and (b) senior to all other currently issued and outstanding classes and series of BCG’s preferred units and common units (i.e., BCG’s Common Units), but, because BCG has a holding company structure, the BCG Preferred B.2 will be structurally subordinated to interests in BCH. With respect to BCH, upon its sale, liquidation, dissolution or winding up, the BCH Preferred B.2 held by BCG will be entitled to distributions pursuant to an effective ranking of (a) junior to certain guaranteed payments to the holders of the BCH Preferred A.0, any required distributions to the holders of the FLP 3 Unit Accounts, (b) junior to the BCH Preferred A.0, (c) junior to the BCH Preferred B.1, (d) junior to the BCH Preferred C.0; (e) pari passu and pro rata with the BCH Preferred A.1, and (f) senior to all other currently issued and outstanding classes and series of BCH’s preferred units and common units. Upon payment to BCG as the holder of the BCH Preferred B.2 in an amount equal to the positive amount of the capital account balance attributable to the BCH Preferred B.2, the BCH Preferred B.2 will be cancelled. On November 29, 2021, GWG Holdings converted its capital account balance of $319.0 million in BCH Preferred A.1 to an equal amount of BCG Preferred B.2. Such conversion was accounted for as an extinguishment of the BCH Preferred A.1 and a new issuance of BCG Preferred B.2, which resulted in an increase in GWG Holdings’ interest in Ben’s preferred equity by $46.2 million during the year ended December 31, 2021. On December 7, 2021, $352.6 million of BCG Preferred B.2 were issued in exchange for an investment in alternative assets of the same aggregate net asset value. In connection with the December 7, 2021 issuance of BCG Preferred B.2, BCG granted the purchasers of such securities certain registration rights and, if the initial registration statement under such registration rights has not been declared effective by June 30, 2023, the right to put the BCG Preferred B.2 to BCG for an amount equal to the corresponding capital account balance as of the date of exercise of such put right, subject to certain limitations. As discussed in Note 1, Ben’s Registration Statement was declared effective on May 12, 2023 and as such, the put right is no longer effective. During the year ended March 31, 2023 , $4.6 million of BCG Preferred B.2 was redeemed for cash. There were no redemptions during the three months ended March 31, 2022 or the year ended December 31, 2021. The BCG Preferred B.2 are recorded in the consolidated statements of financial condition in the redeemable preferred equity line item. Redeemable Noncontrolling Interests: Preferred Series A Subclass 0 Unit Accounts On November 29, 2021, the BCH Preferred A.0 were modified pursuant to the BCH LPA. On December 1, 2021, following the effectiveness of the Seventh Amended and Restated LPA of BCH, $251.7 million of the current outstanding capital accounts of BCH Preferred A.1 were automatically converted to BCH Preferred A.0, with the exception of the capital accounts held by GWG Holdings. Such conversion was accounted for as an extinguishment of the BCH Preferred A.1 and issuance of Preferred A.0, which resulted in a deemed contribution of $1.7 million to the Company during the year ended December 31, 2021. The BCH Preferred A.0 receives a quarterly guaranteed payment calculated as 6% of the BCH Preferred A.0’s initial capital account balance on an annual basis, or 1.50% per fiscal quarter. The Preferred A.0 does not receive any allocations of profits, except to recoup losses previously allocated. The guaranteed payment to BCH Preferred A.0 is not subject to available cash and has priority over all other distributions made by BCH. On December 1, 2021, BCH and the holders of the BCH Preferred A.0 entered into an agreement to defer the guaranteed payment to August 31, 2023; provided that such a guaranteed payment may be made prior to August 31, 2023 if the Audit Committee of the Board of Directors of Ben Management, determines that making such payment, in part or in full, would not cause Ben to incur a going concern issue. The guaranteed payment accrual totaled $20.9 million and $3.8 million as of March 31, 2023 and March 31, 2022, respectively, and is included in the accounts payable and accrued expenses line item of the consolidated statements of financial condition. 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 (x) prior to the initial public listing, the per common unit fair market value as determined by the general Partner and (y) following the initial public listing, the lesser of (i) $10 and (ii) if the common units are listed on a national securities exchange, the volume-weighted average closing price of a common unit as reported on the exchange on which the common units are traded for the twenty (20) days immediately prior to the applicable exchange date, or if the common units are not listed on a national securities exchange, then the volume-weighted average closing price of a security traded on a national securities exchange or quoted in an automated quotation system into which the common units are convertible or exchangeable for the twenty (20) days immediately prior to the applicable exchange date. 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% of his or her respective BCH Preferred A.0 Capital Account for any rolling twelve-month period; provided that such holder shall not be permitted to redeem more than 50% of such holder’s BCH Preferred A.0 Capital Account in the aggregate. Subsequent to January 1, 2023, if a holder of BCH Preferred A.0 continues to hold BCH Preferred A.1, such holder may elect on a quarterly basis to convert additional BCH Preferred A.1 held by such holder to BCH Preferred A.0 up to an amount equal to 12.5% of such holder’s initial BCH Preferred A.0 capital account; provided that such holder’s post-conversion capital account balance in respect of all BCH Preferred A.0 held by such holder does not exceed such holder’s initial BCH Preferred A.0 capital account. The BCH Preferred A.0 Unit Accounts are recorded in the consolidated statements of financial condition in the redeemable noncontrolling interest line item. 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. In 2019, Preferred A.1 holders signed an agreement to forbear the right to receive an annualized preferred return in excess of a rate determined materially consistent with the methodology below. The forbearance agreement expired on June 30, 2021. Thus, the income allocation methodology for periods until June 30, 2021 was as follows: • First, BCG, as the sole holder of Class A Units issued by BCH is allocated income from BCH to cover the expenses incurred solely by Ben; • Second, the remaining income at BCH is allocated 50% to the aggregate of Class A Units and Class S Ordinary Units and 50% to Preferred Series A Subclass 1 Unit Accounts, until the BCG Common Units receive a 1% annualized return on the Common Unit account balance; • Third, after the 1% annualized return to the BCG Common Unit is achieved, additional income is allocated to the Preferred Series A until the Preferred Series A is allocated the amount required under the LPA, (as amended); and • Finally, any remaining income is allocated under the terms of the current LPA (pro-rata between the Class A Units and Class S Ordinary Units). The allocation of profits and losses after the expiration of the forbearance agreement follows the terms set forth in the LPA. The weighted average preferred return rate for the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020, was approximately 1.38%, 3.92%, 2.33%, and 1.84%, respectively. No amounts have been paid to the BCH Preferred A.1 holders related to the preferred return from inception through March 31, 2023, and any amounts earned have been accrued and are included in the balance of redeemable noncontrolling interests presented on the consolidated statements of financial condition. As of March 31, 2023, approximately $96.5 million of preferred return related to the BCH Preferred A.1 has not been allocated to its holders due to insufficient income during those periods to fully satisfy the preferred return and will be allocable to the BCH Preferred A.1 holders in future quarterly periods to the extent that sufficient income, if any, is available for such allocation. Additionally, certain BCH Preferred A.1 holders agreed to be specially allocated any income or losses associated with the BMP Equity Incentive Plan, and certain other costs. Upon an election, a holder of BCH Preferred A.1 will be issued Class S Ordinary Units necessary to provide the holder with a number of Class S Ordinary Units that, in the aggregate, equal (a) the balance of the holder’s capital account, as limited by the annual conversion amount (as defined in the LPA), associated with the BCH Preferred A.1 Unit Accounts being converted divided by (b) either (x) prior to an initial public offering, the appraised per Class A Unit fair market value as determined by Ben and (y) following an initial public offering, the average price of a Common Unit for the thirty (30) day period ended immediately prior to the applicable conversion date. The holder of such newly issued Class S Ordinary Units may immediately convert them into Common Units. Additionally, effective December 31, 2030, if the BCH Preferred A.1 have not been converted and if Ben has not completed a public listing, they will redeem for cash in an amount equal to the then outstanding capital account balance of the accounts. If available redeeming cash (as defined in the LPA) is insufficient to satisfy any such redemption requirements, BCH, on a quarterly basis, will redeem additional BCH Preferred A.1 until all such BCH Preferred A.1 have been redeemed. The BCH Preferred A.1 are subject to certain other conversion and redemption provisions. 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% of the BCH’s NAV plus cash on hand, and ii) at the time of incurrence of any new long-term indebtedness, the aggregate balance of the BCH’s (including controlled subsidiaries) debt plus such new long-term debt does not exceed 40% of the sum of the NAV of the interests in alternative assets supporting the Collateral underlying the loan portfolio of BCH and its subsidiaries plus cash on hand at BCG, BCH and its subsidiaries. On November 29, 2021, GWG Holdings converted its capital account balance of $319.0 million in BCH Preferred A.1 to an equal amount of BCG Preferred B.2, resulting in a deemed dividend to GWG Holdings of $46.2 million during the year ended December 31, 2021. Additionally, on November 29, 2021, the BCH Preferred A.1 were modified pursuant to the BCH LPA, which was accounted for as an extinguishment, resulting in a deemed contribution of $12.5 million to the Company for the year ended December 31, 2021. The BCH Preferred A.1 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 year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020 : Redeemable Noncontrolling Interests (Dollars in thousands) Preferred Series A.0 Preferred Series A.1 Total Redeemable Noncontrolling Interests Balance, December 31, 2019 (As Restated) $ — $ 1,588,604 $ 1,588,604 Net income (loss) — (35,877) (35,877) Tax distribution to noncontrolling interest — (5,592) (5,592) Balance, December 31, 2020 — 1,547,135 1,547,135 Net income (loss) 1,264 (9,532) (8,268) Deemed dividend upon issuance for GAAP to tax basis true-up — (9,247) (9,247) Exchange of BCH Preferred Series A.1 Unit Accounts for BCG Preferred Series B.2 Unit Accounts — (312,312) (312,312) Exchange of BCH Preferred Series A.1 Unit Accounts for BCH Preferred Series A.0 Unit Accounts 251,652 (251,652) — Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return — (2,239) (2,239) Put option liability on grant of BCH Preferred A.1 Unit Accounts — (3,793) (3,793) BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual (1,264) — (1,264) Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity (1,745) (12,455) (14,200) Balance, December 31, 2021 249,907 945,905 1,195,812 Net income (loss) 3,788 (1,290) 2,498 Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return — (8,424) (8,424) BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual (3,788) — (3,788) Balance, March 31, 2022 249,907 936,191 1,186,098 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 1,144 (1,144) — BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual (15,822) — (15,822) Balance, March 31, 2023 $ 251,051 $ 893,302 $ 1,144,353 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. The following table presents a rollforward of the noncontrolling interests for the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020 : Noncontrolling Interests (Dollars in thousands) Trusts Class S Ordinary Class S Preferred FLP Preferred Series C Class A of CT Total Noncontrolling Interests Balance, December 31, 2019 (As Restated) $ 27,062 $ 85,448 $ 17 $ — $ — $ — $ 112,527 Net income (loss) 47,582 (6,920) (15) 2,398 — — 43,045 Noncontrolling interest reclass — 1,199 1,199 (2,398) — — — Noncash issuance of noncontrolling interest 5,978 — — — — — 5,978 Reclass of distributions payable to noncontrolling interest holder (737) — — — — — (737) Cash contribution for BCH Preferred Series C Unit Accounts — — — — 130,200 — 130,200 Noncash issuance of BCH Preferred Series C Unit Accounts — — — — 313 — 313 Promissory note forgiveness exchange for BCH Preferred Series C Unit Accounts — (915) — — 71,200 — 70,285 Adjustment for change in ownership interest — (567) — — 3,800 — 3,233 Balance, December 31, 2020 79,885 78,245 1,201 — 205,513 — 364,844 Net income (loss) (30,513) (4,811) (30) 1,503 — — (33,851) Noncontrolling interest reclass — 740 740 (1,480) — — — Payment of employee payroll taxes on restricted equity units — (595) (595) — — — (1,190) Noncash issuance of noncontrolling interest 9,189 — — — — — 9,189 Reclass of distributions payable to noncontrolling interest holder (1,539) — — — — — (1,539) Cash contribution for BCH Preferred Series C Unit Accounts — — — — 14,800 — 14,800 Noncash issuance of BCH Preferred Series C Unit Accounts — — — — 246 — 246 Redemption of BCH Preferred Series C Unit Accounts — — — — (14,800) — (14,800) Reclass of allocated income for FLP Subclass 3 to payable — — — (23) — — (23) Balance, December 31, 2021 57,022 73,579 1,316 — 205,759 — 337,676 Net loss (55,229) (3,748) — — — — (58,977) Reclass of distributions payable to noncontrolling interest holder (811) — — — — — (811) Balance, March 31, 2022 982 69,831 1,316 — 205,759 — 277,888 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 $ 857 $ — $ 205,759 $ 1,337 $ 142,214 Preferred Series C Subclass 0 Unit Accounts The BCH Preferred C.0 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) $12.75. In addition, at any time following the Effective Date, all or some of the Preferred Series C purchased under the UPA may be exchanged for BCG Common Units at the option of GWG Holdings (exercised by its Special Committee of the Board of Directors or, if such committee is no longer in place, the appropriate governing body of GWG Holdings); provided that, if GWG Holdings exchanges less than all of the Preferred Series C purchase under the UPA, then, immediately after giving effect to such exchange, GWG Holdings shall be required to continue to hold Preferred Series C Unit Accounts with a capital account that is at least $10.0 million. The exchange price for such Ben Units shall be determined by third-party valuation agents selected by BCG and GWG Holdings. 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% prior to the initial public listing and (2) 0.75% following the initial public listing, and the denominator of which is (b) 1 minus the means of the highest effective marginal combined U.S. federal, state and local income tax rate (including the rate of taxes under Section 1411 of the Code) for a Fiscal Year prescribed for an individual resident in New York, New York (taking into account (a) the nondeductibility of expenses subject to the limitations described in Sections 67 and 68 of the Code, (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income, but not taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes), based on the Partnership’s most recently filed IRS form 1065, and (c) multiplied by 80%. The BCH Preferred C.0 are senior to all other classes of preferred equity other than (i) the BCH Preferred A.0 Unit Accounts in terms of ordinary distributions, and (ii) the BCH Preferred Series A.0 and Preferred Series B Unit Accounts in terms of allocations of profits and liquidation. The only conversion, redemption, or exchange rights available to the BCH Preferred C.0 are those rights afforded in accordance with the UPA, or such similar agreement. While any amount of Preferred Series C (Subclass 0 or 1) Unit Accounts is 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 (Subclass 0 or 1) Unit Accounts. On November 23, 2021, an initial capital account balance of $14.8 million was created upon the conversion from BCH Preferred Series C.1, as described below. Such conversion was accounted for as an extinguishment, at par. On December 1, 2021, Ben redeemed the entire $14.8 million for cash. Preferred Series C Subclass 1 Unit Accounts The BCH Preferred C.1 Unit Accounts are non-participating and convertible on a basis described above under Preferred Series C Subclass 0 Unit Accounts. 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% prior to the initial public listing and (2) 0.75% following the initial public listing, and the denominator of which is (b) 1 minus the means of the highest effective marginal combined U.S. federal, state and local income tax rate (including the rate of taxes under Section 1411 of the Code) for a Fiscal Year prescribed for an individual resident in New York, New York (taking into account (a) the nondeductibility of expenses subject to the limitations described in Sections 67 and 68 of the Code and (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income, but not taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes), based on the Partnership’s most recently filed IRS form 1065. BCH calculates two Preferred C.1 capital accounts: the Liquidation Capital Account and the Conversion Capital Account. In calculating the Conversion Capital Account, the Preferred C.1 Unit Accounts are allocated profits and losses junior to the Preferred A.1 Unit Accounts. In calculating the Liquidation Capital Account, the Preferred Series C.1 Unit Accounts is allocated profits and losses pari passu with the Preferred A.1 Unit Accounts. Following the exchange of any BCH Preferred C.1 Unit Accounts into BCG Common Units under the UPA, the excess of the profits and losses allocated to the BCH Preferred C.1 under the Liquidation Capital Account over the Conversion Capital Account will be deemed the “Excess Amount.” Following the creation of an Excess Amount, profit or income or gain will be specially allocated at each tax period in accordance with the principals of Treasury Regulation Section 1.704-1(b)(4)(x), to the BCH Preferred A.1, prior to any amount of profit, income or gain being allocated to any other class of units (other than the BCH Preferred A.0) or limited partners until such special allocations equal, in the aggregate, such Excess Amount. 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 (Subclass 0 or 1) 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 (Subclass 0 or 1) Unit Accounts. The weighted average preferred return rate for the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020, was approximately 1.38%, 3.92%, 2.33%, and 0.75%, respectively. No amounts have been paid to the BCH Preferred C.1 holders related to the preferred return since issuance through March 31, 2023, and any amounts earned have been accrued and are included in the balance of noncontrolling interests presented on the consolidated statements of financial condition. There was no BCH Preferred C.1 issued during the year ended March 31, 2023 and the three months ended March 31, 2022 . During the years ended December 31, 2021 and 2020, BCH issued for cash consideration of equal value $14.8 million and $130.2 million , respectively of BCH Preferred C.1 Unit Accounts. On November 23, 2021, GWG Holdings converted $14.8 million of its BCH Preferred C.1 to an equal amount of its BCH Preferred C.0. Such conversion was accounted for as an extinguishment at par. The BCH Preferred C.1 are recorded in the consolidated statements of financial condition in the noncontrolling interest line item. Class S Ordinary Units As of March 31, 2023 and March 31, 2022, BCH, a subsidiary of Ben, had issued 5.8 million and 5.8 million Class S Ordinary Units, respectively, which were all outstanding on each of the respective dates. The Class S Ordinary Units 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 have limited voting rights and do not entitle participation in the management of the Company’s business and affairs. Following an initial public listing or with the approval of a majority-in-interest of the BCH Class A Units, the Class S Ordinary Units are exchangeable for BCG Common Units on a one-for-one basis, subject to customary conversion rate adjustments for splits, distributions and reclassifications, as well as compliance with any applicable vesting and transfer restrictions. Each conversion also results in the issuance to BCG of a Class A Unit of BCH for each BCG Common Unit issued. The Class S Ordinary Units are recorded in the consolidated statements of financial condition in the noncontrolling interests line item. Class S Preferred Units The limited partnership agreement of BCH allows it to issue Class S Preferred Units, which are entitled to a quarterly preferred return. The Class S Preferred Units also participate on a pro-rata basis in the share of the profits or losses of BCH and subsidiaries follo

Net Loss per Unit

Net Loss per Unit	12 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss per Unit	Net Loss per Unit Basic and diluted net loss attributable to The Beneficient Company Group L.P. per common unit for the year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, are as follows: (Dollars in thousands) Year Ended Three Months Ended Year Ended 2023 2022 2021 2020 Net loss $ (252,100) $ (100,906) $ (105,133) $ (50,872) Less: Net income (loss) attributable to noncontrolling interests 136,942 60,267 43,383 (7,168) Less: Noncontrolling interest guaranteed payment (15,822) (3,788) (1,264) — Net loss attributable to The Beneficient Company Group, L.P. (130,980) (44,427) (63,014) (58,040) Less: Noncash deemed contribution on extinguishment of redeemable noncontrolling interest — — 14,200 — Less: Noncash deemed dividend on extinguishment of preferred equity interests of noncontrolling interest holders — — (46,202) — Net loss attributable to The Beneficient Company Group, L.P. common unitholders $ (130,980) $ (44,427) $ (95,016) $ (58,040) Weighted average of common units outstanding — basic and diluted 67,486,168 67,486,168 51,534,365 45,807,648 Net loss attributable to The Beneficient Company Group, L.P. per common unit — Basic and Diluted $ (1.94) $ (0.66) $ (1.84) $ (1.27) In computing diluted net loss per unit, we considered potentially dilutive units. Anti-dilutive units not recognized in the diluted net loss per unit calculation for the year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, were as follows: Units Year Ended Three Months Ended Year Ended 2023 2022 2021 2020 Class S Ordinary 5,835,822 5,834,296 5,811,251 5,720,627 Class S Preferred 93,678 88,606 72,126 15,288 Preferred Series A Subclass 0 19,795,997 19,706,509 1,664,303 — Preferred Series A Subclass 1 78,972,518 79,711,972 121,956,222 127,088,320 Preferred Series C 16,068,912 16,068,912 16,340,086 4,845,358 Restricted Equity Units 6,832,280 6,250,572 6,191,271 5,569,576 Total anti-dilutive units 127,599,207 127,660,867 152,035,259 143,239,169 Additionally, anti-dilutive units of BCH Preferred B.2 are not included in the table above, as these securities convert upon an Initial Listing Event and are therefore considered contingently convertible and based upon a condition that has not yet occurred as of the end of the reporting period.

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of income tax expense (benefit) for the year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, were as follows: (Dollars in thousands) Year Ended Three Months Ended Year Ended Year Ended Deferred expense Federal $ (1,072) $ 1,072 $ — $ 3,459 Income tax expense (benefit) $ (1,072) $ 1,072 $ — $ 3,459 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 year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020, respectively, are shown below: (Dollars in thousands) Year Ended Three Months Ended Year Ended Year Ended Expected statutory income tax benefit $ (51,011) $ (9,381) $ (20,403) $ (19,949) Amounts attributable to non-taxable flow-through entities 41,240 5,279 19,413 19,030 Amounts not deductible for income tax 505 11 (776) 1,368 Change in valuation allowance 8,194 5,163 1,766 3,010 Income tax expense (benefit) $ (1,072) $ 1,072 $ — $ 3,459 The components of gross deferred tax assets and gross deferred tax liabilities as of March 31, 2023 and March 31, 2022, are as follows (included in other assets): (Dollars in thousands) March 31, 2023 March 31, 2022 Deferred income tax assets: Passthrough differences - temporary $ 17,142 $ 8,948 Net operating loss 991 991 Non-current deferred income tax assets 18,133 9,939 Deferred income tax liabilities: Other — (1,072) Non-current deferred income tax liabilities — (1,072) Less: valuation allowance 18,133 9,939 Total deferred income tax liability $ — $ (1,072) As of March 31, 2023 and March 31, 2022, our gross federal net operating loss carryforwards for income tax purposes were approximately $4.7 million and $4.7 million, respectively. Under the Tax Act, federal net operating loss carryforwards can be carried forward indefinitely but limits the deduction for federal net operating losses to 80% of taxable income. 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, 2023 and March 31, 2022 . The Company does not have any significant uncertain tax positions as of March 31, 2023 and March 31, 2022 , and the 2019, 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	12 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Parties	Strategic Transactions with GWG Holdings, Inc. and GWG Life, LLC In 2018 and 2019, we consummated a series of transactions with GWG Holdings, certain of which, relevant to the financial statements presented herein, are more fully described below. As a result of certain of these transactions, on December 31, 2019, GWG Holdings obtained the right to appoint a majority of the members of the Board of Directors of Ben Management, and Ben became a consolidated subsidiary for financial reporting purposes of GWG Holdings beginning on December 31, 2019. Decoupling Transactions with GWG Holdings On November 12, 2021, amendments to the organizational documents of BCG, BCH, and Ben Management were approved by the Board of Directors of Ben Management and GWG Holdings (the “Amendments”). On November 29, 2021, the Amendments became effective. These Amendments are part of, and effectuate, the series of transactions (the “Decoupling Transactions”), which resulted in, among other things, (i) GWG Holdings converting its capital account balance of $319.0 million in BCH Preferred A.1 to an equal amount of Preferred Series B Subclass 2 Unit Accounts issued by BCG (“BCG Preferred B.2”), which are a preferential class of equity in BCG with enhanced conversion rights; (ii) GWG Holdings no longer having certain voting rights or the right to nominate or appoint members of the Board of Directors of Ben Management; and (iii) Ben no longer being a consolidated subsidiary of GWG Holdings and therefore operating as a wholly independent and separate company. Commercial Loan Agreement On December 28, 2018, BCG, as borrower, entered into a commercial loan agreement (the “Commercial Loan Agreement”) with GWG Life, LLC, a wholly-owned subsidiary of GWG Holdings (“GWG Life”), as lender, providing for a loan in a principal amount of $192.5 million (the “Commercial Loan”). The principal amount under the Commercial Loan Agreement bore interest at 5.00% per year, compounded annually. One-half of the interest, or 2.50% per year, was due and payable monthly in cash, and one-half of the interest, or 2.50% per year, accrued and compounded annually. In connection with the Decoupling Transactions, on November 26, 2021, GWG Holdings and BCG executed a payoff letter for the Commercial Loan Agreement pursuant to which BCG repaid the entire outstanding principal balance of the Commercial Loan Agreement of $202.3 million plus accrued interest of $5.8 million, by issuing to GWG Life 19,250,795 Common Units. The payoff of the Commercial Loan Agreement was accounted for as a debt extinguishment in accordance with ASC 470. Accordingly, BCG recorded a $14.6 million loss on extinguishment related to the payoff for the year ended December 31, 2021, which is reflected in the loss on extinguishment of debt line item on the consolidated statements of comprehensive income (loss). The loss on extinguishment represents the difference between the carrying value of the Commercial Loan Agreement at payoff of $192.8 million, net of an unamortized discount of $15.3 million, and the fair value of the Commercial Loan Agreement of $207.4 million, which was determined to have the most readily determinable fair value at the time of the nonmonetary transaction. Unit Purchase Agreement On July 15, 2020, the Company entered into a Preferred Series C Unit Purchase Agreement (“UPA”) with GWG Holdings (acting through a then constituted special committee of the Board of Directors of GWG Holdings). Pursuant to the UPA, and provided it has adequate liquidity, GWG Holdings agreed to make capital contributions from time to time to BCH in exchange for Preferred Series C Unit accounts of BCH during a period which commenced on the date of the UPA and continued until November 29, 2021, when Ben ceased to be a consolidated subsidiary of GWG Holdings. Durin g the years ended December 31, 2021 and December 31, 2020, BCH issued $14.8 million and $130.2 million, respectively, of Preferred Series C rel ated to this agreement for cash consideration of equal value. The Company redeemed $14.8 million of Preferred Series C during the year ended December 31, 2021 for cash consideration of equal value. Option Agreement Conversion Effective August 11, 2020, as a result of the Exchange Agreement entered into by the parties on December 31, 2019, and the mutual agreement of the parties, the Option Agreement was exercised under the provisions of the Option Agreement. As such, GWG Holdings received $57.5 million of BCG Common Units at a price per unit equal to $12.50. The exercise of the Option Agreement decreased other liabilities and increased common units outstanding. Collateral Swap On September 30, 2020, certain of the Customer ExAlt Trusts (collectively, the “Participating Customer ExAlt Trusts”), at the sole direction of the independent trustee of each such trust, with the intention of protecting the value of certain assets of the Participating Customer ExAlt Trusts underlying part of the Collateral portfolio, the Participating Customer ExAlt Trusts entered into that certain Contribution and Exchange Agreement with certain of the 2017-18 Exchange Trusts, (collectively, the “Participating Exchange Trusts”), each of which entered into such agreement at the direction of its applicable trust advisor and by and through its applicable corporate trustee (the “Contribution and Exchange Agreement”). Under the Contribution and Exchange Agreement, the Participating Exchange Trusts agreed to exchange 9,837,264 shares of GWG Holdings’ common stock valued at $84.6 million, 543,874 shares of BCG Common Units valued at $6.8 million, and GWG Holdings’ L Bonds due 2023 in the aggregate principal amount of $94.8 million to the Participating Customer ExAlt Trusts for $94.3 million in NAV of the alternative asset investments held by the Participating Customer ExAlt Trusts. This transaction ( the “Collateral Swap”) resulted in the Participating Customer ExAlt Trusts recognizing an additional $84.6 million of investment in public equity securities of related party, $94.8 million of debt securities of related party, $3.4 million of treasury shares of BCG’s Common Units, and gain of $88.5 million, which was recorded in investment income, net in the consolidated statements of comprehensive income (loss). LiquidTrust Promissory Note Repayment On May 31, 2019, certain LiquidTrusts executed a Promissory Note (the “Promissory Note”) with GWG Life (acting through a then constituted special committee of the Board of Directors of GWG Holdings) for a principal amount of $65.0 million. On September 30, 2020, GWG Holdings, GWG Life (which, collectively with GWG Holdings, acted through a then constituted special committee of the Board of Directors of GWG Holdings), and the Borrowers agreed to the repayment of the Promissory Note and any related accrued interest for a $75.0 million BCH Preferred C.1 Unit Account that BCG issued to the Borrowers. The Company determined the fair value of the BCH Preferred C.1 was $71.2 million as of September 30, 2020. The carrying value of the Promissory Note on September 30, 2020, with accrued and unpaid interest thereon, was $65.1 million. Accordingly, the difference between the fair value of the BCH Preferred C.1 and the carrying value of the settled debt was settled between equity holders. Additionally, as a result of the change in ownership of BCG while BCG retained a controlling interest in BCH, a rebalancing of the noncontrolling interests was performed in accordance with ASC 810-10, Consolidation — Overall , which resulted in a $3.2 million net increase to noncontrolling interest. Relationship with Beneficient Management Counselors, L.L.C. Ben Management is the general partner of Ben and is governed by a board of directors. The governing document of Ben Management provides that Beneficient Management Counselors, L.L.C. (“BMC”), wholly owned by one of several Related Entities, determine the directors of Ben Management who fill 49% of the Board seats. BMC is also entitled to select (a) 50% of the membership of the Ben Management’s Nominating Committee and Executive Committee and appoint the chair of each of these committees, and (b) 50% of the membership of the Community Reinvestment Committee (CRC) and the CRC’s chairperson and lead committee member . Certain decisions with respect to Ben’s charitable giving program are delegated to the CRC, including certain decisions on behalf of BFF as a Kansas TEFFI. Decisions regarding appointment and removal of Ben Management’s directors, other than directors appointed by BMC, are delegated, with certain exceptions, to the Nominating Committee of Ben Management of which our Chief Executive Officer and Chairman is a member and Chairman. In the event of a tie vote of the Nominating Committee on a vote for the appointment or removal of a director, the majority of the then total number of directors serving on the board of directors will break the tie; provided that upon and following a “trigger event” (as defined in Ben Management’s governing document) the chair of the Nominating Committee may cast the tie-breaking vote. Services Agreement with Bradley Capital Company, L.L.C. Ben is the general partner of BCH and together they 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 million per quarter for executive level services provided by an executive of Bradley Capital, who is currently designated as our Chief Executive Officer and Chairman of Ben Management’s Board of Directors, together with a current supplemental fee of $0.2 million per quarter for administrative and financial analysis, with both the base fee and supplemental fee, subject to an annual inflation adjustment. The base fee may be increased by the provider up to two times the initial base fee per quarter to cover increases in the cost of providing the services, or in the event of an expansion of the scope of the services, with the approval of the Executive Committee of the Board of Ben Management of which our CEO & Chairman of Ben Management’s Board of Directors is a member and Chairman. Our CEO and Chairman of Ben Management’s Board of Directors receives an annual salary from the Company of $0.2 million and both he and other employees of Bradley Capital can participate in equity incentive plans sponsored by the Company. The Bradley Capital Agreement and the A&R Bradley Capital Agreement also includes a payment from Ben of $0.2 million per year, paid in equal quarterly installments, to cover on-going employee costs for retired and/or departed employees of predecessor entities prior to September 1, 2017, which on-going costs were assumed by Bradley Capital, as well as a further payment to Bradley Capital in respect of the cost of health and retirement benefits for current employees of Bradley Capital all of which are reimbursed by Ben. Under the Bradley Capital Agreement, Ben was also required to reimburse Bradley Capital for out-of-pocket expenses incurred by Bradley Capital employees, including reimbursement for private travel for the family members of designated executives of Bradley Capital for both business and personal use. Under the A&R Bradley Capital Agreement, Ben is no longer required to reimburse Bradley Capital for private travel of designated executives of Bradley Capital and their family members. 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. 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. 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 extends through December 31, 2022, with an automatic annual one-year renewal provision thereafter. The A&R Bradley Capital Agreement may be terminated by the mutual agreement of the parties, by the unanimous approval of the Executive Committee of the Board of Ben Management of which an executive of a Related Entity is a member, or without such approval if the Related Entity no longer holds the lesser of $10.0 million of Ben’s securities or 1% of the aggregate fair market value of Ben on both December 31, 2022, or any applicable extension date, and the date of termination. As part of the May 2018 change of control of Ben, the Company obtained a valuation of the enterprise and its classes of equity as required by ASC 805 due to the application of pushdown accounting. This valuation incorporated, among other things, estimates of current and future costs arising from related party contracts, including the Bradley Capital Agreement and the BHI Services Agreement (defined below). Each class of the Company’s equity was then recorded at its fair value as set forth in valuation analysis, with the preferred equity held by Ben’s founders reduced for, among other things, (i) the balance of outstanding debt of the Company, including related party debt, and (ii) any decrease in the value of the Company, up to the entire founders’ preferred equity amount outstanding, including decreases arising from the present value of the estimated costs of the related party contracts, including estimated costs related to private travel under the terms of the Bradley Capital Agreement. During the year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, the Company recognized expenses totaling $2.6 million, $0.6 million, $4.1 million, and $3.8 million, respectively, related to this services agreement, respectively. As of March 31, 2023 and March 31, 2022, $3.6 million and $3.5 million, respectively, was owed to Bradley Capital related to this services agreement. 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 million plus direct operating expenses incurred for Ben’s use of the aircraft. Bradley Capital is required to pay any other fixed and variable costs of operating the aircraft. Beneficient USA is also required to provide its own pilot(s) and crew, and Beneficient USA has entered into a separate Flight Crew Services Agreement with an unrelated third-party to provide the qualified flight crew. The term of the Aircraft Sublease is one (1) year and may be terminated by either party upon three (3) days prior written notice and will automatically terminate upon the sale or similar disposition of the aircraft or the termination of the underlying lease agreement. Additionally, BCG agrees to unconditionally guarantee, for the benefit of Bradley Capital, all of the obligations of Beneficient USA to Bradley Capital under the Aircraft Sublease. During the year ended March 31, 2023 and the three months ended March 31, 2022 , BCH expensed $6.1 million and $1.7 million, respectively, in lease and direct operating expenses related to this agreement. As discussed below, BHI, a Related Entity (which as defined above is an entity associated with our founder), 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. Guaranty made to Bradley Capital In conjunction with the execution of the A&R Bradley Capital Agreement and the Aircraft Sublease, Bradley Capital and BCH entered into a Guaranty effective as of January 1, 2022 (the “Guaranty”). Pursuant to the Guaranty, BCH provides an unlimited, irrevocable, and unconditional guaranty in favor of Bradley Capital guaranteeing the complete and timely payment of any and all amounts due up to $20.0 million from Bradley Capital to a lender under any financing arrangement with Bradley Capital, the proceeds of which were used in the acquisition of the aircraft under the Aircraft Sublease or any other aircraft acquired by Bradley Capital in connection with Bradley Capital’s obligations under the Bradley Capital Agreement. No guaranty payments were required from BCH as of March 31, 2023 and March 31, 2022. Bradley Capital does not currently have an outstanding guarantee to any third-party lender, and none are currently contemplated at the time of the issuance of these financial statements. Effective as of December 9, 2022, Bradley Capital and BCH entered into an agreement pursuant to which Bradley Capital agreed not to enforce the Guaranty or any obligations of BCH thereunder nor utilize the Guaranty in any manner unless and until the withdrawal of the registration statement on Form S-4 BCG originally filed with the SEC on December 9, 2022 (the “Forbearance Agreement”). 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 to Ben for the provision of trust administration services for Related Entities and all trusts affiliated with its family trustee as that term is defined in the governing documents for a Related Entity. Beneficient USA also is required to provide any other services requested by BHI, subject to any restrictions in the operating agreement of BHI, at cost. The term of the BHI Services Agreement extends for the longer of (i) five years past the expiration or termination of the Bradley Capital Agreement, or (ii) seven years after the family trustee of the Related Entity is no longer a primary beneficiary of any trust affiliated with the family trustee. The Company recognized income during the year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, respectively, in accordance with the agreement. 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 per year. This additional payment is intended to partially cover flight crew costs and other related costs. Each contribution is conditioned upon (i) the effectiveness of the Aircraft Sublease, (ii) the effectiveness of the Guaranty (as defined above), and (iii) BCH’s timely payment to BHI of the guaranteed payment to be made to holders of BCH Preferred A.0 for the respective quarter in which such contribution is to be paid (whether or not waived in accordance with the terms of the BCH LPA); provided, that if such guaranteed payment is not timely paid, or is only paid in part, for any given quarter, then any contributions contemplated under the Contribution Agreement for such quarter will not be owed. In the event such guaranteed payment is subsequently paid in full, then any previously unfunded contributions for the applicable quarter under the Contribution Agreement will become immediately due and payable on the last business day of the calendar quarter in which such guaranteed payment is paid in full. All payments made by BHI to BCH pursuant to the Contribution Agreement shall be treated as capital contributions, as defined in the BCH LPA, by BHI to BCH and shall be added to BHI’s sub-capital account related to its Class S Ordinary Units of BCH. BCH further agrees to specially allocate to BHI’s sub-capital account related to its Class S Ordinary Units of BCH any expenses or deductions derived from amounts paid or accrued by BCH for use of the aircraft to the extent such expenditures are offset by the contributions made by BHI pursuant to the Contribution Agreement. There have been no contributions from BHI related to this agreement, which is expected and will continue to occur until the guaranteed payments to Preferred A.0 holders are no longer deferred. BHI owns the majority of the Class S Ordinary Units, 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. Finally, see discussion above under “ Services Agreement with Bradley Capital” related to the May 2018 change of control of Ben. 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 25 years exists between Highland (and its affiliates or related parties), on the one hand, and Related Entities, on the other. From time to time, Highland or its affiliates have advanced funds under various lending and investing arrangements to Related Entities, and such Related Entities have made repayments to Highland or its affiliates, as applicable, both in cash and in kind. 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, 2023 and March 31, 2022, Highland Consolidated, L.P. had outstanding loans in the principal amount of $14.0 million and $3.3 million, respectively, with a Related Entity. Ben is not a party to these loans, nor has it secured or guaranteed the loans. Administrative Services Agreement between Constitution Private Capital Company, L.L.C. (“Constitution”) and Beneficient USA. Constitution is an entity owned 50.5% by a Related Entity and 49.5% by an entity controlled by our Board of Directors. It was founded in 1986 and acquired by a Related Entity in 1996. Constitution currently manages three private equity fund-of-funds. Effective January 1, 2017, Constitution entered into an Administrative Services Agreement (the “ASA”) with Beneficient USA, a subsidiary of BCH, whereby Beneficient USA provides personnel to administer the portfolio assets advised by Constitution. Under the ASA, Constitution pays Beneficient USA a monthly fee equal to 0.01% of the month-end net assets of its portfolio. The ASA automatically renews on an annual basis and may be terminated at any time by Constitution. Beneficient USA may only terminate the ASA in the event of a breach by Constitution. There was no income recognized by the Company related to this services agreement for the year ended March 31, 2023, the three months ended March 31, 2022, or the years ended December 31, 2021 and 2020 . Preferred Liquidity Provider Agreement with Constitution. In May 2019, BCC entered into an agreement with Constitution (the “Preferred Liquidity Provider Agreement”) under which at Constitution’s option, BCC will provide liquidity to alternative asset funds sponsored by Constitution at an advance rate of not less than 82% of NAV, to the extent such funds meet certain specified qualifications. For a fund to qualify for the liquidity option, it must, among other things, hold investments that were approved or deemed approved by BCC at the time a fund makes such investments. BCC is required to provide liquidity in any combination, at its discretion, of cash, U.S. exchange traded funds registered under the Investment Company Act of 1940, or securities traded on a national securities exchange. BCC’s obligation under the Preferred Liquidity Provider Agreement is guaranteed by Ben and BCH. The Preferred Liquidity Provider Agreement may be terminated solely by mutual consent of Ben and Constitution. Ben and Constitution have not contracted for any liquidity under this agreement through March 31, 2023 . 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 a Related Entity. HERO’s purposes are (i) to serve as an advisor to National Philanthropic Trust (“NPT”), an unrelated third-party charitable organization, regarding the disbursement of grants to qualifying organizations, and (ii) to serve as an advisor to NPT regarding the administration of charitable contributions made for the benefit of such qualifying organizations. Although HERO can advise on these matters, NPT has all final decision-making authority on charitable contributions and complete control over the proceeds received by the charitable organizations. The charitable accounts administered by NPT (“Charitable Accounts”), the beneficiaries of which have historically been multiple Texas universities, have historically received proceeds from certain trusts settled and funded by customers of Ben, in support of their charitable initiatives. HERO does not receive any proceeds from trusts settled and funded by customers of Ben. RROC’s purpose is to provide funding and operational support for the research activities conducted by qualified charities. The funding received by RROC, from proceeds of trusts settled and funded by certain 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 approximately $2.1 million and $2.7 million as of March 31, 2023 and March 31, 2022 , respectively. During the year ended March 31, 2023, Ben paid $0.8 million. There were no payments made during the three months ended March 31, 2022 and the years ended December 31, 2021 and 2020 . Due to changes in the Customer ExAlt Trust agreements, no incremental amounts are expected to be allocated to RROC or the Charitable Accounts other than those amounts already provided by certain prior trust agreements. 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 Kansas TEFFI Economic Growth Trust. Beneficient Heartland Foundation, Inc. On January 20, 2022, Beneficient Heartland Foundation, Inc. (“BHF”) was formed as a Kansas nonprofit corporation to receive economic growth contributions pursuant to the TEFFI legislation. BHF is governed by a 13-member board of directors, nine of whom are community leaders within the Hesston, Kansas community and four of whom are Ben employees or individuals otherwise affiliated with Ben. BHF is organized and operated exclusively for charitable and educational purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code. Its purpose is to provide grants and other support to benefit growth, development and expansion of opportunities in rural Kansas communities with populations of 5,000 residents or less, including job and income growth, main street revitalization, educational facility improvements, construction and development, healthcare facility enhancements, senior facility improvements, and support for post-secondary institutions. BHF has the exclusive decision-making authority over all of the economic growth contributions it receives. BFF is the sole member of BHF and has the right to appoint eleven members of BHF’s Board of Directors. The remaining two board members are appointed by BMC. Pursuant to the requirements of the Internal Revenue Code, BFF’s governing documents prohibit any of BHF’s assets or earnings from inuring to the benefit of BFF, BMC, or any director, officer or other private individual. 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 million and $0.7 million as of March 31, 2023 and March 31, 2022 , respectively . Ben paid $2.7 million during the year ended March 31, 2023. There were no amounts paid during the three months ended March 31, 2022 and the years ended

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	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. On March 20, 2020, 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, was created as a Delaware limited liability company 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, 2023, the consolidated statements of financial condition include assets of this consolidated VIE with a carrying value of $4.0 million, which is recorded in the investments held by Ben line item of the consolidated statements of financial condition. There were no put options held as of March 31, 2022 . The Company recorded a loss of $3.5 million, $5.2 million, and $7.8 million, for the years ended March 31, 2023, December 31, 2021 and December 31, 2020, respectively, which is reported in the gain (loss) on financial instruments, net line item of the consolidated statements of comprehensive income (loss). 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: (Dollars in thousands) March 31, 2023 March 31, 2022 Assets: Cash and cash equivalents $ 3,259 $ 10,024 Restricted cash 819 5,517 Investments, at fair value 491,859 659,921 Other assets 5,891 3,361 Total Assets of VIEs $ 501,828 $ 678,823 Liabilities: Accounts payable and accrued expense $ 1,945 $ 5,350 Other liabilities 132 479 Customer ExAlt Trusts loan payable, net 52,129 65,674 Total Liabilities of VIEs $ 54,206 $ 71,503 Equity: Treasury stock $ (3,444) $ (3,444) Noncontrolling interests (118,299) 982 Accumulated other comprehensive income (loss) 9,900 (1,326) Total Equity of VIEs $ (111,843) $ (3,788) The consolidated statements of comprehensive income (loss) for the periods presented include the following amounts from these consolidated VIEs. (Dollars in thousands) Year Ended Three Months Ended Year Ended Year Ended Revenues Investment income (loss), net $ (54,010) $ (10,811) $ 15,534 $ 132,620 (Gain) loss on financial instruments, net (35,085) (44,661) 29,512 (15,838) Interest income 54 — 7,110 1,798 Total revenues (89,041) (55,472) 52,156 118,580 Operating expenses Interest expense 8,956 1,046 — 4,675 Provision for credit losses 13,843 4,774 14,319 — Professional services 5,032 — 350 — Other expenses 1,905 1,860 695 502 Total operating expenses 29,736 7,680 15,364 5,177 Net income (loss) $ (118,777) $ (63,152) $ 36,792 $ 113,403 Net income (loss) attributable to noncontrolling interests $ (117,861) $ (55,229) $ (30,513) $ 47,582 VIEs for Which the Company is not the Primary Beneficiary The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. The guaranty with Bradley Capital discussed in Note 16 creates a variable interest held by Ben in Bradley Capital. Ben is not the primary beneficiary of Bradley Capital as it has no ability to direct the activities that most significantly impact that entity’s economic performance. There are no amounts of assets or liabilities related to Bradley Capital reflected in our statement of financial position for any periods presented. As described in Note 16, through December 9, 2022, and subsequent periods on or after the

Segment Reporting

Segment Reporting	12 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has three reportable segments consisting of Ben Liquidity, Ben Custody and Customer ExAlt Trusts. As additional products and services are offered in the future, we expect to have additional reportable segments, including Ben Insurance Services and Ben Markets. As the central operating hub of the company, Ben Liquidity is responsible for offering Ben’s fiduciary alternative asset liquidity and financing products through AltAccess. Ben Custody delivers products that address the administrative and regulatory burden of holding alternative assets by offering full service bespoke custody and trust administration services, and specialized document custodian services to Customers. Certain of Ben’s operating subsidiary products and services involve or are offered to certain of the Customer ExAlt Trusts. Certain of the Customer Exalt Trusts hold interests in alternative assets and therefore recognize changes in such assets’ net asset value in earnings. Certain other Customer ExAlt Trusts pay interest on the ExAlt Loans to Ben Liquidity and transaction fees to Ben Liquidity and Ben Custody in connection with the liquidity transactions, and pay fees to Ben Custody for providing full-service trust administration services to the trustees of the Customer ExAlt Trusts. The amounts paid to Ben Liquidity and Ben Custody are eliminated solely for financial reporting purposes in our consolidated financial statements but directly impact the allocation of income (loss) to BCG’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 GWG Holdings common stock held by Ben; • Interest expense incurred on the corporate related debt transactions (i.e., commercial loan agreement); 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): 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) As of March 31, 2023 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 376,253 $ — $ — $ — $ (376,253) $ — 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 $ 2,111,580 $ 641,685 $ 502,306 $ 78,138 $ (423,014) $ 2,910,695 Three Months Ended March 31, 2022 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment loss, net $ — $ — $ (10,811) $ — $ — (10,811) Loss on financial instruments, net — — (44,661) (11,350) — (56,011) Interest income — — — 73 — 73 Trust services and administration revenues 121 8 — — — 129 Other income — — — 2 — 2 Intersegment revenues Interest income 17,790 — — — (17,790) — Trust services and administration revenues — 8,408 — — (8,408) — Total revenues 17,911 8,416 (55,472) (11,275) (26,198) (66,618) External expenses Employee compensation and benefits 2,200 517 — 7,408 — 10,125 Interest expense 538 — 1,046 526 — 2,110 Professional services 915 446 — 4,088 — 5,449 Provision for credit losses — — 4,774 4,609 — 9,383 Other expenses 436 152 1,860 3,701 — 6,149 Intersegment expenses Interest expense — — 24,694 — (24,694) — Provision for loan losses 34,121 — — — (34,121) — Other expenses — — 5,767 — (5,767) — Total expenses 38,210 1,115 38,141 20,332 (64,582) 33,216 Operating income (loss) $ (20,299) $ 7,301 $ (93,613) $ (31,607) $ 38,384 $ (99,834) Certain prior year items have been reclassified to conform with current year presentation. As of March 31, 2022 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 418,793 $ — $ — $ — $ (418,793) $ — Investments, at fair value — — 659,921 14,249 — 674,170 Other assets 31,563 46,933 20,106 43,670 (46,284) 95,988 Goodwill and intangible assets, net — — — 2,370,850 — 2,370,850 Total Assets $ 450,356 $ 46,933 $ 680,027 $ 2,428,769 $ (465,077) $ 3,141,008 Year Ended December 31, 2021 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment income, net $ — $ — $ 15,534 $ — $ — 15,534 Gain on financial instruments, net — — 29,512 2,325 — 31,837 Interest income — — 7,110 288 — 7,398 Trust services and administration revenues 510 30 — — — 540 Other income — — — 2 — 2 Intersegment revenues Interest income 55,929 — — — (55,929) — Trust services and administration revenues — 20,258 — — (20,258) — Total revenues 56,439 20,288 52,156 2,615 (76,187) 55,311 External expenses Employee compensation and benefits 8,328 2,031 — 38,164 — 48,523 Interest expense 12,812 — — 14,645 — 27,457 Professional services 3,100 1,552 350 12,799 — 17,801 Provision for credit losses — — 14,318 4,437 — 18,755 Other expenses 2,127 512 695 10,561 — 13,895 Intersegment expenses Interest expense — — 70,963 — (70,963) — Provision for loan losses 8,881 — — — (8,881) — Other expenses — — 12,180 — (12,180) — Total expenses 35,248 4,095 98,506 80,606 (92,024) 126,431 Operating income (loss) $ 21,191 $ 16,193 $ (46,350) $ (77,991) $ 15,837 $ (71,120) Certain prior year items have been reclassified to conform with current year presentation. Year Ended December 31, 2020 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment income, net $ — $ — $ 132,620 $ — $ — 132,620 Loss on financial instruments, net — — (15,838) (14,832) — (30,670) Interest income — — 1,819 285 (22) 2,082 Trust services and administration revenues — 30 — — — 30 Other income — — — 36,267 — 36,267 Intersegment revenues Interest income 51,819 — — — (51,819) — Trust services and administration revenues — 19,379 — — (19,379) — Total revenues 51,819 19,409 118,601 21,720 (71,220) 140,329 External expenses Employee compensation and benefits 6,216 1,915 — 120,451 — 128,582 Interest expense 11,496 — 4,675 16,380 — 32,551 Professional services 3,656 1,190 — 14,199 — 19,045 Other expenses (165) 382 502 6,845 — 7,564 Intersegment expenses Interest expense — — 63,463 — (63,463) — Provision for loan losses 5,378 — — — (5,378) — Other expenses — — 12,177 — (12,177) — Total expenses 26,581 3,487 80,817 157,875 (81,018) 187,742 Operating income (loss) $ 25,238 $ 15,922 $ 37,784 $ (136,155) $ 9,798 $ (47,413) Certain prior year items have been reclassified to conform with current year presentation.

Risks and Uncertainties

Risks and Uncertainties	12 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Risks and Uncertainties	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 (dollar amounts in thousands): March 31, 2023 March 31, 2022 Industry Sector Value Percent of Total Value Percent of Total Software and services $ 54,944 14.2 % $ 91,507 17.4 % Diversified financials 52,544 13.6 88,418 16.8 Food and staples retailing 38,210 9.9 33,817 6.4 Utilities 28,043 7.3 29,865 5.7 Health care equipment and services 23,626 6.1 28,361 5.4 Energy 26,721 6.9 29,238 5.6 Capital goods 27,707 7.2 32,049 6.1 Telecommunication services 5,634 1.5 28,910 5.5 Other (1) 128,422 33.3 162,762 31.1 Total $ 385,851 100.0 % $ 524,927 100.0 % Certain prior year items have been reclassified to conform with current year presentation. (1) Industries in this category each comprise less than 5 percent. Telecommunication Services is shown separately as it comprised greater than 5 percent in the prior period. March 31, 2023 March 31, 2022 Geography Value Percent of Total Value Percent of Total North America $ 239,951 62.2 % $ 326,039 62.1 % Asia 62,016 16.1 88,183 16.8 Europe 38,874 10.1 66,790 12.7 South America 41,423 10.7 39,406 7.5 Africa 3,587 0.9 4,509 0.9 Total $ 385,851 100.0 % $ 524,927 100.0 % 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 has underwriting and due diligence procedures and utilizes market rates. 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 February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. The ongoing Russia-Ukraine 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 or the Ukraine. 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 COVID-19 pandemic, the ongoing Russia-Ukraine 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 COVID-19 pandemic and the Russia-Ukraine war and has concluded that while it is reasonably possible that the virus and the war 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	12 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 and subleases 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 year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, totaled $6.6 million, $1.6 million, $0.6 million, and $0.6 million, respectively. Unfunded Capital Commitments The Customer ExAlt Trusts had $61.1 million and $69.1 million of potential gross capital commitments as of March 31, 2023 and March 31, 2022, respectively, representing potential limited partner capital funding commitments on the interests in alternative asset funds. The Customer ExAlt Trusts holding the interest in the limited partnership for the alternative asset fund is required to fund these limited partner capital commitments per the terms of the limited partnership agreement. Capital funding commitment reserves are maintained, in some instances, by certain of the Customer ExAlt Trusts created at the origination of each trust for up to $0.1 million. To the extent that the associated Customer ExAlt Trust cannot pay the capital funding commitment, Ben is obligated to lend sufficient funds to meet the commitment. Any amounts advanced by Ben to the Customer ExAlt Trusts for these limited partner capital funding commitments above the associated capital funding commitment reserves held by the associated Customer ExAlt Trusts are added to the ExAlt Loan balance between Ben and the Customer ExAlt Trusts and are expected to be recouped through the cash distributions from the alternative asset fund that collateralizes such ExAlt Loan. 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 88%, of our portfolio with an unfunded commitment has a vintage of 2012 and prior. As the vintages continue to age, a cash requirement becomes less likely. We consider the creditworthiness of the investment on a case-by-case basis. At March 31, 2023 and March 31, 2022, there were no reserves for losses on unused commitments to fund potential limited partner capital funding commitments. Contingent Consideration Payable In connection with the $352.6 million acquisition of alternative assets by the Customer ExAlt Trusts on December 7, 2021, the Company had a contingent obligation to issue additional BCG Preferred B.2 based on the updated NAV of such acquired alternative assets as of December 31, 2021 as determined by the underlying fund general partners and/or investment managers. As of March 31, 2022, the Company recorded a $20.2 million liability, which was the value of the additional BCG Preferred B.2 that expected to be issued based on the updated NAV, using information that existed as of the date of the statement of financial condition, but made available to the Company after the aforementioned periods and prior to the issuance of these consolidated financial statements. On September 1, 2022, the Company satisfied the liability in full by issuing $20.1 million of BCG Preferred B.2. Legal Proceedings On February 18, 2022, Paul Capital Advisors (“PCA”) filed a lawsuit against MHT, Ben, and two 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, and the Court took the matter under advisement. Defendants continue to believe PCA’s claims are baseless and intend to vigorously defend against each and every cause of action asserted against them in the second amended complaint. Briefing related to defendants’ motions to dismiss the remaining counts recently concluded. 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 million plus costs and expenses. Additionally, 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 seeks total damages of $36.3 million plus attorney’s fees and punitive damages. The deadline to respond has not yet passed, but the Company denies the claims asserted in the arbitration. 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 million and $382 million. 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 has been abated pending confirmation of the Debtors plan of reorganization, but it is possible that the hearing may be reset to a future date depending on, among other things, the results of the ongoing mediation or by agreement between the Debtors and the OBC. 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 million worth of additional value to the Debtors’ estate. Ben and its CEO filed motions to object to the OBC’s motion that refutes the allegations. The Debtors have indicated they oppose the OBC’s motion for standing and intend to address such alleged claims, if any, as part of a global plan of reorganization, including a possible mediated resolution. Ben intends to vigorously defend itself against any claims, should they be brought by the Debtors, the OBC, or the Litigation Trust. 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 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. On May 3, 2023, Thomas Horton and Frank Moore, in their capacities as the lead plaintiffs in the Bayati Action, 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. 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.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Mar. 31, 2023
Offsetting [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Cash paid for taxes for the year ended March 31, 2023, the three months ended March 31, 2022. and the years ended December 31, 2021 and 2020, was de minimis. Cash paid for interest for the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020, was $8.7 million, $6.6 million, $6.4 million, and $12.2 million, respectively. Supplemental disclosure of noncash investing and financing activities include: Year Ended March 31, 2023: – $37.1 million deemed dividend from BCH Preferred A.1 to BCG Preferred B.2 for accrual of preferred return. – $20.1 million issuance of BCG Preferred B.2 to satisfy the contingent consideration payable. – $15.8 million accrual for BCH Preferred A.0 guaranteed payment. – $2.4 million issuance of noncontrolling interest from reserved cash received in a prior period. – $1.7 million of distributions payable to the Charitable Beneficiaries. – $1.4 million promissory note receivable received as consideration in sale of fixed assets. – $1.1 million exchange of BCH Preferred A.0 for BCH Preferred A.1. – $0.3 million noncash issuance of noncontrolling interest. Three Months Ended March 31, 2022: – $8.4 million deemed dividend from Preferred A.1 to BCG Preferred B.2 for accrual of preferred return. – $4.1 million liability related to funds retained by Ben on behalf of the lender to the Customer ExAlt Trust loan payable. – $3.8 million liability for Preferred A.0 guaranteed payment. – $0.8 million of distributions payable to the Charitable Beneficiaries. Year Ended December 31, 2021: – $352.6 million issuance of BCG Preferred B.2 for consideration in acquisition of alternative assets. – $312.3 million issuance of BCG Preferred B.2 in exchange for conversion of Preferred A.1. – $251.7 million issuance of Preferred A.0 in exchange for conversion of Preferred A.1. – $192.8 million issuance of Common Units in connection with the Commercial Loan Agreement settlement. – $20.1 million liability for contingent issuance of BCG Preferred B.2. – $9.2 million of noncash issuance of noncontrolling interest. – $3.8 million liability for put option related to grant of Preferred A.1. – $2.3 million of deferred financing costs owed on debt due to related parties. – $2.2 million deemed dividend from Preferred A.1 to BCG Preferred B.2 for accrual of preferred return. – $1.5 million of distributions payable to the Charitable Beneficiaries. – $1.3 million liability for Preferred A.0 guaranteed payment. – $0.2 million issuance of Preferred C.1 Unit Accounts for contribution of alternative assets. Year Ended December 31, 2020: – $65.1 million liability related to the Promissory Note, including accrued interest thereon and unamortized discount, was settled in exchange for BCH Preferred Series C.1 Unit Accounts with a capital account balance of $75.0 million. – $94.8 million of GWG L Bonds, $84.6 million of GWG Holdings’ common stock, and $3.4 million in treasury shares were recognized in connection with the Collateral Swap discussed in Note 4. – $57.5 million liability related to the option agreement was exercised resulting in equal amount of Common Units being issued. – $6.0 million of noncash issuance of noncontrolling interest. – $0.7 million of distributions payable to the Charitable Beneficiaries. – $0.3 million issuance of Preferred C.1 Unit Accounts for contribution to alternative assets. 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: March 31, 2023 March 31, 2022 Cash and cash equivalents $ 8,726 $ 70,588 Restricted cash 819 5,517 Total cash, cash equivalents and restricted cash $ 9,545 $ 76,105

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events the date the financial statements were issued, and determined that there have been no events, other than those disclosed below, that have occurred that would require adjustments to our disclosures in the consolidated financial statements. Amendment to the HCLP Agreement On June 5, 2023, BCH, entered into (a) that certain Consent and Amendment No. 6 to Second Amended and Restated Credit Agreement (the “First Lien Amendment”), which amended the First Lien Credit Agreement, and (b) that certain Consent and Amendment No. 6 to Second Amended and Restated Second Lien Credit Agreement (the “Second Lien Amendment,” and together with the First Lien Amendment, 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) allow for the consummation of the Transactions pursuant to the Business Combination Agreement, and effective as June 7, 2023 (ii) amend the definition of “Change of Control” (as defined therein), and (iii) provide 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% (ii) extended the maturity dates of the First Lien Amendment and the Second Lien Amendment to September 15, 2024 and September 15, 2027, respectively, and (iii) agreed to installment payments on the First Lien Amendment of $5.0 million on each of March 29 th , June 28 th , September 29 th , and December 29 th of each year for so long as the obligations remain outstanding, and so long as such payments do not cause a going concern. No payments will be made on the Second Lien Amendment until the obligations on the First Lien Amendment have been fully satisfied. Ben agreed to pay fees totaling approximately $0.1 million. 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 million of its shares of the Company’s common stock at the Company’s request any time during the 36 months following the execution of the SEPA, subject to certain conditions. The Company expects to use the net proceeds received from this for working capital and general corporate purposes. The Company agreed to pay a nominal structuring fee in cash. In addition, the Company will pay a commitment fee in an amount equal to $1.3 million (the “Commitment Fee”) by the issuance to Yorkville of such number of Class A common stock that is equal to the Commitment Fee divided by the closing price of the Class A common stock on the Nasdaq on the date immediately preceding entry into the SEPA. 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 Class S Ordinary Units, which were then contributed to BCG in exchange for BCG Class A Common Units. Pursuant to the Conversion, the BCG Class A Common Units converted into 1.25 shares of Class A common stock, par value $0.001 per share (“Class A common stock”), and the BCG Class B Common Units converted into 1.25 shares of Class B common stock, par value $0.001 per share (“Class B common stock” and together with the Class A common stock, the “Beneficient common stock”). The Class B common stock is convertible into Class A common stock on a one-for-one basis at the election of the holder thereof and is entitled to 10 votes per share in all matters on which stockholders of Beneficient generally are entitled to vote. 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): Name Converted Capital Account Balance of BCH Preferred A.1 Class S Ordinary Units Received BCG Class B Units Received BHI $ 177,195 14,176 14,176 Bruce W. Schnitzer 988 79 79 Hicks Holdings Operating, LLC 13,222 1,058 1,058 Total $ 191,405 15,313 15,313 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 Class S Ordinary Units Received BCG Class A Units Received Bruce W. Schnitzer $ 734 659 659 Richard W. Fisher 1,722 738 738 Total $ 2,456 1,397 1,397 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 $10.588 (for aggregate consideration of $25.0 million). The AVAC FPA Shares will not be redeemed in connection with the Special Meeting and will convert into shares of Class A Common Stock, par value $0.001 per share, of Beneficient (“Class A Common Stock”) and Series A Convertible Preferred Stock, par value $0.001 per share, of Beneficient (“Beneficient Series A Preferred Stock”) upon consummation of the Business Combination. The Series A Preferred Stock will convert in accordance with its terms to shares of Class A Common Stock, and Purchaser will hold an aggregate of 2,956,480 shares of Class A Common Stock following such conversion in respect of the AVAC FPA Shares (such shares of Class A Common Stock, the “FPA Shares”). The $25.0 million in proceeds (the “Disbursed Amount”) in respect of the FPA Shares will be disbursed from the Avalon trust account following the consummation of the Business Combination. $5.0 million of the Disbursed Amount will be disbursed to Beneficient, with the remaining $20.0 million (the “Reserve Amount”) to be disbursed to Purchaser to be held by Purchaser until the Maturity Date (as defined below) or until its earlier release per the terms of the Forward Purchase Agreement. The Forward Purchase Agreement provides for two categories of FPA Shares:(i) 1,064,333 FPA Shares shall be categorized as “Purchased Shares” (the “Purchased Shares”) and (ii) the remaining 1,892,147 FPA Shares shall be categorized as “Prepaid Forward Shares” (the “Prepaid Forward Shares”). If by the 10th anniversary of the close of the Business Combination, Purchaser has received less than $5.0 million, in gross proceeds from, and Purchaser has used good faith efforts to sell, the Purchased Shares, Beneficient has agreed to cause Beneficient Company Holdings, L.P. (“BCH”) to issue Purchaser an amount of BCH Preferred Series A-0 Units (or such other senior most preferred security of Beneficient) as consideration for any shortfall amounts less than $5.0 million from the sale of the Purchased Shares. Purchaser has agreed for the first six months following the Business Combination not to sell any Purchased Shares below $5.00 per share or to sell more than 10% of the daily trading volume of the Class A Common Stock if the volume weighted average price of the Class A Common Stock is between $5.00 and $8.00 for any such trading day. Upon the sales of the Prepaid Forward Shares, the Purchaser will remit $10.588 per share, or such lesser price per share designated by the Company (“Designated Price”) by written notice setting forth the Designated Price and the number Prepaid Forward Shares that may be sold at such price (“Designated Price Notice”) delivered to Purchaser prior to any such sales, to the Company. On June 8, 2025 (“Maturity Date”), any Prepaid Forward Shares not sold by the Purchaser will be returned to the Company and any remaining amounts in respect of the Prepaid Forward Shares will be retained by the Purchaser, less any amounts still owed to the Company from sales effected prior to the Maturity Date. Until December 8, 2023, the Purchaser agrees to the following sales conditions for the Purchased Shares and Non-Redemption shares – (a) On a daily basis, all sales must either (i) exceed $8.00 per share or (ii) represent less than 10% of daily volume of the Class A common stock and (b) No sales below $5.00 per share; provided, however that, other than with respect to sales of Prepaid Forward Shares at a price not lower than the Designated Price in a Designated Price Notice, Purchaser shall not sell any shares for less than $10.588 per share except in accordance with this paragraph (v) and further provided that other than with respect to sales of Prepaid Forward Shares at a price not lower than the Designated Price in a Designated Price Notice, Purchaser shall not sell any shares below $10.588 once Purchaser has received $5.0 million from the sale of such shares referenced in this Agreement. Contribution and First Amended and Restated Limited Liability Agreement of Beneficient Company Group, L.L.C. On June 6, 2023, BCG converted from a Delaware limited partnership to a Nevada corporation (the “Conversion”), renamed itself “Beneficient” and adopted its articles of incorporation and bylaws. On June 6, 2023, following the BCG Recapitalization 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 which 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 BCH limited partnership interests and general partnership interests held by Beneficient (the “Contribution”), and Ben LLC became the general partner of BCH and the holder of 100% of the outstanding Class A Units of BCH. 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 share of Class A common stock and one share of Beneficient Series A Convertible Preferred Stock, par value $0.001 per share (the “Beneficient Series A preferred stock”). Additionally, each Avalon Warrant automatically converted into a Beneficient Warrant. Accordingly, the Company issued (i) an aggregate of 7,971,864 shares of Class A common stock to the former holders of Class A Common Stock of Avalon, par value $0.0001 per share (“Avalon Class A common stock”), and Class B Common Stock of Avalon, par value $0.0001 per share (“Avalon Class B common stock”), outstanding immediately prior to June 7, 2023, and (ii) an aggregate of 2,796,864 shares of Beneficient Series A preferred stock to non-redeeming Avalon Class A stockholders, and the Avalon Warrants converted into an aggregate of 23,625,000 Beneficient Warrants. At closing, $27.9 million of cash remained in the trust account of Avalon. There were $26.1 million in transaction expenses, $20.0 million of which represented the Reserve Amount under the Forward Purchase Agreement, that were either paid by Avalon prior to closing or offset against proceeds received by the Company at closing, resulting in $1.8 million in net proceeds to the Company. Immediately after the Business Combination, 188,674,282 shares of Class A common stock were issued and outstanding, 19,140,451 shares of Class B common stock were issued and outstanding, 2,796,864 shares of Beneficient Series A preferred stock were issued and outstanding and 23,757,500 Beneficient Warrants were issued and outstanding. Because the Beneficient Series A preferred stock is not expected to be publicly listed, the Beneficient Series A preferred stock terms provide that upon its issuance, each share of Beneficient Series A preferred stock will automatically convert into one-quarter of a share of Class A common stock, or an aggregate of 699,216 additional shares of Class A common stock. Following such Conversion, there are 189,379,498 shares of Class A common stock outstanding following the Business Combination. Eighth Amended and Restated Limited Partnership Agreement of Beneficient Company Holdings, L.P. On June 7, 2023, the Eighth Amended and Restated Limited Partnership Agreement of BCH (the “BCH Eighth A&R LPA”) was adopted and became effective upon the consummation of the Business Combination. The BCH Eighth A&R LPA amended the existing limited partnership agreement, to, among other things, make certain revisions facilitating the Business Combination and the related Transactions, including replacing BCG as the general partner of BCH with Ben LLC following the Conversion and the Contribution. Following the effectiveness of the BCH LPA, the units of BCH consist of five classes: (i) the BCH Class A Units, (ii) the BCH Class S Ordinary Units, (iii) the BCH Class S Preferred Units, (iv) the BCH FLP Unit Accounts and (v) the BCH Preferred Series Unit Accounts (each as defined in the BCH LPA). The BCH FLP Unit Accounts are further subdivided into BCH FLP-1 Unit Accounts, with specific rights set forth in the BCH LPA and which shall initially represent 50.5% (excluding the BCH FLP-3 Unit Accounts) of the BCH FLP Unit Accounts, with the balance, initially representing 49.5% (excluding the BCH FLP-3 Unit Accounts) of the BCH FLP Unit Accounts, being the BCH FLP-2 Unit Accounts, and the remainder being the BCH FLP-3 Unit Accounts (each as defined in the BCH LPA). Additionally, the Preferred Series Unit Accounts were further subdivided into Preferred Series A Subclass 0 Unit Accounts (“BCH Preferred A-0 Unit Accounts”), BCH Preferred A-1 Unit Accounts, and Preferred Series C Subclass 1 Unit Accounts (“BCH Preferred C-1 Unit Accounts”), in each case, with such rights as expressly provided in the BCH LPA. In addition, certain additional amendments were made which (i) reduced and delayed the preferred returns on certain preferred units of BCH, (ii) delayed the date upon which the BCH Preferred A-1 Unit Accounts could be converted until January 1, 2025, subject to certain exceptions, (iii) amended the conversion prices applicable to the BCH Preferred A-0 Unit Accounts and BCH Preferred A-1 Unit Accounts and (iv) amended the provisions for the allocation of the carrying value adjustments so that 50.5% of each allocation will be made to the BCH FLP-1 Unit Accounts and 49.5% to the BCH FLP-2 Unit Accounts. Second Amended and Restated Bradley Capital Agreement In connection with the Closing, 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-year renewal provision thereafter. The termination provision was revised so that the agreement may be terminated upon the approval of all members of the Executive Committee, excluding Brad K. Heppner if he is then serving on the Executive Committee. The base fee was increased to $460,000 per quarter and the supplemental fee was increased to $180,000 per quarter, with each fee remaining subject to an annual inflation adjustment. In addition, revisions were made to the limitation of liability and indemnification provisions to reflect the applicability of the corporation laws of Nevada to Beneficient. Potential Future Goodwill Impairment Subsequent to the public listing on June 8, 2023, and through the date of this report, the Company experienced a sustained decline in the price of its common stock. A sustained decrease in the Company’s common stock is a potential indicator that impairment is present and may require a quantitative impairment assessment of the Company’s assets, including goodwill and intangible assets, which may result in an impairment charge during the first fiscal quarter of 2024. Other 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 Securities Exchange Act relating to the Company’s association with GWG Holdings. A Wells Notice is not a formal allegation or a finding of wrongdoing, but is a preliminary determination by the Staff to recommend to the SEC that a civil enforcement action or administrative proceeding be brought against the recipient. The Company maintains that our actions were appropriate and intends to vigorously defend this matter, including by making a Wells submission to the SEC, engaging in further dialogue with the SEC Staff, and contesting any allegations of wrongdoing. The results of the Wells Notice process and any corresponding enforcement action, including the costs, timing and other potential consequences of responding and complying therewith, are unknown at this time. 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 44,040,761 shares of Class A common stock at approximately $4.66 per share, which represents the volume-weighted average trading price of the Class A common stock for the 20 trading days following the closing of the Business Combination. Operating Cost Reduction Plan On July 11, 2023, 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 have commenced the furlough of approximately 30 employees, representing approximately 20% of our workforce. We also intend to reduce spending with third-party vendors in certain parts of our business as part of the plan to reduce operating expenses.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Change in Fiscal Year	Change in Fiscal Year On March 30, 2022, the Board of Directors of Ben Management approved a change in the Company’s fiscal year end from December 31 to March 31. The Company elected to change its fiscal year end in order to better align with its peers and with the timing in which more recent audited financial statements of its investments, whose cash flows serve as collateral to the ExAlt Loans, would be available. The change in the Company’s fiscal year end resulted in a transition period that began on January 1, 2022 and ended on March 31, 2022.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of ConsolidationThe consolidated financial statements of Ben are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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.
Basis of Presentation and Principles of Consolidation	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 (“ASC 810”), as amended. 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 (“ASC 946”). Thus, the investments in non-investment companies made by these funds are accounted for in accordance with ASC 946 and are not subject to consolidation or the disclosure requirements of ASC 810. Moreover, further consolidation provisions of ASC 946 are not applicable to Ben since these investment companies do not have an investment in an operating entity that provides services to the investment company or to Ben. 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 BCG’s and BCH’s equity holders as further discussed in Note 3 .
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, the fair value determination of the investment in debt securities, determination of the allowance for loan losses as an input to the allocation of income (loss) to BCG’s or BCH’s equity holders, evaluation of potential impairment of goodwill and other intangibles, and determining the grant date fair value for share-based compensation awards.
Reclassification	Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation. Specifically, our redeemable noncontrolling interests as of March 31, 2022, were separated to show each class on the consolidated statements of financial condition to maintain consistency with the current year presentation. This reclassification had no effect on the total redeemable noncontrolling interests or temporary equity.
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 income in the consolidated statements of comprehensive income (loss). Under the terms of certain of the ExAlt Plan TM 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 (principally of a related party), investments in private equity securities, 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 , permits, as a practical expedient, to estimate the fair value of these types of investments based on the net asset value (“NAV”) per share, or its equivalent, if the investment does not have a readily determinable fair value and if the NAV of such investments is calculated in a manner consistent with the measurement principles of ASC 946. The Company has elected to use NAV as a practical expedient to measure the fair value of these investments. These investments are valued based on the most recent available information, which typically has a delay due to the timing of financial information received from the individual investments. Accordingly, in determining the value of the investment, we may consider whether adjustments to the NAV are necessary in certain circumstances in which management is aware of material events that affect the value of the investments during the intervening period. 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. When our ownership percentage of an investment is greater than three to five percent, we categorize distributions from investments in alternative assets on our consolidated statement of cash flows using the cumulative earnings approach in accordance with ASC Topic 323, Investments — Equity Method and Joint Ventures . Under this approach, distributions received are classified as cash inflows from operating activities until such time that the cumulative distributions exceed cumulative earnings for the investment. When such an excess occurs, the excess portion of the current period distribution is considered a return of investment and is classified as a cash inflow from investing activities. • Investments in Public Equity Securities and Options Investments in public equity securities and options primarily represent common stock ownership in GWG Holdings, Inc. (“GWG Holdings” or “GWG”) along with investments in other public companies 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 primarily represent ownership in GWG Holdings’ L Bonds by certain of the Customer ExAlt Trusts. Investments in debt securities also represent ownership in privately held debt owned by certain of the Customer ExAlt Trusts. 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 320 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), an other-than-temporary impairment (“OTTI”) 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, an OTTI is considered to have occurred. 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 OTTI 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 year ended March 31, 2023 and the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, the Company recognized an OTTI on its investment in debt securities of $12.6 million, $4.9 million, $13.7 million, and nil, respectively, which substantially results from its 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 Investments in other equity securities are held by certain of the Customer ExAlt Trusts and represent ownership in equity securities of privately held companies. Equity securities that do not have readily determinable fair values are initially recorded at cost and subsequently remeasured 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 . We determine if an arrangement is or contains a lease at inception. Operating leases with a term greater than one year are included in right-of-use-assets and lease liabilities. The right-of-use asset represents the Company’s right to use an underlying asset for the lease term. Related lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term, using the rate the Company would pay to borrow amounts equal to the lease payments over the lease term (the Company’s incremental borrowing rate). Lease expense is recognized on a straight-line basis over the lease term in other expenses in the consolidated statements of comprehensive income (loss). Common area maintenance and other related costs are considered variable lease payments and are expensed as incurred. The Company made an accounting policy election not to recognize short-term lease assets and liabilities (less than a 12-month term) or immaterial equipment leases in its balance sheets. The Company recognizes the lease expense for these leases on a straight-line basis over the life of the lease.
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 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
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 . The amount of goodwill initially recorded is based on the fair value of the acquired entity at the time of acquisition. Management performs goodwill and intangible asset impairment testing annually, as of January 1, or when events occur, or circumstances change that would more likely than not indicate impairment has occurred. Goodwill impairment exists when the carrying value of goodwill exceeds its implied fair value. The Company conducted the annual impairment test for the years ended December 31, 2021 and 2020 on October 1. The Company conducted the annual impairment test for the three months ended March 31, 2022 and the year ended March 31, 2023 on January 1. This was considered a change in accounting principle as of March 31, 2022, as the impairment test for the year ended December 31, 2021 and 2020 was for the twelve months ended. The Company deemed the change of impairment test timing to be appropriate as the January 1 date better aligns with the Company’s new fiscal year end. The change in accounting principle related to the annual testing date did not delay, accelerate or avoid an impairment charge. This change was not applied retrospectively as it is impracticable to do so because retrospective application would require application of significant estimates and assumptions with the use of hindsight. Accordingly, the change was applied prospectively. 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.
Other Liabilities	Other Liabilities Other liabilities consist principally of a liability related to an interest commitment, payables to affiliates, and trust payables. Refer to Note 9 for more information on these other liabilities.
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.
Income Taxes	Income Taxes The Company and most of its subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes. Certain of our entities are corporations for tax purposes. In addition, certain of the wholly-owned subsidiaries of the Company will be subject to federal, state, and local corporate income taxes at the entity level and the related tax provision attributable to the Company’s share of this income tax is reflected in the consolidated financial statements. Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities, if any, are recorded within accounts payable and accrued expenses and other liabilities in the consolidated statements of financial condition. The Company analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. The Company records uncertain tax positions on the basis of a two-step process: (a) determination is made whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (b) those tax positions that meet the more likely than not threshold are recognized as the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes accrued interest and penalties related to uncertain tax positions in other expenses within the consolidated statements of comprehensive income (loss).
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) holder, which consists of GWG Holdings, of Preferred Series C Unit Accounts 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 (i) a Related Entity, an entity affiliated with a related party, a third party, and certain directors, of Preferred A.0 issued by BCH, and (ii) a Related Entity, an entity affiliated with a related party, a third party, and certain directors, of Preferred A.1 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 Unit	Earnings (Loss) per Common Unit The Com pany computes net earnings (loss) per unit attributable to common unitholders using the two-class method required for participating securities. The two-class method requires income available to common unitholders 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 unit attributable to common unitholders is computed by dividing net earnings (loss) available to common unitholders by the weighted average number of common units outstanding during the period. Diluted earnings per common units is computed in a similar manner, except that first the denominator is increased to include the number of additional common units 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. For certain periods presented herein, it also consists of unrealized gains (losses) on repurchase options and unrealized gains (losses) on other noncash transactions. Refer to Note 5 for a reconciliation of the financial statement line item.
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 insurance reimbursable, 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 LossesThe provision for credit losses consists of charges against earnings for OTTI on AFS debt securities and bad debt expense on receivables related to the Shared Services Agreement with GWG Holdings.
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 , (Topic 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. 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 Not Yet Adopted	Accounting Standards Not Yet Adopted ASU 2016-13, Financial Instruments , Credit Losses , (Topic 326) was issued in June 2016. This standard broadens the information that an entity must consider in developing its current expected credit loss (“CECL”) estimate for loans and other financial assets measured either collectively or individually. Current U.S. GAAP delays recognition of credit losses until it is probable a loss has occurred, generally only considering past events and current conditions in measuring the incurred loss. Once implemented, this new standard will eliminate the probable initial recognition threshold and instead, will require the measurement of expected credit losses based on historical experience, current conditions, and reasonable and supportable forecasts covering the entire term of the instrument through contractual maturity. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. This standard requires enhanced disclosures around significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of the portfolio. The effective date of Topic 326 has been extended for smaller reporting companies and private companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Our most significant implementation activities included selection of measurement methodologies and related model development, data accumulation and verification, identification of reasonable and supportable forecast periods, selection of timelines and methods for reversion to unadjusted historical information, multiple preliminary analyses including parallel runs against existing loan loss estimation processes, and design and evaluation of internal controls over the new estimation processes. We have determined we will utilize discounted cash flow methods. Based on implementation efforts, we expect to incur an increase of approximately $61.1 million as of April 1, 2023, related to an increase in the allowance for loan losses as well as an increase in the reserve for unfunded commitments. A significant portion of this impact relates to the initial recognition of an allowance for newly originated loans. Management is in the final stages of documenting the accounting, reporting and governance processes associated with the adoption of Topic 326. We also assessed asset classes other than loans receivable that are within the scope of CECL and determined that the adoption effects for the change in measurement of credit risk were minimal for these classes. Additionally, we have also evaluated the composition of its AFS securities and determined that the changes in Topic 326 will not have a significant effect on the current portfolio. ASU 2020-04, Reference Rate Reform , (Topic 848) was issued in March 2020. The amendments in Topic 848 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. Topic 848 can be applied by all entities as of the beginning of the interim period that includes March 12, 2020, or any date thereafter, and entities may elect to apply the amendments prospectively through December 31, 2022. On December 31, 2022, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 was issued, which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024. We have not utilized the optional expedients and exceptions provided by this standard, and are currently evaluating the impact of this standard on our consolidated financial statements and disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Debt Securities, Available-for-Sale, Allowance for Credit Loss	A reconciliation of provision for credit losses for each of the periods presented herein is presented below: Year Ended March 31, Three Months Ended March 31, Year Ended December 31, (in thousands) 2023 2022 2021 2021 2020 (unaudited) OTTI on AFS debt securities (Note 5) $ 12,621 $ 4,943 $ — $ 13,726 $ — Bad debt expense on related party receivable (Note 9) 6,723 4,440 — 5,029 — Bad debt expense on other receivables 1,236 — — — — Provision for credit losses $ 20,580 $ 9,383 $ — $ 18,755 $ —

Understanding our Financial S_2

Understanding our Financial Statements and the Impact to the Common Unitholder (Tables)	12 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Segment Reporting Information, by Segment	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 The Beneficient Company Group, L.P. common unitholder. 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 unitholder and reiterates that the consolidation of the Customer ExAlt Trusts has no impact on the net income (loss) attributable to The Beneficient Company Group, L.P. common unitholder. (in thousands) Year Ended Three Months Ended Year Ended Year Ended Operating income (loss) Ben Liquidity $ (46,512) $ (20,299) $ 21,191 $ 25,238 Ben Custody 24,046 7,301 16,193 15,922 Corporate & Other (112,845) (31,607) (77,991) (136,155) Loss on extinguishment of debt, related parties — — (34,013) — Less: Income tax expense (benefit) (1,072) 1,072 — 3,459 Less: Net loss attributable to noncontrolling interests—Ben 19,081 5,038 12,870 40,414 Less: Noncash deemed contribution on extinguishment of redeemable noncontrolling interest — — 14,200 — Less: Noncash deemed dividend on extinguishment of redeemable noncontrolling interest — — (46,202) — Less: Noncontrolling interest guaranteed payment (15,822) (3,788) (1,264) — Net loss attributable to common unitholders $ (130,980) $ (44,427) $ (95,016) $ (58,040) The following tables include the results of each of the Company’s reportable segments reconciled to the consolidated financial statements (in thousands): Year Ended March 31, 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) As of March 31, 2023 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 376,253 $ — $ — $ — $ (376,253) $ — 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 $ 2,111,580 $ 641,685 $ 502,306 $ 78,138 $ (423,014) $ 2,910,695 Three Months Ended March 31, 2022 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment loss, net $ — $ — $ (10,811) $ — $ — (10,811) Loss on financial instruments, net — — (44,661) (11,350) — (56,011) Interest income — — — 73 — 73 Trust services and administration revenues 121 8 — — — 129 Other income — — — 2 — 2 Intersegment revenues Interest income 17,790 — — — (17,790) — Trust services and administration revenues — 8,408 — — (8,408) — Total revenues 17,911 8,416 (55,472) (11,275) (26,198) (66,618) External expenses Employee compensation and benefits 2,200 517 — 7,408 — 10,125 Interest expense 538 — 1,046 526 — 2,110 Professional services 915 446 — 4,088 — 5,449 Provision for credit losses — — 4,774 4,609 — 9,383 Other expenses 436 152 1,860 3,701 — 6,149 Intersegment expenses Interest expense — — 24,694 — (24,694) — Provision for loan losses 34,121 — — — (34,121) — Other expenses — — 5,767 — (5,767) — Total expenses 38,210 1,115 38,141 20,332 (64,582) 33,216 Operating income (loss) $ (20,299) $ 7,301 $ (93,613) $ (31,607) $ 38,384 $ (99,834) Certain prior year items have been reclassified to conform with current year presentation. As of March 31, 2022 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 418,793 $ — $ — $ — $ (418,793) $ — Investments, at fair value — — 659,921 14,249 — 674,170 Other assets 31,563 46,933 20,106 43,670 (46,284) 95,988 Goodwill and intangible assets, net — — — 2,370,850 — 2,370,850 Total Assets $ 450,356 $ 46,933 $ 680,027 $ 2,428,769 $ (465,077) $ 3,141,008 Year Ended December 31, 2021 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment income, net $ — $ — $ 15,534 $ — $ — 15,534 Gain on financial instruments, net — — 29,512 2,325 — 31,837 Interest income — — 7,110 288 — 7,398 Trust services and administration revenues 510 30 — — — 540 Other income — — — 2 — 2 Intersegment revenues Interest income 55,929 — — — (55,929) — Trust services and administration revenues — 20,258 — — (20,258) — Total revenues 56,439 20,288 52,156 2,615 (76,187) 55,311 External expenses Employee compensation and benefits 8,328 2,031 — 38,164 — 48,523 Interest expense 12,812 — — 14,645 — 27,457 Professional services 3,100 1,552 350 12,799 — 17,801 Provision for credit losses — — 14,318 4,437 — 18,755 Other expenses 2,127 512 695 10,561 — 13,895 Intersegment expenses Interest expense — — 70,963 — (70,963) — Provision for loan losses 8,881 — — — (8,881) — Other expenses — — 12,180 — (12,180) — Total expenses 35,248 4,095 98,506 80,606 (92,024) 126,431 Operating income (loss) $ 21,191 $ 16,193 $ (46,350) $ (77,991) $ 15,837 $ (71,120) Certain prior year items have been reclassified to conform with current year presentation. Year Ended December 31, 2020 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment income, net $ — $ — $ 132,620 $ — $ — 132,620 Loss on financial instruments, net — — (15,838) (14,832) — (30,670) Interest income — — 1,819 285 (22) 2,082 Trust services and administration revenues — 30 — — — 30 Other income — — — 36,267 — 36,267 Intersegment revenues Interest income 51,819 — — — (51,819) — Trust services and administration revenues — 19,379 — — (19,379) — Total revenues 51,819 19,409 118,601 21,720 (71,220) 140,329 External expenses Employee compensation and benefits 6,216 1,915 — 120,451 — 128,582 Interest expense 11,496 — 4,675 16,380 — 32,551 Professional services 3,656 1,190 — 14,199 — 19,045 Other expenses (165) 382 502 6,845 — 7,564 Intersegment expenses Interest expense — — 63,463 — (63,463) — Provision for loan losses 5,378 — — — (5,378) — Other expenses — — 12,177 — (12,177) — Total expenses 26,581 3,487 80,817 157,875 (81,018) 187,742 Operating income (loss) $ 25,238 $ 15,922 $ 37,784 $ (136,155) $ 9,798 $ (47,413) Certain prior year items have been reclassified to conform with current year presentation.

Investments, at Fair Value (Tab

Investments, at Fair Value (Tables)	12 Months Ended
	Mar. 31, 2023
Investments [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The composition of investments recorded at fair value by holder is included in the table below (in thousands): March 31, 2023 March 31, 2022 Ben Customer ExAlt Trusts Ben Customer ExAlt Trusts Alternative assets $ — $ 385,851 $ — $ 524,927 Public equity securities and option 4,742 8,087 13,625 56,144 Debt securities available-for-sale 620 76,278 624 77,669 Other equity securities — 21,643 — 1,181 Total investments, at fair value $ 5,362 $ 491,859 $ 14,249 $ 659,921 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, 2023 and March 31, 2022 are presented below. 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 As of March 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Public equity securities $ 69,769 $ — $ — $ 69,769 Debt securities available-for-sale Corporate debt securities (L Bonds) — 74,295 — 74,295 Other debt securities — 998 3,000 3,998 Liabilities: Derivative liability — — 8,108 8,108
Schedule of Reconciliation of Investment Income	A reconciliation of investment income (loss), net for each of the periods presented herein is included in the table below (in thousands): Year Ended March 31, Three Months Ended March 31, Year Ended December 31, 2023 2022 2021 2021 2020 (unaudited) (Loss) gain from change in NAV of alternative assets $ (54,010) $ (10,811) $ 2,091 $ 15,534 $ (17,558) Gain on repurchase options (see Note 6) — — — — 61,664 Gain on Collateral Swap (see Note 4) — — — — 88,514 Investment (loss) income, net $ (54,010) $ (10,811) $ 2,091 $ 15,534 $ 132,620
Alternative Investments	Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of March 31, 2023 and March 31, 2022, is summarized below (in thousands): Alternative Investments Portfolio Summary March 31, 2023 March 31, 2022 Asset Class Carrying Value Unfunded Commitments Carrying Value Unfunded Commitments Venture Capital $ 165,933 $ 2,810 $ 209,912 $ 3,035 Private Equity 145,073 47,218 199,280 55,269 Hedge Funds (1) 24,935 337 51,974 358 Natural Resources 27,756 5,240 31,736 4,994 Private Real Estate 10,391 4,800 15,757 4,802 Other (2) 11,763 730 16,268 635 Total $ 385,851 $ 61,135 $ 524,927 $ 69,093 Certain prior year items have been reclassified to conform with current year presentation. (1) As of March 31, 2023 , $16.4 million of the investments in this asset class are currently redeemable with no restrictions apart from the notice period. The redemption frequency ranges from weekly to quarterly and the redemption notice period ranges from 2 to 90 days. (2) “Other” includes earnouts, escrow, net other assets, and private debt strategies.
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 March 31, 2023 and March 31, 2022 are summarized as follows: 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 March 31, 2022 (Dollars in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities (L Bonds) $ 76,934 $ 132 $ (2,771) $ 74,295 Other debt securities 2,685 1,313 — 3,998 Total available-for-sale debt securities $ 79,619 $ 1,445 $ (2,771) $ 78,293 The contractual maturities of available-for-sale debt securities as of March 31, 2023 and March 31, 2022 are as follows: March 31, 2023 March 31, 2022 (Dollars in thousands) Amortized Cost Basis Fair Value Amortized Cost Basis Fair Value Due in one year or less $ 66,000 $ 75,900 $ 1,687 $ 3,000 Due in one to five years — — 76,934 74,295 No fixed maturity 998 998 998 998 $ 66,998 $ 76,898 $ 79,619 $ 78,293
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	The table below indicates the length of time individual debt securities have been in a continuous loss position as of March 31, 2023 and March 31, 2022 : March 31, 2023 March 31, 2022 (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate debt securities (L Bonds): Less than twelve months $ — $ — $ 74,295 $ 2,771 Twelve months or longer 73,822 7,924 — — Other debt securities: Less than twelve months 2,078 956 — — Total available-for-sale debt securities with unrealized losses $ 75,900 $ 8,880 $ 74,295 $ 2,771
Debt Securities, Available-for-Sale, Allowance for Credit Loss	The following table is a rollforward of credit-related OTTI recognized in earnings for the periods presented below: (Dollars in thousands) Year Ended March 31, Three Months Ended Year Ended 2023 2022 2021 2020 Balance, beginning of period $ 18,669 $ 13,726 $ — $ — Credit related OTTI not previously recognized — — 13,726 — Increase in OTTI amounts previously recognized 12,621 4,943 — — Balance, end of period $ 31,290 $ 18,669 $ 13,726 $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The composition of investments recorded at fair value by holder is included in the table below (in thousands): March 31, 2023 March 31, 2022 Ben Customer ExAlt Trusts Ben Customer ExAlt Trusts Alternative assets $ — $ 385,851 $ — $ 524,927 Public equity securities and option 4,742 8,087 13,625 56,144 Debt securities available-for-sale 620 76,278 624 77,669 Other equity securities — 21,643 — 1,181 Total investments, at fair value $ 5,362 $ 491,859 $ 14,249 $ 659,921 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, 2023 and March 31, 2022 are presented below. 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 As of March 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets: Public equity securities $ 69,769 $ — $ — $ 69,769 Debt securities available-for-sale Corporate debt securities (L Bonds) — 74,295 — 74,295 Other debt securities — 998 3,000 3,998 Liabilities: Derivative liability — — 8,108 8,108
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): Year Ended March 31, Three Months Ended Year Ended 2023 2022 2021 2021 2020 (unaudited) Public equity securities Related party equity securities $ (63,536) $ (56,011) $ — $ 37,012 $ (22,913) Other public equity securities 523 — — — — Put options (3,460) — (2,180) (5,175) (7,757) Derivative liability 4,595 — — — — Other equity securities 10,457 — — — — Gain (loss) on financial instruments, net $ (51,421) $ (56,011) $ (2,180) $ 31,837 $ (30,670)
Fair Value Measurement Inputs and Valuation Techniques	The following table provides quantitative information about the significant unobservable inputs used in the fair value measure of the Level 3 other debt securities (dollars in thousands): Fair Value Valuation Methodology Unobservable Inputs Range Weighted Average March 31, 2023 $ 2,078 Market Approach Enterprise value-to-revenue multiple 0.2x – 18.9x 1.74x March 31, 2022 $ 3,000 Market Approach Enterprise value-to-revenue multiple 0.2x – 18.9x 1.73x The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Level 3 derivative liability at period end (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 March 31, 2022 $ 8,108 Discounted cash flow Alternative asset beta to equity markets 0.51 – 1.69 Alternative asset market discount rate 0.08 Distribution rate 0.03 – 0.07 Equity market risk premiums 0.08 Net asset value volatilities 0.09 – 0.38 Enhanced return discount rate 0.12 The following table provides information regarding the unobservable inputs utilized in determining the fair value of the non-recurring Level 3 measurement as of December 1, 2021: (Dollars in thousands) Level 3 Class Fair Value at December 1, 2021 Valuation Technique Unobservable Input Target Preferred A.0 $ 249,907 Interpolation Discount rate 28.26% Preferred rate of return 6.00% Preferred A.1 $ 961,801 Interpolation Discount rate 29.26% Preferred rate of return 5.78% Growth rate 4.00% Preferred B.2 $ 358,515 Interpolation Discount rate 29.30% Preferred rate of return 5.09% Growth rate 4.00%
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table reconciles the beginning and ending fair value of our Level 3 other debt securities: (Dollars in thousands) Year Ended March 31, Three Months Ended Year Ended 2023 2022 2021 2020 Beginning balance $ 3,000 $ 3,000 $ 1,687 $ — Initial fair value of financial instrument — — — 1,687 Gains (losses) recognized in accumulated other comprehensive income (loss) (1) (922) — 1,313 — Ending balance $ 2,078 $ 3,000 $ 3,000 $ 1,687 (1) Recorded in unrealized gain (loss) on available-for-sale debt securities.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table reconciles the beginning and ending fair value of our Level 3 derivative liability: Year Ended Three Months Ended March 31, 2022 Beginning balance $ 8,108 $ — Initial fair value of financial instrument — 8,108 (Gains) losses recognized in earnings (1) (4,595) — Ending balance $ 3,513 $ 8,108 (1) Recorded in (gain) loss on financial instruments, net. The following table reconciles the beginning and ending fair value of our Level 3 repurchase options: Year Ended December 31, 2020 (Dollars in thousands) Beginning balance $ (61,664) Total gain in earnings 61,664 Ending balance $ —
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 March 31, 2023 and March 31, 2022, were as noted in the table below: 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 2 99,314 96,465 Accounts payable and accrued expenses 1 65,724 65,724 As of March 31, 2022 (Dollars in thousands) Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Financial assets: Cash and cash equivalents 1 $ 70,588 $ 70,588 Restricted cash 1 5,517 5,517 Financial liabilities: Customer ExAlt Trusts loan payable, net 2 65,674 64,811 Debt due to related parties 2 105,917 119,036 Accounts payable and accrued expenses 1 37,332 37,332

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Fixed assets are included in other assets in the consolidated statements of financial condition and consist of the following: (Dollars in thousands) March 31, 2023 March 31, 2022 Computer hardware and software $ 9,899 $ 7,506 Land — 750 Buildings 188 265 Furniture, fixtures, and equipment 139 133 Leasehold improvements 109 109 Other 73 73 Fixed assets, gross 10,408 8,836 Accumulated depreciation and amortization (6,551) (3,271) Internal use software in process 487 1,771 Fixed assets, net $ 4,344 $ 7,336

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Mar. 31, 2023
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 year ended March 31, 2023, the three months ended March 31, 2022, and the year ended December 31, 2021. (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. (Dollars in thousands) December 31, 2021 Impairment March 31, 2022 Amortization Goodwill $ 2,367,750 $ — $ 2,367,750 Indefinite Insurance license 3,100 — 3,100 Indefinite Total goodwill and intangible assets $ 2,370,850 $ — $ 2,370,850 (Dollars in thousands) December 31, 2020 Amortization Impairment December 31, 2021 Amortization Goodwill $ 2,367,750 $ — $ — $ 2,367,750 Indefinite Non-compete agreement 185 (185) — — 2 years Insurance license 3,100 — — 3,100 Indefinite Total goodwill and intangible assets $ 2,371,035 $ (185) $ — $ 2,370,850 (Dollars in thousands) December 31, 2019 Amortization Impairment December 31, 2020 Amortization Goodwill $ 2,367,750 $ — $ — $ 2,367,750 Indefinite Non-compete agreement 349 (164) — 185 3 years Insurance license 3,100 — — 3,100 Indefinite Total goodwill and intangible assets $ 2,371,199 $ (164) $ — $ 2,371,035

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Assets	The following table details the components of other assets: (Dollars in thousands) March 31, 2023 March 31, 2022 Related party receivables $ 17,795 $ 8,877 Allowance for related party receivables (15,600) (8,877) Deferred costs of equity offering 7,778 1,310 Distribution receivables 5,891 2,010 Promissory Note receivable 5,104 4,513 Fixed assets (Note 7) 4,344 7,336 Insurance reimbursable receivable 3,211 — Prepaid expenses 2,329 2,345 Other assets 2,051 2,369 Total Other assets, net $ 32,903 $ 19,883 Certain prior year amounts have been reclassified to conform to current year presentation.
Other Liabilities	The following table details the components of other liabilities: (Dollars in thousands) March 31, 2023 March 31, 2022 Interest commitments $ 13,499 $ 9,879 Deferred tax liability (Note 15) — 1,072 Other 1,123 1,408 Total Other liabilities $ 14,622 $ 12,359

Debt Due to Related Parties (Ta

Debt Due to Related Parties (Tables)	12 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	As of March 31, 2023 and March 31, 2022, the Company’s debt due to related parties consisted of the following: (Dollars in thousands) March 31, 2023 March 31, 2022 First Lien Credit Agreement $ 21,350 $ 21,298 Second Lien Credit Agreement 73,291 73,120 Other borrowings 2,076 2,747 Unamortized debt premiums 2,597 8,752 Total debt due to related parties $ 99,314 $ 105,917
Schedule of Maturities of Long-Term Debt	Maturities of principal on the debt due to related parties for the next five fiscal years ending March 31 are as follows: (Dollars in thousands) Debt Due to Related Parties 2023 $ — 2024 94,641 2025 2,076 2026 — 2027 —

Share-based Compensation (Table

Share-based Compensation (Tables)	12 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Payment Award, Valuation Assumptions	The table below summarizes the key inputs used in the valuation of the BMP Equity Units granted during each of the periods ended below: Range of Targets Unobservable Inputs Year Ended Three Months Ended March 31, 2022 Year Ended Year Ended December 31, 2020 Expected term in years 4 4 4 4 Discount rate 32.1% 32.1% 32.1% 27.8% Discount for lack of marketability 23.1% 23.1% 23.1% 19.4% Long-term growth rate (after discrete projection period) 2.5% 2.5% 2.5% 2.5%
Share-Based Payment Arrangement, Activity	The following table summarizes the award activity, in units, for the BMP and Ben Equity Incentive Plans during the year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020: BMP REU (units in thousands) Units Weighted Average Grant Date Fair Value per Unit Units Weighted Average Grant Date Fair Value per Unit Balance, December 31, 2019 180 $ 11.82 247 $ 12.50 Granted during the period 7,363 9.61 5,603 12.50 Vested during the period (5,037) 9.61 (3,354) 12.50 Forfeited during the period (380) 9.61 (303) 12.50 Balance, December 31, 2020 2,126 $ 9.61 2,193 $ 12.50 Granted during the period 216 10.67 216 12.50 Vested during the period (788) 9.67 (619) 12.50 Forfeited during the period (203) 9.69 (152) 12.50 Balance, December 31, 2021 1,351 $ 9.73 1,638 $ 12.50 Granted during the period 40 10.67 111 12.50 Vested during the period (195) 9.70 (195) 12.50 Forfeited during the period (78) 9.61 (51) 12.50 Balance, March 31, 2022 1,118 $ 9.78 1,503 $ 12.50 Granted during the period 35 10.67 510 12.50 Vested during the period (646) 9.73 (524) 12.50 Forfeited during the period (69) 10.00 (90) 12.50 Balance, March 31, 2023 438 $ 10.04 1,399 $ 12.50
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) for the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020: Year Ended Three Months Ended Year Ended (dollars in thousands) 2023 2022 2021 2020 BMP equity units $ 4,297 $ 1,289 $ 7,390 $ 51,963 Restricted equity units 4,358 1,539 8,537 44,402 Preferred equity 1,430 — 7,226 11,443 Total share-based compensation $ 10,085 $ 2,828 $ 23,153 $ 107,808
Share-Based Payment Arrangement, Nonvested Award, Cost	The following table presents the share-based compensation expense expected to be recognized over the next five fiscal years ending March 31 for awards outstanding, excluding the REU awards subject to the performance condition discussed above, as of March 31, 2023 : (dollars in thousands) BMP REU Total 2024 $ 2,075 $ 2,503 $ 4,578 2025 662 736 1,398 2026 242 150 392 2027 14 — 14 2028 — — — Total $ 2,993 $ 3,389 $ 6,382 Weighted-average period to be recognized 1.61 1.46

Equity (Tables)

Equity (Tables)	12 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Redeemable Noncontrolling Interest	The following table presents a rollforward of the redeemable noncontrolling interests for the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020 : Redeemable Noncontrolling Interests (Dollars in thousands) Preferred Series A.0 Preferred Series A.1 Total Redeemable Noncontrolling Interests Balance, December 31, 2019 (As Restated) $ — $ 1,588,604 $ 1,588,604 Net income (loss) — (35,877) (35,877) Tax distribution to noncontrolling interest — (5,592) (5,592) Balance, December 31, 2020 — 1,547,135 1,547,135 Net income (loss) 1,264 (9,532) (8,268) Deemed dividend upon issuance for GAAP to tax basis true-up — (9,247) (9,247) Exchange of BCH Preferred Series A.1 Unit Accounts for BCG Preferred Series B.2 Unit Accounts — (312,312) (312,312) Exchange of BCH Preferred Series A.1 Unit Accounts for BCH Preferred Series A.0 Unit Accounts 251,652 (251,652) — Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return — (2,239) (2,239) Put option liability on grant of BCH Preferred A.1 Unit Accounts — (3,793) (3,793) BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual (1,264) — (1,264) Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity (1,745) (12,455) (14,200) Balance, December 31, 2021 249,907 945,905 1,195,812 Net income (loss) 3,788 (1,290) 2,498 Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return — (8,424) (8,424) BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual (3,788) — (3,788) Balance, March 31, 2022 249,907 936,191 1,186,098 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 1,144 (1,144) — BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual (15,822) — (15,822) Balance, March 31, 2023 $ 251,051 $ 893,302 $ 1,144,353
Schedule of Noncontrolling Interests	The following table presents a rollforward of the noncontrolling interests for the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020 : Noncontrolling Interests (Dollars in thousands) Trusts Class S Ordinary Class S Preferred FLP Preferred Series C Class A of CT Total Noncontrolling Interests Balance, December 31, 2019 (As Restated) $ 27,062 $ 85,448 $ 17 $ — $ — $ — $ 112,527 Net income (loss) 47,582 (6,920) (15) 2,398 — — 43,045 Noncontrolling interest reclass — 1,199 1,199 (2,398) — — — Noncash issuance of noncontrolling interest 5,978 — — — — — 5,978 Reclass of distributions payable to noncontrolling interest holder (737) — — — — — (737) Cash contribution for BCH Preferred Series C Unit Accounts — — — — 130,200 — 130,200 Noncash issuance of BCH Preferred Series C Unit Accounts — — — — 313 — 313 Promissory note forgiveness exchange for BCH Preferred Series C Unit Accounts — (915) — — 71,200 — 70,285 Adjustment for change in ownership interest — (567) — — 3,800 — 3,233 Balance, December 31, 2020 79,885 78,245 1,201 — 205,513 — 364,844 Net income (loss) (30,513) (4,811) (30) 1,503 — — (33,851) Noncontrolling interest reclass — 740 740 (1,480) — — — Payment of employee payroll taxes on restricted equity units — (595) (595) — — — (1,190) Noncash issuance of noncontrolling interest 9,189 — — — — — 9,189 Reclass of distributions payable to noncontrolling interest holder (1,539) — — — — — (1,539) Cash contribution for BCH Preferred Series C Unit Accounts — — — — 14,800 — 14,800 Noncash issuance of BCH Preferred Series C Unit Accounts — — — — 246 — 246 Redemption of BCH Preferred Series C Unit Accounts — — — — (14,800) — (14,800) Reclass of allocated income for FLP Subclass 3 to payable — — — (23) — — (23) Balance, December 31, 2021 57,022 73,579 1,316 — 205,759 — 337,676 Net loss (55,229) (3,748) — — — — (58,977) Reclass of distributions payable to noncontrolling interest holder (811) — — — — — (811) Balance, March 31, 2022 982 69,831 1,316 — 205,759 — 277,888 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 $ 857 $ — $ 205,759 $ 1,337 $ 142,214

Net Loss per Unit (Tables)

Net Loss per Unit (Tables)	12 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted net loss attributable to The Beneficient Company Group L.P. per common unit for the year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, are as follows: (Dollars in thousands) Year Ended Three Months Ended Year Ended 2023 2022 2021 2020 Net loss $ (252,100) $ (100,906) $ (105,133) $ (50,872) Less: Net income (loss) attributable to noncontrolling interests 136,942 60,267 43,383 (7,168) Less: Noncontrolling interest guaranteed payment (15,822) (3,788) (1,264) — Net loss attributable to The Beneficient Company Group, L.P. (130,980) (44,427) (63,014) (58,040) Less: Noncash deemed contribution on extinguishment of redeemable noncontrolling interest — — 14,200 — Less: Noncash deemed dividend on extinguishment of preferred equity interests of noncontrolling interest holders — — (46,202) — Net loss attributable to The Beneficient Company Group, L.P. common unitholders $ (130,980) $ (44,427) $ (95,016) $ (58,040) Weighted average of common units outstanding — basic and diluted 67,486,168 67,486,168 51,534,365 45,807,648 Net loss attributable to The Beneficient Company Group, L.P. per common unit — Basic and Diluted $ (1.94) $ (0.66) $ (1.84) $ (1.27)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	In computing diluted net loss per unit, we considered potentially dilutive units. Anti-dilutive units not recognized in the diluted net loss per unit calculation for the year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, were as follows: Units Year Ended Three Months Ended Year Ended 2023 2022 2021 2020 Class S Ordinary 5,835,822 5,834,296 5,811,251 5,720,627 Class S Preferred 93,678 88,606 72,126 15,288 Preferred Series A Subclass 0 19,795,997 19,706,509 1,664,303 — Preferred Series A Subclass 1 78,972,518 79,711,972 121,956,222 127,088,320 Preferred Series C 16,068,912 16,068,912 16,340,086 4,845,358 Restricted Equity Units 6,832,280 6,250,572 6,191,271 5,569,576 Total anti-dilutive units 127,599,207 127,660,867 152,035,259 143,239,169

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense (benefit) for the year ended March 31, 2023, the three months ended March 31, 2022 , and the years ended December 31, 2021 and 2020, were as follows: (Dollars in thousands) Year Ended Three Months Ended Year Ended Year Ended Deferred expense Federal $ (1,072) $ 1,072 $ — $ 3,459 Income tax expense (benefit) $ (1,072) $ 1,072 $ — $ 3,459
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation between the Federal statutory income tax rate of 21% to the effective income tax rate for the year ended March 31, 2023, the three months ended March 31, 2022, and the years ended December 31, 2021 and 2020, respectively, are shown below: (Dollars in thousands) Year Ended Three Months Ended Year Ended Year Ended Expected statutory income tax benefit $ (51,011) $ (9,381) $ (20,403) $ (19,949) Amounts attributable to non-taxable flow-through entities 41,240 5,279 19,413 19,030 Amounts not deductible for income tax 505 11 (776) 1,368 Change in valuation allowance 8,194 5,163 1,766 3,010 Income tax expense (benefit) $ (1,072) $ 1,072 $ — $ 3,459
Schedule of Deferred Tax Assets and Liabilities	The components of gross deferred tax assets and gross deferred tax liabilities as of March 31, 2023 and March 31, 2022, are as follows (included in other assets): (Dollars in thousands) March 31, 2023 March 31, 2022 Deferred income tax assets: Passthrough differences - temporary $ 17,142 $ 8,948 Net operating loss 991 991 Non-current deferred income tax assets 18,133 9,939 Deferred income tax liabilities: Other — (1,072) Non-current deferred income tax liabilities — (1,072) Less: valuation allowance 18,133 9,939 Total deferred income tax liability $ — $ (1,072)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The consolidated statements of financial condition includes the following amounts from these consolidated VIEs as of the dates presented: (Dollars in thousands) March 31, 2023 March 31, 2022 Assets: Cash and cash equivalents $ 3,259 $ 10,024 Restricted cash 819 5,517 Investments, at fair value 491,859 659,921 Other assets 5,891 3,361 Total Assets of VIEs $ 501,828 $ 678,823 Liabilities: Accounts payable and accrued expense $ 1,945 $ 5,350 Other liabilities 132 479 Customer ExAlt Trusts loan payable, net 52,129 65,674 Total Liabilities of VIEs $ 54,206 $ 71,503 Equity: Treasury stock $ (3,444) $ (3,444) Noncontrolling interests (118,299) 982 Accumulated other comprehensive income (loss) 9,900 (1,326) Total Equity of VIEs $ (111,843) $ (3,788) The consolidated statements of comprehensive income (loss) for the periods presented include the following amounts from these consolidated VIEs. (Dollars in thousands) Year Ended Three Months Ended Year Ended Year Ended Revenues Investment income (loss), net $ (54,010) $ (10,811) $ 15,534 $ 132,620 (Gain) loss on financial instruments, net (35,085) (44,661) 29,512 (15,838) Interest income 54 — 7,110 1,798 Total revenues (89,041) (55,472) 52,156 118,580 Operating expenses Interest expense 8,956 1,046 — 4,675 Provision for credit losses 13,843 4,774 14,319 — Professional services 5,032 — 350 — Other expenses 1,905 1,860 695 502 Total operating expenses 29,736 7,680 15,364 5,177 Net income (loss) $ (118,777) $ (63,152) $ 36,792 $ 113,403 Net income (loss) attributable to noncontrolling interests $ (117,861) $ (55,229) $ (30,513) $ 47,582

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	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 The Beneficient Company Group, L.P. common unitholder. 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 unitholder and reiterates that the consolidation of the Customer ExAlt Trusts has no impact on the net income (loss) attributable to The Beneficient Company Group, L.P. common unitholder. (in thousands) Year Ended Three Months Ended Year Ended Year Ended Operating income (loss) Ben Liquidity $ (46,512) $ (20,299) $ 21,191 $ 25,238 Ben Custody 24,046 7,301 16,193 15,922 Corporate & Other (112,845) (31,607) (77,991) (136,155) Loss on extinguishment of debt, related parties — — (34,013) — Less: Income tax expense (benefit) (1,072) 1,072 — 3,459 Less: Net loss attributable to noncontrolling interests—Ben 19,081 5,038 12,870 40,414 Less: Noncash deemed contribution on extinguishment of redeemable noncontrolling interest — — 14,200 — Less: Noncash deemed dividend on extinguishment of redeemable noncontrolling interest — — (46,202) — Less: Noncontrolling interest guaranteed payment (15,822) (3,788) (1,264) — Net loss attributable to common unitholders $ (130,980) $ (44,427) $ (95,016) $ (58,040) The following tables include the results of each of the Company’s reportable segments reconciled to the consolidated financial statements (in thousands): Year Ended March 31, 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) As of March 31, 2023 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 376,253 $ — $ — $ — $ (376,253) $ — 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 $ 2,111,580 $ 641,685 $ 502,306 $ 78,138 $ (423,014) $ 2,910,695 Three Months Ended March 31, 2022 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment loss, net $ — $ — $ (10,811) $ — $ — (10,811) Loss on financial instruments, net — — (44,661) (11,350) — (56,011) Interest income — — — 73 — 73 Trust services and administration revenues 121 8 — — — 129 Other income — — — 2 — 2 Intersegment revenues Interest income 17,790 — — — (17,790) — Trust services and administration revenues — 8,408 — — (8,408) — Total revenues 17,911 8,416 (55,472) (11,275) (26,198) (66,618) External expenses Employee compensation and benefits 2,200 517 — 7,408 — 10,125 Interest expense 538 — 1,046 526 — 2,110 Professional services 915 446 — 4,088 — 5,449 Provision for credit losses — — 4,774 4,609 — 9,383 Other expenses 436 152 1,860 3,701 — 6,149 Intersegment expenses Interest expense — — 24,694 — (24,694) — Provision for loan losses 34,121 — — — (34,121) — Other expenses — — 5,767 — (5,767) — Total expenses 38,210 1,115 38,141 20,332 (64,582) 33,216 Operating income (loss) $ (20,299) $ 7,301 $ (93,613) $ (31,607) $ 38,384 $ (99,834) Certain prior year items have been reclassified to conform with current year presentation. As of March 31, 2022 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total Loans to Customer ExAlt Trusts, net $ 418,793 $ — $ — $ — $ (418,793) $ — Investments, at fair value — — 659,921 14,249 — 674,170 Other assets 31,563 46,933 20,106 43,670 (46,284) 95,988 Goodwill and intangible assets, net — — — 2,370,850 — 2,370,850 Total Assets $ 450,356 $ 46,933 $ 680,027 $ 2,428,769 $ (465,077) $ 3,141,008 Year Ended December 31, 2021 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment income, net $ — $ — $ 15,534 $ — $ — 15,534 Gain on financial instruments, net — — 29,512 2,325 — 31,837 Interest income — — 7,110 288 — 7,398 Trust services and administration revenues 510 30 — — — 540 Other income — — — 2 — 2 Intersegment revenues Interest income 55,929 — — — (55,929) — Trust services and administration revenues — 20,258 — — (20,258) — Total revenues 56,439 20,288 52,156 2,615 (76,187) 55,311 External expenses Employee compensation and benefits 8,328 2,031 — 38,164 — 48,523 Interest expense 12,812 — — 14,645 — 27,457 Professional services 3,100 1,552 350 12,799 — 17,801 Provision for credit losses — — 14,318 4,437 — 18,755 Other expenses 2,127 512 695 10,561 — 13,895 Intersegment expenses Interest expense — — 70,963 — (70,963) — Provision for loan losses 8,881 — — — (8,881) — Other expenses — — 12,180 — (12,180) — Total expenses 35,248 4,095 98,506 80,606 (92,024) 126,431 Operating income (loss) $ 21,191 $ 16,193 $ (46,350) $ (77,991) $ 15,837 $ (71,120) Certain prior year items have been reclassified to conform with current year presentation. Year Ended December 31, 2020 Ben Liquidity Ben Custody Customer ExAlt Trusts Corporate & Other Consolidating Eliminations Total External revenues Investment income, net $ — $ — $ 132,620 $ — $ — 132,620 Loss on financial instruments, net — — (15,838) (14,832) — (30,670) Interest income — — 1,819 285 (22) 2,082 Trust services and administration revenues — 30 — — — 30 Other income — — — 36,267 — 36,267 Intersegment revenues Interest income 51,819 — — — (51,819) — Trust services and administration revenues — 19,379 — — (19,379) — Total revenues 51,819 19,409 118,601 21,720 (71,220) 140,329 External expenses Employee compensation and benefits 6,216 1,915 — 120,451 — 128,582 Interest expense 11,496 — 4,675 16,380 — 32,551 Professional services 3,656 1,190 — 14,199 — 19,045 Other expenses (165) 382 502 6,845 — 7,564 Intersegment expenses Interest expense — — 63,463 — (63,463) — Provision for loan losses 5,378 — — — (5,378) — Other expenses — — 12,177 — (12,177) — Total expenses 26,581 3,487 80,817 157,875 (81,018) 187,742 Operating income (loss) $ 25,238 $ 15,922 $ 37,784 $ (136,155) $ 9,798 $ (47,413) Certain prior year items have been reclassified to conform with current year presentation.

Risks and Uncertainties (Tables

Risks and Uncertainties (Tables)	12 Months Ended
	Mar. 31, 2023
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): March 31, 2023 March 31, 2022 Industry Sector Value Percent of Total Value Percent of Total Software and services $ 54,944 14.2 % $ 91,507 17.4 % Diversified financials 52,544 13.6 88,418 16.8 Food and staples retailing 38,210 9.9 33,817 6.4 Utilities 28,043 7.3 29,865 5.7 Health care equipment and services 23,626 6.1 28,361 5.4 Energy 26,721 6.9 29,238 5.6 Capital goods 27,707 7.2 32,049 6.1 Telecommunication services 5,634 1.5 28,910 5.5 Other (1) 128,422 33.3 162,762 31.1 Total $ 385,851 100.0 % $ 524,927 100.0 % Certain prior year items have been reclassified to conform with current year presentation. (1) Industries in this category each comprise less than 5 percent. Telecommunication Services is shown separately as it comprised greater than 5 percent in the prior period. March 31, 2023 March 31, 2022 Geography Value Percent of Total Value Percent of Total North America $ 239,951 62.2 % $ 326,039 62.1 % Asia 62,016 16.1 88,183 16.8 Europe 38,874 10.1 66,790 12.7 South America 41,423 10.7 39,406 7.5 Africa 3,587 0.9 4,509 0.9 Total $ 385,851 100.0 % $ 524,927 100.0 %

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Mar. 31, 2023
Offsetting [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: March 31, 2023 March 31, 2022 Cash and cash equivalents $ 8,726 $ 70,588 Restricted cash 819 5,517 Total cash, cash equivalents and restricted cash $ 9,545 $ 76,105

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Additional Equity Securities Information	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): Name Converted Capital Account Balance of BCH Preferred A.1 Class S Ordinary Units Received BCG Class B Units Received BHI $ 177,195 14,176 14,176 Bruce W. Schnitzer 988 79 79 Hicks Holdings Operating, LLC 13,222 1,058 1,058 Total $ 191,405 15,313 15,313 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 Class S Ordinary Units Received BCG Class A Units Received Bruce W. Schnitzer $ 734 659 659 Richard W. Fisher 1,722 738 738 Total $ 2,456 1,397 1,397

Overview of the Business (Detai

Overview of the Business (Details)

3 Months Ended

12 Months Ended

Jun. 07, 2023 USD ($)

Jun. 05, 2023 USD ($)

Mar. 28, 2022 USD ($)

Dec. 07, 2021 $ / shares

Dec. 06, 2021 $ / shares

Mar. 31, 2022 USD ($)

Mar. 31, 2021 USD ($)

Mar. 31, 2023 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Jun. 27, 2023 USD ($)

May 31, 2023 USD ($)

Business Acquisition [Line Items]

Cash and cash equivalents

$ 70,588,000

$ 8,726,000

Aggregate amount received

$ 192,800,000

Charitable contribution percentage

0.025

Portion allocated to noncontrolling interest holders (in dollars per share) | $ / shares

$ 0.025

$ 0.05

Portion allocated to lender (in dollars per share) | $ / shares

$ 1

$ 0.95

Net loss

$ (100,906,000)

$ (22,964,000)

$ (252,100,000)

$ (105,133,000)

$ (50,872,000)

Subsequent Event

Business Acquisition [Line Items]

Cash and cash equivalents

$ 3,500,000

Net proceeds

$ 1,800,000

Subsequent Event | Maximum | Standby Equity Purchase Agreement

Business Acquisition [Line Items]

Standby Equity Purchase Agreement, sale of stock

$ 250,000,000

Subsequent Event | Avalon

Business Acquisition [Line Items]

Cash and cash equivalents

27,900,000

MHT Securities, L.P.

Business Acquisition [Line Items]

Consideration transferred

$ 300,000

Avalon Class A Common Stock | Subsequent Event

Business Acquisition [Line Items]

Transaction expense

26,100,000

Aggregate amount received

$ 25,000,000

Avalon Class A Common Stock | Subsequent Event | River North, L.P.

Business Acquisition [Line Items]

Aggregate amount received

$ 20,000,000

BCH | Subclass 1 Class A Units

Business Acquisition [Line Items]

Ownership interest

1

BCH | Preferred Series B Subclass 2

Business Acquisition [Line Items]

Ownership interest

1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)		3 Months Ended		12 Months Ended
	Apr. 01, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
OTTI on investment in debt securities		$ 4,943,000	$ 0	$ 12,621,000	$ 13,726,000	$ 0
Subsequent Event
Property, Plant and Equipment [Line Items]
Increase in allowance for loan losses	$ 61,100,000
Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life				3 years
Minimum | Internal-use software
Property, Plant and Equipment [Line Items]
Amortization Period				1 year
Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life				5 years
Maximum | Internal-use software
Property, Plant and Equipment [Line Items]
Amortization Period				3 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Credit Losses (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
OTTI on AFS debt securities (Note 5)	$ 4,943,000	$ 0	$ 12,621,000	$ 13,726,000	$ 0
Bad debt expense on related party receivable (Note 9)	4,440,000	0	6,723,000	5,029,000	0
Bad debt expense on other receivables	0	0	1,236,000	0	0
Provision for credit losses	$ 9,383,000	$ 0	$ 20,580,000	$ 18,755,000	$ 0

Understanding our Financial S_3

Understanding our Financial Statements and the Impact to the Common Unitholder - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Interest income	$ 73	$ 412	$ 7,398	$ 2,082
Trust services and administration revenues	129	$ 30	540	30
Customer ExAlt Trusts
Segment Reporting Information [Line Items]
One time fee, percentage		7%
Recurring fee, percentage		2.80%
Consolidating Eliminations
Segment Reporting Information [Line Items]
Interest income	17,790	$ 50,819	55,929	51,819
Trust services and administration revenues	8,408	29,012	20,258	19,379
Allowance for loan losses	34,121	$ 80,749	8,881	5,378
Minimum
Segment Reporting Information [Line Items]
Expected life		7 years
Minimum | Customer ExAlt Trusts
Segment Reporting Information [Line Items]
Interest rate		7%
Maximum
Segment Reporting Information [Line Items]
Expected life		10 years
Maximum | Customer ExAlt Trusts
Segment Reporting Information [Line Items]
Interest rate		14%
Ben Liquidity | Consolidating Eliminations
Segment Reporting Information [Line Items]
Interest income	17,790	$ 50,819	55,929	51,819
Trust services and administration revenues	0	0	0	0
Allowance for loan losses	34,121	80,749	8,881	5,378
Ben Custody | Consolidating Eliminations
Segment Reporting Information [Line Items]
Interest income	0	0	0	0
Trust services and administration revenues	8,408	29,012	20,258	19,379
Allowance for loan losses	$ 0	$ 0	$ 0	$ 0

Understanding our Financial S_4

Understanding our Financial Statements and the Impact to the Common Unitholder - Disaggregated Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Operating income (loss)	$ (99,834)	$ (23,237)	$ (253,172)	$ (71,120)	$ (47,413)
Loss on extinguishment of debt, related parties	0		0	(34,013)	0
Income tax expense (benefit)	1,072	(273)	(1,072)	0	3,459
Less: Net loss attributable to noncontrolling interests	60,267		136,942	43,383	(7,168)
Less: Noncash deemed contribution on extinguishment of redeemable noncontrolling interest	0		0	14,200	0
Less: Noncash deemed dividend on extinguishment of preferred equity interests of noncontrolling interest holders	0		0	(46,202)	0
Less: Noncontrolling interest guaranteed payment	(3,788)	0	(15,822)	(1,264)	0
Net loss attributable to The Beneficient Company Group, L.P. common unitholders	(44,427)	(6,796)	(130,980)	(95,016)	(58,040)
Corporate & Other
Segment Reporting Information [Line Items]
Operating income (loss)	(31,607)		(112,845)	(77,991)	(136,155)
Operating Segments | Ben Liquidity
Segment Reporting Information [Line Items]
Operating income (loss)	(20,299)		(46,512)	21,191	25,238
Operating Segments | Ben Custody
Segment Reporting Information [Line Items]
Operating income (loss)	7,301		24,046	16,193	15,922
Consolidated Entity, Excluding Consolidated VIE
Segment Reporting Information [Line Items]
Less: Net loss attributable to noncontrolling interests	$ 5,038	$ 3,336	$ 19,081	$ 12,870	$ 40,414

Strategic Transactions with G_2

Strategic Transactions with GWG Holdings, Inc. and GWG Life, LLC (Details) - USD ($) $ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 01, 2021

Nov. 26, 2021

Sep. 30, 2020

Mar. 31, 2022

Mar. 31, 2021

Mar. 31, 2023

Dec. 31, 2021

Dec. 31, 2020

Nov. 29, 2021

Nov. 23, 2021

Aug. 11, 2020

May 31, 2019

Dec. 28, 2018

Related Party Transaction [Line Items]

Loss on extinguishment of debt

$ 0

$ 0

$ 34,013

$ 0

Cash contribution for BCH Preferred Series C Unit Accounts

$ 14,800

14,800

130,200

Preferred units redeemed for cash

14,800

Gain (loss) on investments

$ (10,811)

$ 2,091

$ (54,010)

15,534

132,620

Net increase to noncontrolling interest

$ 3,200

0

LiquidTrust Borrowers | Affiliated Entity

Related Party Transaction [Line Items]

Promissory note

65,100

$ 65,000

Collateral Swap

Related Party Transaction [Line Items]

Increase in public equity securities

84,600

84,600

Increase in debt securities

94,800

Gain (loss) on investments

88,500

BCG Common Units | Collateral Swap

Related Party Transaction [Line Items]

Treasury shares, value

3,400

L Bonds | Collateral Swap

Related Party Transaction [Line Items]

Principal amount exchanged

94,800

94,800

Customer ExAlt Trusts | Collateral Swap

Related Party Transaction [Line Items]

Fair value of investment

$ 94,300

GWG Holdings | BCG Common Units

Related Party Transaction [Line Items]

Investment received

$ 57,500

Price per unit (in dollars per share)

$ 12.50

Commercial Loan Agreement | Loans Payable

Related Party Transaction [Line Items]

Principal amount

$ 192,800

$ 192,500

Interest rate

5%

Interest rate payable monthly in cash

2.50%

Interest rate accrued and compounded annually

2.50%

Repayments of outstanding principal

202,300

Accrued interest

5,800

Loss on extinguishment of debt

14,600

Unamortized debt discount

15,300

Fair value of loan agreement

$ 207,400

Preferred Series A Subclass 1

Related Party Transaction [Line Items]

Aggregate capital accounts, converted

$ 251,700

$ 319,000

Preferred Series C

Related Party Transaction [Line Items]

Cash contribution for BCH Preferred Series C Unit Accounts

$ 14,800

$ 130,200

Class A common stock, par value $0.001 per share | BCG Common Units | Collateral Swap

Related Party Transaction [Line Items]

Shares exchanged (in shares)

543,874

Value of shares exchanged

$ 6,800

Class A common stock, par value $0.001 per share | GWG Holdings | Collateral Swap

Related Party Transaction [Line Items]

Shares exchanged (in shares)

9,837,264

Value of shares exchanged

$ 84,600

Preferred Series C Subclass 1

Related Party Transaction [Line Items]

Preferred units issued, value

$ 75,000

Preferred stock, fair value

$ 71,200

Preferred Series C Subclass 0

Related Party Transaction [Line Items]

Aggregate capital accounts, converted

$ 14,800

Preferred units redeemed for cash

$ 14,800

Commercial Loan Agreement | Class A common stock, par value $0.001 per share

Related Party Transaction [Line Items]

Units issued (in shares)

19,250,795

Investments, at Fair Value - In

Investments, at Fair Value - Investments at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments held by Customer ExAlt Trusts (related party of $76,154 and $127,284)	$ 385,851	$ 524,927
Debt securities available-for-sale	76,898	78,293
Equity securities without readily determinable fair value	21,600	1,200
Ben
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments held by Customer ExAlt Trusts (related party of $76,154 and $127,284)	0	0
Public equity securities and option	4,742	13,625
Debt securities available-for-sale	620	624
Equity securities without readily determinable fair value	0	0
Total investments, at fair value	5,362	14,249
Customer ExAlt Trusts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments held by Customer ExAlt Trusts (related party of $76,154 and $127,284)	385,851	524,927
Public equity securities and option	8,087	56,144
Debt securities available-for-sale	76,278	77,669
Equity securities without readily determinable fair value	21,643	1,181
Total investments, at fair value	$ 491,859	$ 659,921

Investments, at Fair Value - Re

Investments, at Fair Value - Reconciliation of Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
(Loss) gain from change in NAV of alternative assets	$ (10,811)	$ 2,091	$ (54,010)	$ 15,534	$ (17,558)
Gain on repurchase options (see Note 6)	0	0	0	0	61,664
Gain on Collateral Swap (see Note 4)	0	0	0	0	88,514
Investment income (loss), net	$ (10,811)	$ 2,091	$ (54,010)	$ 15,534	$ 132,620

Investments, at Fair Value - Na

Investments, at Fair Value - Narrative (Details)				1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 27, 2022 USD ($)	Apr. 01, 2022 USD ($)	Jul. 17, 2020 USD ($)	Nov. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2023 USD ($) underlyingInvestment investmentFund	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percent of investments not subject to redemption							96%
Alternative investment funds | investmentFund							286
Underlying investments | underlyingInvestment							952
Percent of underlying investments in private companies							91%
Purchase of put options					$ 0	$ 0	$ 7,451,000	$ 0	$ 14,775,000
Proceeds from sale of put options held by Ben								1,843,000	0
Proceeds from equity interest							2,430,000
Investments					674,170,000		497,221,000
Gain on put options					(56,011,000)	(2,180,000)	(51,421,000)	31,837,000	(30,670,000)
Noncredit-related portion of net unrealized gains (losses)					110,000	$ 0	11,226,000	(1,436,000)	0
Credit-related portion of other-than-temporary impairment on investment in debt securities					4,900,000		12,600,000	13,700,000
Equity securities without readily determinable fair value					1,200,000		21,600,000
Equity securities, upward adjustment							10,800,000
Equity impairment loss					0		0	0	0
Ben
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities without readily determinable fair value					0		0
Put options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notational amount of put options		$ 141,300,000	$ 300,000,000
Proceeds from sale of put options held by Ben				$ 1,800,000
Recognized loss				$ 12,900,000
Investments					0		4,000,000
Gain on put options							(3,500,000)	$ (5,200,000)	$ (7,800,000)
Put options | Ben
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain on put options							(2,500,000)
CT Risk Management, L.L.C. | Put options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Purchase of put options		$ 5,000,000	$ 14,800,000
Proceeds from equity interest	$ 2,400,000
Class A common stock, par value $0.001 per share | GWG Holdings
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of common stock					67,200,000		3,700,000
Class A common stock, par value $0.001 per share | Other Public Companies
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of common stock					$ 2,500,000		$ 5,100,000

Investments, at Fair Value - Al

Investments, at Fair Value - Alternative Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 385,851	$ 524,927
Unfunded Commitments	61,135	69,093
Venture Capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	165,933	209,912
Unfunded Commitments	2,810	3,035
Private Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	145,073	199,280
Unfunded Commitments	47,218	55,269
Hedge Funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	24,935	51,974
Unfunded Commitments	337	358
Redeemable investments	16,400
Natural Resources
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	27,756	31,736
Unfunded Commitments	5,240	4,994
Private Real Estate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	10,391	15,757
Unfunded Commitments	4,800	4,802
Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	11,763	16,268
Unfunded Commitments	$ 730	$ 635

Investments, at Fair Value - Am

Investments, at Fair Value - Amortized Cost vs Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	$ 66,998	$ 79,619
Gross Unrealized Gains	18,780	1,445
Gross Unrealized Losses	(8,880)	(2,771)
Fair Value	76,898	78,293
Corporate debt securities (L Bonds)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	64,313	76,934
Gross Unrealized Gains	17,433	132
Gross Unrealized Losses	(7,924)	(2,771)
Fair Value	73,822	74,295
Other debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	2,685	2,685
Gross Unrealized Gains	1,347	1,313
Gross Unrealized Losses	(956)	0
Fair Value	$ 3,076	$ 3,998

Investments, at Fair Value - Co

Investments, at Fair Value - Continuous Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value, Total available-for-sale debt securities with unrealized losses	$ 75,900	$ 74,295
Unrealized Losses, Total available-for-sale debt securities with unrealized losses	8,880	2,771
Corporate debt securities (L Bonds)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value, Less than twelve months	0	74,295
Fair Value, Twelve months or longer	73,822	0
Unrealized Losses, Less than twelve months	0	2,771
Unrealized Losses, Twelve months or longer	7,924	0
Other debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value, Less than twelve months	2,078	0
Unrealized Losses, Less than twelve months	$ 956	$ 0

Investments, at Fair Value - De

Investments, at Fair Value - Debt Securities, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	$ 13,726	$ 18,669	$ 0	$ 0
Credit related OTTI not previously recognized	0	0	13,726	0
Increase in OTTI amounts previously recognized	4,943	12,621	0	0
Ending balance	$ 18,669	$ 31,290	$ 13,726	$ 0

Investments, at Fair Value - _2

Investments, at Fair Value - Debt Securities Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Amortized Cost Basis
Due in one year or less	$ 66,000	$ 1,687
Due in one to five years	0	76,934
No fixed maturity	998	998
Amortized Cost Basis	66,998	79,619
Fair Value
Due in one year or less	75,900	3,000
Due in one to five years	0	74,295
No fixed maturity	998	998
Fair Value	$ 76,898	$ 78,293

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative assets	$ 524,927		$ 385,851
Gain (loss) on investments	(10,811)	$ 2,091	(54,010)	$ 15,534	$ 132,620
Equity securities without readily determinable fair value	1,200		21,600
Equity securities, upward adjustment			10,800
Fair Value Measured at Net Asset Value Per Share
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative assets	524,900		385,900
Gain (loss) on investments	$ (10,800)		$ (54,000)	$ 15,500	$ (17,600)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	$ 497,221	$ 674,170
Debt securities available-for-sale	76,898	78,293
Derivative liability	$ 3,513	$ 8,108
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Customer ExAlt Trusts loan payable, net	Customer ExAlt Trusts loan payable, net
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability	$ 0	$ 0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability	0	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability	3,513	8,108
Public equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	8,837	69,769
Public equity securities | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	8,837	69,769
Public equity securities | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	0	0
Public equity securities | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	0	0
Put options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	3,991
Put options | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	3,991
Put options | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	0
Put options | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments	0
Corporate debt securities (L Bonds)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available-for-sale	73,822	74,295
Corporate debt securities (L Bonds) | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available-for-sale	0	0
Corporate debt securities (L Bonds) | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available-for-sale	73,822	74,295
Corporate debt securities (L Bonds) | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available-for-sale	0	0
Other debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available-for-sale	3,076	3,998
Other debt securities | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available-for-sale	0	0
Other debt securities | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available-for-sale	998	998
Other debt securities | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available-for-sale	$ 2,078	$ 3,000

Fair Value Measurements - Gain

Fair Value Measurements - Gain (Loss) on Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	$ (56,011)	$ (2,180)	$ (51,421)	$ 31,837	$ (30,670)
Related party equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	(56,011)	0	(63,536)	37,012	(22,913)
Other public equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	0	0	523	0	0
Put options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	0	(2,180)	(3,460)	(5,175)	(7,757)
Derivative liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	0	0	4,595	0	0
Other equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	$ 0	$ 0	$ 10,457	$ 0	$ 0

Fair Value Measurements - Signi

Fair Value Measurements - Significant Unobservable Units (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 01, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available-for-sale	$ 2,078	$ 3,000	$ 3,000		$ 1,687	$ 0
Fair Value	3,513	8,108	$ 0
Preferred Series A Subclass 0
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value				$ 249,907
Preferred Series A Subclass 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value				961,801
Preferred Series B Subclass 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value				$ 358,515
Alternative asset market discount rate | Preferred Series A Subclass 0
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input				0.2826
Alternative asset market discount rate | Preferred Series A Subclass 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input				0.2926
Alternative asset market discount rate | Preferred Series B Subclass 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input				0.2930
Preferred rate of return | Preferred Series A Subclass 0
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input				0.0600
Preferred rate of return | Preferred Series A Subclass 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input				0.0578
Preferred rate of return | Preferred Series B Subclass 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input				0.0509
Growth rate | Preferred Series A Subclass 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input				0.0400
Growth rate | Preferred Series B Subclass 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input				0.0400
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available-for-sale	$ 2,078	$ 3,000
Discounted cash flow | Alternative asset market discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.10	0.08
Discounted cash flow | Equity market risk premiums
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.07	0.08
Discounted cash flow | Enhanced return discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.12	0.12
Minimum | Market Approach | Level 3 | Enterprise value-to-revenue multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.2	0.2
Minimum | Discounted cash flow | Alternative asset beta to equity markets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.42	0.51
Minimum | Discounted cash flow | Distribution rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.03	0.03
Minimum | Discounted cash flow | Net asset value volatilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.09	0.09
Maximum | Market Approach | Level 3 | Enterprise value-to-revenue multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	18.9	18.9
Maximum | Discounted cash flow | Alternative asset beta to equity markets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	1.67	1.69
Maximum | Discounted cash flow | Distribution rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.06	0.07
Maximum | Discounted cash flow | Net asset value volatilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	0.84	0.38
Weighted Average | Market Approach | Level 3 | Enterprise value-to-revenue multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	1.74	1.73

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Level 3 Investments, Asset (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Beginning balance	$ 3,000	$ 3,000	$ 1,687	$ 0
Initial fair value of financial instrument	0	0	0	1,687
Gains (losses) recognized in accumulated other comprehensive income (loss)	0	(922)	1,313	0
Ending balance	$ 3,000	$ 2,078	$ 3,000	$ 1,687
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Unrealized gain on investments in available-for-sale debt securities	Unrealized gain on investments in available-for-sale debt securities	Unrealized gain on investments in available-for-sale debt securities	Unrealized gain on investments in available-for-sale debt securities

Fair Value Measurements - Rec_2

Fair Value Measurements - Reconciliation of Level 3 Investments, Liability (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Beginning balance	$ 0	$ 8,108
Initial fair value of financial instrument	8,108	0
(Gains) losses recognized in earnings	0	(4,595)
Ending balance	$ 8,108	$ 3,513
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)
Repurchase Option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Beginning balance			$ (61,664)
(Gains) losses recognized in earnings			61,664
Ending balance			$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Level 1 | Carrying Amount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents	$ 8,726	$ 70,588
Restricted cash	819	5,517
Accounts payable and accrued expenses	65,724	37,332
Level 1 | Estimated Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents	8,726	70,588
Restricted cash	819	5,517
Accounts payable and accrued expenses	65,724	37,332
Level 2 | Carrying Amount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Customer ExAlt Trusts loan payable, net	52,129	65,674
Debt due to related parties	99,314	105,917
Level 2 | Estimated Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Customer ExAlt Trusts loan payable, net	56,635	64,811
Debt due to related parties	$ 96,465	$ 119,036

Fixed Assets (Details)

Fixed Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 8,836	$ 10,408
Accumulated depreciation and amortization	(3,271)	(6,551)
Fixed assets, net	7,336	4,344
Depreciation and amortization	600	3,600	$ 1,800	$ 900
Computer hardware and software
Property, Plant and Equipment [Line Items]
Computer hardware and software	7,506	9,899
Land
Property, Plant and Equipment [Line Items]
Fixed assets, gross	750	0
Buildings
Property, Plant and Equipment [Line Items]
Fixed assets, gross	265	188
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Fixed assets, gross	133	139
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	109	109
Other
Property, Plant and Equipment [Line Items]
Fixed assets, gross	73	73
Internal use software in process
Property, Plant and Equipment [Line Items]
Fixed assets, net	1,771	487
Depreciation and amortization expense	600	3,400	$ 1,600	$ 700
Unamortized computer software costs	$ 4,300	$ 3,500

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 2,367,750,000	$ 2,367,926,000	$ 2,367,750,000	$ 2,367,750,000	$ 2,367,750,000
Additions		176,000
Reporting Unit Allocation		(2,367,926,000)
Insurance license	3,100,000	3,100,000
Amortization			185,000	164,000
Total goodwill and intangible assets	2,370,850,000	2,371,026,000	2,370,850,000	2,371,035,000	2,371,199,000
Goodwill and indefinite-lived intangible assets impairment	0	0	0	0
Ben Custody
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill		594,219,000
Ben Insurance
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill		37,942,000
Ben Markets
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill		9,885,000
Ben Liquidity
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill		1,725,880,000
Non-compete agreement
Acquired Finite-Lived Intangible Assets [Line Items]
Non-compete agreement			0	185,000	349,000
Amortization			$ 185,000	$ 164,000
Amortization Period			2 years	3 years
Insurance license
Acquired Finite-Lived Intangible Assets [Line Items]
Insurance license	$ 3,100,000	$ 3,100,000	$ 3,100,000	$ 3,100,000	$ 3,100,000

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Other Assets (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Related party receivables	$ 17,795,000	$ 8,877,000
Deferred costs of equity offering	7,778,000	1,310,000
Distribution receivables	5,891,000	2,010,000
Promissory Note receivable	5,104,000	4,513,000
Fixed assets (Note 7)	4,344,000	7,336,000
Insurance reimbursable receivable	3,211,000	0
Prepaid expenses	2,329,000	2,345,000
Other assets	2,051,000	2,369,000
Total Other assets, net	32,903,000	19,883,000
Related Party
Related Party Transaction [Line Items]
Allowance for related party receivables	(15,600,000)	(8,877,000)
Total Other assets, net	$ 2,195,000	$ 0

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Aug. 10, 2018	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total principal and interest		$ 4,513	$ 5,104
Interest expense (related party of $2,797, $514, and $6,651, respectively)		2,110	15,471	$ 27,457	$ 32,551
2017-18 Exchange Trusts Interest Commitment
Related Party Transaction [Line Items]
Percent of value of common units	30%
Interest expense (related party of $2,797, $514, and $6,651, respectively)		$ 500	3,600	$ 2,100	$ 2,300
2017-18 Exchange Trusts Interest Commitment | London Interbank Offered Rate (LIBOR)
Related Party Transaction [Line Items]
Basis spread	3.95%
9.0% Promissory Note
Related Party Transaction [Line Items]
Promissory notes, principal balance			$ 2,500
Interest rate			9%
18% Promissory Note
Related Party Transaction [Line Items]
Promissory notes, principal balance			$ 900
18% Promissory Note | Minimum
Related Party Transaction [Line Items]
Interest rate			18%
Related Party Promissory Note Receivable
Related Party Transaction [Line Items]
Interest rate per annum		0.50%	5%

Other Assets and Other Liabil_5

Other Assets and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Interest commitments	$ 13,499	$ 9,879
Deferred tax liability (Note 15)	0	1,072
Other	1,123	1,408
Total Other liabilities	$ 14,622	$ 12,359

Customer ExAlt Trust Loan Pay_2

Customer ExAlt Trust Loan Payable (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 24, 2022	Dec. 07, 2021
Debt Instrument [Line Items]
Loan receivable fair value			$ 72,500,000
Proceeds from transfer of loan			$ 72,500,000
Derivative liability	$ 8,108,000	$ 3,513,000
Customer ExAlt Trusts loan payable, net	65,674,000	52,129,000
Customer ExAlt Trusts
Debt Instrument [Line Items]
Alternative assets acquired				$ 352,600,000
Customer ExAlt Trusts
Debt Instrument [Line Items]
Derivative liability	8,100,000	3,500,000
Net gain on derivative liability	0	$ 4,600,000
Customer ExAlt Trusts | Loans Payable
Debt Instrument [Line Items]
Interest rate		12%
Maximum rate		21%
Net amortization of debt premium and discount (related party of $(6,154), $(1,972), and $2,616, respectively)	900,000	$ 1,700,000
Outstanding principal, including interest paid-in-kind	64,800,000	54,200,000
Unamortized debt discount	$ 7,200,000	$ 5,600,000
Remaining amortization period		10 years 8 months 12 days
Effective interest rate		13.89%

Debt Due to Related Parties - S

Debt Due to Related Parties - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Total debt due to related parties	$ 99,314	$ 105,917
HCLP Nominees, L.L.C | Beneficent Capital Company
Debt Instrument [Line Items]
Unamortized debt premiums	2,597	8,752
Affiliated Entity | Beneficent Capital Company
Debt Instrument [Line Items]
Total debt due to related parties	99,314	105,917
First Lien Credit Agreement | HCLP Nominees, L.L.C | Beneficent Capital Company | HCLP Nominees, L.L.C
Debt Instrument [Line Items]
Debt due to related parties, gross	21,350	21,298
Second Lien Credit Agreement | HCLP Nominees, L.L.C | Beneficent Capital Company | HCLP Nominees, L.L.C
Debt Instrument [Line Items]
Debt due to related parties, gross	73,291	73,120
Other borrowings | Affiliated Entity | Beneficent Capital Company
Debt Instrument [Line Items]
Debt due to related parties, gross	$ 2,076	$ 2,747

Debt Due to Related Parties - N

Debt Due to Related Parties - Narrative (Details) - USD ($)				3 Months Ended		12 Months Ended
	Mar. 24, 2022	Dec. 01, 2021	Aug. 13, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Payment of deferred financing costs for debt				$ 8,628,000	$ 100,000	$ 0	$ 1,114,000	$ 3,207,000
Loss on extinguishment of debt, related parties				0		0	(34,013,000)	$ 0
HCLP Nominees, L.L.C
Debt Instrument [Line Items]
Additional debt or borrowings			$ 10,000,000
BHI
Debt Instrument [Line Items]
Percentage of preferred units			5%
Grant tax liability			$ 30,000,000
Put liability				$ 3,800,000		$ 0
First and Second Lien Credit Agreement | HCLP Nominees, L.L.C | Beneficent Capital Company
Debt Instrument [Line Items]
Maximum interest rate			9.50%
Principal and interest payments, maximum return amount		$ 20,000,000
Amount returned		17,950,000
Amendment fee		$ 1,000,000
Installment payments	$ 5,000,000
Fee percentage	6.50%
Loss on extinguishment of debt, related parties							$ (19,500,000)
London Interbank Offered Rate (LIBOR) | First and Second Lien Credit Agreement | HCLP Nominees, L.L.C | Beneficent Capital Company
Debt Instrument [Line Items]
Basis spread			8%

Debt Due to Related Parties - M

Debt Due to Related Parties - Maturities of Long-term Debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	94,641
2025	2,076
2026	0
2027	$ 0

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) $ in Thousands

3 Months Ended

12 Months Ended

Oct. 01, 2022 shares

Jun. 10, 2022 USD ($)

Apr. 01, 2022 shares

Mar. 31, 2022 USD ($)

Dec. 31, 2020 USD ($)

Sep. 30, 2020 shares

Jun. 30, 2020 USD ($) shares

Mar. 31, 2023 USD ($) shares

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Apr. 25, 2019 USD ($)

Sep. 30, 2018 shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Unrecognized compensation costs

$ 6,382

Compensation expense

$ 2,828

10,085

$ 23,153

$ 107,808

REU

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Unrecognized compensation costs

3,389

Compensation expense

1,539

4,358

8,537

44,402

Preferred equity

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Account balance

5,700

$ 4,000

Compensation expense

$ 0

$ 11,400

$ 1,430

7,226

$ 11,443

Director | Preferred equity

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Account balance

$ 3,800

Purchase price

$ 3,800

BMP Equity Incentive Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of shares authorized for issuance | shares

119,000,000

Continued participation reduction percentage

20%

Income participation percentage

49.50%

Vesting period

4 years

Minimum required retained ownership of unit equivalents, percentage

0.25

Vested units forfeited (in shares) | shares

1,963,969

Other income

$ 36,300

Ben Equity Incentive Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vested units forfeited (in shares) | shares

507,500

Shares reserved for issuance, as a percentage of fully diluted common units outstanding

15%

Percentage of common units

15%

Ben Equity Incentive Plan | REU

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of shares authorized for issuance | shares

12,811,258

Unrecognized compensation costs

$ 6,400

Ben Equity Incentive Plan | Director

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Unrecognized compensation costs

$ 6,400

Ben Equity Incentive Plan | Director | REU

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Units granted (in shares) | shares

515,000

Ben Equity Incentive Plan | Employees and Director | REU

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Units granted (in shares) | shares

513,533

Units forfeited (in shares) | shares

39,691

Ben Equity Incentive Plan | Employees | REU

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Units granted (in shares) | shares

40,180

Share-based Compensation - Assu

Share-based Compensation - Assumptions (Details) - BMP Equity Incentive Plan	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	4 years	4 years	4 years	4 years
Discount rate	32.10%	32.10%	32.10%	27.80%
Discount for lack of marketability	23.10%	23.10%	23.10%	19.40%
Long-term growth rate (after discrete projection period)	2.50%	2.50%	2.50%	2.50%

Share-based Compensation - Awar

Share-based Compensation - Award Activity (Details) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
BMP
Units
Beginning Balance (in shares)	1,351	1,118	2,126	180
Granted (in shares)	40	35	216	7,363
Vested (in shares)	(195)	(646)	(788)	(5,037)
Forfeited (in shares)	(78)	(69)	(203)	(380)
Ending Balance (in shares)	1,118	438	1,351	2,126
Weighted Average Grant Date Fair Value per Unit
Beginning Balance (in dollars per share)	$ 9.73	$ 9.78	$ 9.61	$ 11.82
Granted (in dollars per share)	10.67	10.67	10.67	9.61
Vested (in dollars per share)	9.70	9.73	9.67	9.61
Forfeited (in dollars per share)	9.61	10	9.69	9.61
Ending Balance (in dollars per share)	$ 9.78	$ 10.04	$ 9.73	$ 9.61
REU
Units
Beginning Balance (in shares)	1,638	1,503	2,193	247
Granted (in shares)	111	510	216	5,603
Vested (in shares)	(195)	(524)	(619)	(3,354)
Forfeited (in shares)	(51)	(90)	(152)	(303)
Ending Balance (in shares)	1,503	1,399	1,638	2,193
Weighted Average Grant Date Fair Value per Unit
Beginning Balance (in dollars per share)	$ 12.50	$ 12.50	$ 12.50	$ 12.50
Granted (in dollars per share)	12.50	12.50	12.50	12.50
Vested (in dollars per share)	12.50	12.50	12.50	12.50
Forfeited (in dollars per share)	12.50	12.50	12.50	12.50
Ending Balance (in dollars per share)	$ 12.50	$ 12.50	$ 12.50	$ 12.50

Share-based Compensation - Equi

Share-based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2020	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation	$ 2,828		$ 10,085	$ 23,153	$ 107,808
BMP equity units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation	1,289		4,297	7,390	51,963
Restricted equity units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation	1,539		4,358	8,537	44,402
Preferred equity
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation	$ 0	$ 11,400	$ 1,430	$ 7,226	$ 11,443

Share-based Compensation - Futu

Share-based Compensation - Future Compensation Expense (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2024	$ 4,578
2025	1,398
2026	392
2027	14
2028	0
Total	6,382
BMP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2024	2,075
2025	662
2026	242
2027	14
2028	0
Total	$ 2,993
Weighted-average period to be recognized	1 year 7 months 9 days
REU
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2024	$ 2,503
2025	736
2026	150
2027	0
2028	0
Total	$ 3,389
Weighted-average period to be recognized	1 year 5 months 15 days

Equity - Common Units (Details)

Equity - Common Units (Details) - shares shares in Thousands	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Units outstanding (in shares)	67,486	67,486
Units issued (in shares)	67,486	67,486

Equity - Preferred Units (Detai

Equity - Preferred Units (Details) $ / shares in Units, shares in Millions			3 Months Ended	12 Months Ended			51 Months Ended
	Dec. 01, 2021 USD ($)	Jul. 15, 2020 USD ($) $ / shares	Mar. 31, 2022 USD ($) shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 07, 2021 USD ($)	Nov. 29, 2021 USD ($)	Nov. 23, 2021 USD ($)	Jun. 30, 2021	May 31, 2019 USD ($)
Class of Stock [Line Items]
Deemed dividend for accrual of preferred stock return			$ 8,400,000	$ 37,100,000	$ 2,200,000
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity					32,002,000
Preferred units redeemed for cash					14,800,000
Potential exchange price (in usd per share) | $ / shares				$ 10			$ 10
Convertible units, automatic exchange, number of trading days		20 days
Convertible units, automatic exchange, unit price (in dollars per share) | $ / shares		$ 12.75
Preferred Series B Subclass 2
Class of Stock [Line Items]
Preferred units issued, value								$ 352,600,000
Preferred Series B Subclass 2 | GWG Holdings
Class of Stock [Line Items]
Aggregate capital accounts, issued									$ 319,000,000
Preferred Series B Subclass 2 | Minimum
Class of Stock [Line Items]
Percentage of initial public listing price				0.80			0.80
Preferred Series B Subclass 2 | Maximum
Class of Stock [Line Items]
Percentage of initial public listing price				0.85			0.85
Preferred Series A Subclass 1
Class of Stock [Line Items]
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity					$ 12,500,000
Weighted average preferred return rate			3.92%	1.38%	2.33%	1.84%
Deemed dividend				$ 96,500,000			$ 96,500,000
Limit on indebtedness, capital percent of NAV threshold				55%			55%
Limit on indebtedness, debt percent of NAV threshold				40%			40%
Aggregate capital accounts, converted	$ 251,700,000								319,000,000
Preferred Series A Subclass 1 | BCH
Class of Stock [Line Items]
Income allocation, percentage allocated to preferred stock											50%
Income allocation, annualized return required											1%
Preferred Series A Subclass 1 | GWG Holdings
Class of Stock [Line Items]
Aggregate capital accounts, converted									$ 319,000,000
Preferred Series A Subclass 0
Class of Stock [Line Items]
Aggregate capital accounts, issued	251,700,000
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity					$ 1,700,000
Quarterly guaranteed payment, annual basis				6%			6%
Quarterly guaranteed payment, fiscal quarter basis				1.50%			1.50%
Guaranteed payment accrual			$ 3,800,000	$ 20,900,000			$ 20,900,000
Percentage redeemable				12.50%			12.50%
Maximum percentage redeemable				50%			50%
Convertible shares of preferred stock, percentage redeemable				12.50%			12.50%
Class A and S Units | BCH
Class of Stock [Line Items]
Income allocation, percentage allocated to preferred stock											50%
Preferred Series C Subclass 1
Class of Stock [Line Items]
Aggregate capital accounts, issued						$ 75,000,000
Preferred units issued, value												$ 75,000,000
Weighted average preferred return rate			3.92%	1.38%	2.33%	0.75%
Preferred return prior to initial public offering, numerator, basis spread over CPI				0.50%
Preferred return after initial public offering, numerator, basis spread over CPI				0.75%
Preferred return, denominator, basis spread over effective income tax rate				100%
Class S Ordinary
Class of Stock [Line Items]
Preferred stock, shares issued (in shares) | shares			5.8	5.8			5.8
Preferred stock, shares outstanding (in shares) | shares			5.8	5.8			5.8
Common stock exchange ratio				1			1
Class S Preferred
Class of Stock [Line Items]
Preferred stock exchange ratio				1.2			1.2
Preferred return earned							$ 200,000
Preferred Series C
Class of Stock [Line Items]
Convertible units, automatic exchange, minimum required capital account if all units not converted		$ 10,000,000
Preferred Series C Subclass 0
Class of Stock [Line Items]
Preferred units redeemed for cash	$ 14,800,000
Preferred return prior to initial public offering, numerator, basis spread over CPI				0.50%
Preferred return after initial public offering, numerator, basis spread over CPI				0.75%
Preferred return, denominator, basis spread over effective income tax rate				100%
Preferred return, multiplier percentage				80%
Aggregate capital accounts, converted										$ 14,800,000
Preferred Stock
Class of Stock [Line Items]
Preferred units redeemed for cash			$ 0	$ 4,600,000	$ 0
Preferred Stock | GWG Holdings
Class of Stock [Line Items]
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity					46,200,000
Preferred Stock | Preferred Series B Subclass 2
Class of Stock [Line Items]
Deemed dividend for accrual of preferred stock return			$ 8,400,000	$ 37,100,000	$ 2,200,000

Equity - Redeemable Noncontroll

Equity - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Redeemable Noncontrolling Interest [Line Items]
Beginning balance, noncontrolling interests			$ 1,907,888
Exchange of BCH Preferred Series A.1 Unit Accounts for BCG Preferred Series B.2 Unit Accounts			(1,100)
Temporary Equity, Deemed Dividends	$ (8,400)		(37,100)	$ (2,200)
Put option liability on grant of BCH Preferred A.1				(3,800)
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual	(3,800)		15,800	(1,300)
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity				(32,002)
Ending balance, noncontrolling interests	1,907,888		1,930,712
Preferred Series A Subclass 0
Redeemable Noncontrolling Interest [Line Items]
Exchange of BCH Preferred Series A.1 Unit Accounts for BCG Preferred Series B.2 Unit Accounts				(251,700)
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity				(1,700)
Preferred Series A Subclass 1
Redeemable Noncontrolling Interest [Line Items]
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity				(12,500)
Redeemable noncontrolling interests (Note 13)
Redeemable Noncontrolling Interest [Line Items]
Beginning balance, noncontrolling interests	1,195,812	$ 1,547,135	1,186,098	1,547,135	$ 1,588,604
Net income (loss), temporary equity	2,498	(2,925)	11,524	(8,268)	(35,877)
Tax distribution to noncontrolling interest					(5,592)
Deemed dividend upon issuance for U. S. GAAP to tax basis true-up			(314)	9,247
Exchange of BCH Preferred Series A.1 Unit Accounts for BCG Preferred Series B.2 Unit Accounts				(312,312)
Temporary Equity, Deemed Dividends	(8,424)		(37,133)	(2,239)
Put option liability on grant of BCH Preferred A.1				(3,793)
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual	(3,788)		(15,822)	(1,264)
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity				(14,200)
Ending balance, noncontrolling interests	1,186,098	1,544,210	1,144,353	1,195,812	1,547,135
Redeemable noncontrolling interests (Note 13) | Exchange of Preferred Series B Subclass 2
Redeemable Noncontrolling Interest [Line Items]
Exchange of BCH Preferred Series A.1 Unit Accounts for BCG Preferred Series B.2 Unit Accounts				(312,312)
Redeemable noncontrolling interests (Note 13) | Preferred Series A Subclass 0
Redeemable Noncontrolling Interest [Line Items]
Beginning balance, noncontrolling interests	249,907	0	249,907	0	0
Net income (loss), temporary equity	3,788		15,822	1,264
BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual	(3,788)		(15,822)	(1,264)
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity				(1,745)
Ending balance, noncontrolling interests	249,907		251,051	249,907	0
Redeemable noncontrolling interests (Note 13) | Preferred Series A Subclass 0 | Exchange of Preferred Series A Subclass 0
Redeemable Noncontrolling Interest [Line Items]
Exchange of BCH Preferred Series A.1 Unit Accounts for BCG Preferred Series B.2 Unit Accounts			1,144	251,652
Redeemable noncontrolling interests (Note 13) | Preferred Series A Subclass 1
Redeemable Noncontrolling Interest [Line Items]
Beginning balance, noncontrolling interests	945,905	$ 1,547,135	936,191	1,547,135	1,588,604
Net income (loss), temporary equity	(1,290)		(4,298)	(9,532)	(35,877)
Tax distribution to noncontrolling interest					(5,592)
Deemed dividend upon issuance for U. S. GAAP to tax basis true-up			(314)	9,247
Temporary Equity, Deemed Dividends	(8,424)		(37,133)	(2,239)
Put option liability on grant of BCH Preferred A.1				(3,793)
Deemed dividend for extinguishment of redeemable noncontrolling interest and preferred equity				(12,455)
Ending balance, noncontrolling interests	$ 936,191		893,302	945,905	$ 1,547,135
Redeemable noncontrolling interests (Note 13) | Preferred Series A Subclass 1 | Exchange of Preferred Series B Subclass 2
Redeemable Noncontrolling Interest [Line Items]
Exchange of BCH Preferred Series A.1 Unit Accounts for BCG Preferred Series B.2 Unit Accounts				(312,312)
Redeemable noncontrolling interests (Note 13) | Preferred Series A Subclass 1 | Exchange of Preferred Series A Subclass 0
Redeemable Noncontrolling Interest [Line Items]
Exchange of BCH Preferred Series A.1 Unit Accounts for BCG Preferred Series B.2 Unit Accounts			$ (1,144)	$ (251,652)

Equity - Noncontrolling Interes

Equity - Noncontrolling Interests (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Sep. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		$ 1,092,996	$ 986,348	$ 991,686	$ 1,092,996	$ 986,348	$ 676,493
Net loss		(100,906)	(22,964)	(252,100)		(105,133)	(50,872)
Payment of employee payroll taxes on restricted equity units		(33)	(1,228)	(1,125)		(1,465)	(1,522)
Noncash issuance of noncontrolling interest and redeemable preferred equity			374	299		9,189	5,978
Reclass of distributions payable to noncontrolling interest holder		811	621	1,719		1,539	737
Cash contribution for BCH Preferred Series C Unit Accounts			14,800			14,800	130,200
Noncash issuance of BCH Preferred Series C Unit Accounts			246			246	313
Promissory note exchange for BCH Preferred Series C Unit Accounts							65,065
Redemption of BCH Preferred Series C Unit Accounts						(14,800)
Purchase of noncontrolling interest				131
Reclass of allocated income for FLP Subclass 3 to payable				(933)		(23)
Issuance of noncontrolling interest				2,430
Annual reallocation of FLP					(2,100)
Adjustment for change in ownership interest	$ 3,200						0
Ending balance		991,686	984,887	748,194		1,092,996	986,348
Preferred Series C
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Cash contribution for BCH Preferred Series C Unit Accounts						14,800	130,200
Noncontrolling interests (Note 13)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		337,676	364,844	277,888	337,676	364,844	112,527
Net loss		(58,977)		(132,644)		(33,851)	43,045
Noncontrolling interest reclass				0		0	0
Payment of employee payroll taxes on restricted equity units			(1,190)	(919)		(1,190)
Noncash issuance of noncontrolling interest and redeemable preferred equity			374	299		9,189	5,978
Reclass of distributions payable to noncontrolling interest holder		811	621	1,719		1,539	737
Cash contribution for BCH Preferred Series C Unit Accounts			14,800			14,800	130,200
Noncash issuance of BCH Preferred Series C Unit Accounts			246			246	313
Promissory note exchange for BCH Preferred Series C Unit Accounts							70,285
Redemption of BCH Preferred Series C Unit Accounts						(14,800)
Purchase of noncontrolling interest				131
Reclass of allocated income for FLP Subclass 3 to payable				(933)		(23)
Issuance of noncontrolling interest				2,430
Annual reallocation of FLP				(2,057)
Adjustment for change in ownership interest							3,233
Ending balance		277,888	365,210	142,214		337,676	364,844
Noncontrolling interests (Note 13) | Trusts
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		57,022	79,885	982	57,022	79,885	27,062
Net loss		(55,229)		(117,861)		(30,513)	47,582
Noncash issuance of noncontrolling interest and redeemable preferred equity				299		9,189	5,978
Reclass of distributions payable to noncontrolling interest holder		811		1,719		1,539	737
Ending balance		982		(118,299)		57,022	79,885
Noncontrolling interests (Note 13) | Class S Ordinary
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		73,579	78,245	69,831	73,579	78,245	85,448
Net loss		(3,748)		(16,987)		(4,811)	(6,920)
Noncontrolling interest reclass				1,116		740	1,199
Payment of employee payroll taxes on restricted equity units				(459)		(595)
Promissory note exchange for BCH Preferred Series C Unit Accounts							(915)
Annual reallocation of FLP				(941)
Adjustment for change in ownership interest							(567)
Ending balance		69,831		52,560		73,579	78,245
Noncontrolling interests (Note 13) | Class S Preferred
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		1,316	1,201	1,316	1,316	1,201	17
Net loss						(30)	(15)
Noncontrolling interest reclass				1,117		740	1,199
Payment of employee payroll taxes on restricted equity units				(460)		(595)
Annual reallocation of FLP				(1,116)
Ending balance		1,316		857		1,316	1,201
Noncontrolling interests (Note 13) | FLP
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		0	0	0	0	0	0
Net loss				3,166		1,503	2,398
Noncontrolling interest reclass				(2,233)		(1,480)	(2,398)
Reclass of allocated income for FLP Subclass 3 to payable				(933)		(23)
Ending balance		0		0		0	0
Noncontrolling interests (Note 13) | Preferred Series C
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		205,759	205,513	205,759	205,759	205,513	0
Cash contribution for BCH Preferred Series C Unit Accounts						14,800	130,200
Noncash issuance of BCH Preferred Series C Unit Accounts						246	313
Promissory note exchange for BCH Preferred Series C Unit Accounts							71,200
Adjustment for change in ownership interest							3,800
Ending balance		205,759		205,759		205,759	205,513
Noncontrolling interests (Note 13) | Class A of CT
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		0	$ 0	0	$ 0	0	0
Net loss				(962)
Purchase of noncontrolling interest				131
Issuance of noncontrolling interest				2,430
Ending balance		$ 0		$ 1,337		$ 0	$ 0

Equity - FLP Units (Details)

Equity - FLP Units (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Net loss	$ (100,906,000)	$ (22,964,000)	$ (252,100,000)		$ (105,133,000)	$ (50,872,000)
Annual reallocation of FLP				$ 2,100,000
FLP Units Subclass 1 and 2
Class of Stock [Line Items]
Profits interest on financing and other tax pass-through businesses			15%
Net loss	0		$ 2,200,000		$ 1,500,000	$ 2,400,000
Upward carrying value adjustment, percentage of capital accounts			15%
FLP Units Subclass 1 and 2 | Minimum
Class of Stock [Line Items]
Net service fee revenue interest, EBITDA to revenue ratio			0.20
FLP Units Subclass 1 and 2 | Maximum
Class of Stock [Line Items]
Net service fee revenue interest, EBITDA to revenue ratio			0.50
FLP Units Subclass 3
Class of Stock [Line Items]
Net loss	$ 0		$ 900,000
Net financing revenues, quarterly percentage			5%
Net financing revenues allocated, annualized stated interest percentage			10%
Tax and distributions, percentage of profits allocated			100%

Equity - Beneficiaries Customer

Equity - Beneficiaries Customer ExAlt Trusts (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Noncash issuance of noncontrolling interest and redeemable preferred equity		$ 374,000	$ 299,000	$ 9,189,000	$ 5,978,000
Charitable Beneficiaries
Class of Stock [Line Items]
Percentage of distributions entitled to residual beneficiary, distributions received			2.50%
Percent of distributions entitled to residual beneficiary, payments on amounts due			5%
Percent of distributions entitled to residual beneficiary, amount of excess cash collateral			10%
Noncash issuance of noncontrolling interest and redeemable preferred equity	$ 0		$ 300,000	$ 9,200,000	$ 6,000,000

Equity - Class A of CT Risk Man

Equity - Class A of CT Risk Management, L.L.C. (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Purchase of noncontrolling interest	$ 0	$ 0	$ (131)	$ 0	$ (5,592)
Class A of CT
Class of Stock [Line Items]
Minority interest sold			$ 2,400
Percent of distributions entitled to residual beneficiary, amount of excess of capital contributions			2%

Net Loss per Unit - Schedule of

Net Loss per Unit - Schedule of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (100,906)	$ (22,964)	$ (252,100)	$ (105,133)	$ (50,872)
Less: Net income (loss) attributable to noncontrolling interests	60,267		136,942	43,383	(7,168)
Less: Noncontrolling interest guaranteed payment	(3,788)	0	(15,822)	(1,264)	0
Net loss attributable to The Beneficient Company Group, L.P.	(44,427)		(130,980)	(63,014)	(58,040)
Less: Noncash deemed contribution on extinguishment of redeemable noncontrolling interest	0		0	14,200	0
Less: Noncash deemed dividend on extinguishment of preferred equity interests of noncontrolling interest holders	0		0	(46,202)	0
Net loss attributable to The Beneficient Company Group, L.P. common unitholders	$ (44,427)	$ (6,796)	$ (130,980)	$ (95,016)	$ (58,040)
Weighted average common units outstanding - diluted (in shares)	67,486,168	48,205,800	67,486,168	51,534,365	45,807,648
Weighted average common units outstanding - basic (in shares)	67,486,168	48,205,800	67,486,168	51,534,365	45,807,648
Net loss attributable to The Beneficient Company Group, L.P. per common unit - Diluted	$ (0.66)	$ (0.14)	$ (1.94)	$ (1.84)	$ (1.27)
Net loss attributable to The Beneficient Company Group, L.P. per common unit - Basic	$ (0.66)	$ (0.14)	$ (1.94)	$ (1.84)	$ (1.27)

Net Loss per Unit - Antidilutiv

Net Loss per Unit - Antidilutive Securities (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive units	127,660,867	127,599,207	152,035,259	143,239,169
Class S Ordinary
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive units	5,834,296	5,835,822	5,811,251	5,720,627
Class S Preferred
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive units	88,606	93,678	72,126	15,288
Preferred Series A Subclass 0
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive units	19,706,509	19,795,997	1,664,303	0
Preferred Series A Subclass 1
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive units	79,711,972	78,972,518	121,956,222	127,088,320
Preferred Series C
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive units	16,068,912	16,068,912	16,340,086	4,845,358
Restricted Equity Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive units	6,250,572	6,832,280	6,191,271	5,569,576

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Deferred expense
Federal	$ 1,072		$ (1,072)	$ 0	$ 3,459
Income tax expense (benefit)	$ 1,072	$ (273)	$ (1,072)	$ 0	$ 3,459

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Expected statutory income tax benefit	$ (9,381)		$ (51,011)	$ (20,403)	$ (19,949)
Amounts attributable to non-taxable flow-through entities	5,279		41,240	19,413	19,030
Amounts not deductible for income tax	11		505	(776)	1,368
Change in valuation allowance	5,163		8,194	1,766	3,010
Income tax expense (benefit)	$ 1,072	$ (273)	$ (1,072)	$ 0	$ 3,459

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Deferred income tax assets:
Passthrough differences - temporary	$ 17,142	$ 8,948
Net operating loss	991	991
Non-current deferred income tax assets	18,133	9,939
Deferred income tax liabilities:
Other	0	(1,072)
Non-current deferred income tax liabilities	0	(1,072)
Less: valuation allowance	18,133	9,939
Total deferred income tax liability	$ 0	$ (1,072)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Domestic Tax Authority
Investments, Owned, Federal Income Tax Note [Line Items]
Net operating loss carryforwards	$ 4.7	$ 4.7

Related Parties (Details)

Related Parties (Details) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 01, 2017	May 31, 2019	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Debt due to related parties			$ 105,917,000	$ 99,314,000
Monthly fee percentage	0.01%
Advance rate		82%
Constitution | Related Party
Related Party Transaction [Line Items]
Ownership percentage				50.50%
Highland Consolidated, L.P.
Related Party Transaction [Line Items]
Outstanding loan balance			3,300,000	$ 14,000,000
Board of Directors Controlled Entity | Constitution
Related Party Transaction [Line Items]
Ownership percentage				49.50%
MHT Financial L.L.C | Preferred Series A Subclass 0 and 1
Related Party Transaction [Line Items]
Total balance			23,000,000	$ 22,200,000
Beneficient Management Counselors, L.L.C.
Related Party Transaction [Line Items]
Percentage of board of directors				49%
Percentage of members on management committee to select				50%
Percentage of members on community committee to select				50%
Bradley Capital Company, L.L.C. | Services Agreement, Base Fee
Related Party Transaction [Line Items]
Related party fee				$ 400,000
Bradley Capital Company, L.L.C. | Services Agreement, Supplemental Fee
Related Party Transaction [Line Items]
Related party fee				200,000
Bradley Capital Company, L.L.C. | Services Agreement
Related Party Transaction [Line Items]
Costs for retired/departed employees				200,000
Minimum value of securities held				$ 10,000,000
Percentage of aggregate fair market value of Ben				1%
Expenses from related party transaction			600,000	$ 2,600,000	$ 4,100,000	$ 3,800,000
Debt due to related parties			3,500,000	3,600,000
Bradley Capital Company, L.L.C. | Services Agreement | CEO and Chairman
Related Party Transaction [Line Items]
Annual salary				200,000
Bradley Capital Company, L.L.C. | Aircraft Sublease
Related Party Transaction [Line Items]
Related party fee				1,400,000
Expenses from related party transaction			1,700,000	6,100,000
Bradley Capital Company, L.L.C. | Guarantee Agreement
Related Party Transaction [Line Items]
Related party fee				20,000,000
Beneficient Holdings, Inc.
Related Party Transaction [Line Items]
Related party costs				30,000
Beneficient Holdings, Inc. | Contribution Agreement
Related Party Transaction [Line Items]
Maximum costs per year				250,000
RROC
Related Party Transaction [Line Items]
Expenses from related party transaction			0	800,000	0	0
Debt due to related parties, gross			2,700,000	2,100,000
Kansas TEFFI Economic Growth Trust
Related Party Transaction [Line Items]
Expenses from related party transaction			0	2,700,000	0	0
Outstanding payables			700,000	100,000
Promissory notes				1,400,000
Hicks Holdings L.L.C
Related Party Transaction [Line Items]
Total balance			75,700,000	72,600,000
GWG Holdings | Shared Services Agreement
Related Party Transaction [Line Items]
Cash received from related parties			0	400,000	$ 8,000,000	$ 3,900,000
Outstanding gross receivable			8,900,000	17,800,000
Allowance for receivables			$ 8,900,000	$ 15,600,000

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Total assets	$ 3,141,008		$ 2,910,695
Loss on financial instruments	$ (56,011)	$ (2,180)	(51,421)	$ 31,837	$ (30,670)
Variable Interest Entity, Primary Beneficiary | CT Risk Management, L.L.C.
Variable Interest Entity [Line Items]
Total assets			4,000
Loss on financial instruments			3,500	$ 5,200	$ 7,800
Variable Interest Entity, Not Primary Beneficiary | Bradley Capital
Variable Interest Entity [Line Items]
Possible future guaranty obligation			$ 20,000

Variable Interest Entities - VI

Variable Interest Entities - VIE Financials (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 70,588		$ 8,726
Restricted cash	5,517		819
Investments held by Ben (related party of $1,371 and $14,249)	674,170		497,221
Other assets, net (related party of $2,195 and nil)	19,883		32,903
Total assets	3,141,008		2,910,695
LIABILITIES, TEMPORARY EQUITY, AND EQUITY
Accounts payable and accrued expenses	37,332		65,724
Other liabilities (related party of $100 and $748)	12,359		14,622
Customer ExAlt Trusts loan payable, net	65,674		52,129
Total liabilities	241,434		231,789
The Beneficient Company Group, L.P. Partners’ Capital:
Treasury common units, at cost (544 units as of March 31, 2023 and March 31, 2022)	(3,444)		(3,444)
Noncontrolling interests	277,888		142,214
Accumulated other comprehensive income (loss)	(1,326)		9,900
Total equity	991,686	$ 984,887	748,194	$ 1,092,996	$ 986,348	$ 676,493
Revenues
Investment income (loss), net	(10,811)	2,091	(54,010)	15,534	132,620
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	(56,011)	(2,180)	(51,421)	31,837	(30,670)
Interest income (related party of nil, nil, and $1,777, respectively)	73		412	7,398	2,082
Total revenues	(66,618)	2,364	(104,903)	55,311	140,329
Operating expenses
Interest expense (related party of $2,797, $514, and $6,651, respectively)	2,110		15,471	27,457	32,551
Provision for credit losses	9,383	0	20,580	18,755	0
Professional services	5,449	4,939	38,422	17,801	19,045
Other expenses (related party of $8,704, $2,297, and $576, respectively)	6,149		28,269	13,895	7,564
Total operating expenses	33,216	25,601	148,269	126,431	187,742
Net loss	(100,906)	(22,964)	(252,100)	(105,133)	(50,872)
Net income (loss) attributable to noncontrolling interests	(60,267)		(136,942)	(43,383)	7,168
Variable Interest Entity, Primary Beneficiary
Operating expenses
Net income (loss) attributable to noncontrolling interests	(55,229)	$ (12,832)	(117,861)	(30,513)	47,582
Variable Interest Entity, Primary Beneficiary | Customer ExAlt Trusts
ASSETS
Cash and cash equivalents	10,024		3,259
Restricted cash	5,517		819
Investments held by Ben (related party of $1,371 and $14,249)	659,921		491,859
Other assets, net (related party of $2,195 and nil)	3,361		5,891
Total assets	678,823		501,828
LIABILITIES, TEMPORARY EQUITY, AND EQUITY
Accounts payable and accrued expenses	5,350		1,945
Other liabilities (related party of $100 and $748)	479		132
Customer ExAlt Trusts loan payable, net	65,674		52,129
Total liabilities	71,503		54,206
The Beneficient Company Group, L.P. Partners’ Capital:
Treasury common units, at cost (544 units as of March 31, 2023 and March 31, 2022)	(3,444)		(3,444)
Noncontrolling interests	982		(118,299)
Accumulated other comprehensive income (loss)	(1,326)		9,900
Total equity	(3,788)		(111,843)
Revenues
Investment income (loss), net	(10,811)		(54,010)	15,534	132,620
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	(44,661)		(35,085)	29,512	(15,838)
Interest income (related party of nil, nil, and $1,777, respectively)	0		54	7,110	1,798
Total revenues	(55,472)		(89,041)	52,156	118,580
Operating expenses
Interest expense (related party of $2,797, $514, and $6,651, respectively)	1,046		8,956	0	4,675
Provision for credit losses	4,774		13,843	14,319	0
Professional services	0		5,032	350	0
Other expenses (related party of $8,704, $2,297, and $576, respectively)	1,860		1,905	695	502
Total operating expenses	7,680		29,736	15,364	5,177
Net loss	(63,152)		(118,777)	36,792	113,403
Net income (loss) attributable to noncontrolling interests	$ (55,229)		$ (117,861)	$ (30,513)	$ 47,582

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2023 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting [Abstract]
Reportable segments | Segment			3
Income Statement [Abstract]
Investment income (loss), net	$ (10,811)	$ 2,091	$ (54,010)	$ 15,534	$ 132,620
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	(56,011)	(2,180)	(51,421)	31,837	(30,670)
Interest income (related party of nil, nil, and $1,777, respectively)	73		412	7,398	2,082
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	129		30	540	30
Other income	2	0	86	2	36,267
Total revenues	(66,618)	2,364	(104,903)	55,311	140,329
Employee compensation and benefits	10,125	10,910	45,527	48,523	128,582
Interest expense (related party of $2,797, $514, and $6,651, respectively)	2,110		15,471	27,457	32,551
Professional services	5,449	4,939	38,422	17,801	19,045
Provision for credit losses	9,383	0	20,580	18,755	0
Other expenses (related party of $8,704, $2,297, and $576, respectively)	6,149		28,269	13,895	7,564
Total operating expenses	33,216	25,601	148,269	126,431	187,742
Operating loss	(99,834)	$ (23,237)	(253,172)	(71,120)	(47,413)
Statement of Financial Position [Abstract]
Investments held by Ben (related party of $1,371 and $14,249)	674,170		497,221
Other assets, net (related party of $2,195 and nil)	95,988		42,448
Goodwill and intangible assets, net	2,370,850		2,371,026	2,370,850	2,371,035	$ 2,371,199
Total assets	3,141,008		2,910,695
Operating Segments | Ben Liquidity
Income Statement [Abstract]
Investment income (loss), net	0		0	0	0
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	0		0	0	0
Interest income (related party of nil, nil, and $1,777, respectively)	0		0	0	0
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	121		0	510	0
Other income	0		0	0	0
Total revenues	17,911		50,819	56,439	51,819
Employee compensation and benefits	2,200		8,527	8,328	6,216
Interest expense (related party of $2,797, $514, and $6,651, respectively)	538		2,893	12,812	11,496
Professional services	915		2,849	3,100	3,656
Provision for credit losses	0		0	0
Other expenses (related party of $8,704, $2,297, and $576, respectively)	436		2,313	2,127	(165)
Total operating expenses	38,210		97,331	35,248	26,581
Operating loss	(20,299)		(46,512)	21,191	25,238
Statement of Financial Position [Abstract]
Investments held by Customer ExAlt Trusts (related party of $76,154 and $127,284)	418,793		376,253
Investments held by Ben (related party of $1,371 and $14,249)	0		0
Other assets, net (related party of $2,195 and nil)	31,563		9,447
Goodwill and intangible assets, net	0		1,725,880
Total assets	450,356		2,111,580
Operating Segments | Ben Custody
Income Statement [Abstract]
Investment income (loss), net	0		0	0	0
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	0		0	0	0
Interest income (related party of nil, nil, and $1,777, respectively)	0		0	0	0
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	8		30	30	30
Other income	0		0	0	0
Total revenues	8,416		29,042	20,288	19,409
Employee compensation and benefits	517		2,219	2,031	1,915
Interest expense (related party of $2,797, $514, and $6,651, respectively)	0		0	0	0
Professional services	446		2,018	1,552	1,190
Provision for credit losses	0		0	0
Other expenses (related party of $8,704, $2,297, and $576, respectively)	152		759	512	382
Total operating expenses	1,115		4,996	4,095	3,487
Operating loss	7,301		24,046	16,193	15,922
Statement of Financial Position [Abstract]
Investments held by Customer ExAlt Trusts (related party of $76,154 and $127,284)	0		0
Investments held by Ben (related party of $1,371 and $14,249)	0		0
Other assets, net (related party of $2,195 and nil)	46,933		47,466
Goodwill and intangible assets, net	0		594,219
Total assets	46,933		641,685
Operating Segments | Customer ExAlt Trusts
Income Statement [Abstract]
Investment income (loss), net	(10,811)		(54,010)	15,534	132,620
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	(44,661)		(35,085)	29,512	(15,838)
Interest income (related party of nil, nil, and $1,777, respectively)	0		54	7,110	1,819
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	0		0	0	0
Other income	0		0	0	0
Total revenues	(55,472)		(89,041)	52,156	118,601
Employee compensation and benefits	0		0	0	0
Interest expense (related party of $2,797, $514, and $6,651, respectively)	1,046		8,957	0	4,675
Professional services	0		5,033	350	0
Provision for credit losses	4,774		13,843	14,318
Other expenses (related party of $8,704, $2,297, and $576, respectively)	1,860		1,905	695	502
Total operating expenses	38,141		158,997	98,506	80,817
Operating loss	(93,613)		(248,038)	(46,350)	37,784
Statement of Financial Position [Abstract]
Investments held by Customer ExAlt Trusts (related party of $76,154 and $127,284)	0		0
Investments held by Ben (related party of $1,371 and $14,249)	659,921		491,859
Other assets, net (related party of $2,195 and nil)	20,106		10,447
Goodwill and intangible assets, net	0		0
Total assets	680,027		502,306
Corporate & Other
Income Statement [Abstract]
Investment income (loss), net	0		0	0	0
Loss on financial instruments, net (related party of $(63,536), $(56,011), and nil, respectively)	(11,350)		(16,336)	2,325	(14,832)
Interest income (related party of nil, nil, and $1,777, respectively)	73		358	288	285
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	0		0	0	0
Other income	2		86	2	36,267
Total revenues	(11,275)		(15,892)	2,615	21,720
Employee compensation and benefits	7,408		34,781	38,164	120,451
Interest expense (related party of $2,797, $514, and $6,651, respectively)	526		3,621	14,645	16,380
Professional services	4,088		28,522	12,799	14,199
Provision for credit losses	4,609		6,737	4,437
Other expenses (related party of $8,704, $2,297, and $576, respectively)	3,701		23,292	10,561	6,845
Total operating expenses	20,332		96,953	80,606	157,875
Operating loss	(31,607)		(112,845)	(77,991)	(136,155)
Statement of Financial Position [Abstract]
Investments held by Customer ExAlt Trusts (related party of $76,154 and $127,284)	0		0
Investments held by Ben (related party of $1,371 and $14,249)	14,249		5,362
Other assets, net (related party of $2,195 and nil)	43,670		21,849
Goodwill and intangible assets, net	2,370,850		50,927
Total assets	2,428,769		78,138
Segment Reconciling Items
Income Statement [Abstract]
Interest income (related party of nil, nil, and $1,777, respectively)					22
Consolidating Eliminations
Income Statement [Abstract]
Interest income (related party of nil, nil, and $1,777, respectively)	17,790		50,819	55,929	51,819
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	8,408		29,012	20,258	19,379
Total revenues	26,198		79,831	76,187	71,220
Interest expense (related party of $2,797, $514, and $6,651, respectively)	24,694		110,905	70,963	63,463
Other expenses (related party of $8,704, $2,297, and $576, respectively)	5,767		18,354	12,180	12,177
Provision for loan losses	34,121		80,749	8,881	5,378
Total operating expenses	64,582		210,008	92,024	81,018
Operating loss	(38,384)		(130,177)	(15,837)	(9,798)
Statement of Financial Position [Abstract]
Investments held by Customer ExAlt Trusts (related party of $76,154 and $127,284)	(418,793)		(376,253)
Investments held by Ben (related party of $1,371 and $14,249)	0		0
Other assets, net (related party of $2,195 and nil)	(46,284)		(46,761)
Goodwill and intangible assets, net	0		0
Total assets	(465,077)		(423,014)
Consolidating Eliminations | Ben Liquidity
Income Statement [Abstract]
Interest income (related party of nil, nil, and $1,777, respectively)	17,790		50,819	55,929	51,819
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	0		0	0	0
Interest expense (related party of $2,797, $514, and $6,651, respectively)	0		0	0	0
Other expenses (related party of $8,704, $2,297, and $576, respectively)	0		0	0	0
Provision for loan losses	34,121		80,749	8,881	5,378
Consolidating Eliminations | Ben Custody
Income Statement [Abstract]
Interest income (related party of nil, nil, and $1,777, respectively)	0		0	0	0
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	8,408		29,012	20,258	19,379
Interest expense (related party of $2,797, $514, and $6,651, respectively)	0		0	0	0
Other expenses (related party of $8,704, $2,297, and $576, respectively)	0		0	0	0
Provision for loan losses	0		0	0	0
Consolidating Eliminations | Customer ExAlt Trusts
Income Statement [Abstract]
Interest income (related party of nil, nil, and $1,777, respectively)	0		0	0	0
Trust services and administration revenues (related party of $30, $8, and $8, respectively)	0		0	0	0
Interest expense (related party of $2,797, $514, and $6,651, respectively)	24,694		110,905	70,963	63,463
Other expenses (related party of $8,704, $2,297, and $576, respectively)	5,767		18,354	12,180	12,177
Provision for loan losses	$ 0		$ 0	$ 0	$ 0

Risks and Uncertainties (Detail

Risks and Uncertainties (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023
Concentration Risk [Line Items]
Carrying Value	$ 524,927	$ 385,851
Alternative Investments | Industry Risk
Concentration Risk [Line Items]
Carrying Value	$ 524,927	$ 385,851
Percent of Total	100%	100%
Alternative Investments | Industry Risk | Software and services
Concentration Risk [Line Items]
Carrying Value	$ 91,507	$ 54,944
Percent of Total	17.40%	14.20%
Alternative Investments | Industry Risk | Diversified financials
Concentration Risk [Line Items]
Carrying Value	$ 88,418	$ 52,544
Percent of Total	16.80%	13.60%
Alternative Investments | Industry Risk | Food and staples retailing
Concentration Risk [Line Items]
Carrying Value	$ 33,817	$ 38,210
Percent of Total	6.40%	9.90%
Alternative Investments | Industry Risk | Health care equipment and services
Concentration Risk [Line Items]
Carrying Value	$ 28,361	$ 23,626
Percent of Total	5.40%	6.10%
Alternative Investments | Industry Risk | Capital goods
Concentration Risk [Line Items]
Carrying Value	$ 32,049	$ 27,707
Percent of Total	6.10%	7.20%
Alternative Investments | Industry Risk | Energy
Concentration Risk [Line Items]
Carrying Value	$ 29,238	$ 26,721
Percent of Total	5.60%	6.90%
Alternative Investments | Industry Risk | Utilities
Concentration Risk [Line Items]
Carrying Value	$ 29,865	$ 28,043
Percent of Total	5.70%	7.30%
Alternative Investments | Industry Risk | Telecommunication services
Concentration Risk [Line Items]
Carrying Value	$ 28,910	$ 5,634
Percent of Total	5.50%	1.50%
Alternative Investments | Industry Risk | Other
Concentration Risk [Line Items]
Carrying Value	$ 162,762	$ 128,422
Percent of Total	31.10%	33.30%
Net Assets, Geographic Area | Geographic Concentration Risk
Concentration Risk [Line Items]
Carrying Value	$ 524,927	$ 385,851
Percent of Total	100%	100%
Net Assets, Geographic Area | Geographic Concentration Risk | North America
Concentration Risk [Line Items]
Carrying Value	$ 326,039	$ 239,951
Percent of Total	62.10%	62.20%
Net Assets, Geographic Area | Geographic Concentration Risk | Asia
Concentration Risk [Line Items]
Carrying Value	$ 88,183	$ 62,016
Percent of Total	16.80%	16.10%
Net Assets, Geographic Area | Geographic Concentration Risk | Europe
Concentration Risk [Line Items]
Carrying Value	$ 66,790	$ 38,874
Percent of Total	12.70%	10.10%
Net Assets, Geographic Area | Geographic Concentration Risk | South America
Concentration Risk [Line Items]
Carrying Value	$ 39,406	$ 41,423
Percent of Total	7.50%	10.70%
Net Assets, Geographic Area | Geographic Concentration Risk | Africa
Concentration Risk [Line Items]
Carrying Value	$ 4,509	$ 3,587
Percent of Total	0.90%	0.90%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Dec. 16, 2022	Sep. 01, 2022	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020	Jan. 30, 2023	Oct. 03, 2022	Dec. 07, 2021
Other Commitments [Line Items]
Rental expense			$ 1,600	$ 6,600	$ 600	$ 600
Potential gross capital commitments			69,100	61,100
Capital funding commitment reserves				$ 100
Portfolio percentage of unfunded commitment				88%
Contingent consideration payable			$ 20,152	$ 0
Issuance of preferred stock to satisfy contingent consideration payable		$ 20,100		$ 20,100
Customer ExAlt Trusts
Other Commitments [Line Items]
Alternative investments acquired									$ 352,600
Private Arbitration
Other Commitments [Line Items]
Total damages sought	$ 36,300
Paul Capital Advisors Lawsuit
Other Commitments [Line Items]
Estimate of potential negative impact								$ 350,000
Chapter 11 Cases | Minimum
Other Commitments [Line Items]
Estimate of potential negative impact							$ 155,000
Chapter 11 Cases | Maximum
Other Commitments [Line Items]
Estimate of potential negative impact							382,000
Official Committee of Bondholders Motion
Other Commitments [Line Items]
Estimate of potential negative impact							$ 500,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Sep. 01, 2022	Sep. 30, 2020	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020	Dec. 01, 2021
Offsetting Assets [Line Items]
Cash paid for interest			$ 6,600	$ 8,700	$ 6,400	$ 12,200
Deemed dividend for accrual of preferred stock return			8,400	37,100	2,200
Issuance of preferred stock to satisfy contingent consideration payable	$ 20,100			20,100
Liability for guaranteed payment			3,800	(15,800)	1,300
Issuance of noncontrolling interest from reserved cash received in prior period				2,400
Distributions payable to charitable beneficiaries			800	(1,700)	1,500	700
Promissory note receivable received as consideration in sale of fixed assets				1,400
Exchange of preferred stock				1,100
Noncash issuance of noncontrolling interest				$ 300	9,200	6,000
Liability related to funds retained for loan payable			$ 4,100
Issuance of stock for consideration in acquisition					352,600
Aggregate amount received					192,800
Liability for contingent issuance					20,100
Liability for put option related to grant of preferred stock					3,800
Deferred financing costs owed on debt due to related parties					2,300
Issuance of preferred stock for contribution of alternative assets					200	300
Promissory note exchange for BCH Preferred Series C Unit Accounts						65,065
Treasury shares recognized, value						3,444
Collateral Swap
Offsetting Assets [Line Items]
GWG Holdings common stock		$ 84,600				84,600
L Bonds | Collateral Swap
Offsetting Assets [Line Items]
Principal amount exchanged		$ 94,800				94,800
Class A common stock, par value $0.001 per share
Offsetting Assets [Line Items]
Promissory note exchange for BCH Preferred Series C Unit Accounts						(5,220)
Exercise of common options						57,500
Preferred Series B Subclass 2
Offsetting Assets [Line Items]
Exchange of preferred stock					312,300
Preferred Series A Subclass 0
Offsetting Assets [Line Items]
Exchange of preferred stock					$ 251,700
Capital account balance							$ 251,700
Preferred Series C Subclass 1
Offsetting Assets [Line Items]
Capital account balance						$ 75,000

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Offsetting [Abstract]
Cash and cash equivalents	$ 8,726	$ 70,588
Restricted cash	819	5,517
Total cash, cash equivalents and restricted cash	$ 9,545	$ 76,105	$ 20,321	$ 17,749	$ 17,878	$ 34,010

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details)

12 Months Ended

Dec. 08, 2023 USD ($) $ / shares

Jul. 12, 2023 USD ($)

Jul. 11, 2023 employee

Jul. 10, 2023 $ / shares shares

Jun. 27, 2023 USD ($)

Jun. 08, 2023 shares

Jun. 07, 2023 USD ($) $ / shares shares

Jun. 06, 2023 $ / shares shares

Jun. 05, 2023 USD ($) $ / shares shares

Mar. 31, 2023 USD ($) shares

Dec. 31, 2021 USD ($)

May 31, 2023 USD ($)

Mar. 31, 2022 USD ($) shares

Subsequent Event [Line Items]

Aggregate amount received | $

$ 192,800,000

Cash and cash equivalents | $

$ 8,726,000

$ 70,588,000

Units outstanding (in shares)

67,486,000

67,486,000

Units issued (in shares)

67,486,000

67,486,000

Services Agreement, Base Fee | Bradley Capital Company, L.L.C.

Subsequent Event [Line Items]

Related party fee | $

$ 400,000

Services Agreement, Supplemental Fee | Bradley Capital Company, L.L.C.

Subsequent Event [Line Items]

Related party fee | $

$ 200,000

Avalon Class A Common Stock | Ben | Forecast

Subsequent Event [Line Items]

Aggregate amount received | $

$ 5,000,000

Class A common stock, par value $0.001 per share | Minimum | Forward Purchase Agreement | Forecast

Subsequent Event [Line Items]

Price per unit (in dollars per share) | $ / shares

$ 10.588

Class A common stock, par value $0.001 per share | Minimum | Forward Purchase Agreement | Forecast | On a daily basis, all sales must either exceed $8.00 per share

Subsequent Event [Line Items]

Price per unit (in dollars per share) | $ / shares

8

Class A common stock, par value $0.001 per share | Minimum | Forward Purchase Agreement | Forecast | No sales below $5.00 per share

Subsequent Event [Line Items]

Price per unit (in dollars per share) | $ / shares

5

Class A common stock, par value $0.001 per share | Minimum | Forward Purchase Agreement | Forecast | Purchaser shall not sell any shares for less than $10.588

Subsequent Event [Line Items]

Price per unit (in dollars per share) | $ / shares

$ 10.588

Subsequent Event

Subsequent Event [Line Items]

Cash and cash equivalents | $

$ 3,500,000

Net proceeds | $

$ 1,800,000

Employees furloughed | employee

30

Percentage of workforce furloughed

20%

Subsequent Event | Avalon

Subsequent Event [Line Items]

Cash and cash equivalents | $

27,900,000

Subsequent Event | BCH

Subsequent Event [Line Items]

Ownership percentage

100%

Subsequent Event | First and Second Lien Credit Agreement

Subsequent Event [Line Items]

Interest rate

9.50%

Installment payments | $

$ 5,000,000

Debt costs | $

$ 100,000

Subsequent Event | Standby Equity Purchase Agreement

Subsequent Event [Line Items]

Standby Equity Purchase Agreement, expiration period

36 months

Commitment fee | $

$ 1,300,000

Subsequent Event | Services Agreement, Base Fee | Bradley Capital Company, L.L.C.

Subsequent Event [Line Items]

Related party fee | $

460,000

Subsequent Event | Services Agreement, Supplemental Fee | Bradley Capital Company, L.L.C.

Subsequent Event [Line Items]

Related party fee | $

$ 180,000

Subsequent Event | Beneficient Warrants

Subsequent Event [Line Items]

Units converted (in shares)

23,625,000

Warrants outstanding (in shares)

23,757,500

Warrants issued (in shares)

23,757,500

Subsequent Event | Maximum | Standby Equity Purchase Agreement

Subsequent Event [Line Items]

Standby Equity Purchase Agreement, sale of stock | $

$ 250,000,000

Subsequent Event | Common Class A

Subsequent Event [Line Items]

Units converted (in shares)

44,040,761

1.25

Par value (in dollars per share) | $ / shares

$ 4.66

$ 0.001

$ 0.001

$ 0.001

Conversion ratio

1

Shares held post conversion (in shares)

2,956,480

Minimum price per share (in dollars per share) | $ / shares

$ 5

Maximum percentage of stock to sell

10%

Stock issued (in shares)

7,971,864

Units outstanding (in shares)

188,674,282

Units issued (in shares)

188,674,282

Conversion of shares upon issuance (in shares)

0.25

Additional shares (in shares)

699,216

Stock outstanding following combination (in shares)

189,379,498

Subsequent Event | Common Class A | Minimum

Subsequent Event [Line Items]

Volume weighted average share price (in dollars per share) | $ / shares

$ 5

Subsequent Event | Common Class A | Maximum

Subsequent Event [Line Items]

Volume weighted average share price (in dollars per share) | $ / shares

8

Subsequent Event | Common Class B

Subsequent Event [Line Items]

Units converted (in shares)

1.25

Par value (in dollars per share) | $ / shares

$ 0.001

Units outstanding (in shares)

19,140,451

Units issued (in shares)

19,140,451

Subsequent Event | Avalon Class A Common Stock

Subsequent Event [Line Items]

Par value (in dollars per share) | $ / shares

$ 0.0001

Price per unit (in dollars per share) | $ / shares

$ 10.588

Aggregate amount received | $

$ 25,000,000

Reserve amount | $

20,000,000

Transaction expense | $

$ 26,100,000

Subsequent Event | Avalon Class A Common Stock | Ben

Subsequent Event [Line Items]

Aggregate amount received | $

5,000,000

Disbursed amount | $

$ 5,000,000

Subsequent Event | Avalon Class A Common Stock | River North, L.P.

Subsequent Event [Line Items]

Aggregate amount received | $

$ 20,000,000

Subsequent Event | Series A Convertible Preferred Stock

Subsequent Event [Line Items]

Par value (in dollars per share) | $ / shares

$ 0.001

$ 0.001

Subsequent Event | FPA, Purchased Shares

Subsequent Event [Line Items]

Purchase agreement, transaction shares (in shares)

1,064,333

Subsequent Event | FPA, Prepaid Forward Shares

Subsequent Event [Line Items]

Purchase agreement, transaction shares (in shares)

1,892,147

Subsequent Event | Class A common stock, par value $0.001 per share

Subsequent Event [Line Items]

Price per unit (in dollars per share) | $ / shares

$ 10.588

Subsequent Event | Avalon Class B Common Stock

Subsequent Event [Line Items]

Par value (in dollars per share) | $ / shares

$ 0.0001

Subsequent Event | Series A Preferred Stock

Subsequent Event [Line Items]

Shares received (in shares)

2,796,864

Preferred stock, shares outstanding (in shares)

2,796,864

Preferred stock, shares issued (in shares)

2,796,864

Subsequent Event | FLP Units Subclass 1

Subsequent Event [Line Items]

Percentage of accounts

50.50%

Subsequent Event | FLP Units Subclass 2

Subsequent Event [Line Items]

Percentage of accounts

49.50%

Subsequent Events - Additional

Subsequent Events - Additional Equity Securities Information (Details) - USD ($) shares in Thousands, $ in Thousands	Jun. 06, 2023	Dec. 01, 2021	Nov. 29, 2021
Preferred Series A Subclass 1
Subsequent Event [Line Items]
Converted Capital Account Balance of BCH Preferred A.1		$ 251,700	$ 319,000
Subsequent Event | Preferred Series A Subclass 1 | Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Subsequent Event [Line Items]
Converted Capital Account Balance of BCH Preferred A.1	$ 191,405
Subsequent Event | Preferred Series A Subclass 1 | Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Subsequent Event [Line Items]
Converted Capital Account Balance of BCH Preferred A.1	2,456
Subsequent Event | Preferred Series A Subclass 1 | BHI | Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Subsequent Event [Line Items]
Converted Capital Account Balance of BCH Preferred A.1	177,195
Subsequent Event | Preferred Series A Subclass 1 | Hicks Holdings Operating, LLC | Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Subsequent Event [Line Items]
Converted Capital Account Balance of BCH Preferred A.1	13,222
Subsequent Event | Preferred Series A Subclass 1 | Board of Director, Bruce W. Schnitzer | Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Subsequent Event [Line Items]
Converted Capital Account Balance of BCH Preferred A.1	988
Subsequent Event | Preferred Series A Subclass 1 | Board of Director, Bruce W. Schnitzer | Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Subsequent Event [Line Items]
Converted Capital Account Balance of BCH Preferred A.1	734
Subsequent Event | Preferred Series A Subclass 1 | Board of Director, Richard W. Fisher | Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Subsequent Event [Line Items]
Converted Capital Account Balance of BCH Preferred A.1	$ 1,722
Subsequent Event | Class S Ordinary Units Received | Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Subsequent Event [Line Items]
Units Received	15,313
Subsequent Event | Class S Ordinary Units Received | Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Subsequent Event [Line Items]
Units Received	1,397
Subsequent Event | Class S Ordinary Units Received | BHI | Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Subsequent Event [Line Items]
Units Received	14,176
Subsequent Event | Class S Ordinary Units Received | Hicks Holdings Operating, LLC | Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Subsequent Event [Line Items]
Units Received	1,058
Subsequent Event | Class S Ordinary Units Received | Board of Director, Bruce W. Schnitzer | Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Subsequent Event [Line Items]
Units Received	79
Subsequent Event | Class S Ordinary Units Received | Board of Director, Bruce W. Schnitzer | Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Subsequent Event [Line Items]
Units Received	659
Subsequent Event | Class S Ordinary Units Received | Board of Director, Richard W. Fisher | Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Subsequent Event [Line Items]
Units Received	738
Subsequent Event | BCG Class B Units Received | Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Subsequent Event [Line Items]
Units Received	15,313
Subsequent Event | BCG Class B Units Received | BHI | Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Subsequent Event [Line Items]
Units Received	14,176
Subsequent Event | BCG Class B Units Received | Hicks Holdings Operating, LLC | Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Subsequent Event [Line Items]
Units Received	1,058
Subsequent Event | BCG Class B Units Received | Board of Director, Bruce W. Schnitzer | Committed Capital, A.1 Preferred Exchanged for Class S and Class B Transaction
Subsequent Event [Line Items]
Units Received	79
Subsequent Event | BCG Class A Units Received | Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Subsequent Event [Line Items]
Units Received	1,397
Subsequent Event | BCG Class A Units Received | Board of Director, Bruce W. Schnitzer | Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Subsequent Event [Line Items]
Units Received	659
Subsequent Event | BCG Class A Units Received | Board of Director, Richard W. Fisher | Committed Capital, A.1 Preferred Exchanged for Class S and Class A Transaction
Subsequent Event [Line Items]
Units Received	738