Share-based Compensation (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2023

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	Three months ended June 30, 2023			Three months ended June 30, 2022
Expected term in years		4			4
Discount rate		32.1	%		32.1	%
Discount for lack of marketability		23.1	%		23.1	%
Long-term growth rate (after discrete projection period)		2.5	%		2.5	%

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 March 31, 2023			Three Months Ended March 31, 2022			Year Ended December 31, 2021			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 three months ended June 30, 2023:

	BMP					RSU
(units in thousands)	Units			Weighted Average Grant Date Fair Value per Unit		Units			Weighted Average Grant Date Fair Value per Unit
Balance, March 31, 2023		438		$	10.04		1,749		$	10.00
Vested during the period		(79	)		9.70		(816	)		10.00
Forfeited during the period		—			—		(10	)		10.00
Balance, June 30, 2023		359		$	10.11		923		$	10.00

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 three months ended June 30, 2023 and 2022:

	Three Months Ended June 30,
(dollars in thousands)	2023		2022
BMP equity units	$	675	$	1,502
Restricted stock units		8,723		1,433
Preferred equity		286		572
Other(1)		17,317		—
Total share-based compensation	$	27,001	$	3,507

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 March 31,		Three Months Ended March 31,		Year Ended December 31,
(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 as of June 30, 2023:

(dollars in thousands)	BMP		RSU		Preferred		Commissions		Total
2024	$	1,401	$	3,733	$	572	$	543	$	6,248
2025		662		2,269		—		18		2,949
2026		242		1,320		—		3		1,565
2027		14		16		—		—		29
2028		—		—		—		—		—
Total	$	2,319	$	7,337	$	572	$	564	$	10,792

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