Variable Interest Entities (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2023

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)	June 30, 2023			March 31, 2023
Assets:
Cash and cash equivalents	$	1,662		$	3,259
Restricted cash		821			819
Investments, at fair value		486,944			491,859
Other assets		5,412			5,891
Total Assets of VIEs	$	494,839		$	501,828
Liabilities:
Accounts payable and accrued expense	$	2,458		$	1,945
Other liabilities		108			132
Customer ExAlt Trusts loan payable, net		49,529			52,129
Total Liabilities of VIEs	$	52,095		$	54,206
Equity:
Treasury stock	$	(3,444	)	$	(3,444	)
Noncontrolling interests		(132,361	)		(118,299	)
Accumulated other comprehensive income (loss)		14,190			9,900
Total Equity of VIEs	$	(121,615	)	$	(111,843	)

The consolidated statements of comprehensive income (loss) for the periods presented includes the following amounts from these consolidated VIEs.

	Three Months Ended June 30,
(Dollars in thousands)	2023			2022
Revenues
Investment income (loss), net	$	500		$	(25,117	)
Loss on financial instruments, net		(1,803	)		(10,785	)
Interest and dividend income		8			4
Total revenues		(1,295	)		(35,898	)
Operating expenses
Interest expense		1,874			2,329
Provision for credit losses		—			12,607
Professional services		1,261			582
Other expenses		357			600
Total operating expenses		3,492			16,118
Net income (loss)	$	(4,787	)	$	(52,016	)
Net income (loss) attributable to noncontrolling interests	$	(13,866	)	$	(28,711	)

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 March 31, 2023			Three Months Ended March 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
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