XML 81 R55.htm IDEA: XBRL DOCUMENT v3.23.2
De-SPAC Merger Transaction - Narrative (Details)
$ / shares in Units, $ in Thousands
3 Months Ended 12 Months Ended
Jun. 29, 2023
USD ($)
Jun. 08, 2023
shares
Jun. 07, 2023
USD ($)
$ / shares
shares
Jun. 06, 2023
$ / shares
shares
Jun. 05, 2023
USD ($)
$ / shares
shares
Jun. 30, 2023
USD ($)
$ / shares
shares
Jun. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
shares
Mar. 31, 2021
USD ($)
Mar. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Class of Stock [Line Items]                        
Aggregate amount received | $                     $ 192,800  
Discount rate       20                
Valuation (in dollars per share) | $ / shares       $ 10                
Discounted valuation (in dollars per share) | $ / shares       $ 8                
Compensation expense | $           $ 27,001 $ 3,507 $ 2,828   $ 10,085 23,153 $ 107,808
Cash and cash equivalents | $           $ 3,057   $ 70,588   $ 8,726 [1]    
Net proceeds | $     $ 1,800                  
Units outstanding (in shares)               67,486,000   67,486,000    
Units issued (in shares)               67,486,000   67,486,000    
Preferred stock, shares outstanding (in shares)           0       0    
Preferred stock, shares issued (in shares)           0       0    
Fair value | $           $ 1,128       $ 0 [1]    
Gain (loss) on investment | $           (3,461) $ (12,020) $ (56,011) $ (2,180) $ (51,421) $ 31,837 $ (30,670)
Conversion of BCG Common Class A Units                        
Class of Stock [Line Items]                        
Additional value | $           15,000            
Compensation expense | $           $ 15,000            
River North, L.P.                        
Class of Stock [Line Items]                        
Gross proceeds | $ $ 5,000                      
Avalon                        
Class of Stock [Line Items]                        
Cash and cash equivalents | $     27,900                  
Transaction expense | $     26,100                  
Ben | Additional Paid-in Capital                        
Class of Stock [Line Items]                        
Transaction expense | $     $ 21,700                  
Beneficient Warrants                        
Class of Stock [Line Items]                        
Units converted (in shares)     23,625,000                  
Warrants outstanding (in shares)   23,757,500       23,757,500            
Warrants issued (in shares)   23,757,500                    
Warrant exercise price (in dollars per share) | $ / shares     $ 11.5                  
Share price (in dollars per share) | $ / shares     10                  
Fair value | $           $ 1,100            
Gain (loss) on investment | $           $ 1,500            
Beneficient Warrants | $18.00 Minimum Share Price                        
Class of Stock [Line Items]                        
Repurchase price (in dollars per share) | $ / shares     0.01                  
Share price (in dollars per share) | $ / shares     18                  
Beneficient Warrants | $10.00 Minimum Share Price                        
Class of Stock [Line Items]                        
Repurchase price (in dollars per share) | $ / shares     $ 0.1                  
Avalon Warrants, Publicly Traded                        
Class of Stock [Line Items]                        
Warrants assumed (in shares)     15,525,000                  
Avalon Warrants, Private Placement                        
Class of Stock [Line Items]                        
Warrants assumed (in shares)     8,100,000                  
Avalon Class A Common Stock                        
Class of Stock [Line Items]                        
Price per unit (in dollars per share) | $ / shares         $ 10.588              
Aggregate amount received | $     $ 20,000   $ 25,000              
Common stock, par value (in dollars per share) | $ / shares     $ 0.0001                  
Reserve amount | $         20,000              
Transaction expense | $     $ 26,100                  
Avalon Class A Common Stock | Ben                        
Class of Stock [Line Items]                        
Aggregate amount received | $         5,000              
Disbursed amount | $         $ 5,000              
Common Class A                        
Class of Stock [Line Items]                        
Common stock, par value (in dollars per share) | $ / shares         $ 0.001 $ 0.001       $ 0.001    
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         10.00%              
Units converted (in shares)       1.25                
Stock issued (in shares)     7,971,864                  
Units converted (in shares)       1,396,457                
Units outstanding (in shares)   188,674,282       189,503,000       179,634,000    
Units issued (in shares)   188,674,282       190,047,000       180,178,000    
Additional shares (in shares)   699,216                    
Stock outstanding following combination (in shares)   189,379,498                    
Common Class A | Conversion of BCG Common Class A Units                        
Class of Stock [Line Items]                        
Shares issued in connection to conversion (in shares)       86,116,884                
Common Class A | Conversion of BCG Preferred B-2 Units                        
Class of Stock [Line Items]                        
Shares issued in connection to conversion (in shares)       94,050,534                
Common Class A | Minimum                        
Class of Stock [Line Items]                        
Volume weighted average share price (in dollars per share) | $ / shares         $ 5              
Common Class A | Maximum                        
Class of Stock [Line Items]                        
Volume weighted average share price (in dollars per share) | $ / shares         8              
Series A Convertible Preferred Stock                        
Class of Stock [Line Items]                        
Common stock, par value (in dollars per share) | $ / shares         $ 0.001              
Forward Purchase Agreement, Purchased Shares                        
Class of Stock [Line Items]                        
Purchase agreement, transaction shares (in shares)         1,064,333              
Forward Purchase Agreement, Prepaid Forward Shares                        
Class of Stock [Line Items]                        
Purchase agreement, transaction shares (in shares)         1,892,147              
Class A common stock, par value $0.001 per share                        
Class of Stock [Line Items]                        
Price per unit (in dollars per share) | $ / shares         $ 10.588              
Avalon Class B Common Stock                        
Class of Stock [Line Items]                        
Common stock, par value (in dollars per share) | $ / shares     $ 0.0001                  
Series A Preferred Stock                        
Class of Stock [Line Items]                        
Preferred stock, shares outstanding (in shares)   2,796,864       0       0    
Preferred stock, shares issued (in shares)   2,796,864 2,796,864     0       0    
Common Class B                        
Class of Stock [Line Items]                        
Common stock, par value (in dollars per share) | $ / shares           $ 0.001       $ 0.001    
Units converted (in shares)       1.25                
Units converted (in shares)       15,312,360                
Units outstanding (in shares)   19,140,451       19,140,000       19,140,000    
Units issued (in shares)   19,140,451       19,140,000       19,140,000    
Common Class B | Conversion of BCG Common Class B Units                        
Class of Stock [Line Items]                        
Shares issued in connection to conversion (in shares)       19,140,451                
[1] Retroactively adjusted March 31, 2023 for the de-SPAC merger transaction as described in Note 4. Such adjustments are unaudited.