The alga certainly benefits from a supply of water (which the fungus is good at storing). There is also general mechanical protection. Algae get protection from ultraviolet light, which in some environments is quite significant. Probably, algae get access to the minute amounts of minerals, which the fungus gets from the substrate or from dust settling on the thallus. Algal cells are sometimes destroyed in the course of nutrient exchange, though the algal cells divide and replace them. Above all, the partnership is a resounding success, and gets to places where few plants can survive.