Beneficient
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 14, 2024
BENF$0.68-4.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Changes in Equity
For the three months ended December 31, 2023 and 2022:
| Series A preferred stock · Series B-1 preferred stock · Class A common stock · Class B common stock · APIC · Accumulated Deficit · Stock Receivable · Treasury Stock · Accumulated Other Comprehensive Income (Loss) · Noncontrolling interests (Note 10) · Total equity · Redeemable noncontrolling interests | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars and units in thousands) · Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount | ||||||||||||||||
| Balance, September 30, 2023 | — | $— | 3,769 | $4 | 242,884 | $243 | 19,140 | $19 | $1,842,274 | $(1,450,826) | $(20,038) | $(3,444) | $391 | $563,636 | $932,259 | $251,052 |
| Net income (loss) | — | — | — | — | — | — | — | — | — | (542,166) | — | — | — | (386,935) | (929,101) | 4,229 |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 2,026 | — | — | — | — | — | 2,026 | — |
| Issuance of common and preferred shares upon closing of de-SPAC transaction, net of issuance costs | — | — | — | — | — | — | — | — | (1,477) | — | — | — | — | — | (1,477) | — |
| Issuance of shares in connection with equity purchase agreement | — | — | — | — | 520 | — | — | — | 680 | — | — | — | — | — | 680 | — |
| Reclass of distributions payable to noncontrolling interest holder | — | — | — | — | — | — | — | — | — | — | — | — | — | (196) | (196) | — |
| Unrealized gain on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 51 | — | 51 | — |
| Preferred A.0 Unit Accounts guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (4,229) |
| Distribution to noncontrolling interest | — | — | — | — | — | — | — | — | — | — | — | — | — | (269) | (269) | — |
| Conversion of Series B-1 preferred stock to Class A common stock | — | — | (3,769) | (4) | 13,806 | 14 | — | — | (10) | — | — | — | — | — | — | — |
| Balance, December 31, 2023 | — | $— | — | $— | 257,210 | $257 | 19,140 | $19 | $1,843,493 | $(1,992,992) | $(20,038) | $(3,444) | $442 | $176,236 | $3,973 | $251,052 |
| Series A preferred stock · Series B-1 preferred stock · Class A common stock · Class B common stock · APIC · Accumulated Deficit · Treasury Stock · Accumulated Other Comprehensive Income · Noncontrolling interests · Total equity · Redeemable noncontrolling interests | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars and units in thousands) · Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount | |||||||||||||||
| Balance, September 30, 2022 | — | $— | — | $— | 180,178 | $180 | 19,140 | $19 | $1,630,478 | $— | $(3,444) | $6,381 | $171,880 | $1,805,494 | $970,452 |
| Net income (loss) | — | — | — | — | — | — | — | — | (36,889) | — | — | — | (9,139) | (46,028) | 3,178 |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 1,918 | — | — | — | — | 1,918 | — |
| Payment of employee payroll taxes on restricted equity units | — | — | — | — | — | — | — | — | (61) | — | — | — | — | (61) | — |
| Reclass of distributions payable to noncontrolling interest holder | — | — | — | — | — | — | — | — | — | — | — | — | (779) | (779) | — |
| Non-cash dividend to related party | — | — | — | — | — | — | — | — | (37) | — | — | — | — | (37) | — |
| Share-based awards to related party employees | — | — | — | — | — | — | — | — | 37 | — | — | — | — | 37 | — |
| Unrealized loss on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | (1,307) | — | (1,307) | — |
| Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return | — | — | — | — | — | — | — | — | 9,134 | — | — | — | — | 9,134 | (9,134) |
| Preferred A.0 guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (3,985) |
| Redemption of BCG Preferred B.2 Unit Accounts | — | — | — | — | — | — | — | — | (1,806) | — | — | — | — | (1,806) | — |
| Annual reallocation of FLP | — | — | — | — | — | — | — | — | 2,057 | — | — | — | (2,057) | — | — |
| Balance, December 31, 2022 | — | $— | — | $— | 180,178 | $180 | 19,140 | $19 | $1,604,831 | $— | $(3,444) | $5,074 | $159,905 | $1,766,565 | $960,511 |
(1) Retroactively adjusted September 30, 2022 and three months ended December 31, 2022 for de-SPAC merger transaction as described in Note 4.
For the nine months ended December 31, 2023 and 2022:
| Series A preferred stock · Series B-1 preferred stock · Class A common stock · Class B common stock · APIC · Accumulated Deficit · Stock Receivable · Treasury Stock · Accumulated Other Comprehensive Income (Loss) · Noncontrolling interests (Note 10) · Total equity · Redeemable noncontrolling interests | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars and units in thousands) · Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount | ||||||||||||||||
| Balance, March 31, 2023 | — | $— | — | $— | 180,178 | $180 | 19,140 | $19 | $1,579,545 | $— | $— | $(3,444) | $9,900 | $142,213 | $1,728,413 | $950,493 |
| Net income (loss) | — | — | — | — | — | — | — | — | (36,432) | (1,992,992) | — | — | — | (445,683) | (2,475,107) | 12,501 |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 37,530 | — | — | — | — | — | 37,530 | — |
| Payment of employee payroll taxes on restricted equity units | — | — | — | — | — | — | — | — | (116) | — | — | — | — | — | (116) | — |
| Issuance of common and preferred shares upon closing of de-SPAC transaction, net of issuance costs | 2,749 | 3 | — | — | 7,972 | 8 | — | — | (5,778) | — | — | — | — | — | (5,767) | — |
| Conversion of Series A preferred stock to Class A common stock | (2,749) | (3) | — | — | 688 | 1 | — | — | 2 | — | — | — | — | — | — | — |
| Issuance of shares in connection with recent financings | — | — | — | — | 3,968 | 4 | — | — | 12,432 | — | — | — | — | (3,060) | 9,376 | — |
| Reclass of distributions payable to noncontrolling interest holder | — | — | — | — | — | — | — | — | — | — | — | — | — | (763) | (763) | — |
| Conversion of BCH Class S Ordinary to Class A common stock | — | — | — | — | 404 | — | — | — | 3,884 | — | — | — | — | (3,884) | — | — |
| Conversion of Preferred Series C to Class A common stock | — | — | — | — | 44,041 | 44 | — | — | 205,715 | — | — | — | — | (205,759) | — | — |
| Unrealized gain on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 4,236 | — | 4,236 | — |
| Reclassification of realized gain upon transfer from available-for-sale debt security to equity interest | — | — | — | — | — | — | — | — | — | — | — | — | (13,694) | — | (13,694) | — |
| Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return | — | — | — | — | — | — | — | — | 6,942 | — | — | — | — | (6,942) | — | — |
| Preferred A.0 guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (12,501) |
| Redemption of BCG Preferred B.2 Unit Accounts | — | — | — | — | — | — | — | — | (1,413) | — | — | — | — | — | (1,413) | — |
| Settlement of restricted stock units | — | — | — | — | 5,422 | 5 | — | — | (5) | — | — | — | — | — | — | — |
| Issuance of common shares to settle liability | — | — | — | — | 731 | 1 | — | — | 4,494 | — | — | — | — | — | 4,495 | — |
| Issuance of Series B-1 preferred stock in connection with recent financings | — | — | 3,769 | 4 | — | — | — | — | 36,703 | — | — | — | — | 942 | 37,649 | — |
| Stock receivable on prepaid forward purchase | — | — | — | — | — | — | — | — | — | — | (20,038) | — | — | — | (20,038) | — |
| Reclass of BCH Preferred A.1 from temporary to permanent equity | — | — | — | — | — | — | — | — | — | — | — | — | — | 699,441 | 699,441 | (699,441) |
| Distribution to noncontrolling interest | — | — | — | — | — | — | — | — | — | — | — | — | — | (269) | (269) | — |
| Conversion of Series B-1 preferred stock to Class A common stock | — | — | (3,769) | (4) | 13,806 | 14 | — | — | (10) | — | — | — | — | — | — | — |
| Balance, December 31, 2023 | — | $— | — | $— | 257,210 | $257 | 19,140 | $19 | $1,843,493 | $(1,992,992) | $(20,038) | $(3,444) | $442 | $176,236 | $3,973 | $251,052 |
(1) Retroactively adjusted March 31, 2023 for de-SPAC merger transaction as described in Note 4.
| Series A preferred stock · Series B-1 preferred stock · Class A common stock · Class B common stock · APIC · Accumulated Deficit · Treasury Stock · Accumulated Other Comprehensive Income · Noncontrolling interests · Total equity · Redeemable noncontrolling interests | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars and units in thousands) · Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount | |||||||||||||||
| Balance, March 31, 2022 | — | $— | — | $— | 180,178 | $180 | 19,140 | $19 | $1,634,019 | $— | $(3,444) | $(1,326) | $277,888 | $1,907,336 | $992,238 |
| Net income (loss) | — | — | — | — | — | — | — | — | (96,020) | — | — | — | (115,336) | (211,356) | 8,271 |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 8,162 | — | — | — | — | 8,162 | — |
| Payment of employee payroll taxes on restricted equity units | — | — | — | — | — | — | — | — | (166) | — | — | — | (919) | (1,085) | — |
| Noncash issuance of noncontrolling interest | — | — | — | — | — | — | — | — | 11,674 | — | — | — | 299 | 11,973 | — |
| Distribution to noncontrolling interest | — | — | — | — | — | — | — | — | — | — | — | — | (131) | (131) | — |
| Reclass of distributions payable to noncontrolling interest holder | — | — | — | — | — | — | — | — | — | — | — | — | (1,336) | (1,336) | — |
| Issuance of noncontrolling interest | — | — | — | — | — | — | — | — | — | — | — | — | 2,430 | 2,430 | — |
| Deemed dividend upon issuance for GAAP to tax basis true-up | — | — | — | — | — | — | — | — | 314 | — | — | — | — | 314 | (314) |
| Unrealized gain on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | 6,400 | — | 6,400 | — |
| Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return | — | — | — | — | — | — | — | — | 27,905 | — | — | — | — | 27,905 | (27,905) |
| Preferred A.0 guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (11,779) |
| Reclass of allocated income for FLP Subclass 3 to payable | — | — | — | — | — | — | — | — | — | — | — | — | (933) | (933) | — |
| Equity issuance costs | — | — | — | — | — | — | — | — | (15) | — | — | — | — | (15) | — |
| Redemption of BCG Preferred B.2 Unit Accounts | — | — | — | — | — | — | — | — | (3,199) | — | — | — | — | (3,199) | — |
| Issuance of BCG Preferred B.2 Unit Accounts | — | — | — | — | — | — | — | — | 20,100 | — | — | — | — | 20,100 | — |
| Annual reallocation of FLP | — | — | — | — | — | — | — | — | 2,057 | — | — | — | (2,057) | — | — |
| Balance, December 31, 2022 | — | $— | — | $— | 180,178 | $180 | 19,140 | $19 | $1,604,831 | $— | $(3,444) | $5,074 | $159,905 | $1,766,565 | $960,511 |
(1) Retroactively adjusted March 31, 2022 and the nine months ended December 31, 2022 for de-SPAC merger transaction as described in Note 4.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.