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$0.70+3.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Comprehensive Income (Loss)
| Three Months Ended December 31, | Nine Months Ended December 31, | |||
|---|---|---|---|---|
| (Dollars in thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 |
| Revenues | ||||
| Investment income (loss), net | $7,448 | $11,478 | $7,935 | $(30,738) |
| Loss on financial instruments, net (related party of $(18,691), $(20,480), $(64,217), and $(63,044), respectively) | (18,024) | (23,043) | (64,260) | (56,101) |
| Interest and dividend income | 118 | 113 | 348 | 295 |
| Trust services and administration revenues (related party of $8, $8, $23, and $23, respectively) | 158 | 8 | 173 | 23 |
| Other income | 65 | — | 65 | 86 |
| Total revenues | (10,235) | (11,444) | (55,739) | (86,435) |
| Operating expenses | ||||
| Employee compensation and benefits | 7,340 | 12,670 | 58,561 | 34,752 |
| Interest expense (related party of $3,018, $746, $5,843, and $2,108, respectively) | 4,671 | 4,147 | 13,569 | 11,356 |
| Professional services | 4,970 | 8,073 | 22,000 | 29,580 |
| Provision for credit losses | — | 1,799 | — | 20,580 |
| Loss on impairment of goodwill | 883,223 | — | 2,286,212 | — |
| Other expenses (related party of $2,096, $2,246, $6,317, and $6,576, respectively) | 5,512 | 7,073 | 17,604 | 21,454 |
| Total operating expenses | 905,716 | 33,762 | 2,397,946 | 117,722 |
| Operating loss | (915,951) | (45,206) | (2,453,685) | (204,157) |
| Loss on extinguishment of debt, net | 8,846 | — | 8,846 | — |
| Loss before income taxes | (924,797) | (45,206) | (2,462,531) | (204,157) |
| Income tax expense (benefit) | 75 | (2,356) | 75 | (1,072) |
| Net loss | (924,872) | (42,850) | (2,462,606) | (203,085) |
| Less: Net loss attributable to noncontrolling interests - Customer ExAlt Trusts | 26,240 | 4,058 | 43,698 | 105,612 |
| Less: Net loss attributable to noncontrolling interests - Ben | 360,695 | 5,887 | 401,985 | 13,231 |
| Less: Noncontrolling interest guaranteed payment | (4,229) | (3,984) | (12,501) | (11,778) |
| Net loss attributable to Beneficient common shareholders | $(542,166) | $(36,889) | $(2,029,424) | $(96,020) |
| Other comprehensive income (loss): | ||||
| Unrealized gain (loss) on investments in available-for-sale debt securities | 51 | (1,307) | 4,236 | 6,400 |
| Total comprehensive income (loss) | (542,115) | (38,196) | (2,025,188) | (89,620) |
| Less: comprehensive gain (loss) attributable to noncontrolling interests | 51 | (1,307) | 4,236 | 6,400 |
| Total comprehensive loss attributable to Beneficient | $(542,166) | $(36,889) | $(2,029,424) | $(96,020) |
| Net loss per common share - basic and diluted(1) | ||||
| Class A | $(1.98) | $(0.19) | $(8.35) | $(0.48) |
| Class B | $(1.96) | $(0.19) | $(7.34) | $(0.48) |
| Weighted average common shares outstanding - basic and diluted(1) | ||||
| Class A | 254,923,039 | 180,178,268 | 226,105,978 | 180,178,268 |
| Class B | 19,140,451 | 19,140,451 | 19,140,451 | 19,140,451 |
(1) Retroactively adjusted the three and nine months ended December 31, 2022 for the 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.