Beneficient
For the period ended Mar 31, 2024. Filed Jul 9, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Jul 9, 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 (Deficit)
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)(1)
For the years ended March 31, 2024 and 2023:
| Series A preferred stock · Series B preferred stock · Class A common stock (2) · Class B common stock (2) · APIC (2) · Accumulated Deficit · Stock Receivable · Treasury Stock · Accumulated Other Comprehensive Income (Loss) · Noncontrolling interests (Note 13) · Total equity · Redeemable noncontrolling interests | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars and shares in thousands) · Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount | ||||||||||||||||
| Balance, March 31, 2023 | — | $— | — | $— | 2,252 | $2 | 239 | $— | $1,579,742 | $— | $— | $(3,444) | $9,900 | $142,213 | $1,728,413 | $950,493 |
| Net income (loss) | — | — | — | — | — | — | — | — | (36,432) | (2,059,214) | — | — | — | (579,331) | (2,674,977) | 16,793 |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 39,103 | — | — | — | — | — | 39,103 | — |
| Payment of employee payroll taxes on restricted stock units | — | — | — | — | — | — | — | — | (116) | — | — | — | — | — | (116) | — |
| Issuance of common and preferred shares upon closing of de-SPAC merger transaction, net of issuance costs | 2,749 | 3 | — | — | 100 | — | — | — | (4,293) | — | — | — | — | — | (4,290) | — |
| Conversion of Series A preferred stock to Class A common stock | (2,749) | (3) | — | — | 9 | — | — | — | 3 | — | — | — | — | — | — | — |
| Issuance of shares in connection with recent financings | — | — | — | — | 92 | — | — | — | 12,877 | — | — | — | — | (3,060) | 9,817 | — |
| Reclass of distributions payable to noncontrolling interest holder | — | — | — | — | — | — | — | — | — | — | — | — | — | (1,170) | (1,170) | — |
| Non-cash dividend to related party | — | — | — | — | — | — | — | — | (110) | — | — | — | — | — | (110) | — |
| Share-based awards to related party employees | — | — | — | — | — | — | — | — | 110 | — | — | — | — | — | 110 | — |
| Conversion of BCH Class S Ordinary to Class A common stock | — | — | — | — | 5 | — | — | — | 3,884 | — | — | — | — | (3,884) | — | — |
| Conversion of Preferred Series C Unit Accounts to Class A common stock | — | — | — | — | 551 | 1 | — | — | 205,758 | — | — | — | — | (205,759) | — | — |
| Unrealized gain on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 4,070 | — | 4,070 | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (16,793) |
| Redemption of BCG Preferred B.2 Unit Accounts | — | — | — | — | — | — | — | — | (1,413) | — | — | — | — | — | (1,413) | — |
| Settlement of restricted stock units | — | — | — | — | 68 | — | — | — | — | — | — | — | — | — | — | — |
| Issuance of common shares to settle liability | — | — | 27 | — | 98 | — | — | — | 5,251 | — | — | — | — | — | 5,251 | — |
| Issuance of Series B-1 preferred stock in connection with recent financings | — | — | 3,969 | 4 | — | — | — | — | 38,653 | — | — | — | — | 992 | 39,649 | — |
| Stock receivable on prepaid forward purchase | — | — | — | — | — | — | — | — | — | — | (20,038) | — | — | — | (20,038) | — |
| Reclass of BCH Preferred A.1 Unit Accounts from temporary to permanent equity | — | — | — | — | — | — | — | — | — | — | — | — | — | 699,441 | 699,441 | (699,441) |
| Distribution to noncontrolling interest | — | — | — | — | — | — | — | — | — | — | — | — | — | (269) | (269) | — |
| Equity issuance costs | — | — | — | — | — | — | — | — | (1,895) | — | — | — | — | — | (1,895) | — |
| Conversion of Series B-1 preferred stock to Class A common stock | — | — | (3,769) | (4) | 173 | — | — | — | 4 | — | — | — | — | — | — | — |
| Balance, March 31, 2024 | — | $— | 227 | $— | 3,348 | $3 | 239 | $— | $1,848,068 | $(2,059,214) | $(20,038) | $(3,444) | $276 | $42,231 | $(192,118) | $251,052 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)(1)(continued)
| Series A preferred stock · Series B preferred stock · Class A common stock (2) · Class B common stock (2) · APIC (2) · Accumulated Deficit · Stock Receivable · Treasury Stock · Accumulated Other Comprehensive Income (Loss) · Noncontrolling interests (Note 13) · Total equity · Redeemable noncontrolling interests | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars and shares in thousands) · Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount | ||||||||||||||||
| Balance, March 31, 2022 | — | $— | — | $— | 2,252 | $2 | 239 | $— | $1,634,217 | $— | $— | $(3,444) | $(1,326) | $277,887 | $1,907,336 | $992,238 |
| Net income (loss) | — | — | — | — | — | — | — | — | (130,980) | — | — | — | — | (132,644) | (263,624) | 11,524 |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 10,085 | — | — | — | — | — | 10,085 | — |
| Payment of employee payroll taxes on restricted equity units | — | — | — | — | — | — | — | — | (206) | — | — | — | — | (919) | (1,125) | — |
| Purchase of noncontrolling interest | — | — | — | — | — | — | — | — | — | — | — | — | — | (131) | (131) | — |
| Noncash issuance of noncontrolling interest and redeemable preferred equity | — | — | — | — | — | — | — | — | 11,674 | — | — | — | — | 299 | 11,973 | — |
| Reclass of distributions payable to noncontrolling interest holder | — | — | — | — | — | — | — | — | — | — | — | — | — | (1,719) | (1,719) | — |
| Issuance of noncontrolling interest | — | — | — | — | — | — | — | — | — | — | — | — | — | 2,430 | 2,430 | — |
| Non-cash dividend to related party | — | — | — | — | — | — | — | — | (147) | — | — | — | — | — | (147) | — |
| Share-based awards to related party employees | — | — | — | — | — | — | — | — | 147 | — | — | — | — | — | 147 | — |
| Deemed dividend upon issuance for U. S. GAAP to tax basis true-up | — | — | — | — | — | — | — | — | 314 | — | — | — | — | — | 314 | (314) |
| Unrealized gain on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 11,226 | — | 11,226 | — |
| Deemed dividend for BCG Preferred Series B.2 Unit Accounts preferred return | — | — | — | — | — | — | — | — | 37,133 | — | — | — | — | — | 37,133 | (37,133) |
| BCH Preferred Series A.0 Unit Accounts guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (15,822) |
| Reclass of allocated income for FLP Subclass 3 to payable | — | — | — | — | — | — | — | — | — | — | — | — | — | (933) | (933) | — |
| Equity issuance costs | — | — | — | — | — | — | — | — | (15) | — | — | — | — | — | (15) | — |
| Redemption of BCG Preferred Series B.2 Unit Accounts | — | — | — | — | — | — | — | — | (4,637) | — | — | — | — | — | (4,637) | — |
| Issuance of BCG Preferred Series B.2 Unit Accounts | — | — | — | — | — | — | — | — | 20,100 | — | — | — | — | — | 20,100 | — |
| Annual reallocation of FLP | — | — | — | — | — | — | — | — | 2,057 | — | — | — | — | (2,057) | — | — |
| Balance, March 31, 2023 | — | $— | — | $— | 2,252 | $2 | 239 | $— | $1,579,742 | $— | $— | $(3,444) | $9,900 | $142,213 | $1,728,413 | $950,493 |
(1) Retroactively adjusted the fiscal year ended March 31, 2023 for the de-SPAC merger transaction as described in Note 4.
(2)Periods presented have been adjusted to reflect the 1-for-80 reverse stock split on April 18, 2024. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.