Beneficient
For the period ended Mar 31, 2024. Filed Jul 9, 2024.
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FY2024 · Filed Jul 9, 2024
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Consolidated Statements of Comprehensive Income (Loss
| Year Ended March 31, | ||
|---|---|---|
| (Dollars in thousands, except per share amounts) | 2024 | 2023 |
| Revenues | ||
| Investment income (loss), net | $4,791 | $(54,010) |
| Loss on financial instruments, net (related party of $(67,457) and $(63,536)) | (104,521) | (51,421) |
| Interest and dividend income | 457 | 412 |
| Trust services and administration revenues (related party of $30 and $30) | 365 | 30 |
| Other income | 212 | 86 |
| Total revenues | (98,696) | (104,903) |
| Operating expenses | ||
| Employee compensation and benefits | 65,129 | 45,527 |
| Interest expense, net (related party of $8,618 and $2,797) | 17,559 | 15,471 |
| Professional services | 29,999 | 38,422 |
| Provision for credit losses | 6,016 | 20,580 |
| Loss on impairment of goodwill | 2,354,320 | — |
| Loss on arbitration | 54,973 | — |
| Other expenses, net (related party of $7,046 and $8,704) | 21,854 | 28,269 |
| Total operating expenses | 2,549,850 | 148,269 |
| Operating loss | (2,648,546) | (253,172) |
| Loss on extinguishment of debt, net | 8,846 | — |
| Loss before income taxes | (2,657,392) | (253,172) |
| Income tax expense (benefit) | 788 | (1,072) |
| Net loss | (2,658,180) | (252,100) |
| Less: Net loss attributable to noncontrolling interests - Customer ExAlt Trusts | 44,175 | 117,861 |
| Less: Net loss attributable to noncontrolling interests - Ben | 535,157 | 19,081 |
| Less: Noncontrolling interest guaranteed payment | (16,793) | (15,822) |
| Net loss attributable to Beneficient common shareholders | $(2,095,641) | $(130,980) |
| Other comprehensive income: | ||
| Unrealized gain on investments in available-for-sale debt securities | 4,070 | 11,226 |
| Total comprehensive loss | (2,091,571) | (119,754) |
| Less: comprehensive gain attributable to noncontrolling interests | 4,070 | 11,226 |
| Total comprehensive loss attributable to Beneficient | $(2,095,641) | $(130,980) |
| Net loss per common share - basic and diluted (1) (2) | ||
| Class A | $(673.31) | $(52.57) |
| Class B | $(584.23) | $(52.57) |
| Weighted average common shares outstanding - basic and diluted (1) (2) | ||
| Class A | 2,904,851 | 2,252,228 |
| Class B | 239,256 | 239,256 |
(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.
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