Beneficient
For the period ended Mar 31, 2024. Filed Jul 9, 2024.
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FY2024 · Filed Jul 9, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Financial Condition
| As of | ||
|---|---|---|
| March 31, 2024 | March 31, 2023(1) | |
| (Dollars and shares in thousands) | ||
| ASSETS | ||
| Cash and cash equivalents | $7,913 | $8,726 |
| Restricted cash | 64 | 819 |
| Investments, at fair value: | ||
| Investments held by Customer ExAlt Trusts (related party of $552 and $76,154) | 329,113 | 491,859 |
| Investments held by Ben (related party of $6 and $1,371) | 6 | 5,362 |
| Other assets, net (related party of nil and $2,195) | 14,699 | 32,903 |
| Intangible assets | 3,100 | 3,100 |
| Goodwill | 13,606 | 2,367,926 |
| Total assets | $368,501 | $2,910,695 |
| LIABILITIES, TEMPORARY EQUITY, AND EQUITY | ||
| Accounts payable and accrued expenses (related party of $14,143 and $10,485) | $157,157 | $65,724 |
| Other liabilities (related party of $9,740 and $100) | 31,727 | 14,622 |
| Warrant liability | 178 | — |
| Customer ExAlt Trusts loan payable, net | — | 52,129 |
| Debt due to related parties | 120,505 | 99,314 |
| Total liabilities | 309,567 | 231,789 |
| Redeemable noncontrolling interests | ||
| Preferred Series A Subclass 0 Unit Accounts, nonunitized | 251,052 | 251,052 |
| Preferred Series A Subclass 1 Unit Accounts, nonunitized | — | 699,441 |
| Total temporary equity | 251,052 | 950,493 |
| Shareholder’s equity (1) | ||
| Preferred stock, par value $0.001 per share, 250,000 shares authorized | ||
| Series A preferred stock, 0 and 0 shares issued and outstanding as of March 31, 2024 and 2023 | — | — |
| Series B preferred stock, 227 and 0 shares issued and outstanding as of March 31, 2024 and 2023 | — | — |
| Class A common stock, par value $0.001 per share, 18,750 shares authorized, 3,348 and 2,252 shares issued as of March 31, 2024 and 2023, respectively, and 3,339 and 2,244 shares outstanding as of March 31, 2024 and 2023, respectively (2) | 3 | 2 |
| Class B convertible common stock, par value $0.001 per share, 250 shares authorized, 239 and 239 shares issued and outstanding as of March 31, 2024 and 2023 (2) | — | — |
| Additional paid-in capital (2) | 1,848,068 | 1,579,742 |
| Accumulated deficit | (2,059,214) | — |
| Stock receivable | (20,038) | — |
| Treasury stock, at cost (9 shares as of March 31, 2024 and 2023) | (3,444) | (3,444) |
| Noncontrolling interests | 42,231 | 142,213 |
| Accumulated other comprehensive income (loss) | 276 | 9,900 |
| Total equity (deficit) | (192,118) | 1,728,413 |
| Total liabilities, temporary equity, and equity | $368,501 | $2,910,695 |
(1) Retroactively adjusted 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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