Beneficient
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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, 2024 · Filed Feb 14, 2025
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)
For the three months ended December 31, 2024 and 2023:
| Series A preferred stock · Series B 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, 2024 | — | $— | 227 | $— | 4,580 | $5 | 239 | $— | $1,836,492 | $(1,998,633) | $— | $(3,444) | $281 | $152,107 | $(13,192) | $125,526 |
| Net income (loss) | — | — | — | — | — | — | — | — | — | (8,639) | — | — | — | (3,559) | (12,198) | 1,972 |
| Noncontrolling interest reclass | — | — | — | — | — | — | — | — | — | — | — | — | — | (135) | (135) | — |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 804 | — | — | — | — | — | 804 | — |
| Issuance of shares in connection with equity purchase agreement | — | — | — | — | 3,349 | 3 | — | — | 5,228 | — | — | — | — | — | 5,231 | — |
| Unrealized gain (loss) on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | (120) | — | (120) | — |
| Preferred A.0 Unit Accounts guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | (2,517) | (2,517) | (1,972) |
| Settlement of restricted stock units | — | — | — | — | 321 | — | — | — | — | — | — | — | — | — | — | — |
| Issuance of Class A common stock to settle liabilities | — | — | — | — | 20 | — | — | — | 24 | — | — | — | — | — | 24 | — |
| Issuance of shares in connection with recent financings | — | — | 136 | — | — | — | — | — | 1,363 | — | — | — | — | — | 1,363 | — |
| Termination of prepaid forward purchase agreement | — | — | — | — | (24) | — | — | — | — | — | — | — | — | — | — | — |
| Reclass of BCH Preferred A.0 from temporary to permanent equity | — | — | — | — | — | — | — | — | — | — | — | — | — | 35,000 | 35,000 | (35,000) |
| Balance, December 31, 2024 | — | $— | 363 | $— | 8,246 | $8 | 239 | $— | $1,843,911 | $(2,007,272) | $— | $(3,444) | $161 | $180,896 | $14,260 | $90,526 |
| Series A preferred stock · Series B 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 | 3,036 | $2 | 239 | $— | $1,842,534 | $(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 | — | |||||
| Distribution to noncontrolling interest | — | — | — | — | — | — | — | — | — | — | — | — | (269) | (269) | — | ||||||
| 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 | — | — | — | — | 7 | — | — | — | 680 | — | — | — | — | — | 680 | — | |||||
| Reclass of distributions payable to noncontrolling interest holder | — | — | — | — | — | — | — | — | — | — | — | — | — | (196) | (196) | — | |||||
| Unrealized gain on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 51 | — | 51 | — | |||||
| Preferred Series A.0 Unit Accounts guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (4,229) | |||||
| Conversion of Series B-1 preferred stock to Class A common stock | — | — | (3,769) | (4) | 173 | — | — | — | 4 | — | — | — | — | — | — | — | |||||
| Balance, December 31, 2023 | — | $— | — | $— | 3,216 | $2 | 239 | $— | $1,843,767 | $(1,992,992) | $(20,038) | $(3,444) | $442 | $176,236 | $3,973 | $251,052 | |||||
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (cont’d)
For the nine months ended December 31, 2024 and 2023:
| 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, 2024 | — | $— | 227 | $— | 3,348 | $3 | 239 | $— | $1,848,068 | $(2,059,214) | $(20,038) | $(3,444) | $276 | $42,231 | $(192,118) | $251,052 |
| Net income (loss) | — | — | — | — | — | — | — | — | — | 51,942 | — | — | — | (18,862) | 33,080 | 10,751 |
| Noncontrolling interest reclass | — | — | — | — | — | — | — | — | — | — | — | — | — | (482) | (482) | — |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 5,162 | — | — | — | — | — | 5,162 | — |
| Issuance of shares in connection with equity purchase agreement | — | — | — | — | 3,798 | 4 | — | — | 7,782 | — | — | — | — | — | 7,786 | — |
| Unrealized gain (loss) on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | (115) | — | (115) | — |
| Preferred A.0 guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | (2,517) | (2,517) | (10,751) |
| Settlement of restricted stock units | — | — | — | — | 321 | — | — | — | — | — | — | — | — | — | — | — |
| Issuance of common shares to settle liability | — | — | — | — | 360 | — | — | — | 1,245 | — | — | — | — | — | 1,245 | — |
| Issuance of shares in connection with recent financings | — | — | 136 | — | — | — | — | — | 1,363 | — | — | — | — | — | 1,363 | — |
| Issuance of Class A common stock | — | — | — | — | 363 | 1 | — | — | 672 | — | — | — | — | — | 673 | — |
| Rounding adjustment in connection with reverse stock split | — | — | — | — | 80 | — | — | — | — | — | — | — | — | — | — | — |
| Equity issuance costs reclassed to APIC | — | — | — | — | — | — | — | — | (343) | — | — | — | — | — | (343) | — |
| Termination of prepaid forward purchase agreement | — | — | — | — | (24) | — | — | — | (20,038) | — | 20,038 | — | — | — | — | — |
| Reclass of BCH Preferred A.0 from temporary to permanent equity | — | — | — | — | — | — | — | — | — | — | — | — | — | 160,526 | 160,526 | (160,526) |
| Balance, December 31, 2024 | — | $— | 363 | $— | 8,246 | $8 | 239 | $— | $1,843,911 | $(2,007,272) | $— | $(3,444) | $161 | $180,896 | $14,260 | $90,526 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (cont’d)
| Series A preferred stock · Series B preferred stock · Class A common stock · Class B common stock · APIC · Accumulated Deficit · Stock Receivable · Treasury Stock · Accumulated Other Comprehensive Income · 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 | — | $— | — | $— | 2,252 | $2 | 239 | $— | $1,579,742 | $— | $— | $(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 | — | — | 100 | — | — | — | (5,770) | — | — | — | — | — | (5,767) | — |
| Conversion of Series A preferred to Class A common | (2,749) | (3) | — | — | 9 | — | — | — | 3 | — | — | — | — | — | — | — |
| Issuance of shares in connection with recent financings | — | — | — | — | 50 | — | — | — | 12,436 | — | — | — | — | (3,060) | 9,376 | — |
| Distribution to noncontrolling interest | — | — | — | — | — | — | — | — | — | — | — | — | — | (269) | (269) | — |
| Reclass of distributions payable to noncontrolling interest holder | — | — | — | — | — | — | — | — | — | — | — | — | — | (763) | (763) | — |
| Conversion of Class S Ordinary to Class A common stock | — | — | — | — | 5 | — | — | — | 3,884 | — | — | — | — | (3,884) | — | — |
| Non-cash dividend to related party | — | — | — | — | — | — | — | — | (110) | — | — | — | — | — | (110) | — |
| Share-based awards to related party employees | — | — | — | — | — | — | — | — | 110 | — | — | — | — | — | 110 | — |
| Conversion of Preferred Series C to Class A common stock | — | — | — | — | 550 | — | — | — | 205,759 | — | — | — | — | (205,759) | — | — |
| Unrealized gain on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 4,236 | — | 4,236 | — |
| Deemed dividend for BCG Preferred B.2 Unit Accounts preferred return | — | — | — | — | — | — | — | — | 6,942 | — | — | — | — | (6,942) | — | — |
| Reclassification of realized gain upon transfer from available-for-sale debt security to equity interest | — | — | — | — | — | — | — | — | — | — | — | — | (13,694) | — | (13,694) | — |
| Settlement of restricted stock units | — | — | — | — | 68 | — | — | — | — | — | — | — | — | — | — | — |
| Issuance of Series B-1 preferred stock in connection with recent financings | — | — | 3,769 | 4 | — | — | — | — | 36,703 | — | — | — | — | 942 | 37,649 | — |
| Conversion of Series B-1 preferred stock to Class A common stock | — | — | (3,769) | (4) | 173 | — | — | — | 4 | — | — | — | — | — | — | — |
| Redemption of BCG Preferred B.2 Unit Accounts | — | — | — | — | — | — | — | — | (1,413) | — | — | — | — | — | (1,413) | — |
| Preferred Series A.0 Unit Accounts guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (12,501) |
| Issuance of shares to settle liability assumed at de-SPAC | — | — | — | — | 9 | — | — | — | 3,995 | — | — | — | — | — | 3,995 | — |
| Adjustment to liability assumed at de-SPAC | — | — | — | — | — | — | — | — | 500 | — | — | — | — | — | 500 | — |
| 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) |
| Balance, December 31, 2023 | — | $— | — | $— | 3,216 | $2 | 239 | $— | $1,843,767 | $(1,992,992) | $(20,038) | $(3,444) | $442 | $176,236 | $3,973 | $251,052 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.