Beneficient
For the period ended Mar 31, 2025. Filed Sep 29, 2025.
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FY2025 · Filed Sep 29, 2025
BENF$0.70+3.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended March 31, | ||
|---|---|---|
| (Dollars in thousands) | 2025 | 2024 |
| Cash flows used in operating activities: | ||
| Net income (loss) | $(803) | $(2,658,180) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 1,695 | 3,775 |
| Net amortization of debt premium and discount (related party of $296 and $(1,849)) | 296 | (1,250) |
| Loss on extinguishment of debt | — | 8,846 |
| Loss on impairment of goodwill | 3,692 | 2,354,320 |
| Accrual (release) of loss contingency related to arbitration award | (54,973) | 54,973 |
| Loss on financial instruments, net (related party of $552 and $67,457) | 2,242 | 104,521 |
| Investment (income) loss, net | 6,500 | (4,791) |
| Non cash interest expense (related party of $9,715 and $9,463) | 12,214 | 17,699 |
| Non cash interest income | (494) | (446) |
| Non cash share-based compensation | 5,649 | 39,103 |
| Provision for credit losses | 1,000 | 6,016 |
| Provision for deferred taxes | 80 | — |
| (Gain) loss on liability resolution | (23,462) | — |
| Changes in assets and liabilities: | ||
| Changes in other assets | (32,784) | 5,965 |
| Changes in accounts payable and accrued expenses | 41,445 | 8,628 |
| Changes in other liabilities and deferred revenue | — | 2,605 |
| Net cash used in operating activities | (37,703) | (58,216) |
| Cash flows from investing activities: | ||
| Return of investments in alternative assets held by Customer ExAlt Trusts | 30,368 | 46,268 |
| Purchase of investments in alternative assets held by Customer ExAlt Trusts | (1,219) | (1,420) |
| Purchase of premises and equipment | (1,099) | (1,759) |
| Proceeds from sale of put options by Ben | — | 968 |
| Proceeds from sale of public equity securities held by Customer ExAlt Trusts | 55 | — |
| Net cash provided by investing activities | 28,105 | 44,057 |
| Cash flows from financing activities: | ||
| Proceeds from related party debt financings | 1,675 | 25,000 |
| Payments on related party debt financings | (4,675) | — |
| Proceeds from issuance of convertible debt | 3,575 | — |
| Payments on convertible debt | (4,000) | — |
| Payments on Customer ExAlt Trust loan payable | — | (6,780) |
| Redemption of Preferred Series B Subclass 2 Unit Accounts | — | (1,413) |
| Proceeds received from issuance of Class A common under standby equity purchase agreement | 7,859 | 1,122 |
| Payment of deferred financing costs for debt | — | (1,585) |
| Payment of deferred financing costs for equity | (2,140) | (8,091) |
| Distribution to noncontrolling interest | — | (269) |
| Proceeds from sale of Class A common shares | 673 | — |
| Payment of employee income taxes on restricted equity units | — | (116) |
| Proceeds from de-SPAC merger | — | 24,761 |
| Payment for prepaid forward purchase agreement | — | (20,038) |
| Net cash provided by financing activities | 2,967 | 12,591 |
| Net decrease in cash, cash equivalents, and restricted cash | (6,631) | (1,568) |
| Cash, cash equivalents, and restricted cash at beginning of period | 7,977 | 9,545 |
| Cash, cash equivalents, and restricted cash at end of period | $1,346 | $7,977 |
Refer to Note 21 for supplemental cash flow disclosures, including reconciliation of cash, cash equivalents, and restricted cash used in the consolidated statement of cash flows.
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