Beneficient
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 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 September 30, 2025 and 2024:
| 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 (deficit) · Redeemable noncontrolling interests | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars and units in thousands) · Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount | ||||||||||||||||
| Balance, June 30, 2025 | — | $— | 1,543 | $2 | 9,425 | $9 | 239 | $— | $1,856,723 | $(2,073,128) | $— | $(3,444) | $(2) | $99,443 | $(120,397) | $90,526 |
| Net income (loss) | — | — | — | — | — | — | — | — | — | (3,629) | — | — | — | (15,970) | (19,599) | 1,692 |
| Reclass of distributions payable to noncontrolling interest holder | — | — | — | — | — | — | — | — | — | — | — | — | — | (410) | (410) | — |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 462 | — | — | — | — | — | 462 | — |
| Unrealized gain (loss) on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 90 | — | 90 | — |
| Realized gain (loss) on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 2 | — | 2 | — |
| Preferred A-0 Unit Accounts guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | (3,001) | (3,001) | (1,692) |
| Issuance of Class A common stock to settle liabilities | — | — | — | — | 40 | — | — | — | 26 | — | — | — | — | — | 26 | — |
| Balance, September 30, 2025 | — | $— | 1,543 | $2 | 9,465 | $9 | 239 | $— | $1,857,211 | $(2,076,757) | $— | $(3,444) | $90 | $80,062 | $(142,827) | $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 (deficit) · Redeemable noncontrolling interests | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars and units in thousands) · Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount | ||||||||||||||||
| Balance, June 30, 2024 | — | $— | 227 | $— | 4,006 | $4 | 239 | $— | $1,852,187 | $(2,011,547) | $(20,038) | $(3,444) | $255 | $34,293 | $(148,290) | $251,052 |
| Net income (loss) | — | — | — | — | — | — | — | — | — | 12,914 | — | — | — | (7,590) | 5,324 | 4,423 |
| Noncontrolling interest reclass | — | — | — | — | — | — | — | — | — | — | — | — | — | (122) | (122) | — |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 3,364 | — | — | — | — | — | 3,364 | — |
| Issuance of Class A common stock to settle liabilities | — | — | — | — | 211 | — | — | — | 307 | — | — | — | — | — | 307 | — |
| Issuance of Class A common stock | — | — | — | — | 363 | 1 | — | — | 672 | — | — | — | — | — | 673 | — |
| Unrealized gain on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 26 | — | 26 | — |
| Preferred A-0 Unit Accounts guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (4,423) |
| Termination of prepaid forward purchase agreement | — | — | — | — | — | — | — | — | (20,038) | — | 20,038 | — | — | — | — | — |
| Reclass of BCH Preferred A-0 from temporary to permanent equity | — | — | — | — | — | — | — | — | — | — | — | — | — | 125,526 | 125,526 | (125,526) |
| Balance, September 30, 2024 | — | $— | 227 | $— | 4,580 | $5 | 239 | $— | $1,836,492 | $(1,998,633) | $— | $(3,444) | $281 | $152,107 | $(13,192) | $125,526 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (cont’d)
For the six months ended September 30, 2025 and 2024:
| 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 (deficit) · Redeemable noncontrolling interests | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars and units in thousands) · Shares · Amount · Shares · Amount · Shares · Amount · Shares · Amount | ||||||||||||||||
| Balance, March 31, 2025 | — | $— | 363 | $— | 8,483 | $8 | 239 | $— | $1,844,489 | $(2,008,052) | $— | $(3,444) | $(2) | $132,076 | $(34,925) | $90,526 |
| Net income (loss) | — | — | — | — | — | — | — | — | — | (68,705) | — | — | — | (45,209) | (113,914) | 3,359 |
| Noncontrolling interest reclass | — | — | — | — | — | — | — | — | — | — | — | — | — | (1,331) | (1,331) | — |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 923 | — | — | — | — | — | 923 | — |
| Issuance of shares in connection with equity purchase agreement | — | — | — | — | 942 | 1 | — | — | 270 | — | — | — | — | — | 271 | — |
| Unrealized gain (loss) on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 90 | — | 90 | — |
| Realized gain (loss) on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 2 | — | 2 | — |
| Preferred A-0 guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | (5,958) | (5,958) | (3,359) |
| Issuance of common shares to settle liability | — | — | — | — | 40 | — | — | — | 26 | — | — | — | — | — | 26 | — |
| Miscellaneous adjustment to previously allocated FLP Subclass 3 income | — | — | — | — | — | — | — | — | — | — | — | — | — | 189 | 189 | — |
| Issuance of shares in connection with recent financings | — | — | 1,180 | 2 | — | — | — | — | 11,503 | — | — | — | — | 295 | 11,800 | — |
| Balance, September 30, 2025 | — | $— | 1,543 | $2 | 9,465 | $9 | 239 | $— | $1,857,211 | $(2,076,757) | $— | $(3,444) | $90 | $80,062 | $(142,827) | $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 (deficit) · 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) | — | — | — | — | — | — | — | — | — | 60,581 | — | — | — | (15,303) | 45,278 | 8,779 |
| Noncontrolling interest reclass | — | — | — | — | — | — | — | — | — | — | — | — | — | (347) | (347) | — |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 4,358 | — | — | — | — | — | 4,358 | — |
| Issuance of shares in connection with equity purchase agreement | — | — | — | — | 449 | 1 | — | — | 2,554 | — | — | — | — | — | 2,555 | — |
| Unrealized gain on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 5 | — | 5 | — |
| Preferred A-0 guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (8,779) |
| Issuance of common shares to settle liability | — | — | — | — | 340 | — | — | — | 1,221 | — | — | — | — | — | 1,221 | — |
| 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 | — | — | — | — | — | — | — | — | (20,038) | — | 20,038 | — | — | — | — | — |
| Reclass of BCH Preferred A-0 from temporary to permanent equity | — | — | — | — | — | — | — | — | — | — | — | — | — | 125,526 | 125,526 | (125,526) |
| Balance, September 30, 2024 | — | $— | 227 | $— | 4,580 | $5 | 239 | $— | $1,836,492 | $(1,998,633) | $— | $(3,444) | $281 | $152,107 | $(13,192) | $125,526 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.