Beneficient
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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, 2025 · Filed Feb 17, 2026
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)
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)(1)
For the three months ended December 31, 2025 and 2024:
| Series A preferred stock · Series B preferred stock · Class A common stock (1) · Class B common stock (1) · APIC (1) · 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, September 30, 2025 | — | $— | 1,543 | $2 | 1,183 | $1 | 30 | $— | $1,857,219 | $(2,076,757) | $— | $(3,444) | $90 | $80,062 | $(142,827) | $90,526 |
| Net income (loss) | — | — | — | — | — | — | — | — | — | 19,913 | — | — | — | (15,692) | 4,221 | 1,718 |
| Reclass of distributions payable to noncontrolling interest holder | — | — | — | — | — | — | — | — | — | — | — | — | — | (436) | (436) | — |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 367 | — | — | — | — | — | 367 | — |
| Conversion of BCH Pref A-1 to Class A common stock | — | — | — | — | 12,662 | 13 | — | — | 21,867 | — | — | — | — | (9,724) | 12,156 | — |
| Unrealized gain (loss) on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | (38) | — | (38) | — |
| Preferred A-0 Unit Accounts guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | (3,046) | (3,046) | (1,718) |
| Issuance of Class A common stock to settle liabilities | — | — | — | — | 196 | — | — | — | 1,036 | — | — | — | — | — | 1,036 | — |
| Rounding adjustment in connection with 2025 reverse stock split | — | — | — | — | 53 | — | — | — | — | — | — | — | — | — | — | — |
| Balance, December 31, 2025 | — | $— | 1,543 | $2 | 14,094 | $14 | 30 | $— | $1,880,489 | $(2,056,844) | $— | $(3,444) | $52 | $51,164 | $(128,567) | $90,526 |
| Series A preferred stock · Series B preferred stock · Class A common stock (1) · Class B common stock (1) · APIC (1) · 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, September 30, 2024 | — | $— | 227 | $— | 573 | $1 | 30 | $— | $1,836,496 | $(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 | — | — | — | — | 419 | — | — | — | 5,231 | — | — | — | — | — | 5,231 | — |
| Issuance of shares in connection with recent financings | — | — | 136 | — | — | — | — | — | 1,363 | — | — | — | — | — | 1,363 | — |
| Settlement of restricted stock units | — | — | — | — | 40 | — | — | — | — | — | — | — | — | — | — | — |
| Issuance of Class A common stock to settle liabilities | — | — | — | — | 2 | — | — | — | 24 | — | — | — | — | — | 24 | — |
| 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) |
| Termination of prepaid forward purchase agreement | — | — | — | — | (3) | — | — | — | — | — | — | — | — | — | — | — |
| Reclass of BCH Preferred A-0 from temporary to permanent equity | — | — | — | — | — | — | — | — | — | — | — | — | — | 35,000 | 35,000 | (35,000) |
| Balance, December 31, 2024 | — | $— | 363 | $— | 1,031 | $1 | 30 | $— | $1,843,918 | $(2,007,272) | $— | $(3,444) | $161 | $180,896 | $14,260 | $90,526 |
(1)Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)(1) (cont’d)
For the nine months ended December 31, 2025 and 2024:
| Series A preferred stock · Series B-1 preferred stock · Class A common stock (1) · Class B common stock (1) · APIC (1) · 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 | $— | 1,060 | $1 | 30 | $— | $1,844,496 | $(2,008,052) | $— | $(3,444) | $(2) | $132,076 | $(34,925) | $90,526 |
| Net income (loss) | — | — | — | — | — | — | — | — | — | (48,792) | — | — | — | (60,901) | (109,693) | 5,078 |
| Noncontrolling interest reclass | — | — | — | — | — | — | — | — | — | — | — | — | — | (1,767) | (1,767) | — |
| Recognition of share-based compensation cost | — | — | — | — | — | — | — | — | 1,290 | — | — | — | — | — | 1,290 | — |
| Conversion of BCH Pref A-1 to Class A common stock | — | — | — | — | 12,662 | 13 | — | — | 21,867 | — | — | — | — | (9,724) | 12,156 | — |
| Issuance of shares in connection with equity purchase agreement | — | — | — | — | 118 | — | — | — | 271 | — | — | — | — | — | 271 | — |
| Unrealized gain (loss) on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 52 | — | 52 | — |
| Realized gain (loss) on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | 2 | — | 2 | — |
| Preferred A-0 guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | (9,004) | (9,004) | (5,078) |
| Issuance of common shares to settle liability | — | — | — | — | 201 | — | — | — | 1,062 | — | — | — | — | — | 1,062 | — |
| 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 | — |
| Rounding adjustment in connection with 2025 reverse stock split | — | — | — | — | 53 | — | — | — | — | — | — | — | — | — | — | — |
| Balance, December 31, 2025 | — | $— | 1,543 | $2 | 14,094 | $14 | 30 | $— | $1,880,489 | $(2,056,844) | $— | $(3,444) | $52 | $51,164 | $(128,567) | $90,526 |
(1)Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)(1)(cont’d)
| Series A preferred stock · Series B preferred stock · Class A common stock (1) · Class B common stock (1) · APIC (1) · 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 | $— | 419 | $— | 30 | $— | $1,848,071 | $(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 | — | — | — | — | 475 | 1 | — | — | 7,785 | — | — | — | — | — | 7,786 | — |
| Issuance of shares in connection with recent financing | — | — | 136 | — | — | — | — | — | 1,363 | — | — | — | — | — | 1,363 | — |
| Unrealized gain (loss) on available-for-sale debt securities | — | — | — | — | — | — | — | — | — | — | — | — | (115) | — | (115) | — |
| Settlement of restricted stock units | — | — | — | — | 40 | — | — | — | — | — | — | — | — | — | — | — |
| Preferred A-0 guaranteed payment accrual | — | — | — | — | — | — | — | — | — | — | — | — | — | (2,517) | (2,517) | (10,751) |
| Issuance of common shares to settle liability | — | — | — | — | 45 | — | — | — | 1,245 | — | — | — | — | — | 1,245 | — |
| Issuance of Class A common stock | — | — | — | — | 45 | — | — | — | 673 | — | — | — | — | — | 673 | — |
| Rounding adjustment in connection with 2024 reverse stock split | — | — | — | — | 10 | — | — | — | — | — | — | — | — | — | — | — |
| Equity issuance costs reclassed to APIC | — | — | — | — | — | — | — | — | (343) | — | — | — | — | — | (343) | — |
| Termination of prepaid forward purchase agreement | — | — | — | — | (3) | — | — | — | (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 | $— | 1,031 | $1 | 30 | $— | $1,843,918 | $(2,007,272) | $— | $(3,444) | $161 | $180,896 | $14,260 | $90,526 |
(1) Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025. See Note 1 - Summary of Significant Accounting Policies - Reverse Stock Split, for additional information.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.