Beneficient
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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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$0.70+3.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Comprehensive Income (Loss)
| Three Months Ended December 31, | Nine Months Ended December 31, | |||
|---|---|---|---|---|
| (Dollars in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 |
| Revenues | ||||
| Investment income (loss), net | $(25,373) | $4,742 | $(41,311) | $24,311 |
| Gain (loss) on financial instruments, net (related party of nil, $(8), $(5) and $(546), respectively) | 43,845 | (523) | 44,011 | (1,885) |
| Interest and dividend income | 10 | 10 | 30 | 34 |
| Trust services and administration revenues (related party of $8, $8, $23 and $23, respectively) | 188 | 188 | 554 | 564 |
| Other income | — | 2 | — | 2 |
| Total revenues | 18,670 | 4,419 | 3,284 | 23,026 |
| Operating expenses | ||||
| Employee compensation and benefits | 3,010 | 2,929 | 8,770 | 13,914 |
| Interest expense (related party of $4,016, $3,140, $10,473 and $9,330, respectively) | 5,810 | 3,240 | 14,123 | 11,848 |
| Professional services | 3,953 | 5,083 | 17,241 | 17,884 |
| Provision for credit losses | — | — | — | 1,000 |
| Loss on impairment of goodwill | — | — | — | 3,692 |
| Accrual (release) of loss contingency related to arbitration award | — | — | 62,831 | (54,973) |
| Other expenses (related party of $714, $723, $2,142 and $2,111, respectively) | 1,953 | 2,680 | 6,887 | 8,551 |
| Total operating expenses | 14,726 | 13,932 | 109,852 | 1,916 |
| Operating income (loss) | 3,944 | (9,513) | (106,568) | 21,110 |
| (Gain) loss on liability resolution | (1,996) | — | (1,996) | (23,462) |
| Net income (loss) before income taxes | 5,940 | (9,513) | (104,572) | 44,572 |
| Income tax expense | — | 713 | 43 | 741 |
| Net income (loss) | 5,940 | (10,226) | (104,615) | 43,831 |
| Plus: Net loss attributable to noncontrolling interests - Customer ExAlt Trusts | 4,712 | 1,232 | 30,704 | 6,281 |
| Plus: Net loss attributable to noncontrolling interests - Ben | 14,026 | 4,844 | 39,201 | 15,098 |
| Less: Noncontrolling interest guaranteed payment | (4,765) | (4,489) | (14,082) | (13,268) |
| Net income (loss) attributable to Beneficient common shareholders | $19,913 | $(8,639) | $(48,792) | $51,942 |
| Other comprehensive income (loss): | ||||
| Unrealized gain (loss) on investments in available-for-sale debt securities | (38) | (120) | 54 | (115) |
| Total comprehensive income (loss) | 19,875 | (8,759) | (48,738) | 51,827 |
| Less: Comprehensive gain (loss) attributable to noncontrolling interests | (38) | (120) | 54 | (115) |
| Total comprehensive income (loss) attributable to Beneficient | $19,913 | $(8,639) | $(48,792) | $51,942 |
| Net income (loss) per common share (1) | ||||
| Class A - basic | $1.19 | $(10.60) | $(10.30) | $82.41 |
| Class B - basic | $1.19 | $(8.16) | $(10.30) | $110.24 |
| Net income (loss) per common share (1) | ||||
| Class A - diluted | $0.04 | $(10.60) | $(10.30) | $0.94 |
| Class B - diluted | $0.04 | $(8.16) | $(10.30) | $0.94 |
(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.
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