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 Financial Condition
| December 31, 2025 | March 31, 2025 (1) | |
|---|---|---|
| (Dollars and shares in thousands) · (unaudited) | ||
| ASSETS | ||
| Cash and cash equivalents | $7,867 | $1,346 |
| Investments, at fair value: | ||
| Investments held by Customer ExAlt Trusts (related party of nil and $5) | 205,776 | 291,371 |
| Derivative asset | 56,218 | — |
| Other assets, net (related party of $502 and $404) | 54,985 | 49,144 |
| Intangible assets | 3,100 | 3,100 |
| Goodwill | 9,914 | 9,914 |
| Total assets | $337,860 | $354,875 |
| LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT) | ||
| Accounts payable and accrued expenses (related party of $16,857 and $14,733) | $241,795 | $156,770 |
| Other liabilities (related party of $28,360 and $19,360) | 33,282 | 24,381 |
| Warrants liability | 487 | 227 |
| Debt due to related parties | 100,337 | 117,896 |
| Total liabilities | 375,901 | 299,274 |
| Redeemable noncontrolling interests | ||
| Preferred Series A Subclass 0 Redeemable Unit Accounts, nonunitized | 90,526 | 90,526 |
| Total temporary equity | 90,526 | 90,526 |
| Shareholders’ equity (deficit) (1): | ||
| Preferred stock, par value $0.001 per share, 250,000 shares authorized | ||
| Series A preferred stock, 0 and 0 shares issued and outstanding as of December 31, 2025 and March 31, 2025, respectively | — | — |
| Series B preferred stock, 1,543 and 363 shares issued and outstanding as of December 31, 2025 and March 31, 2025, respectively | 2 | — |
| Class A common stock, par value $0.001 per share, 625,000 and 625,000 shares authorized as of December 31, 2025 and March 31, 2025, respectively, 14,094 and 1,060 shares issued as of December 31, 2025 and March 31, 2025, respectively, and 14,093 and 1,059 shares outstanding as of December 31, 2025 and March 31, 2025, respectively | 14 | 1 |
| Class B convertible common stock, par value $0.001 per share, 31 shares authorized, 30 and 30 shares issued and outstanding as of December 31, 2025 and March 31, 2025, respectively | — | — |
| Additional paid-in capital | 1,880,489 | 1,844,496 |
| Accumulated deficit | (2,056,844) | (2,008,052) |
| Treasury stock, at cost (1 shares as of December 31, 2025 and March 31, 2025) | (3,444) | (3,444) |
| Accumulated other comprehensive income (loss) | 52 | (2) |
| Noncontrolling interests | 51,164 | 132,076 |
| Total equity (deficit) | (128,567) | (34,925) |
| Total liabilities, temporary equity, and equity (deficit) | $337,860 | $354,875 |
(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.