Beneficient
Business
Beneficient is a technology-enabled financial services company providing liquidity solutions and fiduciary services to alternative asset investors and fund sponsors. Through subsidiaries Ben Liquidity and Ben Custody, it offers ExchangeTrust, LiquidTrust, and InterchangeTrust—proprietary financing structures delivering cash or securities in exchange for alternative assets. The company serves mid-to-high net worth individuals and institutional investors via its AltAccess digital platform and operates as a regulated Kansas trust company.
Summary from 10-K filed 2025-09-29
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2026 2026-03-31 | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Investment income (loss), net | −50 | −7 | 5 | −54 | 16 | |
| Gain (loss) on financial instruments, net (related party of $9,491 and $(552)) | 10 | −2 | −105 | −51 | 32 | |
| Interest and dividend income | 40,000 | 44,000 | — | — | — | |
| Trust services and administration revenues (related party of $30 and $30) | 593,000 | 753,000 | 365,000 | 30,000 | 540,000 | |
| Other income | 0 | 2,000 | 212,000 | 86,000 | 2,000 | |
| Total revenues | −39 | −8 | −99 | −105 | 55 | |
| Employee compensation and benefits | 12 | 17 | 65 | 46 | 49 | |
| Interest expense (related party of $13,349 and $12,294) | 19 | 15 | 18 | — | — | |
| Professional services | 21 | 23 | 30 | 38 | 18 | |
| Provision for credit losses | 1 | 1 | 6 | 21 | 19 | |
| Loss on impairment of goodwill and intangible assets | 3 | 4 | — | — | — | |
| Accrual (release) of loss contingency related to arbitration award | 63 | −55 | 55 | — | — | |
| Other expenses (related party of $2,856 and $2,825) | 9 | 12 | 22 | 28 | 14 | |
| Total operating expenses | 127 | 16 | 2,550 | 148 | 126 | |
| Operating income (loss) | −167 | −24 | −2,649 | −253 | −71 | |
| (Gain) loss on liability resolution | −2 | −23 | 0 | — | — | |
| Net income (loss) before income taxes | −165 | −723,000 | −2,657 | −253 | −105 | |
| Income tax expense | 214,000 | 80,000 | 788,000 | −1 | 0 | |
| Net income (loss) | −165 | −803,000 | −2,658 | −252 | −105 | |
| Plus: Net loss attributable to noncontrolling interests | 96 | 70 | 579 | 137 | 43 | |
| Less: Noncontrolling interest guaranteed payment | −19 | −18 | — | — | — | |
| Net income (loss) attributable to Beneficient common shareholders | −87 | 51 | — | — | — | |
| Unrealized gain (loss) on investments in available-for-sale debt securities | 54,000 | −278,000 | 4 | 11 | −1 | |
| Total comprehensive income (loss) | −165 | −1 | −2,092 | −120 | −96 | |
| Less: Comprehensive gain (loss) attributable to noncontrolling interests | −77 | −52 | 4 | 11 | −1 | |
| Total comprehensive income (loss) attributable to Beneficient | −87 | 51 | −2,096 | −131 | −95 |
Consolidated Balance Sheet
| Concept | Trend | FY 2026 2026-03-31 | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 3 | 1 | 8 | 9 | 71 | |
| Investments, at fair value | 196 | 291 | 329 | 497 | 674 | |
| Derivative asset, related party | 22 | — | — | — | — | |
| Other assets, net (related party of $514 and $404) | 9 | 49 | 15 | 33 | 20 | |
| Intangible assets | 0 | 3 | 3 | 3 | 3 | |
| Goodwill | 10 | 10 | 14 | 2,368 | 2,368 | |
| Total assets | 239 | 355 | 369 | 2,911 | 3,141 | |
| Accounts payable and accrued expenses (related party of $17,571 and $14,733) | 64 | 100 | 157 | 66 | 37 | |
| Other liabilities (related party of $30,497 and $19,360) | 177 | 81 | 32 | 15 | 12 | |
| Warrants liability | 308,000 | 227,000 | 178,000 | 0 | — | |
| Debt due to related parties | 97 | 118 | 121 | 99 | — | |
| Total liabilities | 338 | 299 | 310 | 232 | 241 | |
| Total temporary equity | 91 | 91 | 251 | 950 | 1,908 | |
| Additional paid-in capital | 1,885 | 1,844 | 1,848 | 1,580 | — | |
| Accumulated deficit | −2,100 | −2,008 | −2,059 | 0 | — | |
| Treasury stock, at cost (1 share as of March 31, 2026 and 2025) | −3 | −3 | −3 | −3 | −3 | |
| Noncontrolling interests | 25 | 132 | 42 | 142 | 278 | |
| Accumulated other comprehensive income (loss) | 52,000 | −2,000 | 276,000 | 10 | −1 | |
| Total equity (deficit) | −189 | −35 | −192 | 1,728 | 1,907 | |
| Total liabilities, temporary equity, and equity (deficit) | 239 | 355 | 369 | 2,911 | 3,141 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2026 2026-03-31 | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 746,000 | 2 | 4 | 4 | 2 | |
| Net amortization of debt premium and discount (related party of $772 and $296) | 772,000 | 296,000 | −1 | −4 | — | |
| Non cash interest expense (related party of $11,827 and $9,715) | 17 | 12 | 18 | 11 | — | |
| Non cash interest income | −385,000 | −494,000 | −446,000 | −359,000 | −881,000 | |
| Non cash share-based compensation | 2 | 6 | 39 | 10 | 23 | |
| Provision for deferred taxes | 214,000 | 80,000 | 0 | −1 | 0 | |
| Changes in other assets | 1 | −33 | 6 | −13 | −17 | |
| Changes in accounts payable and accrued expenses | −59,000 | 41 | 9 | 11 | 5 | |
| Net cash used in operating activities | −39 | −38 | −58 | −95 | −57 | |
| Return of investments in alternative assets held by Customer ExAlt Trusts | 12 | 30 | 46 | 73 | 51 | |
| Proceeds from disposition of alternative assets held by Customer ExAlt Trusts | 51 | 0 | — | — | — | |
| Purchase of investments in alternative assets held by Customer ExAlt Trusts | −2 | −1 | −1 | −3 | — | |
| Purchase of premises and equipment | −96,000 | −1 | −2 | −2 | −4 | |
| Proceeds from sale of public equity securities held by Customer ExAlt Trusts | 0 | 55,000 | 0 | 3 | — | |
| Net cash provided by investing activities | 61 | 28 | 44 | 63 | 45 | |
| Proceeds from related party debt financings | 850,000 | 2 | 25 | 0 | — | |
| Payments on related party debt financings | −23 | −5 | −7 | −18 | — | |
| Proceeds from issuance of convertible debt | 0 | 4 | 0 | — | — | |
| Payments on convertible debt | 0 | −4 | 0 | — | — | |
| Proceeds received from issuance of Class A common under standby equity purchase agreement | 700,000 | 8 | 1 | 0 | — | |
| Payment of deferred financing costs for equity | 0 | −2 | −8 | −6 | −517,000 | |
| Proceeds from sale of Class A common shares | 0 | 673,000 | 0 | — | — | |
| Net cash provided by (used in) financing activities | −21 | 3 | 13 | −34 | 15 | |
| Net increase (decrease) in cash and cash equivalents | 1 | −7 | −2 | −67 | 2 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Beneficient's CIK number?
Beneficient's SEC CIK number is 0001775734 (1775734). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Beneficient's SEC filings?
All of Beneficient's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Beneficient last report earnings?
Beneficient (BENF) most recently filed an earnings 8-K with the SEC on Jun 29, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001775734-26-000013). This is Beneficient's most recent earnings filing of record — not a forecast of its next earnings date.
What is Beneficient's most recent earnings 8-K?
Beneficient's latest earnings 8-K (Item 2.02) was filed Jun 29, 2026 under accession 0001775734-26-000013. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Beneficient's latest earnings 8-K →
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