BeneficientBENF

Beneficient Earnings Per Share Disclosure

10-KFiled Sep 29, 20253 min read
Net Income (Loss) per Share
Basic net income (loss) attributable to Beneficient per common share for the years ended March 31, 2025 and 2024, is as follows:
(Dollars in thousands, except per share amounts)
Year Ended
March 31,
20252024
Net income (loss)
$(803)$(2,658,180)
Plus: Net loss attributable to noncontrolling interests
69,789579,332
Less: Noncontrolling interest guaranteed payment(17,824)(16,793)
Net income (loss) attributable to Beneficient common shareholders
$51,162 $(2,095,641)
Net income (loss) attributable to Class A common shareholders
47,886(1,955,861)
Net income (loss) attributable to Class B common shareholders
3,276(139,780)
Basic weighted average of common shares outstanding
Class A5,627,120 2,904,851 
Class B239,256 239,256 
Basic net income (loss) attributable to Beneficient per common share
Class A$8.51 $(673.31)
Class B$13.69 $(584.23)
Diluted net income (loss) attributable to Beneficient per common share for the year ended March 31, 2025, is as follows:
(Dollars in thousands, except per share amounts)
Year Ended
March 31,
2025
Diluted income (loss) per share
Net income (loss) attributable to Beneficient common shareholders - Basic
$51,162 
Less: Net income (loss) attributable to noncontrolling interests - Ben
(34,875)
Plus: Noncontrolling interest guaranteed payment17,824 
Net income (loss) attributable to Beneficient common shareholders - Diluted
$34,111 
Basic weighted average of common shares outstanding (Class A and Class B)
5,866,376 
Dilutive effect of:
Series B Preferred Stock
648,924 
Class S Ordinary66,982 
Class S Preferred605 
Preferred Series A Subclass 0123,683,109 
Preferred Series A Subclass 1398,028,517 
Restricted Stock Units570,673 
Diluted weighted average of common shares outstanding (Class A and Class B)
528,865,186 
Diluted net income (loss) attributable to Beneficient per common share (Class A and Class B)
$0.06 
For the year ended March 31, 2024, as the Company was in a net loss position, the diluted EPS calculation for the Beneficient common shareholders is the same as basic EPS per common share disclosed above for that period. Diluted EPS for the Class A shareholders is $(673.31) and diluted EPS for the Class B shareholders is $(584.23) for the year ended March 31, 2024.
In computing diluted net income (loss) per share, we considered potentially dilutive shares. Anti-dilutive shares not recognized in the diluted net loss per share calculation for the year ended March 31, 2025 and 2024, were as follows:
Shares
Year Ended
March 31,
20252024
Series B Preferred Stock
— 29,786 
Class S Ordinary— 67,936 
Class S Preferred— 606 
Preferred Series A Subclass 0— 1,044,524 
Preferred Series A Subclass 1— 3,510,235 
Preferred Series C Subclass 1
— 151,917 
Restricted Stock Units
265,630 100,214 
Stock Options85,753 — 
Convertible Debt393,983 — 
Warrants
25,380,572 312,012 
Total anti-dilutive shares
26,125,938 5,217,230 
Conversion of BCH Preferred C-1 Unit Accounts
Pursuant to the UPA, on July 10, 2023, the BCH Preferred C-1 Unit Accounts automatically converted into 550,510 shares of Class A common stock at approximately $372.80 per share, which represents the volume-weighted average trading price of the Class A common stock for the 20 trading days following the closing of the Business Combination.
Conversion of Series B-1 Preferred Stock
On October 3, 2023, 3,768,995 shares of Series B-1 preferred stock converted into 172,574 shares of Class A common stock at a price per share of approximately $218.40.
Warrants
The disclosed amount of anti-dilutive securities for the warrants does not consider the assumed proceeds under the treasury stock method as the exercise price was greater than the average market price of the Class A common stock, which results in negative incremental shares, that would be anti-dilutive.
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About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&EGoodwill & IntangiblesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs Performance