Name: Beneficient Earnings Per Share Disclosure
Creator: Beneficient
License: https://creativecommons.org/publicdomain/mark/1.0/

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,
	2025		2024
Net income (loss)	$	(803)	$	(2,658,180)
Plus: Net loss attributable to noncontrolling interests	69,789		579,332
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 A	5,627,120		2,904,851
Class B	239,256		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 payment	17,824
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 Ordinary	66,982
Class S Preferred	605
Preferred Series A Subclass 0	123,683,109
Preferred Series A Subclass 1	398,028,517


Restricted Stock Units	570,673

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,
	2025	2024
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 Options	85,753	—
Convertible Debt	393,983	—
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.

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.

Beneficient Earnings Per Share Disclosure

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