B
Beneficient
BENFWCIK 0001775734NasdaqEmerging GrowthFinance ServicesNevadaFY ends Mar 31
Period
FY 2025
Revenue
$-7.94M
Net Income
$-803.0K
Total Assets
$354.88M
Equity
$-34.92M
Shares Out
67.49M
Op. Cash Flow
$-37.70M
Business
Beneficient is a technology-enabled financial services company that provides liquidity and related trustee, custody and trust administrative services to participants in the alternative asset industry. It offers liquidity and primary capital products (ExchangeTrust, LiquidTrust, InterchangeTrust) implemented via its patent-pending ExAlt Plan, together with trustee, custody, transfer agent and broker-dealer services delivered through its AltAccess digital platform. Its principal business line subsidiaries are Ben Liquidity, Ben Custody and Ben Markets, while Ben Insurance Services is not yet operational. Beneficient serves primarily U.S. individual and institutional alternative asset investors, general partners and fund sponsors through digital channels and intermediary distribution networks.
Summary from filing dated 2025-09-29
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 |
|---|---|---|---|---|---|---|
| Investment income (loss), net | −7 | 5 | −54 | 16 | 133 | |
| Loss on financial instruments, net (related party of $(552) and $(67,457)) | −2 | −105 | −51 | 32 | −31 | |
| Interest and dividend income | 44,000 | 457,000 | 412,000 | 7 | 2 | |
| Trust services and administration revenues (related party of $30 and $30) | 753,000 | 365,000 | 30,000 | 540,000 | 30,000 | |
| Other income | 2,000 | 212,000 | 86,000 | 2,000 | 36 | |
| Total revenues | −8 | −99 | −105 | 55 | 140 | |
| Employee compensation and benefits | 17 | 65 | 46 | 49 | 129 | |
| Interest expense (related party of $12,294 and $8,618) | 15 | 18 | — | — | — | |
| Professional services | 23 | 30 | 38 | 18 | 19 | |
| Provision for credit losses | 1 | 6 | 21 | 19 | 0 | |
| Loss on impairment of goodwill | 4 | 2,400 | 0 | — | — | |
| Accrual (release) of loss contingency related to arbitration award | −55 | 55 | — | — | — | |
| Other expenses, net (related party of $2,825 and $7,046) | 12 | 22 | 28 | 14 | 8 | |
| Total operating expenses | 16 | 2,550 | 148 | 126 | 188 | |
| Operating income (loss) | −24 | −2,649 | −253 | −71 | −47 | |
| (Gain) loss on liability resolution | −23 | 0 | — | — | — | |
| Loss on extinguishment of debt, net | 0 | 9 | 0 | −34 | 0 | |
| Net income (loss) before income taxes | −723,000 | −2,657 | −253 | −105 | −47 | |
| Income tax expense | 80,000 | 788,000 | −1 | 0 | 3 | |
| Net income (loss) | −803,000 | −2,658 | −252 | −105 | −51 | |
| Plus: Net loss attributable to noncontrolling interests | 70 | 579 | 137 | 43 | −7 | |
| Less: Noncontrolling interest guaranteed payment | −18 | −17 | −16 | −1 | 0 | |
| Net income (loss) attributable to Beneficient common shareholders | 51 | −2,096 | −131 | −95 | −58 | |
| Unrealized (loss) gain on investments in available-for-sale debt securities | −300,000 | 4 | 11 | −1 | 0 | |
| Total comprehensive income (loss) | 51 | −2,092 | −120 | −96 | −58 | |
| Less: comprehensive (loss) gain attributable to noncontrolling interests | −278,000 | 4 | 11 | −1 | 0 | |
| Total comprehensive income (loss) attributable to Beneficient | 51 | −2,096 | −131 | −95 | −58 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2022 2022-03-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 1 | 8 | 9 | 71 | — | |
| Restricted cash | 0 | 64,000 | 819,000 | 6 | — | |
| Investments, at fair value | 291 | 329 | 497 | 674 | — | |
| Other assets, net (related party of $404 and $277) | 49 | 15 | 33 | 20 | — | |
| Intangible assets | 3 | 3 | 3 | 3 | — | |
| Goodwill | 10 | 14 | 2,368 | 2,368 | 2,368 | |
| Total assets | 355 | 369 | 2,911 | 3,141 | — | |
| Accounts payable and accrued expenses (related party of $14,733 and $14,143) | 157 | 157 | 66 | 37 | — | |
| Other liabilities (related party of $19,360 and $9,740) | 24 | 32 | 15 | 12 | — | |
| Warrants liability | 227,000 | 178,000 | 0 | — | — | |
| Debt due to related parties | 118 | 121 | 99 | — | — | |
| Total liabilities | 299 | 310 | 232 | 241 | — | |
| Total temporary equity | 91 | 251 | 950 | 1,908 | — | |
| Additional paid-in capital | 1,844 | 1,848 | 1,580 | — | — | |
| Accumulated deficit | −2,000 | −2,059 | 0 | — | — | |
| Stock receivable | 0 | −20 | 0 | — | — | |
| Treasury stock, at cost (9 shares as of March 31, 2025 and 2024) | −3 | −3 | −3 | −3 | — | |
| Noncontrolling interests | 132 | 42 | 142 | 278 | — | |
| Accumulated other comprehensive income (loss) | −2,000 | 276,000 | 10 | −1 | — | |
| Total equity (deficit) | −35 | −192 | 1,728 | 1,907 | 1,093 | |
| Total liabilities, temporary equity, and equity (deficit) | 355 | 369 | 2,911 | 3,141 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-03-31 | FY 2024 2024-03-31 | FY 2023 2023-03-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 2 | 4 | 4 | 2 | 1 | |
| Net amortization of debt premium and discount (related party of $296 and $(1,849)) | 296,000 | −1 | −4 | — | — | |
| Non cash interest expense (related party of $9,715 and $9,463) | 12 | 18 | 11 | — | — | |
| Non cash interest income | −494,000 | −446,000 | −359,000 | −881,000 | −875,000 | |
| Non cash share-based compensation | 6 | 39 | 10 | 23 | 108 | |
| Provision for deferred taxes | 80,000 | 0 | −1 | 0 | 3 | |
| Changes in other assets | −33 | 6 | −13 | −17 | −2 | |
| Changes in accounts payable and accrued expenses | 41 | 9 | 11 | 5 | 2 | |
| Changes in other liabilities and deferred revenue | 0 | 3 | −319,000 | −501,000 | −207,000 | |
| Net cash used in operating activities | −38 | −58 | −95 | −57 | −54 | |
| Return of investments in alternative assets held by Customer ExAlt Trusts | 30 | 46 | 73 | 51 | 20 | |
| Purchase of investments in alternative assets held by Customer ExAlt Trusts | −1 | −1 | −3 | — | — | |
| Purchase of premises and equipment | −1 | −2 | −2 | −4 | −3 | |
| Proceeds from sale of put options by Ben | 0 | 968,000 | 0 | 2 | 0 | |
| Proceeds from sale of public equity securities held by Customer ExAlt Trusts | 55,000 | 0 | 3 | — | — | |
| Net cash provided by investing activities | 28 | 44 | 63 | 45 | −6 | |
| Proceeds from related party debt financings | 2 | 25 | 0 | — | — | |
| Payments on related party debt financings, Customer ExAlt Trust loan payable | −5 | −7 | −18 | — | — | |
| Proceeds from issuance of convertible debt | 4 | 0 | — | — | — | |
| Payments on convertible debt | −4 | 0 | — | — | — | |
| Proceeds received from issuance of Class A common under standby equity purchase agreement | 8 | 1 | 0 | — | — | |
| Payment of deferred financing costs for debt | 0 | −2 | 0 | −1 | −3 | |
| Payment of deferred financing costs for equity | −2 | −8 | −6 | −517,000 | −633,000 | |
| Distribution to noncontrolling interest | 0 | −269,000 | −100,000 | 0 | −6 | |
| Proceeds from sale of Class A common shares | 673,000 | 0 | — | — | — | |
| Payment of employee income taxes on restricted equity units | 0 | −116,000 | −1 | −1 | −2 | |
| Proceeds from de-SPAC merger | 0 | 25 | 0 | — | — | |
| Payment for prepaid forward purchase agreement | 0 | −20 | 0 | — | — | |
| Net cash provided by financing activities | 3 | 13 | −34 | 15 | 44 | |
| Net decrease in cash, cash equivalents, and restricted cash | −7 | −2 | −67 | 2 | −16 |
Filings
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