Core Insights - Beneficient reported its financial results for the fiscal year 2024, highlighting a focus on expanding its product offerings and improving its financial position [1][2][3] Financial Performance - The company reported investments with a fair value of $329.1 million as of March 31, 2024, down from $491.9 million at the end of the previous fiscal year, which served as collateral for a net loan portfolio of $256.2 million [5][20] - Operating expenses for the fourth quarter of 2024 were $151.9 million, which included a non-cash goodwill impairment of $68.1 million and a recognized loss contingency of $55.0 million [5][16] - The adjusted operating loss for the fiscal year 2024 was $41.2 million, compared to an adjusted operating income of $9.7 million in the prior year [17] Business Segments - The Ben Liquidity segment recognized $10.6 million of interest income for the fourth quarter, down 5.6% from the previous quarter, primarily due to lower carrying value of loan receivables [13][16] - Ben Custody revenues were $5.6 million for the fourth fiscal quarter, compared to $5.9 million for the previous quarter, reflecting a decrease due to lower net asset value of alternative assets held in custody [15][18] Product and Service Expansion - The company plans to significantly expand its Preferred Liquidity Provider Program, which now includes 20 participating funds with approximately $1.5 billion in committed capital [3][4] - Increased interest has been noted for the newly launched Primary Commitment Program, which assists General Partners with fundraising objectives [4][7] Legal and Regulatory Updates - On July 1, 2024, the SEC concluded its investigation related to the company and key leadership members, advising that no enforcement action would be recommended [19] - A federal judge ruled against a motion to dismiss Beneficient's defamation lawsuit against the Wall Street Journal, indicating the article contained factual errors [19] Capital and Liquidity - As of March 31, 2024, the company had cash and cash equivalents of $7.9 million and total debt of $120.5 million [20] - Distributions received from alternative assets totaled $46.3 million for the year ended March 31, 2024, down from $85.0 million in the prior year [20]

As a result, the Company requires additional time to update its Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (the "Annual Report") and complete its procedures related to the updated information prior to filing the Annual Report. Additionally, the Company's earnings webcast and earnings release for its fourth quarter and Fiscal 2024 previously scheduled for July 2, 2024 at 8:30 a.m. Eastern Daylight Time has been postponed. The Company will make an announcement to provide the date and ...

For more information, visit www.trustben.com or follow us on LinkedIn. DALLAS, July 02, 2024 (GLOBE NEWSWIRE) -- Beneficient (NASDAQ: BENF) ("Ben" or the "Company"), a technology-enabled financial services holding company that provides liquidity, primary capital and related trust and custody services to holders of alternative asset, announced today the Securities and Exchange Commission (the "SEC") has issued termination letters to the Company and its founder, Chairman and Chief Executive Officer, Mr. Brad ...

Core Viewpoint - Beneficient (NASDAQ:BENF) is set to release its Fourth Quarter and Full Year Fiscal 2024 financial results on July 2, 2024, before market open, followed by a webcast presentation at 8:30 am Eastern Daylight Time [1]. Company Overview - Beneficient aims to democratize the global alternative asset investment market by providing exit solutions for mid-to-high net worth individuals and small-to-midsized institutions [5]. - The company offers a proprietary online platform, AltAccess, which allows users to digitize their alternative assets and explore early exit opportunities [5]. - Beneficient's AltQuote™ tool provides customers with a range of potential exit opportunities within minutes [5]. - The subsidiary, Beneficient Fiduciary Financial, L.L.C., operates under the Kansas Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is regulated by the Office of the State Bank Commissioner [5].

DALLAS, May 03, 2024 (GLOBE NEWSWIRE) -- Beneficient (the "Company") (NASDAQ:BENF), a technology-enabled platform providing liquidity and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, today announced that it has received notice from The Nasdaq Stock Market LLC ("Nasdaq") that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The notice confirmed that the Company's securities will c ...

DALLAS, April 22, 2024 (GLOBE NEWSWIRE) -- Beneficient (NASDAQ:BENF), a technology-enabled platform providing liquidity, primary capital, and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, issued the following statement in response to a complaint filed on April 19, 2024 by the trustee of the GWG Litigation Trust ("Litigation Trustee"): Beneficient is disappointed but not surprised that the Litigation Trustee has decided to file suit ag ...

DALLAS, April 16, 2024 (GLOBE NEWSWIRE) -- Beneficient (NASDAQ:BENF), a technology-enabled platform providing liquidity and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, today announced a 1-for-80 reverse stock split (the "Reverse Stock Split") of its Class A common stock, par value $0.001 per share (the "Class A Common Stock"), and its Class B common stock, par value $0.001 per share ("Class B Common Stock" and together with the Clas ...

DALLAS, April 15, 2024 (GLOBE NEWSWIRE) -- Beneficient (NASDAQ:BENF) (together with its affiliates, "Ben" or the "Company"), a technology-enabled platform focused on providing liquidity and related trust and custody services to holders of alternative assets through its proprietary online portal, AltAccess, today announced that it will present at the Planet MicroCap Showcase: VEGAS 2024 on Wednesday, May 1, 2024 at 2:00 p.m. Pacific Daylight Time.  At the showcase, Beneficient executives will present in-dept ...

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