Core Viewpoint - Beneficient is facing potential delisting from Nasdaq due to non-compliance with minimum bid price and delayed filing of its Annual Report, and plans to request a hearing to address these issues [1][2] Group 1: Company Compliance and Actions - The Company was notified by Nasdaq regarding its non-compliance with the minimum $1.00 bid price requirement and the delay in filing its Annual Report for the fiscal year ended March 31, 2025 [1] - Beneficient intends to request a hearing to present its compliance plan and seek an extension for meeting Nasdaq's listing criteria [2] - The Company is taking steps to demonstrate compliance with applicable listing criteria as soon as possible, although there is no guarantee that the request for continued listing will be granted [2] Group 2: Company Overview - Beneficient operates a technology-enabled platform aimed at providing exit opportunities and capital solutions for holders of alternative assets through its online platform AltAccess [1][3] - The Company targets mid-to-high net worth individuals, small-to-midsized institutions, and General Partners, offering tools like AltQuote for potential exit options [3] - Beneficient's subsidiary, Beneficient Fiduciary Financial, L.L.C., is regulated under the Kansas TEFFI Act [4]

Core Points - Beneficient has received approval from the Bankruptcy Court for the Southern District of Texas for a settlement agreement related to the GWG Litigation, which resolves all claims against the company and its affiliates [1][2] - The settlement is final, subject to a 14-day appeal period, and does not involve any admission of fault or liability by Beneficient or its directors [2] - The company aims to refocus on its business strategy and shareholder value following the settlement approval [3] Company Overview - Beneficient operates a technology-enabled platform that provides exit opportunities and primary capital solutions for holders of alternative assets through its online platform, AltAccess [1][5] - The company targets mid-to-high net worth individuals, small-to-midsized institutions, and General Partners, offering tools like AltQuote™ for quick access to exit options [5] - Beneficient Fiduciary Financial, a subsidiary, has received its charter under Kansas' Technology-Enabled Fiduciary Financial Institution Act, indicating regulatory oversight [6]

Core Viewpoint - Beneficient has adjourned its Annual Meeting of Stockholders to allow more time for stockholders to vote, as there was not a sufficient number of shares present to constitute a quorum [1][2]. Group 1: Meeting Details - The Annual Meeting has been rescheduled to reconvene on May 29, 2025, at 2:00 p.m. Central Daylight Time and will be held virtually [3]. - During the adjournment, the Company will continue to solicit proxies from stockholders regarding the proposals in the proxy statement [4]. - Stockholders who have not yet voted are encouraged to do so before May 28, 2025, at 11:59 p.m. Central time, using various voting methods [5]. Group 2: Company Overview - Beneficient is a technology-enabled platform aimed at democratizing the global alternative asset investment market, providing solutions for mid-to-high net worth individuals and small-to-midsized institutions [6]. - The Company’s AltQuote™ tool offers customers a range of potential exit options quickly, while the AltAccess® portal allows secure exploration of opportunities [6]. - Beneficient Fiduciary Financial, L.L.C., a subsidiary of the Company, operates under the Technology-Enabled Fiduciary Financial Institution Act in Kansas and is subject to regulatory oversight [7]. Group 3: Proxy Information - The Company has filed a definitive proxy statement with the U.S. Securities and Exchange Commission (SEC) for the Annual Meeting [8]. - Information regarding the Company’s directors, executive officers, and their interests is included in the definitive proxy statement filed with the SEC on March 21, 2025 [8].

Financial Data and Key Metrics Changes - The company reported GAAP net income of approximately $10.6 million for Q3 2024, with diluted net income per share of $0.04 [5] - Distributable earnings were $28.2 million or $0.15 per share after tax, with a dividend of $0.10 per share declared [5][28] - Fee-related revenue increased by 3% from the previous quarter to $82.5 million, driven by inflows into workforce and affordable housing [25][26] Business Line Data and Key Metrics Changes - The company acquired $349 million in multifamily and workforce assets and $966 million in debt strategies during Q3 2024 [9][18] - The debt strategies vertical had its largest lending quarter in over two years, originating 15 loans totaling over $720 million [17] - Multifamily investments year-to-date totaled $784 million, with unlevered IRRs 23% better than pre-pandemic levels [19] Market Data and Key Metrics Changes - Real estate values have decreased by an average of 19% since the 2021 peak, but signs of stabilization are emerging [8][16] - The commercial property price index showed a 3% increase in 2024, indicating a potential recovery in real estate prices [16] - Absorption in multifamily exceeded deliveries, with 193,000 units absorbed compared to 163,000 delivered in Q3 [20][85] Company Strategy and Development Direction - The company plans to capitalize on investment opportunities in a buyer's market, focusing on sectors with secular tailwinds [8][9] - Investments in logistics and distribution capabilities are expected to drive future growth, with a focus on expanding institutional coverage [12][13] - The company is positioning itself for a cyclical recovery by reinvesting in its platform and expanding its investment strategies [28][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the commercial real estate market, citing pent-up demand for transactions and improving debt markets [16][40] - The company anticipates significant improvements in valuation and transaction volumes in the coming quarters [17][19] - Management highlighted the importance of maintaining team morale and investing in talent to support future growth [67][72] Other Important Information - The company has opened an office in Dubai to enhance its Middle Eastern investor base and is expanding its presence in Europe and Asia [13] - The logistics value-add strategy has seen significant investment, with a strong team and local offices established in key markets [11][12] - The company expects to see a stabilization of reserve income to more normalized positive levels in the upcoming quarters [29] Q&A Session Summary Question: Outlook on real estate market recovery and fundraising - Management noted that while transaction flow may slow due to rate changes, there is significant pent-up demand for transactions and a loan maturity wall that will force activity [37][39] Question: Expected improvement in fundraising for Q4 - Management indicated that logistics and other strategies are expected to contribute positively to fundraising, with a potential increase in contributions from existing funds [64][65] Question: Impact of institutional inflows on transaction revenues - Management acknowledged that inflows from institutional investors typically result in lower management fee rates, affecting the overall revenue mix [92][93] Question: Trends in rent and NOI growth across sectors - Management reported a 3.3% quarter-over-quarter rent growth in multifamily workforce housing, with strong absorption rates expected to continue into 2025 [84][86]