Core Insights - Beneficient reported financial results for the first quarter of fiscal 2026, indicating progress in strengthening its financial and operational foundation [2][3]. Financial Performance - The company reported GAAP revenues of $(12.6) million for the first quarter of fiscal 2026, a significant improvement from $(30.9) million in the previous quarter, reflecting a 59.2% change [17]. - Operating expenses were $80.0 million, which included a recognized loss contingency accrual of $62.8 million, compared to $(34.3) million in the same quarter of the previous year [7]. - The adjusted operating income (loss) for the first quarter was $(25.4) million, an improvement of 40.8% from $(42.9) million in the previous quarter [17]. Loan Portfolio and Asset Management - As of June 30, 2025, Beneficient's loan portfolio was supported by a diversified alternative asset collateral portfolio, which included approximately 200 private market funds and 590 investments across various asset classes [6][9]. - The fair value of reported investments decreased to $263.8 million from $291.4 million at the end of the prior fiscal year, serving as collateral for a net loan portfolio of $230.7 million [7][22]. Business Segments - The Ben Liquidity segment generated revenues of $8.8 million, a 4.5% increase from the previous quarter, while the Ben Custody segment's revenues decreased by 22.5% to $4.2 million [24][27]. - The total segment revenues attributable to Ben's equity holders were $13.1 million, down 8.4% from the previous quarter [24]. Capital and Liquidity - The company had cash and cash equivalents of $7.6 million and total debt of $108.4 million as of June 30, 2025 [18]. - Beneficient completed asset sales resulting in gross proceeds of $38.1 million, which were used to pay down certain debt and provide working capital [7]. Compliance and Governance - Beneficient has brought itself current on SEC filings, demonstrating compliance with Nasdaq's reporting requirements [7]. - The Board Chairman and interim CEO converted $52.6 million of preferred holdings into shares of the company's common stock as part of compliance efforts with Nasdaq [7].

Core Insights - Beneficient has undergone a transformative year, significantly reducing operating costs, launching new products, and improving its financial position, positioning itself to capitalize on adjacent market growth opportunities [1][2]. Financial Performance - For the fourth quarter of fiscal 2025, Beneficient reported investments with a fair value of $291.4 million, down from $329.1 million at the end of the previous fiscal year [3]. - Operating expenses decreased by 91% to $14.3 million in Q4 2025 compared to $151.9 million in Q4 2024, which included a non-cash goodwill impairment of $68.1 million [3]. - For the fiscal year 2025, operating expenses were $16.2 million, a significant drop from $2.5 billion in fiscal 2024, which was impacted by a non-cash goodwill impairment of $2.4 billion [3]. - The company achieved an operating loss of $12.8 million for the year ended March 31, 2025, an improvement from an operating loss of $1.8 billion in the same period in 2024 [15]. Business Segments - Ben Liquidity recognized $8.5 million of interest income for Q4 2025, down 25.1% from the previous quarter, primarily due to a higher percentage of loans being placed on nonaccrual status [15]. - Ben Custody revenues were $21.6 million for the year ended March 31, 2025, a decrease of 12.1% compared to the prior year, mainly due to lower net asset values of alternative assets [14]. - The net asset value of alternative assets held in custody decreased to $338.2 million as of March 31, 2025, from $381.2 million a year earlier [15]. Strategic Developments - The company completed three additional Primary Capital transactions totaling an initial value of $11.8 million after March 31, 2025, as part of its ExchangeTrust Product Plan [3]. - Beneficient announced the approval of a settlement to resolve claims related to GWG Holdings, Inc., which is subject to final court approval [3]. - The company appointed Thomas O. Hicks as Chairman of the Board and James G. Silk as interim CEO on July 21, 2025 [3]. Market Positioning - Beneficient aims to democratize the global alternative asset investment market by providing solutions to mid-to-high net worth individuals and small-to-midsized institutions [39]. - The company’s proprietary online platform, AltAccess, facilitates exit opportunities and primary capital solutions for holders of alternative assets [1][39].

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].

Core Viewpoint - Beneficient is urging stockholders to vote on proxy proposals ahead of the Annual Meeting scheduled for April 30, 2025, emphasizing the importance of participation to meet quorum requirements [1][4]. Company Overview - Beneficient (NASDAQ: BENF) is a technology-enabled platform that provides exit opportunities, primary capital solutions, and related trust and custody services for holders of alternative assets through its online platform, AltAccess [1][5]. - The company aims to democratize the global alternative asset investment market, targeting mid-to-high net worth individuals, small-to-midsized institutions, and General Partners seeking exit options and value-added services [5]. Voting Information - Stockholders are encouraged to vote by April 29, 2025, through various methods including online, telephone, or by mailing a proxy card [2]. - The Annual Meeting will be held virtually, and stockholders who have already voted do not need to take further action unless they wish to change their vote [3][2]. Regulatory Compliance - Beneficient Fiduciary Financial, L.L.C., a subsidiary of the company, has received its charter under the State of Kansas' Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight [6]. Proxy Statement Information - The company has filed a definitive proxy statement with the U.S. Securities and Exchange Commission (SEC) regarding the solicitation of proxies for the Annual Meeting [7]. - Stockholders are encouraged to read all relevant documents filed with the SEC before making any voting decisions, as they contain important information [7].

Company Overview - Beneficient (NASDAQ: BENF) is a technology-enabled platform that provides exit opportunities and primary capital solutions, along with trust and custody services for holders of alternative assets through its online platform, AltAccess [1][6] - The company aims to democratize the global alternative asset investment market, targeting mid-to-high net worth individuals, small-to-midsized institutions, and General Partners seeking exit options and value-added services [6] Annual Meeting Details - The Annual Meeting of Stockholders was adjourned due to insufficient shares present to constitute a quorum, allowing more time for stockholders to vote [2] - The meeting is rescheduled to reconvene on April 16, 2025, at 9:00 a.m. Central 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] Voting Information - Stockholders are encouraged to vote before April 15, 2025, at 11:59 p.m. Central time, with options to vote via internet, telephone, or by returning a proxy card [5] - Proxies previously submitted will be voted at the reconvened meeting unless revoked, and stockholders who have already voted need not take further action unless they wish to change their vote [4] Regulatory Information - Beneficient Fiduciary Financial, L.L.C., a subsidiary of the company, received its charter under the State of Kansas' Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight [7] Proxy Statement - The company has filed a definitive proxy statement with the U.S. Securities and Exchange Commission (SEC) for the Annual Meeting, which includes important information for stockholders [8]