Ben(US:BENF)2024-07-09 14:05Financial Data and Key Metrics Changes - In Q4 2024, Beneficient reported $10.6 million in base interest revenue, a decrease of 5.6% from the previous quarter, attributed to a lower carrying value of loans receivable due to higher allowances for credit losses [18] - For the full year, total revenue was $46.9 million, down 7.6% compared to the prior year, also due to lower carrying value of loans receivable [18] - The operating loss for Q4 was $29.4 million, significantly improved from an operating loss of $606.4 million in the prior quarter, which included a large non-cash goodwill impairment charge [18] - The full-year operating loss was $1.8 billion, compared to a loss of $46.5 million in the previous year, primarily driven by a non-cash goodwill impairment of $1.7 billion [19] Business Line Data and Key Metrics Changes - Ben Liquidity generated $10.6 million in interest revenue for Q4, while Ben Custody revenues were $5.6 million for the same period, down from $5.9 million in the previous quarter [18][20] - For the full year, Ben Custody revenues were $24.5 million, a decrease of 15.5% compared to the prior year, due to lower NAV of alternative assets [20] Market Data and Key Metrics Changes - The NAV of alternative assets held was $381.2 million as of March 31, 2024, down from $491.9 million a year earlier, primarily due to unrealized losses [19] - The unmet demand for liquidity in the targeted market is estimated to exceed $61 billion annually, potentially growing to over $100 billion in the next five years [8] Company Strategy and Development Direction - The company aims to grow through liquidity and primary capital fiduciary solutions, leveraging its Fintech platform to complete transactions in as little as 15 days [5][6] - The launch of the ExchangeTrust product plan aims to complete up to $5 billion of fiduciary financings, enhancing market adoption of fiduciary products [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about scaling the business and introducing innovative products to disrupt the alternative investment industry [15] - The company is focused on addressing the $167 billion demand for liquidity from mid-high net worth investors and small-to-medium sized institutions [10] Other Important Information - A federal judge ruled against a motion to dismiss Beneficient's defamation lawsuit against a Wall Street Journal reporter, indicating the article contained inaccuracies [16] - The SEC has terminated its investigation into the company, indicating no enforcement action will be recommended [16] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.