Beneficient
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Beneficient (BENF) investor relations material

Beneficient Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary17 Feb, 2026

Executive summary

  • Significant management changes included the resignation of the former CEO amid allegations, appointment of a new chairman, and stabilization efforts following leadership transition.

  • Regained full compliance with Nasdaq listing requirements after reverse stock splits and completion of audits and filings.

  • Resolved GWG Holdings litigation within insurance limits, with no payment by the company, and are pursuing further legal actions related to the former CEO.

  • Ongoing legal and regulatory matters, including a $62.8 million arbitration award and related party litigation, have materially impacted financial results and liquidity.

  • Focused on cost management, operational efficiency, and strengthening the balance sheet through asset sales and debt reduction.

Financial highlights

  • GAAP revenues for the quarter were $18.7 million, up from $4.4 million in the prior year quarter, driven by a $44.1 million gain on a derivative asset, offset by a $25.4 million investment loss.

  • Net income attributable to common shareholders was $19.9 million for the quarter, compared to a net loss of $8.6 million in the prior year quarter.

  • Operating loss for the quarter was $29.2 million, mainly due to higher credit losses and lower asset sale prices.

  • Cash and cash equivalents stood at $7.9 million, with total debt of $100.3 million as of December 31, 2025.

  • Investments at fair value were $205.8 million as of December 31, 2025, down from $291 million at the prior fiscal year end.

Outlook and guidance

  • Management expects continued liquidity constraints and will require additional capital to meet obligations over the next 12 months.

  • Focus remains on executing transactions to demonstrate the business model's validity, with more deal activity expected after spring 2026.

  • Near-term priorities include resolving outstanding legal matters, simplifying deal structures, and further cost reductions.

  • Anticipates further expense reductions and capital structure simplification to deliver long-term shareholder value.

  • The company aims to focus on driving growth and enhancing the value of its liquidity solutions following recent milestones.

Former CEO debt litigation strategy
Update on core liquidity platform growth
Future OpEx cuts and capital structure plans
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Frequently asked questions

Beneficient is a technology-enabled financial services company that offers liquidity solutions and related fiduciary, custody, and trust administrative services primarily for participants in the alternative asset industry in the United States. The company operates through several segments, including Ben Liquidity, Ben Custody, and Customer ExAlt Trusts. It provides products and services like alternative asset liquidity, fiduciary financing, custody, trust administration, and broker-dealer services, facilitated by its secure online platform, Ben AltAccess. Beneficient serves a variety of clients, including individual and institutional investors, wealth advisors, and general partners. The company is headquartered in Dallas, Texas, and its shares are listed on the NASDAQ.

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