Beneficient (BENF) investor relations material

Executive summary

• Report covers the quarter ended June 30, 2026, for a technology-enabled financial services company focused on liquidity solutions and trust services for alternative asset investors.

• Operations are primarily through Ben Liquidity and Ben Custody, with plans to expand into insurance and additional broker-dealer services.

• Entered first collateral management services engagement with a Texas state-chartered bank, expected to generate recurring annual fee revenue.

• Closed over $16 million in new primary capital commitments, strengthening collateral for loan portfolio.

• The company is facing significant liquidity challenges, ongoing legal proceedings, and substantial doubt about its ability to continue as a going concern.

Financial highlights

• Total assets increased to $250.9 million as of June 30, 2026, from $238.8 million at March 31, 2026.

• Investments at fair value increased to $212.5 million as of June 30, 2026, up 8.7% from March 31, 2026.

• Net loss attributable to common shareholders was $6.8 million for the quarter, compared to a net loss of $65.1 million in the prior year period.

• Investment income (net) was $15.9 million, a significant improvement from a loss of $12.8 million in the prior year quarter, driven by upward NAV adjustments and asset sales.

• Operating expenses dropped 84.3% year-over-year to $12.5 million, including a $1.8 million loss contingency accrual.

Outlook and guidance

• Management expects the need for additional capital to fund operations and meet obligations over the next 12 months, likely through further debt or equity issuance and asset monetization.

• Substantial doubt remains about the company's ability to continue as a going concern due to liquidity constraints, debt maturities, and a large arbitration award.

• Management expects continued growth in collateral management services and recurring fee revenue.

• Focus remains on expanding the alternative asset-backed financing business and scaling operations.

• The company is actively pursuing asset sales and evaluating settlement options for the arbitration award.