Beneficient-A SEC Filings

Beneficient (BENF) describes a technology-enabled fiduciary business built around its AltAccess platform to provide liquidity and primary capital for alternative assets. The company reports historical transaction activity of approximately $1.2 billion and states that Ben Liquidity's loan portfolio had a carrying value of $244.0 million with ExAlt Loan Collateral valued at $291.4 million (NAV $259.1 million) as of March 31, 2025. ExAlt Loans have earned stated interest of about $427.7 million through that date.

The filing discloses material operational and financial risks: a net loss of $0.8 million for fiscal 2025 and an accumulated deficit of $2.0 billion; approximately $117.9 million of debt outstanding as of March 31, 2025; identified material weakness in internal control over financial reporting; notice of Nasdaq noncompliance; HCLP has alleged events of default and sought collateral; and ongoing litigation involving the founder and related parties. The company also outlines growth initiatives including an ExchangeTrust Product Plan targeting up to $5 billion of fiduciary financings and automation of ~77% of transaction steps via AltAccess.

Hatteras Investment Partners, LP reports beneficial ownership of 562,749 shares of Beneficient Class A common stock, representing approximately 6.7% of the class. The filing states Hatteras is a Delaware limited partnership acting as an investment adviser with sole voting and dispositive power over these shares, which are held for one or more advisory clients. The filing notes that Hatteras Master Fund, LP has an interest equal to 5.6% of the class. Hatteras disclaims direct beneficial ownership except to the extent of any pecuniary interest and confirms the securities are held in the ordinary course of business and not to influence control of the issuer.

Form 3 Highlights

Interim CEO James G. Silk filed his initial statement of beneficial ownership for Beneficient (BENF) as of 20 Jul 2025.

• Direct ownership: 2,397 Class A shares. This total includes 282 shares issuable from 225 REUs (2018 plan) and 1,204 shares from 1,204 RSUs (2023 plan). Remaining tranches vest through 1 Apr 2026 and 1 Sep 2027.
• Derivative interests: 1,362 BCH Class S units linked to Preferred A-0 accounts and 5,449 Class S units linked to Preferred A-1 accounts. Both series are convertible 1-for-1 into BENF Class A shares; conversions are subject to price floors of at least $840 and, for A-1 units, a 20% annual cap until 2029 unless price triggers lift the limit.
• All derivative units are currently convertible and have no stated expiration. Exchange requires 61-day notice and trading-window compliance.

No purchases or sales were reported; the filing solely discloses existing holdings. Operational, financial and capital structure impacts are immaterial in the near term, but the disclosure underscores incentive alignment between management and shareholders.

Beneficient (BENF) Form 4 shows Global Head of Organizations & Distribution Jeff Welday acquired 30,687 Class A shares on 21 Jul 2025 through an immediately-vesting restricted stock unit (RSU) grant made under the 2023 Equity Incentive Plan. The shares were issued at $0 cost and coded “A” (acquisition), indicating they were awarded, not purchased on the open market.

Following the settlement, Welday’s direct beneficial ownership rises to 172,394 shares. This total includes prior equity awards: 61,592 RSUs granted 14 Jan 2025, 28,320 RSUs granted 15 Jul 2023, multiple REU awards from 2018-2022, and a 1,670-share RSU grant dated 16 Jan 2025. No derivative securities or sales were reported.

The filing reflects routine executive compensation and signals increased insider alignment but only modest dilution to existing shareholders. Because no open-market buying or selling occurred, immediate trading impact is expected to be minimal.