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Beneficient (BENF-5.91%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total assets of $368.8 million, with investments at fair value amounting to $334.9 million. The company reported cash and cash equivalents of $4.5 million.
The filing reports a net income of $12.9 million attributable to Beneficient common shareholders for the quarter. The net income was primarily driven by a gain on liability resolution of $23.5 million.
Operating income for the quarter was reported at a loss of $13.7 million. The company recognized a goodwill impairment charge of $0.3 million during the quarter.
The filing details a significant transaction involving a Credit and Guaranty Agreement with HH-BDH LLC, providing a term loan of $25.0 million, which was fully drawn upon closing.
The company disclosed a Standby Equity Purchase Agreement with YA II PN, Ltd. (Yorkville), allowing Beneficient to sell up to $250.0 million of its Class A common stock.
The filing highlights risks including the company's limited operating history, potential delisting from Nasdaq, and substantial fluctuations in the market price of its Class A common stock.
The company continues to focus on providing liquidity solutions and trust administration services to participants in the alternative assets industry through its subsidiaries.
Beneficient's liquidity and going concern status remain a focus, with plans to potentially raise additional capital through debt or equity issuance to meet obligations and fund operations over the next twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Beneficient quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.