---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-006210"
form_type: "8-K"
ticker: "BENF"
cik: "0001775734"
company_name: "Beneficient"
filed_at: "2025-02-13T23:59:59+00:00"
generated_at: "2026-05-26T22:22:43.238934+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Beneficient Q3 revenues $4.4M; permanent equity positive $14.3M; proposes BCH restructuring and Mercantile Bank buy

## Summary
- Q3 revenues $4.4M, up from $(10.2)M prior year; operating expenses (ex-gw impairment) down 38% to $13.9M.
- Permanent equity turned positive $14.3M from deficit $148.3M via redesignation of $160.5M temporary equity.
- Proposed BCH restructuring adds $9.2M tangible book value to public stockholders; pro forma shares 8.4M.
- Agreement to acquire Mercantile Bank for $1.5M to expand digital asset and custody services.
- Closed first primary capital transaction of $1.4M on Dec 31, 2024.

## SEC filing metadata
- accession: 0001493152-25-006210
- form_type: 8-K
- ticker: BENF
- cik: 0001775734
- company_name: Beneficient
- filed_at: 2025-02-13T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1775734/000149315225006210/0001493152-25-006210-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1775734/000149315225006210/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-006210
- JSON: https://secwatch.observer/filing/0001493152-25-006210.json
- Plain text: https://secwatch.observer/filing/0001493152-25-006210.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.