---
schema_version: "secwatch.filing_event.v1"
accession: "0001775734-25-000020"
form_type: "8-K"
ticker: "BENF"
cik: "0001775734"
company_name: "Beneficient"
filed_at: "2025-09-29T23:59:59+00:00"
generated_at: "2026-05-17T05:25:39.646867+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Beneficient reports fiscal 2025 Q4 negative revenue $31.0M, operating loss $45.3M

## Summary
- Q4 GAAP revenue negative $31.0M, adjusted operating loss $42.9M; basic EPS $8.51, diluted $0.06.
- Operating expenses fell 91% to $14.3M in Q4 vs $151.9M prior year, driven by non-cash items.
- Loan portfolio net $244.1M at March 31, 2025, down from $256.2M; cash $1.3M, debt $117.9M.
- Post-year-end: Thomas O. Hicks appointed Chairman, James G. Silk interim CEO (July 21, 2025).
- GWG lawsuit settlement approved by bankruptcy court; investigating validity of HCLP credit agreements.

## SEC filing metadata
- accession: 0001775734-25-000020
- form_type: 8-K
- ticker: BENF
- cik: 0001775734
- company_name: Beneficient
- filed_at: 2025-09-29T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1775734/000177573425000020/0001775734-25-000020-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1775734/000177573425000020/ben-20250929.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001775734-25-000020
- JSON: https://secwatch.observer/filing/0001775734-25-000020.json
- Plain text: https://secwatch.observer/filing/0001775734-25-000020.txt

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