---
schema_version: "secwatch.filing_event.v1"
accession: "0001775734-25-000050"
form_type: "8-K"
ticker: "BENF"
cik: "0001775734"
company_name: "Beneficient"
filed_at: "2025-11-14T23:59:59+00:00"
generated_at: "2026-05-16T19:54:01.473360+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Beneficient Q2 GAAP revenue $(2.8M), operating loss $(17.9M); insiders convert $52.6M preferred

## Summary
- GAAP revenue negative $(2.8M) vs positive $8.6M in prior year; diluted EPS $(0.37) vs $0.03.
- Operating expenses (ex-special items) down 38.8% to $13.4M, reflecting cost discipline.
- Insider conversion: Chairman and interim CEO converted $52.6M of BCH Preferred to common stock.
- Regained Nasdaq compliance for periodic filing and market value of listed securities.
- Loan portfolio net $223M backed by $244M investments; cash $4.9M, debt $104M.

## SEC filing metadata
- accession: 0001775734-25-000050
- form_type: 8-K
- ticker: BENF
- cik: 0001775734
- company_name: Beneficient
- filed_at: 2025-11-14T23:59:59+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/1775734/000177573425000050/0001775734-25-000050-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1775734/000177573425000050/ben-20251114.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001775734-25-000050
- JSON: https://secwatch.observer/filing/0001775734-25-000050.json
- Plain text: https://secwatch.observer/filing/0001775734-25-000050.txt

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