Beneficient Enters into $9.6 Million GP Primary Capital Transaction
Beneficient (NASDAQ: BENF) has announced the closure of a $9.6 million primary capital commitment transaction with Pulse Pioneer Fund, LP, marking the company's first GP Primary transaction of the fiscal year. The fund received approximately $9.6 million in stated value of Resettable Convertible Preferred Stock, convertible into BENF Class A common stock.
The transaction is expected to increase the collateral for the Company's ExAlt loan portfolio by $9.6 million. Upon closing of the Public Stockholder Enhancement Transactions, this deal is anticipated to add approximately $1.28 million to the tangible book value attributable to stockholders, bringing the aggregate to approximately $10.46 million.
Through its GP Primary Commitment Program, Beneficient aims to address up to $330 billion of potential demand for primary commitments to meet fundraising needs. The company's market capitalization of Class A and Class B common stock as of April 4, 2025, stands at $2,728,000.
Beneficient (NASDAQ: BENF) ha annunciato la chiusura di una transazione di impegno di capitale primario di 9,6 milioni di dollari con Pulse Pioneer Fund, LP, segnando la prima transazione GP Primary dell'anno fiscale per l'azienda. Il fondo ha ricevuto circa 9,6 milioni di dollari in valore dichiarato di Azioni Preferenziali Convertibili Resettable, convertibili in azioni ordinarie di Classe A di BENF.
Si prevede che la transazione aumenti il collaterale per il portafoglio di prestiti ExAlt dell'azienda di 9,6 milioni di dollari. Al termine delle Transazioni di Miglioramento per Azionisti Pubblici, si prevede che questo accordo aggiunga circa 1,28 milioni di dollari al valore contabile tangibile attribuibile agli azionisti, portando il totale a circa 10,46 milioni di dollari.
Attraverso il suo Programma di Impegno Primario GP, Beneficient mira a soddisfare fino a 330 miliardi di dollari di domanda potenziale per impegni primari per soddisfare le esigenze di raccolta fondi. La capitalizzazione di mercato delle azioni ordinarie di Classe A e Classe B al 4 aprile 2025 è di 2.728.000 dollari.
Beneficient (NASDAQ: BENF) ha anunciado el cierre de una transacción de compromiso de capital primario de 9,6 millones de dólares con Pulse Pioneer Fund, LP, marcando la primera transacción GP Primary del año fiscal de la empresa. El fondo recibió aproximadamente 9,6 millones de dólares en valor declarado de Acciones Preferentes Convertibles Resettable, que son convertibles en acciones comunes Clase A de BENF.
Se espera que la transacción aumente el colateral para la cartera de préstamos ExAlt de la empresa en 9,6 millones de dólares. Al cierre de las Transacciones de Mejora para Accionistas Públicos, se anticipa que este acuerdo agregará aproximadamente 1,28 millones de dólares al valor contable tangible atribuible a los accionistas, elevando el total a aproximadamente 10,46 millones de dólares.
A través de su Programa de Compromiso Primario GP, Beneficient busca abordar hasta 330 mil millones de dólares de demanda potencial para compromisos primarios que satisfagan las necesidades de recaudación de fondos. La capitalización de mercado de las acciones comunes Clase A y Clase B al 4 de abril de 2025 es de 2.728.000 dólares.
Beneficient (NASDAQ: BENF)는 Pulse Pioneer Fund, LP와 960만 달러 규모의 주요 자본 약정 거래를 종료했다고 발표했으며, 이는 회사의 회계 연도 첫 GP Primary 거래를 의미합니다. 이 펀드는 BENF의 클래스 A 보통주로 전환 가능한 리셋 가능 전환 우선주로 약 960만 달러의 명목 가치를 받았습니다.
이번 거래는 회사의 ExAlt 대출 포트폴리오에 960만 달러의 담보를 증가시킬 것으로 예상됩니다. 공공 주주 개선 거래가 종료되면, 이 거래는 주주에게 귀속되는 유동 자산 장부 가치에 약 128만 달러를 추가할 것으로 예상되며, 총액은 약 1,046만 달러에 이를 것입니다.
Beneficient는 GP Primary Commitment Program을 통해 자금 조달 요구를 충족하기 위해 최대 3,300억 달러의 잠재적 수요를 해결하는 것을 목표로 하고 있습니다. 2025년 4월 4일 기준 클래스 A 및 클래스 B 보통주의 시장 가치는 2,728,000 달러입니다.
Beneficient (NASDAQ: BENF) a annoncé la clôture d'une transaction d'engagement de capital primaire de 9,6 millions de dollars avec le Pulse Pioneer Fund, LP, marquant la première transaction GP Primary de l'exercice fiscal de l'entreprise. Le fonds a reçu environ 9,6 millions de dollars en valeur déclarée d'actions préférentielles convertibles réinitialisables, convertibles en actions ordinaires de classe A de BENF.
La transaction devrait augmenter le collatéral pour le portefeuille de prêts ExAlt de l'entreprise de 9,6 millions de dollars. À la clôture des transactions d'amélioration des actionnaires publics, cet accord devrait ajouter environ 1,28 million de dollars à la valeur comptable tangible attribuable aux actionnaires, portant le total à environ 10,46 millions de dollars.
Grâce à son programme d'engagement primaire GP, Beneficient vise à répondre à une demande potentielle allant jusqu'à 330 milliards de dollars pour des engagements primaires afin de répondre aux besoins de collecte de fonds. La capitalisation boursière des actions ordinaires de classe A et B au 4 avril 2025 s'élève à 2 728 000 dollars.
Beneficient (NASDAQ: BENF) hat den Abschluss einer Transaktion über ein primäres Kapitalengagement in Höhe von 9,6 Millionen Dollar mit dem Pulse Pioneer Fund, LP, bekannt gegeben, was die erste GP Primary-Transaktion des Geschäftsjahres des Unternehmens markiert. Der Fonds erhielt etwa 9,6 Millionen Dollar im angegebenen Wert von rücksetzbaren wandelbaren Vorzugsaktien, die in gewöhnliche Aktien der Klasse A von BENF umgewandelt werden können.
Es wird erwartet, dass die Transaktion die Sicherheiten für das ExAlt-Darlehensportfolio des Unternehmens um 9,6 Millionen Dollar erhöht. Nach dem Abschluss der Transaktionen zur Verbesserung der öffentlichen Aktionäre wird erwartet, dass dieses Geschäft etwa 1,28 Millionen Dollar zum greifbaren Buchwert, der den Aktionären zuzurechnen ist, hinzufügt und den Gesamtwert auf etwa 10,46 Millionen Dollar erhöht.
Durch sein GP Primary Commitment-Programm zielt Beneficient darauf ab, bis zu 330 Milliarden Dollar an potenzieller Nachfrage nach primären Engagements zu decken, um den Fundraising-Bedarf zu decken. Die Marktkapitalisierung der Klasse A und Klasse B gewöhnlichen Aktien betrug am 4. April 2025 2.728.000 Dollar.
- Secured $9.6 million primary capital commitment, expanding ExAlt loan portfolio collateral
- Expected addition of $1.28 million to tangible book value post-transaction
- Targeting substantial market opportunity of $330 billion in primary commitments
- Low market capitalization of only $2.73 million as of April 4, 2025
- Current tangible book value attributable to public stockholders is $0 (pre-transaction)
Insights
Beneficient's $9.6 million GP Primary capital transaction represents a highly significant deal for this micro-cap company. With a current market cap of just
The transaction structure is particularly noteworthy - in exchange for Resettable Convertible Preferred Stock, Beneficient gains
The financial tables reveal a critical transformation: currently, the tangible book value attributable to public stockholders stands at zero, but with the Transactions and this GP Primary deal, it would rise to
This transaction demonstrates Beneficient's ability to execute on its alternative asset liquidity strategy while meaningfully enhancing shareholder value. Their approach of providing primary capital solutions to general partners addresses a substantial market opportunity, with management citing up to
While the convertible nature of the preferred stock creates potential dilution concerns, the immediate accretion to tangible book value and enhanced collateral position far outweigh these considerations for a company at this stage of development.
DALLAS, April 07, 2025 (GLOBE NEWSWIRE) -- Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform AltAccess, today announced it has closed on the financing of a
“Successfully completing another GP primary capital transaction reinforces our ability to execute on our core liquidity and primary capital strategy by delivering innovative financing solutions for alternative asset holders and managers,” said Beneficient management. “We believe this financing reflects our ability to drive shareholder value while supporting impactful, vertically integrated investment strategies that enhance the value of the collateral backing our ExAlt loan portfolio. We're excited to build on this momentum as we enter the new fiscal year and we continue to pursue additional opportunities that align with our strategic vision and growth objectives.”
Upon closing of the previously announced Public Stockholder Enhancement Transactions (the “Transactions”), the Company believes this transaction will result in the addition of approximately
Beneficient’s GP Primary Commitment Program is focused on providing primary capital solutions and financing anchor commitments to general partners during their fundraising efforts while immediately deploying capital into our equity. Through the program, Beneficient seeks to help satisfy the up to
Reconciliation of Non-GAAP Financial Measures | ||||||||||
The following tables reconciles these non-GAAP financial measures to the most comparable GAAP financial measures as of December 31, 2024, on an actual basis and pro forma assuming the Transactions occurred on December 31, 2024. | ||||||||||
(dollars in thousands) | Actual | Pro forma – Transactions (1) | Pro forma - Transactions and GP Primary (3) | |||||||
Tangible Book Value | ||||||||||
Total equity (deficit) | 14,260 | 14,260 | 23,680 | |||||||
Less: Goodwill and intangible assets | (13,014 | ) | (13,014 | ) | (13,014 | ) | ||||
Plus: Total temporary equity | 90,526 | 90,526 | 90,526 | |||||||
Tangible book value | 91, 772 | 91,772 | 101,372 | |||||||
Actual | Pro forma – Transactions (1) | Pro forma - Transactions and GP Primary (3) | ||||||||
Tangible book value attributable to Ben public company stockholders | ||||||||||
Tangible book value | 91,772 | 91,772 | 101,371 | |||||||
Less: Tangible book value attributable to Beneficient Holdings noncontrolling interest holders | (91,772 | ) | (82,595 | ) | (90,915 | ) | ||||
Tangible book value attributable to Ben’s public company stockholders | - | 9,177(2) | 10,457(4) | |||||||
Market Capitalization of Ben’s Class A and Class B common stock as of April 4, 2025 (5) | $ | 2,728 |
(1) | Assumes the Transactions closed on December 31, 2024 including that the Beneficient Holdings limited partnership agreement was amended to provide that Ben, as the indirect holder of the Class A Units and certain Designated Class S Ordinary Units of Beneficient Holdings, would receive in the event of a liquidation of Beneficient Holdings | |
(2) | Pro forma for the Transactions, represents | |
(3) | Assumes the Transactions closed on December 31, 2024 including that the Beneficient Holdings limited partnership agreement was amended to provide that Ben, as the indirect holder of the Class A Units and certain Designated Class S Ordinary Units of Beneficient Holdings, would receive in the event of a liquidation of Beneficient Holdings (i) | |
(4) | Pro forma for the Transactions, represents (i) | |
(5) | Based upon the closing price of the Class A common stock as reported by Nasdaq as of market close on April 4, 2025. | |
About Beneficient
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote® tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.
Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.
For more information, visit www.trustben.com or follow us on LinkedIn.
Contacts
Matt Kreps: 214-597-8200, mkreps@darrowir.com
Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
Investor Relations: investors@beneficient.com
Important Information and Where You Can Find It
This press release may be deemed to be solicitation material in respect of a vote of stockholders to approve an amendment to approve the issuance of the Company’s Class A common stock upon conversion of the Series B-6 Preferred Stock pursuant to the transaction. In connection with the requisite stockholder approval, Ben will file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement and a definitive proxy statement, which will be sent to the stockholders of Ben, seeking such approvals related to the transaction.
INVESTORS AND SECURITY HOLDERS OF BEN AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BEN AND THE TRANSACTION. Investors and security holders will be able to obtain a free copy of the proxy statement, as well as other relevant documents filed with the SEC containing information about Ben, without charge, at the SEC’s website (http://www.sec.gov). Copies of documents filed with the SEC by Ben can also be obtained, without charge, by directing a request to Investor Relations, Beneficient, 325 North St. Paul Street, Suite 4850, Dallas, Texas 75201, or email investors@beneficient.com.
Participants in the Solicitation of Proxies in Connection with Transaction
Ben and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the requisite stockholder approvals under the rules of the SEC. Information regarding Ben’s directors and executive officers is available in its annual report on Form 10-K for the fiscal year ended March 31, 2024, which was filed with the SEC on July 9, 2024 and certain current reports on Form 8-K filed by Ben. Other information regarding the participants in the solicitation of proxies with respect to the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.
Not an Offer of Securities
The information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. The securities that are the subject of the transaction have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Forward Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Transactions, including receipt of required approvals and satisfaction of other customary closing conditions and excepted timing of closing of the Transactions, and expectations of future plans, strategies, and benefits of the Transactions. The words ”anticipate,” "believe,” ”continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” ”plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.
Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the ultimate outcome of the transaction, including obtaining the requisite vote of securityholders; the Company’s ability to meet expectations regarding the timing and completion of the transaction; and the risks, uncertainties, and factors set forth under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and its subsequently filed Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
