[D] Beneficient SEC Filing

Rhea-AI Filing Summary

Dillard’s, Inc. (DDS) Form 4 filing dated 07/02/2025 discloses a modest open-market purchase by long-time insider Drue Matheny, Executive Vice President and Director. On 06/30/2025 Matheny acquired 19 Class A common shares at $413.32 each, increasing her direct holding to 403,904 shares. She also continues to hold 36,648 shares through the company retirement plan and 9,821 shares indirectly (7,300 as trustee of the GST Trust and 2,521 held by her spouse). No derivative transactions were reported.

The purchase represents less than 0.005% of her direct ownership and is immaterial to DDS’s 17 million share float, yet any insider buying—particularly by a senior executive—may be interpreted as a confidence signal. There were no sales, option exercises, or 10b5-1 plan indications, and the filing confirms her continuing status as both officer and director.

Positive

• Open-market insider purchase signals potential management confidence in DDS shares.
• Executive retains a large equity stake (>400k shares), aligning interests with shareholders.

Negative

• Purchase size is immaterial (~$7.9k), limiting informational value.
• No additional context on strategic initiatives or financial performance accompanies the filing.

Insights

Securities Analyst

TL;DR: Tiny insider buy; sentimentally positive but financially immaterial.

The 19-share purchase (~$7.9k) is negligible versus Matheny’s >400k direct shares and DDS’s $7 bn market cap. However, the direction of trade is noteworthy: insiders at DDS have historically been net sellers, so any purchase—however small—may bolster market perception of management confidence amid volatile retail conditions. With no concurrent option grants or planned sales, the filing has symbolic but limited valuation impact.

Corporate Governance Expert

TL;DR: Governance-neutral; reaffirms insider alignment through continued equity stake.

Matheny already holds a substantial 2.4% insider stake; the incremental purchase aligns incentives but does not materially alter ownership structure. Absence of 10b5-1 designation suggests discretionary buying, which markets often view more favorably. No red flags arise, and the filing maintains transparency requirements.

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities

OMB APPROVAL

OMB Number:			3235-0076
Estimated average burden
hours per response:			4.00

1. Issuer's Identity

CIK (Filer ID Number)

Previous Names

None

Entity Type

0001775734

Beneficient Co Group, L.P.

The Beneficient Company Group, L.P.

X	Corporation
	Limited Partnership
	Limited Liability Company
	General Partnership
	Business Trust
	Other (Specify)

Name of Issuer

Beneficient

Jurisdiction of Incorporation/Organization

NEVADA

Year of Incorporation/Organization

	Over Five Years Ago
X	Within Last Five Years (Specify Year)	2023
	Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
Beneficient
Street Address 1		Street Address 2
325 N. SAINT PAUL ST.		SUITE 4850
City	State/Province/Country	ZIP/PostalCode	Phone Number of Issuer
DALLAS	TEXAS	75201	214-445-5705

3. Related Persons

Last Name	First Name	Middle Name
Ezell	Greg
Street Address 1	Street Address 2
325 N. Saint Paul St.	Suite 4850
City	State/Province/Country	ZIP/PostalCode
Dallas	TEXAS	75201

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Chief Financial Officer

Last Name	First Name	Middle Name
Cangany, Jr.	Peter	T.
Street Address 1	Street Address 2
325 N. Saint Paul St.	Suite 4850
City	State/Province/Country	ZIP/PostalCode
Dallas	TEXAS	75201

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Schnitzer	Bruce
Street Address 1	Street Address 2
325 N. Saint Paul St.	Suite 4850
City	State/Province/Country	ZIP/PostalCode
Dallas	TEXAS	75201

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Fletcher	Derek
Street Address 1	Street Address 2
325 N. Saint Paul St.	Suite 4850
City	State/Province/Country	ZIP/PostalCode
Dallas	TEXAS	75201

Relationship: X Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Chief Fiduciary Officer, Director

Last Name	First Name	Middle Name
Welday	Jeff
Street Address 1	Street Address 2
325 N. Saint Paul St.	Suite 4850
City	State/Province/Country	ZIP/PostalCode
Dallas	TEXAS	75201

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Global Head of Originations & Distribution

Last Name	First Name	Middle Name
Wendel	Karen
Street Address 1	Street Address 2
325 N. Saint Paul St.	Suite 4850
City	State/Province/Country	ZIP/PostalCode
Dallas	TEXAS	75201

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Wilson	Scott
Street Address 1	Street Address 2
325 N. Saint Paul St.	Suite 4850
City	State/Province/Country	ZIP/PostalCode
Dallas	TEXAS	75201

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Chief Underwriting Officer

Last Name	First Name	Middle Name
Rutledge	Maria
Street Address 1	Street Address 2
325 N. Saint Paul St.	Suite 4850
City	State/Province/Country	ZIP/PostalCode
Dallas	TEXAS	75201

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Chief Technology Officer

Last Name	First Name	Middle Name
Donegan	Patrick
Street Address 1	Street Address 2
325 N. Saint Paul St.	Suite 4850
City	State/Province/Country	ZIP/PostalCode
Dallas	TEXAS	75201

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Hicks	Thomas	O.
Street Address 1	Street Address 2
325 N. Saint Paul St.	Suite 4850
City	State/Province/Country	ZIP/PostalCode
Dallas	TEXAS	75201

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Heppner	Brad	K
Street Address 1	Street Address 2
325 N. Saint Paul St.	Suite 4850
City	State/Province/Country	ZIP/PostalCode
Dallas	TEXAS	75201

Relationship: X Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Former Chief Executive Officer and Former Director

4. Industry Group

Agriculture

Banking & Financial Services

Commercial Banking

Insurance

Investing

Investment Banking

Pooled Investment Fund

Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?

Yes No

X

Other Banking & Financial Services

Business Services

Energy

Coal Mining

Electric Utilities

Energy Conservation

Environmental Services

Oil & Gas

Other Energy

	Health Care
	Biotechnology
	Health Insurance
	Hospitals & Physicians
	Pharmaceuticals
	Other Health Care
	Manufacturing
	Real Estate
	Commercial
	Construction
	REITS & Finance
	Residential
	Other Real Estate

Retailing

Restaurants

Technology

Computers

Telecommunications

Other Technology

Travel

Airlines & Airports

Lodging & Conventions

Tourism & Travel Services

Other Travel

Other

5. Issuer Size

Revenue Range		OR	Aggregate Net Asset Value Range
	No Revenues			No Aggregate Net Asset Value
	$1 - $1,000,000			$1 - $5,000,000
	$1,000,001 - $5,000,000			$5,000,001 - $25,000,000
	$5,000,001 - $25,000,000			$25,000,001 - $50,000,000
	$25,000,001 - $100,000,000			$50,000,001 - $100,000,000
	Over $100,000,000			Over $100,000,000
X	Decline to Disclose			Decline to Disclose
	Not Applicable			Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

		Rule 504(b)(1) (not (i), (ii) or (iii))
		Rule 504 (b)(1)(i)
		Rule 504 (b)(1)(ii)
		Rule 504 (b)(1)(iii)
		Rule 506(b)
	X	Rule 506(c)
		Securities Act Section 4(a)(5)

Investment Company Act Section 3(c)

Section 3(c)(1) Section 3(c)(9)

Section 3(c)(2) Section 3(c)(10)

Section 3(c)(3) Section 3(c)(11)

Section 3(c)(4) Section 3(c)(12)

Section 3(c)(5) Section 3(c)(13)

Section 3(c)(6) Section 3(c)(14)

Section 3(c)(7)

7. Type of Filing

X	New Notice			Date of First Sale	2025-06-17				First Sale Yet to Occur
	Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year? Yes X No

9. Type(s) of Securities Offered (select all that apply)

X	Equity		Pooled Investment Fund Interests
	Debt		Tenant-in-Common Securities
	Option, Warrant or Other Right to Acquire Another Security		Mineral Property Securities
X	Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security		Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer? Yes X No

Clarification of Response (if Necessary):

Issuer offered Convertible Preferred Stock for alternative assets acquired by trusts consolidated with Issuer for financial statement purposes.

11. Minimum Investment

Minimum investment accepted from any outside investor $0 USD

12. Sales Compensation

Recipient	Recipient CRD Number None
AltAccess Securities Company, L.P.	000119441
(Associated) Broker or Dealer X None	(Associated) Broker or Dealer CRD Number X None
None	None
Street Address 1	Street Address 2
325 N. Saint Paul Street	Suite 4850
City	State/Province/Country	ZIP/Postal Code
Dallas	TEXAS	75201
State(s) of Solicitation (select all that apply) Check "All States" or check individual States All States	Foreign/non-US
MASSACHUSETTS

13. Offering and Sales Amounts

Total Offering Amount	$1,910,370	USD	or Indefinite
Total Amount Sold	$1,910,370	USD
Total Remaining to be Sold	$0	USD	or Indefinite

Clarification of Response (if Necessary):

Issued 191,037 shares of Convertible Preferred Stock convertible into Class A Common Stock initially at a Conversion Price of $0.3397 per share, subject to reset from time to time with a floor price of $0.2548 per share.

14. Investors

Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.

Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:

1

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions	$55,401	USD	X Estimate
Finders' Fees	$0	USD	Estimate

Clarification of Response (if Necessary):

Represents sales commissions paid to AltAccess Securities Company, L.P. as of June 17, 2025.

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$0

USD

Estimate

Clarification of Response (if Necessary):

Certain executive officers licensed with AltAccess Securities Company, L.P. may receive deferred commissions. Amounts are included in Item 15.

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:

• Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*

• Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.

• Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer	Signature	Name of Signer	Title	Date
Beneficient	/s/ David B. Rost	David B. Rost	General Counsel	2025-07-02

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.

FAQ

How many Dillard’s (DDS) shares did Drue Matheny buy?

19 Class A shares purchased on 06/30/2025 at $413.32 each.

What is Matheny’s total direct ownership after this transaction?

She now directly owns 403,904 DDS shares.

Were any shares sold or derivatives exercised in this Form 4?

No. The filing reports only an acquisition; no sales or option exercises occurred.

Does the filing indicate a 10b5-1 trading plan?

No. The transaction is not marked as pursuant to Rule 10b5-1(c).

How many DDS shares does Matheny hold indirectly?

She controls 9,821 indirect shares: 7,300 via GST Trust and 2,521 through her spouse.