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Net Income (Loss) per Share | 6 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net Income (Loss) per Share | Net Income (Loss) per Share Basic net income (loss) attributable to Beneficient per common share for the three and six months ended September 30, 2025 and 2024, is as follows:
(Dollars in thousands, except per share amounts) | Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) | $ | (17,907) |  |  | $ | 9,747 |  |  | $ | (110,555) |  |  | $ | 54,057 |
Plus: Net loss attributable to noncontrolling interests | 18,971 |  | 7,590 |  | 51,167 |  | 15,303
Less: Noncontrolling interest guaranteed payment | (4,693) |  | (4,423) |  | (9,317) |  | (8,779)
Net income (loss) attributable to Beneficient common shareholders | $ | (3,629) |  |  | $ | 12,914 |  |  | $ | (68,705) |  |  | $ | 60,581 |
Net income (loss) attributable to Class A common shareholders | (3,539) |  |  | 12,270 |  |  | (66,950) |  |  | 57,040 |
Net income (loss) attributable to Class B common shareholders | (90) |  |  | 644 |  |  | (1,755) |  |  | 3,541 |
Basic weighted average of common shares outstanding |  |  |  |  |  |  |
Class A | 9,445,117 |  |  | 4,122,438 |  |  | 9,127,728 |  |  | 3,910,871 |
Class B | 239,256 |  |  | 239,256 |  |  | 239,256 |  |  | 239,256 |
Basic net income (loss) attributable to Beneficient per common share |  |  |  |  |  |  |
Class A | $ | (0.37) |  |  | $ | 2.98 |  |  | $ | (7.33) |  |  | $ | 14.58 |
Class B | $ | (0.37) |  |  | $ | 2.69 |  |  | $ | (7.33) |  |  | $ | 14.80 |
Diluted net income attributable to Beneficient per common share for the three and six months ended September 30, 2024, is as follows:
(Dollars in thousands, except per share amounts) |  |  | Three Months Ended September 30, |  | Six Months Ended September 30,
Diluted income per share |  |  | 2024 |  | 2024
Net income attributable to Beneficient common shareholders - Basic |  |  | $ | 12,914 |  |  | $ | 60,581 |
Less: Net loss attributable to noncontrolling interests - Ben |  |  | (3,067) |  |  | (10,254) |
Plus: Noncontrolling interest guaranteed payment |  |  | 4,423 |  |  | 8,779 |
Net income attributable to Beneficient common shareholders - Diluted |  |  | $ | 14,270 |  |  | $ | 59,106 |
Basic weighted average of common shares outstanding (Class A and Class B) |  |  | 4,361,694 |  |  | 4,150,127 |
Dilutive effect of: |  |  |  |  |
Series B Preferred Stock |  |  | 165,036 |  |  | 165,036 |
Class S Ordinary |  |  | 66,982 |  |  | 66,982 |
Class S Preferred |  |  | 605 |  |  | 605 |
Preferred Series A Subclass 0 |  |  | 102,832,018 |  |  | 77,582,588 |
Preferred Series A Subclass 1 |  |  | 330,926,963 |  |  | 249,670,975 |
Restricted Stock Units |  |  | 561,766 |  |  | 296,608 |
Diluted weighted average of common shares outstanding (Class A and Class B) |  |  | 438,915,064 |  |  | 331,932,921 |
Diluted net income attributable to Beneficient per common share (Class A and Class B) |  |  | $ | 0.03 |  |  | $ | 0.18 |
For the three and six months ended September 30, 2025, as the Company was in a net loss position, the diluted EPS calculation for the Beneficient common shareholders is the same as basic EPS per common share disclosed above for that period. Diluted EPS for the Class A shareholder is $(0.37) and diluted EPS for the Class B shareholders is $(0.37) for the three months ended September 30, 2025. Diluted EPS for the Class A shareholder is $(7.33) and diluted EPS for the Class B shareholders is $(7.33) for the nine months ended September 30, 2025. In computing diluted net income (loss) per share, we considered potentially dilutive shares. Anti-dilutive shares not recognized in the diluted net loss per share calculation for the three and six months ended September 30, 2025 and 2024, were as follows:
| Shares |  | Shares
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Series B Preferred Stock | 39,177,896 |  |  | — |  |  | 36,021,227 |  |  | — |
Class S Ordinary | 66,982 |  |  | — |  |  | 66,982 |  |  | — |
Class S Preferred | 605 |  |  | — |  |  | 605 |  |  | — |
Preferred Series A Subclass 0 | 691,202,319 |  |  | — |  |  | 754,616,263 |  |  | — |
Preferred Series A Subclass 1 | 2,224,380,003 |  |  | — |  |  | 2,428,454,418 |  |  | — |
Restricted Stock Units | 1,425,500 |  |  | 121,721 |  |  | 1,423,045 |  |  | 122,098 |
Stock Options | 200,000 |  |  | — |  |  | 200,000 |  |  | — |
Convertible Debt | — |  |  | 396,174 |  |  | — |  |  | 199,169 |
Warrants | 26,025,107 |  |  | 31,270,860 |  |  | 26,025,107 |  |  | 31,073,825 |
Total anti-dilutive shares | 2,982,478,412 |  |  | 31,788,755 |  |  | 3,246,807,647 |  |  | 31,395,092 |
Warrants The disclosed amount of anti-dilutive securities for the warrants does not consider the assumed proceeds under the treasury stock method as the exercise price was greater than the average market price of the Class A common stock, which results in negative incremental shares, that would be anti-dilutive.

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