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Net Income (Loss) per Share
 6 Months Ended
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,
2025202420252024
Net income (loss)
$(17,907)$9,747 $(110,555)$54,057 
Plus: Net loss attributable to noncontrolling interests
18,9717,59051,16715,303
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)$60,581 
Net income (loss) attributable to Class A common shareholders
(3,539)12,270 (66,950)57,040 
Net income (loss) attributable to Class B common shareholders
(90)644 (1,755)3,541 
Basic weighted average of common shares outstanding
Class A 9,445,117 4,122,438 9,127,728 3,910,871 
Class B239,256 239,256 239,256 239,256 
Basic net income (loss) attributable to Beneficient per common share
Class A$(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
20242024
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 payment4,423 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 Ordinary66,982 66,982 
Class S Preferred605 605 
Preferred Series A Subclass 0102,832,018 77,582,588 
Preferred Series A Subclass 1330,926,963 249,670,975 
Restricted Stock Units561,766 296,608 
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:
SharesShares
Three Months Ended September 30,Six Months Ended
September 30,
2025202420252024
Series B Preferred Stock
39,177,896 — 36,021,227 — 
Class S Ordinary66,982 — 66,982 — 
Class S Preferred605 — 605 — 
Preferred Series A Subclass 0691,202,319 — 754,616,263 — 
Preferred Series A Subclass 12,224,380,003 — 2,428,454,418 — 
Restricted Stock Units1,425,500 121,721 1,423,045 122,098 
Stock Options
200,000 — 200,000 — 
Convertible Debt
— 396,174 — 199,169 
Warrants26,025,107 31,270,860 26,025,107 31,073,825 
Total anti-dilutive shares2,982,478,412 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.