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BENF$0.671-8.08%

Beneficient

Sector: Finance ServicesIndustry: Asset ManagementCountry: USExchange: Nasdaq

Mkt Cap$12.74M
Float & O/S
Inst Own

DilutionScan read 42 of Beneficient's SEC filings and found 5 warrant series, 12 convertibles, 2 equity lines, 1 shelf registration, 6 S-1 registrations and 10 completed offerings on file for BENF. The latest dilution event on file is a note conversion on Sep 16, 2026. Analysis updated Oct 21, 2026.

Signal8 Summary

BENF

Going-concern warning, severe cash crunch

Snapshot

Beneficient is a micro-cap financial-technology firm with a going-concern warning from its auditors, the most serious flag a company can carry. Cash has fallen to roughly $3.4M against about $127M of related-party debt, including $96.8M in defaulted loans, and the latest annual net loss was $87.4M.

What's Happening Right Now

  • : On Sept 23, 2026, Beneficient announced a proposed strategy to eliminate roughly $130M of contested HCLP debt and all equity interests held by former CEO Brad Heppner, though no definitive agreement exists yet ahead of his October 21, 2026 sentencing.
  • : Beneficient announced plans to launch AltLens, an alternative-asset portfolio analytics and risk platform for family offices and small institutional investors, in Q4 calendar 2026.
  • : Raised $36K in gross proceeds through a private placement (PIPE).
  • : The 10-Q for the quarter ended June 30, 2026 discloses substantial doubt about Beneficient's ability to continue as a going concern, with cash down to about $3.4M by July 31, 2026 against roughly $127M of related-party debt, including $96.8M in defaulted HCLP loans.
  • : Fiscal Q1 2027 (ended June 30, 2026) results showed GAAP revenue of $12.2M versus negative revenue a year earlier, with net loss to common shareholders narrowing to $6.8M and adjusted operating income turning positive at $5.7M.
  • : Beneficient filed an S-1 to register resale of up to 55.7 million shares tied to an amended $100M standby equity purchase agreement with Yorkville, which sells shares at a 3-4% discount to market price.
  • : Registered 55.67M shares for sale on Form S-1.
  • : Raised $1.80M in gross proceeds through an offering, and a $2.00M convertible note.

Raise routes on file: effective S-1 + active equity line · latest dilution event 48 days ago

Overall Risk
Offering Ability
Overhead Supply
Historical
Cash Need

AI dilution summary

The dominant contractual driver and its mechanism, then each further driver ranked.

Latest dilution event

Sep 16, 2026 · Note Conversion

How we read filings

Every warrant, convertible, ATM and shelf, cited to the filing

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Share count and cash history

Shares outstanding, potential dilution and cash over time

S-1 · 6

What is this?

Size, shares registered and dates with Pro

S-1 · resale registration

Issued 2026

Effective

Proposed maximum

Shares registered

Filed
Effective
Filing link and full terms

S-1 · resale registration

Issued 2025

Superseded

Proposed maximum

Shares registered

Filed
Effective
Filing link and full terms

S-1 · resale registration

Issued 2024

Superseded

Proposed maximum

Shares registered

Filed
Effective
Filing link and full terms

S-1 · resale registration

Effective

Proposed maximum

Shares registered

Filed
Effective
Filing link and full terms

S-1 · resale registration

Effective

Proposed maximum

Shares registered

Filed
Effective
Filing link and full terms

S-1 · primary offering

Effective

Proposed maximum

Shares registered

Filed
Effective
Filing link and full terms

Warrants · 5

What is this?

Exercise price, shares and dates with Pro

Warrant

Issued 2023

Outstanding

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

Warrant

Issued 2023

Outstanding

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

Warrant

Outstanding

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

Warrant

Issued 2024

Outstanding

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

Warrant

Issued 2024

Outstanding

Shares Underlying

Exercise Price

Outstanding
Type
Anti-Dilution
Cashless Exercise
Expiration
Filing link and full terms

Convertibles · 12

What is this?

Principal, conversion terms and dates with Pro

Convertible

Outstanding

Principal

Conversion Price

Remaining principal
Shares on conversion
Interest rate
Maturity
Filing link and full terms

Convertible

Repaid

Principal

Conversion Price

Remaining principal
Shares on conversion
Interest rate
Maturity
Filing link and full terms

Convertible

Outstanding

Principal

Conversion Price

Remaining principal
Shares on conversion
Interest rate
Maturity
Filing link and full terms

Convertible

Outstanding

Principal

Conversion Price

Remaining principal
Shares on conversion
Interest rate
Maturity
Filing link and full terms

Convertible

Outstanding

Principal

Conversion Price

Remaining principal
Shares on conversion
Interest rate
Maturity
Filing link and full terms

Convertible

Outstanding

Principal

Conversion Price

Remaining principal
Shares on conversion
Interest rate
Maturity
Filing link and full terms

Equity line · 2

What is this?

Commitment, pricing and sold to date with Pro

Equity line

Issued 2026

Active

Commitment

Sold to date

Remaining
Agreement date
Term ends
Discount
Filing link and full terms

Equity line

Issued 2023

Terminated

Commitment

Sold to date

Remaining
Agreement date
Term ends
Discount
Filing link and full terms

Shelf · 1

What is this?

Capacity, dates and baby-shelf status with Pro

S-3 shelf registration

Issued 2024

Superseded

Total capacity

Remaining

Filed
Effective
Expires
Baby shelf
Filing link and full terms

Offerings · 10

What is this?

Proceeds, price, shares and agent with Pro

PIPE

Issued 2026

Gross proceeds

Price per share

Shares issued
Warrant coverage
Placement agent
Filing link and full terms

Offering

Issued 2026

Gross proceeds

Price per share

Shares issued
Warrant coverage
Placement agent
Filing link and full terms

Offering

Issued 2026

Gross proceeds

Price per share

Shares issued
Warrant coverage
Placement agent
Filing link and full terms

Offering

Issued 2026

Gross proceeds

Price per share

Shares issued
Warrant coverage
Placement agent
Filing link and full terms

Offering

Issued 2026

Gross proceeds

Price per share

Shares issued
Warrant coverage
Placement agent
Filing link and full terms

Offering

Gross proceeds

Price per share

Shares issued
Warrant coverage
Placement agent
Filing link and full terms

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Exercise prices, conversion terms, shelf headroom and the filing sentence behind every number.

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