Beneficient (BENF) | Trefis

Beneficient (BENF)


Market Price (7/16/2026): $3.21 | Market Cap: $3.9 MilSector: Financials | Industry: Asset Management & Custody Banks

Beneficient (BENF)


Market Price (7/16/2026): $3.21
Market Cap: $3.9 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit.

Weak multi-year price returns
2Y Excs Rtn is -123%, 3Y Excs Rtn is -172%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is -28 Mil

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -72 Mil

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 2300%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -38%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1261%

High stock price volatility
Vol 12M is 648%

Key risks
BENF key risks include [1] severe financial distress and potential bankruptcy due to an acute liquidity crisis and substantial debt, Show more.

0 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit.
1 Weak multi-year price returns
2Y Excs Rtn is -123%, 3Y Excs Rtn is -172%
2 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is -28 Mil
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -72 Mil
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 2300%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -38%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1261%
8 High stock price volatility
Vol 12M is 648%
9 Key risks
BENF key risks include [1] severe financial distress and potential bankruptcy due to an acute liquidity crisis and substantial debt, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/15/2026

Beneficient (BENF) stock has lost about 10% since 3/31/2026 because of the following key factors:

1. Poor Fiscal Year 2026 Financial Results.

Beneficient, whose fiscal year ends on March 31, reported negative GAAP revenues of $39.1 million for fiscal year 2026 and negative $42.4 million for the fourth fiscal quarter of 2026 (ended March 31, 2026). Operating expenses significantly increased to $127.4 million in fiscal 2026, which included a $62.8 million loss contingency and $5.1 million in related interest expense. Additionally, the Ben Liquidity segment's interest income decreased by 21.5% year-over-year to $33.4 million, and Ben Custody's revenues declined by 40.9% to $12.7 million. The company also reported a weak liquidity position with cash and cash equivalents of $2.5 million compared to $96.8 million in debt as of March 31, 2026. The stock declined by 4.91% on June 29, 2026, the day these results were published.

2. Lack of Revenue Disclosure in Fiscal Q1 2027 Earnings Report.

On July 5, 2026, Beneficient reported its fiscal Q1 2027 earnings (for the quarter ended June 30, 2026), with an earnings per share (EPS) of -$0.13, significantly beating the consensus estimate by 83.66%. However, the company did not disclose revenue figures for the quarter, which left investors without a crucial top-line metric. Despite the EPS beat, shares declined by 1.36% in the subsequent trading session, indicating market skepticism due to the lack of revenue transparency.

Show more
Updated on 7/15/2026

Beneficient (BENF) stock has lost about 10% since 3/31/2026 because of the following key factors:

1. Poor Fiscal Year 2026 Financial Results.

Beneficient, whose fiscal year ends on March 31, reported negative GAAP revenues of $39.1 million for fiscal year 2026 and negative $42.4 million for the fourth fiscal quarter of 2026 (ended March 31, 2026). Operating expenses significantly increased to $127.4 million in fiscal 2026, which included a $62.8 million loss contingency and $5.1 million in related interest expense. Additionally, the Ben Liquidity segment's interest income decreased by 21.5% year-over-year to $33.4 million, and Ben Custody's revenues declined by 40.9% to $12.7 million. The company also reported a weak liquidity position with cash and cash equivalents of $2.5 million compared to $96.8 million in debt as of March 31, 2026. The stock declined by 4.91% on June 29, 2026, the day these results were published.

2. Lack of Revenue Disclosure in Fiscal Q1 2027 Earnings Report.

On July 5, 2026, Beneficient reported its fiscal Q1 2027 earnings (for the quarter ended June 30, 2026), with an earnings per share (EPS) of -$0.13, significantly beating the consensus estimate by 83.66%. However, the company did not disclose revenue figures for the quarter, which left investors without a crucial top-line metric. Despite the EPS beat, shares declined by 1.36% in the subsequent trading session, indicating market skepticism due to the lack of revenue transparency.

3. Persistently Negative Tangible Book Value.

A July 13, 2026 announcement regarding a $7.44 million primary capital transaction with Quartus AI Fund II LP highlighted Beneficient's challenging underlying financial position. The pro forma year-to-date tangible book value for the company remained negative at approximately $(91.46) million, and total equity (deficit) stood at about $(172.07) million. These figures significantly exceed the company's market capitalization of approximately $50.6 million as of July 10, 2026, indicating continued financial weakness. The stock experienced a 5.40% decline on the day this news was released.

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Stock Movement Drivers

Fundamental Drivers

The -8.3% change in BENF stock from 3/31/2026 to 7/15/2026 was primarily driven by a -8.3% change in the company's P/S Multiple.
(LTM values as of)33120267152026Change
Stock Price ($)3.503.21-8.3%
Change Contribution By: 
Total Revenues ($ Mil)-28-280.0%
P/S Multiple-0.2-0.1-8.3%
Shares Outstanding (Mil)110.0%
Cumulative Contribution-8.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/15/2026
ReturnCorrelation
BENF-8.3% 
Market (SPY)16.1%-11.4%
Sector (XLF)14.6%-4.6%

Fundamental Drivers

The -54.3% change in BENF stock from 12/31/2025 to 7/15/2026 was primarily driven by a -34.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)123120257152026Change
Stock Price ($)7.033.21-54.3%
Change Contribution By: 
Total Revenues ($ Mil)-42-28-34.0%
P/S Multiple-0.2-0.1-29.8%
Shares Outstanding (Mil)11-1.5%
Cumulative Contribution-54.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/15/2026
ReturnCorrelation
BENF-54.3% 
Market (SPY)11.0%0.9%
Sector (XLF)3.8%-1.9%

Fundamental Drivers

The 33.7% change in BENF stock from 6/30/2025 to 7/15/2026 was primarily driven by a 45.0% change in the company's P/S Multiple.
(LTM values as of)63020257152026Change
Stock Price ($)2.403.2133.7%
Change Contribution By: 
Total Revenues ($ Mil)-20-2837.9%
P/S Multiple-0.1-0.145.0%
Shares Outstanding (Mil)11-33.1%
Cumulative Contribution33.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/15/2026
ReturnCorrelation
BENF33.7% 
Market (SPY)23.2%-0.3%
Sector (XLF)9.3%-0.7%

Fundamental Drivers

The -99.8% change in BENF stock from 6/30/2023 to 7/15/2026 was primarily driven by a -73.6% change in the company's Shares Outstanding (Mil).
(LTM values as of)63020237152026Change
Stock Price ($)1920.003.21-99.8%
Change Contribution By: 
Total Revenues ($ Mil)-280.0%
P/S Multiple-0.10.0%
Shares Outstanding (Mil)01-73.6%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/15/2026
ReturnCorrelation
BENF-99.8% 
Market (SPY)76.3%1.9%
Sector (XLF)75.3%0.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BENF Return---95%-98%18%-59%-100%
Peers Return62%-39%64%52%1%-26%83%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
BENF Win Rate--14%25%42%29% 
Peers Win Rate65%38%55%72%53%43% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
BENF Max Drawdown----98%-95%-61% 
Peers Max Drawdown-19%-46%-25%-19%-37%-42% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: STEP, HLNE, BX, KKR, CG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/15/2026 (YTD)

How Low Can It Go

EventBENFS&P 500
2025 US Tariff Shock
  % Loss-48.1%-18.8%
  % Gain to Breakeven92.5%23.1%
  Time to Breakeven141 days79 days

Compare to STEP, HLNE, BX, KKR, CG

In The Past

Beneficient's stock fell -48.1% during the 2025 US Tariff Shock. Such a loss loss requires a 92.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventBENFS&P 500
2025 US Tariff Shock
  % Loss-48.1%-18.8%
  % Gain to Breakeven92.5%23.1%
  Time to Breakeven141 days79 days

Compare to STEP, HLNE, BX, KKR, CG

In The Past

Beneficient's stock fell -48.1% during the 2025 US Tariff Shock. Such a loss loss requires a 92.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Beneficient (BENF)

Beneficient (BENF) is a technology-enabled financial services company based in Dallas, Texas, that specializes in providing liquidity solutions within the alternative asset industry. Its core mission is to help participants in this market access cash from their typically illiquid alternative investments, bridging a common gap in this investment space.

The company primarily operates through its comprehensive AltAccess platform, which offers a suite of integrated tools and services. Key offerings include AltLiquidity, designed to help users find solutions for monetizing their alternative assets; AltQuote, for obtaining valuations; and AltTrading, for executing transactions. Beyond liquidity, AltAccess also provides AltCustody for digitizing and tracking alternative assets, and AltData for robust investment analytics, thereby streamlining the end-to-end management of complex alternative portfolios.

Beneficient serves a diverse but specific client base that typically holds significant alternative investments. Its solutions are tailored for mid-to-high net worth individual investors, small-to-midsize institutional investors, family offices, and fund general partners. These clients utilize Beneficient's platform to efficiently manage, value, and gain crucial liquidity from their alternative asset holdings.

AI Analysis | Feedback

1. Think of it as a Nasdaq for alternative investments (like private equity and venture capital funds), helping bring liquidity to traditionally illiquid assets.

2. It's also like a Bloomberg Terminal for illiquid private assets, providing comprehensive data, analytics, custody, and trading solutions for this specialized market.

AI Analysis | Feedback

  • AltLiquidity: An online tool designed to find liquidity solutions for alternative assets.
  • AltQuote: A specialized tool for obtaining quotes for alternative assets.
  • AltAccess Platform: A secure platform facilitating end-to-end transactions for alternative assets.
  • AltCustody: A service for digitizing and tracking alternative assets.
  • AltData: Provides investment analytics for alternative asset data.
  • AltTrading: A solution specifically for trading alternative assets.

AI Analysis | Feedback

Beneficient (BENF) serves a diverse range of clients within the alternative asset industry. The company's major customers are categorized as follows:

  • Mid-to-high net worth individual investors: These are affluent individuals who utilize Beneficient's platform for liquidity, custody, and analytics solutions for their alternative asset holdings.
  • Small-to-midsize institutional investors: This category includes institutions such as smaller endowments, foundations, or pension funds that invest in alternative assets and require specialized financial services.
  • Family offices and fund general partners: These sophisticated clients encompass entities that manage wealth for affluent families (family offices) and professional managers of investment funds (fund general partners), both seeking solutions for managing and transacting in alternative assets.

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James G. Silk
Interim Chief Executive Officer

Mr. Silk was appointed Interim Chief Executive Officer of Beneficient in July 2025. He previously served as the company's Executive Vice President and Chief Legal Officer from January 2020 until May 2024, overseeing operations, underwriting, risk, and legal groups. With over 20 years of experience in the financial services industry, he has advised clients on various business and legal issues within the alternative assets industry, including major public and private asset management firms like Goldman Sachs, Deutsche Bank, Credit Suisse, KKR, Brookfield, Bank of America, Merrill Lynch, and Morgan Stanley. His expertise includes developing alternative asset products and negotiating asset management mergers and acquisitions and other corporate transactions. Prior to joining Beneficient, Mr. Silk was an attorney at the international law firm A&O Shearman LLP.

Greg Ezell
Chief Financial Officer

Mr. Ezell serves as Chief Financial Officer of Beneficient, a role he assumed in June 2023. He has been with the company for five years. Prior to Beneficient, he held the position of CFO for Pure Gen Holdings, Inc. and served as Vice President – Corporate Controller for Homeward Residential, Inc. Mr. Ezell also spent 14 years at KPMG as a senior audit manager. His professional experience includes working with public companies with revenues ranging from $250 million to $1 billion, as well as private equity-owned companies with revenues between $100 million and $500 million, indicating a pattern of managing companies backed by private equity firms.

Derek Fletcher
President & Chief Fiduciary Officer

Mr. Fletcher is the President & Chief Fiduciary Officer of Beneficient, appointed in June 2023. He also serves as President of Beneficient Fiduciary Financial, LLC.

Maria S. Rutledge
Chief Technology Officer

Ms. Rutledge serves as the Chief Technology Officer for Beneficient, a position she has held since June 2023.

David Rost
General Counsel

Mr. Rost holds the position of General Counsel at Beneficient.

AI Analysis | Feedback

The key risks to Beneficient's business include:

  1. Financial Distress and Going Concern Risk: Beneficient faces significant financial challenges, including substantial debt obligations, a history of net losses, and an accumulated deficit. The company has experienced liquidity pressures, with short-term obligations exceeding liquid assets, and has received default notices on credit agreements, leading to concerns about its ability to continue as a going concern.

  2. Litigation and Governance Issues: Beneficient is exposed to ongoing litigation risks, particularly concerning its former CEO. This includes a scheduled criminal trial and disputes over the validity of more than $100 million in debt owed to an entity linked to the former CEO. The company is actively investigating alleged misconduct and potential fraudulent activities, which also contributes to identified material weaknesses in internal control over financial reporting.

  3. Nasdaq Non-Compliance and Delisting Risk: The company has received notices of non-compliance with Nasdaq listing requirements, specifically related to minimum bid price and stockholders' equity. Failure to resolve these compliance issues poses a significant risk of delisting, which could severely impact Beneficient's access to capital markets and investor confidence.

AI Analysis | Feedback

The clear emerging threat to Beneficient (BENF) is the rapid development and increasing adoption of **blockchain-based tokenization and decentralized finance (DeFi) platforms specifically for alternative assets.** These platforms offer the potential for:

  • Significantly enhanced liquidity through fractionalized ownership and continuous trading on decentralized exchanges, directly challenging Beneficient's core liquidity solutions.
  • More transparent, secure, and potentially lower-cost custody and tracking of alternative assets, impacting Beneficient's AltCustody and AltAccess platform.
  • Reduced reliance on traditional intermediaries and associated fees, potentially undercutting the cost structure of centralized platforms.

This technological paradigm shift could fundamentally alter how alternative assets are owned, traded, and lent against, offering a disruptive alternative to Beneficient's proprietary technology-enabled services.

AI Analysis | Feedback

Beneficient (NASDAQ: BENF) is a technology-enabled financial services company that offers liquidity solutions, custody, and investment analytics for alternative assets to mid-to-high net worth individual investors, small-to-midsize institutional investors, family offices, and fund general partners.

Addressable Market Sizes for Beneficient's Main Products and Services:

Liquidity and Custody Solutions for Alternative Assets

Beneficient operates within a global alternative asset market that is estimated to be approximately $13 trillion. The total addressable market (TAM) for Beneficient's early exit solutions for alternative assets, which caters to its target clientele, is approximately $2 trillion globally. The annual liquidity demand within Beneficient's target market is estimated to be over $50 billion globally. Custody services for alternative assets are an integral part of Beneficient's offerings, falling within this broader addressable market for alternative assets and related solutions.

Investment Analytics for Alternative Assets (AltData)

The global alternative data market, which includes investment analytics for alternative asset data, was valued at approximately $14.16 billion in 2025 and is projected to significantly expand to an estimated $854.34 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 50.68% from 2026 to 2035. Another estimate places the global market size at $8.89 billion in 2025, forecasted to reach $181.10 billion by 2034, with a CAGR of 35.18% from 2026 to 2034. North America holds the largest share of the alternative data market, accounting for over 68% in 2024.

AI Analysis | Feedback

Beneficient (NASDAQ: BENF) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, including expanding its core liquidity solutions, venturing into digital asset markets, leveraging technology for enhanced deal flow, and benefiting from improved operational stability.

Here are 3-5 expected drivers of future revenue growth:

  1. Growth in Liquidity Solutions and Loan Origination: Beneficient's primary business of providing liquidity solutions to participants in the alternative asset industry is a key driver. The company has recently closed new GP primary commitment financings and intends to re-engage with its pipeline of liquidity transactions, which was previously constrained. Beneficient's strategy for ExAlt Loan origination, utilizing its patent-pending OptimumAlt technologies, is expected to lead to growth in its loan portfolio.
  2. Expansion into Digital Asset Markets and New Fee-Based Services: A significant growth driver is the proposed acquisition of Mercantile Bank International Corp. This acquisition is anticipated to broaden Beneficient's capabilities in alternative and digital asset markets, generating potential new revenue streams. It is also expected to enable the company to offer an expanded range of digital asset market solutions, along with companion custody, clearing, and control account fee-based services.
  3. Leveraging Technology and AI for Enhanced Platform and Deal Flow: Beneficient is actively building an AI-enhanced platform to support future deal flow and is focused on creating an efficient technology and AI-enhanced services platform. This technological advancement is designed to streamline operations, potentially increase transaction capacity, and attract more clients by enhancing the capabilities of its proprietary AltAccess platform, which already facilitates secure, end-to-end alternative asset transactions.
  4. Improved Operational Stability and Market Re-engagement: While not a direct revenue source, the company's progress in overcoming reputational issues stemming from legal matters, regaining full NASDAQ listing compliance, and reducing operating expenses are critical foundations for growth. This enhanced stability allows Beneficient to re-engage more effectively with its target market and capitalize on its pipeline of liquidity transactions, which was previously limited due to financial and operational challenges.

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Share Issuance

  • Beneficient executed a 1-for-80 reverse stock split in 2024 and a 1-for-8 reverse stock split in 2025 to regain Nasdaq listing compliance.
  • As of February 11, 2026, 14.2 million Class A shares were outstanding, reflecting an increase of 103.39% in the number of shares outstanding over the prior year.
  • On March 10, 2026, the company issued 149,904 Class A shares valued at $572,588 to HH-BDH to settle a portion of outstanding interest and fees under a prior credit agreement.

Inbound Investments

  • Beneficient closed multiple GP Primary Capital transactions by issuing Resettable Convertible Preferred Stock, including approximately $3 million to Cork & Vines Fund I, LP in early 2025 and again in December 2025/early 2026.
  • The company completed a $1.91 million primary capital transaction with Mendoza Ventures Growth Fund III, LP, its third GP Primary transaction for the fiscal year, and a $9.6 million primary capital commitment with Pulse Pioneer Fund, LP.

Outbound Investments

  • Investments with a fair value decreased from $291.4 million to $205.8 million as of December 31, 2025, primarily due to dispositions of certain alternative assets, distributions, and unrealized losses on existing assets.
  • Asset sales or equity redemptions generated $50 million in gross proceeds year-to-date (as of December 31, 2025), which were utilized for debt repayment and working capital.
  • The net loan portfolio for Ben Liquidity decreased from $291 million to $187.5 million year-over-year as of December 31, 2025.

Capital Expenditures

  • Beneficient's capital expenditures were -$220,000 in the last 12 months (as of March 12, 2026).

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

BENFSTEPHLNEBXKKRCGMedian
NameBenefici.StepStoneHamilton.Blacksto.KKR Carlyle  
Mkt Price3.2144.7885.79127.05100.9546.1165.95
Mkt Cap0.03.63.699.890.016.610.1
Rev LTM-281,99475912,58619,2082,8992,446
Op Inc LTM-72-1,023325-490-127
FCF LTM-43644194,425317-4,277190
FCF 3Y Avg-52892734,1581,741-1,740181
CFO LTM-43664254,545478-4,166246
CFO 3Y Avg-51982824,2801,878-1,653190

Growth & Margins

BENFSTEPHLNEBXKKRCGMedian
NameBenefici.StepStoneHamilton.Blacksto.KKR Carlyle  
Rev Chg LTM-37.9%69.7%6.5%17.5%-11.2%-16.5%-2.4%
Rev Chg 3Y Avg-429.3%13.3%44.0%65.2%32.7%44.0%
Rev Chg Q322.7%55.8%-2.2%6.2%77.6%-47.1%31.0%
QoQ Delta Rev Chg LTM34.0%11.8%-0.6%1.4%14.9%-9.8%6.6%
Op Inc Chg LTM16.6%-283.5%2.6%--47.1%--22.2%
Op Inc Chg 3Y Avg-11,374.2%11.3%-228.0%-228.0%
Op Mgn LTM--51.3%42.8%-2.6%-2.6%
Op Mgn 3Y Avg--16.6%43.9%-7.3%-7.3%
QoQ Delta Op Mgn LTM-5.3%0.0%-0.0%-0.0%
CFO/Rev LTM-3.3%56.0%36.1%2.5%-143.7%3.3%
CFO/Rev 3Y Avg-10.5%40.0%41.1%7.6%-49.2%10.5%
FCF/Rev LTM-3.2%55.2%35.2%1.7%-147.5%3.2%
FCF/Rev 3Y Avg-9.4%38.5%39.9%6.8%-53.0%9.4%

Valuation

BENFSTEPHLNEBXKKRCGMedian
NameBenefici.StepStoneHamilton.Blacksto.KKR Carlyle  
Mkt Cap0.03.63.699.890.016.610.1
P/S-1.84.77.94.75.74.7
P/Op Inc-0.1-3.511.0-183.6-5.5
P/EBIT-0.0-4.17.5-8.8-3.7
P/E-0.1-6.714.432.738.030.322.3
P/CFO-0.154.18.422.0188.4-4.015.2
Total Yield-1,256.7%-11.6%10.9%9.1%3.4%6.3%4.9%
Dividend Yield0.0%3.3%4.0%6.1%0.7%3.0%3.2%
FCF Yield 3Y Avg-8,181.5%3.1%5.8%4.2%1.6%-10.3%2.4%
D/E25.40.40.10.10.60.90.5
Net D/E23.00.1-0.00.1-0.90.70.1

Returns

BENFSTEPHLNEBXKKRCGMedian
NameBenefici.StepStoneHamilton.Blacksto.KKR Carlyle  
1M Rtn-5.6%-4.8%5.4%1.9%2.9%-0.3%0.8%
3M Rtn-1.8%-16.4%-17.8%-1.5%-2.6%-10.8%-6.7%
6M Rtn-38.2%-37.5%-41.4%-18.3%-23.3%-28.7%-33.1%
12M Rtn33.0%-21.3%-39.9%-17.6%-25.9%-17.9%-19.6%
3Y Rtn-99.8%90.0%7.3%34.0%70.2%48.6%41.3%
1M Excs Rtn-7.1%0.9%6.0%1.6%3.0%-1.1%1.2%
3M Excs Rtn-4.1%-22.0%-23.6%-7.2%-8.0%-17.9%-13.0%
6M Excs Rtn-48.4%-45.9%-51.0%-25.7%-32.9%-37.5%-41.7%
12M Excs Rtn10.9%-43.6%-62.5%-40.2%-47.9%-40.6%-42.1%
3Y Excs Rtn-171.5%29.4%-56.8%-22.4%15.1%-13.2%-17.8%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Ben Liquidity434751571
Ben Custody222529240
Corporate & Other-0-1-16-73
Customer ExAlt Trusts-8-98-89-752
Consolidating Eliminations-63-71-80-810
Total-8-99-105-1455


Operating Income by Segment
$ Mil20252024202320222021
Consolidating Eliminations1342091305116
Ben Custody13-589242016
Corporate & Other10-210-113-93-79
Ben Liquidity-13-1,811-47-221
Customer ExAlt Trusts-168-248-248-124-46
Total-24-2,649-253-148-71


Assets by Segment
$ Mil20252024202320222021
Customer ExAlt Trusts308349502680770
Ben Liquidity2452622,112450514
Corporate & Other5118782,4292,409
Ben Custody27316424760
Consolidating Eliminations-275-292-423-465-570
Total3553692,9113,1413,184


Price Behavior

Price Behavior
Market Price$3.21 
Market Cap ($ Bil)0.0 
First Trading Date06/08/2023 
Distance from 52W High-73.1% 
   50 Days200 Days
DMA Price$3.48$4.23
DMA Trendupindeterminate
Distance from DMA-7.9%-24.2%
 3M1YR
Volatility61.4%648.8%
Downside Capture-13.4345.67
Upside Capture-16.9068.20
Correlation (SPY)-1.5%-0.1%
BENF Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.03-0.15-0.42-0.20-0.210.52
Up Beta1.571.140.051.03-0.600.23
Down Beta1.530.170.630.007.981.17
Up Capture-103%-14%-35%-69%62%-3%
Bmk +ve Days11244067140429
Stock +ve Days13253560120305
Down Capture-100%-121%-216%-34%29%113%
Bmk -ve Days10172358112321
Stock -ve Days8162865130433

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BENF
BENF31.9%647.6%1.18-
Sector ETF (XLF)9.0%14.7%0.37-0.5%
Equity (SPY)21.9%12.6%1.30-0.3%
Gold (GLD)21.0%27.9%0.672.2%
Commodities (DBC)29.1%18.9%1.22-0.2%
Real Estate (VNQ)12.6%13.9%0.614.7%
Bitcoin (BTCUSD)-46.2%42.9%-1.32-7.8%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BENF
BENF-77.7%419.2%0.27-
Sector ETF (XLF)11.0%18.6%0.460.2%
Equity (SPY)13.2%17.1%0.591.7%
Gold (GLD)17.2%18.4%0.760.6%
Commodities (DBC)9.0%19.5%0.35-0.6%
Real Estate (VNQ)2.7%18.9%0.043.3%
Bitcoin (BTCUSD)13.8%53.5%0.44-2.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with BENF
BENF-52.7%419.2%0.27-
Sector ETF (XLF)14.1%22.0%0.580.2%
Equity (SPY)15.6%17.9%0.741.7%
Gold (GLD)11.1%16.1%0.560.6%
Commodities (DBC)6.7%18.0%0.29-0.6%
Real Estate (VNQ)5.0%20.7%0.203.3%
Bitcoin (BTCUSD)57.9%66.2%0.98-2.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 6152026-32.4%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest7.2 days
Basic Shares Quantity1.2 Mil
Short % of Basic Shares11.3%

Earnings Returns History

Updated 7/13/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
6/29/2026-4.9%-5.4% 
2/17/20268.6%14.7%-7.9%
11/14/2025-0.5%5.9%9.1%
9/29/2025160.0%115.9%80.4%
2/13/2025-13.3%-28.6%-50.2%
8/14/20243.7%1.5%-44.3%
2/13/20241.8%-15.9%-73.3%
11/13/2023-16.4%-20.3%-35.5%
SUMMARY STATS   
# Positive442
# Negative445
Median Positive6.2%10.3%44.7%
Median Negative-9.1%-18.1%-44.3%
Max Positive160.0%115.9%80.4%
Max Negative-16.4%-28.6%-73.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
6/29/2026-4.9%-5.4% 
2/17/20268.6%14.7%-7.9%
11/14/2025-0.5%5.9%9.1%
9/29/2025160.0%115.9%80.4%
2/13/2025-13.3%-28.6%-50.2%
8/14/20243.7%1.5%-44.3%
2/13/20241.8%-15.9%-73.3%
11/13/2023-16.4%-20.3%-35.5%
SUMMARY STATS   
# Positive442
# Negative445
Median Positive6.2%10.3%44.7%
Median Negative-9.1%-18.1%-44.3%
Max Positive160.0%115.9%80.4%
Max Negative-16.4%-28.6%-73.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/17/202610-Q
09/30/202511/14/202510-Q
06/30/202510/20/202510-Q
03/31/202509/29/202510-K
12/31/202402/14/202510-Q
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202407/09/202410-K
12/31/202302/14/202410-Q
09/30/202311/14/202310-Q
06/30/202308/14/202310-Q
03/31/202307/13/202310-K
12/31/202205/12/2023424B3
09/30/202201/24/2023S-4/A
12/31/202103/06/2023S-4/A
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Report DateFiling DateFiling
12/31/202502/17/202610-Q
09/30/202511/14/202510-Q
06/30/202510/20/202510-Q
03/31/202509/29/202510-K
12/31/202402/14/202510-Q
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202407/09/202410-K
12/31/202302/14/202410-Q
09/30/202311/14/202310-Q
06/30/202308/14/202310-Q
03/31/202307/13/202310-K
12/31/202205/12/2023424B3
09/30/202201/24/2023S-4/A
12/31/202103/06/2023S-4/A
Core Cache Last Updated: 7/15/2026