Beneficient

BENF on Nasdaq. Market value $9m.

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Why it could be worth it

Nothing stands out yet.

Read the warning sign in its own filings

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Who owns it

None of the long-term investors we follow own it. 15 funds in all.

Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Mack Hicks
    Insider or founder
    at least 81.2%
    (filed with 1 related holder)
    Since 10 March 2026
    What they said

    Item 4 is hereby amended and supplemented as follows: "Limited Conversion: On October 1, 2025, the Issuer, BCH and Ben LLC provided Hicks Holdings a limited opportunity to convert and exchange a portion of the capital account balance of the BCH Preferred A-1 Unit Accounts held…

    Read the filing
  • James G. Silk
    Insider or founder
    7.5%
    Since 15 October 2025
    What they said

    REU Agreement Pursuant to The Beneficient Company Group, L.P. 2018 Equity Incentive Plan (as amended, the "Plan") and the Restricted Equity Unit Award Agreement between the Issuer and Mr. Silk (the "REU Agreement"), Mr. Silk received an award of 28 restricted equity units…

    Read the filing
  • Brad K. Heppner
    at least 2.8%
    (filed with 2 related holders)
    Since 22 December 2024
    What they said

    Item 4 is hereby amended and supplemented as follows: "Master Agreement On December 22, 2024, the Issuer entered into a Master Agreement, by and among the Issuer, BCH, Ben LLC, Beneficient Management Partners, L.P. ("BMP"), and BHI (collectively with the Issuer, BCH, Ben LLC and…

    Read the filing
  • YA II PN, Ltd.
    Passive investor
    Sold down below 5%
    Since 30 September 2026
  • Hatteras Investment Partners, LP
    Passive investor
    Sold down below 5%
    Since 30 September 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $35,000 of shares on the open market.

Cluster buy3 insiders bought within 30 days (15 September 2026 to 15 September 2026).
  • CANGANY PETER T JR
    Director
    Bought
    Date
    15 September 2026
    Shares
    18,868
    Price
    $1.06
    Value
    $20,000
  • Fletcher Derek L.
    See Remarks, Director
    Bought
    Date
    15 September 2026
    Shares
    4,717
    Price
    $1.06
    Value
    $5,000
  • Silk James G.
    Chief Executive Officer
    Bought
    Date
    15 September 2026
    Shares
    9,434
    Price
    $1.06
    Value
    $10,000

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Beneficient’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Jun 2026, plus the 10-Q filed 14 Aug 2026 and 7 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “• our current inability to raise sufficient capital, recurring losses from operations, negative cash flows from operations, existing events of defaults on our related party debts, delays in executing our business plans and the results from the recent confirmation by the Texas Court of Appeals confirming a previous equity arbitration award raises substantial doubt regarding our ability to continue as a going concern.”
    Show the full paragraph
    • our current inability to raise sufficient capital, recurring losses from operations, negative cash flows from operations, existing events of defaults on our related party debts, delays in executing our business plans and the results from the recent confirmation by the Texas Court of Appeals confirming a previous equity arbitration award raises substantial doubt regarding our ability to continue as a going concern. If we are unable to obtain sufficient additional funding, do not have access to capital or are not successful in negotiating a settlement with the equity arbitration claimant or otherwise reducing the potential current cash requirements associated with the arbitration, we may be required to terminate or significantly curtail our operations;

    From the 10-Q filed 14 August 2026, Part I. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.