Key F4Q25 takeaways include: 1) since mid-March, Beneficient has closed on ~$13 million in aggregate of primary capital commitments to four PE funds in exchange for BENF convertible preferred stock, thereby driving further growth in the loan portfolio and TBV accretion and 2) in light of sluggish monetizations, realizations, and distributions across Customer ExAlt Trusts, management recently instituted an Asset Sales Initiative, with a focus on selling balance sheet assets (including Customer ExAlt Trust investments) to enhance cash flows and fund creditor payments and/or operating expenses. While we still see considerable upside potential for the stock over time, we recognize a meaningful upward revaluation likely necessitates sustained growth in loan origination volumes driving an inflection in profitability.
