Revenue: As of FY2026 Q2, the actual value is USD -2.763 M.

EPS: As of FY2026 Q2, the actual value is USD -0.37.

EBIT: As of FY2026 Q2, the actual value is USD -12.98 M.

Segment Revenue

• Investment Income (Loss), Net: For the three months ended September 30, 2025, the investment income (loss), net was - $3.2 million, compared to $8.5 million for the same period in 2024. For the six months ended September 30, 2025, the investment income (loss), net was - $15.9 million, compared to $19.6 million for the same period in 2024.
• Gain (Loss) on Financial Instruments, Net: For the three months ended September 30, 2025, the gain (loss) on financial instruments, net was $0.2 million, compared to - $0.2 million for the same period in 2024. For the six months ended September 30, 2025, the gain (loss) on financial instruments, net was $0.2 million, compared to - $1.4 million for the same period in 2024.
• Trust Services and Administration Revenues: For the three months ended September 30, 2025, the trust services and administration revenues were $0.2 million, compared to $0.2 million for the same period in 2024. For the six months ended September 30, 2025, the trust services and administration revenues were $0.4 million, compared to $0.4 million for the same period in 2024.

Operational Metrics

• Net Income (Loss): For the three months ended September 30, 2025, the net loss was - $17.9 million, compared to a net income of $9.7 million for the same period in 2024. For the six months ended September 30, 2025, the net loss was - $110.6 million, compared to a net income of $54.1 million for the same period in 2024.
• Operating Expenses: For the three months ended September 30, 2025, the total operating expenses were $15.1 million, compared to $22.3 million for the same period in 2024. For the six months ended September 30, 2025, the total operating expenses were $95.1 million, compared to - $12.0 million for the same period in 2024.
• Employee Compensation and Benefits: For the three months ended September 30, 2025, the employee compensation and benefits were $2.4 million, compared to $7.1 million for the same period in 2024. For the six months ended September 30, 2025, the employee compensation and benefits were $5.8 million, compared to $11.0 million for the same period in 2024.
• Interest Expense: For the three months ended September 30, 2025, the interest expense was $4.9 million, compared to $4.3 million for the same period in 2024. For the six months ended September 30, 2025, the interest expense was $8.3 million, compared to $8.6 million for the same period in 2024.
• Professional Services: For the three months ended September 30, 2025, the professional services expenses were $5.3 million, compared to $7.3 million for the same period in 2024. For the six months ended September 30, 2025, the professional services expenses were $13.3 million, compared to $12.8 million for the same period in 2024.
• Provision for Credit Losses: For the three months ended September 30, 2025, the provision for credit losses was nil, compared to $0.5 million for the same period in 2024. For the six months ended September 30, 2025, the provision for credit losses was nil, compared to $1.0 million for the same period in 2024.
• Loss on Impairment of Goodwill: For the three months ended September 30, 2025, there was no loss on impairment of goodwill, compared to $0.3 million for the same period in 2024. For the six months ended September 30, 2025, there was no loss on impairment of goodwill, compared to $3.7 million for the same period in 2024.
• Accrual (Release) of Loss Contingency Related to Arbitration Award: For the three months ended September 30, 2025, there was no accrual (release) of loss contingency related to arbitration award, compared to nil for the same period in 2024. For the six months ended September 30, 2025, the accrual (release) of loss contingency related to arbitration award was $62.8 million, compared to - $55.0 million for the same period in 2024.
• Other Expenses: For the three months ended September 30, 2025, the other expenses were $2.4 million, compared to $2.8 million for the same period in 2024. For the six months ended September 30, 2025, the other expenses were $4.9 million, compared to $5.9 million for the same period in 2024.

Cash Flow

• Net Cash Used in Operating Activities: For the six months ended September 30, 2025, the net cash used in operating activities was - $25.4 million, compared to - $19.3 million for the same period in 2024.
• Net Cash Provided by Investing Activities: For the six months ended September 30, 2025, the net cash provided by investing activities was $42.8 million, compared to $11.2 million for the same period in 2024.
• Net Cash (Used in) Provided by Financing Activities: For the six months ended September 30, 2025, the net cash used in financing activities was - $13.9 million, compared to $4.9 million for the same period in 2024.

Unique Metrics

• Public Equity Securities: As of September 30, 2025, the fair value of investments in public equity securities was $4.4 million, compared to $4.1 million as of March 31, 2025.
• Debt Securities Available-for-Sale: As of September 30, 2025, the fair value of investments in debt securities available-for-sale was $1.8 million, compared to $1.7 million as of March 31, 2025.
• Other Equity Securities and Interests: As of September 30, 2025, the fair value of investments in other equity securities and interests was $26.5 million, compared to $26.5 million as of March 31, 2025.

Future Outlook and Strategy

• Core Business Focus: The Company plans to continue offering liquidity solutions and related trustee, custody, and trust administration services to participants in the alternative asset industry. The Company aims to expand its capabilities under Ben Custody and provide additional products and services through Ben Insurance Services and Ben Markets in the future.
• Non-Core Business: The Company intends to resubmit an application for an insurance charter with the Commissioner of Insurance of the State of Kansas in the future. The Company also plans to offer insurance products and services covering risks relating to owning, managing, and transferring alternative assets through its subsidiaries, PEN Indemnity Insurance Company, Ltd. and Beneficient Insurance Company, L.L.C.
• Priority: The Company expects to require additional capital to satisfy its obligations and fund its operations for the next twelve months, which will likely be achieved through the issuance of additional debt or equity, including through the Standby Equity Purchase Agreement (SEPA) with YA II PN, Ltd. The Company also intends to potentially refinance some or all of its existing borrowings with either current lenders or other lenders and continue to seek opportunities to reduce corporate overhead.