
(Dollars in thousands, except per share amounts)	Year Ended March 31,
	2026		2025
Net income (loss)	$	(164,730)	$	(803)
Plus: Net loss attributable to noncontrolling interests	96,222		69,789
Less: Noncontrolling interest guaranteed payment	(18,918)		(17,824)
Net income (loss) attributable to Beneficient common shareholders	(87,426)		51,162
Less: Net (income) loss to all participating securities	69,140		—
Net income (loss) attributable to Beneficient common shareholders	$	(18,286)	$	51,162
Net income (loss) attributable to Class A common shareholders	$	(17,661)	$	47,886
Net income (loss) attributable to Class B common shareholders	$	(419)	$	3,276

Basic weighted average of common shares outstanding
Class A	1,259,654		703,390
Class B	29,908		29,908

Basic net income (loss) attributable to Beneficient per common share
Class A	$	(14.02)	$	68.08
Class B	$	(14.02)	$	109.54


(Dollars in thousands, except per share amounts)	Year Ended March 31,
	2025
Diluted income (loss) per share
Net income (loss) attributable to Beneficient common shareholders - Basic	$	51,162
Adjustments for diluted EPS numerator:
Less: Net income (loss) attributable to noncontrolling interests - Ben	(34,875)
Less: Net (income) loss to participating securities	—
Plus: Noncontrolling interest guaranteed payment	17,824
Net income (loss) attributable to Beneficient common shareholders - Diluted	$	34,111

Basic weighted average of common shares outstanding (Class A and Class B)	733,298
Dilutive effect of:
Series B Preferred Stock	81,116
Class S Ordinary	8,373
Class S Preferred	76
Preferred Series A Subclass 0	15,460,389
Preferred Series A Subclass 1	49,753,565


Restricted Stock Units	71,334

Diluted weighted average of common shares outstanding (Class A and Class B)	66,108,151

Diluted net income (loss) attributable to Beneficient per common share (Class A and Class B)	$	0.52

For the year ended March 31, 2026, as the Company was in a net loss position, the diluted EPS calculation for the Beneficient common shareholders is the same as basic EPS per common share disclosed above for that period. Diluted EPS for the Class A shareholders is $(14.02) and diluted EPS for the Class B shareholders is $(14.02) for the year ended March 31, 2026.

The shares of Class A Common Stock issued in the Limited Conversion are subject to forfeiture and are therefore considered contingently returnable shares. As a result, such shares are excluded from basic earnings per share until the forfeiture contingency is resolved.

Because the shares are entitled to non-forfeitable dividends and undistributed earnings, they are considered participating securities, and the two-class method has been applied. For diluted earnings per share, the shares are included in the diluted share count to the extent they would remain outstanding based on the Company’s stock price at the end of the reporting period, if dilutive.

In computing diluted net income (loss) per share, we considered potentially dilutive shares. Anti-dilutive shares not recognized in the diluted net loss per share calculation for the year ended March 31, 2026 and 2025, were as follows:


	Shares
	Year Ended March 31,
	2026	2025
Series B Preferred Stock	4,817,944	—
Contingently Returnable Common Stock	4,931,446	—
Class S Ordinary	8,376	—
Class S Preferred	78	—
Preferred Series A Subclass 0	66,644,038	—
Preferred Series A Subclass 1	208,120,305	—

Restricted Stock Units	172,689	33,204
Stock Options	25,000	10,719
Convertible Debt	—	49,248
Warrants	204,267	123,699
Total anti-dilutive shares	284,924,143	216,870

The disclosed amount of anti-dilutive securities for the warrants does not consider the assumed proceeds under the treasury stock method as the exercise price was greater than the average market price of the Class A common stock, which results in negative incremental shares, that would be anti-dilutive.