| Schedule of Earnings Per Share, Basic and Diluted |
Basic net income (loss) attributable to Beneficient per common share for the years ended March 31, 2026 and 2025, is as follows: | | | | | | | | | | | | (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 | |
Diluted net income (loss) attributable to Beneficient per common share for the year ended March 31, 2026, is as follows: | | | | | | | | | (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 | |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
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 | |
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