Beneficient

Ben Financial Services is a technology-enabled financial services company providing simple, rapid, and cost-effective liquidity solutions and related trustee, custody, and trust administrative services to the alternative asset industry. Through its operating subsidiaries, Ben Liquidity, Ben Custody, and Ben Markets, the company offers solutions for individual and institutional investors, general partners and sponsors (GPs), and the alternative asset funds they manage. These products and services are designed for mid-to-high net worth (MHNW) individual investors, small-to-midsize institutional (STMI) investors, family offices (FAMOs), and GPs. Currently, Ben Financial Services' primary operations involve liquidity, primary capital, trustee, custody, and alternative asset trust administration products and services through Ben Liquidity, L.L.C. and its subsidiaries, and Ben Custody, L.L.C. and its subsidiaries. Ben Liquidity finances liquidity and primary capital transactions for customers using a proprietary trust structure called Customer ExAlt Trusts. These trusts facilitate the exchange of a customer's alternative assets or fulfill primary capital needs using a proprietary financing structure and process known as the ExAlt Plan™. In ExAlt Plan™ financings, Beneficient Fiduciary Financial, L.L.C. (BFF), a Kansas-based trust company and a subsidiary of Ben Liquidity, provides fiduciary financing (fidfin) to fidfin trusts. BFF makes loans, called ExAlt Loans, to certain Customer ExAlt Trusts, which then use a portion of the loan proceeds to acquire and deliver agreed-upon consideration to the customer in exchange for their alternative assets or to fulfill their primary capital needs. Following regulatory approval, Ben Insurance Services is expected to be an additional business line.