Beneficient Closes $8.75M Primary Capital Commitment in Quartus AI Fund, Boosting Collateral and Tangible Book Value by $9.77M
Beneficient (BENF) announced the closing of an $8.75 million primary capital commitment in Quartus AI Fund LP, a fund managed by Quartus Capital Partners LLC, as part of its GP Primary Commitment Program. In exchange for an interest in the Fund, Beneficient issued approximately $8.75 million in stated value of Resettable Convertible Preferred Stock. The company expects this transaction to increase the collateral for its ExAlt loan portfolio by approximately $9.77 million and add a similar amount to its tangible book value attributable to stockholders, alongside an immediate unrealized gain of $1.2 million from the Fund's existing portfolio appreciation. Interim CEO James Silk emphasized the partnership with Quartus as a strategic move to drive shareholder value and enhance collateral backing.
Key Highlights
- Beneficient closed an $8.75 million primary capital commitment in Quartus AI Fund LP, a fund managed by Quartus Capital Partners LLC.
- In exchange for an interest in the Fund, Beneficient issued approximately $8.75 million in stated value of Resettable Convertible Preferred Stock.
- The transaction is expected to increase the collateral for Beneficient’s ExAlt loan portfolio by approximately $9.77 million.
- Beneficient anticipates an addition of approximately $9.77 million to its tangible book value attributable to stockholders as a result of the transaction.
- Following the closing, Beneficient participates in an immediate unrealized gain of approximately $1.2 million from the Fund's existing asset portfolio appreciation.
- Pro forma tangible book value improved from $(51,055) thousand to $(41,285) thousand, and tangible book value attributable to Ben public company stockholders improved by $9,770 thousand.