Financial Data and Key Metrics Changes - The company reported investments with a fair value of 329.1 million at the end of the previous fiscal year [21] - Revenues for Q1 2025 were 2.7 million in Q1 2024, largely due to a release of a recognized loss contingency accrual of 17.3 million in Q1 2025 from 10.8 million in base interest revenue, up 1.9% from the prior quarter, with an operating loss of 29.4 million in the previous quarter [22] - Ben Custody: NAV of alternative assets was 381.2 million, with revenues of 5.6 million in the prior quarter [23] Market Data and Key Metrics Changes - The unmet demand for liquidity in the U.S. alternative asset market is estimated at over 100 billion within the next five years [14] - The market for general partners seeking liquidity for restructurings exceeds 400 billion market demand for liquidity restructuring solutions and primary capital commitments through its fintech platform, Ben AltAccess, and the newly launched Machine Automated Pricing System (MAPS) [10][15] - The company is focused on scaling its capital in line with the demand for liquidity and primary capital products, enhancing its balance sheet over time [17] Management's Comments on Operating Environment and Future Outlook - Management highlighted a positive legal update, including the vacating of a $55.3 million arbitration award, which is expected to improve the company's financial position [18] - The SEC has terminated its investigation into the company, which is seen as a positive development for future operations [19] Other Important Information - The company has been listed on NASDAQ for a year, increasing market visibility and confidence among target audiences [11] - The custody business returned to profitability in the quarter ending June 30 [12] Q&A Session Summary - The call concluded without a formal Q&A session, as the operator indicated that participants could disconnect after the financial update [25]
Ben(BENF) - 2025 Q1 - Earnings Call Transcript