Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Research Coverage on Small and Micro-Cap Companies

Equity Bottom-Up

<ul><li>Key F3Q25 takeaways include: 1) while we expect loan originations to remain limited in the near term, the pending approval of the Public Stockholder Enhancement Transactions likely drives sustainable growth in volumes over time 2) the recently announced acquisition of Mercantial Bank extends the company's custody services, with a focus on higher-fee digital assets, thereby further diversifying BENF's revenue base and 3) our lower earnings outlook primarily reflects OpEx generally consistent with F325 run-rates combined with a flatter revenue trajectory, with growth mostly dependent on reaccelerating loan originations.</li><li> While we still see considerable upside potential for the stock over time, we recognize a meaningful upward revaluation likely necessitates sustained growth in loan origination volumes driving an inflection in profitability.</li><li>That said, BENF's Tangible Book Value (TBV) per share of ~$1.15 likely provides downside support for the stock.</li></ul>

Key F3Q25 takeaways include: 1) while we expect loan originations to remain limited in the near term, the pending approval of the Public Stockholder Enhancement Transactions likely drives sustainable growth in volumes over time 2) the recently announced acquisition of Mercantial Bank extends the company's custody services, with a focus on higher-fee digital assets, thereby further diversifying BENF's revenue base and 3) our lower earnings outlook primarily reflects OpEx generally consistent with F325 run-rates combined with a flatter revenue trajectory, with growth mostly dependent on reaccelerating loan originations. While we still see considerable upside potential for the stock over time, we recognize a meaningful upward revaluation likely necessitates sustained growth in loan origination volumes driving an inflection in profitability.That said, BENF's Tangible Book Value (TBV) per share of ~$1.15 likely provides downside support for the stock.

BENF: F3Q25 Earnings - EPS Miss  Near-Term Holding Pattern on Growth

Beneficient

BENF: F3Q25 Earnings - EPS Miss Near-Term Holding Pattern on Growth