DALLAS, Nov. 21, 2024 (GLOBE NEWSWIRE) — Beneficial (NASDAQ: BENF) (Ben or Company)whose subsidiary Beneficient Fiduciary Financial, LLC, is a technology-enabled fiduciary financial institution (TEFFI) that today submitted to the State of Kansas Joint Committee on Fiduciary Financial Institutions Oversight its business operations, digital transformation in the alternative asset industry. Provided an update on innovation. and related economic development activities to benefit Kansas communities under the Technology-Enhanced Fiduciary Financial Institutions (TEFFI) Act (the Act), which passed in 2021 with unanimous support in the Kansas Senate and strong bipartisan support in the House. had gone
The purpose of this act is to attract private equity businesses to Kansas and to create a business-friendly environment in Kansas communities through a 2.5% financing fee paid by companies operating under the act. Drives reinvestment. Beneficient was a key supporter of the Act and established the first foundation, the Beneficient Heartland Foundation, dedicated to reinvesting the Act’s proceeds into local Kansas communities.
As part of its testimony, Beneficiant executives summarized the company’s recently reported fiscal second quarter financial results for the year ending September 30, 2024 as “the company’s second consecutive quarter of earnings for Bain’s common shareholders.” Positive earnings per share. Additionally, he emphasized the continued growth of Bain’s financial industry-focused business through new technology innovation, the authorization of Bain’s board of directors to complete up to $5 billion in fiduciary financing and a transaction involving Includes reclassification of certain preferred equity which increased the beneficiary’s permanent equity. $126 million.
Additionally, the Beneficiary’s testimony highlighted progress on key projects primarily funded by revenues generated under the Act.
Among the highest-profile projects is an effort to bring a new grocery store to Heston, KS, which has been without a local grocery store since 2018. As part of an integrated downtown redevelopment plan, property has been acquired for a new store, and existing local businesses have relocated or created a centralized community retail district to be easily accessible to pedestrians. I am in the process of transferring to the latest facilities, bicycles and vehicles.
White’s Foodliner, a family-owned grocery chain in business for three generations since opening its first store in Coldwater, KS, in 1953, has been selected to operate the new store. White operates grocery stores in eight Kansas communities, offering shoppers a wide variety of food products and complete customer service.
In September, Lieutenant Governor and Secretary of Commerce David Toland announced the third round of Strategic Economic Expansion and Development (SEED) grants funded through the TEFFI Development and Expansion Fund.
In addition to economic development in Hesston, proceeds from the Act have funded more than 70 micro-grants totaling nearly $3 million to awardees located in Kansas communities with populations of 5,000 or less. Projects should focus on economic development and revitalization efforts through one of the following quality of life categories:
- Childcare and senior programming¯
- Community dynamism¯
- Food retail¯
- Libraries¯
Other presenters and the committee discussed various topics related to TEFFI activity in the state of Kansas. The Joint Committee then passed a motion recommending that some action be taken by the Kansas House and Senate committees that have responsibilities related to the Act.
These action items relate to potential amendments to the Act, such as amending the Act to reflect the continued innovation and digital transformation in the alternative asset market, including the digitization of ownership of alternative assets, certain reporting and operating of TEFFIs. Revising the requirements, reducing the application. Fees for new TEFFIs and encouraging the Kansas Department of Commerce to initiate more marketing activities to recruit additional businesses to obtain a TEFFI charter in Kansas, among others.
About the Beneficiary
Beneficient (Nasdaq: BENF) “Ben, for short” is democratizing the global alternative asset investment market by providing traditionally unsecured investors ‘mid to high net worth individuals, small to mid-sized enterprises and general partners. is on a mission. With exit options, anchor commitments and value-added services solutions for their funds that can help them unlock value in their funds. Alternative Assets Ben’s AltQuote™ tool provides customers with a range of possible exit options in minutes, while customers can log into the AltAccess ® portal to search for opportunities and receive proposals in a secure online environment.
Its subsidiary, Beneficient Fiduciary Financial, LLC, obtained its charter under the Technology-Enabled Fiduciary Financial Institution (TEFFI) Act of the State of Kansas and is subject to regulatory oversight by the Office of the State Bank Commissioner.
For more information visit www.trustben.com or follow us on LinkedIn.
Investors
investors@beneficient.com
Contacts
Matt Kreps: 214-597-8200, mkreps@darrowir.com
Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
Investor Relations: investors@beneficient.com
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Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can generally be identified by the use of words such as expect, believe, could, estimate, expect, intend, may, plan, potential, predict, plan, should, target, will, will, and, in each case, their negatives or other different or comparative terms. These forward-looking statements reflect our views regarding future events as of the date of this document and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond our control, and future events or results may differ materially from those expressed or implied in this document. are It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors described under the heading Risk Factors in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Quarterly Reports on Form 8-K, Current reports, and other filings with the Securities and Exchange Commission (SEC). These factors should not be considered exhaustive and should be read in conjunction with other cautionary statements contained in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. and in the event, except as required by applicable law.
Source: Beneficial
