BENF

Addressed passing of Tom Hicks, appointed Pete Cangany as Chairman. Worked through challenges from separation from former CEO. Closed first new GP primary commitment financing since June last year. Reduced adjusted operating expenses 6.5% year-over-year and 18% year-to-date. Generated $50 million in gross proceeds from asset sales and equity redemptions to pay down payables. Regained NASDAQ compliance. Reached final court-approved settlement related to GWG Holdings litigation. Former CEO's criminal trial scheduled for early April 2026. Intend to pursue claims regarding validity of over $100 million debt. Focus on broadening financing options, growing loan portfolio, and improving shareholder value.

Continue to focus on expense reduction and potential simplifications of capital structure. Execute on transactions in front of us to demonstrate validity of business model. Look to spring period for opportunities as clarity is expected.

Ben Liquidity recognized $8.2 million of interest income during the third quarter of fiscal 2026, a decrease of 3.6% sequentially; year-to-date interest income was $25.5 million, down 25.2%. Operating loss for the fiscal third quarter was $29.2 million, and year-to-date operating loss was $36.0 million. Ben Custody had revenues of $2.9 million in the third quarter, down from prior year; year-to-date revenues were $10.2 million, down 36.9%. Operating income for Ben Custody was $2.0 million in the third quarter, down from prior quarter, and year-to-date operating income was $7.4 million compared to $9.1 million in the prior year.

Uncertainty regarding litigation, including former CEO's criminal trial outcome. Uncertainty related to validity of over $100 million debt purportedly owed to entity related to former CEO.

Q: Could you give an update on approaching channels like advisers, family offices, private banks for the core liquidity platform and marketing awareness building?

A: Focus on family office, adviser network and AltQuote product, with more to announce forward.

Q: Any forward momentum or balance sheet/debt perspective from litigation?

A: Not to comment much on litigation, former CEO's criminal trial set for April 6, monitoring situation and preparing options, including attacking validity of ~$120 million debt.

Q: Walk through operating loss in liquidity, driven by asset sales or updated NAV values?

A: Attributed to asset sales activity and updated financial information marks.

Q: OpEx in liquidity, any more room to cut?

A: Close to fair, still some room to reduce expenses.

Q: Pipeline for liquidity transactions?

A: Have momentum, will provide more info after April period.

Q: Does $100 million debt include amount owed to previous CEO's entities?

A: Of $100.3 million debt, all but $3.7 million relates to entity associated with former CEO.

Q: Near-term priorities?

A: Execute on handful of deals to demonstrate viability of business model and better way of structuring new deals, with opportunity lying in spring period.