SEC FORM 3

SEC FORM 3SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Hicks Mack H.

(Last)

(First)

(Middle)

2200 ROSS AVENUE, 50TH FLOOR

(Street)

DALLAS

TEXAS

75201

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/10/2026

3. Issuer Name and Ticker or Trading Symbol
Beneficient [ BENF ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	11,560,705	I	See Footnotes⁽¹⁾
Class A Common Stock	149,904	I	See Footnotes⁽²⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Class B Common Stock	⁽³⁾	⁽³⁾	Class A Common Stock	2,066	⁽³⁾	I	See Footnotes⁽⁴⁾

1. Name and Address of Reporting Person^*

Hicks Mack H.

(Last)

(First)

(Middle)

2200 ROSS AVENUE, 50TH FLOOR

(Street)

DALLAS

TEXAS

75201

(City)

(State)

(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Hicks Holdings Operating LLC

(Last)

(First)

(Middle)

2200 ROSS AVENUE

50TH FLOOR

(Street)

DALLAS

TEXAS

75201

(City)

(State)

(Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Sole Member

Explanation of Responses:

1. These shares of Class A common stock, par value $0.001 per share (the "Class A Shares"), of Beneficient (the "Issuer") are held by Hicks Holdings Operating, LLC, a Delaware limited liability company ("Hicks Holdings"). Mack Hicks is the sole member of Hicks Holdings and has the power to vote and direct the disposition of such shares. Mr. Hicks disclaims beneficial ownership of any securities directly held by Hicks Holdings, except to the extent of his pecuniary interest in such securities.

2. These Class A Shares of the Issuer are held by HH-BDH, LLC ("HH-BDH"). Hicks Holdings is the sole member of HH-BDH. Mr. Hicks is the sole member of Hicks Holdings and has the power to vote and direct the disposition of such shares. Mr. Hicks disclaims beneficial ownership of any securities directly held by HH-BDH, except to the extent of his pecuniary interest in such securities.

3. Each share of Class B common stock, par value $0.001 per share (the "Class B Shares"), of the Issuer is convertible into Class A Shares on a one-for-one basis (i) at any time at the option of the holder or (ii) upon any transfer, except for certain transfers described in the Issuer's articles of incorporation. The Class B Shares are convertible on June 7, 2023, and do not expire.

4. The Class B Shares are held by Hicks Holdings. Mr. Hicks is the sole member of Hicks Holdings and has the power to vote and direct the disposition of such shares. Mr. Hicks disclaims beneficial ownership of any securities directly held by Hicks Holdings, except to the extent of his pecuniary interest in such securities.

	By: /s/ Mack Hicks Name: Mack Hicks	04/20/2026
	Hicks Holdings Operating, LLC By: /s/ Mack Hicks Name: Mack Hicks Title: Sole Member	04/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

SEC Form 3 filed by new insider Hicks Mack H.