TEXT-EXTRACT 2 filename2.txt United States securities and exchange commission logo September 14, 2023 Brad K. Heppner Chief Executive Officer Beneficient 325 North St. Paul Street, Suite 4850 Dallas, TX 75201 Re: Beneficient Amendment No. 1 to Registration Statement on Form S-1 Filed August 31, 2023 File No. 333-273322 Dear Brad K. Heppner: We have reviewed your amended registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our August 10, 2023 letter. Amendment No. 1 to Registration Statement on Form S-1 Risk Factors We engage in related party transactions, which may result in conflicts of interest, page 54 1. We note your response to our prior comment 10 and reissue. Please add a separately captioned risk factor to specifically address any payments or other interests held by your CEO, Brad Heppner, directly or as a beneficial owner/beneficiary, whether held through trusts, or other holdings. The disclosure should address both material holdings and aggregate holdings that: have an ownership interest in Beneficient; or have provided credit or funds that have a priority interest in Beneficient or its component parts, or in the event of bankruptcy, compared to the common Brad K. Heppner Beneficient September 14, 2023 Page 2 shareholders. Please further discuss the conflict of interest that could arise from a conflict between Mr. Heppner s financial interests and those of Beneficient s shareholders. Substantial future sales of shares of Class A common stock could cause, page 56 2. We note your response to our prior comment 13 and reissue in part. Please disclose the maximum number of your Class A common shares that can be issued under the equity line agreement and describe the dilutive effect of the formula or pricing mechanics on your share price as the result of the equity line purchase agreement. Payments to our Chief Executive Officer, page 213 3. We note your response to our prior comment 5 and reissue in part. We further note the table beginning on page 214. For each item in the table, please include in a separate column the total dollar amount paid to or for the benefit of Mr. Heppner or his affiliates. Consider adding a similar table to the related party transactions section or reorganizing that section to group Mr. Heppner's related party transactions in a similar way. Please contact Robert Arzonetti at (202) 551-8819 or Tonya Aldave at (202) 551-3601 with any questions. Sincerely, FirstName LastNameBrad K. Heppner Division of Corporation Finance Comapany NameBeneficient Office of Finance September 14, 2023 Page 2 cc: Matthew L. Fry, Esq. FirstName LastName