<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-09-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001775734</issuerCik>
        <issuerName>Beneficient</issuerName>
        <issuerTradingSymbol>BENF</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001328993</rptOwnerCik>
            <rptOwnerName>Schnitzer Bruce William</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>325 N. SAINT PAUL STREET, SUITE 4850</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-09-30</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>23300</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>536853</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                    <footnoteId id="F7"/>
                    <footnoteId id="F8"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Includes 23,300 shares of Class A common stock, par value $0.001 (&quot;Class A common stock&quot;), of Beneficient (the &quot;Issuer&quot;) issuable upon the settlement of an award of 23,300 restricted stock units (&quot;RSUs&quot;) granted pursuant to the Beneficient 2023 Equity Incentive Plan (&quot;2023 Equity Incentive Plan&quot;) to Bruce W. Schnitzer (the &quot;Reporting Person&quot;) on September 30, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.</footnote>
        <footnote id="F2">Includes 176,887 shares of Class A common stock issuable upon the settlement of an award of 176,887 RSUs granted pursuant to the 2023 Equity Incentive Plan to the Reporting Person on September 18, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.</footnote>
        <footnote id="F3">Includes 80 shares of Class A common stock issuable upon the settlement of an award of 80 RSUs granted pursuant to the 2023 Equity Incentive Plan to the Reporting Person on July 15, 2023. Such award of RSUs to the Reporting Person vested 20% on each of September 1, 2023, 2024, 2025, 2026, and the remaining 20% will vest on September 1, 2027.</footnote>
        <footnote id="F4">Includes 224 shares of Class A common stock issuable upon the settlement of an award of 14,375 restricted equity units (&quot;REUs&quot;) granted pursuant to The Beneficient Company Group, L.P. 2018 Equity Incentive Plan (&quot;2018 Equity Incentive Plan&quot;) to the Reporting Person on January 11, 2018. Such award of REUs to the Reporting Person vested 25% on the date of grant, and the remaining 75% in three equal annual installments on April 25th of each subsequent calendar year.</footnote>
        <footnote id="F5">Includes 23 shares of Class A common stock issuable upon settlement of an award of 1,500 REUs granted to the Reporting Person pursuant to the 2018 Equity Incentive Plan on April 1, 2022. Such award of REUs to the Reporting Person vested 40% on June 8, 2023, and the remaining 60% in three equal annual installments on April 1st of each subsequent calendar year.</footnote>
        <footnote id="F6">Includes 29,894 shares of Class A common stock issuable upon the settlement of an award of 29,894 RSUs granted pursuant to the 2023 Equity Incentive Plan to the Reporting Person on September 18, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.</footnote>
        <footnote id="F7">Includes 188,679 shares of Class A common stock issuable upon the settlement of an award of 188,679 RSUs granted to the Reporting Person on September 18, 2026 pursuant to the 2023 Equity Incentive Plan. The RSUs were granted in satisfaction of the Reporting Person's prior service compensation for the period from January 1, 2025 through March 31, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.</footnote>
        <footnote id="F8">Includes 116,479 shares of Class A common stock issuable upon the settlement of an award of 116,479 RSUs granted pursuant to the 2023 Equity Incentive Plan to the Reporting Person on December 26, 2025. The RSUs were granted in satisfaction of the Reporting Person's prior service compensation for the period from January 1, 2023 through December 31, 2024. Such award of RSUs to the Reporting Person fully vested on the date of grant.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>By: /s/ David B. Rost, Attorney-in-fact for Bruce W. Schnitzer</signatureName>
        <signatureDate>2026-10-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
