<?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>0001776266</rptOwnerCik>
            <rptOwnerName>CANGANY PETER T JR</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>25689</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>404820</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                    <footnoteId id="F7"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>40625</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Cangany Capital Management, LLC</value>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>12500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By The Cangany Group, LLC</value>
                    <footnoteId id="F9"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Includes 25,689 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 25,689 restricted stock units (&quot;RSUs&quot;) granted pursuant to the Beneficient 2023 Equity Incentive Plan (&quot;2023 Equity Incentive Plan&quot;) to Peter T. Cangany, Jr. (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 32,960 shares of Class A common stock issuable upon the settlement of an award of 32,960 RSUs granted pursuant to 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 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 97 shares of Class A common stock issuable upon the settlement of an award of 78 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 April 25, 2019. Such award of REUs to the Reporting Person vested 25% on the date of grant and in 25% installments on April 1, 2020, 2021 and 2022.</footnote>
        <footnote id="F5">Includes 23 shares of Class A common stock issuable upon settlement of an award of 18 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 in 20% installments on April 1, 2024, 2025 and 2026.</footnote>
        <footnote id="F6">Includes 247,642 shares of Class A common stock issuable upon the settlement of an award of 247,642 RSUs granted pursuant to the 2023 Equity Incentive Plan to the Reporting Person on September 18, 2026. 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="F7">Includes 79,461 shares of Class A common stock issuable upon the settlement of an award of 79,461 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>
        <footnote id="F8">These shares of Class A common stock are directly held by Cangany Capital Management, LLC, a limited liability company controlled by the Reporting Person. The Reporting Person may be deemed to beneficially own securities of the Issuer held by such limited liability company. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), or for any other purpose.</footnote>
        <footnote id="F9">These shares of Class A common stock are directly held by The Cangany Group, LLC, a limited liability company controlled by the Reporting Person. The Reporting Person may be deemed to beneficially own securities of the Issuer held by such limited liability company. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Exchange Act or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>By: /s/ David B. Rost, Attorney-in-fact for Peter T. Cangany, Jr.</signatureName>
        <signatureDate>2026-10-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
