Beneficient (Nasdaq: BENF), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets, today announced the appointment of Mack H. Hicks as a member of the Company’s Board of Directors (the “Board”).
Mr. Hicks currently serves as Chief Executive Officer of Hicks Holdings LLC, the Dallas-based family office with operating private equity and real estate investment businesses founded by his late father and private equity pioneer, Thomas O. Hicks, who served as Chairman of the Board of Beneficient until his passing in December of 2025. Mr. Hicks also serves as Managing Partner of Hicks Equity Partners LLC, a Registered Investment Advisor, which has a long history in controlled private equity investments with a focus on unique structured equity and credit investments.
Through these leadership positions, Mr. Hicks has been involved in sourcing and managing corporate acquisitions across multiple market sectors and has managed numerous portfolio investments. Mr. Hicks currently serves on the boards of Standard Industrial Manufacturing, Bucked Up, Face Haus, Vayner Sports, and Accresa Health. He received a Bachelor of Arts from the University of Texas at Austin and completed the prestigious Owner/President Management Program at Harvard Business School.
“We are honored to continue the legacy of Tom Hicks through the appointment of Mack to the Board, a highly qualified corporate executive and seasoned deal maker,” said the Company’s Interim CEO, James Silk. “His experience sourcing and managing middle market private equity transactions will be invaluable as we sharpen our focus on disciplined growth, capital formation and driving long-term value for our shareholders and customers.”
Separately, as previously disclosed, on October 19, 2023, a subsidiary of the Company entered into a credit agreement with HH-BDH LLC, an affiliate of Mr. Hicks (the “Lender”), pursuant to which the Company ultimately borrowed an aggregate of approximately $27.5 million. Earlier this year, the Company repaid all principal amounts under the credit agreement in full.
On March 10, 2026, prior to Mr. Hicks’ appointment to the Board, the parties entered into an amendment to the credit agreement providing for satisfaction of the remaining approximately $1.66 million in accrued interest, fees and expenses through the issuance of $572,588 of the Company’s Class A common stock and deferred cash payments of $94,365, payable on March 31, 2026 and $1,000,000, payable on September 30, 2026. The Company believes that the reduced and deferred cash obligations will increase near-term financial flexibility and permit the Company to satisfy such amounts in a manner that is aligned with the Company’s near-term capital strategy and consistent with its focus on preserving liquidity. Additional details regarding the amendment are set forth in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on the date hereof.
