Aug. 13 at 3:00 AM
$SBNY So, about 54.7% is currently represented by the FDIC’s net carrying value of those structured assets.
$17.275B net carrying value ÷ ~
$31.6B original JV portfolio = 54.7%.
64–65% recovery is approximately the break-even point for common shareholders to receive even ~
$1/share.
Why? Because the receivership currently shows about a
$3.063B accounting deficit. That hole has to be filled before common equity becomes positive..
$SBNY SURPLUS RECOVERY MODEL
Based on ~
$31.6B remaining JV portfolio and ~63M shares:
60% recovery →
$0/share
64% →
$0/share
64.4% → Break-even
65% →
$3.21/share
66% →
$8.22/share
67% →
$13.24/share
70% →
$28.29/share
75% →
$53.37/share
80% →
$78.44/share
85% →
$103.52/share
90% →
$128.60/share
95% →
$153.68/share
100% →
$178.76/share
Also : At least ~
$2.55 BILLION of interest/interest-related income has been recorded by the Signature receivership through 12/31/2025.