AMG's liquidation posture as of March 31, 2026 is deeply negative, consistent with prior periods and the MFFAIS-reported CLV/LLV/OLV of approximately -$2.5B. Total reported assets of $9.4B are dominated by intangible assets that carry zero recovery value under the liquidation lens: goodwill of $2.52B and other intangibles of $1.59B together represent roughly 44% of the asset base and recover nothing in a wind-down. Equity method investments ($2.97B) are the single largest asset class and represent AMG's minority stakes in affiliated investment managers. These interests are not publicly traded, lack standalone liquidity, and their realizable value in a forced liquidation is highly uncertain and likely materially below book; under the liquidation lens they receive no standard recovery credit. Cash of $376M recovers at 100%. Accounts receivable of $871M recovers at 90-95%, yielding approximately $800-830M. Investments of $721M (comprising alternative investments at $571M, marketable securities at $99M, and other investments at $621M — noting the $720.6M Investments tag and $621.3M OtherInvestments tag overlap; the alternative investments component is illiquid and subject to significant haircut) provide partial but uncertain recovery. PP&E of $70M recovers at 50-70% or roughly $35-50M. Against this haircut asset base, liabilities stand at face value: long-term debt carrying value $2.92B (gross principal $2.95B across senior bank revolver $565M drawn, senior notes $1.17B, and junior subordinated notes $1.22B — all at face value in liquidation), accounts payable and accrued liabilities $1.10B, deferred tax liability $479M (does not extinguish), other liabilities $653M (including $194M of affiliate equity put obligations), and redeemable non-controlling interests $264M treated as a liability-side claim. The liability stack totals approximately $5.4B at face before minority interests. The key change from the prior filing (10-K as of December 31, 2025) is the complete settlement and elimination of the $340.6M junior convertible securities (settled in cash in January 2026 for $514.6M total, generating a $9.3M forward contract loss), offset by new senior bank debt drawdowns of $625M net (revolver now $565M drawn vs. zero at year-end 2025), resulting in total debt increasing from approximately $2.69B to $2.92B carrying value — a $227M net increase in the liability stack quarter-over-quarter. This debt increase is a direct adverse change to the liquidation recovery posture. The equity method intangible impairment of $8.0M in Q1 2026 (versus zero in Q1 2025) signals incremental deterioration in at least one affiliate relationship, though the amount is not balance-sheet-moving. The filing discusses affiliate equity put/call obligations with a current redemption value of $458.2M ($194.2M in Other liabilities, $264.0M in Redeemable non-controlling interests) — both are face-value claims in liquidation. Lease obligations total approximately $200M undiscounted, also face-value in wind-down. On a liquidation basis, recovery to equity is substantially negative regardless of any reasonable assumption about the equity method investment portfolio, given that intangibles and goodwill together exceed $4.1B and the total liability stack approaches $5.4B at face.
▼ Community Notes