Blue Ridge Bankshares, Inc. (BRBS) as of March 31, 2026 presents a balance sheet with total assets of $2.41B and total liabilities of $2.14B, yielding GAAP book equity of $277.0M. Under a liquidation lens, recovery to equity is substantially impaired relative to book value. The dominant liability is deposits at $1.89B (face value in liquidation), supplemented by $150.0M in FHLB advances and $14.7M in subordinated debt. Against these liabilities, the primary asset is a gross loan portfolio of $1.83B, which under a distressed liquidation scenario would attract a haircut — book value carries an ACL of $19.2M but realized recoveries in a forced sale would likely be materially lower than par, particularly given $19.5M in nonaccrual loans and a loan book concentrated in older vintages (originations five or more years prior = $729M, four years prior = $597M). The AFS securities portfolio of $331.9M carries $40.6M in unrealized losses (amortized cost $372.2M vs. fair value $331.9M), meaning the liquidation recovery on these securities would reflect current fair value, not amortized cost — a $40.3M reduction already embedded in the mark-to-market. Cash of $146.6M recovers at par. PP&E of $21.6M recovers at a haircut (50-70%), and other intangibles of $2.4M recover at zero. The deferred tax asset of $22.6M has uncertain liquidation recovery and would conventionally be written to zero. The most significant balance-sheet event in Q1 2026 was a special cash dividend that materially reduced regulatory capital. The filing states capital amounts and ratios declined from December 31, 2025 to March 31, 2026 primarily due to this special dividend; the holdco reported Tier 1 leverage of 12.13% at Q1 2026 versus 13.81% at year-end 2025, and total risk-based capital of 16.87% versus 20.69%. A dividend payable of $54.1M appears on the balance sheet. MFFAIS CLV/LLV/OLV is reported at $139.7M — substantially below GAAP equity of $277M, reflecting the liquidation haircuts described above. The filing notes outstanding loan commitments of $253.6M and standby letters of credit of $6.1M as off-balance-sheet contingent liabilities; these do not appear in the liability stack at face value unless drawn. The OCC Consent Order was terminated in November 2025 (referenced in the prior 10-K exhibit list), removing a prior material contingent regulatory liability.
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