Navient Corp (NAVI) is a run-off student loan servicer and owner operating under a liquidation-trajectory business model. As of March 31, 2026, the balance sheet shows total assets of $48.0B against total liabilities of $45.6B, producing GAAP book equity of $2.38B. Under a liquidation lens, this equity is illusory given the haircut-asset / face-value-liability asymmetry. The dominant asset is the education loan portfolio, which sits inside securitization trusts (grantor trust structures) and is financed by $45.1B in combined long-term and short-term debt carried at face. The MFFAIS-computed liquidation value is negative $44.5B across all three measures (CLV/LLV/OLV), which reflects that the debt stack essentially absorbs all asset recovery value. The loan book itself is not separately XBRL-tagged at gross principal in TAG_CONTEXT, but it can be inferred: total assets of $48.0B less $2.4B interest receivable and other assets, $0.62B unrestricted cash, $1.51B restricted cash, $0.46B restricted investments, $0.43B intangibles/goodwill, $0.15B investments, and $0.02B PP&E leaves approximately $42.4B in net loans. Against this, the $479M ALLL is on balance, implying gross loans near $42.9B. At even a modest haircut (say 90 cents on net book), the loan recovery shortfall relative to the $45.1B debt face is stark. Goodwill of $428M receives zero recovery under the lens. PP&E of $21M recovers perhaps 50-70 cents. Derivative liabilities of $91M stay at face; the derivative asset of $36M recovers at full fair value but is largely offset by collateral already posted. Restricted cash of $1.51B and restricted investments of $0.46B are pledged within trust structures and unavailable to holding-company creditors in a wind-down. Unrestricted cash of $621M is the only unencumbered liquid asset at the holding company level. The filing discloses restructuring charges of $3M for Q1 2026, a nominal amount that does not materially shift the asset mix. The prior filing (annual 10-K, per PRIOR_FILING_BODY structure) was the FY2025 10-K; the current filing covers Q1 2026 (period ending March 31, 2026, filed April 29, 2026). No meaningful change in recovery posture is observable quarter-over-quarter given the scale of the structural deficit. Filing discusses the FFELP floor income mechanics and derivative accounting adjustments extensively in MD&A but does not separately XBRL-tag gross loan balances by type at the consolidated balance sheet level, limiting precision of the loan recovery estimate.
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