Nutex Health Inc. Liquidation Value

Nutex Health Inc. (NUTX) operates 27 micro-hospital and specialty hospital facilities across 12 states plus a population health management division (IPAs). The Q1 2026 10-Q (period ending March 31, 2026) shows total assets of $957.3M against total liabilities of $515.3M, producing GAAP book equity of $442.1M including $95.8M of noncontrolling interests, or $346.3M attributable to Nutex shareholders. Under a liquidation lens, the recovery posture is materially negative. MFFAIS reports a CLV/LLV of approximately -$300M, consistent with the analysis below.

Asset-side haircuts are severe. Cash of $207.3M recovers at par. Restricted cash of $3.3M recovers fully. Accounts receivable not separately broken out in TAG_CONTEXT at the consolidated level; the balance is embedded in the $579.6M current assets figure alongside prepaid and other current items. Finance lease right-of-use assets of $220.7M represent the primary long-lived asset by book value and would recover at 50-70% of carrying value at best in a distressed sale — likely toward the low end given the specialized hospital facility nature and related-party lessor structure. PP&E net of $94.9M (gross $128.5M, accumulated depreciation $33.6M) similarly haircuts to 50-70%. Intangibles net of $20.9M and goodwill of $13.9M carry to zero under liquidation. Operating ROU assets of $26.6M are also excluded.

Liability side is more damaging than face value suggests. Finance lease liabilities total $276.1M ($7.4M current, $268.8M noncurrent). These are primarily leases with related-party real estate entities controlled by the CEO and consolidated as VIEs; the triple-net structure means all operating costs remain obligations. Operating lease liabilities total $31.8M. Long-term debt (notes payable) is $41.3M face value ($16.7M current, $24.3M noncurrent). The litigation reserve of $56.8M is a current liability and material: it likely reflects accrued IDR arbitration fee obligations, not contingency reserves, given the disclosure that Q1 2026 arbitration costs alone were $46.1M versus $26.3M in Q1 2025 — a 75% YoY increase. Accrued liabilities of $32.5M, accrued salaries of $17.0M, and taxes payable of $15.6M add further current obligations. Deferred tax liabilities of $8.2M add to the non-current stack.

The VIE structure adds complexity. Physician LLC VIEs carry $8.7M of liabilities with virtually no tangible asset support. Facility Entity VIEs carry $24.1M of liabilities against $22.8M of assets, nearly all of which are long-term (likely the seller note and related deferred items with limited recoverable value). Real Estate VIEs carry $18.6M of liabilities against $20.2M of assets, nearly all in mortgaged PP&E. IPAs show zero equity, $12.9M liabilities. These VIE liabilities are already consolidated.

Key risk items not separately XBRL-tagged include the open securities class action (filed August 2025, motion to dismiss pending), two derivative actions (consolidated, stayed), the ABQ Plaintiffs lawsuit seeking additional share issuance that could materially dilute equity holders, and the Former Royse City Owners dispute over share count methodology. The Company retired 60,516 shares at $9.7M in Q1 2026 and an additional 72,350 shares at $13.0M post-quarter end to settle earn-out disputes — a total of $22.7M in cash or equivalents consumed. These earn-out obligations are discussed in MD&A but the full remaining contingent share liability is not separately XBRL-tagged.